Swiss investment banking company UBS has reported a net profit of $1.75bn for the first quarter ended 31 March 2024, a 71% increase compared to $1.03bn for the respective period in 2023.
The company reported total revenues of $12.73bn for the first quarter (Q1) of 2024, a 46% increase compared to $8.74bn for the same quarter the previous year.
UBS reported operating expenses of $10.25bn for Q1 2024, a 42% rise compared to $7.21bn for the corresponding quarter in 2023.
The Swiss lender reported operating profit before tax of $2.37bn for Q1 2024, a 59% increase compared to $1.49bn for the same quarter a year ago.
The company reported a net interest income of $1.94bn for Q1 2024, a 40% rise compared to $1.38bn for the respective quarter in 2023.
UBS Group CEO Sergio Ermotti said: “A little over a year ago, we were asked to play a critical role in stabilising the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments.
“This quarter marks the return to reported net profits and further capital accretion – a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimising our financial resources.”
UBS’ Global Wealth Management business reported total revenues of $6.14bn for Q1 2024, a 28% rise compared to $4.78bn for the same quarter in 2023.
Its Personal & Corporate Banking unit reported total revenues of $2.13bn for Q1 2024, an 81% increase compared to $1.17bn in the corresponding period of the previous year.
The company’s Asset Management arm reported total revenues of $776m for Q1 2024, a 54% rise compared to $503m for the same quarter in 2023.
UBS Investment Bank unit reported total revenues of $2.75bn for Q1 2024, a 16% increase compared to $2.36bn for the same period the previous year.
Earlier this year, UBS signed an agreement to sell Credit Suisse’s former Securitised Products business Atlas to US-based asset management firm Apollo Global Management.
