It is supported by net new assets of US$55 billion in global wealth management.

UBS reported on Wednesday (Oct 28) a third-quarter net profit roughly in line with expectations, and accelerated its share buyback programme even as the bank remained concerned about new Swiss capital requirements.

Net profit at Switzerland’s biggest bank came in at US$2.69 billion, up 8 per cent year on year and compared with US$2.71 billion expected from a company-provided consensus forecast.

Based on underlying pre-tax profit, it was the first time UBS did not beat estimates in more than two years, Bank Vontobel analysts said.

UBS repurchased US$1.8 billion worth of shares in the quarter and plans to complete its buyback programme of US$3 billion by February, rather than by the mid-2027 timeline it had announced previously.

The bank has conditioned the amount and pace of share buybacks on the outcome of a Swiss banking rules overhaul that follows the 2023 collapse of Credit Suisse and its state-engineered emergency takeover by UBS.

“Overall a solid set of results, albeit focus will continue to be on any business implications from the new Swiss capital rules,” Citi said.

Investor sentiment remains measured due to macroeconomic volatility, geopolitical tension and political uncertainty, UBS noted.