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UBS Posts Strong Earnings; Announces $4.5bn Share Buyback
January 27, 2021
Swiss bank UBS reported strong earnings and announced a $4.5bn share buyback programme over the next three years. Of the buyback programme, $1.1bn will likely be exercised over the first quarter. Net profits for 2020 stood at $6.6bn, a 54% YoY rise and at $1.7bn for Q4, a 137% jump. The bank reported a 17.6% return on CET1 capital with the CET1 ratio at 13.8% as on 2020-end. Cost-income ratio was also down to 73%, the lowest since 2006 with the bank mentioning that all financial targets were either met or exceeded in 2020. The board intends to propose a dividend of $0.37/share. CEO Ralph Hamers said, “Global Wealth Management and Asset Management recorded double-digit profit before tax growth, while the Investment Bank achieved a 20% return on attributed equity. Regionally, profit before tax in the Americas and Asia Pacific increased by over 1 billion each”. Over the course of 2020, the balance sheet rose from $975bn to $1.12tn and revenues rose 12% to $32bn. UBS’s 6.875% perps were flat at 113.65, yielding 3.64%
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