UBS exceeded market expectations by reporting a net income of $1.42 billion for the third quarter, rebounding from a loss of $715 million in the same period last year.

Sales for the Swiss bank increased to $12.33 billion from $11.69 billion in the previous year, and pre-tax profits reached $1.92 billion, a significant improvement from a loss of $184 million in Q3 2023.

The Wealth Management division was the main contributor to earnings, generating pre-tax profits of $1.08 billion.

Despite market volatility, UBS achieved impressive revenue growth in the Americas and APAC regions.

The CET1 ratio decreased slightly from 14.9% in June to 14.3% at the end of September.

UBS is on track to meet its cost reduction targets, with additional gross savings of $0.8 billion reported in Q3 2024 and an expected total of approximately $7.5 billion for the full year.

Looking ahead, the bank anticipates a mid-single-digit decline in net interest income for global wealth management and a low-single-digit decline in retail and corporate banking in the fourth quarter.

UBS remains committed to its dividend and buyback plans for 2025 and 2026.