UBS Group AG predicted an 'uncertain' year ahead plagued by accelerating inflation and higher interest rates on Tuesday after the Swiss bank beat estimates in its latest quarter.
predicted an "uncertain" year ahead plagued by accelerating inflation and higher interest rates on Tuesday after the Swiss bank beat estimates in its latest quarter.
The world's largest wealth manager kicked off a round of reporting for major European banks, many of which have been cutting jobs and costs in light of waning economic growth. In doing so, UBS cautioned that inflation, rising interest rates and war in Ukraine were clouding the future, dampening clients' mood. It warned that lower asset prices and weaker confidence among customers could affect its business, although it would also benefit from higher interest rates.
For the quarter just ended, the Swiss bank reported a 23% rise in net profit attributable to shareholders of $1.7 billion, helped by a fall in costs despite a drop in financial markets. That compared with the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll. "We are starting 2023 from a position of strength," Chief Executive Ralph Hamers said in a statement.Crosstown rival Credit Suisse Group AG
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