Swiss investment bank UBS has reported a net profit of $1.65bn for the fourth quarter ended 31 December 2022, a 23% increase compared to $1.34bn for the corresponding quarter in 2021.
The company reported total revenues of $8.02bn for the fourth quarter (Q4) of 2022, an 8% decline compared to $8.7bn for the same quarter in the previous year.
UBS reported a net interest income of $1.58bn for Q4 2022, a 10% decline compared to $1.77bn for the respective quarter in 2021.
The Swiss lender reported operating expenses of $6.08bn for Q4 2022, a 13% decline compared to $7bn for the corresponding period of the previous year.
The company reported operating profit before tax of $1.93bn for Q4 2022, a 12% increase compared to $1.72bn for the respective quarter in 2021.
The bank attributed the increase in operating profit before tax to a decrease in operating expenses, which is partly offset by a decrease in total revenues.
UBS Group CEO Ralph Hamers said: “We delivered good full year and solid fourth-quarter results in a difficult macroeconomic and geopolitical environment. Our performance proves that our strategy is the right one.
“Clients turned to us for advice and stability, resulting in USD 60bn of net new fee-generating assets for the full year and USD 23bn in the fourth quarter. We maintained a strong capital position while returning USD 7.3bn of capital to our shareholders in 2022.”
UBS’ global wealth management unit reported total revenues of $4.60bn for Q4 2022, a 5% decrease compared to $4.82bn for the same quarter in 2021.
The bank’s personal and corporate banking business reported total revenues of $1.07bn for Q4 2022, a 10% rise compared to $985m for the same period last year.
The Swiss lender’s asset management arm reported total revenues of $495m for Q4 2022, a 31% decrease compared to $721m for the respective quarter in 2021.
UBS’ investment bank division reported total revenues of $1.68bn for Q4 2022, a 24% decline compared to $2.21bn for the same period in the previous year.