UBS Reports 15% Revenue Increase in Q1

UBS Reports 15% Revenue Increase in Q1

Hanna Bergström
2 min read

UBS Reports Strong Q1 Performance Amid Merger and Outlook for Q2 Decline

UBS announced a strong Q1 performance with a profit of $2.617 billion, showing a 15% increase in revenue and a 5% reduction in operating expenses. The bank achieved $1 billion in cost savings and initiated its Q2 outlook, anticipating a decline in net interest income due to the Swiss central bank's interest rate cut. Additionally, UBS expects $0.6 billion in pull-to-par and other PPA accretion effects, along with incurring $1.3 billion in integration-related expenses. The merger between UBS and Credit Suisse is on track to be completed by May 31, 2024. UBS also projects a return to a more elevated tax rate of around 40% by the end of 2024.

Key Takeaways

  • UBS reported a Q1 PBT of $2,617M with a 15% Q/Q growth in underlying revenues.
  • The merger of UBS AG and Credit Suisse AG is expected to be completed on May 31, 2024.
  • UBS anticipates declines in net interest income in both Global Wealth Management and Personal & Corporate Banking in Q2 2024.
  • The bank foresees $1.3B of integration-related expenses in Q2 2024.


UBS's strong Q1 profit, driven by revenue growth and cost reductions, indicates a robust start to 2024. However, the bank's Q2 outlook predicts a decline in net interest income due to the Swiss central bank's interest rate cut. Moreover, UBS anticipates $1.3 billion in integration-related expenses from its merger with Credit Suisse, set to complete by May 31, 2024, which may affect both firms' stakeholders. Though the consolidated bank could become a formidable force in global wealth management, potential regulatory hurdles and market uncertainties may pose challenges. Additionally, UBS's projected rise in tax rates could impact its profitability and shareholder returns.

Did You Know?

PBT (Profit Before Tax): This financial metric measures a company's earnings before deducting taxes. UBS reported a Q1 2024 PBT of $2.617 billion, signifying a strong start to the year.

Merger of UBS AG and Credit Suisse AG: Two of Switzerland's largest banking giants, UBS and Credit Suisse, are set to merge by May 31, 2024, potentially reshaping the country's banking landscape.

Integration-related expenses: These costs arise when companies merge or combine their operations. UBS anticipates $1.3 billion in integration-related expenses in Q2 2024, potentially attributed to system upgrades, staff training, and restructuring costs, aimed at creating long-term efficiencies and cost savings.

You May Also Like

This article is submitted by our user under the News Submission Rules and Guidelines. The cover photo is computer generated art for illustrative purposes only; not indicative of factual content. If you believe this article infringes upon copyright rights, please do not hesitate to report it by sending an email to us. Your vigilance and cooperation are invaluable in helping us maintain a respectful and legally compliant community.

Subscribe to our Newsletter

Get the latest in enterprise business and tech with exclusive peeks at our new offerings