UBS announces 73 percent profit increase
The biggest Swiss bank UBS said that third-quarter net profits had risen by 73 percent to 2,075 billion Swiss francs (3.1 billion euros, $2.57 billion) on the basis of preliminary results on Thursday.
Net profits from January to September were 6,498 billion Swiss francs, adjusted for exceptional provisions in the second quarter, or an 80-percent rise from the equivalent figure last year.
Assets under management increased to 1,746 billion francs on September 30 from 1,711 billion francs on June 30.
UBS advanced the publication of the third-quarter results by one month owing to an impending merger with US bank PaineWebber.
Detailed third-quarter results are to be announced November 28.— (AFP)
© Agence France Presse 2000
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