UBS Group AG has reported strong financial results for the third quarter of 2024, surpassing expectations.
The Swiss bank's net profit was $1.4 billion, exceeding analysts' forecasts. UBS shares experienced a notable increase of 2.07% in pre-market trading. The bank's revenues reached $12.3 billion, surpassing Wall Street's estimates of $10.7 billion. UBS reported earnings per share (EPS) of 0.43, exceeding forecasts by 53.57%.
The strong financial performance is attributed to robust client engagement and a strategic focus on wealth management. UBS's Global Wealth Management division achieved $25 billion in net new assets during the quarter. UBS's Global Markets revenues surged by 31% year-over-year.
UBS has been streamlining its operations to enhance efficiency and focus on core business areas. The bank has made significant strides in managing its legacy assets, reducing $5 billion in non-core and legacy risk-weighted assets during the third quarter. UBS's strategic decisions reflect a focus on enhancing its business model and ensuring long-term sustainability.
UBS's strong performance in the third quarter follows a successful second quarter. The outlook for the bank remains positive, with strong client momentum, robust transactional activity, and effective risk management positioning UBS well for future success.