UBS Group has today predicted an"uncertain" year ahead plagued by accelerating inflation and higher interest rates after the Swiss bank beat estimates in its latest quarter.
In doing so, UBS cautioned that inflation, rising interest rates and war in Ukraine were clouding the future, dampening clients' mood. 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."We are starting 2023 from a position of strength," chief executive Ralph Hamers said in a statement.Swiss rival Credit Suisse Group will report on February 9 having flagged a quarterly pre-tax loss of as much as 1.
UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.UBS said it attracted $23.3 billion in net new fee generating assets in wealth management, with strong performance in Switzerland.
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