UBS beats earnings expectations, announces up to $1 billion share buyback
Publishing timestamp: 2024-02-06 03:20:59
Summary
UBS reported a net loss of $279 million for the fourth quarter, its second consecutive loss due to integration costs. However, the bank's underlying operating profit before tax exceeded expectations. UBS plans to recommence share buybacks worth up to $1 billion and propose a dividend per share of $0.70. The integration of fallen rival Credit Suisse is ongoing, with UBS embarking on job cuts. The bank has reported quicker than expected return of client inflows to Credit Suisse's wealth management business. UBS aims to complete the full merger by the end of the second quarter. The market will focus on fundamental indicators, such as net new money growth in the wealth management division, to assess the bank's performance.
Sentiment: MIXED
Tickers: UBSG-CH,
Keywords: breaking news, breaking news: europe, ubs group ag, banks, earnings, business news,