UBS Profit Jumps 27% in Q3 Driven by Asset Management Gains

UBS reported a pre-tax profit of $3.59 billion for the third quarter. This result represents a 27% increase compared to the same period last year.

The performance was driven by $55.1 billion in net inflows within the global wealth management division. Quarterly net profit reached $2.7 billion which remains in line with market projections.

The integration of Credit Suisse is proceeding on schedule and is expected to be finalized by the end of the year. The institution has achieved $13.7 billion in cumulative cost savings which exceeds the initial goal of $13.5 billion.

The CET1 capital ratio rose to 14.7% during the period. The bank is currently facing discussions with the Swiss government regarding higher capital reserve requirements for foreign subsidiaries.

Bank management expressed concern over parliamentary proposals that could drastically increase capital requirements. The chief executive stated that such measures could compromise the institution's long-term competitiveness.