UBS's second-quarter 2024 results
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
Key highlights
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