UBS reports 39% growth in Q3 pre-tax profit

Swiss investment bank, UBS said net profit attributable to shareholders up 14% year on year to CHF 946 million for the third quarter.

Reported profit before tax increased by 39% to CHF 1,221m and adjusted profit before tax increased by 16% to CHF 1,506m. The net tax expense for the third quarter was CHF 272m, including a net write-up of deferred tax assets of CHF 174m mainly driven by higher US profit forecasts beyond 2017.

Group annualized adjusted return on tangible equity was 10.2%, or 13.3% excluding deferred tax assets.

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