Swiss banking giant UBS Group AG reported Tuesday a higher profit in its fourth quarter with drop in operating expenses, while revenues were weak. Further, the company lifted its dividend, and said it plans more than $5 billion share repurchase. UBS shares were losing around 3 percent in Swiss trading as well as in pre-market activity on the NYSE.
Looking ahead, Ralph Hamers, UBS's Group CEO, said, "We are starting 2023 from a position of strength. While the macroeconomic outlook remains uncertain, our operational resilience, capital strength and capital generation put us in a great position to serve our clients, fund growth and deliver strong capital returns to shareholders."
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