UBS reveals a Q1 2024 net profit of $1.76 billion, surpassing analyst predictions significantly. The bank capitalises on its merger with Credit Suisse.
KEYSTONE/Georgios Kefalas
UBS has announced an impressive net profit of $1.76 billion for the first quarter of 2024, significantly exceeding the expectations of analysts. This result represents a sharp increase from the $1.03 billion profit of the same quarter last year, before the incorporation of Credit Suisse into its operations reports from Tagsanzieger claim.
This performance marks the third full quarter since the complete inclusion of Credit Suisse into UBS’s structure. The integration has played a pivotal role in UBS’s financial dynamics, especially following a fluctuating profit scenario in 2023 triggered by the merger.
The bank’s profits before taxes also climbed to $2.38 billion, with adjustments raising this to $2.62 billion.
The completion of the merger process, scheduled for May 31, will unify UBS AG and Credit Suisse AG into one operational body. Ahead of this significant step, UBS has achieved approximately $1 billion in cost reductions, part of a broader aim to slash costs by $13 billion by 2026.
Substantial growth drivers this quarter included the Asset Management and Corporate Investment divisions, which showed marked improvements from previous quarters. UBS also saw a significant new capital influx, amounting to $27.4 billion.
Despite these advancements, UBS maintains a cautious outlook due to persistent global uncertainties and geopolitical challenges affecting the economic climate across the Eurozone, the US, and Switzerland.
UBS CEO Sergio Ermotti expressed his contentment with the financial outcomes, highlighting UBS’s essential function in reinforcing the stability of both Swiss and international financial systems following the integration of Credit Suisse. He acknowledged the bank’s ongoing efforts to fulfill its commitments and strengthen its capital base.
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