UBS saw invested assets in Asia surge by nearly $200 billion as the Swiss giant absorbed the revenues, costs and assets of Credit Suisse.
In the third quarter of 2023, UBS Global Wealth Management recorded $611 billion of invested assets in Asia Pacific, according to the bank’s financial results. This marks a $199 billion increase from $412 billion in the same period last year.
The figures include both the performance of UBS (including positive net new money of $13.1 billion) as well as Credit Suisse, which is undergoing integration with the former bank following a takeover in June.
UBS also saw the number of advisors in the region grow from 855 to 1,232.
Profits Fall
APAC pre-tax profits for the quarter fell 32 percent year-on-year to $160 million. While total revenues rose 34 percent to $833 million, driven by the consolidation of Credit Suisse revenues alongside a boost in transaction-based income, expenses were also higher – UBS's cost-income ratio increased significantly from 62 percent to 81.2 percent.
Loans also fell 7 percent compared to the previous quarter due in part to $2.6 billion of negative net new loans. Globally, UBS reported a net loss attributable to shareholders of $785 million, down from a profit of $1.7 billion a year earlier.
