UBS share price rises after quarterly figures
Published: Wednesday, Aug 14th 2024, 10:00
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UBS shares are in demand in trading on Wednesday. The pleasing quarterly figures were particularly well received by analysts. This is because the bank was able to clearly exceed their expectations for some of its key financial figures.
UBS shares were up 1.1 percent at CHF 25.40 at 9.20 a.m., reaching a high for the day of CHF 25.87 shortly after the opening. UBS shares are thus continuing to recover from the recent price slump in the wake of the global market turbulence at the beginning of August. The overall market as measured by the SMI rose by 0.7 percent.
UBS was able to impress analysts with its figures. For example, adjusted pre-tax profit, pre-tax profit and consolidated net profit all exceeded analysts' estimates, in some cases significantly. The cost trend was also well received, reflecting in particular the success of the savings and optimization measures introduced. In this context, one industry observer particularly emphasized the progress made in the integration of Credit Suisse, which continues to proceed according to plan.
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