Swiss bank UBS announced a net profit of $7.6 billion for the past year, after net income in the fourth quarter of the year amounted to about $1.7 billion, exceeding expectations.
Analysts had expected UBS to achieve net profits in the fourth quarter of 2022 with an estimated value of about $1.3 billion, and about $7.3 billion for the whole year, according to Refinitiv data.
We delivered good results for the full year and strong fourth quarter results in a challenging macroeconomic and geopolitical environment, UBS Chief Executive Officer Ralph Hammers said in a statement.
Among UBS units, Global Wealth Management reported a 35% increase in net interest income over the year, thanks to higher deposit margins on the back of higher interest rates.
It is worth noting that UBS shares have risen over the past twelve months by approximately 15%.
