Sergio Ermotti, CEO of UBS, pictured on Wednesday. Pascal Mora/Bloomberg/Getty Images Reuters —

UBS said third-quarter net profit surged 74%, comfortably beating expectations as revenue shot higher on financial market volatility caused by global tariff turmoil, as well as renewed M&A activity.

Switzerland’s largest bank also said it was confident in its plans for $3 billion in share buybacks this year and its financial targets for 2026. It noted, however, that macro uncertainties, a strong Swiss franc and higher US tariffs were clouding the outlook for the Swiss economy. Shares in UBS rose 2.5% in morning trade.

UBS ( UBS ) expects deal activity to remain healthy in the fourth quarter, but said “sentiment can shift quickly as confidence in the outlook is tested.”

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