UBS Global Wealth Management recorded 31% increase year-on-year in net interest income in Q1 2023.

This was attributed to an increase in deposit revenues, reflecting the benefits from higher interest rates.

In addition, total revenues decreased 2% year-on-year to $4,792m from $4,904m.

For asset management, revenues fell 13% year-on-year and net new money was $14.4bn.

In Americas, Global Wealth Management attracted net new fee-generating assets of $4bn, with continued positive momentum in UBS’ SMA3 offering, which contributed $4.5bn of net new money in asset management. In the quarter we also saw $8bn net new money in Global Wealth Management, and continued momentum in advisor recruiting.

UBS and Credit Suisse in Q1 2023

UBS Group recorded $1.5bn profit before tax in Q1 2023, a 45% drop year-on-year. Total revenues also decreased, this time by 7% year-on-year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The cost/income ratio was 82.5%. Net profit attributable to shareholders was $1,029m (-52% YoY), with diluted earnings per share of $0.32. The return on CET1 capital was 9.1%.

Sergio P. Ermotti, group CEO, said: “Our solid underlying performance and strong inflows this quarter demonstrate that we continue to be a source of stability for our clients during periods of significant uncertainty. Our balance sheet for all seasons and a diversified and capital-generative business model allowed us to be part of the solution in a critical moment for the Swiss and global financial systems.

“With the planned acquisition of Credit Suisse, we are taking another transformational step in UBS’s journey, while remaining committed to our culture, strategy and disciplined risk management. With this transaction, we expect to reinforce our position as a leading and truly global wealth manager with strategic scale and complementary capabilities in the most attractive growth markets.

“I am convinced that this transaction will help to reinforce the leading position of the Swiss financial center and will be of benefit to the entire economy. The combined firm presents a unique opportunity to generate significant, long-term value to all of our stakeholders.”