UBS reports late, on August 14th. The bank’s 6m24 performance shown here is based on Tricumen’s early estimates. In-scope banks reported operating revenue of $82bn in 1H24, 8% up y/y; a decline in net interest income was more than offset by investment management (especially discretionary) and transactional fees. Revenue grew across client segments, led by UHNWI/GFO and upper-end HNWI. Regionally, APAC and EMEA growth outpaced the USA, albeit from a lower base. Investment/costs, however, rose at a faster pace, and that led to flat pre-tax profits and a dip in pre-tax profit margins. AuM grew 14% to $17.3tn, with all