In Global Wealth Management, UBS added $25 billion in net new assets, keeping it on track to meet its ambitious target of $100 billion for the full year of 2024.

UBS has successfully completed the first wave of client migrations from Credit Suisse in Luxembourg and Hong Kong, with further migrations planned for Singapore and Japan by the end of 2024.

UBS Group AG reported impressive financial results for the third quarter of 2024, achieving a net profit of $1.4 billion, which significantly exceeded analyst expectations of $740 million.

Earnings per share for the quarter were reported at $0.43, significantly exceeding estimates by 53.57% and marking a recovery from a loss of $0.22 per share in the previous year.

Total group revenue for the quarter reached $12.3 billion, surpassing the consensus forecast of $11.5 billion and reflecting strong performance across various segments.

The bank is currently integrating Credit Suisse, which it acquired in May 2023 following its collapse, and expects client migrations to continue through 2025.

The return on tangible equity improved to 7.3%, up from 5.9% in the second quarter of 2024, indicating enhanced profitability.

Looking ahead, UBS anticipates a mid-single digit decline in net interest income for Global Wealth Management in the fourth quarter, reflecting ongoing market challenges.

Despite the strong results, UBS faces challenges including geopolitical volatility, falling interest rates, and competition from major U.S. banks.

The bank's operating profit before tax was $1.93 billion, recovering from a loss of $184 million in the same quarter last year, while underlying profit before tax reached $2.39 billion.

UBS has made substantial progress in reducing non-core and legacy risk-weighted assets, cutting $5 billion in the third quarter alone.

This quarter's performance continues a trend of strong results, following a 25% year-over-year increase in sales in the second quarter of 2024.