UBS reported a pre-tax profit of almost $3.6 billion for the third quarter, marking a 27% increase year on year and aligning with consensus forecasts. The bank's net profit reached $2.7 billion, consistent with estimates, while its common equity tier 1 capital ratio improved to 14.7%, up from 14.4% in the previous quarter.
A significant factor in this performance was the strong net inflows into its global wealth management business, which saw net new assets of $55.1 billion by the end of the quarter. Additionally, UBS recorded $12.5 billion in client commitments across its wealth and asset management sectors. The bank's CEO, Sergio P.
Ermotti, emphasized that the integration of Credit Suisse is progressing well and is on track for completion by year-end, with cumulative cost savings now projected at $13.7 billion, exceeding earlier expectations of $13.5 billion. This strong performance underscores UBS's diversified business model and disciplined execution in a complex market environment