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UBS has launched an expansion plan to almost double its shareholding program and increase its profits after global markets helped raise annual profits for a major Swiss bank.
The bank said Tuesday it wants to buy $ 5bn shares over the next 12 months, surpassing the $ 2.6bn it bought in 2021, bringing the total repayment program to $ 7.6bn, close to $ 4 billion. bn which was originally established.
The promise came as the bank’s annual results show how UBS, which is focused on growing its financial management business, benefited from the resumption of global markets last year.
Shares in UBS rose 6 percent on initial sales.
Its wealth management business, which supports wealthy clients, recorded a 19 percent increase in tax revenue in 2021 from last year. The bank said it was keeping track of the growth of the sector.
Annual interest rates on the bank increased to $ 7.5bn last year from $ 6.6bn in 2020, when it announced an annual dividend of 50 cents. That has risen from 37 cents in 2020.
Profits for the fourth quarter of the group, however, were affected by the decline in employment and the new $ 740mn interest rate related to the French tax case. A court in Paris upheld a previous decision in December and ordered the bank to pay a $ 2bn fine for helping French customers protect their property from tax officials.
His investment bank did better than expected in the fourth quarter.
In line with plans already submitted to investors, UBS unveiled what it wants to do with its goals – placing a digital investment in its business among Ralph Hamers ’first senior mindset manager since he took office in November 2020.
“For the next two years, we achieved our goals, remained self-sufficient in our value and saw strong donations from all areas and regions,” Hamers said. “This is just the beginning of what we can do. To get the most out of what we have made, these changes look where we see the greatest potential.”
The bank said it was raising interest rates from 12-15% to 15-18% per annum, after repaying 17.5% last year. Overall, stocks run by UBS rose to $ 4.5tn.
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