Swiss bank UBS
UBS’s net losses during the third quarter exceeded analysts’ expectations, reaching $785 million, compared to analysts’ expectations in a Reuters survey, which indicated a loss of $444 million.
The loss came under pressure from expenses of $2 billion related to the merger with Credit Suisse, and excluding the impact of the acquisition, UBS achieved an underlying profit of $844 million.
Despite these losses, the stock rose in Zurich Stock Exchange trading by 3.43 percent to 22.63 francs, by 9:20 GMT.
“We are implementing the integration of Credit Suisse at a rapid pace and have achieved underlying group profitability in the first full quarter since the acquisition,” said CEO Sergio Ermotti.
The group had net new money in its wealth management arm worth $22 billion, driven in part by winning new clients, and Credit Suisse also saw money flow into the company for the first time since early 2022.
Analysts at Goldman Sachs expected the group to obtain $14 billion, as the Swiss bank had already disclosed $8 billion for the months of July and August.
With the acquisition, UBS now oversees assets worth more than $5 trillion.
2023-11-07 09:25:39
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