UBS Posts Stronger-Than-Expected 1Q
April 26 2022 - 1:39AM
Dow Jones News
By Cristina Roca
UBS Group AG's first-quarter profit earnings rose, beating
analysts' expectations.
The Swiss bank on Tuesday reported a quarterly net profit of
$2.14 billion, compared with $1.82 billion a year earlier and
analyst expectations of $1.79 billion, according to a
company-provided consensus.
Operating income came in at $9.36 billion, up 8% on year.
Analysts had expected operating income of $8.83 billion, according
to the same consensus.
The bank said it achieved these results in spite of increased
uncertainty in the quarter amid the Russian invasion of Ukraine,
Covid-19 lockdowns, a lower economic growth outlook, and
inflationary pressures.
"Our clients continued to put their trust in us to navigate this
environment," it said.
Operating income inched higher at the global wealth management
unit, while its investment bank booked a 28% jump in operating
income, reflecting a large loss a year earlier.
Regarding Russia, UBS said it has further reduced its exposure
to the country.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
April 26, 2022 01:24 ET (05:24 GMT)
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