UBS shares rose by 4% after the bank reported a Strong Underlying Profit of $844 million, surpassing expectations. However, due to expenses related to the integration of Credit Suisse, UBS posted a net loss of $785 million for the third quarter. UBS CEO Sergio Ermotti highlighted the improved performance in wealth management, asset management, and personal and corporate banking. Analysts noted that the profit figure was significantly ahead of prior company guidance and consensus expectations. UBS is also in the process of integrating Credit Suisse's Swiss banking unit and aims to achieve gross cost savings of at least $10 billion by 2026.
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