FABRIC COFFRINI | AFP | Getty Images
UBS exceeded expectations for the first quarter of 2022 and further reduced its exposure to Russia.
The Swiss bank on Tuesday reported net income attributable to shareholders of $2.136 billion, higher than the bank’s compiled guidance of $1.79 billion.
This represents a 17% increase from the $1.82 reported for the same period in 2021 and follows a decline in quarterly net income to $1.35 billion at year-end.
The bank has previously described its market exposure to Russia as “limited” and said on Tuesday it had reduced its exposure to $0.4 billion as of March 31, down from $0.6 billion at the end of 2021.
In addition, it said it had no significant exposure to Ukraine or Belarus and was not doing any new business in Russia or with Russia-based clients.
“Macroeconomic, geopolitical and market factors created a high level of uncertainty in the first quarter, with the Russian invasion of Ukraine, COVID-related restrictions and lockdowns, higher volatility, the lower economic growth outlook and concerns about higher inflation and monetary policy response,” the bank said in a press release on Tuesday.
Here are some other key metrics for the quarter:
- Operating income was $9.36 billion compared to $8.71 billion a year earlier.
- The return on tangible equity, a measure of profitability, was 16%, up from 14% a year ago.
- The CET-1 ratio, a measure of banks’ solvency, was 14.3% compared to 15% at the end of 2021.
The company’s stock has stagnated for the year to date.
—This is breaking news and will be updated.