UBS Quarterly Profit Reaches $2.5 Billion

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Key Takeaways from the UBS Report:

* Strong Financial Performance: UBS ⁢reported a 3% increase in income ($12.76 billion) and a ⁢4% decrease in expenses ($9.83 billion). Their cost/income ratio is 69.7%.
* Asset Growth: ‍UBS saw⁣ $38 billion in⁣ net new money within its global ⁤asset management business, ​bringing total assets under management to $6.9 trillion (up from $6.6 trillion at the end of June).
* CS Integration Progress: The integration of Credit Suisse (CS) is progressing well, with‍ over two-thirds of Swiss‍ customer accounts transferred.
* Cost Savings Ahead⁤ of Schedule: ​ UBS has already achieved​ $0.9 billion in gross cost savings related to the CS integration, reaching their initial​ goal of $10 billion a quarter earlier than expected. They aim for $13 ​billion in⁢ savings by 2026.
* Positive Outlook: UBS CEO Sergio Ermotti described the third quarter results as “excellent.”

Image Caption:

The accompanying image ‍shows a stone wall with a large window and the‍ UBS​ logo. The caption states that UBS exceeded the expectations of many analysts in terms⁢ of profits. The image is credited⁣ to​ KEYSTONE / Laurent ​Gillieron.