Bulletin: UBS' Results Indicate Progress On Credit Suisse Integration And Restructuring While Customer Confidence Returns Slowly

FRANKFURT (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today said that UBS Group AG's (A-/Negative/A-2) reported $225 million operating loss before tax for third-quarter 2023 is broadly in line with our expectations, highlighting ongoing sizable costs from the Credit Suisse integration, but also management's capacity to deliver on restructuring while stabilizing Credit Suisse operations and demonstrating solid underlying core performance. Operating profit before tax for the nine months ended Sept. 30, 2023, was $30,957 million on a reported basis. Purchase price allocation (PPA) adjustments on financial instruments and other effects, totaling $958 million, partly offset $2,003 million of integration-related expenses and $53 million other acquisition related expenses in third-quarter 2023, the remainder of expenses were funded from UBS' underlying

...November 7, 2023 FRANKFURT (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today said that UBS Group AG's (A-/Negative/A-2) reported $225 million operating loss before tax for third-quarter 2023 is broadly in line with our expectations, highlighting ongoing sizable costs from the Credit Suisse integration, but also management's capacity to deliver on restructuring while stabilizing Credit Suisse operations and demonstrating solid underlying core performance. Operating profit before tax for the nine months ended Sept. 30, 2023, was $30,957 million on a reported basis. Purchase price allocation (PPA) adjustments on financial instruments and other effects, totaling $958 million, partly offset $2,003 million of integration-related expenses and $53 million other acquisition related expenses in third-quarter 2023, the remainder of expenses were funded from UBS' underlying profitability. Adjusted by one-offs, the group underlying profit before tax was $844 million in third-quarter 2023,...

Bulletin