UBS Smashes Forecasts — Reports $1.76 Billion In Profits

UBS Smashes Forecasts — Reports $1.76 Billion In Profits Driven By Wealth & Investment Banking The net profit beat was TRIPLE analyst forecasts.

And marked the first profit after two consecutive quarters of losses following the CS takeover.

And markets are loving the beat.

Shares have surged 9% on the news, now up 54% over the past year.

Revenue was up 7% YoY to $12.7 billion with Wealth Management and Investment Banking generating $6.1 billion & $555 million in revenues respectively.

They also attracted $5 billion of net new assets for the wealth management division, now sitting at $27 billion.

All while achieving $1 billion of gross cost savings.