UBS beats expectations with third-quarter profit of $2.3 billion

UBS has beaten analyst expectations in the third quarter as its wealth management division continued to outperform.

The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.3 billion for the period. Analysts had expected the figure to come in at $1.57 billion, according to estimates collected by Refinitiv.

It comes after UBS reported a 63% jump in profit for the previous quarter on the back of higher revenues in its wealth management division.

Shares in the bank are around higher by about 24% year-to-date.

This is a breaking news story and it is being updated.