REG-UBS AG UBS reports 1Q25 net profit of USD 1.7bn with 6.2trn invested assets, demonstrating franchise strength and executing integration at pace (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
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UBS reports 1Q25 net profit of USD 1.7bn with 6.2trn invested assets,
demonstrating franchise strength and executing integration at pace (Ad hoc
announcement pursuant to Article 53 of the SIX Exchange Regulation Listing
Rules)
UBS (NYSE:UBS) (SWX:UBSN):
“The power and scale of our diversified global franchise, coupled with our
continued focus on clients, drove strong business momentum in the quarter and
net new inflows in our asset-gathering businesses. As we start to execute on
the next critical phase of integration, I remain pleased with the substantial
progress we have made so far.
With increased uncertainty in markets and the macroeconomic outlook, we
continue to focus on supporting clients, delivering on our financial targets,
and acting as an engine of economic growth in the communities we serve.”
Sergio P. Ermotti, Group CEO
1Q25 PBT of USD 2.1bn and underlying(1) PBT of USD 2.6bn, net profit of USD
1.7bn, RoCET1 of 9.6% and underlying RoCET1 of 11.3%. Core businesses(2)
increased combined underlying PBT by 15%
Franchise strength demonstrated by continued client momentum; Global Wealth
Management net new assets of USD 32bn; Asset Management net new money of USD
7bn, CHF 40bn of loans granted or renewed in Switzerland; GWM underlying
transaction-based income up 15% YoY; record-high Global Markets underlying
revenues, up 32% YoY
Integration remained on track; delivered further USD 0.9bn in exit rate gross
cost saves bringing cumulative cost reductions to USD 8.4bn, or 65% of the
expected USD 13bn. Swiss branch consolidation completed ahead of main waves of
client account migrations, set to begin in the second quarter
Continued strong progress in Non-core and Legacy wind-down; risk weighted
assets down by USD 7bn sequentially to USD 34bn
Balance sheet for all seasons underpinned by high-quality credit book with 93%
of lending positions being collateralized; mortgages comprise 57% of loan book
Maintained a strong capital position with 14.3% CET1 capital ratio and 4.4%
CET1 leverage ratio, providing a solid capital buffer to requirements during
integration and given increased market volatility, while self-funding growth
and returning capital to shareholders
Completed USD 0.5bn in share buybacks and reserved USD 2.5bn for planned share
repurchases for the remainder of 2025; accruing a ~10% year-on-year growth in
dividend
Continued to invest in technology and growth including GenAI and cloud, having
completed the roll out of 50,000 Microsoft Copilot licenses to employees, as
well as other tools, and increased cloud usage to ~75%; entered into an
exclusive strategic collaboration with 360 ONE on wealth management in India
and international markets
USD 2.1bn 82.2% 9.6% USD 1.7bn 14.3%
Profit before tax Cost/income ratio RoCET1 capital Net profit CET1 capital ratio
USD 2.6 bn 77.4% 11.3% USD 0.51 4.4%
Underlying(1 Underlying(1 Underlying(1 Diluted EPS CET1 leverage ratio
)profit before tax
)cost/income ratio
)RoCET1 capital
Information in this news release is presented for UBS Group AG on a
consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes
are not representative of the underlying performance. Underlying results are a
non-GAAP financial measure and alternative performance measure (APM). Refer to
“Group Performance” and “Appendix-Alternative Performance Measures” in
the financial report for the first quarter of 2025 for a reconciliation of
underlying to reported results and definitions of the APMs.
2 Includes Global Wealth Management, Personal and Corporate Banking, Asset
Management, the Investment Bank, and Group Items.
Group summary
Strong financial performance
In 1Q25, we reported PBT of USD 2,132m and underlying PBT of USD 2,586m, down
10% and 1% YoY, respectively. Meanwhile our core businesses delivered strong
positive operating leverage increasing their combined underlying pre-tax
profits by 15%. Net profit attributable to shareholders was USD 1,692m and
return on CET1 capital was 9.6%, or 11.3% on an underlying basis.
