UBS earnings Q3 2022

UBS on Tuesday documented a web money of $1.7 billion for the third quarter of this yr, a little higher than analyst expectations, with the Swiss financial institution citing a complicated ecosystem.

Analysts experienced expected a internet income of $1.64 billion, in accordance to Refinitiv data. UBS documented a internet money of $2.3 billion a year in the past.

The Swiss loan company had skipped expectations in the previous quarter when it posted a net income of $2.108 billion. The bank claimed at the time the 2nd quarter experienced been “a person of the most tough intervals for investors in the final 10 a long time” because of to large inflation, the war in Ukraine and rigorous Covid-19 insurance policies in Asia.

UBS explained Tuesday these elements continued to be in investors’ minds in the 3rd quarter.

“The macroeconomic and geopolitical environment has develop into progressively complex. Shoppers remain involved about persistently substantial inflation, elevated vitality price ranges, the war in Ukraine and residual outcomes of the pandemic,” Ralph Hamers, CEO of UBS, explained in a statement.

Other highlights for the quarter include:

• Revenues strike $8.3 billion, down from $9.1 billion a 12 months back.
• Working fees dropped to $5.9 billion, from $6.2 billion a calendar year in the past.
• CET 1 funds ratio, a evaluate of financial institution solvency, reached 14.4% as opposed to 14.9% a 12 months in the past.

Its financial commitment banking division saw revenues down by 19% with the decrease effectiveness in fairness derivatives, money equities, and funding profits getting offset by revenues in international exchange. The Worldwide Wealth Administration division also claimed reduced revenues, down by 4% 12 months-on-year.

On the other hand, Private and Corporate Banking revenues rose about the similar interval on additional helpful costs from the Swiss National Lender.

Shares of UBS are down about 8% so much this calendar year.