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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  UBS Group AG    UBSG   CH0244767585

UBS GROUP AG

(UBSG)
  Report
Delayed Quote. Delayed Swiss Exchange - 12/03 11:31:01 am
12.935 CHF   +0.35%
06:34aGLAXOSMITHKLINE : Downgraded to Neutral by UBS
MD
06:24aTUI : Receives a Sell rating from UBS
MD
06:20aORANGE : Buy rating from UBS
MD
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UBS Profit Doubles on Trading Surge -- Update

10/20/2020 | 02:29am EST

By Margot Patrick

UBS Group AG said it set aside $1.5 billion to repurchase shares next year as third-quarter net profit doubled and its loan losses from the coronavirus pandemic remained relatively low.

Net profit rose to nearly $2.1 billion from $1.05 billion a year earlier, thanks mainly to a surge in stock and bond trading and deal making by clients at its investment bank and higher revenue at its wealth management business. Loan losses in the period were $89 million, lower than the $268 million and $272 million provisions taken in the first and second quarters.

UBS and other banks with wealth management arms have been benefiting this year from more client investing and a boost in total global wealth as asset prices have rebounded from the spring. Its investment bank, like others, has also made money from ramped-up client trading and deal making.

Investment bank revenue jumped to $2.49 billion from $1.75 billion a year earlier, while global wealth management revenue rose to $4.28 billion from $4.14 billion.

The results are the last by UBS under Chief Executive Sergio Ermotti, who leaves the job this month after nine years to become chairman at Swiss Re. Under his tenure, UBS downsized its investment bank and refocused around wealth management, in what has been regarded as a largely successful reinvention of the bank.

Ralph Hamers, formerly the CEO of ING Groep NV, started at UBS in September and begins as CEO Nov. 1. Mr. Ermotti on Tuesday said UBS has "all the options open" for more success under Mr. Hamers.

The Swiss banking giant said it would pay a delayed dividend installment from 2019, as planned, after a shareholder meeting next month. It and other Swiss banks were asked by regulators to delay 2019 payouts earlier this year. Other European banks are still waiting for the go ahead from regulators to start paying dividends again.

UBS said the pandemic has been changing the way clients interact with the bank, bringing more of them online through mobile banking applications and other platforms. Its wealthy customers have also been on an "intensified search for returns," UBS said in a presentation, including by increasing their investments in private markets, an area that includes buying stock and lending money to companies that aren't publicly traded.

Write to Margot Patrick at margot.patrick@wsj.com

(END) Dow Jones Newswires

10-20-20 0228ET

Stocks mentioned in the article
ChangeLast1st jan.
ING GROEP N.V. -1.05% 8.296 End-of-day quote.-21.56%
SWISS RE LTD -0.60% 82.94 End-of-day quote.-23.24%
UBS GROUP AG 0.35% 12.935 End-of-day quote.5.44%
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Financials
Sales 2020 29 230 M 32 857 M 32 857 M
Net income 2020 5 236 M 5 886 M 5 886 M
Net cash 2020 7 811 M 8 780 M 8 780 M
P/E ratio 2020 9,08x
Yield 2020 2,89%
Capitalization 46 249 M 51 615 M 51 988 M
EV / Sales 2020 1,32x
EV / Sales 2021 1,36x
Nbr of Employees 71 230
Free-Float 92,9%
Chart UBS GROUP AG
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UBS Group AG Technical Analysis Chart | MarketScreener
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Technical analysis trends UBS GROUP AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 13,74 CHF
Last Close Price 12,89 CHF
Spread / Highest target 31,2%
Spread / Average Target 6,60%
Spread / Lowest Target -14,7%
EPS Revisions
Managers
NameTitle
Ralph A. J. G. Hamers Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Mike Dargan Chief Information Officer
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