UBS doubles size of share buyback as profit jumps
Leading wealth manager's fourth-quarter net income beats estimates
26 January 2021 - 17:43
Zurich — UBS plans to buy back as much as Sf4bn ($4.5bn) of shares over the next three years, bolstering shareholder returns after income from managing client assets and investment banking propelled gains at the world’s largest wealth manager.
The lender is doubling the size of a previous programme and said it expects to repurchase up to $1.1bn of shares in the first quarter, according to a statement on Tuesday. The bank finished off the year strongly, with fourth-quarter net income of $1.7bn that beat analyst estimates and the Zurich-based firm meeting or beating all its targets in 2020...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.