16:37
+23 C°
Traffic jam:   2
$
73.7663
86.8451

UBS quarterly earnings beat forecasts

20 July 2021
1673
1 min.
1
UBS quarterly earnings beat forecasts

UBS earnings

Net income at UBS Group AG, the global leader in wealth management, rose 63% to $2.01 billion in the second quarter of 2021, up from $1.23 billion in the same period a year earlier. Analysts on average had estimated the figure at $1.34 billion, according to a consensus forecast by the bank's experts.

Significant growth in net income at UBS is due, among other things, to the dissolution of provisions for loan losses. Last quarter, the bank released $80 million in reserves, while a year earlier it transferred $272 million to these reserves amid the crisis caused by the pandemic coronavirus. Experts had expected the bank to set aside $69m.

UBS's April-June operating profit rose 21 percent to $8.98 billion from $7.40 billion a year earlier, the bank said in a press release. The indicator also exceeded the consensus forecast of experts at the level of $8.25 billion.

The bank's Return on Equity Tier 1 (RoCET1) at the end of the quarter was 19.3% against a target of 12-15%, with a cost-to-income ratio of 71.8% (the target being 75-78%).

During the first half of 2021, UBS bought back its own shares for $1.4 billion as part of the share buyback program. In the third quarter, the bank plans to repurchase $600 million worth of its own securities.

UBS expects its performance in the third quarter of 2021 to be affected by a number of seasonal factors, including lower customer activity compared with the second quarter. Asset value growth should have a positive effect on fee income, but UBS warns of continued uncertainty about the outlook for the economic recovery.

UBS's market capitalisation has risen 7.1% YTD to 46.3 billion Swiss francs ($50.4 billion).

Companies1 in the news

UBS Group AG
1 place
Section:

Discussion

Rating companies
Apple
76 Mention
Tesla
75 Mention
Nasdaq
72 Mention
Amazon
65 Mention
Dow Jones
60 Mention
Facebook
53 Mention
Microsoft
41 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director