The early wave of 2022 profit reports from the ASX’s blue chips shows Australian businesses have largely weathered the pressures from rising costs and choked supply chains to deliver durable earnings, according to UBS.

A fifth of companies on the ASX have reported results for the 2022 financial year that ended June 30, and despite the effects of inflation, which has squeezed consumer prices higher across the economy and spurred the Reserve Bank of Australia to raise interest rates, corporate profits remain largely intact.