UBS earnings Q3 2022

UBS on Tuesday reported a net revenue of $1.7 billion for the 3rd quarter of this year, a little above analyst expectations, with the Swiss lender citing a challenging atmosphere.

Analysts had anticipated a web gain of $1.64 billion, according to Refinitiv info. UBS claimed a web profits of $2.3 billion a calendar year ago.

The Swiss lender had missed anticipations in the very last quarter when it posted a web earnings of $2.108 billion. The financial institution claimed at the time the next quarter had been “1 of the most hard periods for traders in the past 10 many years” owing to high inflation, the war in Ukraine and demanding Covid-19 policies in Asia.

UBS reported Tuesday these variables continued to be in investors’ minds in the third quarter.

“The macroeconomic and geopolitical environment has come to be significantly intricate. Consumers keep on being anxious about persistently substantial inflation, elevated energy price ranges, the war in Ukraine and residual outcomes of the pandemic,” Ralph Hamers, CEO of UBS, claimed in a assertion.

Other highlights for the quarter include:

• Revenues hit $8.3 billion, down from $9.1 billion a year in the past.
• Operating expenses dropped to $5.9 billion, from $6.2 billion a year ago.
• CET 1 capital ratio, a measure of lender solvency, arrived at 14.4% vs . 14.9% a year in the past.

Its financial commitment banking division observed revenues down by 19% with the reduced performance in equity derivatives, money equities, and financing income becoming offset by revenues in international exchange. The World-wide Wealth Administration division also described lessen revenues, down by 4% year-on-calendar year.

Nevertheless, Private and Company Banking revenues rose around the similar interval on much more useful fees from the Swiss National Lender.

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