UBS Q1 Net Profit Surges 80% to $3 Billion, Beats Estimates
Hızlı Bakış
- UBS reported Q1 net profit of $3 billion, up 80% year-on-year and beating analyst estimates of $2.8 billion.
- The Swiss bank's CET1 capital ratio improved to 14.7%.
- Underlying pre-tax profits rose 54% to $3.9 billion, exceeding expectations.
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UBS is the world's largest wealth manager and one of Switzerland's three 'big banks' following its 2023 takeover of Credit Suisse. The bank has been focusing on integration and returning capital to shareholders through buyback programs.
UBS generated a net profit attributable to shareholders of $3 billion for the first quarter, up 80% year-on-year and surpassing the $2.8 billion estimated by analysts, according to an LSEG-compiled consensus poll. The Swiss banking and asset management giant's common equity tier (CET) 1 capital ratio — a gauge of a bank's solvency — also increased, reaching 14.7% during the period, up from 14.4% the previous quarter. The bank remains on track to buy back $3 billion in shares ahead of its next earnings report for the second quarter, having repurchased $900 million of shares during the three-month period. Underlying profits before tax totaled $3.9 billion, up 54% year-on-year and beating analyst expectations of $3.2 billion.
