UBS profits jump 99%

UBS

UBS (SWX: UBSG) profits soared 99% over the third quarter.

The Swiss lender saw a net profit total $2.1bn (£1.62bn) in the three months ending in September thanks to the investment banking arm.

Pre-tax profit at the group’s investment banking arm jumped 268% to $632m.

Sergio P. Ermotti, the group’s chief executive, said: “Our third-quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change.

“I am proud of the contributions all of our employees have made day in and day out over the years, particularly in the current challenging environment. Our ability to focus on clients and achieve such strong financial performance over the first nine months of this year speaks to this.”

UBS remains cautious over its outlook amid the Corona uncertainties and the group said factors are “making reliable predictions difficult.”

Ermotti is due to leave the bank this month and will be replaced by Ralph Hamers from 1 November.

Ermottis said: “UBS has all the options open to write another successful chapter of its history under Ralph’s leadership.”

“UBS has all the options open to write another successful chapter of its history under Ralph’s leadership,” Ermotti said in a statement accompanying the results.

UBS shares (SWX: UBSG) crept on on Tuesday morning and are trading +2.65% at 11,22 (0905GMT).