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.

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.

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UBS’ 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.”