BASEL (Reuters) - UBS Group AG (S:UBSG) could increase payouts to shareholders if legal and regulatory costs come down, Chief Executive Sergio Ermotti said on Thursday.
Switzerland's biggest bank has incurred 3.9 billion Swiss francs ($3.9 billion) in costs since 2012 to cover legal fees and new regulations, Ermotti said in a speech at UBS's annual general meeting.
"That means that if legal and regulatory costs start to fall, we will be in a position to return even more capital to you, our shareholders, whether in the form of dividends or share buybacks," Ermotti said, according to prepared remarks.
($1 = 0.9919 Swiss francs)