For 1Q24 UBS Expects Revenues To Be Positively Influenced By Seasonal Factors; Additionally, Sees The Investment Bank To Return To Profitability, Due To Improving Market Activity, A Growing Banking Pipeline And Advanced Progress On The Integration

Author: Benzinga Newsdesk | February 06, 2024 02:22am

 In the first quarter of 2024, we expect revenues to be positively influenced by seasonal factors, such as higher client activity levels compared with the fourth quarter of 2023. We also expect the Investment Bank to return to profitability, due to improving market activity, a growing banking pipeline and advanced progress on the integration. We expect NII for Personal & Corporate Banking and Global Wealth Management combined, and in US dollar terms, to be roughly flat sequentially in the first quarter, with higher rates broadly offsetting the residual effects of deposit mix shifts and the initial impact of financial resource optimization. These factors are expected to result in substantial sequential improvement in reported net profit in the first quarter, including around USD 1bn of integration-related expenses and around USD 0.7bn of pull to par and other purchase price allocation (PPA) accretion effects.

Posted In: UBS