Swiss giant UBS latest bank to post bumper profits

3 SWISS GIANT new
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. 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. Read more Business   (window.globalAmlAds = window.globalAmlAds || []).push('admixer_async_509089081')   (window.globalAmlAds = window.globalAmlAds || []).push('admixer_async_552628228') Read More The discovery of insects in gypsum in Jordan. The Applied Sciences University Wins First Place in Huawei’s Global Competition for Faculty Members and Adopts its Curriculum on Huawei's Educational Platform. Global Oil Prices Drop Following Announcement of New Tariffs
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.
 


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.

Read more Business