by Christopher Freeburn | February 4, 2014 10:14 am
On Tuesday, leading Swiss bank UBS (UBS) said it would increase 2013 dividends and posted a better-than-forecast fourth-quarter profit, sending UBS stock up more than 6% in morning trading.
UBS stock gained after the bank said that it would raise its 2013 dividend from 15 centimes to 25 centimes per share. That topped the 2013 dividend of 20 centimes per share that analysts had predicted. UBS also hiked its bonus pool for 2013 to 3.2 billion francs, up 28%, Bloomberg notes.
Investors were also pleased by the announcement that UBS had increased its common equity ratio as mandated by fully-applied Basel III capital standards to 12.8%.
For the fourth quarter, UBS reported earnings of 917 million francs. In the prior-year period, UBS had posted a loss of 1.9 billion francs. The better quarterly numbers for UBS were driven by substantial gains in its core wealth management and investment banking units.
UBS stock has risen more than 11% over the past year. On Monday, UBS stock closed at $19.22 a share.
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