Swiss banking giant UBS on Wednesday reported stronger-than-expected third-quarter net profit, driven by solid investment banking performance and the release of legal provisions.

Net profit attributable to shareholders came in at $2.5 billion for the three-month period, up 74% from $1.43 billion in the same period of last year. Analysts had expected third-quarter net profit of $1.85 billion, according to an LSEG-compiled consensus.

Switzerland's largest bank said its net profit included net litigation reserve releases of $668 million, primarily due to the resolution of legal matters related to Credit Suisse's residential mortgage-backed securities business and its legacy cross-border activities in France.

UBS posted third-quarter revenues of $12.76 billion, slightly above an

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