UBS Group posted third-quarter profit that was almost double expectations, reducing costs and boosting revenues and said it had completed the first wave of client migrations from Credit Suisse since acquiring its old rival last year.

UBS reported a third-quarter profits that beat analysts’ expectations, lifted by its investment bank and wealth-management arm, and said it is offloading Credit Suisse noncore assets and achieving savings faster than expected.

UBS Group AG posted third quarter profit that almost doubled expectations, adding to evidence that the bank’s integration of Credit Suisse is on track. Most Read from BloombergNY Transit Agency Takes

UBS Group posted on Wednesday third-quarter profit well above forecasts, driven by higher revenue and cost reductions, and said it had completed the first wave of client migrations from Credit Suisse since acquiring its old rival last year.

Net profit attributable to shareholders came in at $1.43 billion, compared with a mean forecast of $667.5 million in a LSEG poll of analysts. UBS turned course back toward profit in the first quarter of 2024 after two quarterly losses tied to the takeover of stricken Credit Suisse.

Swiss banking giant UBS said Wednesday it earned a net profit of $1.4 billion in the third quarter, beating analyst expectations.