The global wealth management unit of UBS posted an adjusted pre-tax profit of $919m for the third quarter (Q3) of 2019, a 2% decrease from Q3 2018 levels.

Adjusted operating income at the unit increased marginally to $4.14bn on a year-on-year basis.

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The wealth division’s adjusted operating expenses for the three-month period ended 30 September 2019 were $3.22bn, up 2% from $3.15bn a year ago.

The asset management business of UBS registered adjusted pre-tax profit of $135m in the September 2019 quarter, a 6% increase from $127m in the previous year. Total invested assets increased to $858bn, driven by strong net inflows.

Adjusted operating income at the asset management business rose 2% from $457m to $465m.

Group performance  

At a group level, UBS reported a net profit attributable to shareholders of $1.05bn for Q3 of 2019. This is a 16% slump from last year’s figure of $1.25bn.

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The group’s operating income dropped 5% year-on-year to $7.09bn, while operating expenses increased from $5.72bn to $5.74bn.

The bank’s CET1 capital ratio and CET1 leverage ratio were 13.1% and 3.8%, respectively, while tier 1 leverage ratio was 5.6%.

UBS CEO Sergio Ermotti said: “We delivered solid results generating attractive returns, considering the market conditions.

“We continue to take actions to grow profitability and further capitalise on the strengths of our diversified franchise, delivering long-term value for our clients and shareholders.”