Swiss banking giant UBS.
Fabrice Coffrini | AFP | Getty Images
UBS on Tuesday missed expectations for the second quarter of 2022 as its CEO warned of “uncertain times” in markets.
On Tuesday it posted a net profit attributable to shareholders of $2.11 billion, below analyst expectations aggregated by the company of $2.4 billion.
It marks a 5% rise from the $2 billion reported during the same period last year, when the flagship wealth management business saw a significant windfall from wealthy investors, and follows a strong first-quarter that saw the group post a net profit of $2.136 billion.
“The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia,” UBS CEO Ralph Hamers said in a statement.
“In these uncertain times, our clients rely on our powerful ecosystem to navigate markets and invest for the long term.”
Other highlights for the quarter:
- Total revenues hit $8.917 billion, compared to $8.897 billion for the same period last year.
- Return on tangible equity stood at 16.4%, versus 15.4% a year ago.
- CET 1 capital ratio, a measure of bank solvency, reached 14.2% versus 14.5% in the second quarter of 2021.
This is a breaking news story and will be updated shortly