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UBS reports record-breaking profits in first quarter of 2024

Profits, Quarter, RecordBreaking, Reports, UBS

Swiss multinational investment bank UBS has just released their first-quarter earnings report for 2024. The financial results showcase the company’s performance during the initial months of the year, providing valuable insights into their business operations and overall growth. Investors and stakeholders will be closely analyzing these figures to assess UBS’s financial health and strategic direction moving forward.





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UBS reported a strong first quarter performance, swinging back to profit after two quarterly losses. The bank exceeded expectations with a net profit of $1.8 billion, driven by higher wealth management revenues and lower expenses. The takeover of Credit Suisse in June 2023 also contributed to the positive results.

The integration of Credit Suisse is ongoing, with plans to merge UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter and the merger of Swiss entities in the third quarter. Group revenue for the first quarter reached $12.74 billion, surpassing expectations and up from the previous quarter.

UBS’s Global Wealth Management unit saw a 28% increase in revenue to $6.14 billion. The bank’s CET1 capital ratio, a measure of liquidity, stood at 14.8%, reflecting further capital accretion. CEO Sergio Ermotti expressed confidence in the business and client franchises, highlighting progress on integration plans.

Despite a strong performance in 2023, UBS shares have had a slower start in 2024, declining by 4.6% so far. The bank remains optimistic about its future outlook and strategic initiatives.

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1. What were UBS’s earnings for the first quarter of 2024?
UBS reported earnings of $2.5 billion for the first quarter of 2024.

2. Did UBS’s earnings meet expectations?
Yes, UBS’s earnings exceeded analysts’ expectations for the first quarter of 2024.

3. How did UBS’s revenue compare to the same period last year?
UBS’s revenue for the first quarter of 2024 increased by 10% compared to the same period last year.

4. Were there any standout performance areas for UBS in the first quarter of 2024?
UBS saw strong performance in its wealth management and investment banking divisions in the first quarter of 2024.

5. What factors contributed to UBS’s strong performance in the first quarter of 2024?
UBS benefited from a strong Market environment, increased client activity, and strategic cost-cutting measures in the first quarter of 2024.

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