Q4 2024 UBS Group AG Earnings Call Transcript
Key Points
- UBS Group AG (UBS) reported a strong full-year net profit of $5.1 billion for 2024, reflecting robust financial performance.
- The company achieved a CET1 capital ratio of 14.3%, indicating a strong capital position.
- UBS Group AG (UBS) successfully completed key integration milestones, including major legal entity mergers and client account migrations in several regions.
- The company proposed a 29% increase in its dividend to $0.90 for the financial year 2024.
- UBS Group AG (UBS) delivered significant cost savings, achieving $7.5 billion in cumulative gross run rate cost saves by the end of 2024.
- UBS Group AG (UBS) faces headwinds from lower interest rates, particularly in the Swiss franc and euro, impacting net interest income.
- The company anticipates elevated credit loss expenses in 2025, particularly from pre-acquisition Credit Suisse portfolios.
- UBS Group AG (UBS) expects non-core and legacy operations to weigh on financial performance in 2025, with a projected pretax loss of around $2.2 billion.
- The integration of Credit Suisse is expected to incur additional costs, with cumulative integration-related expenses now estimated at $14 billion.
- UBS Group AG (UBS) faces potential regulatory challenges in Switzerland, which could impact capital requirements and returns.
Ladies and gentlemen, good morning. Welcome to the UBS full-year 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.
Good morning, and welcome, everyone. Before we start, I'd 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. Sergio and Todd will go through our fourth-quarter and full-year results, as well as our investor update before we move on to Q&A. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.
Thank you, Sarah, and good morning, everyone.
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