Financial PerformanceUBS reported a strong 7% revenue beat both at reported and underlying levels, which contributed to a 30% underlying profit before tax beat.
Investment BankingStrength in core businesses, particularly Investment Banking, which had a 64% underlying profit before tax beat due to better trading results.
Shareholder ReturnsRepatriation of capital from the significantly over-capitalised subsidiaries should allow for capital build as well as attractive shareholder returns.