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ubs reports strong third-quarter profit amid credit suisse integration challenges

UBS reported a surprising net profit of $1.43 billion for Q3, significantly up from a loss of $785 million a year prior, with total net profit for the first nine months reaching $4.32 billion. The bank benefited from $25 billion in net new money inflows and a 15% increase in assets under management, while reducing risky assets by $41 billion since spring 2023. Despite a 4.5% drop in share price, analysts noted strong revenue contributions across all divisions and acknowledged the challenges of integrating Credit Suisse's client accounts.
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Swiss Franc UBS AG CHE JPN HKG SGP LUX Andreas Venditi Michael Klien Show more
TradFi, Market Report
17:40 30.10.2024

ubs reports strong q3 profit of 1.43 billion amid credit suisse integration

UBS reported a net income of $1.43 billion for Q3, significantly surpassing analyst expectations and recovering from a $785 million loss a year earlier. Operating income rose 5% to $12.33 billion, driven by strong contributions from global wealth management and investment banking. The bank also achieved $25 billion in net new money inflows and reduced risky assets by $5 billion, while its cost-cutting program lowered expenses by $800 million.
Zonebourse
Swiss Franc United States Dollar UBS AG SGP JPN HKG CHE LUX Andreas Venditi Michael Klien Show more
TradFi, Market Report
17:34 30.10.2024

ubs shares soar as third quarter profits exceed expectations

UBS shares surged 2.2% to CHF 29.09, outperforming analysts' expectations for the third quarter. While the bank remains cautious about its outlook, it successfully navigated the initial phase of integrating Credit Suisse's client accounts. Analysts maintain a "buy" recommendation, with a price target of CHF 31.
Zonebourse
Swiss Franc Zürcher Kantonalbank Vontobel Holding AG UBS AG Credit Suisse Anlagestiftung CHE Andreas Venditi Michael Klien Show more
TradFi, Market Report
10:05 30.10.2024
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