UBS (UBS -4.5%) posts a Q3 net profit of 1.66B Swiss francs ($1.71B), vs. a 564M franc loss the...

|About: UBS Group AG (UBS)|By:, SA News Editor

UBS (UBS -4.5%) posts a Q3 net profit of 1.66B Swiss francs ($1.71B), vs. a 564M franc loss the year before, in part due to a tax credit of 825M francs. Its wealth management unit saw net client inflows for the first time since 2008, but its I-bank posted a surprise pretax loss of 406M francs; CEO Oswald Gruebel blamed “very low levels of client activity” and a charge on the bank’s own debt.