UBS reports net profit of $1.43 billion, beating forecasts after completing Credit Suisse integration.

From CNBC: 2024-10-30 01:54:50

Swiss banking giant UBS reported a net profit of $1.43 billion, exceeding analyst forecasts, after completing the first wave of client migrations from collapsed rival Credit Suisse.

The completion of the Credit Suisse integration process has allowed UBS to anticipate $7 billion in gross savings by the end of 2024, out of a $13 billion target by 2026.

UBS CEO Sergio Ermotti faces the challenge of steering the bank amidst geopolitical volatility and pressure to match the profit growth of U.S. rivals like Goldman Sachs and Morgan Stanley.

UBS’s strong financial performance follows a trend of positive earnings reports from European lenders like Deutsche Bank, BNP Paribas, and Santander.



Read more at CNBC:: UBS earnings Q3 2024