ZURICH, Oct 30 (Reuters) - 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.

The net profit attributable to shareholders for

Switzerland's largest bank compared with the $740 million

forecast by analysts in a company-provided poll.

The bank also reported group total revenue of $12.3 billion,

which compared with the consensus figure of $11.5 billion.

"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."

In May, UBS formally completed the merger with its long-time

rival Credit Suisse, which collapsed last year following a

string of financial setbacks and scandals.

UBS is pushing ahead with the integration of Credit Suisse,

and Ermotti said last month the bank was running ahead of

schedule with its efforts to cut costs and absorb its old rival.

The bank recently began migrating clients from Credit Suisse

onto its own platforms, a process that Ermotti last week said

would likely take about 18 months.

UBS said it had successfully completed the first wave of

client account migrations with transfers in Luxembourg and Hong

Kong during October and that Singapore and Japan were expected

by year-end. Switzerland would follow next year, it added.

Investors have welcomed the takeover, with UBS shares up

well over 60% since it bought Credit Suisse in March 2023.