UBS NZ remains 'cautiously optimistic' after strong turnaround in 2023

Salary costs were down 17% for UBS NZ in 2023. (Image: Getty)

Tue, 30 Apr 2024

UBS New Zealand posted $10.1 million in net profits for the year ending Dec 31 2023, during what the bank's country head described as a “very active year”.It is a significant turnaround for the Swiss bank after two consecutive years of losses, $0.83m in 2022 and $0.79m in 2021.Operating income was up 51.8%, rising from $31.9m in 2022 to $48.5m in 2023.Of this, $38.1m came from fees and commission, while $9.2m came from related party transactions. UBS NZ borrows securities from UBS Securities Australia – balances...

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