After Turbulent Year, UBS Upbeat With Eye On Asia

Swiss banking giant UBS voiced optimism for 2023 on Tuesday, hoping that higher interest rates and a swelling business in Asia would boost its results following a turbulent 2022

Zurich, (UrduPoint / Pakistan Point News - 31st Jan, 2023 ):Swiss banking giant UBS voiced optimism for 2023 on Tuesday, hoping that higher interest rates and a swelling business in Asia would boost its results following a turbulent 2022.

"We are starting 2023 from a position of strength," group chief executive Ralph Hamers said in an earnings statement.

Switzerland's largest bank posted better-than-expected fourth-quarter earnings, as its net profit soared 23 percent year-on-year to $1.65 billion.

And while its revenue for the three-month period shrank by eight percent to just above $8 billion, that too was above market expectations.

Analysts polled by the AWP financial news agency had expected to see UBS rake in $1.28 billion in net profit on revenues of $7.92 billion.

For all of 2022, UBS posted a net profit of $7.6 billion, up two percent from 2021.

"We delivered good full-year and solid fourth-quarter results in a difficult macroeconomic and geopolitical environment," Hamers said.

Analysts deemed the bank's performance as mixed, however, while its share price tumbled more than two percent in mid-afternoon trading to 19.44 Swiss francs.