6/4, 9:25 AM (Source: TeleTrader)
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UBS to reportedly delay Q2 results over Credit Suisse takeover

Swiss investment banking company UBS Group AG is said to be considering delaying the release of its financial report for the second quarter of fiscal 2023 at least until the end of August, due to "complexities" surrounding the Credit Suisse acquisition, the Financial Times wrote on Sunday citing sources.

The second-quarter earnings report, which was originally scheduled to be unveiled on July 25, is reportedly being delayed in order to provide an update on Credit Suisse's domestic operations plans.

The Group booked $1.03 billion in net profit during the opening quarter of fiscal 2023, which represented a 52% decline year-on-year. Sergio Ermotti, the chief executive of UBS, earlier stated that the situation at Credit Suisse presumably stabilized, adding that he no longer sees outflows from the embattled bank.

Baha Breaking News (BBN) / AB