UBS profit jumped in Q4 2020

UBS profit jumped in Q4 2020

Despite strong results, UBS is cautious about the future

The largest wealth manager in the world, UBS, posted Q4 2020 figures higher-than-expected.

For the last quarter of 2020, UBS reported a $1.71 billion net income, topping the $967 million expected. At the same time, the figures are 137% higher than those reported in the year before.

Despite the pandemic, people were eager to invest. According to UBS CEO, Ralph Hamers, the bank reported a “record number in invested assets of more than 1 trillion (dollars) in the asset manager and more than 3 trillion (dollars) in the wealth manager.”

For the future, the bank stated that it would restart the buyback program. According to its three-year plan, it wants to repurchase shares worth $4.5 billion, out of which $1 billion will be purchased in the first quarter of the current year. Moreover, UBS proposed a 2020 dividend of $0.37 per share. However, Hamers is cautious given that new national lockdowns are enforced in Europe and the shortage in COVID-19 vaccines.

But UBS started 2021 on the right foot. At the moment of writing, its shares are up roughly 3% since the beginning of the year.

Sources: cnbc.com

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