Switzerland’s largest bank, UBS, increased its net profit by 56 percent year-on-year to $1.2 billion (almost CZK 25 billion) in the fourth quarter of last year. Strong results from the asset management and investment banking divisions contributed to this growth.
The results exceeded market expectations
Switzerland’s largest bank, UBS, increased its net profit by 56 percent year-on-year to $1.2 billion (almost CZK 25 billion) in the fourth quarter of last year, with strong results from its wealth management and investment banking divisions contributing to the growth. The company announced this today. The profit exceeded analysts’ expectations, who had estimated it at $919 million.
The bank also unveiled a new share buyback program today. It plans to spend at least $3 billion on it this year, the same amount as last year, according to Reuters.
Integration of Credit Suisse and changes in management
UBS is now completing its merger with domestic competitor Credit Suisse, which it acquired in 2023. At that time, Credit Suisse had run into such serious problems after a series of financial failures and scandals that it began to threaten the stability of the global financial system.
UBS is also continuing its search for a successor to its CEO, Sergio Ermotti. He had previously announced his intention to step down at the turn of this year and next. Possible candidates include several UBS managers, such as the head of its asset management division, Aleksandar Ivanovic, and CFO Beatriz Martin, Bloomberg reported.
UBS’s net profit for the whole of last year increased by 53 percent to $7.8 billion (over CZK 160 billion). Ermotti described the bank’s performance last year as excellent and pointed to significant progress in the integration of Credit Suisse, which he said was nearing completion.
Source: ÄŒTK
