In his last month as UBS’s chief executive, Sergio Ermotti delivered a 99 percent spike in net profits before handing it over to successor and ex-ING head Ralph Hamers.
At $2.1 billion, net profits for UBS beat estimates from a poll of 22 analysts which placed it at $1.56 billion in the third quarter. This is also the best third quarter profit before tax (PBT) achieved at $2.6 billion.
«Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change,» Ermotti in a statement.
New Growth
Remote is due to hand over the bank’s throne to Hamers in November after spending nearly a decade focused on serving global millionaire and billionaires, especially in Asia where it has been the leader in assets under management for many years.
Although Ermotti is handing over a business with profit momentum, the source of this momentum has shifted with the most notable contributors in his last quarter deriving from the asset management (496 percent annual increase) and investment banking (267 percent) units.
«I am proud of the contributions all of our employees have made day in and day out over the years, particularly in the current challenging environment,» said Ermotti. «UBS has all the options open to write another successful chapter of its history under Ralph’s leadership.»
