UBS Group records robust Q1 FY24 revenue of $2.7 billion
UBS Group AG, the Swiss multinational investment bank and financial services firm, released its quarterly earnings report for Q1 of FY24 on 7 May 2024.
The company reported a net profit of $1.8 billion and an underlying PBT of $2.6 billion, with 15% growth Q1 in underlying revenues, and a 5% quarter-on-quarter reduction in underlying operating expenses, resulting in significant positive operating leverage. Net profit attributable to shareholders was $1,755 million.
The total revenues of UBS reached $2.7 billion, and the total underlying revenues were $12 billion. Group operating expenses decreased by 11% this quarter to $10,257 million, or 5% for Q1 on an underlying basis to $ 9,236 million.
UBS Group’s CEO, Sergio P. Ermotti says,
“A little over a year ago, we were asked to play a critical role in stabilizing the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments. This quarter marks the return to reported net profits and further capital accretion – a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimizing our financial resources.”
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