UBS Group AG

UBSG: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 56.70	Yqmltr	Xrkcshdw

UBS Earnings: Most of the Good News Is Already in the Share Price

Johann Scholtz

Feb 6, 2024

UBS reported net underlying profits in line with our expectations. The underlying results exclude the impact of the Credit Suisse integration, but UBS’ operating expenses remain inflated by Credit Suisse’s cost base. The rightsizing of the acquired Credit Suisse cost base will run until 2026. UBS confirmed its profitability target of a 15% return on common equity Tier 1, or CET1, capital by 2026. It, however, introduced a fresh ambition to achieve a return on CET1 of 18% by 2028.

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