UBS exceeded market expectations by reporting a profit of $1.43 billion for the third quarter of 2024, a significant improvement from the $715 million loss in the same period last year.

This turnaround is credited to the faster-than-expected progress in integrating Credit Suisse, which incurred substantial one-off costs during its acquisition.

In the first half of 2024, UBS generated approximately $2.9 billion in profit, with a pre-tax profit of $1.93 billion for the latest quarter.

Adjusted for integration costs, the pre-tax profit increased to $2.39 billion.

Operating income rose by 5.5% year-over-year to $12.3 billion, while the cost/income ratio improved from 83.4% to 78.5% when adjusted.

UBS successfully raised an additional $24.7 billion in capital in its global wealth management sector.

Management maintains a conservative outlook, expecting a soft landing for the U.S. economy, which is anticipated to have a positive impact on the bank's business model.