UBS Restates 2023 Net Profit After Cutting Estimate of Credit Suisse Gain
Provided by
Dow Jones
By Adria Calatayud
UBS Group said its net profit was lower than previously reported after reducing its fair-value estimate on the acquisition of Credit Suisse.
The Swiss banking giant said Thursday that its 2023 net profit was $27.8 billion, down from $29.0 billion previously reported.
The bank said it refined its acquisition-date fair value estimates, which resulted in an adjustment of $1.2 billion and reduced the so-called negative goodwill from the deal to $27.7 billion.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 28, 2024 02:23 ET (06:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth