By Ariane Luthi
ZURICH (Reuters) -UBS said third-quarter net profit surged 74% to $2.5 billion, handily beating expectations as revenues climbed amid financial market volatility caused by global tariff turmoil.
Net income attributable to shareholders of Switzerland’s biggest bank had been forecast to come in at $1.29 billion, according to an analyst consensus estimate compiled by UBS.
The release of legal provisions worth $688 million, mainly related to the resolution of Credit Suisse’s residential mortgage-backed securities business and a UBS case in France, contributed to the earnings beat.
UBS attracted $38 billion in net new money to its global wealth management division and $18 billion to asset management, bringing total invested assets close to $7 trillion.
Strong inflows from Asia more than offset outflows in the Americas, where UBS this week applied for a National Bank Charter.
In UBS’s investment banking division, revenues jumped 52% year-on-year in global banking and 14% in trading, marking a record third quarter for both these business areas as deal-making activity resumed.
Integration of its one-time rival Credit Suisse further progressed, UBS said in a statement, adding that over two-thirds of Swiss-booked client accounts have been migrated.
(Reporting by Ariane Luthi; Editing by Edwina Gibbs)
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