UBS Group AG announced on Tuesday that its net income soared 99% year-on-year to $2.09 billion in the third fiscal quarter of 2020.

Total operating income jumped 26% on a yearly basis to $8.9 billion in the three months ending with September 30, 2020, while diluted earnings per share amounted to $0.56, a figure 100% higher compared to the same trimester in 2019. Operating profit before tax reached $2.6 billion after surging 92% from the corresponding quarter a year ago.

"Our third quarter results continue to demonstrate that our strategy is differentiating us as we continuously adapt and accelerate the pace of change. I am proud of the contributions all of our employees have made day in and day out over the years, particularly in the current challenging environment," Group CEO Sergio Ermotti commented in a press release.