UBS financials smashed expectations as Credit Suisse deal starts paying off

Swiss bank UBS was up strongly in Tuesday’s trade as its latest set of financial results easily exceeded market expectations, helped by the continuing integration of the Credit Suisse business that it acquired last year.

UBS shares gained around 8% today, and are now up around 50% since the Credit Suisse deal.

The bank reported $1.8 billion of net income, which was three times better than forecasted by stock market analysts.

UBS said that cost-cutting in ‘non-core’ parts of its business was a factor in the strong figures.

The Bank also said it would be continuing with plans to reward shareholders with a buy-back of its shares – with some $1 billion going into the program this year. Buy-backs are also planned for 2025 and 2026, it noted.