(RTTNews) – Swiss banking main UBS Group AG (UBS) reported Tuesday that its first-quarter web revenue attributable to shareholders climbed 71 p.c to $1.76 billion from final 12 months’s $1.03 billion.
Earnings per share have been $0.52, up from prior 12 months’s $0.32.
Working revenue earlier than tax was $2.38 billion, in comparison with $1.50 billion a 12 months in the past. Underlying revenue earlier than tax was $2.62 billion, in comparison with $1.57 billion final 12 months.
Complete reported revenues reached $12.74 billion, 46 p.c increased than $8.74 billion within the prior 12 months. Group underlying revenues have been $12.0 billion.
The corporate mentioned it goals to realize round $1.5 billion in gross value financial savings by the top of 2024.
Wanting forward for the second quarter, the corporate expects a low-to-mid single-digit decline in web curiosity earnings in World Wealth Administration, as a result of reasonably decrease lending and deposit volumes and decrease rates of interest in Switzerland.
Additional, UBS mentioned it expects to finish the merger of UBS AG and Credit score Suisse AG on Might 31, topic to remaining regulatory approvals. The transition to a single US intermediate holding firm is deliberate for the second quarter of 2024, and the merger of Credit score Suisse (Schweiz) AG and UBS Switzerland AG continues to be deliberate for the third quarter of 2024.
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