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UBS: Q2 results reassure market

( - UBS shares are up about 5% on Thursday morning, reaching new eight-year peaks, following much better-than-expected quarterly results.

Q2 results, which now include the activities of Credit Suisse, show pre-tax net income of $29bn.

The banking group points out that this figure includes about the same amount ($28.9bn) in negative goodwill and $830m in acquisition and integration costs.

Excluding this, integration expenses and acquisition costs, pre-tax profit came to $1.1bn.

UBS has said that it has maintained its financial strength, with a return on CET1 equity of 14.4%, better than the consensus target of 14.1%.

UBS seems to be making rapid progress in the integration process and in realising the benefits of the merger in relation to the objectives it had initially set itself, commented RBC analysts.

While Credit Suisse SA posted a pre-tax loss of 8.9bn Swiss francs in Q2 under US GAAP, its client base stabilised thanks to net deposit inflows of $18bn.

Two and a half months after the acquisition of Credit Suisse, management says that it is working hard to implement one of the largest and most complex banking mergers in history.

We are focused on regaining customer confidence, reducing costs and taking the necessary steps to achieve economies of scale, it added.

Following an in-depth evaluation, the Group has decided to opt for the full integration of Credit Suisse (Suisse) SA, with the legal merger of the entities scheduled to be completed in 2024.

Clearly, the Group remains a work in progress in the short term, although we believe that these results and announcements should boost the market's confidence in the business over the medium term, said analysts at Deutsche Bank, who are buyers of the stock.

After climbing 7% at the start of the session, the stock is currently up around 5%.

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