The following is a summary of the UBS Group AG (UBS) Q4 2023 Earnings Call Transcript:

Financial Performance:

UBS reported Q4 profit before tax of $592 million and a net loss of $279 million, primarily due to lower client activity.
Revenues decreased by 3% to $10.4 billion, and operating expenses increased 1% to $9.7 billion.
UBS achieved $22 billion in net new assets in the Global Wealth Management sector in Q4.
The CET1 capital ratio increased to 14.5% and the total loss-absorbing capacity amounts to $200 billion.
An increase of 27% YoY is planned for the ordinary dividend for the 2023 financial year, rising to $0.70.
Stock buy-backs are expected to resume with a target of up to $1 billion in 2024.
The long-term goal is to achieve a 15% return on CET1 capital and a cost-income ratio of less than 70% by the end of 2026.

Business Progress:

The acquisition of Credit Suisse has been finalized, enabling the restructuring and integration phases to begin.
The restructuring phase should be complete by the end of 2026, with growth expected after that.
A recovery in Net Interest Income is forecasted for mid-2025.
The integration of parent company, U.S entities and Swiss operations is set to be completed by 2024.
The bank aims to attract around $100 billion in net new assets per annum through 2025, and aims to reach around $200 billion in net new assets annually by 2028.
Measures have been taken to improve core banking infrastructure, with a focus on digitization to enhance the client and advisor experience.
UBS strategy includes acquisition, delivering profitability in its first full quarter after the Credit Suisse transaction.
UBS Group AG’s targeted capital return assumption will remain around 14%.
The bank intends to reduce the Loan to Deposit Ratio (LRD) by over $100 million through NCL wind-down and resource optimization.
An ambition to improve the return of Risk-Weighted assets (RWA) ratio with revenues.