UBS Reports $1.76B Q1 Profit, Surpasses Estimates Post-Credit Suisse Takeover

May 7, 2024, 05:10 AM

UBS Group AG reported a significant first-quarter profit of $1.76 billion, surpassing expectations with earnings attributable to shareholders. This marks the first profit for UBS since its acquisition of Credit Suisse, indicating a strong performance across its wealth management and investment banking sectors. The company also achieved a profit before tax of $2.38 billion, and an underlying profit before tax of $2.6 billion, both figures substantially higher than the consensus estimates of $1.04 billion and $602 million, respectively. Additionally, UBS realized $1 billion in gross cost savings during the quarter, contributing to a total of approximately $5 billion, with plans to achieve an additional $1.5 billion by the end of 2024.