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Top Swiss bank UBS smashes expectations with 99% rise in third-quarter net profit as trading and wealth management surge

Top Swiss bank UBS smashes expectations with 99% rise in third-quarter net profit as trading and wealth management surge

FILE PHOTO: Logo of Swiss bank UBS is seen in Basel
Reuters



Swiss lender UBS posted a 99% jump in third-quarter net profit to $2.1 billion, boosted by a strong rise in trading revenue in its investment banking and wealth management divisions.



Revenue from the investment bank division jumped to $2.5 billion from $1.7 billion a year ago, while global wealth management revenue rose to $4.3 billion from $4.1 billion.



The bank's loan losses remained relatively low this quarter, compared to the provisions set aside in the first two quarters of the year during the depths of the coronavirus pandemic.A 



The third-quarter results will be the last under CEO Sergio Ermotti's leadership as he leaves the post this month, making way for Ralph Hamers - former CEO of ING Group.



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UBS posted a 99% jump in third-quarter profit to $2.1 billion on Tuesday, easily hammering analyst expectations, driven by a surge in its trading and wealth management divisions.UBS, the biggest Swiss bank by assets and the world's largest wealth manager, said it set aside $1.5 billion to repurchase shares next year, reflecting an overall strong performance across its businesses.A The bank, with $980 billion in assets under management, attributed its growth to the "benefits of a well-diversified business model with broad regional mix."UBS shares were up 2.3% at 11.18 Swiss francs ($12.29) in mid-morning trade in Zurich. Shares in rival Credit Suisse were trading 0.3% higher at 9.85 francs.
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