UBS returns to profit for the first time since Credit Suisse takeover

By Jerry  Published On May 8, 2024

The shares of UBS were sent through the roof after the Swiss bank reported that it returned to profitability in the first quarter of 2024, for the first time since it took over its former rival Credit Suisse in June 2023.

The share price of the Zurich-based lender was up by 9.8% after midday, as investors were showered with good news: the profit beat expectations, the lender reported $1.75 billion (€1.63 billion) net income for the first three months, after two consecutive quarterly losses amid cost-cutting measures.

The bank said it had earnings of 52 cents per share.

Total group revenues reached $12.7 billion, 15% more than in the previous quarter. Meanwhile, the bank cut underlying operating expenses by 5% compared to the previous three months.

According to the report, the lender’s capital is getting healthier, UBS’ CET1 capital ratio, measuring how the bank’s capital compares against its risk-weighted assets, was 14.8%, as compared to 14.5% in the previous quarter.

 

 

 

 

 

Source: EURONEWS


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