UBS announced its decision to fully integrate Credit Suisse’s Swiss Bank business following a thorough evaluation and reported $29bn profits from the acquisition of Credit Suisse, as ‘negative goodwill’ in the income statement.
UBS Headquarters in Zürich, Switzerland. (Credit: Parpan05/Wikipedia)
UBS has reported a net profit of $28.87bn or $8.9 per diluted share for the quarter ended 30 June 2023, which increased compared to $2.10bn or $0.61 per diluted share for the respective quarter in 2022.
The Swiss investment bank reported total revenues of $9.54bn for the second quarter (Q2) 2023, a 7% rise compared to $8.91bn for the same quarter in the previous year.
The company reported operating expenses of $8.48bn for Q2 2023, a 34% increase compared to $6.29bn for the corresponding quarter in 2022.
The Swiss lender reported a profit before tax of $29.23bn for Q2 2023, which increased compared to $2.6bn for the same period in the previous year.
UBS has announced its decision to fully integrate the recently acquired Swiss bank Credit Suisse, following a thorough evaluation of all available options.
The company reported $29bn in profits from the acquisition of Credit Suisse, as ‘negative goodwill’ in the income statement.
UBS Group CEO Sergio P Ermotti said: “Our decision on Credit Suisse (Schweiz) AG follows a thorough evaluation of all available options. Our analysis clearly shows that full integration is the best outcome for UBS, our stakeholders and the Swiss economy.
“Clients will continue to receive the premium level of service they expect, benefiting from enhanced offerings, expert capabilities and global reach.
“Our stronger capital base will enable us to keep the combined lending exposures unchanged, while maintaining our risk discipline.
“Aware of the important role both firms play in our communities, we will maintain all agreed sponsorship of civic, sporting and cultural activities in Switzerland at least until the end of 2025.”
UBS’ Global Wealth Management business reported total revenues of $4.73bn for Q2 2023, a % rise compared to $4.67bn for the same quarter in the prior year.
The company’s Personal & Corporate Banking division reported total revenues of $1.26bn for Q2 2023, a 25% rise compared to $1.01bn for the same period in 2022.
The Swiss lender’s Asset Management business reported total revenues of $499m for Q2 2023, a 63% rise compared to $1.37bn for the respective quarter in 2022.
UBS’ Investment Bank arm reported total revenues of $1.89bn for Q2 2023, a 9.5% rise compared to $2.09bn for the corresponding quarter in the previous year.