Stock Markets 1 hour ago (Sep 13, 2022 01:16AM ET)
© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland, June 22, 2020. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) -UBS Group AG plans to increase its dividend by 10% to $0.55 per share and anticipates its share repurchases will exceed $5 billion for 2022, the Swiss bank said on Tuesday.
“UBS will adjust its accrual for the 2022 ordinary dividend from $0.51 to $0.55 per share – an increase of 10% compared to the previous year,” it said in a statement, adding its board intended to propose the dividend at the 2023 Annual Meeting.
“In addition, UBS expects share repurchases to exceed the $5 billion goal for the year 2022. As of 9 September 2022, UBS has bought back $4.1 billion of shares,” it said.
It said it would provide guidance on next year’s capital return with fourth-quarter earnings and expects “to continue to have share repurchases and a progressive dividend”.