Swiss banking big UBS will provoke a share buyback program of as much as $1 billion within the second half of the 12 months, because it ended the fourth quarter of fiscal 2023 with a web lack of $279 million, beating the road estimates of $372 million in losses.
It’s UBS’s second consecutive quarterly loss because the financial institution incurs huge prices of integrating its native rival, Credit score Suisse. UBS accomplished the acquisition of Credit score Suisse final 12 months in a deal expedited by the Swiss authorities to stop the collapse of the native banking trade.
The financial institution posted a web lack of $785 million within the third quarter of final fiscal after factoring in $2 billion in bills associated to the Credit score Suisse merger.
Now, UBS targets to finish the merger of the 2 banking giants by the tip of the second quarter of 2024. With the merger of the 2 authorized entities, UBS expects to understand “the subsequent part of the price, capital, and funding” in 2025 and 2026.
“2023 was a defining 12 months in UBS’s historical past with the acquisition of Credit score Suisse,” UBS’ CEO Sergio Ermotti mentioned. “Due to the distinctive efforts of all of our colleagues, we stabilized the franchise and have made super progress within the integration.”
“As well as, shoppers entrusted us with $77 billion of web new belongings because the acquisition and relied on our recommendation in a difficult geopolitical and macroeconomic setting.”
Incoming Restructuring
UBS’ income for the fourth quarter got here in at $10.86 billion, down from $11.7 billion within the earlier quarter. The CET1 capital ratio, which measures the financial institution’s liquidity, jumped to 14.5 p.c from 14.4 p.c.
“As we transfer to the subsequent part of our journey, we’ll concentrate on restructuring and optimizing the mixed companies,” Ermotti added. “Whereas our progress over the subsequent three years won’t be measured in a straight line, our technique is evident. With enhanced scale and capabilities throughout our main shopper franchises and improved useful resource self-discipline, we’ll drive sustainable long-term progress and better returns.”
Swiss banking big UBS will provoke a share buyback program of as much as $1 billion within the second half of the 12 months, because it ended the fourth quarter of fiscal 2023 with a web lack of $279 million, beating the road estimates of $372 million in losses.
It’s UBS’s second consecutive quarterly loss because the financial institution incurs huge prices of integrating its native rival, Credit score Suisse. UBS accomplished the acquisition of Credit score Suisse final 12 months in a deal expedited by the Swiss authorities to stop the collapse of the native banking trade.
The financial institution posted a web lack of $785 million within the third quarter of final fiscal after factoring in $2 billion in bills associated to the Credit score Suisse merger.
Now, UBS targets to finish the merger of the 2 banking giants by the tip of the second quarter of 2024. With the merger of the 2 authorized entities, UBS expects to understand “the subsequent part of the price, capital, and funding” in 2025 and 2026.
“2023 was a defining 12 months in UBS’s historical past with the acquisition of Credit score Suisse,” UBS’ CEO Sergio Ermotti mentioned. “Due to the distinctive efforts of all of our colleagues, we stabilized the franchise and have made super progress within the integration.”
“As well as, shoppers entrusted us with $77 billion of web new belongings because the acquisition and relied on our recommendation in a difficult geopolitical and macroeconomic setting.”
Incoming Restructuring
UBS’ income for the fourth quarter got here in at $10.86 billion, down from $11.7 billion within the earlier quarter. The CET1 capital ratio, which measures the financial institution’s liquidity, jumped to 14.5 p.c from 14.4 p.c.
“As we transfer to the subsequent part of our journey, we’ll concentrate on restructuring and optimizing the mixed companies,” Ermotti added. “Whereas our progress over the subsequent three years won’t be measured in a straight line, our technique is evident. With enhanced scale and capabilities throughout our main shopper franchises and improved useful resource self-discipline, we’ll drive sustainable long-term progress and better returns.”
