UBS reported its first results since the deal to buy Credit Suisse.
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UBS reported $1.03 billion of net profit attributable to shareholders for the first quarter, down 52% year-on-year amid legacy litigation matter. These are the Swiss bank’s first results since announcing its takeover of rival Credit Suisse.
Analysts had estimated it would post a net profit of $1.75 billion for the quarter, according to Refinitiv.
UBS shares have jumped more than 10% since the news that it was buying its embattled Swiss competitor last month. At the time, UBS said that the deal, brokered by Swiss regulators, would create a “leading global wealth manager” with more than $5 billion in total invested assets.
However, analysts at Barclays said that the market is “significantly underestimating” the complexity of integrating Credit Suisse within UBS, Reuters reported.
In the wake of the deal, UBS announced that Sergio Ermotti, who served as CEO between 2011 and 2020, would return in the post from April 5.
This is a breaking news story and will be updated shortly.