UBS posts record bank profit following Credit Suisse acquisition

$29.2bn in profit

UBS posted the biggest-ever quarterly profit for a bank following its acquisition of Credit Suisse, in its first results following the deal.

Reporting a profit before tax of $29.2bn in its results today (31 August), the bank detailed its plans to fully integrate Credit Suisse into UBS. UBS settles Credit Suisse lawsuit against finance blog The now $5trn bank successfully closed the acquisition on 12 June and reported that underlying profits before tax for the quarter (which excludes $29bn in negative goodwill) sat at $1.1bn. Since the acquisition, it reported it had reduced Credit Suisse's risk-weighted assets by $8bn, with about $55bn of risk-weighted assets still to be disposed of. "Our analysis clearly shows t...