© Reuters. Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse
(Reuters) – Following are figures from UBS’s second-quarter report, its first earnings announcement since taking over rival Credit Suisse.
Groupwide UBS results include just one month of Credit Suisse earnings as the deal only closed in June.
OUTFLOWS
Credit Suisse reported net asset outflows of 39.2 billion Swiss francs ($44.6 billion) in the quarter. UBS’s global wealth management reported net new money of $16 billion, its highest for the second quarter in over a decade.
COST SAVINGS
UBS revised up the amount of cost-savings it expects from the deal to over $10 billion by end-2026, which compares with an earlier estimate of $8 billion by 2027.
ASSETS
Invested assets for the combined group were $5.53 trillion, while Credit Suisse managed assets of 1.213 trillion Swiss francs.
HEADCOUNT
Credit Suisse’s headcount shrunk to 33,968 from 36,044 at the end of March. Groupwide for UBS headcount was 119,100.
REVENUE
Group revenues were $9.54 billion.
NET PROFIT
UBS reported net profit attributable to shareholders of $29 billion.
The bumper profit is due to a huge one-off gain that reflects the acquisition costs being far below Credit Suisse’s value. It was somewhat below a consensus estimate of $33.45 billion from a poll conducted by UBS.
Credit Suisse reported a net loss of 9.3 billion Swiss francs.
($1 = 0.8785 Swiss francs)
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