(CercleFinance.com) – UBS supports the entire banking sector in Europe on Tuesday after announcing a better than expected performance for its fourth quarter, as well as other good surprises.
The Swiss establishment reported this morning a net profit of 1.34 billion dollars over the last three months of the year, against a profit of 1.64 billion over the same period last year.
If this result appears to be down from one year to the next, analysts anticipated a much more pronounced decline, with a consensus established at 860 million.
The private bank indicates that it has recorded provisions for litigation of 740 million dollars (650 million euros) in its accounts for a penalty linked to its cross-border activities in France.
‘UBS is in better shape than ever,’ however reassured the group’s managing director, Ralph Hamers.
‘For the second consecutive year, we have achieved our objectives, kept costs under control and recorded strong performances in
all regions and divisions,” he said.
In its press release, UBS indicates that it has set new “ambitious” objectives, with the intention in particular of proposing a dividend per share of 0.50 dollar for the 2021 financial year.
The group, which bought back $2.6 billion of its own shares in 2021, plans to buy back another $5 billion in 2022, an amount well above market expectations.
As a result, the title jumped by almost 6% on Tuesday in the first exchanges on the Zurich Stock Exchange, a dynamic which benefited the European banking index, the STOXX Europe 600 Banks, which appreciated by more than 1.2% in the same time.
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