UBS Group (NYSE: UBS) reported a loss of $785 million in the third quarter on Tuesday, after accounting for $2.1 billion in expenses related to the acquisition of the fallen rival Credit Suisse by the Swiss bank.

The figure is compared to the $444 million loss attributed to shareholders estimated by analysts in a UBS survey.

Excluding the impact related to the acquisition, UBS reported an underlying profit of $844 million.

“We are executing the integration of Credit Suisse at an accelerated pace and delivering underlying profitability to the Group in the first full quarter since the acquisition,” said CEO Sergio Ermotti.

Since the forced marriage—the first merger of two systemically important global banks—was completed in June, UBS has struggled to stabilize its acquisition.

UBS Group shares rise as Credit Suisse integration boosts growth

UBS Group shares rose on Tuesday after the Swiss banking group released its third-quarter results, which showed Credit Suisse contributing to revenue growth, new net deposits, and net new money.

In early European trading, the shares were up 4.3% to EUR 22.83.

Credit Suisse, which was acquired by UBS in March as part of a rescue deal, raised $3 billion in net new money from wealth management in the quarter, and its clients contributed $22 billion of the $33 billion in new net deposits across UBS’s global wealth management and personal and corporate banking units, UBS said.

Revenue grew in its core businesses during the period, thanks to the consolidation of Credit Suisse’s revenues.

Despite the increase in revenue, UBS reported a reported net loss as operating expenses surged in the quarter, reflecting Credit Suisse’s expenses and integration costs. On an underlying basis, however, the bank claimed to have achieved a pre-tax profit of $844 million.

The result showed that UBS made progress in all key areas and should support investor confidence in the bank’s integration with Credit Suisse, said Deutsche Bank. “Net new inflows continued in the businesses also in September, non-essential reduction progresses quickly, cost reduction is above plan, as is underlying quarterly profit,” analysts Benjamin Goy and Sharath Kumar said in a research note.

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