UBS logo is seen at the office building in Krakow, Poland on February 22, 2024.
UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues.
Lower expenses and consolidation benefits following the takeover of Credit Suisse in June 2023 also helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million.
The Swiss banking giant is continuing to process the mammoth integration of its former rival.
The firm said Tuesday that it expects to complete the merger of UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter, and the merger of its Swiss entities in the third quarter.
Organizations:
UBS, Credit Suisse, UBS AG, Credit Suisse AG
Locations:
Krakow, Poland, Swiss, U.S