Loading...
Market
UBS continues share buybacks throughout 2024?
5
Resolution / Starting Odds
Yes • 50%
No • 50%
UBS financial reports and press releases
Story
UBS Posts $1.8B Q1 Profit, Boosted by Cost Cuts and 'Non-Core' Business
May 7, 2024, 06:15 AM
UBS Group AG reported a significant first-quarter net profit of $1.8 billion, surpassing analysts' expectations of $602 million. This marks the bank's first profit since its acquisition of Credit Suisse, following two consecutive loss-making quarters. The profit was attributed to shareholders and was driven by cost-cutting measures, including $1 billion in gross cost savings achieved in the quarter, contributing to a total of approximately $5 billion in savings. UBS also reported a pre-tax profit of $2.38 billion against a consensus of $1.04 billion, and an underlying pre-tax profit of $2.6 billion. The bank's wealth management and investment banking divisions were key contributors to this performance, with additional boost from 'non-core' parts of the business. Additionally, UBS confirmed its commitment to continuing share buybacks over the next three years, despite potential increases in capital requirements proposed by the Swiss government.
View original story
Similar markets
Yes • 50%
No • 50%
Increase 10% or more • 33%
Increase less than 10% • 33%
Decrease or remain unchanged • 34%
Yes • 50%
No • 50%
Stock price increases by 5% or more • 25%
Stock price increases less than 5% • 25%
Stock price decreases • 25%
Stock price remains stable (+/- 1%) • 25%
Yes • 50%
No • 50%
Profit exceeds expectations • 33%
Profit meets expectations • 33%
Profit falls short of expectations • 34%