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瑞银报告第一季度盈利;整合优先事项步入正轨并启动第二季度软指导

2024-05-07 12:58

  • UBS (NYSE:UBS) reported Q1 PBT of $2,376M and underlying PBT of $2,617M, with 15% Q/Q growth in underlying revenues alongside 5% Q/Q reduction in underlying operating expenses, resulting in significant positive operating leverage and initiates Q2 outlook.
  • Q1 GAAP EPS of $0.52.
  • Revenue of $12.74B (+45.8% Y/Y) beats by $990M.
  • The company achieved ~$1B of additional gross cost savings, majority reflected in 1Q24 underlying operating expenses.
  • The CET1 capital ratio was 14.8% and the CET1 leverage ratio was 4.9%, allowing execution of UBS 2024 capital return targets. At the end of the quarter, LCR stood at 220% and NSFR at 126%.
  • The company said, that the merger of UBS AG and Credit Suisse AG is expected on 31 May 2024; transition to a single US intermediate holding company planned for 2Q24 and the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG entities continues to be planned for 3Q24, all subject to remaining regulatory approvals.
  • Outlook: In the second quarter of 2024, the company expects a low-to-mid single-digit decline in net interest income in Global Wealth Management.
  • The company expects a mid-to-high single-digit decrease in net interest income in Personal & Corporate Banking in US dollar terms, as the Swiss central bank’s interest rate cut in March 2024 takes effect for a full quarter.
  • The company also expects reported revenues to include around $0.6B of pull-to-par and other PPA accretion effects, while we incur around $1.3B of integration-related expenses.
  • The tax rate for the second quarter is expected to return to more elevated levels, with our effective tax rate still expected to be around 40% by the end of 2024.

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