(Bloomberg) -- UBS Group AG posted results that beat expectations across the board, as risks from regulation to market gyrations appear on the horizon.

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Shares in the Zurich-based bank briefly rose to the highest since May 2008 before erasing gains. Net income came in at $1.4 billion, almost double analyst estimates, aided by trading and progress on controlling costs. The lender has now delivered three profitable quarters after sustaining losses linked to the acquisition last year.

Yet the bank warned that geopolitical events, the US election and declining global interest rates would make the final quarter of the year hard to predict. The macroeconomic outlook for the rest of the world also “remains clouded,” it said.

“Right now the markets are pricing rather a Trump victory,” Chief Executive Officer Sergio Ermotti said in an interview with Bloomberg Television’s Francine Lacqua. “If Kamala Harris wins, some of the trades that are ongoing for Trump will probably have to be reconsidered and therefore they are going to create rotations in the market.”

Clients shifting portfolios may benefit the Swiss lender in any case, as volatility in the third quarter helped equities traders post surging revenue. Switzerland’s largest bank is currently working through complex parts of the integration of Credit Suisse, including the migration of more than a hundred petabytes in client data.

UBS shares traded down 2.6% at 12:52 p.m. in Zurich. The lender is facing high uncertainty over its future capital levels due to a Swiss political review of the crisis, and could end up seeing its requirement rise by as much as $25 billion.

A lack of any further guidance from Ermotti on an analyst call on that front is one reason investors became more cautious on the stock, according to Andreas Venditti, an analyst at Vontobel in Zurich.

The bank said it chose to phase out a regulatory benefit relating to the takeover of Credit Suisse, leading to a 60-basis-point decline in its main capital ratio, CET1, to 14.3%. The step didn’t affect plans to complete around $1 billion of share buybacks by the end of the year, though capital return plans after 2025 are subject to the Swiss regulatory overhaul, it said.