UBS Results Beat Expectations as Bank Warns of US Vote Risks

Bloomberg10-30

US elections, geopolitical tensions clouding macro outlookBank says buyback plans unaffected by voluntary CET1 reductionUBS Group AG posted third quarter results that broadly beat expectations, while ...

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Robust income from lending aided the result, as did progress in reducing costs.The shares jumped 7.3% in overnight trading.On the back of a positive quarter, the lender said that while the prospects for a soft landing in the US are good, the macroeconomic outlook for the rest of the world “remains clouded.” Interest income is set to drop in the fourth quarter, while costs would see a “seasonal up-tick,” it said.The quarter’s results came against a market backdrop of “periods of high volatility and dislocation,” UBS Chief Executive Officer Sergio Ermotti said in a statement.Switzerland’s largest bank is currently working through the integration of its former rival Credit Suisse, which it took over in an emergency rescue last year. The lender is facing high uncertainty over its future capital levels due to a Swiss political review of the crisis, and could end up seeing its requirement rise by as much as $25 billion.UBS shares have gained about 10% this year, amid a sustained return to profitability following restructuring-related losses in 2023.The bank said it chose to phase out a regulatory benefit relating to the takeover of Credit Suisse, leading to a 60-basis-point decline in its main capital ratio, CET1, to 14.3%. The step didn’t affect plans to complete around $1 billion of share buybacks by the end of the year, though capital return plans after 2025 are subject to the Swiss regulatory overhaul.The key wealth management unit posted better than expected profit-before-tax driven by higher income from fees, which helped offset lower interest income. Net new assets at the unit stood at $25 billion, broadly in line with expectations though slightly lower than the previous quarter.UBS’s investment bank posted before-tax profit of about $405 million, compared with analyst estimates for $174 million. Revenue at both the deal-making and markets units was higher, the bank said.The unit responsible for running down unwanted Credit Suisse assets posted a pre-tax loss of $603 million, better than expected.The Swiss parliament is set to release its investigation into the Credit Suisse crisis before the end of the year, which will feed into the design of new ordinances and legislation governing capital. In addition to higher capital requirements, UBS must also now rework its emergency and resolution plans as a result of its bigger size and complexity, the regulator Finma said earlier this month.On Tuesday, UBS Chairman Colm Kelleher said that the bank is eventually looking to buy another US wealth management firm to expand its presence there once the Credit Suisse integration is complete.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"express","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1194440657"}