UBS posts a spectacular rise in profit
The bank plans to buy back some $1.1 billion of shares this quarter
Stocks impacted: UBS (UBSG)
UBS ended 2020 on a strong note, having posted a 137% rise in fourth-quarter net profit. Furthermore, Switzerland’s biggest bank boosted profits by 54% for the full year. Its board intended to propose a dividend of $0.37 per share to shareholders. This quarter, the bank plans to buy back some $1.1 billion of shares. The world’s largest wealth manager put aside $694m for loan losses, with just $66m in the final quarter of the year. UBS's markets business delivered a 33% increase in revenues to $7.1 billion. At the same time, the bank warned on the ongoing impact of the pandemic in a statement on its outlook but added that the first quarter was likely to be positive for its business.
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