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UBS Reports Strong Q3 Results, Surpassing Expectations with $1.43 Billion Profit
Oct 30, 2024, 06:06 AM
UBS reported strong financial results for the third quarter of 2024, significantly surpassing market expectations. The Swiss bank achieved a net profit attributable to shareholders of $1.43 billion, compared to the company-provided consensus of $740 million. The group's profit before tax was $1.93 billion, exceeding the consensus estimate of $1.17 billion. Additionally, UBS reported total revenues of $12.33 billion against an estimated $11.46 billion. The bank also confirmed its goal of achieving $13 billion in cost savings by the fiscal year 2026. Despite these positive results, UBS warned of potential headwinds, including uncertainties related to the upcoming US elections and declining interest income.
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