2023-04-25 05:19:05
In a press release released on Tuesday, the colossus on the verge of swallowing up its eternal rival Credit Suisse explains this decline in particular by the constitution of new reserves for legal disputes in the United States to the tune of 665 million and value adjustments for risk of credit of 38 million.
Adjusted for these effects, underlying pretax profit came in at just over $2.35 billion, down 22% from a year earlier. During the period under review, capital inflows into wealth management (GWM) amounted to 28 billion, of which 7 billion following the announcement of the takeover of Credit Suisse.
Less profit than expected
While revenues slightly exceeded expectations, profits on the other hand remained well below the most conservative projections of analysts polled by the Swiss economic and financial press agency AWP.
For the rest of the financial year, UBS intends to concentrate its efforts on its forced marriage with Credit Suisse, which should in all likelihood be finalized before the end of the second quarter.
ats/ once more
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