Key facts
- Third-quarter net profit was $2.69 billion, an 8% year-on-year increase.
- Global wealth management saw net new assets of $55 billion.
- Cost savings from Credit Suisse integration are now expected at $13.7 billion by end-2026.
- UBS repurchased $1.8 billion of shares in the quarter and plans to complete a $3 billion buyback program in February.
UBS reported a third-quarter net profit of $2.69 billion on Wednesday, an 8% increase year-on-year and largely in line with the $2.71 billion consensus forecast. The bank's largest Swiss bank performance was supported by $55 billion in net new assets in global wealth management, with significant inflows from Asia and the Americas. Profitability in the Americas improved, with the profit-before-tax margin increasing by over 2 percentage points. The integration of Credit Suisse is progressing towards completion by year-end, with projected cost savings now at $13.7 billion by 2026. UBS also repurchased $1.8 billion of shares in the quarter and intends to finish its $3 billion buyback program by February.