UBS saw total net income of US$6.1 billion in Q1 2024, up 67% YoY from US$2 billion. This was driven by the consolidation of Credit Suisse revenues (US$2.9 billion), the firm explained, and includes US$517 million in accretion impacts from purchase price allocation adjustments on financial instruments.
Total reported revenue for UBS over Q1 2024 was US$12.7 billion, up 14% QoQ from US$10.9 billion and up 31% YoY from US$8.7 billion.
Within the asset management division revenues were up by more than half (54%), with US$665 million in revenues. This figure is particularly striking when compared to other business arms, with global wealth management revenues increasing by 28% and investment bank revenues rising by 16% to US$2.8 billion.
Global markets equities revenues rose by 3% to US$1.4 billion YoY, despite a 5% drop in overall global markets revenue to US$1.9 billion. This drop was the result of reduced revenues in derivatives and solutions, UBS stated.
Sergio Ermotti, UBS group CEO, commented: “A little over a year ago, we were asked to play a critical role in stabilising 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 optimising our financial resources.”
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