Switzerland’s UBS Group reported a net income of $770 million for the fourth quarter of 2024, significantly surpassing analyst expectations of $483 million. The bank also revealed a $3 billion share buyback program for 2025, exceeding the anticipated $2.2 billion. This repurchase will be conducted in two stages: $1 billion in the first half and up to $2 billion in the latter half, while maintaining a CET1 capital ratio around 14%. Total revenues saw a 7% year-over-year increase to $11.6 billion, slightly above predictions. However, net new assets in global wealth management fell short of expectations at $18 billion. Following its acquisition of Credit Suisse in 2023, UBS is actively integrating operations and preparing for potential stricter banking regulations in Switzerland. Since the takeover, UBS’s shares have appreciated by over 80%. CEO Sergio Ermotti noted progress in transitioning Credit Suisse clients to UBS’s IT system, with integration efforts set to continue throughout the next year.
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- February 4, 2025
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