Q1 2023 UBS Group AG Earnings Press Conference (Q&A) Transcript

Feb 11, 2024

Apr 25, 2023 / 08:45AM GMT
Sarah Mackey - UBS Group AG - Head of IR

Sergio, welcome back. How do you feel about returning to UBS at such a pivotal time.

Sergio P. Ermotti - UBS Group AG - Group CEO & President of the Group Executive Board

It's great to be back and also having the opportunity, but also the responsibility to manage such an important moment for our bank but also for the Swiss Financial Center, and I would argue also for the global financial centers.

Sarah Mackey - UBS Group AG - Head of IR

So today, we published our first quarter financial results. What are your initial reactions?

Sergio P. Ermotti - UBS Group AG - Group CEO & President of the Group Executive Board

Well, first of all, a very good set of numbers despite a very challenging macroeconomic conditions, which put a lot of our clients on the wait-and-see attitude. So despite this $2.4 billion of pre-tax profits on an underlying basis and a 16.5% return on CET1 were strong results. We saw many clients moving into money

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