UBS posts $2.7 billion Q3 profit as Credit Suisse merger nears end
What's new: UBS lifted expected cost savings to $13.7 billion and plans to finish a $3 billion buyback by February.
UBS reported third-quarter net profit of $2.69 billion to $2.7 billion on Wednesday, broadly matching forecasts, as fresh money flowed into its wealth business and the takeover of Credit Suisse moved toward completion. Pre-tax profit rose 27% from a year earlier to $3.59 billion, while net new assets in global wealth management reached about $55 billion, including inflows from Asia and the Americas. The bank said integration of Credit Suisse remains on track to finish by year-end and now expects cumulative cost savings of $13.7 billion, slightly above its earlier target. UBS also repurchased $1.8 billion of shares in the quarter and said it aims to complete its $3 billion buyback program in February, while it continues to fight tougher Swiss capital rules now under debate in parliament.