UBS’ third-quarter revenue increases due to its strong performance in the global markets

On Monday, UBS Group AG (UBSG.S) reported a 99% increase in its third-quarter revenue in light of a strong investment banking performance and an unexpected rise in wealth management profit.

“Our third-quarter results continue to demonstrate that our strategy is differentiating us,” UBS’ Chief Executive Officer Sergio Ermotti stated in an interview.

Ermotti’s net profit went up to $2.1 billion from July to September 2020. UBS announced that Ermotti would be replaced by former ING Group’s (INGA.AS) CEO Ralph Hamers next month.

“UBS has all the options open to write another successful chapter of its history under Ralph’s leadership,” Ermotti said.

The Swiss multinational investment bank and financial services company stated that it had accrued $1 billion worth of cash dividend to be paid out in 2021. The company had also set aside $1.5 billion in capital reserves for potential shares buyout.

On Monday, UBS’ shares climbed by 2.2% in the morning trade.