UBS: shares up in Zurich after 'strong' quarterly report
(CercleFinance.com) - UBS shares are up 1.
6% on Thursday after the Swiss bank reported "strong" quarterly results, fueled by the performance of its business in America and its investment banking division.
For the third quarter, UBS reported profit before tax that is up 37% year-on-year at 1.67 billion Swiss francs, with net profit attributable to shareholders up 32% at 1.25 billion Swiss francs.
The group said that pre-tax profit increased by 3% to 932 million Swiss francs at its wealth management unit, with income and expenses both rising 2%.
UBS also cited "strong revenue growth" in its equities and foreign exchange, rates and credit (FRC) division.
Regarding business conditions, UBS said increased levels of volatility and volumes were positive for its institutional business in the investment bank.
As from the fourth quarter of this year, UBS will change its reporting currency to US dollars, the group said on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
6% on Thursday after the Swiss bank reported "strong" quarterly results, fueled by the performance of its business in America and its investment banking division.
For the third quarter, UBS reported profit before tax that is up 37% year-on-year at 1.67 billion Swiss francs, with net profit attributable to shareholders up 32% at 1.25 billion Swiss francs.
The group said that pre-tax profit increased by 3% to 932 million Swiss francs at its wealth management unit, with income and expenses both rising 2%.
UBS also cited "strong revenue growth" in its equities and foreign exchange, rates and credit (FRC) division.
Regarding business conditions, UBS said increased levels of volatility and volumes were positive for its institutional business in the investment bank.
As from the fourth quarter of this year, UBS will change its reporting currency to US dollars, the group said on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.