WASHINGTON (dpa-AFX) - Shares of UBS Group AG were gaining around 8 percent
in the morning trading in Switzerland as well as in pre-market activity on the
NYSE after the Swiss banking major reported Tuesday significantly higher profit
and revenues in its first quarter. Sequentially, the company returned to profit,
the first time following its takeover of Credit Suisse AG. UBS further said it
expects to complete its merger with Credit Suisse on May 31.

Sergio Ermotti, Group CEO, said, 'A little over a year ago, we were asked to
play a critical role in stabilizing the Swiss and global financial systems
through the acquisition of Credit Suisse and we are delivering on our
commitments. This quarter marks the return to reported net profits and further
capital accretion - a testament to the strength of our business and client
franchises and our ability to deliver significant progress on our integration
plans while actively optimizing our financial resources.'

Looking ahead for the second quarter, the company expects a low-to-mid
single-digit decline in net interest income in Global Wealth Management, due to
moderately lower lending and deposit volumes and lower interest rates in
Switzerland.

UBS also expects a mid-to-high single-digit decrease in net interest income in
Personal & Corporate Banking in US dollar terms.

The company said it aims to achieve around $1.5 billion in gross cost savings by
the end of 2024.

Further, UBS said it expects to complete the merger with Credit Suisse on May
31, subject to remaining regulatory approvals. The transition to a single US
intermediate holding company is planned for the second quarter of 2024, and the
merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG continues to be
planned for the third quarter, both also subject to remaining regulatory
approvals.

The company added that these critical milestones will facilitate the migration
of clients onto UBS platforms beginning later this year, and unlock the next
phase of the cost, capital, funding and tax benefits from the second half of
2024, and by the end of 2025 and into 2026.

Meanwhile, the Financial Times reported on Monday that Ulrich Korner, the final
CEO of Credit Suisse, is set to leave UBS in the coming weeks.

On May 6, UBS repaid 9 billion Swiss francs of the ELA central bank liquidity
facility, totalling repayment of 29 billion francs so far. The company expects
to repay the remaining 9 billion francs in the coming months.

In its first quarter, UBS' net profit attributable to shareholders climbed 71
percent to $1.76 billion from last year's $1.03 billion.

Earnings per share were $0.52, up from prior year's $0.32.

In its preceding fourth quarter, net loss attributable to shareholders was $279
million or $0.09 per share.

Operating profit before tax for the first quarter was $2.38 billion, compared to
$1.50 billion a year ago. Underlying profit before tax was $2.62 billion,
compared to $1.57 billion last year.

Total reported revenues reached $12.74 billion, 46 percent higher than $8.74
billion in the prior year. Group underlying revenues were $12.0 billion. Total
revenues grew 17 percent sequentially.

In the first quarter, net interest income climbed 40 percent year-over-year to
$1.94 billion, and net fee and commission income grew 41 percent to $6.49
billion.

In Switzerland, UBS Group shares were trading at 26.96 Swiss francs, up 8.3
percent.

In pre-market activity on the NYSE, the shares were at $29.70, a growth of 7.6
percent.

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