UBS 3Q profit boosted by investment banking

UBS posted a better-than-expected 32 percent rise in third-quarter net profit led by its investment bank.

Switzerland's biggest bank said it aims to grow wealth management profits at the upper end of its target over 2019-2021.

Ticker	Security	Last	Change	Change %
UBS	UBS GROUP AG	31.79	+0.04	+0.13%

Third-quarter earnings were boosted by a 75 percent jump in investment banking pre-tax profits and strong business in the Americas, which helped offset modest growth in the flagship wealth management division and flattening earnings in other regions.

UBS reported $1.25 billion in net profit, beating estimates.

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"Our results for the quarter once again highlight the benefits of our diversification, said UBS CEO Sergio Ermotti. "They also demonstrate that we are pursuing a focused strategy in each of our business divisions, creating value for our clients and shareholders."

The Swiss banking giant released the results ahead of its investor day.