Swiss bank UBS reports 14 percent growth in 3Q net profit

GENEVA (AP) — UBS says net profit jumped 14 percent in the third quarter, with its Asia-Pacific division helping fuel profitable growth as the Swiss bank pointed to forecasts for higher U.S. profits.

The Zurich-based bank reported net earnings in the quarter of 946 million Swiss francs ($945 million), compared to 827 million francs a year earlier. Pre-tax profit soared 39 percent. UBS cited a write-up in deferred tax assets because of higher U.S. profit forecasts after 2017.

In a statement Friday CEO Sergio Ermotti trumpeted “good results” across UBS businesses with Asia Pacific as an “important driver.”

UBS said it expects the global economic recovery to further strengthen, while citing “geopolitical tensions and macroeconomic uncertainty.” It said risks to client sentiment included high asset prices and uncertainty about central bank policies.

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