UBS reports its best third quarter for a decade, with a 99% hike in net profit

The logo of Swiss banking giant UBS engraved on the wall is seen on its headquarters on May 8, 2019 in Zurich.

Fabrice Coffrini | AFP | Getty Images

LONDON — The world’s largest wealth manager, UBS, reported a jump in net income to $2.1 billion for the third quarter on Tuesday, beating analyst expectations. It marks a 99% jump from the same period a year earlier.

Analysts had expected the Swiss bank and asset manager to report $1.5 billion of net income for the third quarter, according to data from Refinitiv Eikon.

UBS said pre-tax profit for the period rose 92% to $2.6 billion, in what it described as its best third-quarter result in a decade.

Here are other highlights of the quarter:

  • Operating profit hit $8.9 billion, versus $7.08 billion a year ago
  • CET 1 capital ratio reached 13.9%, versus 13.1% a year ago

“Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change,” Sergio Ermotti, CEO of UBS, said in a statement.

It comes after an 11% drop in profit for the second quarter, as the global banking industry felt the full effect of the coronavirus pandemic.

Tuesday results will be UBS’ last under the leadership of CEO Sergio Ermotti, who is due to leave the bank this month. Ralph Hamers will become the new head on November 1.

This is a breaking news story and is being updated.

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