UBS profit in 2023 slightly lower than previously reported
Published: Thursday, Mar 28th 2024, 08:11
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The record profit of the major bank UBS in the 2023 financial year is not quite as high as was published at the beginning of February on the basis of unaudited figures. Net profit is now reported at 27.8 billion US dollars.
On February 6, UBS had published an even higher net profit of 29.0 billion dollars. In the annual report published on Thursday, UBS justifies the slightly lower figure with the somewhat lower negative goodwill to which it is entitled from the acquisition of its competitor Credit Suisse.
This was due to the fact that the purchase price was significantly lower than the book value of Switzerland's second-largest bank at the time. The negative goodwill is now reported 1.2 billion dollars lower at 27.7 billion dollars.
According to UBS, the estimates made at the time of acquisition have been "refined" in accordance with accounting standards. Diluted earnings per share are now reported at USD 8.45.
This also has an impact on UBS's Common Equity Tier 1 capital ratio at the end of 2023, which now stands at 14.4 percent compared with 14.5 percent reported at the beginning of February.
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