UBS beats earnings expectations, announces up to $1 billion share buyback

UBS beats earnings expectations, announces up to $1 billion share buyback


Fabrice Coffrini | Afp | Getty Images

Swiss banking large UBS on Tuesday narrowly beat fourth-quarter earnings expectations and introduced that it could recommence share buybacks price up to $1 billion within the second half of the 12 months.

The group posted a web loss attributable to shareholders of $279 million for the quarter. Analysts polled by LSEG had anticipated a web loss attributable to shareholders of $372 million.

In the third quarter, UBS had posted a bigger-than-expected net loss attributable to shareholders of $785 million — which factored in $2 billion in bills associated to the combination of fallen rival Credit Suisse.

After that third quarter report, the market selected to concentrate on the financial institution’s sturdy underlying working revenue earlier than tax, which was properly forward of expectations. For the fourth quarter, that got here in at $592 million.

UBS has additionally reported a faster than anticipated return of consumer inflows to Credit Suisse’s wealth administration enterprise because the takeover, which it completed in June 2023.

The integration of its stricken rival continues, with UBS embarking on a process of cutting around 3,000 Credit Suisse jobs as a part of the broader restructure. UBS introduced on Tuesday that it had accomplished the primary section of the strategic integration.

UBS shares have made an detached begin to 2024, closing Monday’s commerce down 1.5% because the flip of the 12 months.

This is breaking information story, please examine again later for extra.



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