ZURICH, May 7 (Reuters) – UBS (UBSG.S), opens new tab on Tuesday reported first-quarter profit that trounced forecasts and said it was sticking with plans for share buybacks over three years despite Swiss government proposals that would hike its capital requirements.
Shares in Switzerland’s biggest bank jumped 8% and were on track for their biggest one-day gain since March 2023, when authorities orchestrated UBS’s rescue takeover of Credit Suisse.
The bank’s shares have soared nearly 50% since the merger, with investors upbeat about UBS prospects given the low acquisition costs, its huge increase in assets and – so far – its relatively smooth progress in integrating its stricken rival.
The bank’s first-quarter net income, which at $1.8 billion was nearly triple analyst forecasts, marked UBS’ first quarterly profit since taking over Credit Suisse. It was driven by cost-cutting and a boost from ‘non-core’ parts of the business that UBS inherited and wants to exit.
Source: REUTER
