UBS Q3 Profit Surges 74% to $2.5B on Investment Banking Strength and Credit Suisse Integration
UBS delivered a stronger-than-expected third quarter, with net profit jumping 74% to $2.5 billion. The result handily surpassed analyst estimates of $1.85 billion, fueled by robust investment banking performance and the release of legacy legal provisions tied to Credit Suisse.
Revenue reached $12.76 billion, edging past consensus forecasts. A $668 million release from litigation reserves—related to Credit Suisse's past U.S. mortgage-backed securities and French cross-border issues—provided significant tailwinds. The bank emphasized these matters are now fully resolved.
Integration of Credit Suisse remains on track, with over two-thirds of Swiss client accounts already migrated to UBS systems. The merger, orchestrated in 2023 to prevent systemic fallout, has yielded $10 billion of a targeted $13 billion in cost savings. CEO Sergio Ermotti expressed confidence in the combined entity's trajectory.
