The Swiss bank delivered its best third quarter in a decade as market volatility leads to higher client activity in equity derivatives.

UBS has reported a profit before tax (PBT) of US$2.6 billion for the third quarter of 2020, up 92% year-over-year (YoY). The investment bank (IB) registered a PBT of US$632m, up 268% from the prior year quarter. Revenues for the global markets business increased 26% to US$ 1.6 billion, delivering the ‘best third quarter’ since the acceleration of UBS’s strategy in 2012, primarily driven by higher client activity levels – resulting from market volatility – particul