UBS's second-quarter 2024 results

Zurich2024年 08月 14日 06:45Media Releases AmericasMedia Releases APACMedia Releases EMEAMedia SwitzerlandInvestor ReleasesAd hoc announcement pursuant to article 53 LR.Price Sensitive InformationMedia Global

UBS reports 2Q24 net profit of USD 1.1bn with continued client momentum and integration progress

Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

Key highlights

  • 2Q24 PBT of USD 1.5bn and underlying1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn
  • 1H24 PBT of USD 3.8bn and underlying1 PBT of USD 4.7bn; net profit of USD 2.9bn, RoCET1 7.5% and underlying RoCET1 of 9.2%
  • Continued client momentum with net new assets of USD 27bn in Global Wealth Management and strong transactional activity in the Investment Bank; best second quarter Global Markets revenues on record2 and underlying Global Banking revenues up 55% YoY, significantly outperforming the fee pools across all products
  • Non-core and Legacy RWA reduced 42% since 2Q23, including USD 8bn decline QoQ mainly from active unwinds; underlying operating expenses excluding litigation declined 17% QoQ; revenues of USD 0.4bn
  • Achieved USD 0.9bn of additional gross cost savings, reaching ~45% of our total cumulative annualized gross cost save ambition
  • Completed key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits
  • Maintained a balance sheet for all seasons with a strong CET1 capital ratio of 14.9% and CET1 leverage ratio of 4.9%, supporting the execution of our 2024 capital return targets; commenced share repurchases in June with USD 467m of shares repurchased as of 9 August 2024; total loss absorbing capacity of USD 198bn
  • Named "World's Best Bank" and “Switzerland’s Best Bank” at Euromoney Awards for Excellence 2024, a testament to the effectiveness of our global strategy, reach and capabilities in serving our clients domestically and around the world
     

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the second quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs. 2 Since 2013.