tiprankstipranks
UBS Group’s Q2 Earnings Beat Estimates
Market News

UBS Group’s Q2 Earnings Beat Estimates

Switzerland-based bank UBS Group (UBS) reported better-than-expected Q2 results on strong wealth management performance and release of reserves.

Quarterly earnings stood at $0.55 per share, beating the Street’s estimates of $0.43. Also, it compares favorably with $0.33 per share reported in the same quarter last year.

Net interest income increased 17% to $1.63 billion, while net fee and commission income surged 29% to $5.56 billion. Notably, strong client activity drove 16% jump in transaction-based income in wealth management unit and 68% in global banking income.

Net credit loss release was $80 million for the second quarter. Risk-weighted assets climbed 2.4% to $293.3 million. (See UBS Group stock chart on TipRanks)

CEO of UBS Group Ralph Hamers said, “Momentum is on our side and our strategic choices and initiatives are paying off. And we are eager to make the most of the future.”

On July 15, Jefferies analyst Flora Bocahut initiated coverage on UBS Group with a Buy rating and a price target of $21.77 (49.75% upside potential from current levels).

The analyst is of the opinion that the company is well-poised to give high capital return to shareholders and has an attractive valuation.

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus based on 9 Buys, 3 Holds and 1 Sell. The average UBS Group price target of $18.73 implies 28.8% upside potential from current levels.

UBS scores an 8 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.

Related News:
Johnson & Johnson Mulls Putting Talc Liabilities into Bankruptcy — Report
Interactive Brokers Aims to Attracts Individual Investors in Europe
Shift4 Discloses Preliminary Q2 Results; Expects Sales to Double

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles