ZURICH: UBS Group, Switzerland's largest bank, on Tuesday posted net profit of $770 million for the fourth quarter of 2024, trouncing forecasts.
The net profit attributable to shareholders compared with an average estimate of $483 million in a company-provided poll of analysts.
The lender also announced a share buyback program of up to $3 billion for this year, higher than the $2.2 billion analysts at Vontobel expected.
UBS said it planned to repurchase $1 billion of shares in the first half of 2025 and up to $2 billion in the second half while maintaining its target common equity tier 1 capital (CET1) ratio of around 14%.
The bank also specified that the share repurchase amounts were subject to "the absence of material and immediate changes to the current capital regime in Switzerland." - Reuters
