Swiss banking giant UBS has made a remarkable comeback, reporting a swing back to profit after two consecutive quarterly losses. The first-quarter results have exceeded expectations, with higher wealth management revenues fueling the positive outcome.
Shares of UBS were up 8.9% in London trading, partially recovering from previous losses. The net profit for the first quarter came in at $1.8 billion, surpassing a consensus forecast. This success can be attributed to lower expenses and consolidation benefits from the takeover of Credit Suisse in June 2023.
UBS is now gearing up for further strategic moves, with plans to complete the merger of UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter. Additionally, the merger of its Swiss entities is expected to be finalized in the third quarter.
Investors and analysts are optimistic about the future of UBS, as the bank continues to show strong performance and resilience in the face of challenges. This turnaround in fortunes marks a positive turning point for one of the world’s leading financial institutions.
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