UBS Q2 Profit Plunges, Revenues Climb

(RTTNews) - Swiss banking major UBS Group AG (UBS) reported Wednesday that its second-quarter net profit attributable to shareholders fell 96 percent to $1.14 billion from last year's $27.33 billion.

Earnings per share were $0.34, down from last year's $8.51.

The prior year's result included negative goodwill of $27.26 billion.

Profit before tax was $1.47 billion, down 95 percent from last year's $27.70 billion. Underlying profit before tax was $2.06 billion, compared to $891 million a year earlier, reflecting client franchise strength and disciplined execution of its strategy and integration plans.

Total revenues climbed 25 percent to $11.90 billion from $9.54 billion last year, largely driven by the consolidation of Credit Suisse revenues.

Underlying revenues were $11.1 billion, compared to $9.16 billion last year. Net interest income, meanwhile, declined 10 percent from the prior year to $1.54 billion.

Looking ahead, the company said it sees positive investor sentiment and continued momentum in client and transactional activity in the third quarter.

The company expects to incur in the third quarter of 2024 around $1.1 billion of integrationrelated expenses.

Sergio Ermotti, Group CEO, said, "We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse. We are now entering the next phase of our integration, which will be critical to realize further substantial cost, capital, funding and tax benefits."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.