UBS: stock up as dividend increased
(CercleFinance.com) - UBS shares are up on the Zurich stock exchange on Tuesday after the Swiss bank announced its intention to better remunerate its shareholders - particularly by increasing its annual dividend.
UBS announced this morning that it plans to pay a cumulative dividend of 0.55 dollar per ordinary share for FY 2022, i.e. up 10% compared to the 0.51 dollar paid in 2021.
Its board of directors intends to propose this resolution to the group's shareholders at the next general meeting, to be held in 2023.
At the same time, UBS says it expects these share buybacks to exceed the five billion dollars initially allocated for FY 2022.
As of 30 September, the bank had already spent 4.1 billion dollars on stock purchases.
UBS, which will unveil its shareholder compensation plans for 2023 when it reports its Q4 results, says it intends to continue to buy back shares and increase its dividend.
UBS shares were up over about 1.5% in early trading today, making them one of the strongest performers on the SMI, the Zurich Stock Exchange's leading index.
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