UBS Group AG (NYSE:UBS) shares are trading higher after it reported first-quarter FY24 sales of $12.74 billion, up 46% Y/Y, beating the consensus of $12.02 billion.

Underlying operating profit reached $2.62 billion, higher than $1.57 billion a year ago.

Global Wealth Management's net new assets for the first quarter were $27.4 billion, with revenues increasing 28% Y/Y to $6.14 billion.

The group posted a net profit attributable to shareholders of $1.76 billion for the quarter, higher than $1.03 billion a year ago. EPS of $0.52 beat the consensus of $0.24.

CET1 capital ratio, a measure of bank liquidity, was 14.8%, compared to 14.4% the previous quarter and 13.9% a year ago.

"A little over a year ago, we were asked to play a critical role in stabilizing the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments. This quarter marks the return to reported net profits and further capital accretion – a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimizing our financial resources," said CEO Sergio Ermotti.

The company achieved additional gross cost savings of $1 billion, for a total of $5 billion in annualized exit rate gross cost savings vs. FY22 combined, nearly 40% of the 2026 exit-rate target of $13 billion. UBS expects to achieve another $1.5 billion in gross cost savings by the end of 2024.

The bank anticipates to complete the merger of UBS AG and Credit Suisse AG on May 31, subject to remaining regulatory approvals.

Related: UBS To Launch New $2B Buyback Plan Amid Credit Suisse Takeover

Outlook: In the second quarter of 2024, UBS expects a low-to-mid single-digit decline in net interest income in Global Wealth Management and a mid-to-high single-digit decrease in net interest income in Personal & Corporate Banking in U.S. dollar terms.

UBS plans to cut jobs in Switzerland, which will start from around the end of the year and continue into 2025 and 2026, reported Reuters.

Also Read: UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay's Lynch, Silicon Valley Expansion In Sight: Report

According to Benzinga Pro, UBS has gained over 49% in the past year. Investors can gain exposure to the stock via Avantis International Equity ETF (NYSE:AVDE) and American Century ETF Trust Avantis Responsible International Equity ETF (NYSE:AVSD).

Price Action: UBS shares are up 6.34% at $29.34 at the last check Tuesday.

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