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UBS AG reported a net income of $1.4 billion for Q3, significantly surpassing analyst expectations, with earnings per share at 43 cents. Revenues rose 5% to $12.33 billion, driven by a 29% increase in investment banking. The bank is successfully integrating Credit Suisse clients, with migrations underway in Luxembourg and Hong Kong, and plans for Singapore and Japan by year-end.
UBS reported a net income of $1.42 billion for Q3, with sales rising to $12.33 billion from $11.69 billion a year earlier. The Wealth Management division led earnings with pre-tax profits of $1.08 billion, while the Group's CET1 ratio was 14.3%. Looking ahead, a mid-single-digit decline in net interest income is anticipated for global wealth management in Q4.
UBS reported a third-quarter net profit of $1.42 billion, with sales rising to $12.33 billion from $11.69 billion a year earlier. The wealth management division led earnings with pre-tax profits of $1.08 billion, while the Group's CET1 ratio was 14.3%. Looking ahead, UBS anticipates a mid-single-digit decline in net interest income for global wealth management in the fourth quarter.
UBS reported a net profit of $1.42 billion for the third quarter, significantly surpassing market expectations and recovering from a $715 million loss in Q3 2023. The bank"s sales rose to $12.33 billion, driven by strong performance in its wealth management division, which generated pre-tax profits of $1.08 billion. Despite a slight decline in the CET1 ratio to 14.3%, UBS is on track to achieve its cost reduction targets, anticipating $7.5 billion in savings for 2024.
UBS reported a third-quarter net profit of $1.42 billion, with sales rising to $12.33 billion from $11.69 billion a year earlier. The wealth management division led earnings with pre-tax profits of $1.08 billion, while the Group's CET1 ratio was 14.3%. Looking ahead, UBS anticipates a mid-single-digit decline in net interest income for global wealth management in the fourth quarter.
UBS reported a net profit of $1.4 billion for Q3 2024, exceeding market expectations, with operating income up 5.5% year-over-year at $12.3 billion. The bank is on track for $100 billion in net new money inflows for the year, while managing the integration of Credit Suisse and anticipating a rise in operating expenses.
UBS Group AG reported a net profit of $1.4 billion for Q3 2024, with total revenue increasing to $12.3 billion from $11.7 billion a year earlier. Operating profit before tax was $1.9 billion, while diluted earnings per share fell to $0.43, down 66% from $1.29 in the previous year. CEO Sergio P. Ermotti highlighted the bank's strong client franchises and ongoing integration of Credit Suisse as key factors in their performance.
UBS CEO Sergio P. Ermotti urged the next US president to address critical geopolitical issues, particularly the conflicts in Ukraine and the Middle East, emphasizing the need for stability. He noted that UBS is prepared to collaborate with any government, highlighting the bank's reliance on the US market. Ermotti also pointed out the contrasting recovery of the US economy compared to Europe's, which he attributed to differing governmental responses and regulatory challenges faced by European banks.
UBS is grappling with challenges following its takeover of Credit Suisse, with shares trading between 23 to 29 SFR this year. Despite a decline in income from US$ 12.7 billion to US$ 11.9 billion, CEO Sergio P. Ermotti remains optimistic about achieving financial targets and plans to save US$ 13 billion by 2026. Analysts' views on UBS shares vary significantly, with Jefferies setting a target of SFR 22, while Goldman Sachs is more bullish at SFR 35.50, highlighting the uncertainty surrounding the bank's future.
The American Swiss Foundation hosted its Fall Luncheon at the New York Stock Exchange, featuring a fireside chat with Sergio P. Ermotti, CEO of UBS Group AG, and Robert J. Giuffra, Jr. The discussion highlighted the strong economic ties between Switzerland and the U.S., emphasizing collaboration for mutual prosperity. The event gathered nearly 200 guests, including business leaders and elected officials, showcasing the importance of Swiss-American relations.
Sergio P. Ermotti
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ubs reports strong profits and successful integration of credit suisse clients
15:27 30.10.2024
ubs reports strong q3 earnings with net income of 1.42 billion
10:12 30.10.2024
ubs reports strong third quarter profit of 1.42 billion dollars
10:12 30.10.2024
UBS reports strong third quarter with net profit of 1.42 billion
10:07 30.10.2024
UBS reports strong third quarter with net profit of 1.42 billion
10:07 30.10.2024
UBS reports strong Q3 2024 results with significant profit and asset inflows
06:54 30.10.2024
ubs reports 1.4 billion net profit in third quarter of 2024
06:53 30.10.2024
ubs ceo urges next us president to address global geopolitical challenges
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21:59 24.10.2024
ubs faces challenges after credit suisse takeover amid mixed earnings reports
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15:30 19.10.2024
American Swiss Foundation hosts luncheon at NYSE with UBS CEO Sergio Ermotti
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16:10 18.10.2024
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