UBS Group AG (NYSE:UBS) on Tuesday announced a share buyback of up to $1 billion, following a better-than-expected fourth-quarter performance, despite ongoing challenges related to the integration of Credit Suisse.

What Happened: UBS reported a net loss of $279 million for the quarter, attributed to the costs of integrating Credit Suisse, its fallen rival, reported CNBC. This was the bank’s second consecutive loss, but it was narrower than the $372 million loss expected by analysts.

Despite the loss, UBS plans to propose a dividend per share of $0.70, marking a 27% year-on-year increase. The bank also reported a quicker-than-expected return of client inflows to Credit Suisse’s wealth management business since the takeover in June.

See Also: PLTR, NVDA, LLY, SYM, TSLA: Top 5 Trending Stocks Today

UBS CEO Sergio Ermotti acknowledged the bank’s progress in integrating Credit Suisse.

“Thanks to the exceptional efforts of all of our colleagues, we stabilized the franchise and have made tremendous progress in the integration,” he said.

Why It Matters: UBS has been actively working on its image and growth strategy following the takeover of Credit Suisse. The bank recently launched its biggest branding campaign to drive growth and boost its image.

Despite the ongoing challenges, UBS has been vocal about its stability. In November 2023, UBS CEO Ermotti claimed that the bank is one of the world’s safest large institutions.

Read Next: If You Invested $1000 In Apple When Steve Jobs Returned To Apple 28 Years Ago, Here’s How Much You’d Have

Image via Shutterstock