logo
  

UBS Q3 Profit Rises, Plans Buyback; Stock Up

ubs oct26 lt

Shares of UBS Group AG were gaining around 2 percent in Swiss trading after the banking major reported Tuesday higher profit in its third quarter with growth in net interest income.

Further, the company said it intends to repurchase up to $0.6 billion of shares during the fourth quarter. The company will provide strategic update on February 1, 2022.

Ralph Hamers, UBS's Group CEO, said, "The market and economic backdrop were broadly positive in the third quarter; although there has been some uncertainty recently. .. Today, we are seeing the benefits of delivering our full ecosystem to clients in a seamless way as One UBS. And there is so much more we can and must do. This will be key to the success of our strategy."

For the third quarter, net profit attributable to shareholders was $2.28 billion, up 9 percent from last year's $2.01 billion. Earnings per share were $0.63, higher than $0.55 a year ago.

Profit before tax grew 11 percent from last year to $2.87 billion. Global Wealth Management profit before tax climbed 43 percent from last year to $1.52 billion with double-digit growth in all regions.

Pre-tax profit in Personal & Corporate Banking was up 44 percent and in Investment Bank was up 32 percent, while Asset Management profit fell 71 percent.

In the quarter, operating income increased 2 percent to $9.13 billion from last year's $8.98 billion, while operating expenses decreased 1 percent.

Net interest income increased 4 percent to $1.69 billion.

Global Wealth Management's operating income increased 17 percent and net interest income grew 15 percent, on higher loan revenues from higher volumes and margins, as well as higher deposit revenues.

Personal & Corporate Banking's operating income was up 18 percent, and Investment Bank operating income grew 1 percent.

In Germany, UBS shares were trading at 16.65 Swiss francs, up 1.74 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT