UBS Third-Quarter Profit Slides 24% but Ahead of Expectations

Reuters2022-10-25

UBS on Tuesday reported a 24% fall in third-quarter net profit on a decline in market activity, although it beat expectations due to a rise in new money inflows.

The Swiss bank posted a net profit attributable to shareholders of $1.73 billion, outpacing the $1.53 billion forecast by 17 analysts in a company-gathered consensus.

Revenue came in at $8.2 billion, a marked drop from previous quarters this year.

Despite concerns around inflation, high energy prices, and geopolitical tensions, UBS saw a strong inflow of new money, attracting $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management.

"We remain confident in our ability to deliver attractive and sustainable capital returns to shareholders," Chief Executive Ralph Hamers said in a statement.

UBS results follow a mixed quarter for big U.S. banks.

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