UBS Announces $5 Billion Buyback as Rate Tailwind Lifts Results
- Zurich-based lender reported net income of $1.65 billion
- Revenue falls at investment bank, cost-income ratio rises
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UBS Group AG reported fourth-quarter profit that beat expectations and announced plans to repurchase more than $5 billion of shares this year, as rising interest rates helped offset a slump in trading revenue and wealth-management fees.
The Zurich-based bank reported net income of $1.65 billion on Tuesday, aided by a 35% surge in interest income at the wealth management unit, the margin that the company makes on loans. Divisional results elsewhere mixed however, with the investment bank under-performing US peers and revenues down in asset management.