UBS Group AG (NYSE:UBS) Q3 2024 Earnings Conference Call October 30, 2024 4:00 AM ET
Company Participants
Sarah Mackey – Head, IR
Sergio Ermotti - Group CEO
Todd Tuckner - Group CFO
Conference Call Participants
Kian Abouhossein - JPMorgan
Chris Hallam - Goldman Sachs
Giulia Miotto - Morgan Stanley
Stefan Stalmann - Autonomous Research
Jeremy Sigee - BNP Pariba
Amit Goel - Mediobanca
Anke Reingen - RBC
Andrew Coombs - Citi
Benjamin Goy - Deutsche Bank
Piers Brown - HSBC
Operator
Ladies and gentlemen, good morning. Welcome to the UBS Third Quarter 2024 Results Presentation. [Operator Instructions] At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead.
Sarah Mackey
Good morning, and welcome, everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report, together with additional disclosures in our SEC filings.
On Slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.
Sergio Ermotti
Thank you, Sarah, and good morning, everyone. Our strong financial performance in the quarter with a net profit of 1.4 billion and an underlying PBT of 2.4 billion, together with our year-to-date results demonstrates the power of our unique client franchises, diversified business model and global scale. It also represents continued progress on the integration. This brings us two important benefits. First, it increases our confidence level in achieving our short- and medium-term financial targets. Second, it allows us to offer the full range of services of the combined bank and to stay even closer to clients. We are better positioned than ever to help them navigate a market background that while constructive, still exhibits periods of high volatility and dislocation.
Our commitment to serving clients is reflected in a 9% year-on-year increase in underlying revenues, with notable strength in the Americas and APAC. Invested assets across the group increased by 15% year-on-year to 6.2 trillion. This shows that our wealth and asset management clients continue to value the capabilities we provide across our advice platform and the way in which we consistently innovate to meet their needs.
One excellent example is the positive client and general partner reaction to the launch of our unified global alternatives units, which has created a top 5 player in alternatives. In Switzerland, while we faced the expected headwinds on net interest income, we continue to deliver on our commitment to acting as a safe and reliable provider of credit to the economy, with around CHF 35 billion of loans granted or renewed in the quarter. Within the Investment Bank, our investments in global markets supported robust performance in equities, notably in the Americas. And in Global Banking, we maintained our momentum in advisory as we outperformed the global M&A fee pools for the third consecutive quarter. As importantly, our M&A pipeline continues to build.