UBS Reports $770 Million Q4 Profit, Plans $3 Billion Share Buyback

UBS Group AG reported a strong financial performance in the fourth quarter of 2024, posting a net profit of $770 million, a significant recovery from a $279 million loss in the same period the previous year. The bank's total revenue for the quarter increased by 7% to $11.64 billion, driven by high client activity across its wealth management and investment banking divisions. UBS also announced a proposed dividend of $0.90 per share, which marks a 29% increase year-over-year, and plans a share buyback program totaling up to $3 billion in 2025. The merger with Credit Suisse continues to progress, with $7.5 billion in cost synergies already achieved and plans for further savings. UBS aims to complete the integration of Credit Suisse by the end of 2026, with significant customer account transitions expected in 2025. CEO Sergio Ermotti emphasized the bank's robust position and commitment to long-term growth amidst ongoing integration efforts.