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UBS shares fell about two percent to 27.91 francs after reaching a multi-year high of 29.57 francs, despite strong quarterly results that exceeded market expectations and positive progress in integrating Credit Suisse. The bank reported a billion-franc profit, with all sectors, except wealth management, performing better than anticipated. Analysts remain optimistic about the company's outlook, although uncertainties related to the economic climate and the upcoming US presidential election were noted.
UBS shares initially surged to a multi-year high of 29.57 francs following strong quarterly results and progress in integrating Credit Suisse, but later fell by about two percent to 27.91 francs. The bank reported a significant profit exceeding market expectations, with positive performance across most sectors, despite some uncertainties related to the economic climate and the upcoming US presidential election. Analysts remain optimistic about UBS's outlook and client activities, highlighting its potential as the world's largest asset manager.
UBS shares fell about two percent to 27.91 francs after reaching a multi-year high of 29.57 francs, despite strong quarterly results that exceeded market expectations and positive progress in integrating Credit Suisse. The bank reported a billion-franc profit, with all sectors, except wealth management, performing better than anticipated. Analysts remain optimistic about UBS's outlook, although they noted uncertainties related to the economic climate and the upcoming US presidential election.
UBS reported a profit of USD 1.43 billion for Q3 2024, a significant recovery from a USD 715 million loss in the same quarter last year, driven by strong performance across its business segments and successful integration of Credit Suisse. The bank attracted nearly USD 25 billion in new money, managing total assets of USD 6,199 billion by the end of September. Despite a cautious outlook due to geopolitical uncertainties, UBS remains committed to its dividend and share buyback plans, with Chairman Colm Kelleher aiming to lead for another five years while seeking to expand in the U.S. asset management market post-integration.
UBS reported a net profit of $1.4 billion for the third quarter, significantly surpassing analyst expectations of $758 million, and marking a recovery from a $715 million loss in the same period last year. Revenue rose to $12.3 billion, driven by a 4% increase in wealth management and a 22% surge in investment banking. The bank is ahead of schedule in integrating Credit Suisse, having achieved $800 million in savings, although challenges remain with the migration of 1.3 million client accounts.
UBS reported a profit of 1.43 billion US dollars for Q3 2024, significantly surpassing market expectations and recovering from a loss of 715 million dollars in the same quarter last year. The bank's restructuring and integration of Credit Suisse are progressing well, with operating income up 5.5 percent year-on-year. Despite a positive market environment, UBS remains cautious due to geopolitical uncertainties and a gloomy economic outlook in some regions.
UBS shares surged to a new multi-year high, trading at 29.06 francs after a 2.1% increase, following strong third-quarter results that exceeded analysts' expectations for the third consecutive time. Analysts praised the bank's cost-cutting measures and positive outlook, with cumulative gross cost reductions now projected at $7.5 billion by the end of 2024. Despite a lower-than-expected CET1 capital ratio, international experts noted the net profit was nearly double consensus forecasts, reflecting strong performance across all business areas.
UBS reported a net profit of $1.4 billion for Q3, significantly exceeding forecasts, driven by strong market activity in investment banking and a 5% rise in sales to $12.3 billion. The bank is ahead of schedule in integrating Credit Suisse, having completed the first wave of customer account migrations, but remains cautious about Q4 due to geopolitical uncertainties and a challenging macroeconomic outlook.
UBS shares surged to a new annual high, trading at CHF 29.06, following strong third-quarter earnings and progress in the integration of Credit Suisse. Analysts praised the bank's performance, noting it exceeded profit forecasts for the third consecutive quarter and is ahead of schedule on cost-cutting plans, now targeting USD 7.5 billion in reductions by the end of 2024. Most analysts continue to recommend UBS shares as a buy, highlighting a positive outlook and commitment to dividends and share buybacks.
UBS shares rose 1.4% to 28.88 francs, reaching their highest level since the 2008 financial crisis, following strong quarterly results that exceeded market expectations. The bank reported significant profits and positive year-on-year earnings, with all sectors, except wealth management, performing well. Analysts noted the successful integration of Credit Suisse and a positive outlook for client activities.
Andreas Venditti
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