Swiss banking giant UBS reported third-quarter earnings that beat analyst expectations, thanks in part to clawing back provisions for possible litigation, but also sustained by strong performances in its trading and wealth divisions.

The bank said it had earned a net profit of nearly $2.5 billion in the third quarter, a 74-percent increase from the same period last year.

That included $668 million in money set aside for possible litigation and adverse regulatory decisions, but which it deemed no longer necessary.

Revenue rose by three percent to nearly $12.8 billion.

The consensus forecast of analysts surveyed by Swiss financial news agency AWP was for a net profit of $1.1 billion on $11.8 billion in revenue.

“With valuations elevated across most asset classes entering the fourth quar

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