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UBS studies its newest earnings
FABRICE COFFRINI | AFP | Getty Photographs
UBS on Tuesday reported a internet earnings of $1.7 billion for the third quarter of this 12 months, barely above analyst expectations, with the Swiss financial institution citing a difficult surroundings.
Analysts had anticipated a internet revenue of $1.64 billion, in line with Refinitiv knowledge. UBS reported a internet earnings of $2.3 billion a 12 months in the past.
The Swiss lender had missed expectations within the final quarter when it posted a internet revenue of $2.108 billion. The financial institution stated on the time the second quarter had been “some of the difficult intervals for traders within the final 10 years” as a result of excessive inflation, the conflict in Ukraine and strict Covid-19 insurance policies in Asia.
UBS stated Tuesday these components continued to be in traders’ minds within the third quarter.
“The macroeconomic and geopolitical surroundings has turn into more and more advanced. Purchasers stay involved about persistently excessive inflation, elevated vitality costs, the conflict in Ukraine and residual results of the pandemic,” Ralph Hamers, CEO of UBS, stated in a press release.
Different highlights for the quarter embody:
Its funding banking division noticed revenues down by 19% with the decrease efficiency in fairness derivatives, money equities, and financing income being offset by revenues in international alternate. The World Wealth Administration division additionally reported decrease revenues, down by 4% year-on-year.
Nevertheless, Private and Company Banking revenues rose over the identical interval on extra useful charges from the Swiss Nationwide Financial institution.
Shares of UBS are down about 8% to date this 12 months.
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