UBS Bank’s profits increased by 23% to $ 1.7 billion in the fourth quarter

Profits jumped Swiss bank “UBS”.in the fourth quarter of last year, by 23%, compared to the same period of the previous year, to reach $1.7 billion.

Quarterly profit exceeded analyst expectations of $1.3 billion, supported by a 35% increase in interest income in the wealth management unit.

The bank’s annual profit recorded $7.6 billion in 2022, an increase of 2%.

UBS plans to buy back more than $5 billion in shares this year.