UBS reports higher-than-expected net profit of $1.35 billion, sets new targets

0
70

By Cristina Roca


UBS Group AG on Tuesday reported higher-than-expected fourth-quarter net profit and set new targets as part of its strategy update.

The Swiss bank’s net profit fell to $1.35 billion from $1.64 billion a year earlier, beating analyst expectations of $863 million, according to a company-compiled consensus.

UBS said its bottom line was weighed down by a $740 million provision taken for a French tax case.

As part of its new plan, UBS said it will target more than $6 trillion in invested assets across its global wealth management, asset management and personal and corporate banking units. It will also aim for a 15%-18% return on common equity tier 1 capital and a cost-to-income ratio of 70%-73%.

The lender’s fourth-quarter operating income rose 8% to $8.73 billion, coming in ahead of analyst expectations of $8.49 billion, according to the same consensus.

UBS proposed a dividend of 50 cents a share for 2021, up from 37 cents the year prior, and said it intends to buy back $5 billion of shares in 2022.


Write to Cristina Roca at cristina.roca@wsj.com


This article was originally published by Marketwatch.com. Read the original article here.

Previous articleGold futures climb for the session, fall for the month
Next articleThe Moneyist: I’m 60 and a single mother. My daughter, 17, has a developmental disability. How do I make sure she’s taken care of after I’m gone?

LEAVE A REPLY

Please enter your comment!
Please enter your name here