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20.10.2020

UBS saw its best quarter in a decade

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Earnings per share were up 101% from last year

Stocks impacted: UBS (UBSG)

Swiss banking giant reported that its third-quarter net profit surged 99% to $2.09 billion from last year's $1.05 billion. Earnings per share were $0.56, up 101% from $0.28 last year. Operating income grew to $8.94 billion from last year's $7.09 billion. Pre-tax profit at UBS’ investment bank surged by 268% to $632 million. Pre-tax profit in UBS’ asset management rose 495% to $739 million, mostly driven by the sale of its fund distribution platform Fundcenter. The world's largest wealth manager said it set aside $1.5 billion to repurchase shares next year. According to the bank, the quarterly results that were the best in a decade mainly reflected ongoing strong client activity. Following the report UBS stocks gained over 2.5% during the European hours.

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