UBS breaks records: doubles its profits in the third quarter
UBS added a net profit of 2.1 billion dollars in the third quarter of 2020, which is 99% more than the same period of the previous year. That is, the Swiss bank has doubled its profits in the last year. These favourable results, the best in its history, are a consequence of the high volume of business in the financial markets, according to the entity, which also indicates that it has registered an unexpected improvement in its equity division.
These are the latest results presented by CEO Sergio Ermotti as he will be replaced in November by former ING chief Ralph Hamers.
The investment banking division of the Swiss entity increased its profit by 268%, offsetting the poor results of the advisory business, according to Reuters.
UBS shares were up at pre-open around 5%. However, so far this year it has accumulated a 6% drop in the stock market. In the last five years, its shares closed negatively in 2018 (-32%) and 2016 (-19%).
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