Swiss bank UBS posted a net profit of $2.5 billion in the third quarter, up 74% year-on-year, thanks to its core business and the dissolution of provisions for legal risks. + Get the most important news from Switzerland in your inbox The bank also made progress with its cost-cutting programme following the takeover of Credit Suisse. Operating income came to $12.76 billion, up 3% year-on-year. On an underlying basis, the increase was even 5%, to $12.2 billion. Expenses at group level fell by 4% to $9.83 billion. Pre-tax profit jumped 47% year-on-year to $2.83 billion, driven by core business activities. On average, analysts were expecting a much lower net profit, with the consensus forecast at $1.13 billion. For operating income, $11.66 billion was expected, while pre-tax profit was targeted at $1.69 billion. The cost/income ratio was 77%. Tier 1 capital (CET1) stood at 14.8%, while the leverage ratio (CET1) was 4.6%. During the quarter under review, the bank bought back $1.1 ...
