UBS: net income of $1.42bn in Q3
(CercleFinance.com) - UBS reports sales of $12.
33bn for Q3, compared with $11.69bn for the same period a year earlier.
The Swiss bank posted pre-tax profits of $1.92bn (vs. -$184m a year earlier), slightly ahead of expectations.
The Wealth Management division, the main contributor to earnings, posted pre-tax profits of $1.08bn.
In the end, UBS posted net earnings of $1.42bn for the period, well ahead of market forecasts, more than wiping out the $715m loss recorded in Q3 2023. EPS came to $0.43.
Despite a favourable market environment marked by periods of high volatility and time lag, our businesses posted impressive revenue growth, maintaining solid momentum, particularly in the Americas and APAC, it said.
The CET1 ratio stood at 14.3% at end-September (vs. 14.9% at end-June).
UBS reports that it is making progress towards its cost reduction targets, with additional gross savings of $0.8bn in Q3 2024 and around $7.5bn expected for FY 2024.
The group says it remains committed to its dividend and buyback ambitions for 2025 and 2026.
For Q4, we expect a mid-single-digit decline in net interest income in global wealth management and a low-single-digit decline in retail and corporate banking, UBS concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
33bn for Q3, compared with $11.69bn for the same period a year earlier.
The Swiss bank posted pre-tax profits of $1.92bn (vs. -$184m a year earlier), slightly ahead of expectations.
The Wealth Management division, the main contributor to earnings, posted pre-tax profits of $1.08bn.
In the end, UBS posted net earnings of $1.42bn for the period, well ahead of market forecasts, more than wiping out the $715m loss recorded in Q3 2023. EPS came to $0.43.
Despite a favourable market environment marked by periods of high volatility and time lag, our businesses posted impressive revenue growth, maintaining solid momentum, particularly in the Americas and APAC, it said.
The CET1 ratio stood at 14.3% at end-September (vs. 14.9% at end-June).
UBS reports that it is making progress towards its cost reduction targets, with additional gross savings of $0.8bn in Q3 2024 and around $7.5bn expected for FY 2024.
The group says it remains committed to its dividend and buyback ambitions for 2025 and 2026.
For Q4, we expect a mid-single-digit decline in net interest income in global wealth management and a low-single-digit decline in retail and corporate banking, UBS concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.