UBS surprises with 17% rise in Q1 profit to best since 2007

ZURICH (REUTERS, BLOOMBERG) – UBS’ first-quarter internet profit rose 17 per cent on Tuesday (April 26) to its best since 2007 on the again of sturdy buying and selling, upending expectations for a fall amid uncertainties over the conflict in Ukraine.

Net profit of US$2.14 billion (S$2.94 billion) for the March quarter outpaced common expectations for US$1.79 billion in a ballot of 21 analysts compiled by the Swiss financial institution.

One of the primary two main European banks to report outcomes alongside HSBC, UBS’ earnings supplied a pointy distinction to the profit declines that American friends reported this month.

Wall Street banks have come beneath strain amid a droop in dealmaking globally, however volatility fuelled by considerations round rate of interest hikes and the financial fallout of the Ukraine conflict have helped buying and selling desks smash expectations.

UBS’ funding banking – weighted most closely to equities – noticed pre-tax profit soar 126 per cent, as a 59 per cent rise in world markets buying and selling income helped offset a 30 per cent decline in capital markets and advisory income as dealmaking and preliminary public choices slowed.

During the prior-year interval, funding banking outcomes had been hampered by a US$774 million loss on the collapse of United States-based shopper Archegos. Excluding that, world markets income would have been up 4 per cent, UBS mentioned.

Earnings on the personal banking unit had been much less constructive as a pullback by Asia-Pacific shoppers contributed to a 19 per cent drop in transaction-based revenue. 

UBS is giving the primary perception into how European banks are navigating the turmoil attributable to the geopolitical disaster and shopper response to headwinds together with hovering inflation and price rises. While wealthy shoppers are extra cautious due to the financial and market outlook, funding banks are seeing resurgent buying and selling in each mounted revenue and equities.

“The first quarter was dominated by extraordinary geopolitical and macro events,” UBS chief government officer Ralph Hamers mentioned in an announcement. “With volatile markets driving trading volumes, we facilitated high volumes of trades, managed risks and provided access to liquidity.”

UBS is seeing a success of about US$100 million associated to Russia on derivatives, failed settlements and provisions towards receivables, chief monetary officer Kirt Gardner advised reporters. The financial institution, which has decreased its publicity to the nation to about US$400 million, warned that it may see that quantity enhance due to settlement danger on open transactions. 

Credit Suisse Group mentioned final week that first-quarter outcomes can be hit by 200 million francs (S$286.3 million) of adverse revenues and provisions for credit score losses associated to the invasion.

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