UBS shares rise 3% as market focuses on strong underlying profit
Publishing timestamp: 2023-11-07 08:29:57
Summary
UBS reported better-than-expected underlying profit before tax of $844 million, beating consensus expectations. However, due to $2 billion in expenses related to the integration of Credit Suisse, UBS posted a larger-than-expected net loss of $785 million. UBS shares climbed after the announcement. The bank also saw positive net new money inflows in its Wealth Management division and announced plans to cut costs and integrate Credit Suisse's businesses.
Sentiment: POSITIVE
Tickers: UBSG-CH,
Keywords: earnings, ubs group ag, breaking news: europe, investment strategy, banks, wall street, business news,
Source: https://www.cnbc.com/2023/11/07/ubs-q3-2023-earnings.html