UBS Q3 Results Solid; Lower Credit Provisions and One Offs
UBS Group AG (UBS or the Group) reported net profit attributable to shareholders of USD 2.1 billion in Q3 2020, doubling from USD 1.0 billion a year ago and significantly higher than the USD 1.2 billion reported in Q2 2020. The Q3 results included significant one-off capital gains (USD 957 million) which offset the one-time costs of USD 431 million largely related to outstanding deferred compensation awards. Excluding the one off gains, total revenues grew 13% YoY reflecting strong growth in both Investment Banking (IB) revenues, particularly from equity underwriting and Derivatives and Solutions, as well as in Global Wealth Management (GWM) transaction fee based revenues. Net profit attributable to shareholders also benefited from significantly lower credit provisions Quarter-on-Quarter (QoQ).
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