reported third-quarter earnings of 296 million Swiss francs ($251.6 million) after booking a gain of 2.2 billion francs on its own credit and a tax credit of 913 million francs.
A year earlier, the bank reported a loss of 858 million francs.
UBS said it saw net new money outflows of 83.6 billion francs in the quarter, compared with outflows of 43.8 billion francs the prior quarter, the bank said in a statement Tuesday.
UBS said its third quarter was impacted by realized and unrealized losses of $4.4 billion on legacy risk positions, mainly on exposure to U.S. residential real estate-related securities and other credit positions.
UBS said it expects that conditions seen at the beginning of fourth quarter "will continue to affect clients' assets, and therefore UBS's fee-earning businesses." Results in the fourth quarter also will be impacted by a possible reversal of credit gains and a loss on the equity in the fund to be controlled by the Swiss National Bank.
In mid-October, UBS and the Swiss National Bank reached an agreement for UBS to transfer up to $60 billion of currently illiquid securities and other assets from its balance sheet to a separate fund, and the bank would get a capital injection of 6 billion Swiss francs from the government in the form of mandatory convertible notes.