Reported revenues were USD 12,557m, down 1% YoY. On an underlying basis,
revenues decreased slightly to USD 11,904m. Compared to 1Q24, underlying
revenues from our core businesses increased 6%, reflecting the strength, scale
and geographic diversification of our franchises, while we saw a 72% decline
in revenues in the much-reduced Non-core and Legacy division.
Reported Group operating expenses increased by 1% YoY to USD 10,324m. On an
underlying basis, operating expenses decreased slightly to USD 9,218m as we
continued to execute on our integration and efficiency plans at pace.
Maintained robust client momentum
During the first quarter, we remained close to our clients as they relied on
us as a source of stability amid uncertain market conditions. We continued to
provide them with expert advice, solutions, and funding across franchises,
driving strong momentum and capturing growth across our platform.
In GWM, the USD 32bn in net new assets and USD 27bn in net new fee generating
assets demonstrate the trust our clients continue to place in our CIO-led
advisory and mandate solutions. Group invested assets increased by 5% YoY to
USD 6.2trn. In the turbulent first weeks of April, we have increased our
engagement, reaching around 1.3m clients with a series of market alerts,
reports, and live streams that helped them to manage volatility and
re-position portfolios.
As a leading provider of credit to Swiss households and corporates, we
continue to deliver on our commitments to our home market. In the first
quarter, we granted or renewed CHF 40bn of loans in Switzerland, including CHF
30bn in Personal & Corporate Banking.
Transactional activity was very strong across both private and institutional
clients during the quarter. In GWM, underlying transaction-based income
increased by 15% YoY with strong momentum across all regions, led by Americas
and APAC. In the Investment Bank, Global Markets delivered a record quarter
with revenues of USD 2.5bn, up 32% YoY, mainly driven by higher client
activity in equities and FX with gains across all regions, showcasing the
strength of our expanded franchise. Our performance was supported by the
record-high market share in Cash Equities.
Continued to execute on integration
We have made further progress on our integration plans in the first quarter,
actively preparing for the main client account migration waves in Switzerland,
reducing the size of Non-core and Legacy, and delivering on our gross cost
saves plans.
For the first main wave of client account migrations scheduled for 2Q25, we
have performed robust and extensive technology testing and rehearsals, as well
as focused on preparing our client-facing areas for migration, e.g. by further
increasing support capacity in our branches and contact centers.
We have also completed the consolidation of our branch network in Switzerland.
Since the acquisition we have merged 95 former Credit Suisse branches with
existing UBS branches and now provide clients with access to a comprehensive
network of 195 branches across Switzerland.
Non-core and Legacy progressed well on its cost-reduction work. It has
decommissioned almost 10% of its applications, for a total of 48% since its
inception in 2Q23. NCL also continued to exit positions, having now closed 74%
of its books since its inception and reduced RWA to USD 34bn at the end of
1Q25.
In the first quarter, we delivered an additional USD 0.9bn in exit-rate gross
cost saves across the Group, for a total of USD 8.4bn from the 2022 baseline.
This amounts to 65% of our total cumulative gross cost saves ambition.
Balance sheet for all seasons with strong capital position
Our balance sheet for all seasons, underpinned by high-quality credit book and
a strong capital position, remains the key pillar of our strategy and source
of our competitive advantage.
Our resilience is underscored by a quarter-end loan-to-deposit ratio of 80%.
57% of our prudently-managed loan book consists of mortgages, which are
predominantly secured by real estate in Switzerland, with average
loan-to-value of around 50%. Overall, 93% of loans and advances to customers
on our balance sheet is collateralized.
In the quarter, we maintained a strong capital position with a CET1 capital
ratio of 14.3% and a CET1 leverage ratio of 4.4%. Both are in excess of our
guidance of ~14% and >4.0%, respectively, and provide a solid capital
buffer to requirements during the integration and increased market volatility,
while enabling us to self-fund growth and return capital to shareholders.
Commitment to capital returns
It is now our intention to execute on the entirety of our 2025 capital return
ambitions announced in February. We are accruing for an increase of around 10%
in the ordinary dividend per share. We have completed USD 0.5bn in share
buybacks in the first quarter and reserved USD 2.5bn for further share
repurchases, as we plan to buy back an additional USD 0.5bn of shares in the
second quarter of 2025 and USD 2bn of shares in the second half of the year.
