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Dow Jones Newswires: UBS posts better-than-expected profit, as wealth-management unit brings in $23.3 billion in new client money


UBS Group AG on Tuesday reported a surprise rise in fourth-quarter profit as its wealth-management arm attracted billions in new client money, despite difficult macroeconomic headwinds.

The Swiss bank


reported a net profit of $1.65 billion in the three months to the end of December, up from $1.35 billion for the same period a year earlier.

Revenue was $8.03 billion compared with $8.71 billion in the fourth quarter of 2021.

It meant the Zurich-based bank beat 4Q estimates of net profit of $1.28 billion and revenue at $7.98 billion, according to analysts’ consensus provided by the company.

UBS said it took on $23.3 billion in net new fee-generating assets at its key wealth-management business in the quarter, at a time when its local rival Credit Suisse Group AG had struggled with a flight of assets.

The bank also cited persistent inflation, rapid central-bank tightening, the Ukraine war, and geopolitical tensions that affected asset-pricing levels and investor sentiment in the year.

UBS said it would propose a dividend of $0.55 for 2022.

The lender said it would remain committed to a progressive dividend and expects to repurchase more than $5 billion of shares in 2023.

Write to Ed Frankl at

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