UBS Q3 Profit $2.5B; Strong Dealmaking, Net Inflows

UBS reported Q3 net profit of about $2.5 billion and revenue of $12.76 billion, with adjusted EPS of $0.76, beating consensus. Results were driven by record dealmaking and trading, with investment banking fees up roughly 52% year‑on‑year. The bank saw strong net inflows — about $38 billion into Global Wealth Management and $18 billion into Asset Management — lifting invested assets to roughly $6.9–7.0 trillion. Earnings were aided by the release of roughly $688 million of legal provisions related to Credit Suisse legacy matters; UBS repurchased about $1.1 billion of shares, affirmed buyback plans and maintained its 2026 financial targets. UBS said it will appeal a Swiss court ruling on the 2023 AT1 bond write‑down, has not made a provision for that risk, and reported that more than two‑thirds of Swiss‑booked accounts have migrated with about $10 billion of $13 billion synergies achieved. The bank flagged headwinds including a strong Swiss franc, higher U.S. tariffs, a possible U.S. government shutdown and a quarter‑on‑quarter decline in total assets, while remaining confident about continued deal activity.