October 27, 2017 / 8:33 AM / in a year

UBS dividend won't rise in line with net income growth: CEO

ZURICH (Reuters) - Swiss bank UBS (UBSG.S) will not boost its dividend in line with net profit growth, which us up more than 30 percent so far in 2017, Chief Executive Sergio Ermotti told analysts on Friday.

CEO Sergio Ermotti of Swiss bank UBS reacts after his speech during the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann

“It’s not reasonable to expect that we will increase our dividend by 32 percent,” Ermotti said in a call with analysts after the bank’s third-quarter results.

“I think that we have a clear policy that we say, we want to have a progressive yet sustainable increase of our cash dividend. And then of course over time we need to also consider a share buyback as a complementary action on capital returns but at this stage it’s not credible to do that.”

Reporting by Joshua Franklin, Editing by Michael Shields

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