UBS exceeded analysts’ forecasts by announcing a net income of $1.7 billion for the last quarter of the previous year. This brings the company’s overall year profit to $7.6 billion in 2022.
According to data provided by Refinitiv, market analysts anticipated that UBS would generate a net income of $1.3 billion in the fourth quarter and of $7.3 billion for the whole year.
In a statement, Chief Executive Officer Ralph Hammers said that the company had achieved “excellent full-year and strong fourth-quarter performance in a tough macroeconomic and geopolitical climate.”
Global Wealth Management, one of the bank’s divisions, was able to report a year-over-year rise in net interest income of 35%. This was accomplished by increasing deposit margins as a direct result of higher interest rates.
Over the course of the previous year, the Swiss lender’s share price increased by almost 15%.