Swiss Banking Giant UBS Reports $2.3 Billion Profit In Q3
UBS’s wealth management division continues to outperform, helping the bank to record huge profits in the previous quarter.
UBS’s Q3 Profit Tops $2 Billion
Swiss banking giant UBS has performed excellently in the third quarter after reporting its Q3 earnings earlier today. The bank’s earnings surpassed analysts’ estimation, thanks to the excellent performance by its wealth management division.
The bank reported a net profit of $2.3 billion in the third quarter of the year, up from the $2 billion it recorded in the second quarter of 2021. Analysts had expected UBS to record a profit of $1.57 billion in the previous quarter.
The profit in 2021’s Q3 represents a 9% increase from the same period last year. This is also the bank’s best quarterly earnings result in six years. While commenting on this latest development, CEO Ralph Hamers highlighted that there is continued momentum in the market. He added that the bank is getting more clients, and the clients are looking for alternative investments.
UBS’s Wealth Management Division Continues To Outperform
The wealth management division of the bank performed excellently in the third quarter. According to the bank, the asset management division now controls over $3.2 trillion in assets under management.
Hamers said, “We do expect, on the M&A side, on the advisory side, and even on the equity capital markets side, it continues momentum there — investors are still seeking to invest. We expect them to stay constructive for the foreseeable couple of months.”
The CEO said the bank remains on the sidelines regarding cryptocurrencies despite their rising popularity. He added that UBS doesn’t feel that the crypto space has reached a point where people truly understand the underlying factors that affect the prices of some of the cryptocurrencies.
The shares of UBS are up by 1% since the bank reported its third-quarter earnings earlier today. The UBS Group AG – Registered Shares are trading at $17.95, up by 1.01% over the past few hours.