Swiss banking giant UBS has today reported a net profit of SwFr1.66 billion (£1.1 billion) for the July to September period – exceeding analysts’ expectations.
The figures compare with a loss of SwFr564 million for the third quarter a year ago.
The bank said it restored client cash flow for the first time since the financial crisis. The bank was among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the US and suffered substantial losses as a result.
Meanwhile the bank, which is Switzerland’s largest, also beat analysts’ expectations during the second quarter, announcing net profit of SwFr2 billion.
Chief executive Oswald Gruebel comments: “We are optimistic that an uptick in the fourth quarter will benefit all of our business divisions. We remain confident about our future and believe that we are on track to achieve our medium-term goals.”