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.
UBS returned to profit after two loss-making quarters, cementing sustained progress in the integration of Credit Suisse after its emergency rescue last year. @manuscranny reports https://t.co/78s5TcFGIg https://t.co/ZN4FSKSnb8
UBS Group AG returned to profit after two loss-making quarters. https://t.co/73xnK7jpad
📽️ WATCH - UBS SHARES SOAR AS SMASHES PROFIT FORECAST, STICKS TO SHARE BUYBACKS UBS on Tuesday (May 7) reported net income for January-March that was nearly triple estimates as the bank logged its first quarterly profit since taking over fallen rival Credit Suisse. https://t.co/NESfUjOG2I
UBS reported its first quarter net profit of $1.8billion driven by cost-cutting and a boost from 'non-core' parts of the business that UBS inherited and wants to exit. Read more here: https://t.co/43o2Iw8a7F https://t.co/x05ymWYvD5
UBS reported its first quarter net profit of $1.8billion driven by cost-cutting and a boost from 'non-core' parts of the business that UBS inherited and wants to exit https://t.co/CM2xLFDJcG https://t.co/xozmNtVBy4
$UBS (+8.7% pre) UBS makes first profit since Credit Suisse rescue https://t.co/T4aynQxpr4
UBS stocks soar as quarterly profit smashes forecasts, share buyback plans affirmed https://t.co/F3cstw3D8T
UBS reported first-quarter profit that trounced forecasts and said it was sticking with plans for share buybacks over three years despite Swiss government proposals that would hike its capital requirements. Read more here: https://t.co/43o2Iw8a7F https://t.co/VrlYooQPuy
UBS reported first-quarter profit that trounced forecasts and said it was sticking with plans for share buybacks over three years despite Swiss government proposals that would hike its capital requirements https://t.co/CM2xLFEh2e https://t.co/ELZfFOuZW6
UBS shares soar as profit smashes forecasts, share buyback plans affirmed https://t.co/4GikfcmoOd https://t.co/IYI8EHUv5v
UBS shares surge as bank returns to profit following takeover of Credit Suisse https://t.co/h7voBX1xZm
UBS back in profit after Credit Suisse takeover losses https://t.co/AM1LVWs73c
UBS returned to profit after two loss-making quarters, with both wealth management and the investment bank adding to sustained progress in the integration of Credit Suisse after its emergency rescue last year CEO Sergio Ermotti talks to @flacqua https://t.co/lIoXZfzWYg https://t.co/ecccvIGpL3
UBS returned to profit after two loss-making quarters, with both wealth management and the investment bank adding to sustained progress in the integration of Credit Suisse after its emergency rescue last year. https://t.co/1K5fIXlWfK via @business @myriamBalez #Switzerland
UBS booked net income for January-March that was more than double estimates as it logged its first quarterly profit since taking over fallen rival Credit Suisse. More here: https://t.co/pE92PsQvu7
UBS booked net income for January-March that was more than double estimates as it logged its first quarterly profit since taking over fallen rival Credit Suisse https://t.co/JB23UVggoP
UBS reports stronger than expected profit in first quarter https://t.co/Ig3VIbjhtb
UBS Reports $1.76B Q1 Profit, Surpasses Estimates Post-Credit Suisse Takeover Read More: https://t.co/a22OPb2DsN
UBS Swings Back to Net Profit https://t.co/y2LcmljEZr
BREAKING: $UBS reports $1.76 billion in profits for Q1-24 vs $602 million expected by analysts (feels like they used quite a lot of lipstick...) Alright, now the digging begins... https://t.co/MUvWciU9lw https://t.co/brlLB6SKIz
UBS Group returns to net profit -- $1.755 billion -- for the first quarter https://t.co/MpIB8TeCGd
UBS reports $1.76 billion profit attributable to shareholders in Q1 https://t.co/b132pdRUM1 https://t.co/e7wk5iQHCX
UBS swings back to profit and smashes earnings expectations for the first quarter https://t.co/veiP5t4o8H
UBS reports first profit since taking over Credit Suisse https://t.co/MGQRXc4nXz https://t.co/0fF01O9BlB
UBS Group AG returned to profit after two loss-making quarters, with both wealth management and the investment bank adding to sustained progress in the integration of Credit Suisse after its emergency rescue last year. https://t.co/LMjfjJbpn0
UBS Reports $1.76B Profit Attributable To Shareholders In Q1 - MS https://t.co/orcRnevQaO
UBS: REALIZED ADDITIONAL $1 BLN IN GROSS COST SAVINGS IN Q1, FOR TOTAL OF ABOUT $5 BLN, AIM FOR ANOTHER $1.5 BLN BY END OF 2024
UBS: Q1 GROUP NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS AT $1.76 BLN VS COMPANY -PROVIDED CONSENSUS FOR PROFIT OF $602 MLN - Q1 GROUP PROFIT BEFORE TAX OF $2.38 BLN VS COMPANY -PROVIDED CONSENSUS FOR $1.04 BLN PROFIT - Q1 GROUP UNDERLYING PROFIT BEFORE TAX OF $2.6 BLN VS…
🍿POPCORN ALERT 🍿 $UBS is going to report results in few hours… Looking forward to seeing the degree of accounting wizardry they will be able to pull off 😉 https://t.co/3GlIsncTMq https://t.co/S1MSbXj6Uv