UBS Group AG (NYSE:UBS) tumbled on Tuesday morning as news of a new share buyback of up to US$3 billion (£2.4 billion) failed to soften the blow from underwhelming profits.
Net profit attributable to shareholders of US$770 million was generated in the past quarter, which was above a company-polled forecast of US$483 million but off LSEG’s estimate of US$886 million.
Group revenue of US$11.635 billion in the meantime sat just below the US$11.64 billion expected by analysts, according to LSEG.
A US$3 billion buyback was also unveiled, incorporating US$1 billion of repurchases in the first half of 2025, before a further US$2 billion later in the year.
UBS noted this was subject to “financial targets and the absence of material and immediate changes to the current capital regime in Switzerland”.
Deutsche Bank analysts dubbed the update “solid,” though felt the “division mix could have been better” as UBS’ wealth management wing matched expectations but its personal & corporate banking division fell short.
Shares fell 5.4% to 30.06 Swiss francs on Tuesday.