According to the Swiss lender, favorable market conditions and investor sentiment contributed to growth across the firm.
UBS has beat expectations with its third quarter results, which recorded a profit of $2.3 billion, up 9 percent year-on-year, with diluted earnings of $0.63 per share, the firm announced on Tuesday.
The bank's global wealth management (GWM) business provided a boost to the results, with profit before tax growth of 43 percent and with invested assets rising to $3.2 trillion.
Refinitiv analysts previously estimated profits to hit $1.57 billion. In the previous quarter, the bank's profits grew 63 percent year-on-year, as
Wealth Management Boost
Over the past nine months, UBS has seen $80 billion of new fee-generating assets across regions at GWM, with $23 billion in new lending across GWM and P&C personal banking, while strong client activity drove YoY increases of 8 percent in transaction-based income in GWM and 44 percent in global banking income.
«Today, we are seeing the benefits of delivering our full ecosystem to clients in a seamless way as One UBS. And there is so much more we can and must do. This will be key to the success of our strategy,» CEO Ralph Hamers said in a statement.
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