UBS Is Worth Almost Three Times as Much as Credit Suisse

(Bloomberg) -- The positive reaction to UBS Group AG's quarterly results and upbeat long-term outlook helped extend its market-value lead over Swiss rival Credit Suisse Group AG to levels not seen since before the global financial crisis.

UBS shares rose as much as 7.6% on Tuesday, boosting its market capitalization to about 68 billion Swiss francs ($73.8 billion). That's almost three times that of Credit Suisse, at 23.5 billion francs. That gap between the two is the biggest it has been since 2007.

While Credit Suisse shares have stumbled under the weight of a spying scandal and steep losses from the collapses of Archegos Capital Management and Greensill Capital, UBS's have soared to a four-year high.

UBS increased its share buyback program and upgraded key profit and efficiency targets on Tuesday after rising capital market and trading revenues drove better-than-expected results at the investment bank. 

Credit Suisse has yet to report results for the first quarter but already flagged they might not be pretty. Its stock is little changed this year, trailing the Stoxx 600 Bank Index's gain of about 9%.

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