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UBS Q3 Profit Rises, Plans Buyback; Stock Up

October 26, 2021

Shares of UBS Group AG were gaining around 2 percent in Swiss trading after the banking major reported Tuesday higher profit in its third quarter with growth in net interest income.

Further, the company said it intends to repurchase up to $0.6 billion of shares during the fourth quarter. The company will provide strategic update on February 1, 2022.

Ralph Hamers, UBS’s Group CEO, said, “The market and economic backdrop were broadly positive in the third quarter; although there has been some uncertainty recently. .. Today, we are seeing the benefits of delivering our full ecosystem to clients in a seamless way as One UBS. And there is so much more we can and must do. This will be key to the success of our strategy.”

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