UBS exceeded analysts' expectations by reporting a net profit of $1.43 billion for the third quarter of 2024, surpassing the projected $825 million.

The bank has accumulated profits of $4.32 billion since the beginning of the year, with operating income increasing by 5% to $12.33 billion.

The cost-earnings ratio improved to 83.5%, indicating effective cost management.

UBS also experienced a $25 billion inflow in international asset management, resulting in a 15% increase in assets under management to approximately $6.2 trillion.

The bank has successfully reduced expenses by about $800 million through its savings program.

CEO Sergio Ermotti highlighted the progress made in integrating Credit Suisse, emphasizing effective risk management and the pursuit of cost and efficiency goals.

The first phase of integrating Credit Suisse client accounts in Luxembourg and Hong Kong was completed in October, with plans to extend this integration to Singapore and Japan by year-end, followed by Switzerland in 2025.