UBS (NYSE: UBS) reported positive first-quarter 2022 earnings and disclosed that it has further reduced its exposure to Russia. The company’s shares rose 17% during morning trading amid the news.
The multinational investment bank and financial services company reported earnings of USD0.60 per share, compared to the expected USD0.47. Revenue amounted to USD8.99 Billion, higher than analysts anticipated USD8.62 Billion.
“The first-quarter results were unexpectedly strong, mainly thanks to the Investment Bank, while the Asset Management business suffered, as expected, from the deteriorating market environment,” The Zurich-based bank said in its morning note.
The bank describes its market risk exposure to Russia as “limited.” UBS said its exposure is down to USD0.4 Billion as of March 31, compared to the USD0.6 Billion it had at the end of last year.
Furthermore, the company highlighted that it had no material exposure to Ukraine or Belarus, and revealed that it would not be operating new business in Russia or with Russian clients.
“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, higher volatility, the lower economic growth outlook, and concerns about higher inflation and the monetary policy response,” the bank said in a release Tuesday.