Zurich, Switzerland (GenevaLunch) - UBS, Switzerland’s largest bank, is operating in the black again, with a third-quarter net profit of CHF296 million, “attributable to shareholders,” in line with its pre-announcement in mid-October.

The bank said it reduced its US real estate related holdings by about 50% during the quarter. Referring to the agreement with the Swiss National Bank in October to set up a separate $60 billion fund that will allow UBS to transfer illiquid securities and other assets from its balance sheet, the bank said it expects to make the transfers “primarily over fourth quarter 2008 and first quarter 2009.”

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