UBS beats market expectations with billion-dollar quarterly profit

Swiss bank UBS generated a billion-franc profit in the third quarter of 2024 and once again significantly exceeded market expectations. The big bank continues to make rapid progress with the restructuring and integration of Credit Suisse. +Get the most important news from Switzerland in your inbox UBS generated a profit of $1.43 billion (CHF1.24 billion) in the months of July to September 2024, as announced on Wednesday. In the third quarter of 2023, the bank had still suffered a loss of $715 million, mainly due to high integration costs following the takeover of Credit Suisse. However, in the first two quarters of 2024, the combined banking group had already generated profits in the billions (Q1 $1.76 billion; Q2 $1.14 billion). UBS put its pre-tax profit in the quarter under review at $1.93 billion; adjusted – excluding the costs of the Credit Suisse integration – it was as much as $2.39 billion. All of these figures were well above experts’ estimates. At $12.3 billion, operating ...