Wealth Management boosts UBS profits at $2.3 billion

Wealth Management boosts UBS profits at $2.3 billion
Wealth Management boosts UBS profits at $2.3 billion

UBS beat analysts’ expectations for third-quarter earnings, buoyed by the wealth management division’s continued boom.
On Tuesday, the Swiss bank announced a net profit attributable to shareholders of $2.3 billion, an increase of 9% over the profit for the same period last year, compared to $1.57 billion expected by “Refinitiv”, and compared to $2 billion in the second quarter.
The bank solvency ratio in the first tier, or the “first level of capital of common shares”, reached 14.9%, compared to 14.5% in the previous three months.
The wealth management division’s boom again contributed to the bank’s strong bottom line, with invested assets rising to $3.2 trillion, and the division’s pre-tax earnings up 43% to $1.5 billion.
“The market momentum continues, and we have more clients looking for alternative investments, and we’ve been able to support them with our ecosystem of opportunity,” said UBS CEO Ralph Hammers.
The bank generated operating income of $9.1 billion, compared to $9 billion in the previous quarter. The return on equity, which is a measure of financial performance, reached 15.3%, after it was 13.7% in the second quarter. Overall, UBS shares have risen by about 24% year-to-date.
Hammers expected more supportive business activities from mergers and acquisitions, the advisory side, and even from the capital markets side. (agencies)

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Wealth Management boosts UBS profits billion

 
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