For 2026 we are maintaining our ambition for share repurchases to exceed full
year 2022 levels of USD 5.6bn. Our share repurchase levels will be subject to
maintaining our CET1 capital ratio target of ~14%, achieving our financial
targets and the absence of material and immediate changes to the current
capital regime in Switzerland.
Continuing to invest in growth
We continue to build out our GenAI capabilities, as we progress towards
becoming an AI-first institution where our clients, people, and shareholders
benefit from the latest AI technologies. We have completed the rollout of
50,000 Microsoft Copilot licenses and continued the rollout of our proprietary
AI assistant Red, which now provides more than 40,000 employees with
AI-powered access to UBS products, insights, research and CIO reports. In the
quarter we saw a rapid increase in usage among employees with 6m prompts
across all of our tools, a three-fold increase from the fourth quarter of
2024. We also further increased adoption of best-in-class cloud
infrastructure, having reached ~75% private and public cloud adoption.
In April, we entered into an exclusive strategic collaboration with 360 ONE,
one of India's largest independent wealth and asset management firms. As part
of the collaboration, subject to regulatory requirements and approvals,
clients from both institutions will have access to onshore and offshore wealth
management solutions. In addition, UBS will transfer its onshore wealth
management business in India to 360 ONE, while 360 ONE clients booked in
Singapore will be served by UBS, subject to the required approvals. UBS will
acquire warrants for a 4.95% stake in 360 ONE, demonstrating UBS’s
commitment to the fast-growing ultra and high-net-worth Indian market.
Outlook
Rapid and significant changes to trade tariffs, heightened risk of escalation
and significantly increased macroeconomic uncertainty led to major market
volatility in the first weeks of April. We actively engaged with institutional
and private clients, helping them navigate the uncertain environment with
advice on how to protect their assets and by facilitating their trading
activity across asset classes.
With a wide range of possible outcomes, the economic path forward is
particularly unpredictable. The prospect of higher tariffs on global trade
presents a material risk to global growth and inflation, clouding the interest
rate outlook. Markets are likely to remain sensitive to new developments, both
positive and negative, which are likely to lead to further spikes in
volatility. Prolonged uncertainty would affect sentiment and cause businesses
and investors to delay important decisions on strategy, capital allocation and
investments.
In the second quarter we expect net interest income (NII) in Global Wealth
Management to decline sequentially by a low-single-digit percentage, and we
see a similar decline in Personal & Corporate Banking’s NII in Swiss
francs. In US dollar terms, Personal & Corporate Banking’s NII is
expected to increase sequentially by a mid-single-digit percentage, based on
current foreign exchange rates. Continued market uncertainty could affect the
timing of execution of our Global Banking pipeline. As a consequence of tax
planning measures related to the integration, we expect our effective tax rate
in the second quarter to be around zero. Pull-to-par revenues(3) are expected
to reach USD 0.6bn, partially mitigating the expected USD 1.1bn in
integration-related expenses.
Despite this uncertain environment we are confident in our ability to deliver
on our financial targets, leveraging the power of our diversified business
model. We remain focused on serving our clients, executing on integration and
acting as an engine of economic growth in the communities we serve.
3 Pull-to-par revenues – revenues recognized when fair value reductions
taken on financial instruments acquired as part of the Credit Suisse
transaction through the required purchase price allocation (PPA) unwind as the
instruments approach their maturity.
First quarter 2025 performance overview – Group
Group PBT USD 2,132m, underlying PBT USD 2,586m
PBT of USD 2,132m included PPA effects and other integration items of USD
574m, a gain related to an investment in an associate of USD 14m, USD 64m in
revenues related to the Swisscard transactions, integration-related expenses
and PPA effects of USD 927m, and an expense related to the Swisscard
transactions of USD 180m. Underlying PBT was USD 2,586m, including net credit
loss expenses of USD 100m. The cost/income ratio was 82.2%, and 77.4% on an
underlying basis. Net profit attributable to shareholders was USD 1,692m, with
diluted earnings per share of USD 0.51. Return on CET1 capital was 9.6%, and
11.3% on an underlying basis.
