UBS: profit doubles on asset management, investment banking
(CercleFinance.com) - UBS said on Tuesday that its third-quarter profit had doubled from the same period last year, driven by strong growth in asset management and investment banking.
The Swiss banking giant said net profit rose to 2.1 billion Swiss francs in the past quarter, from 1.05 billion Swiss francs a year ago, while operating income rose to about 2.6 billion Swiss francs compared with 1.3 billion Swiss francs a year earlier.
Its market division saw revenue increase by 42%, posting its best third third quarter since 2012, helped by higher client activity resulting from market volatility in derivatives, credit, FX and equities.
In the meantime, its asset management unit posted operating profit of 191 million Swiss francs, up 42% year-on-year, on higher performance fees, while management fees rose to their highest level in over a decade.
"Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change," commented CEO Sergio P. Ermotti.
UBS shares were up 2.4% on Tuesday morning, largely outperforming a 0.3% drop in Zurich's SMI index and a 0.6% fall in the STOXX Europe 600 Banks index.
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The Swiss banking giant said net profit rose to 2.1 billion Swiss francs in the past quarter, from 1.05 billion Swiss francs a year ago, while operating income rose to about 2.6 billion Swiss francs compared with 1.3 billion Swiss francs a year earlier.
Its market division saw revenue increase by 42%, posting its best third third quarter since 2012, helped by higher client activity resulting from market volatility in derivatives, credit, FX and equities.
In the meantime, its asset management unit posted operating profit of 191 million Swiss francs, up 42% year-on-year, on higher performance fees, while management fees rose to their highest level in over a decade.
"Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change," commented CEO Sergio P. Ermotti.
UBS shares were up 2.4% on Tuesday morning, largely outperforming a 0.3% drop in Zurich's SMI index and a 0.6% fall in the STOXX Europe 600 Banks index.
Copyright (c) 2020 CercleFinance.com. All rights reserved.