2.5 billion net profit for UBS in 3rd quarter
Keystone-SDA
Swiss bank UBS posted a net profit of $2.5 billion in the third quarter, up 74% year-on-year, thanks to its core business and the dissolution of provisions for legal risks.
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The bank also made progress with its cost-cutting programme following the takeover of Credit Suisse.
Operating income came to $12.76 billion, up 3% year-on-year. On an underlying basis, the increase was even 5%, to $12.2 billion. Expenses at group level fell by 4% to $9.83 billion. Pre-tax profit jumped 47% year-on-year to $2.83 billion, driven by core business activities.
On average, analysts were expecting a much lower net profit, with the consensus forecast at $1.13 billion. For operating income, $11.66 billion was expected, while pre-tax profit was targeted at $1.69 billion.
The cost/income ratio was 77%.
Tier 1 capital (CET1) stood at 14.8%, while the leverage ratio (CET1) was 4.6%.
During the quarter under review, the bank bought back $1.1 billion of its own shares. Buybacks of $0.9 billion are planned for the final quarter, and the target of $3 billion for the year as a whole is well on track. The dividend is expected to grow by more than 10%.
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Translated from French by DeepL/mga
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