UBS has reported strong financial results for Q3 2024, with a net profit of $1.4 billion. This marks the third consecutive quarter of profit at this level, demonstrating the bank's resilience in a fluctuating market.
Operating income increased by 5.5% compared to the same period last year, indicating solid growth. The bank's pre-tax profit of $1.9 billion exceeded market expectations, driven by strong asset inflows, particularly in Global Wealth Management. UBS is on track to achieve its target of $100 billion in net new money inflows for 2024.
CEO Sergio P. Ermotti highlighted the bank's revenue growth despite market volatility and disruption. The integration of Credit Suisse remains a priority, with UBS managing implementation risks and pursuing cost and efficiency targets. The bank is investing in its workforce, product offerings, and technology to enhance the client experience and achieve sustainable growth.
UBS has made progress in the integration of Credit Suisse, migrating accounts for clients in Luxembourg and Hong Kong. The integration is expected to streamline operations and improve service delivery.
In Q4, UBS anticipates a decline in net interest income and an increase in operating expenses. Integration-related expenses are estimated to be around $1.2 billion. Despite these challenges, UBS's strong financial performance positions it favorably among global financial institutions.