ZURICH, Oct 25 (Reuters) - UBS, Switzerland’s biggest bank, on Thursday posted a 1.246 billion Swiss franc ($1.25 billion) net profit for the third quarter of 2018 thanks to strong business in the Americas.
The 32 percent rise put the bank’s third-quarter earnings at a significant beat over the median net profit estimate in a Reuters poll for 1.018 billion francs. The bank’s own consensus pointed to a 993 million franc profit.
“Global economic growth prospects and monetary policy normalisation continue to provide a supportive backdrop to our business, although ongoing geopolitical tensions, rising protectionism and trade disputes have further dampened investor sentiment and confidence,” UBS said in a statement.
“We expect these latter trends to continue to impact Global Wealth Management clients’ transaction activity in the fourth quarter; however, moderately increased levels of volatility and volumes are generally positive for our institutional business in the Investment Bank.”
$1 = 0.9960 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields