UBS has reported a fall in quarterly profit, but beat analyst expectations and set ambitious new profitability targets as part of a strategic update.
In its first major strategic update since CEO Ralph Hamers took the reins in Nov. 2020, UBS said it will aim for $6 trillion in invested assets across its global wealth management, asset management and personal and corporate banking divisions.
Meanwhile the bank set the target range for its return on CET1 capital at 15-18% and cost-to-income ratio at 70-73%. The bank will also aim for 10-15% growth in profit before tax at its wealth management business. "Our new aspirations, targets and goals will position us to live up to our purpose, better serve clients, deploy technology in differentiated and impactful ways, and open our ecosystem for new and existing clients," CEO Ralph Hamers added in a statement.
UBS proposed a dividend to shareholders of 50 cents per share for 2021, rising from 37 cents in 2020, and aims to buy back $5 billion worth of its own shares in 2022. Buybacks offer a way for firms to return cash to shareholders — along with dividends — and usually coincide with a company's stock pushing higher as shares get scarcer.
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