By Cristina Roca 
 

UBS Group AG on Tuesday reported a small increase in second-quarter earnings, but the result fell short of analysts' views, held back by tough market conditions.

The Swiss bank reported a quarterly net profit of $2.11 billion, up from $2.01 billion a year earlier.

Revenue was $8.92 billion, inching up from $8.90 billion.

The results fell short of analysts' expectations of a net profit at $2.40 billion on revenue of $9.43 billion, according to a company-compiled consensus.

UBS's wealth-management division, the company's crown jewel, recorded a 2% revenue drop, dragged by negative market performance, adverse currency effects and lower levels of client activity, especially in the Americas and Asia-Pacific regions.

"The second quarter was one of the most challenging periods for investors in the last 10 years," Chief Executive Ralph Hamers said. "Our underlying performance reflected a good result in an environment with lower asset levels, higher volatility and increasing rates," he said.

The bank said it is well-positioned as it heads into the second half of 2022, and backed its plan to buy back around $5 billion of its shares by the end of the year.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

July 26, 2022 01:20 ET (05:20 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
UBS (NYSE:UBS)
Historical Stock Chart
From Sep 2022 to Oct 2022 Click Here for more UBS Charts.
UBS (NYSE:UBS)
Historical Stock Chart
From Oct 2021 to Oct 2022 Click Here for more UBS Charts.