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With Credit Suisse integration fees and expected cost savings, the big Swiss bank is on track.
die UBS Despite integration costs, in the second quarter of 2024 Credit Suisse (CS) once again posted a profit of $1 billion. Integration work at the major Swiss bank and expected cost savings are progressing well.
The largest bank in the Swiss Confederation announced on Wednesday a net profit of $1.14 billion (about 1 billion euros) in the period from April to June 2024. However, her revenue was lower than the $1.76 billion in the first quarter of 2024.
Not much compared to last year’s record quarter
However, year-on-year comparisons are meaningless: in the second quarter of 2023, the major bank reported record quarterly profits of $29 billion, thanks to the acquisition of Credit Suisse. Since the value of the acquired CS assets was significantly higher than the price agreed upon during the emergency acquisition of CS, UBS was able to record a high level of so-called “negative goodwill” at the time.
UBS’s pre-tax profit for the second quarter of 2024 was $1.47 billion, also lower than the first quarter’s value of $2.38 billion. The bank estimates that after excluding various special effects of the main banks, especially the integration of Credit Suisse, the underlying pre-tax profit for the second quarter was $2.06 billion.
As a result, UBS’s profit data in the first quarter exceeded analysts’ expectations, and the profit data in the second quarter significantly exceeded analysts’ expectations. (APA/dpa-AFX)
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