1Q24 PBT of USD 2.4bn and underlying1 PBT of USD 2.6bn reflecting our commitment to stay close to clients and the execution of our restructuring plans at pace; significant positive operating leverage with underlying revenue growth of 15% QoQ and underlying operating expenses reduction of 5% QoQ; net profit of USD 1.8bn
Continued franchise strength and client momentum with net new assets of USD 27bn in Global Wealth Management and increased transaction activity levels across Global Wealth Management, Personal & Corporate Banking and the Investment Bank
Non-core and Legacy RWA reduced by USD 16bn, mainly from active unwinds; underlying operating expenses declined 26% QoQ reflecting significant progress in our cost reduction plans; revenues of USD 1bn
Achieved USD ~1bn of additional gross cost savings, majority reflected in 1Q24 underlying operating expenses
CET1 capital ratio of 14.8% and CET1 leverage ratio of 4.9%; RWA of USD 526bn with USD 20bn QoQ decrease, allowing execution of our 2024 capital return targets
Merger of UBS AG and Credit Suisse AG expected on 31 May 2024; transition to a single US intermediate holding company planned for 2Q24 and the merger of UBS Spain AG and Credit Suisse (Schweiz) AG entities continues to be planned for 3Q24, all subject to remaining regulatory approvals
UBS named top employer for business students in Spain, according to the Universum Most Attractive Employer rankings 2024
Information in this news release is presented for Banco de Madrid on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure
and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the first quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.
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