Global Wealth Management (GWM) PBT USD 1,359m, underlying PBT USD 1,545m
Total revenues increased by USD 279m, or 5%, to USD 6,422m, largely driven by
higher recurring net fee income and transaction-based income, partly offset by
lower net interest income, and included a USD 69m decrease in PPA effects and
other integration items. Excluding USD 165m of PPA effects and other
integration items and a USD 4m gain related to an investment in an associate,
underlying total revenues were USD 6,253m, an increase of 6%. Net credit loss
expenses were USD 6m, compared with net credit loss releases of USD 3m in the
first quarter of 2024. Operating expenses increased by USD 13m to USD 5,057m,
mainly driven by an increase in financial advisor compensation as a result of
higher compensable revenues, almost entirely offset by lower technology
expenses, risk management costs and real estate costs, and included a USD 49m
decrease in integration-related expenses. Excluding USD 355m of
integration-related expenses and PPA effects, underlying operating expenses
were USD 4,702m, an increase of 1%. The cost/income ratio was 78.8%, and 75.2%
on an underlying basis. Invested assets increased sequentially by USD 36bn to
USD 4,218bn. Net new assets were USD 32bn.
Personal & Corporate Banking (P&C) PBT CHF 545m, underlying PBT CHF
597m
Total revenues decreased by CHF 150m, or 7%, to CHF 1,989m, mainly due to
lower net interest income, partly offset by higher other income, and included
a CHF 10m decrease in PPA effects and other integration items. Total revenues
in the first quarter of 2025 also included a gain of CHF 58m related to the
Swisscard transactions and a gain of CHF 9m related to an investment in an
associate. Excluding CHF 216m of PPA effects and other integration items and
the aforementioned gains, underlying total revenues were CHF 1,705m, a
decrease of 11%. Net credit loss expenses were CHF 48m and mainly reflected
net expenses on credit-impaired positions, primarily in the legacy Credit
Suisse corporate loan book. Net credit loss expenses in the prior-year quarter
were CHF 39m. Operating expenses increased by CHF 155m, or 12%, to CHF 1,396m,
largely due to a CHF 164m expense related to the Swisscard transactions, and
included a CHF 30m increase in integration-related expenses. Excluding CHF
172m of integration-related expenses and PPA effects and the aforementioned
expense of CHF 164m, underlying operating expenses were CHF 1,060m, a decrease
of 4%, mainly driven by lower personnel expenses, including lower variable
compensation. The cost/income ratio was 70.2%, and 62.2% on an underlying
basis.
Asset Management (AM) PBT USD 135m, underlying PBT USD 208m
Total revenues decreased by USD 35m, or 4%, to USD 741m, primarily reflecting
a decrease in net management fees. Operating expenses decreased by USD 59m, or
9%, to USD 606m, reflecting decreases across non-personnel and personnel
expenses, and included a USD 2m increase in integration-related expenses.
Excluding integration-related expenses of USD 73m, underlying operating
expenses were USD 533m, a decrease of 10%, mainly due to decreases in
personnel, consulting and legal expenses and the release of a provision for
fund-administration-related expenses, as well as decreases across a number of
other expense lines. The cost/income ratio was 81.7%, and 71.9% on an
underlying basis. Invested assets increased sequentially by USD 23bn to USD
1,796bn. Net new money was USD 7bn, and USD 5bn excluding money market flows
and associates.
Investment Bank (IB) PBT USD 722m, underlying PBT USD 696m
Total revenues increased by USD 432m, or 16%, to USD 3,183m, due to higher
revenues in Global Markets, partly offset by lower revenues in Global Banking,
and included an overall USD 155m decrease in PPA effects. Excluding these
effects, underlying total revenues were USD 3,045m, an increase of 24%. Net
credit loss expenses were USD 35m, compared with net credit loss expenses of
USD 32m in the first quarter of 2024. Operating expenses increased by USD
263m, or 12%, to USD 2,427m, mainly due to higher variable compensation, and
included a USD 31m decrease in integration-related expenses. Excluding
integration-related expenses of USD 112m, underlying operating expenses were
USD 2,314m, an increase of 14%. The cost/income ratio was 76.2%, and 76.0% on
an underlying basis. Return on attributed equity was 16.3%, and 15.8% on an
underlying basis.
