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.

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.

"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.