<p>Zurich: UBS Group, Switzerland's largest bank, on Tuesday posted net income of $770 million for the fourth quarter of 2024, trouncing forecasts.</p><p>The net profit attributable to shareholders compared with an average estimate of $483 million in a company-provided poll of analysts.</p><p>The lender also announced a share buyback program of up to $3 billion for this year, higher than the $2.2 billion analysts at Vontobel expected.</p><p>UBS said it planned to repurchase $1 billion of shares in the first half of 2025 and up to $2 billion in the second half while maintaining its target common equity tier 1 capital (CET1) ratio of around 14 per cent.</p><p>The bank also specified that the share repurchase amounts were subject to "the absence of material and immediate changes to the current capital regime in Switzerland."</p><p>The results mark the fourth consecutive quarter of profit as UBS integrates Credit Suisse after acquiring its former rival in 2023.</p><p>Total revenues climbed 7 per cent to $11.6 billion year-on-year, narrowly beating the company-provided consensus forecast of $11.5 billion.</p>.US scrutinises Russia accounts UBS took over from Credit Suisse: Reports.<p>Net new assets attracted in global wealth management during the quarter amounted to $18 billion, missing the $21 billion Zuercher Kantonalbank analysts had forecast.</p><p>UBS is awaiting more clarity on plans to draw up stricter banking regulations in Switzerland following the collapse of Credit Suisse, which unravelled after a series of scandals.</p><p>At the centre of the overhaul are plans to make UBS hold more capital to prevent a repeat of the Credit Suisse meltdown, but they have yet to make clear how much that will be.</p><p>UBS says existing capital requirements are appropriate, and has warned the Swiss government that excessive demands could make the country's financial sector less competitive.</p><p>Investors have warmed to the Credit Suisse takeover, with UBS's shares rising by more than 80 per cent since then.</p><p>UBS Chief Executive Sergio Ermotti said last week that the migrating of Credit Suisse clients to its IT system was going well, but that it would remain a major focal point for the next 12 months.</p>
<p>Zurich: UBS Group, Switzerland's largest bank, on Tuesday posted net income of $770 million for the fourth quarter of 2024, trouncing forecasts.</p><p>The net profit attributable to shareholders compared with an average estimate of $483 million in a company-provided poll of analysts.</p><p>The lender also announced a share buyback program of up to $3 billion for this year, higher than the $2.2 billion analysts at Vontobel expected.</p><p>UBS said it planned to repurchase $1 billion of shares in the first half of 2025 and up to $2 billion in the second half while maintaining its target common equity tier 1 capital (CET1) ratio of around 14 per cent.</p><p>The bank also specified that the share repurchase amounts were subject to "the absence of material and immediate changes to the current capital regime in Switzerland."</p><p>The results mark the fourth consecutive quarter of profit as UBS integrates Credit Suisse after acquiring its former rival in 2023.</p><p>Total revenues climbed 7 per cent to $11.6 billion year-on-year, narrowly beating the company-provided consensus forecast of $11.5 billion.</p>.US scrutinises Russia accounts UBS took over from Credit Suisse: Reports.<p>Net new assets attracted in global wealth management during the quarter amounted to $18 billion, missing the $21 billion Zuercher Kantonalbank analysts had forecast.</p><p>UBS is awaiting more clarity on plans to draw up stricter banking regulations in Switzerland following the collapse of Credit Suisse, which unravelled after a series of scandals.</p><p>At the centre of the overhaul are plans to make UBS hold more capital to prevent a repeat of the Credit Suisse meltdown, but they have yet to make clear how much that will be.</p><p>UBS says existing capital requirements are appropriate, and has warned the Swiss government that excessive demands could make the country's financial sector less competitive.</p><p>Investors have warmed to the Credit Suisse takeover, with UBS's shares rising by more than 80 per cent since then.</p><p>UBS Chief Executive Sergio Ermotti said last week that the migrating of Credit Suisse clients to its IT system was going well, but that it would remain a major focal point for the next 12 months.</p>