UBS has posted net profit attributable to shareholders of $1.65bn for the fourth quarter of 2022, a jump of 23% from $1.34bn in the year ago period.
For the quarter ended 31 December 2022, the Swiss bank’s diluted earnings per share were $0.50 as against $0.38 in the previous year.
Go deeper with GlobalData
Total revenues dropped 8% to $8bn from $8.7bn while net interest income dropped 10% to $1.5bn from $1.7bn a year ago quarter.
The group’s operating expenses reduced by 13% to $6bn from $7bn due to a drop in personnel expenses as well as general and administrative costs.
Profit before tax in the firm’s global wealth management division was $1.1bn for the fourth quarter.
The division’s total revenues slipped 5% to $4.6bn, which comprised a $41m gain from the divestment of the company’s US alternative investments administration business.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUBS’ asset management arm received $10.8bn of net new money. However, the unit’s total revenues plunged 31% and net management fees dropped 25%.
In investment bank division, total revenues fell 24%.
UBS group CEO Ralph Hamers said: “We delivered good full-year and solid fourth-quarter results in a difficult macroeconomic and geopolitical environment.
“Our performance proves that our strategy is the right one. Clients turned to us for advice and stability, resulting in $60bn of net new fee-generating assets for the full year and $23bn in the fourth quarter.
“We maintained a strong capital position while returning $7.3bn of capital to our shareholders in 2022.”
