UBS reports Q2 net profit of $29B including $29B of negative goodwill from CS

UBS (UBS) reports consolidated financials for Q2 include results for the former Credit Suisse (CS) business from June 1, 2023. Reports Q2 net profit of $29B, including $29B of negative goodwill from CS acquisition to sustain $238B assumed RWA; underlying PBT of $1.1B, of which $2.0B from the UBS sub-group. Credit Suisse AG reports a Q2 U.S. GAAP pre-tax loss of CHF 8.9B; CHF 4.3B excluding acquisition-related effects; adjusted pre-tax loss of CHF 2.1B. UBS says Credit Suisse (Schweiz) AG to be fully integrated “following a thorough evaluation focused on creating lasting value for all stakeholders.” UBS says the closing of legal entity merger expected in 2024. “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history. We are winning back the trust of clients, reducing costs and taking the necessary actions to create economies of scale that will allow us to better focus our resources and target investments for future growth. This combination will reinforce our status as a premier global franchise – and one that our home market, Switzerland, can be proud of. We are humbled by this task, and the responsibility entrusted to us,” said Group CEO Sergio Ermotti.