UBS said on October 3 that net profit in the third quarter nearly tripled from the same period last year even as its flagship business slowed, after the Swiss bank enjoyed a significant tax benefit.

Zurich-based UBS said net profit in the period ended in September rose to nearly Sfr2.1 billion ($2.13 billion) from Sfr762 million reported in the same quarter last year, when the Zurich-based bank was weighed down by legal provisions. Analysts had been anticipating Sfr1.64 billion.