UBS Posts Q4 Loss, Sees Sequential Improvement In Q1 Profit, Ups Dividend; To Buy Back $1 Bln Shares

(RTTNews) - Swiss banking major UBS Group AG (UBS) reported Tuesday that its fourth-quarter net loss attributable to shareholders was $279 million, compared to last year's profit of $1.65 billion.

Loss per share was $0.09, compared to profit of $0.50 in the prior year.

Loss before tax was $751 million, compared to profit of $1.94 billion a year ago. Underlying profit before tax was $592 million, compared to $914 million a year earlier.

For the quarter, total revenues climbed 35 percent to $10.86 billion from $8.03 billion last year.

Looking ahead to the first quarter, the company projects substantial sequential improvement in reported net profit. The company projects the Investment Bank to return to profitability, due to improving market activity.

Revenues are expected to be positively influenced by seasonal factors, such as higher client activity levels, sequentially.

Further, for 2023, the Board of Directors intends to propose a dividend of $0.70 per share, a 27 percent increase from last year. Subject to approval at the Annual General Meeting, scheduled for April 24, the dividend will be paid on May 3 to shareholders of record on May 2.

In 2024, the company expects to repurchase up to $1 billion of shares, commencing after the completion of the merger of UBS AG and Credit Suisse AG.

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