Finance News

UBS studies finest third quarter in decade with internet earnings up 99%

The logo of the Swiss banking giant UBS engraved on the wall can be seen on May 8, 2019 at the headquarters in Zurich.

Fabrice Coffrini | AFP | Getty Images

LONDON – The world's largest wealth manager, UBS, posted third-quarter net income of $ 2.1 billion on Tuesday, up 99% from the same period last year.

According to data from Refinitiv Eikon, analysts had forecast a net profit of 1.5 billion US dollars for the quarter. Last year, the bank posted net income of $ 1.049 billion over the same period.

It did so after the Swiss bank and asset manager posted an 11% drop in earnings in the second quarter as the global banking industry felt the full impact of the coronavirus pandemic.

Tuesday's results will be the last from UBS, led by CEO Sergio Ermotti, who will be leaving the bank this month. Ralph Hamers will be the new director on November 1st.

This is breaking news and will be updated.

Related Articles