UBS has posted a net profit of CHF946m for the third quarter (Q3) ended 30 September 2017, an increase of 14% from CHF827m a year ago.
Adjusted pre-tax profit for the three months increased by 16% to CHF1.5bn from CHF1.3bbn, while reported pre-tax profit soared by 39% to CHF1.22bn from CHF877m.
The group’s total operating income increased by 2% to CHF7.14bn from CHF7.03bn last year, while total operating expenses dropped by 4% year-on-year to CHF5.92bn.
The Swiss wealth manager in its earning statement said that it has achieved CHF1.9bn of annualised net cost savings as of 30 September 2017.
The group’s Wealth Management arm reported an adjusted profit before tax of CHF701m during the reporting period, an increase of 9% compared to the previous year period. The unit attracted net new money of CHF4.6bn.
The global wealth management business of the group reported adjusted profit before tax of CHF1.04bn, a 4% rise from a year ago. Net new money for the quarter was CHF2.4bn.
Wealth Management Americas recorded adjusted profit before tax of $351m, a 4% rise from last year. Net new money was negative $2.3bn.
UBS group CEO Sergio Ermotti said: “We again saw good results across our business divisions with Asia Pacific as an important driver of profitable growth. We remain focused on disciplined execution and creating long-term value for our shareholders.”