UBS earnings Q3 2022

UBS on Tuesday documented a net revenue of $1.7 billion for the 3rd quarter of this calendar year, a little bit earlier mentioned analyst anticipations, with the Swiss financial institution citing a demanding setting.

Analysts had anticipated a web gain of $1.64 billion, in accordance to Refinitiv details. UBS noted a net income of $2.3 billion a year in the past.

The Swiss loan company had missed expectations in the past quarter when it posted a web profit of $2.108 billion. The bank claimed at the time the next quarter experienced been “just one of the most challenging durations for investors in the last 10 many years” due to high inflation, the war in Ukraine and stringent Covid-19 procedures in Asia.

UBS mentioned Tuesday these things ongoing to be in investors’ minds in the third quarter.

“The macroeconomic and geopolitical setting has turn into significantly complex. Shoppers continue being involved about persistently significant inflation, elevated electricity selling prices, the war in Ukraine and residual results of the pandemic,” Ralph Hamers, CEO of UBS, stated in a assertion.

Other highlights for the quarter include:

• Revenues strike $8.3 billion, down from $9.1 billion a year ago.
• Functioning costs dropped to $5.9 billion, from $6.2 billion a year ago.
• CET 1 money ratio, a evaluate of lender solvency, attained 14.4% vs . 14.9% a year in the past.

Its expense banking division observed revenues down by 19% with the reduce functionality in equity derivatives, dollars equities, and funding revenue staying offset by revenues in foreign exchange. The World-wide Wealth Administration division also documented lessen revenues, down by 4% calendar year-on-calendar year.

Nonetheless, Own and Corporate Banking revenues rose around the exact same period of time on extra effective fees from the Swiss Nationwide Bank.

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