UBS Group on Wednesday reported a net profit of $1.4 billion in the third quarter as the Swiss bank carried out its first wave of client migrations from Credit Suisse since taking over its longtime rival last year. "Against a market backdrop that, while constructive, still exhibited periods of high volatility and dislocation, our business delivered impressive revenue growth as we maintained strong client momentum, particularly in the Americas and APAC," UBS CEO Sergio Ermotti said in a statement. "We continue to significantly mitigate execution risk as we progress on the integration of Credit Suisse while remaining disciplined in driving our cost and efficiency targets."