UBS exceeds net profit expectations, driven by global wealth management unit, revenue beats expectations.

From CNBC: 2024-08-14 01:09:11

Swiss banking giant UBS exceeded net profit expectations in the second quarter, reporting $1.136 billion, surpassing the forecasted $528 million. Despite a lower profit compared to the first quarter, group revenue of $11.904 billion also beat expectations. The uptick was largely attributed to a 15% revenue increase in the global wealth management unit, driven by the consolidation of Credit Suisse. UBS had warned of a decline in net interest income in other divisions. The completion of the takeover of Credit Suisse over a year ago has positioned UBS as a dominant force in wealth management.



Read more at CNBC:: UBS second-quarter earnings 2024