Switzerland’s largest bank reports a rise in quarterly profits. The bank benefited from its business with the super-wealthy and cut its costs.
UBS’ third-quarter net profit to $2.28 billion in the third quarter, representing a 9 percent on year increase, it said in statement on Tuesday. The bank was able to cut costs to $6.26 billion from $6.36 billion in the same period last year.
The Swiss bank was cautiously optimistic for the rest of the year citing effects of the pandemic on the economy, supply chains and labor markets. The bank’s flagship business, global wealth management’s pre-tax profit climbed to $1.5 billion from $1.3 billion in the second quarter of 2021.
The investment banking business benefited from strong activity in financial markets this year. Pre-tax profit rose to $837 million from $668 million in the second quarter of 2021.
A strategic update is scheduled on February 1. The divide between the two Swiss champions has deepened, with UBS stock gaining 14 percent thus far this year while Credit Suisse has shed more than 15 percent.