UBS's fourth-quarter and full-year 2023 results Dienstag, 06. Februar 2024 - 06:46
UBS reports 4Q/FY23 results and confirms financial targets, plans to propose USD 0.70 dividend per share, +27% YoY, and to reinstate share repurchases in 2H24
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
4Q23 and FY23 highlights
- 4Q23 PBT of USD (751m),including losses of USD 508m related to the investment in SIX Group, in addition to integration-related expenses and pull-to-par and other PPA-related benefits; underlying1 PBT of USD 592m
- FY23 PBT of USD 29,916m, including USD 28,925m negative goodwill
- Completed first phase of strategic integration,stabilized the franchise, achieved underlying profitability and initiated restructuring
- USD 77bn of net new assets2 in GWM and USD 77bn of net new deposits across GWM and P&C since the closing of the acquisition in 2023; USD 22bn of NNA and USD 16bn of NND in GWM, and CHF 7bn of NND in P&C in 4Q23, driven by strong momentum with our clients
- Achieved USD ~4bn in exit rate gross cost savings in FY23 vs FY22 combined
- Strong progress in NCL wind-down with RWA down USD 5.5bn of which three quarters from active unwinds, LRD down USD 19bn and underlying operating expenses down 9% QoQ
- Maintained capital strength with CET1 ratio of 14.5% and CET1 leverage ratio of 4.7% comfortably above guidance
- Increase of 27% YoY in FY23 ordinary dividend, to USD 0.70 per share, subject to shareholder approval at the Annual General Meeting
Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the fourth quarter of and full year 2023 for a reconciliation of underlying to reported results and definitions of the APMs.
2 Net new assets includes net new money, dividends and interest