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Swiss wealth manager UBS reports 99% hike in net income to $2.1 billion for the third quarter

The logo of Swiss banking giant UBS engraved on the wall is seen on its headquarters on May 8, 2019 in Zurich.

Fabrice Coffrini | AFP | Getty Images

LONDON — The world’s largest wealth manager, UBS, reported a net income of $2.1 billion for the third quarter on Tuesday, up 99% from the same period last year.

Analysts had forecast reported net income of $1.5 billion for the quarter, according to data from Refinitiv Eikon. Last year, the bank reported net income of $1.049 billion for the same period.

It comes after the Swiss bank and asset manager posted an 11% drop in profits in the second quarter, as the global banking industry felt the full effect of the coronavirus pandemic.

Tuesday results will be UBS’ last under the leadership of CEO Sergio Ermotti, who is due to leave the bank this month. Ralph Hamers will become the new head on November 1.

This is a breaking news story and is being updated.

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