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Bond Market News
UBS Significantly Beats Earnings Estimates with CS Cost Savings as Planned
August 15, 2024
UBS reported a net profit of $1.14bn for the quarter ending June 2024, much higher than analysts’ estimates of $528mn. Its major global wealth management unit revenue increased by 15% to $6.05bn which was largely owing to the consolidation of Credit Suisse. Its investment banking unit’s revenue jumped 38% to $2.8bn. UBS said it that expects cumulative gross savings from the Credit Suisse deal to be ~$7bn by end-2024 vs. the previous estimate of $6.5bn. They are targeting an overall $13bn in savings through 2026 on a 2022 baseline. While UBS’s integration of Credit Suisse is currently going as planned, its CEO Sergio Ermotti said in May that any delay to the technological integration could erode planned cost savings.
UBS’s 4.375% Perp traded stable at 83.99, yielding 7.54%.
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