UBS Group reported a second-quarter net profit that beat analysts’ estimates and said cost savings from its integration of former rival Credit Suisse would come faster than expected.
Net profit for the second quarter was $1.14 billion compared with $27.33 billion for the same period last year, when the bank’s results were boosted by a multibillion-dollar accounting gain on its takeover of Credit Suisse that reflected the deal’s knockdown price.

At the end of the quarter, UBS cut its total staff including personnel employed internally and external workers by 3,500 compared with three months earlier and by 23,000 compared with the end of 2022.
Expenses related to the Credit Suisse integration and purchase-price allocation effects came to $1.37 billion in the quarter. UBS expects to book a further $1.1 billion in integration-related costs in the third quarter.
On an underlying basis, pretax profit was $2.06 billion compared with $891 million a year before and consensus estimates of $1.61 billion.
Revenue for the quarter rose to $11.90 billion from $9.54 billion, against consensus expectations of $11.55 billion. Revenue grew across all business units.
UBS’s core global wealth management business attracted $27 billion in net new assets, in line with the inflows it recorded in the first quarter.

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