Exceeds expectations, reduces exposure to Russia

UPS He exceeded expectations for the first quarter of 2022 and said he had reduced his exposure to Russia.

The Swiss bank on Tuesday reported a net profit attributable to shareholders of $2.136 billion, higher than the $1.79 billion forecast the bank has collected.

It is up 17% from the $1.82 reported in the same period in 2021 and follows a quarterly net profit decline to $1.35 billion at the end of the year.

The bank previously described its exposure to market risks to Russia as “limited” and said on Tuesday that it had reduced its exposure to $0.4 billion on March 31, compared to $0.6 billion at the end of 2021.

In addition, she said that she has no physical exposure to Ukraine or Belarus, and that she does not conduct any new business in Russia or with clients in Russia.

“Macroeconomic, geopolitical and market factors created a high level of uncertainty in the first quarter, with Russia’s invasion of Ukraine, COVID-related restrictions and lockdowns, increased volatility, lower economic growth expectations, and concerns about rising inflation and the monetary policy response,” the bank said in a statement issued on Tuesday. .

Here are some other key metrics for the quarter:

• Operating income was $9.36 billion, compared to $8.71 billion a year earlier.
• The return on tangible equity, a measure of profitability, was 16%, up from 14% a year earlier.
• CET1, a measure of a bank’s solvency, was 14.3% versus 15% at the end of 2021.

The company’s stock has been flat for the year so far.

—This is a breaking news story and is being updated.