Wealth / PB Review 2Q23/6m23

UBS postponed the release of its 2Q23 results to 31-Aug-23; the financials shown here are based on Tricumen’s models. Credit Suisse is excluded from all analysis. The aggregated in-scope revenue for 13 banks in this report reached $38bn in 2Q23, +12% y/y. Costs also grew, but at a slower clip, helping the pre-tax profit margin grow from 26% in 2Q22 to 27% in 2Q23. On a less positive note, the healthy revenue growth was largely due to net interest income, which jumped 26% y/y; investment management and transaction-related fees advanced by comparably modest 7% and 6%, lagging behind the 10%

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