The company’s Investment Banking business reported total revenues of $2.1bn for Q2 2022, a 14% decline compared to $2.4bn for the corresponding quarter in the previous year
UBS WMA Headquarters in Weehawken, NJ. (Credit: Arnapoli/Wikipedia)
UBS has reported a net income of $2.1bn or $0.61 per diluted share, for the second quarter ended June 2022, a 5% increase compared to $2bn, or $0.55 per diluted share, for the same quarter previous year.
The Swiss investment bank has reported an operating profit before tax of $2.6bn for the second quarter (Q2) of 2022, a 1% increase compared to $2.5bn for the same period in 2021.
The company’s total revenue for the reported period was $8.9bn, which remained unchanged from the corresponding quarter previous year.
UBS reported operating expenses of $6.2bn for Q2 2022, a 1% decline compared to $6.3bn for the same quarter of 2021.
UBS Group CEO Ralph Hamers said: “The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, and the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia.
“In these uncertain times, our clients rely on our powerful ecosystem to navigate markets and invest for the long term. Institutional clients remained active on the back of high volatility.
“We supported them with advice and execution while handling very high volumes. At the same time, private clients stayed on the sidelines.
“We continued to support them with deposits and loan offerings, both of which saw particularly robust year-on-year growth in the Americas.”
UBS’ Global Wealth Management unit reported total revenues of $4.6bn for Q2 2022, a 2% decrease compared to $4.7bn for the same period in 2021
The bank’s Personal and Corporate Banking division reported total revenues of $1.01bn for Q2 2022, a 2% increase compared to $995m for the same quarter the previous year.
The company’s Asset Management business reported total revenues of $1.4bn for Q2 2022, a 106% increase compared to $666m for the same period the prior year.
UBS’ Investment Bank activities reported total revenues of $2.1bn for Q2 2022, a 14% decline compared to $2.4bn for the corresponding quarter in 2021.
The bank said that it is not starting any new business in Russia or with Russia-domiciled clients, and is reducing its exposure to Russia, after the country’s invasion of Ukraine.
It has reduced its direct risk exposure to Russia to $0.3bn by 30 June 2022, compared to the $0.4bn in March 2022 and 0.6bn in December 2021.