Oct 28, 2014 3:12 AM
Swiss bank UBS posts 32 percent gain in 3Q profit
The Associated Press
GENEVA (AP) Swiss banking giant UBS AG is reporting a third-quarter net profit of 762 million Swiss francs ($803 million), up 32 percent from the comparable period a year ago based on solid returns from its investment banking and wealth management.
But Switzerland's largest bank warns of intensifying challenges and geopolitical issues, including new concerns such as Ebola virus, and a mixed outlook for global growth.
UBS said in a statement Tuesday its results include a high capital cushion "well ahead of" what is required and net tax benefit of 1.3 billion francs that reflects annual revaluation of deferred tax assets and net charges of 1.8 billion francs for litigation, regulatory and other matters.
The Zurich-based bank's CEO Sergio Ermotti said "the business is far stronger, its earnings power is much greater."