Switzerland's largest bank (UBS) has reported better-than-expected second-quarter profits, with net profit reaching $1.14 billion for the period from April to June, compared to analysts' expectations of $528 million. These are the first results since the completion of the official merger with its former competitor Credit Suisse. The Union Bank of Switzerland reported total group revenue of $11.9 billion, above analysts' expectations of $11.6 billion. UBS CEO Sergio Ermotti said in a statement that the first-half results reflect the significant progress the bank has made since completing the acquisition, fulfilling all its commitments to shareholders, and that the bank is well positioned to achieve the financial targets and profitability levels it was achieving before Credit Suisse intervened to save it. It is worth noting that UBS agreed on March 19, 2023, under pressure from the authorities, to buy its competitor Credit Suisse in a deal worth three billion Swiss francs (3.02 billion euros), with financial guarantees from the federal government and the central bank. This deal saved Switzerland's second-largest bank from bankruptcy, which would have led to "irreparable economic damage." Source: Qatar News Agency
Thursday, November 07, 2024