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UBS has beaten expectations for the first quarter of 2022 and said that they have further reduced their exposure to Russia.
The Swiss bank on Tuesday reported a net profit attributable to shareholders of 2.136 billion dollars, above forecasts prepared by the bank of 1[ads1].79 billion dollars.
It marks a 17% increase from $ 1.82 reported for the same period in 2021 and follows a drop in quarterly net profit to $ 1.35 billion at the end of the year.
The bank has previously described its market risk exposure to Russia as “limited” and said on Tuesday that it had reduced its exposure to $ 0.4 billion as of March 31, compared to $ 0.6 billion at the end of 2021.
In addition, they said that they had no significant exposure to Ukraine or Belarus, and that they do not conduct any new business in Russia or with Russia-based customers.
“Macroeconomic, geopolitical and market factors created a high level of uncertainty in the first quarter, with Russia’s invasion of Ukraine, covid-related restrictions and shutdowns, higher volatility, lower economic growth prospects and concerns about higher inflation and monetary policy response,” the bank said in a statement. a press release Tuesday.
Here are some other key figures for the quarter:
- Operating revenues were $ 9.36 billion, compared to $ 8.71 billion a year ago.
- The return on tangible equity, a measure of profitability, was 16%, up from 14% a year ago.
- The CET 1 ratio, a measure of banks’ solvency, was 14.3%, compared with 15% at the end of 2021.
The company’s shares are flat for the year so far.
– This is news, and it will be updated.