The wealth management division of UBS has reported adjusted profit before tax of CHF617 million (US$ 688.61 million) for the third quarter of 2013, an increase of 6.74% compared to CHF578 million (US$ 645.08 million) reported a year ago.
The division delivered net new money inflows of CHF5 billion, with positive inflows from all regions, the Swiss banking giant said in a statement.
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The wealth division’s operating income in the latest quarter increased to CHF1.84 billion from CHF1.79 billion in the comparable period of 2012.
Operating expenses increased to CHF1.22 billion compared to CHF1.21 billion in the year ago quarter.
UBS Wealth Management Americas delivered an adjusted profit before tax of US$242 million and its net new money inflows totalled US$2.1 billion.
The bank’s global asset management unit reported an adjusted profit before tax of CHF130 million for the third quarter ended 30 September 2103, compared to CHF126 million reported in the corresponding quarter of 2012.
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By GlobalDataOverall, UBS group reported third-quarter net profit attributable to UBS shareholders of CHF577 million compared to a loss of CHF2.13 billion a year ago.
Commenting on the results, group CEO Sergio Ermotti said, "Our results this quarter provide more evidence that our business model works in a variety of market conditions. One year into the acceleration of our strategy we are ahead of plan on execution. We will remain disciplined to deliver the best of UBS to our clients and fulfil our commitments to our shareholders."
