UBS Q3 Profit Climbs, Reaffirms Strategy And Ambitions; Plans Profit Growth

(RTTNews) - Swiss banking giant UBS Group AG (UBS) reported Thursday that its third-quarter net profit attributable to shareholders was 1.25 billion Swiss francs, up 32% from 946 million francs a year ago. Earnings per share were 0.32 francs, higher than 0.25 francs last year.

UBS' profit before tax climbed 37% year over year to 1.67 billion francs, and adjusted profit before tax grew 15% to 1.73 billion francs.

Operating income was 7.28 billion francs, up from 7.15 billion francs last year.

Beginning in the fourth quarter of 2018, UBS Group AG will change its presentation currency to US dollars.

Separately, UBS reaffirmed strategy and ambitions, and outlined plans for profit growth.

UBS remains strongly positioned to benefit from positive long-term secular growth trends, including global wealth creation and economic expansion in Asia Pacific.

The company reaffirmed its plan to deliver 10-15% pre-tax profit growth over the cycle in its Global Wealth Management business division.

UBS's ambition is to grow profits at the upper end of the target range over the 2019-2021 period. The business division will also target net new money growth of 2-4% per annum while aiming for at least 3% growth by 2021.