ZURICH: Swiss banking giant UBS posted net income of $1.4 billion (1.3 billion euros) on Wednesday, the company said in a statement, smashing third-quarter forecasts.
The bank, which suffered a $715 million loss in the same period a year earlier due to costs related to the forced takeover of Credit Suisse, posted a five percent increase in revenue to $12.3 billion, it said.
The results significantly exceeded expectations, with analysts polled by the Swiss agency AWP expecting a profit of $758 million and a turnover of $11.5 billion.
UBS said current conditions should continue in the fourth quarter “against the backdrop of anticipation of a soft landing for the US economy”.
“The macroeconomic outlook, on the other hand, is looking gloomier in the rest of the world,” the bank said, stressing that uncertainties related to geopolitical conflicts and the US election “could affect investor behavior.”
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The bank saw revenues climb by four percent in its wealth management activities, and by 22 percent in its investment bank.
During the quarter, it also achieved an additional $800 million in savings, saying it was “ahead of schedule for the financial and operational integration” of Credit Suisse.
In 2023, the banking giant was forced to buy its former rival under pressure from Swiss authorities to avoid a bankruptcy of what was then the second largest bank in Switzerland.
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