UBS global wealth management (GWM) has reported pre-tax profits of $1.1 billion in the first quarter of 2024.
Revenues were up 28 percent from $4.81 billion to $6.14 billion, which UBS said was largely driven by the consolidation of Credit Suisse revenues.
Meanwhile, operating expenses grew by 42 percent from $3.55 billion to $5.04 billion, once again, largely due to the consolidation of Credit Suisse expenses.
Net new assets stood at $27 billion.
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