UBS pre-tax profits jump 27% in third quarter to $3.59 billion as wealth inflows surge

UBS reported a pre-tax profit of almost $3.6 billion in the third quarter, up 27% year over year, largely in line with consensus forecasts.

The Swiss banking and asset management giant saw strong net inflows into its global wealth management business.

Net profit was $2.7 billion for the third quarter, in line with estimates.

The Zurich-headquartered lender's common equity tier (CET) 1 capital ratio — a measure of a bank's solvency — reached 14.7% during the period, up from 14.4% the previous quarter.

Strong inflows into its global wealth management business supported performance, with net new assets reaching $55.1 billion by the end of the quarter. UBS recorded $12.5 billion in client commitments across its wealth management and asset management businesses.

In its third-quarter earnings statement Wednesday, the bank said the integration of Credit Suisse is "firmly on track" to be completed by year-end, delivering a total of $13.7 billion in cumulative cost savings, above earlier expectations of $13.5 billion.

"In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution," said UBS CEO Sergio P. Ermotti.

"UBS remains strategically committed to its diversified business model and its global and regional footprint," he said.