UBS Reports $1.14 Billion Q2 Profit, Surpassing Expectations Amid $27 Billion Inflows and Credit Suisse Merger

Aug 14, 2024, 05:02 AM

UBS reported a net profit of $1.14 billion for the second quarter of 2024, significantly exceeding the estimated $520.8 million. This marks the first earnings report since the bank's merger with Credit Suisse. The results were driven by strong client inflows, which reached $27 billion, and substantial cost savings of $0.9 billion. UBS's revenue for the quarter was $11.904 billion, also surpassing expectations. The bank has reduced its non-core risk-weighted assets by 42% since the second quarter of 2023. UBS plans to return $1 billion to shareholders through buybacks by the end of 2024. Additionally, the bank anticipates approximately $1.1 billion in integration-related expenses in the third quarter as it continues to work towards profitability levels seen before the Credit Suisse merger. The profit before tax was $1.47 billion, and provisions for credit losses were $92 million. CEO Sergio Ermotti is leading efforts to return capital to shareholders.