UBS Smash their Earnings

Swiss bank UBS smashes third-quarter expectations with $1.4 billion in profit (vs. $667.5 million expected), after completing its first wave of client migrations following its integration of collapsed domestic rival Credit Suisse.

Group revenue was $12.33 billion, above analyst expectations near $11.78 billion. Q3 highlights included:
- Operating profit before tax of $1.93 billion, up from a loss of 184 million in the same quarter last year.
- Return on tangible equity hit 7.3%, compared with 5.9% over the second quarter.
- CET 1 capital ratio, a measure of bank solvency, was 14.3%, down from 14.9% in the second quarter.

The lender said it expects to complete its planned $1 billion share buyback program in the fourth quarter and intends to continue repurchases in 2025.

UBS Sees Uninterrupted Client Momentum: Switzerland's largest bank reports strong transactional activity in its core business and expects to achieve its objective of $100 billion in net new assets by the end of the year.