Q1 total revenue 12.739 bln usd vs 8.744 bln (Il Sole 24 Ore Radiocor) - Bern, 07 May - Swiss bank UBS said that in the first quarter it posted a net profit of 1.755 billion dollars from a loss of 279 million in the fourth quarter and a profit of 1.029 billion a year ago.

Total revenue rose a quarterly 17% and an annual 46% to 12.739 billion dollars with net interest income of 1.940 billion dollars, down 7% from the fourth quarter and up 40% year on year. Net fee and commission income rose a quarterly 12% and an annual 41% to 6.492 billion dollars.

Underlying pretax operating profit rose to 2.617 billion dollars from 592 million in the prior three months and 1.566 billion a year earlier.

In the second quarter of 2024, UBS expects a low-to-mid single-digit decline in net interest income in Global Wealth Management, due to moderately lower lending and deposit volumes and lower interest rates in Switzerland, partly offset by additional revenues, primarily from higher US dollar rates, combined with repricing efforts.

It expects a mid-to-high single-digit decrease in net interest income in Personal & Corporate Banking in US dollar terms, as the Swiss central bank's interest rate cut in March 2024 takes effect for a full quarter.

In line with the strategy to actively reduce assets and costs in non-core and Legacy, UBS said it continues to expect revenues in the closing out of any positions to approximately reflect their current book value and reported revenues to include around 0.6 billion dollars of pull-to-par and other PPA accretion effects, while it incurs around 1.3 billion dollars of integration-related expenses.

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(RADIOCOR) 07-05-24 08:14:51 (0156) 5 NNNN