UBS fourth-quarter profit rises 23%; beats estimates

UBS fourth-quarter profit rises 23%; beats estimates

By Noele Illien

ZURICH (Reuters) – Switzerlands UBS Group AG on Tuesday reported a 23% increase in fourth-quarter profit, beating analyst estimates, helped by a fall in costs despite a drop in financial markets.

The worlds largest wealth manager kicked off a round of reporting for major European banks, many of which have been cutting jobs and costs in light of waning economic growth.

The Swiss bank reported net profit attributable to shareholders of $1.7 billion, versus the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll.

“We are starting 2023 from a position of strength,” Chief Executive Ralph Hamers said in a statement.

Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion.

Crosstown rival Credit Suisse Group AG will report on Feb. 9 having flagged a quarterly pre-tax loss of as much as 1.5 billion francs ($1.63 billion) following hefty withdrawals by wealthy clients after a string of scandals and losses.

UBS Chairman Colm Kelleher has said his bank has not actively sought to benefit from Credit Suisses troubles.

(Reporting by Noele Illien; Editing by Christopher Cushing)

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