Asset management net new money for UBS in Q2 2023 was $17bn, or $19.5bn if excluding money market and associates.

Global Wealth Management also increased revenues a slim 1% year-on-year in the quarter to hit $4,736m.

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In addition, UBS Global Wealth Management recorded an increase of 14% in net interest income year-on-year, driven by higher deposit margins that came from rising interest rates. This more than offset the effects of lower average deposit volumes and lesser loan revenues.

However, profit before tax fell 4% year-on-year in the quarter to $1,101m and recurring net fee income dropped 3% due to negative market performance. Operating expenses were also up 3% thanks to unfavourable foreign currency effects and increases in technology and personnel expenses.

Furthermore, there were expenses associated with the integration of Credit Suisse.

UBS Group in Q2 2023

UBS profit before tax in Q2 2023 was $29,239m, which reflects a $28,925m negative goodwill due to the acquisition of Credit Suisse and also net credit losses expenses of $740m.

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The firm also maintained a strong capital position with a CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.8%

Credit Suisse is expected to be fully integrated following a thorough evaluation, the franchise is broadly stablised, and the closing of the legal entity merger is expected in 2024.

Sergio P. Ermotti, group CEO, said: “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history. We are winning back the trust of clients, reducing costs and taking the necessary actions to create economies of scale that will allow us to better focus our resources and target investments for future growth. This combination will reinforce our status as a premier global franchise – and one that our home market, Switzerland, can be proud of. We are humbled by this task, and the responsibility entrusted to us.”