Copyright Reuters
Net income attributable to shareholders of Switzerland's biggest bank had been forecast to come in at $1.29 billion, according to an analyst consensus estimate compiled by UBS. Sign up here. The release of legal provisions worth $688 million, mainly related to the resolution of Credit Suisse's residential mortgage-backed securities business and a UBS case in France, contributed to the earnings beat. UBS attracted $38 billion in net new money to its global wealth management division and $18 billion to asset management, bringing total invested assets close to $7 trillion. Strong inflows from Asia more than offset outflows in the Americas, where UBS this week applied for a National Bank Charter. In UBS's investment banking division, revenues jumped 52% year-on-year in global banking and 14% in trading, marking a record third quarter for both these business areas as deal-making activity resumed. Integration of its one-time rival Credit Suisse further progressed, UBS said in a statement, adding that over two-thirds of Swiss-booked client accounts have been migrated. Reporting by Ariane Luthi; Editing by Edwina Gibbs
