UBS Plans to Restart Share Buybacks, Logs Q4 Loss

Reuters02-06

(Reuters) - UBS said on Tuesday it had completed the first phase of integrating fallen rival Credit Suisse, was benefiting from net new asset flows and plans to restart share buybacks in the second half of the year, with up to $1 billion slated for 2024.

The Swiss bank also said it was proposing a dividend of $0.70 per share for 2023, a 27% increase.

The cost of absorbing Credit Suisse led the world's biggest wealth manager to post a net loss of $279 million in the fourth quarter, slightly smaller than a company-compiled consensus estimate for a $285 million loss.

"With enhanced scale and capabilities across our leading client franchises and improved resource discipline, we will drive sustainable long-term growth and higher returns," CEO Sergio Ermotti said in a statement.

He added that clients had entrusted the bank with $77 billion of net new assets since the acquisition.

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