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Turns out swallowing a collapsing rival can actually work out. UBS just posted its cleanest quarter yet since absorbing Credit Suisse, so now the only thing standing between the bank and full bragging rights is literally Switzerland.
UBS reported second-quarter net profit of $2.8 billion, comfortably ahead of the roughly $2.39 billion **** ysts expected. Underlying pretax profit jumped 70% to $3.89 billion, revenue rose 13% year over year to $13.7 billion.
Wealth management and investment banking did the heavy lifting. Global wealth management pulled in $36 billion of net new **** ets, with Switzerland itself contributing strong inflows. The investment bank rode buoyant markets and active trading to a 26% revenue jump.
UBS also announced a new $3 billion buyback, to wrap by mid-2027, with at least $1 billion of that repurchased in just the next three months. Credit Suisse integration is on track to be substantially done by the end of 2026, with another $1.1 billion in cost savings this quarter alone, pushing **** ulative savings to $12.6 billion. Shares rose on the news.
#quarter #wealth
Turns out swallowing a collapsing rival can actually work out. UBS just posted its cleanest quarter yet since absorbing Credit Suisse, so now the only thing standing between the bank and full bragging rights is literally Switzerland.
UBS reported second-quarter net profit of $2.8 billion, comfortably ahead of the roughly $2.39 billion **** ysts expected. Underlying pretax profit jumped 70% to $3.89 billion, revenue rose 13% year over year to $13.7 billion.
Wealth management and investment banking did the heavy lifting. Global wealth management pulled in $36 billion of net new **** ets, with Switzerland itself contributing strong inflows. The investment bank rode buoyant markets and active trading to a 26% revenue jump.
UBS also announced a new $3 billion buyback, to wrap by mid-2027, with at least $1 billion of that repurchased in just the next three months. Credit Suisse integration is on track to be substantially done by the end of 2026, with another $1.1 billion in cost savings this quarter alone, pushing **** ulative savings to $12.6 billion. Shares rose on the news.
#quarter #wealth
7 days ago
