UBS‘ fourth-quarter profit beat market expectations, but the Swiss banking giant reported a fall in revenues on the back of weaker client activity and warned of an “uncertain” year ahead.
The bank reported $1.7 billion of net income for the fourth quarter of last year, bringing its full-year profit to $7.6 billion in 2022. Analysts had expected UBS to post net income of $1.3 billion in the fourth quarter and of $7.3 billion for the year, according to Refinitiv data.
The bank’s Global Wealth Management unit posted a fourth-quarter increase in net interest income of 35% on the year, given higher deposit margins off the back of higher interest rates. Its Personal and Corporate Banking…