By Ariane Luthi
ZURICH, Feb 4 (Reuters) - Swiss bank UBS posted on Wednesday a net profit of $1.2 billion for the fourth quarter, up 56% year-on-year and ahead of a company-provided consensus forecast of $919 million.
The world's largest wealth manager announced a new share buyback program, saying it intended to repurchase $3 billion of shares in 2026, the same amount it bought back last year, and aimed "to do more."
The amount of additional buybacks was subject to further clarity around the future
regulatory regime for banking in Switzerland, it said.
Swiss authorities have proposed stricter capital rules for the country's remaining big bank since UBS bought ailing Credit Suisse in 2023 in a state-engineered emergency takeover.
How the final regulations will be shaped remains unclear, but shares in UBS have risen since early December after lawmakers floated a compromise and Reuters reported government preparations to water down some of the rules.
UBS also revived its ambition to achieve a reported return on Common Equity Tier 1 (CET1) capital of around 18% by 2028, an item it had dropped after the Swiss government pitched new capital rules in June.
Additionally, it is aiming for a group cost-income ratio around 67% by 2028, a more ambitious target than its current one of below 70%.
UBS added $8.5 billion in net new assets to its global wealth management division during the quarter. Its asset management division brought in $8 billion in total net new money over the same period.
(Reporting by Ariane Luthi; Editing by Emelia Sithole-Matarise and Edwina Gibbs)
