ZURICH -UBS booked net income for January-March that was more than double estimates as it logged its first quarterly profit since taking over fallen rival Credit Suisse.
"In the second quarter of 2024, we expect a low-to-mid single-digit decline in net interest income in Global Wealth Management," the bank said in a statement. The first merger of two global systemically important banks - orchestrated by Swiss authorities who feared that scandal-ridden Credit Suisse was on the brink of collapse - was completed last June after which UBS posted two consecutive quarters of losses due to the costs of absorbing its rival.
With the merger, UBS's balance sheet has expanded to more than $1.6 trillion, nearly twice the size of Switzerland's economy and worrying regulators who fear huge consequences should the bank run into trouble.
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