Switzerland’s largest bank UBS said on Tuesday its third-quarter profits rose nine per cent to $2.3 billion (€1.9bn), buoyed by its wealth management division and fees from investment banking.

The bank’s operating income, the equivalent of revenue, rose by two per cent to $9.1 billion, beating the $8.5 billion forecasted by Swiss agency AWP.

It was the latest in a wave of global banks reporting rising profits after being buffeted by the COVID-19 pandemic, after positive results announced by HSBC, Goldman Sachs and JPMorgan Chase.

UBS CEO Ralph Hamers said in a statement that “the market and economic backdrop were broadly positive in the third quarter, although there has been some uncertainty recently”.

The Swiss lender’s pre-tax profits climbed in all divisions, leaping 43 per cent in its traditional pillar of wealth management to $1.5 billion “primarily driven by higher average fee-generating assets, reflecting positive market performance”.

Pre-tax profits climbed in all divisions, leaping 43% in its traditional pillar of wealth management

In all, pre-tax profits rose 32 per cent year-on-year to $837 million.

“Our business momentum, our focus on fuelling growth, on disciplined execution and on delivering our full ecosystem to clients – all of this led to another strong quarter,” said Hamers, who took over in November last year.