In 2023, UBS bought back $1.3bn of shares before its acquisition of Credit Suisse and it aims to buy a further $1bn this year.
This strategy follows a net loss of $279m in Q4 2023 for UBS.
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However, the wealth management arm recorded a profit of $381m before tax, well below analysts’ predictions of over $1bn.
Total revenues increased 18% to $5,444m for the arm, mainly attributed to the consolidation of Credit Suisse revenues, and included $284m of accretion of PPA adjustments on financial instruments and other effects, partly offset by losses of $190m related to the bank’s investment in SIX Group.
Furthermore, the wealth management arm of UBS in 2023 gained $77bn of net new assets and $77bn of net new deposits across GWM and P&C since the closing of the Credit Suisse acquisition in 2023.
UBS statement on 2023
Sergio P. Ermotti, group CEO, said: “2023 was a defining year in UBS’s history with the acquisition of Credit Suisse. Thanks to the exceptional efforts of all of our colleagues, we stabilised the franchise and have made tremendous progress in the integration. In addition, clients entrusted us with $77bn of net new assets since the acquisition and relied on our advice in a challenging geopolitical and macroeconomic environment.
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By GlobalData“As we move to the next phase of our journey, we will focus on restructuring and optimising the combined businesses. While our progress over the next three years will not be measured in a straight line, our strategy is clear. With enhanced scale and capabilities across our leading client franchises and improved resource discipline, we will drive sustainable long-term growth and higher returns. By the end of 2026 and beyond, this will allow us to deliver significant value for all our stakeholders and remain a reliable economic partner, employer and taxpayer in the communities where we operate.”
With the Credit Suisse merger moving forward, UBS has also added more members to its board.
