Private Banks

UBS releases second-quarter 2022 results

UBS reported a net profit of USD2.1 billion in the second quarter of 2022, with Global Wealth Management net new fee-generating assets flows over USD 3bn positive in APAC.

Amidst an acceleration in market declines across equity and fixed income, UBS reports focusing on being close to clients and supporting them with advice, liquidity and execution across its USD 3.9trn ecosystem.

Against this backdrop, Global Wealth Management net new fee-generating assets flows were muted at USD 0.4bn globally, but they were over USD 3bn positive in APAC. We saw USD 12bn of outflows in Asset Management, primarily from equities. With loans of close to USD 400bn and deposits over USD 500bn UBS saw combined net interest income up 15% year-on-year for GWM and P&C.

Client activity was robust but differentiated across segments as institutional clients remained very active, with 10% growth in Global Markets revenues, on the back of high volatility, whereas private investors remained generally on the sidelines. Nonetheless, clients committed USD 3.9bn in private markets and invested USD 4.0bn in separately managed accounts. Momentum also stayed positive in modular digital mandate offering, My Way, as well as in investment products in Switzerland, each contributing USD 0.5bn of inflows. Finally, with USD 239bn Sustainable Finance invested assets the bank is more than halfway towards its USD 400bn aspiration by 2025.

 

Ralph Hamers, Group CEO said, “The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia. In these uncertain times, our clients rely on our powerful ecosystem to navigate markets and invest for the long term.. Heading into the second half of the year, we are well positioned to support clients in an operating environment that remains uncertain.”