UBS Group AG posted the biggest-ever quarterly profit for a bank in the second quarter as a result of its emergency takeover of Credit Suisse, and confirmed that it would fully integrate the local business of its former rival by next year.
The $29 billion gain is a result of the accounting difference between the $3.8 billion price UBS paid for Credit Suisse and the value of the acquired lender’s balance sheet. Underlying profit for the first combined UBS-Credit Suisse quarter came in at $1.1 billion.
Source: Bloomberg
