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The Swiss bank UBS receives a lift from increased interest rates, and the bank’s performance in the fourth quarter exceeds forecasts

BusinessThe Swiss bank UBS receives a lift from increased interest rates, and the bank's performance in the fourth quarter exceeds forecasts

UBS exceeded analysts’ forecasts by announcing a net income of $1.7 billion for the last quarter of the previous year. This brings the company’s overall year profit to $7.6 billion in 2022.

According to data provided by Refinitiv, market analysts anticipated that UBS would generate a net income of $1.3 billion in the fourth quarter and of $7.3 billion for the whole year.

In a statement, Chief Executive Officer Ralph Hammers said that the company had achieved “excellent full-year and strong fourth-quarter performance in a tough macroeconomic and geopolitical climate.”

Global Wealth Management, one of the bank’s divisions, was able to report a year-over-year rise in net interest income of 35%. This was accomplished by increasing deposit margins as a direct result of higher interest rates.

Over the course of the previous year, the Swiss lender’s share price increased by almost 15%.

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