UBS Group AG (NYSE:UBS) Q2 2024 Earnings Conference Call August 14, 2024 3:00 AM ET
Company Participants
Sarah Mackey - Head of Investor Relations
Sergio Ermotti - Group Chief Executive Officer
Todd Tuckner - Group Chief Financial Officer
Conference Call Participants
Giulia Miotto - Morgan Stanley
Andrew Coombs - Citi
Jeremy Sigee - BNP Paribas
Kian Abouhossein - JPMorgan
Anke Reingen - RBC
Chris Hallam - Goldman Sachs
Amit Goel - Mediobanca
Benjamin Goy - Deutsche Bank
Tom Hallett - KBW
Operator
Ladies and gentlemen, good morning. Welcome to the UBS Second Quarter 2024 Results Presentation. The conference must not be recorded for publication or broadcast. [Operator Instructions].
At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.
Sarah Mackey
Good morning, and welcome everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report together with additional disclosures in our SEC filings. On Slide 2, you can see our agenda for today.
It's now my pleasure to hand over to Sergio Ermotti, Group CEO.
Sergio Ermotti
Thank you, Sarah, and good morning, everyone. It has been a little over a year since the closing of the acquisition. We made a significant progress, and UBS continues to deliver on all of it. commitments to stakeholders. Putting the needs of clients first during a challenging market environment has allowed us to maintain solid momentum while we fulfill our objective of completing the integration by the end of 2026. As a consequence, not only we have dramatically reduced the execution risk of the integration, we are also well positioned to meet all of our financial targets, hence return to the level of profitability, UBS delivered before being asked to step in and stabilize Credit Suisse.
I'm particularly proud to note that across the combined organization, our people are embracing the pillars, principles and behaviors that drives UBS' culture. This includes client centricity and collaboration, and enable us to successfully manage risk and act with accountability and integrity. I'd like to thank all of my colleagues around the world for their dedication and hard work.
Our second quarter contributed to a strong first half performance, reflecting the strength of our client franchises and disciplined implementation of our strategy and integration plans. Reported net profit for the first half was $2.9 billion, with underlying PBT of $4.7 billion and an underlying return on CET1 capital of 9.2%. We strengthened our capital position and maintained a balance sheet for all season with a CET1 capital ratio of 14.9% and total loss absorbing capacity of around $200 million.