UBS Group : NII tailwind going well into 2023; NNFGA generation solid
>We leave our estimates broadly unchanged following Q3 2022 reporting - We have reviewed our estimates following the Q3 2022 reporting from UBS. We leave our estimates broadly unchanged for 2022e and 2023e. UBS reported Q3 2022 results ahead of consensus estimates. Group net profit came to $ 1,733m vs $ 1,525 consensus estimate, the CIR came to 71.8% (9M 2022: 71.0%; company target CIR of 70- 73%). The beat was driven by GWM, P&C and IB operations. Cost of risk was lo...UBS Group is a holding company. Through its subsidiary, UBS, Co. provides financial services including advisory services, underwriting, financing, market making, asset management and brokerage and retail banking. Co.'s operations are organized along five segments: Wealth Management (financial services to high net worth and ultra high net worth individuals as well as private and corporate clients); Wealth Management Americas (advice-based solutions for ultra high net worth, high net worth and core affluent individuals and families); Personal & Corporate Banking (provides financial products and services to private, corporate and institutional clients); Asset Management and Investment Bank.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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