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8h ago

UBS Q3 Profit Jumps 74% to $2.5 Billion on Inflows and One-Off Provision Release

Regulatory uncertainty over proposed Swiss capital hikes casts a shadow.

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A UBS logo is pictured on the branch of the Swiss bank in Lucerne, Switzerland, June 14, 2024. REUTERS/Denis Balibouse/File Photo
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UBS's quarterly earnings were doped by $668 million in provisions that were released

Overview

  • UBS released $688 million of legal provisions tied to Credit Suisse RMBS issues and a French case, boosting the quarter’s result.
  • Global Wealth Management drew $38 billion in net new money and Asset Management added $18 billion, lifting invested assets toward $7 trillion as strong Asia inflows offset outflows in the Americas.
  • UBS applied for a National Bank Charter in the Americas as it adapts to regional client flows and regulatory requirements.
  • The investment bank posted a record third quarter, with revenues up 52% in global banking and 14% in trading as deal activity resumed.
  • Credit Suisse integration advanced with over two-thirds of Swiss-booked client accounts migrated, and UBS logged another $900 million in savings for $10 billion total toward a $13 billion target.