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New money helps UBS beat third-quarter profit.

(Reuters-Zurich)Strong client inflows and decreased costs helped UBS’ third-quarter net profit fall 24% less than projected.

With good results from all key regions, the Swiss bank gained $17 billion in net new fee-generating assets in wealth management and $18 billion in asset management.

ZKB analysts said the report should highlight Wealth Management’s good net new money.

UBS shares rose 4.9% early.

The net profit attributable to shareholders fell to $1.73 billion, exceeding the company-gathered expectation of $1.53 billion.

Revenue was $8.2 billion, down 10% from the previous quarter.

Investment banking was particularly severely struck by financial market turbulence, with revenues in its global banking segment, which advises on transactions and capital raisings, plummeting 58%. Derivatives benefited from greater volatility in foreign exchange and global markets; revenues declined only 1%.

UBS also stated it is targeting share buybacks of roughly $5.5 billion this year.

After abandoning a $1.4 billion attempt to buy U.S. automated wealth management business Wealthfront, it announced in September that it would raise its dividend by 10% and meet its $5 billion share repurchase goal in 2022.

CEO Ralph Hamers said, “We are still confident in our ability to give attractive and stable returns on capital to our shareholders.”

Big US banks had a mixed quarter.

HSBC, also reporting on Tuesday, reported profits plummeted 42% in the third quarter due to rising loan losses and asset sales. On Thursday, rival Credit Suisse will reveal its strategy makeover.

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