UBS fourth-quarter profit rises 23%; beats estimates

UBS fourth-quarter profit rises 23%; beats estimates

ZURICH, Jan 31 (Reuters) – Switzerland’s UBS Group AG (UBSG.S) on Tuesday reported a 23% improve in fourth-quarter profit, beating analyst estimates, helped by a fall in prices regardless of a drop in monetary markets.

The world’s largest wealth supervisor kicked off a spherical of reporting for main European banks, a lot of which have been reducing jobs and prices in gentle of waning financial development.

The Swiss financial institution reported internet profit attributable to shareholders of $1.7 billion, versus the $1.3 billion common of 21 analyst estimates in a UBS-conducted ballot.

“We are beginning 2023 from a place of power,” Chief Executive Ralph Hamers mentioned in a press release.

Full-year internet profit reached $7.6 billion, in contrast with the consensus estimate of $7.3 billion.

Crosstown rival Credit Suisse Group AG (CSGN.S) will report on Feb. 9 having flagged a quarterly pre-tax lack of as a lot as 1.5 billion francs ($1.63 billion) following hefty withdrawals by rich purchasers after a string of scandals and losses.

UBS Chairman Colm Kelleher has mentioned his financial institution has not actively sought to profit from Credit Suisse’s troubles.

Reporting by Noele Illien; Editing by Christopher Cushing

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