Zurich. 27 Oct. INTERFAX is the Largest Bank in Switzerland, UBS AG increased its net profit in the third quarter of 2017 to 14% by improving indicators in the field of wealth management and investment banking business.
As reported in a press-Bank release, its net profit in July-September rose to 946 million Swiss francs ($953 million), or 0.31 franc per share.
Operating profit rose from 7.03 billion to 7.15 billion francs.
Analysts polled by Thomson Reuters on average had forecast a net profit of about 1,043 billion francs, or 0.35 franc per share, operating profit 7,060 billion francs.
“Once again we observed good results in the business units, an important driver of profitable growth was the Asia-Pacific region,” said group CEO Sergio Ermotti.
Pre-tax profit increased by 39% to 1.22 billion francs.
UBS confirmed that it would carry out for 2017, the goal is to save 2.1 billion francs. By the end of September, the Bank has saved 1.9 billion francs in terms of annual growth.
“We expect the global economic recovery will continue to strengthen, but geopolitical tensions and macroeconomic uncertainties still pose risks to client sentiment,” the report says UBS.
A key indicator of the adequacy of tier I capital (CET1) at the end of the third quarter was 13.7% compared to 13.5% at 30 June.
UBS was founded in 1854, its headquarters is located in Zurich and Basel. UBS operates in more than 50 countries, it employs about 60 thousand people. Running the Bank are the assets of more than 2.8 trillion Swiss francs.