Swiss giant UBS latest bank to post bumper profits

In this file photo taken on October 8, 2021, a sign of Swiss banking giant UBS is pictured with a slow speed effect at one of the bank’s local branch in Geneva. (Photo: AFP)
ZURICH — Switzerland’s largest bank UBS said Tuesday its third quarter profits rose nine percent to $2.3 billion, buoyed by its wealth management division and fees from investment banking.اضافة اعلان

The bank’s operating income, the equivalent of revenue, rose by two percent to $9.1 billion, beating the $8.5 billion forecasted by Swiss agency AWP.
It was the latest in a wave of global banks reporting rising profits after being buffeted by the COVID-19 pandemic, after positive results announced by HSBC, Goldman Sachs, and JPMorgan Chase.

UBS CEO Ralph Hamers said in a statement that “the market and economic backdrop were broadly positive in the third quarter, although there has been some uncertainty recently.”

The Swiss lender’s pre-tax profits climbed in all divisions, leaping 43 percent in its traditional pillar of wealth management to $1.5 billion “primarily driven by higher average fee-generating assets, reflecting positive market performance.”
In all, pre-tax profits rose 32 percent year-on-year to $837 million.

“Our business momentum, our focus on fueling growth, on disciplined execution and on delivering our full ecosystem to clients — all of this led to another strong quarter,” said Hamers, who took over in November last year.

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