UBS beat expectations by reporting $1.7 billion of net income for the fourth quarter of last year, bringing its total annual profit to $7.6 billion in 2022.
Analysts expected UBS would achieve a net income of $1.3 billion in the fourth quarter and of $7.3 billion for the year, according to Refinitiv data."We delivered good full-year and solid fourth-quarter results in a difficult macroeconomic and geopolitical environment," CEO Ralph Hammers said in a statement.
Among the bank's units, Global Wealth Management posted a net interest income increase of 35% on the year, thanks to higher deposit margins off the back of higher interest rates.This is a breaking news story and will be updated shortly.
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