Total revenues for UBS Global Wealth Management increased 15% year-on-year in Q2 2024 to reach $6,053m.
This increase was attributed to the consolidation of Credit Suisse revenues for the full quarter.
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Furthermore, excluding PPA effects and other integration items, underlying total revenues were $5,820m
In addition, UBS Global Wealth Management profit before tax in Q2 2024 was $871m, and underlying profit before tax totalled $1,161m.
Client momentum also continued as the arm garnered $27bn in net new assets in the quarter.
UBS Group in Q2 2024
The group as a whole recorded a net profit of $1.1bn in the quarter due to client franchise strength and disciplined execution of strategy. Profit before tax for UBS was $1.5bn in Q2 2024.
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By GlobalDataReported revenues were $11.9bn and underlying revenues were $11.1bn, 7% lower sequentially against a strong Q1 2024, largely driven by NCL and with strong capital markets activity partially offsetting anticipated net interest income headwinds
Sergio P. Ermotti, UBS group CEO, 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 stabilise Credit Suisse.
“We are now entering the next phase of our integration, which will be critical to realise further substantial cost, capital, funding and tax benefits. As we execute on our plans, we will continue to invest to position UBS for sustainable growth while staying close to clients, providing even better outcomes for them and the communities where we live and work.”
Meanwhile, GlobalData’s Financial and Legal Adviser League Tables showed that UBS occupied the second position in terms of volume with six deals, followed by Performance Brokerage Services with six deals, PwC with five deals and Kerrigan Advisors with five deals.
