UBS shares climbed on Tuesday morning after the Swiss banking giant resoundingly beat expectations for underlying profit.
The bank recorded an underlying operating profit before tax of $844 million, well ahead of consensus expectations. UBS shares added 4% in early trade as a result.
Factoring in $2 billion in expenses related to the integration of fallen rival Credit Suisse, UBS posted a bigger-than-expected third-quarter net loss attributable to shareholders of $785 million. Analysts polled by Reuters had anticipated a quarterly net loss of $444 million in a company-compiled poll.
“You could see that, sequentially, we improved the underlying performance across Wealth Management, Asset Management and our Personal and Corporate banking in Switzerland. They both grew on a quarter-on-quarter basis,” UBS CEO Sergio Ermotti told CNBC on Tuesday.