UBS Q3 2021 Results | FR24 News France – .

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UBS Q3 2021 Results | FR24 News France – .


TISSU COFFRINI | AFP | Getty Images

UBS beat analysts’ expectations in the third quarter as its wealth management division continued to outperform.
The Swiss bank on Tuesday reported net profit attributable to shareholders of $ 2.3 billion for the period, up from $ 2 billion in the second quarter. Analysts had expected the figure to rise to $ 1.57 billion, according to estimates collected by Refinitiv.

It marks a 9% increase in net profit compared to the same period of the previous year.

“The market and economic environment were generally positive in the third quarter, although there has been some uncertainty recently,” CEO Ralph Hamers said in a statement.

The bank’s wealth management division once again significantly boosted its results, with invested assets reaching $ 3.2 trillion. Its pre-tax profit rose 43% to $ 1.5 billion.

Here are other highlights from the third quarter:

  • The CET 1 ratio, a measure of banks’ solvency, reached 14.9% against 14.5% the previous three months.
  • Operating income was $ 9.1 billion compared to $ 9 billion in the previous quarter.
  • Return on equity, a measure of financial performance, was 15.3% from 13.7% in the second quarter.

The bank’s shares are around around 24% higher since the start of the year.

This is breaking news and is being updated.

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