UBS pretax profits jump 27% in third quarter to $3.59 billion as wealth inflows surge
Source: CNBC ·
UBS reported a third quarter pretax profit of almost $3.6 billion.
From the source
UBS reported a pretax profit of almost $3.6 billion in the third quarter, up 27% year over year, largely in line with consensus forecasts. The Swiss banking and asset management giant saw strong net inflows into its global wealth management business. Net profit was $2.7 billion for the third quarter, in line with estimates. The Zurich-headquartered lender's common equity tier (CET) 1 capital ratio — a measure of a bank's solvency — reached 14.7% during the period, up from 14.4% the previous quarter. Strong inflows into its global wealth management business supported performance, with net new assets reaching $55.1 billion by the end of the quarter. UBS recorded $12.5 billion in client commitments across its wealth management and asset management businesses. In its third-quarter earnings statement Wednesday, the bank said the integration of Credit Suisse is "firmly on track" to be completed by year-end, delivering a total of $13.7 billion in cumulative cost savings, above earlier…