UBS AG, a Swiss banking giant, has reported a net income of $1.4 billion for the third quarter, which exceeded market expectations. This translates to earnings per share of 43 cents, indicating a strong recovery after facing losses last year due to the acquisition of Credit Suisse.

Revenues increased by 5% year-on-year to $12.33 billion, primarily driven by the asset management division. Additionally, investment banking revenues surged by 29%. The total value of UBS's invested assets rose by 15% to $6.2 trillion, surpassing Germany's GDP of $4.71 trillion.

UBS's CEO, Sergio P. Ermotti, highlighted the bank's impressive revenue growth in a volatile market, particularly emphasizing strong client momentum in the Americas and Asia-Pacific regions. UBS is currently integrating Credit Suisse clients following the merger completed in July 2024, with migrations of accounts in Luxembourg and Hong Kong already underway. The migration of client accounts in Singapore and Japan is expected to be completed by the end of the year, followed by Swiss accounts in 2025.