UBS today posted its financial report for the first quarter of 2023, with the results heavily impacted by the acquisition of Credit Suisse.
On a reported basis, and including an increase in provisions of USD 665m related to the US residential mortgage-backed securities (RMBS) litigation matter, 1Q23 profit before tax was USD 1,495m (-45% YoY). Net credit loss expenses were USD 38m, compared with net expenses of USD 18m in 1Q22.
Total revenues decreased 7% YoY, while operating expenses increased 9%, driven by the aforementioned provision. The cost/income ratio was 82.5%.
Net profit attributable to shareholders was USD 1,029m (-52% YoY), with diluted earnings per…
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