UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year's $1.03 billion to $1.76 billion.
Earnings per share were $0.52, up from prior year's $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year.
Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion.
The company said it aims to achieve around $1.5 billion in gross cost savings by the end of 2024.
Looking ahead for the second quarter, the company expects a low-to-mid single-digit decline in net interest income in Global Wealth Management, due to moderately lower lending and deposit volumes and lower interest rates in Switzerland.
Further, UBS said it expects to complete the merger of UBS AG and Credit Suisse AG on May 31, subject to remaining regulatory approvals. The transition to a single US intermediate holding company is planned for the second quarter of 2024, and the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG continues to be planned for the third quarter of 2024.