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UBS earnings Q3 2022

UBS reports its latest earnings


UBS reported on Tuesday net income of $1[ads1].7 billion for the third quarter of this year, slightly above analysts’ expectations, with the Swiss bank citing a challenging environment.

Analysts had expected a net profit of $1.64 billion, according to Refinitiv data. UBS reported net income of $2.3 billion a year ago.

The Swiss lender had missed expectations in the last quarter when it produced a net profit of $2.108 billion. The bank said at the time that the second quarter had been “one of the most challenging periods for investors in the last 10 years” due to high inflation, the war in Ukraine and strict Covid-19 policies in Asia.

UBS said on Tuesday that those factors continued to be on investors’ minds in the third quarter.

“The macroeconomic and geopolitical environment has become increasingly complex. Clients remain concerned about persistently high inflation, high energy prices, the war in Ukraine and residual effects of the pandemic,” Ralph Hamers, chief executive of UBS, said in a statement.

Other highlights for the quarter include:

  • Revenue reached $8.3 billion, down from $9.1 billion a year ago.
  • Operating expenses fell to $5.9 billion, from $6.2 billion a year ago.
  • CET 1 capital adequacy, a measure of banks’ solvency, reached 14.4% against 14.9% a year ago.

The investment banking division saw revenue down 19%, while the lower performance in equity derivatives, cash equities and financing income was offset by foreign currency income. The Global Wealth Management division also reported lower revenue, down 4% from a year earlier.

However, income from personal and corporate banking increased over the same period with more favorable rates from the Swiss National Bank.

Shares in UBS are down around 8% so far this year.

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