UBS lifts profit to $2.7 billion, speeds up buybacks despite capital concerns
UBS•UBS posted third-quarter net profit of $2.69 billion, up 8% year on year, and plans to complete its $3 billion buyback programme by February. Global wealth management attracted $55 billion in net new assets, while the bank said Credit Suisse integration remains on track for completion by year-end.
1. Profit and buybacks
UBS reported third-quarter net profit of $2.69 billion, roughly in line with expectations and 8% higher than a year earlier. It repurchased $1.8 billion of shares during the quarter and plans to finish its $3 billion buyback programme by February, earlier than its previous mid-2027 target.
2. Swiss rules and growth
The bank’s buybacks remain conditional on the outcome of proposed Swiss capital rules following its takeover of Credit Suisse. CEO Sergio Ermotti said UBS was assessing the long-term consequences and was in no rush to act because implementation would take time. Global wealth management attracted $55 billion in net new assets, including $18 billion in Asia and $17 billion in the Americas. UBS said the Credit Suisse integration is on track to finish by year-end and expects cumulative cost savings of around $13.7 billion by the end of 2026.
