25.04.2023 07:02:37
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UBS Q1 Profit, Revenues Down; Sees Net Interest Income At Higher Levels
(RTTNews) - Swiss banking major UBS Group AG (UBS), which is in deal to buy peer Credit Suisse Group AG (CS), reported Tuesday that its first-quarter net profit attributable to shareholders fell 52 percent to $1.03 billion from last year's $2.14 billion. Earnings per share of $0.32 were lower than prior year's $0.61.
Profit before tax declined 45 percent from last year to $1.50 billion. The result included an increase in provisions of $665 million related to the US residential mortgage-backed securities litigation matter.
On an underlying basis, profit before tax was $2.35 billion, down 22 percent from the prior year.
Operating expenses increased 9 percent driven by the litigation provision.
Total revenues decreased 7 percent to $8.74 billion from prior year's $9.38 billion. Underlying revenues decreased 8 percent.
Further, the company said it intends to resume share repurchases, which were temporarily suspended following the announcement of the anticipated acquisition of Credit Suisse, as soon as possible
Looking ahead, the company said, "The macroeconomic situation going forward remains uncertain, and while concerns about the stability of banks have abated, they have not gone away. As a result, client activity levels could remain subdued in the second quarter of 2023. Weak client sentiment may affect net new assets in our asset-gathering businesses; however, we expect net interest income will remain at higher levels, compared with last year, in the current interest rate environment."
UBS further said it is focused on completing the acquisition of Credit Suisse, most likely in the second quarter of 2023 which will advance its strategy, particularly in Global Wealth Management and Switzerland.
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