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.