UBS reports better-than-expected results, cautious outlook
Swiss banking giant UBS reported Thursday better-than-expected third quarter results alongside a cautious outlook due to current turmoil in the markets.
UBS said its net profit in the three months to September jumped 32 percent from a year earlier to 1.2 billion Swiss francs (1.0 billion euros, $1.2 billion), boosted by its asset management unit.
Analysts had forecast a net profit of 995 million Swiss francs. Revenues came in as expected at 7.2 billion Swiss francs, up 2.0 percent.
UBS maintained its current year-end estimates on the basis that current global growth rates still offered business opportunities.
At the same time, the bank highlighted concerns over persistent geopolitical tensions plus trade conflicts which have dented investor confidence, especially at its asset management arm.
This unit, the bank's biggest, posted a pretax profit gain of 3.0 percent to 932 million Swiss francs.
"The quarterly results show once again that our diversification strategy has proved its worth," UBS chief Sergio Ermotti said in a statement.