General view of the UBS building in Manhattan, New York City, on June 5, 2023.
Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images
Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, as revenue came in higher than expected.
Net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million.
Profit was nonetheless lower than the $1.755 reported in the first quarter, as expected by analysts.
Group revenue also beat forecasts in the second quarter, coming in at $11.904 billion versus an LSEG-compiled poll of $11.522 billion.
In the bank’s global wealth management unit, revenue increased by 15% to $6.053 billion which UBS said was largely due to the consolidation of Credit Suisse.
UBS had swung back to profit in the first quarter after two quarterly losses, but it warned that its net interest income would fall in both its global wealth management and its personal and corporate banking divisions.
It has now been over a year since UBS completed the takeover of Credit Suisse, triggering a huge integration process and forming a wealth management juggernaut.
This is a breaking news story and will be updated shortly.
