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UBS: third-quarter earnings up 14%; shares rise.

(CercleFinance.com) - UBS's third-quarter earnings rose 14%, with Asia-Pacific as a key growth driver, boosting shares in Switzerland's largest bank this morning in Zurich.

Net profit attributable to shareholders came in at 946 million Swiss francs over the past quarter, with diluted EPS of 0.25 Swiss franc, compared with 827 million Swiss francs, or 0.22 Swiss franc per share, a year earlier, UBS said.

The bank's wealth management unit saw adjusted pre-tax profit rise 4% year-on-year, while the asset management division recorded pre-tax profit that increased by 11%.

"We again saw good results across our business divisions with Asia Pacific as an important driver of profitable growth," said CEO Sergio Ermotti.

However, UBS warned that high asset prices, uncertainty over central bank action and interest rate policies, coupled with persistently low volatility, may continue to affect overall client activity.

The group also said that low and negative interest rates, particularly in Switzerland and the eurozone, are putting pressure on net interest margins, while partly offset by the effect of normalization of US monetary policy.

In spite of these uncertainties, UBS shares are up over 2% at 17.6 francs on Zurich's SMI index this morning.

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