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Swiss bank UBS reports 14 percent growth in 3Q net profit

UBS says net profit jumped 14 percent in the third quarter, with its Asia-Pacific division helping fuel profitable growth as the Swiss bank pointed to forecasts for higher U.S. profits.

The Zurich-based bank reported net earnings in the quarter of 946 million Swiss francs ($945 million), compared to 827 million francs a year earlier. Pre-tax profit soared 39 percent. UBS cited a write-up in deferred tax assets because of higher U.S. profit forecasts after 2017.

In a statement Friday CEO Sergio Ermotti trumpeted "good results" across UBS businesses with Asia Pacific as an "important driver."

UBS said it expects the global economic recovery to...