UBS (UBS) Q3 2024 Earnings Call Transcript

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Wednesday, October 30, 2024 astatine 10 a.m. ET

• Group Chief Executive Officer — Sergio Ermotti

• Group Chief Financial Officer — Todd Tuckner

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Sergio Ermotti: Thank you, Sarah, and bully morning, everyone. Our beardown fiscal show successful the 4th with a nett net of 1.4 cardinal and an underlying PBT of 2.4 billion, unneurotic with our year-to-date results demonstrates the powerfulness of our unsocial lawsuit franchises, diversified concern exemplary and planetary scale. It besides represents continued advancement connected the integration. This brings america 2 important benefits. First, it increases our assurance level successful achieving our short- and medium-term fiscal targets. Second, it allows america to connection the afloat scope of services of the combined slope and to enactment adjacent person to clients.

We are amended positioned than ever to assistance them navigate a marketplace inheritance that portion constructive, inactive exhibits periods of precocious volatility and dislocation. Our committedness to serving clients is reflected successful a 9% year-on-year summation successful underlying revenues, with notable spot successful the Americas and APAC. Invested assets crossed the radical accrued by 15% year-on-year to 6.2 trillion. This shows that our wealthiness and plus absorption clients proceed to worth the capabilities we supply crossed our proposal level and the mode successful which we consistently innovate to conscionable their needs. One fantabulous illustration is the affirmative lawsuit and wide spouse absorption to the motorboat of our unified planetary alternatives units, which has created a apical 5 subordinate successful alternatives.

In Switzerland, portion we faced the expected headwinds connected nett involvement income, we proceed to present connected our committedness to acting arsenic a harmless and reliable supplier of recognition to the economy, with astir CHF 35 cardinal of loans granted oregon renewed successful the quarter. Within the Investment Bank, our investments successful planetary markets supported robust show successful equities, notably successful the Americas. And successful Global Banking, we maintained our momentum successful advisory arsenic we outperformed the planetary M&A interest pools for the 3rd consecutive quarter. As importantly, our M&A pipeline continues to build. Turning backmost to the integration.

The finalization of our mentation enactment during the 4th allowed america successful the past 2 weeks of October to successfully execute different milestone. We moved each of the clients' relationship and information successful Luxembourg and Hong Kong onto UBS platforms. The adjacent important milestones for 2024 are the lawsuit relationship migrations successful Singapore and Japan expected by year-end. We volition past footwear disconnected the adjacent signifier of Swiss migrations successful the 2nd 4th of 2025, positioning america good to heighten the lawsuit acquisition and unlock further outgo reductions towards the extremity of 2025 and into 2026. In noncore and legacy, we proceed to simplify our operations done publication closures and the decommissioning of applications.