UBS Group AG (NYSE:UBS) shares are trading higher after it reported second-quarter FY24 sales of $11.9 billion, up 25% Y/Y, beating the consensus of $11.3 billion. Underlying operating profit before tax reached $2.06 billion, significantly higher than $891 million a year ago. Global Wealth Management’s net new assets for the second quarter were $26.9 billion, with revenues increasing 15% Y/Y to $6.05 billion. The group posted a net profit attributable to shareholders of $1.14 billion for the quarter, which declined from $27.3 billion a year ago. EPS of $0.34 beat the consensus of $0.12. CET1 capital ratio, a measure of bank liquidity, was 14.9%, compared to 14.8% the previous quarter and 14.1% a year ago. CEO Sergio Ermotti said, “Our first-half results reflect the significant progress we have made since the closing of the acquisition as we deliver on all of our commitments to stakeholders. We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse.” “We are …
UBS Q2 Earnings Beats: Wealth Management Shines, Cost Savings Accelerate & More
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