UBS Q4 Profit Rises, Revenues Down; Plans Dividend, More Than $5 Bln Share Buyback

(RTTNews) - Swiss banking giant UBS Group AG (UBS) reported Tuesday that its fourth-quarter net profit attributable to shareholders was $1.65 billion, up 23 percent from last year's $1.35 billion. Earnings per share were $0.50, higher than $0.38 a year ago.

Profit before tax was $1.94 billion, up 12 percent year-over-year as operating expenses decreased 13 percent.

Total revenues, meanwhile, were down 8 percent to $8.03 billion from prior year's $8.71 billion.

Further, for the financial year 2022, the company intends to propose an ordinary dividend of $0.55 per share. The company also expects to repurchase more than $5 billion of shares during 2023.

Looking ahead, Ralph Hamers, UBS's Group CEO, said, "We are starting 2023 from a position of strength. While the macroeconomic outlook remains uncertain, our operational resilience, capital strength and capital generation put us in a great position to serve our clients, fund growth and deliver strong capital returns to shareholders."

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