- May 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## UBS Reports Profits and Integration Progress
*UBS logo is seen at the office building in Krakow, Poland on February 22, 2024.*
*Photo by Jakub Porzycki | Nurphoto | Getty Images*
UBS on Tuesday reported a substantial swing back to profit after experiencing two consecutive quarterly losses. The first-quarter results exceeded expectations, propelled by increased revenues in wealth management. These positive outcomes were further supported by reduced expenses and consolidation benefits stemming from the Credit Suisse takeover in June 2023. The bank posted a net profit of $1.8 billion in the first quarter, surpassing the consensus forecast in an LSEG poll of $721.4 million.
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In addition, UBS is in the process of merging UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter, followed by the merger of its Swiss entities in the third quarter. The comprehensive integration efforts highlight the ongoing transformation within the Swiss banking giant.
**Financial Performance and Outlook**
The first-quarter group revenue amounted to $12.74 billion, surpassing expectations and reflecting an increase from $10.86 billion in the previous quarter. Notably, revenue in the Global Wealth Management unit surged by 28% to $6.14 billion, underscoring the strength of this core business segment.
Moreover, UBS maintains a robust CET1 capital ratio of 14.8%, demonstrating liquidity stability compared to the previous quarter.
“This quarter marks the return to reported net profits and further capital accretion, a testament to the strength of our business and client franchises,” stated Group CEO Sergio Ermotti. Although UBS shares experienced significant growth last year, the performance in 2024 has been relatively subdued, with a 4.6% decline thus far.
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