UBS announced that its pre-tax profit for the third quarter was nearly $3.59 billion, a year-on-year increase of 27%, which generally met market expectations.
The Zurich-based banking and asset management giant stated that its global wealth management business recorded a strong net inflow.
The net profit for the third quarter was $2.7 billion, which also met expectations.
The common equity tier 1 capital adequacy ratio ( CET1 ) – a indicator of a bank's solvency – rose to 14.7% in that quarter, higher than the 14.4% of the previous quarter.
The strong inflow of funds into the wealth management business supported the performance, with net new assets reaching $55.1 billion by the end of the quarter. UBS recorded $12.5 billion in committed client funds in its wealth management and asset management operations.
UBS stated in its third-quarter financial report released on Thursday that the integration with Credit Suisse is "progressing steadily" and is expected to be completed by the end of the year, with a total cost savings of $13.7 billion, which is higher than the previously anticipated $13.5 billion.
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