Krakow, Poland – UBS, a multinational investment bank, exceeded analyst expectations by reporting a net profit of $1.8 billion for the first quarter of the year. This impressive result was attributed to lower expenses following the acquisition of Credit Suisse in June 2023. The bank’s net profit of $1.8 billion far outperformed the consensus forecast of $721.4 million in an LSEG poll.
Group revenue for UBS totaled $12.74 billion, surpassing expectations and showing growth from $10.86 billion in the previous quarter. The bank’s CET1 capital ratio, a liquidity measurement, stood at 14.8%, an improvement from 14.4% in the previous quarter. UBS’ Group CEO, Sergio Ermotti, expressed confidence in the bank’s financial performance, highlighting the return to reported net profits and capital accretion.
Despite a remarkable 51.7% surge in UBS shares in the previous year, the bank experienced a moderate start to 2024, with a 4.6% decline so far. The company’s strong business and client franchises, along with progress on integration plans, were cited as key factors contributing to the positive first-quarter results. Ermotti emphasized UBS’ ability to optimize financial resources effectively, driving further progress in the business.
This breaking news story will be updated shortly with more information on UBS’s financial performance and market trends. Stay tuned for further developments as the story unfolds.