UBS Reports Strong First Quarter Following Credit Suisse Takeover

The Swiss bank UBS has announced a substantial profit in Q1 2024, marking a significant recovery after its acquisition of Credit Suisse.

UBS recorded a net profit of $1.8 billion in the first quarter of 2024, surpassing analyst expectations.
This financial rebound follows two consecutive quarters of losses after the Credit Suisse merger.
Revenue increased by 45% from the previous year, reaching $12.7 billion, with notable gains in global wealth management.
UBS is progressing with integration plans, aiming to merge its operations with Credit Suisse in Switzerland by Q3 2024.
The bank has raised concerns about new regulatory proposals that could significantly increase its capital requirements.