ZURICH (Reuters) – UBS beat third-quarter profit expectations on Wednesday, boosted by cost cuts, as the group said it completed the first wave of onboarding of new clients acquired since the buyout of its competitor Credit Suisse last year.
Net profit attributable to shareholders of Switzerland’s largest bank rose to $1.4 billion (€1.29 billion) in the third quarter, almost double the figure expected by analysts, who had expected 740 million dollars in a corporate consensus.
Operating expenses fell to $10.3 billion from $11.6 billion a year ago, while revenue came in at $12.3 billion, above market expectations. analysts who expected $11.5 billion.
“Our businesses delivered impressive revenue growth as we maintained strong customer momentum, particularly in the Americas and Asia Pacific,” Chief Executive Officer Sergio Ermotti said in a statement.
“We continue to significantly reduce execution risk as we progress with the integration of Credit Suisse, while remaining disciplined in pursuing our cost and efficiency objectives,” he added.
UBS also said it had successfully completed the first wave of account migrations for former clients of Credit Suisse, acquired last year.
(Reporting Dave Graham, with contributions from Miranda Murray and Rachel More, Elena Smirnova, editing by Augustin Turpin)
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