UBS swings back to profit and smashes earnings expectations for the first quarter

UBS on Tuesday reported a net profit of $1.8 billion for the first quarter of the year, smashing analyst expectations.

It is the Swiss banking giant’s first earnings report in the black since it completed the acquisition of fallen rival Credit Suisse in June 2023, as it continues to undergo a mammoth integration project to unite the businesses.

Lower expenses following the takeover of Credit Suisse, helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million.

UBS shares soared 51.7% last year but have had a more lackluster start to 2024, dipping 4.6% so far.

This is a breaking news story and will be updated shortly.