Trending tickers: UBS, H&M, Xiaomi and JD Sports

Swiss banking giant UBS said on Thursday its 2023 net profit was slightly lower than previously stated after the estimated fair value of its Credit Suisse acquisition was reduced. UBS said that its 2023 net profit was $27.8bn (£22.05bn), down from $29bn previously reported. In its annual report, UBS warned that there is a risk that “a material error” may not be detected by UBS and could result in a material misstatement to Credit Suisse’s reported financial results which are now merged with UBS’s. Read more: UK GDP falls by 0.3% as official data confirms recession in 2023 “This review is ongoing, and UBS expects to adopt and implement further controls and procedures following the completion of such review and discussions with regulators,” it added. Meanwhile, UBS CEO Sergio Ermotti earned 14.4m Swiss francs (£12.61m/$15.9m) in 2023 after his surprise return at the helm of the Swiss banking giant. That makes him the best-paid European bank boss. Swedish retailer H&M surged by 15% after significantly beating analyst consensus expectations for its fiscal first quarter operating profit. H&M posted a quarterly operating profit of 2.08bn Swedish crowns (£155m/$196m), up from SKr725m a year ago, and above the SKr1.43bn expected by analysts...

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