UBS reported a net income of $1.4 billion (€1.3 billion) for Q3 2024, doubling market expectations and signaling a successful turnaround after last year’s losses tied to its acquisition of Credit Suisse. The impressive results equate to earnings per share of 43 cents and mark UBS's return to profitability, supported by a 5% revenue increase to $12.33 billion (€11.4 billion), driven primarily by its asset management and investment banking divisions. The total value of UBS’s invested assets grew 15% year-on-year, reaching $6.2 trillion (€5.73 trillion), exceeding Germany's GDP.
The bank’s CEO, Sergio P. Ermotti, highlighted the strong revenue growth and client momentum in key markets like the Americas and Asia-Pacific, despite ongoing market volatility. UBS’s investment banking revenue rose 29% compared to last year, further contributing to the quarterly results. This growth aligns with UBS's strategy to expand its footprint in asset management and investment banking, leveraging the acquisition to deepen its competitive position in global markets.
UBS is also making significant strides in integrating Credit Suisse’s clients, having completed the initial wave of client migrations. Accounts from Luxembourg and Hong Kong were migrated in October, with those in Singapore and Japan slated for transfer by year-end and Swiss accounts scheduled for 2025. The smooth integration progress underscores UBS's commitment to retaining Credit Suisse clients and building a robust, unified banking institution.
