UBS Group AG: Fourth Quarter 2022 Financial Results

Switzerland's PMI rose to 49.0 in August, a moderate improvement from the previous month. UBS Group AG reported its Q3 2023 results, with revenues of CHF 20.6 billion, up 1% YoY. The bank's wealth management business generated 49.4% of revenues, followed by investment banking at 22.1%, retail and corporate banking at 18.8%, asset management at 6.4%, and other at 3.3%. Current deposits totaled CHF 745.8 billion, while current loans reached CHF 580 billion.

Switzerland's Purchasing Managers' Index (PMI) rose to 49.0 in August, signaling a moderate improvement from the previous month. Meanwhile, UBS Group AG reported its Q3 2023 results, with revenues of CHF 20.6 billion, up 1% year-over-year (YoY). The bank's wealth management business accounted for 49.4% of total revenues, followed by investment banking at 22.1%, retail and corporate banking at 18.8%, asset management at 6.4%, and other segments at 3.3%. Current deposits reached CHF 745.8 billion, while current loans stood at CHF 580 billion [1].

Separately, National Bank of Canada reported an increase in its third-quarter profit, driven by its wealth management business and higher income from interest. The bank's net interest income surged by more than 52% to C$1.17 billion ($846.78 million), while its wealth management profit grew 12% to C$244 million. Adjusted net income rose to C$1.10 billion for the three months ended July 31, from C$960 million a year earlier [2].

UBS Group has also raised its profit forecasts for 2025 to 2027 by 6% to 9%, adjusting its target price from 93.6 yuan to 100.6 yuan, maintaining a 'neutral' rating [1].

References:
[1] https://news.futunn.com/en/post/61364033/ubs-group-has-raised-the-target-price-for-mao-geping
[2] https://ca.finance.yahoo.com/news/national-bank-canadas-profit-rises-105739975.html