UBS (SWX:UBSG) profits rose 99% in the third quarter.
Swiss lenders saw a total of $2.1 billion (£1.62 billion) in net income over the three months that closes in September thanks to the investment banking sector.
The group’s pre-tax profit in the investment banking sector rose 268% to $632 million.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said Sergio P. Elmotti, CEO of the group.
“All of our employees are proud of the contributions we have left every day for many years, especially in the current challenging environment. This speaks to our ability to focus on our clients during the first nine months of this year and achieve such a strong financial performance.”
UBS remains cautious about its outlook amid the uncertainty of the coronavirus and the group saying it “makes reliable forecasts difficult.”
Elmotti is scheduled to leave the bank this month, and will be replaced by Ralph Hammers from November 1st.
Elmottis said: “UBS has all the options open to write another successful chapter of its history under Ralph’s leadership.”
“UBS has all the options open to writing another successful chapter of that history under Ralph’s leadership,” Elmotti said in a statement with the results.
UBS stocks (SWX:UBSG) creeped up Tuesday morning to trade +2.65% at 11,22 (0905GMT).
