UBS Group AG (UBS) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

January 31, 2023 3:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good morning. Welcome to the fourth quarter 2022 results presentation. The conference must not be recorded for publication or broadcast. [Operator Instructions].

At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.

Sarah Mackey

Good morning and welcome, everyone.

Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors in our annual report together with disclosures in our SEC filings.

On Slide 2, you can see our agenda for today. It's now my pleasure to hand over to Ralph Hamers, Group CEO.

Ralph Hamers

Thank you, Sarah. Good morning, everyone. Great that you're all on the call. I will take you through the results like I used to. In 2020, we delivered for our clients and shareholders, and that was in challenging market conditions. We provided sound advice to our clients, partnered with them to help achieve their goals.

Our strategy and what differentiates UBS is clear. And as shown on this Slide 3 here, we are globally diversified with leading positions across the U.S., Asia Pacific, EMEA and Switzerland. We have outstanding client franchises, and they're unpinned by a balance sheet for all seasons, a strong risk culture and an intensified focus on costs. As you know, our business model is highly capital generative, supports both strong returns on capital as well as return of capital.

If I move to Slide 4, you got basically a full year of hard work on one slide. Good financial results in 2022. We achieved our group financial targets for the full year, net profit of $7.6 billion, and our return on CET1 capital was 17%, and our cost-to-income ratio was 72.1%.

Turning to Slide 5. Throughout 2022 , we were a source of strength for our clients, and we relentlessly focused on their needs while delivering for them across our platform. And you see the proof points here laid out across the different areas, invested assets, deposits, loans and the global markets activities. Across our $4 trillion in invested assets, we provided advice at bespoke services, seamless solutions. We helped our clients to reposition their portfolios in a world that was changing quickly, take advantage of longer-term opportunities as well.