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Dow Jones Newswires: UBS second quarter profits rise but miss forecasts

UBS Group AGs UBSG, -6.38% second-quarter earnings inched higher, though they fell lacking analysts expectations, held back by steep falls in global stock and bond markets.

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

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

Analysts had expected UBS to create a net profit at $2.40 billion on revenue of $9.43 billion, in accordance with a company-compiled consensus.

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

Net new fee-generating assets stood at roughly $400 million. On the first 1 / 2 of the entire year, net new fee-generating assets were $19.8 billion. Net new fee-generating asset flows for the quarter were positive by a lot more than $3 billion in Asia-Pacific, an integral region where wealth managers have recently experienced weakness as clients dialed down on risk.

The next quarter was probably the most challenging periods for investors within the last 10 years, LEADER Ralph Hamers said. Our underlying performance reflected an excellent result in a host with lower asset levels, higher volatility and increasing rates, he said.

The lender said it really is well-positioned since it heads in to the second 1 / 2 of 2022, and backed its intend to buy back around $5 billion of its shares by the finish of the entire year.

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

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