(Finance) – UBS registered a profit before taxes of $ 2,729 million in the first quarter of 2022 (+ 19% yoy), including net credit loss expenses of $ 18 million. The cost / income it was 70.7%, 3.1 percentage points lower on an annual basis. Operating income increased 8% year-on-year, while operating expenses increased 4%. L’net profit attributable to shareholders was $ 2,136 million, up 17% year-on-year and above expectations of $ 1.79 billion (according to a consensus of 21 analysts compiled by the Swiss bank). The CET1 return on equity was 19%. The capital ratio CET1 at the end of the quarter it was 14.3% (guidance at 13%).
“The first quarter was dominated by extraordinary geopolitical and macro events – commented Ralph Hamers, Group CEO from UBS – In this context, we have remained focused on executing our strategic plans, serving our clients and managing risk. “
“When clients came to us for advice on how to navigate this challenging environment, we stayed close to them, providing research, advice and guidance in their investment decisions – he added – And with volatile markets driving volumes. exchange, we facilitated high volumes of trading, managed risk and provided access to liquidity, obtaining i highest revenue ever recorded in the Global Markets division“.
The division’s operating income Investment Bank increased by 28%, while pre-tax profit was $ 929 million (+ 126% year-on-year). Excluding a $ 774 million loss from a US-based client default in 1Q21 prime brokerage, operating income would have decreased by 5%. The revenues of Global Markets they increased by 59% or $ 875 million. Excluding the aforementioned loss, Global Markets would have risen 4% or $ 101 million, mainly driven by higher revenues in equity derivatives, interest rates and exchange ratespartially offset by lower capital market financing revenues.