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UBS on Tuesday revealed its highest annual pre-tax profit since the global financial crisis, or since 2006, as lending to the world’s wealthy and large transaction volumes during the global pandemic drove Swiss banks’ income sharply.
In Switzerland, UBS plans to buy up to CHF 4 billion, or $ 4.5 billion, in shares over the next three years.
Today, the bank announced a record fourth quarter 2020 profit surge to $ 1.7 billion, which will increase returns for shareholders.
The group intends to double the size of its previous buyback program, which plans to repurchase up to $ 1.1 billion of shares in the first quarter of this year.
European stocks rose on Tuesday, after falling for two sessions, as UBS Wealth Management reported higher quarterly net profit.
UBS rose 3.3% as high levels of client activity helped the world’s largest wealth manager record a 137% increase in net income.
The bulk of the profits of UBS, the world’s largest wealth manager, come from advising and managing the money of the world’s richest people, while maintaining investment banking and management operations assets globally.
The bank provides banking services to individuals and businesses in the local market only. This business model paid off in 2020 as the low-risk loan portfolio generated fewer losses than many competitors. USB has also benefited from fluctuations and gains in stock markets, which has boosted investment and trade.
Net income for the year rose 54% to $ 6.6 billion, meeting or exceeding all of its financial targets. Pre-tax profit was $ 8.226 billion, the bank’s best since 2006.
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