The UBS Bank Net Profit of 2.3 Billion Dollars in the Third Quarter

Today, the leading UBS shows its muscles, with 2.3 billion in net profit, 9 percent more than in the 3rd quarter of 2020. From January to the end of September, the net plus is 6.1 billion.

Previous year, in which UBS put money aside due to Corona. And if you put the suffering CS aside.

80 billion new customer deposits that immediately generate income for UBS – gigantic. Project “Elevate“, with which the duo Khan-Naratil want to fuel their business, is a complete success.

The first indication of a slowdown already appears here. Of the 80 billion, “only” 19 billion fall in the third quarter.

This is indicated by another number. “Assets under management decreased QoQ by 1% to USD 3,198 billion,” says the customer assets in the GWM at the end of September 2021.

He continued: “QoQ’s fee-generating assets decreased slightly to USD 1,412 billion.”

The UBS top writes of “We are executing relentlessly for our clients” and “Reimagining the power of investing”, and then this: Standstill.

On the third quarter of the year, UBS wrote this morning: “Business income rose by 1% compared to the previous year.” Here too: calm instead of great dynamism.

Profit at the bank surged 63% to $ 5.28 billion in the third quarter, as revenue climbed 26% to $ 13.61 billion.”

“Goldman Sachs also saw investment banking revenue surge by 88% in the quarter to $ 3.7 billion.” The gigantic plus, almost doubling, is the result of the corona boom with the large amount of money from the central banks. This leads to booms like never before.

The UBS investment bank also acts like a mild breeze, a little sailing boat compared to the aircraft carriers ennet the Atlantic.

Compared to the leading Goldman Sachs and JP Morgan, the most important Swiss bank, the last that can be described as a big bank, has become a dwarf in terms of profitability.

Goldman Sachs earned almost as much in the third quarter as UBS in the nine months to September. And this even though all the rich are getting richer and private banking should go through the roof.

The self-praise of UBS bosses is finding fertile ground regardless of the waning momentum. “UBS is surprising once again: the bank posted a net profit of 2.3 billion dollars in the third quarter.”

The bank surpassed “the expectation of net profit (with $ 2.3 billion) as well as total income (with $ 9.1 billion),” writes the business paper.

“At the same time, the bank kept its costs under control; the austerity efforts continue to bear fruit. UBS’s workforce has remained stable for around a year. ”

The extent to which appearance and reality are drifting apart in the financial multinational can be seen in the third most important division, Swiss business, which runs under the name Personal & Corporate Banking and, unlike the other areas, is concluded in Swiss francs.

There is initially a plus in profit before taxes of 44 percent if you compare the 3rd quarter of 2020 with the 3rd quarter of 2021.

It is only in the small print that it becomes clear that most of the jump comes from the released provisions for loans. UBS stepped on the brakes in the Corona year, which speaks for its caution.

Now she benefits because everything turned out less bad. That puts your own performance into perspective. Under its leadership, Sabine Keller-Busse, UBS Switzerland has grown by almost a fifth on its own.

 

 

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The UBS Bank Net Profit of 2.3 Billion Dollars in the Third Quarter - /10

Summary

Today, the leading UBS shows its muscles, with 2.3 billion in net profit, 9 percent more than in the 3rd quarter of 2020. From January to the end of September, the net plus is 6.1 billion.

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