UBS exceeded market expectations by reporting a net profit of $1.42 billion for the third quarter of 2024, recovering 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, with pre-tax earnings of $1.92 billion compared to 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. CEO Sergio P. Ermotti highlighted strong revenue growth in the Americas and APAC regions despite market volatility.
The Common Equity Tier 1 (CET1) ratio was 14.3% at the end of September, slightly lower than the 14.9% at the end of June.
UBS is on track to achieve its cost reduction targets, reporting gross savings of $0.8 billion in Q3 and expecting around $7.5 billion for the full year.
The bank remains committed to its dividend and buyback plans for 2025 and 2026, while projecting a mid-single-digit decline in net interest income for global wealth management in the fourth quarter.