Wealth management boom helps UBS report $2.3 billion profit, beating estimates


UBS has overwhelmed analyst expectations within the third quarter as its wealth management division continued to outperform.

The Swiss financial institution on Tuesday reported internet revenue attributable to shareholders of $2.3 billion for the interval, up from $2 billion within the second quarter. Analysts had anticipated the determine to come back in at $1.57 billion, based on estimates collected by Refinitiv.

It marks a 9% improve in internet revenue from the identical interval a yr earlier than.

“The market and financial backdrop had been broadly constructive within the third quarter; though there was some uncertainty just lately,” CEO Ralph Hamers mentioned in a press release.

The financial institution’s wealth management division offered a major increase to its outcomes once again, with invested belongings rising to $3.2 trillion. Its revenue earlier than tax elevated 43% to $1.5 billion.

Listed below are different highlights for the third quarter:

  • CET 1 ratio, a measure of financial institution solvency, reached 14.9% versus 14.5% within the earlier three months.
  • Working earnings got here in at $9.1 billion versus $9 billion within the earlier quarter.
  • Return on fairness, a measure of monetary efficiency, stood at 15.3% from 13.7% within the second quarter.

Shares within the financial institution are round increased by about 24% year-to-date.

This can be a breaking information story and it’s being up to date.

Wealth management boom helps UBS report $2.3 billion revenue, beating estimates Source link Wealth management boom helps UBS report $2.3 billion revenue, beating estimates

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