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UBS reports $2.69 billion Q3 profit

UBS reports $2.69 billion Q3 profit

UBS also fell short of expectations for underlying pretax profit for the first time in more than two years, according to Bank Vontobel analysts.

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UBS reported a third-quarter net profit of $2.69 billion on Wednesday, broadly in line with market expectations, while accelerating its share buyback programme despite concerns over stricter Swiss capital requirements.

Net profit at Switzerland’s largest bank rose 8% year-on-year, compared with analysts’ consensus estimate of $2.71 billion.

UBS also fell short of expectations for underlying pretax profit for the first time in more than two years, according to Bank Vontobel analysts.

The bank repurchased $1.8 billion worth of shares during the quarter and plans to complete its $3 billion buyback programme by February, ahead of its earlier target of mid-2027.

The pace and scale of UBS’s share repurchases remain linked to the outcome of Switzerland’s proposed banking reforms, introduced in the wake of Credit Suisse’s collapse in 2023 and its emergency takeover by UBS.

“Overall, a solid set of results, albeit focused on any business implications from the new Swiss capital rules,” Citi said.

UBS cautioned that investor sentiment remained subdued amid macroeconomic volatility, geopolitical tensions and political uncertainty.

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