Swiss banking giant UBS on Tuesday narrowly beat fourth-quarter earnings expectations and announced that it would recommence share buybacks worth up to $1 billion in the second half of the year.
The group posted a net loss attributable to shareholders of $279 million for the quarter.
Analysts polled by LSEG had expected a net loss attributable to shareholders of $372 million.
In the third quarter, UBS had posted a bigger-than-expected net loss attributable to shareholders of $785 million — which factored in $2 billion in expenses related to the integration of fallen rival Credit Suisse.
UBS shares have made an indifferent start to 2024, closing Monday's trade down 1.5% since the turn of the year.
Persons:
LSEG
Organizations:
UBS, Credit Suisse, Suisse