By Adria Calatayud


UBS Group said its net profit was lower than previously reported after reducing its fair-value estimate on the acquisition of Credit Suisse.

The Swiss banking giant said Thursday that its 2023 net profit was $27.8 billion, down from $29.0 billion previously reported.

The bank said it refined its acquisition-date fair value estimates, which resulted in an adjustment of $1.2 billion and reduced the so-called negative goodwill from the deal to $27.7 billion.


Write to Adria Calatayud at adria.calatayud@wsj.com


(END) Dow Jones Newswires

03-28-24 0223ET