Market Updates
UBS Reports Weak Performance Across All Divisions
Scott Peters
26 Jul, 2022
New York City
UBS AG dropped 10.9% to $15.04 after the Swiss bank reported sharply lower-than-expected earnings in its latest quarter.
Total revenues in the June quarter were essentially flat at $8.9 billion and net income gained 5% to $2.1 billion from $2.01 a year ago.
Many analysts were looking for earnings to fall between $2.2 billion and $2.45 billion in an informal poll conducted by Ticker.com in the U.S. and Switzerland.
Diluted earnings per share rose to 61 cents from 55 cents a year ago.
Fee generating assets in its global wealth management unit, fee-generating assets decreased by 12% or $169.5 billion to $1,244 billion, almost entirely driven by market decline and foreign currency effects.
The earnings were supported by a one-time gain of $848 million from the sale of its minority stake in its real estate joint venture in Japan with Mitsubishi.
Investment banking revenues declined 14% to $2.1 billion and wealth management unit revenues dropped to $4.7 billion from $4.8 billion a year ago.
UBS said assets under management declined $12 billion, mostly driven by outflows in equities assets.
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