ZURICH (Reuters) – UBS
on Tuesday posted a 99% bounce in third-quarter revenue on heavy turnover in world markets, serving to the financial institution to a powerful efficiency in funding banking in addition to an surprising rise in earnings for wealth administration.
Internet revenue for the world’s largest wealth supervisor climbed to $2.1 billion for the July-September interval, surpassing by a large margin expectations for $1.557 billion within the financial institution’s ballot of twenty-two analysts.
“Our third quarter outcomes proceed to exhibit that our technique is differentiating us as we constantly adapt and speed up the tempo of change,” Chief Government Sergio Ermotti mentioned in his final month on the helm of Switzerland’s greatest financial institution. He’s due to get replaced in November by former ING
head Ralph Hamers.
“UBS has all of the choices open to put in writing one other profitable chapter of its historical past below Ralph’s management,” he mentioned in a press release.
The sharp revenue rise for Europe’s first main lender to report third-quarter outcomes follows a combined efficiency for giant U.S. banks that noticed these centered on buying and selling clocking large positive factors whereas retail banks took successful from the pandemic.
The strong displaying by UBS’ funding financial institution marks an ironic sendoff for Ermotti, who throughout his near-decade on the helm radically shrank the division and ramped up its concentrate on serving the world’s wealthy.
(Reporting by Brenna Hughes Neghaiwi; Enhancing by Carmel Crimmins and Edwina Gibbs)
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