Non-core and Legacy (NCL) PBT USD (391m), underlying PBT USD (200m)
Total revenues were USD 284m, a decrease of USD 717m, mainly reflecting lower
net gains from position exits, including a USD 45m loss from an exit from
longevity positions, and lower net interest income from securitized products
and credit products as a result of a smaller portfolio. Total revenues in the
first quarter of 2025 included a gain of USD 97m from the sale of Select
Portfolio Servicing, the US mortgage servicing business of Credit Suisse.
Total revenues in the first quarter of 2024 included a net gain of USD 272m,
after accounting for the purchase price allocation adjustments recorded at the
closing of the acquisition of the Credit Suisse Group, from the sale of assets
from the former Credit Suisse securitized products group to Apollo Management
Holdings and certain other entities (collectively Apollo). Net credit loss
expenses were USD 7m, almost entirely reflecting credit-impaired positions
with a small number of corporate counterparties. These compared with net
credit loss expenses of USD 36m in the first quarter of 2024. Operating
expenses were USD 669m, a decrease of USD 342m, mainly due to lower personnel
expenses, technology expenses, real estate costs and risk management costs,
and included a USD 51m decrease in integration-related expenses. Excluding
integration-related expenses of USD 191m, underlying operating expenses were
USD 477m, a decrease of 38%.
Group Items PBT USD (299m), underlying PBT USD (326m)
4 Also accounts for credit loss expenses/releases incurred in a given period.
UBS’s sustainability and impact highlights
In March 2025, we published our 2024 Sustainability Report providing an update
on the progress in advancing our sustainability and culture agenda. We have
done so both based on our commitment to further evolving UBS’s culture as
well as our continued ambition to be a leader in sustainability.
We support our clients in the transition to a low-carbon world and consider
climate change risks and opportunities across our bank for the benefit of our
clients, shareholders and all our stakeholders.
At the Annual General Meeting in April 2025, UBS shareholders ratified our
2024 Sustainability Report in an advisory vote by 89.5%.
Emission focus
In 2024, following a review of our own operations, we decided to set a revised
target to reduce scope 1 and 2 emissions to net zero by 2035, which reflects
both the integrated organization and latest regulatory guidance. We made
progress on these key components of our climate action plan, reducing our net
greenhouse gas scope 1 and 2 emissions and energy consumption. For scope 3, we
remain committed to our lending sector decarbonization targets to address our
financed emissions in specified sectors and have progressed on these.
UBS offering recognized by clients
Clients remain at the heart of what we do. We therefore remain steadfast in
our commitment to be their bank of choice and support them with offerings that
meet their evolving needs. We continue to support our clients in their
philanthropy activities through our advisory services and partner with our
clients through the work of the UBS Optimus Foundation. We were honoured to be
recognized as the Best Private Bank for Philanthropy by Asian Private Banker
and by Euromoney for Asia’s best for philanthropic advisory.
In February 2025, we brought together clients and leading philanthropists at
the UBS Collectives Summit as well as the UBS Social Impact Forum 2025, both
hosted in Zurich, to discuss leading for impact and how to drive change
through collaboration and partnership.
In March 2025, in collaboration with Impact Frontier, UBS Optimus Foundation
published a study on our impact transparency and measurement tool which
enhances decision-making at both program and portfolio levels at UBS Optimus
Foundation.
Selected financial information of the business divisions and Group Items
For the quarter ended 31.3.25
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management Corporate Management Bank
Banking
Total revenues as reported 6,422 2,211 741 3,183 284 (284) 12,557
of which: PPA effects and other integration items(1) 165 241 138 30 574
of which: gain related to an investment in an associate 4 11 14
of which: items related to the Swisscard transactions(2) 64 64
Total revenues (underlying) 6,253 1,895 741 3,045 284 (314) 11,904
Credit loss expense / (release) 6 53 0 35 7 (1) 100
Operating expenses as reported 5,057 1,551 606 2,427 669 15 10,324
of which: integration-related expenses and PPA effects(3) 355 192 73 112 191 3 927
of which: items related to the Swisscard transactions(4) 180 180
Operating expenses (underlying) 4,702 1,179 533 2,314 477 12 9,218
Operating profit / (loss) before tax as reported 1,359 607 135 722 (391) (299) 2,132
Operating profit / (loss) before tax (underlying) 1,545 663 208 696 (200) (326) 2,586
For the quarter ended 31.12.24
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management Corporate Management Bank
Banking
Total revenues as reported 6,121 2,245 766 2,749 (58) (188) 11,635
of which: PPA effects and other integration items(1) 200 258 202 (4) 656
of which: loss related to an investment in an associate (21) (59) (80)
Total revenues (underlying) 5,942 2,047 766 2,547 (58) (184) 11,059
Credit loss expense / (release) (14) 175 0 63 6 0 229
Operating expenses as reported 5,268 1,476 639 2,207 858 (88) 10,359
of which: integration-related expenses and PPA effects(3) 460 209 96 174 317 (1) 1,255
of which: items related to the Swisscard transactions(5) 41 41
Operating expenses (underlying) 4,808 1,226 543 2,032 541 (88) 9,062
Operating profit / (loss) before tax as reported 867 595 128 479 (923) (100) 1,047
Operating profit / (loss) before tax (underlying) 1,147 646 224 452 (606) (96) 1,768
For the quarter ended 31.3.24
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management Corporate Management Bank
Banking
Total revenues as reported 6,143 2,423 776 2,751 1,001 (355) 12,739
of which: PPA effects and other integration items(1) 234 256 293 (4) 779
Total revenues (underlying) 5,909 2,166 776 2,458 1,001 (351) 11,960
Credit loss expense / (release) (3) 44 0 32 36 (2) 106
Operating expenses as reported 5,044 1,404 665 2,164 1,011 (33) 10,257
of which: integration-related expenses and PPA effects(3) 404 160 71 143 242 1 1,021
Operating expenses (underlying) 4,640 1,245 594 2,022 769 (34) 9,236
Operating profit / (loss) before tax as reported 1,102 975 111 555 (46) (320) 2,376
Operating profit / (loss) before tax (underlying) 1,272 878 182 404 197 (315) 2,617
1 Includes accretion of PPA adjustments on financial instruments and other PPA
effects, as well as temporary and incremental items directly related to the
integration. 2 Represents the gain related to UBS’s share of income recorded
by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 3
Includes temporary, incremental operating expenses directly related to the
integration, as well as amortization of intangibles resulting from the
acquisition of the Credit Suisse Group. 4 Represents the expense related to
the payment to Swisscard for the sale of the Credit Suisse card portfolios to
UBS. 5 Represents the termination fee paid to American Express related to the
expected sale in 2025 of our 50% holding in Swisscard.
Key figures
As of or for the quarter ended
USD m, except where indicated 31.3.25 31.12.24 31.3.24(1)
Group results
Total revenues 12,557 11,635 12,739
Credit loss expense / (release) 100 229 106
Operating expenses 10,324 10,359 10,257
Operating profit / (loss) before tax 2,132 1,047 2,376
Net profit / (loss) attributable to shareholders 1,692 770 1,755
Diluted earnings per share (USD)(2) 0.51 0.23 0.52
Profitability and growth(3,4)
Return on equity (%) 7.9 3.6 8.2
Return on tangible equity (%) 8.5 3.9 9.0
Underlying return on tangible equity (%)(5,6) 10.0 6.6 9.9
Return on common equity tier 1 capital (%) 9.6 4.2 9.0
Underlying return on common equity tier 1 capital (%)(5,6) 11.3 7.2 9.9
Return on leverage ratio denominator, gross (%) 3.3 3.0 3.1
Cost / income ratio (%) 82.2 89.0 80.5
Underlying cost / income ratio (%)(5) 77.4 81.9 77.2
Effective tax rate (%) 20.2 25.6 25.8
Net profit growth (%) (3.6) n.m. 70.6
Resources(3)
Total assets 1,543,363 1,565,028 1,606,798
Equity attributable to shareholders 87,185 85,079 84,777
Common equity tier 1 capital(7) 69,152 71,367 77,663
Risk-weighted assets(7) 483,276 498,538 526,437
Common equity tier 1 capital ratio (%)(7) 14.3 14.3 14.8
Going concern capital ratio (%)(7) 18.2 17.6 17.7
Total loss-absorbing capacity ratio (%)(7) 38.7 37.2 37.4
Leverage ratio denominator(7) 1,561,583 1,519,477 1,599,646
Common equity tier 1 leverage ratio (%)(7) 4.4 4.7 4.9
Liquidity coverage ratio (%)(8) 181.0 188.4 220.2
Net stable funding ratio (%) 124.2 125.5 126.4
Other
Invested assets (USD bn)(4,9) 6,153 6,087 5,848
Personnel (full-time equivalents) 106,789 108,648 111,549
Market capitalization(2,10) 105,173 105,719 106,440
Total book value per share (USD)(2) 27.35 26.80 26.44
Tangible book value per share (USD)(2) 25.18 24.63 24.14
Credit-impaired lending assets as a percentage of total lending assets, gross 1.0 1.0 1.0
(%)(4)
Cost of credit risk (bps)(4) 7 15 7
1 Comparative-period information has been revised. Refer to “Note 2
Accounting for the acquisition of the Credit Suisse Group” in the
“Consolidated financial statements” section of the UBS Group Annual Report
2024, available under “Annual reporting” at ubs.com/investors, for more
information about the relevant adjustments. 2 Refer to the “Share
information and earnings per share” section of the UBS Group first quarter
2025 report, available under “Quarterly reporting” at ubs.com/investors,
for more information. 3 Refer to the “Targets, capital guidance and
ambitions” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at ubs.com/investors, for more information about our
performance targets. 4 Refer to “Alternative performance measures” in the
appendix to the UBS Group first quarter 2025 report, available under
“Quarterly reporting” at ubs.com/investors, for the definition and
calculation method. 5 Refer to the “Group performance” section of the UBS
Group first quarter 2025 report, available under “Quarterly reporting” at
ubs.com/investors, for more information about underlying results. 6 In the
second quarter of 2024, comparative-period information for the first quarter
of 2024 has been restated to reflect the updated underlying tax impact. 7
Based on the Swiss systemically relevant bank framework. Refer to the
“Capital management” section of the UBS Group first quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more
information. 8 The disclosed ratios represent quarterly averages for the
quarters presented and are calculated based on an average of 62 data points in
the first quarter of 2025, 64 data points in the fourth quarter of 2024 and 61
data points in the first quarter of 2024. Refer to the “Liquidity and
funding management” section of the UBS Group first quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more
information. 9 Consists of invested assets for Global Wealth Management, Asset
Management (including invested assets from associates) and Personal &
Corporate Banking. Refer to “Note 31 Invested assets and net new money” in
the “Consolidated financial statements” section of the UBS Group Annual
Report 2024, available under “Annual reporting” at ubs.com/investors, for
more information. 10 The calculation of market capitalization reflects total
shares issued multiplied by the share price at the end of the period.
Income statement
For the quarter ended % change from
USD m 31.3.25 31.12.24 31.3.24 4Q24 1Q24
Net interest income 1,629 1,838 1,940 (11) (16)
Other net income from financial instruments measured at fair value through 3,937 3,144 4,182 25 (6)
profit or loss
Net fee and commission income 6,777 6,598 6,492 3 4
Other income 213 56 124 284 71
Total revenues 12,557 11,635 12,739 8 (1)
Credit loss expense / (release) 100 229 106 (56) (6)
Personnel expenses 7,032 6,361 6,949 11 1
General and administrative expenses 2,431 3,004 2,413 (19) 1
Depreciation, amortization and impairment of non-financial assets 861 994 895 (13) (4)
Operating expenses 10,324 10,359 10,257 0 1
Operating profit / (loss) before tax 2,132 1,047 2,376 104 (10)
Tax expense / (benefit) 430 268 612 60 (30)
Net profit / (loss) 1,702 779 1,764 118 (3)
Net profit / (loss) attributable to non-controlling interests 10 9 9 18 20
Net profit / (loss) attributable to shareholders 1,692 770 1,755 120 (4)
Comprehensive income
Total comprehensive income 3,345 (1,878) (245)
Total comprehensive income attributable to non-controlling interests 26 (27) (5)
Total comprehensive income attributable to shareholders 3,319 (1,851) (240)
Information about results materials and the earnings call
UBS’s first quarter 2025 report, news release and slide presentation are
available from 06:45 CEST on Wednesday, 30 April 2025, at
ubs.com/quarterlyreporting.
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54246303&newsitemid=20250429508505&lan=en-US&anchor=ubs.com%2Fquarterlyreporting.&index=1&md5=16b1450a88159c8395799925efef9bbe)
UBS will hold a presentation of its first quarter 2025 results on Wednesday,
30 April 2025. The results will be presented by Sergio P. Ermotti (Group Chief
Executive Officer), Todd Tuckner (Group Chief Financial Officer) and Sarah
Mackey (Head of Investor Relations).
Time
09:00 CEST
08:00 BST
03:00 US EDT
Audio webcast
The presentation for analysts can be followed live on
ubs.com/quarterlyreporting
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54246303&newsitemid=20250429508505&lan=en-US&anchor=ubs.com%2Fquarterlyreporting&index=2&md5=f074dff67e3d0adfe2a95bd5e4ec34da)
with a simultaneous slide show.
Webcast playback
An audio playback of the results presentation will be made available at
ubs.com/investors
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Finvestors&esheet=54246303&newsitemid=20250429508505&lan=en-US&anchor=ubs.com%2Finvestors&index=3&md5=de8f5f19dfb8daf3bc5a0d34466a0005)
later in the day.
Cautionary statement regarding forward-looking statements
This news release contains statements that constitute “forward-looking
statements”, including but not limited to management’s outlook for UBS’s
financial performance, statements relating to the anticipated effect of
transactions and strategic initiatives on UBS’s business and future
development and goals or intentions to achieve climate, sustainability and
other social objectives. While these forward-looking statements represent
UBS’s judgments, expectations and objectives concerning the matters
described, a number of risks, uncertainties and other important factors could
cause actual developments and results to differ materially from UBS’s
expectations. In particular, the global economy may suffer significant adverse
effects from increasing political tensions between world powers, changes to
international trade policies, including those related to tariffs and trade
barriers, and ongoing conflicts in the Middle East, as well as the continuing
Russia–Ukraine war. UBS’s acquisition of the Credit Suisse Group has
materially changed its outlook and strategic direction and introduced new
operational challenges. The integration of the Credit Suisse entities into the
UBS structure is expected to continue through 2026 and presents significant
operational and execution risk, including the risks that UBS may be unable to
achieve the cost reductions and business benefits contemplated by the
transaction, that it may incur higher costs to execute the integration of
Credit Suisse and that the acquired business may have greater risks or
liabilities than expected. Following the failure of Credit Suisse, Switzerland
is considering significant changes to its capital, resolution and regulatory
regime, which, if proposed and adopted, may significantly increase our capital
requirements or impose other costs on UBS. These factors create greater
uncertainty about forward-looking statements. Other factors that may affect
UBS’s performance and ability to achieve its plans, outlook and other
objectives also include, but are not limited to: (i) the degree to which UBS
is successful in the execution of its strategic plans, including its cost
reduction and efficiency initiatives and its ability to manage its levels of
risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity
coverage ratio and other financial resources, including changes in RWA assets
and liabilities arising from higher market volatility and the size of the
combined Group; (ii) the degree to which UBS is successful in implementing
changes to its businesses to meet changing market, regulatory and other
conditions; (iii) inflation and interest rate volatility in major markets;
(iv) developments in the macroeconomic climate and in the markets in which UBS
operates or to which it is exposed, including movements in securities prices
or liquidity, credit spreads, currency exchange rates, residential and
commercial real estate markets, general economic conditions, and changes to
national trade policies on the financial position or creditworthiness of
UBS’s clients and counterparties, as well as on client sentiment and levels
of activity; (v) changes in the availability of capital and funding, including
any adverse changes in UBS’s credit spreads and credit ratings of UBS, as
well as availability and cost of funding to meet requirements for debt
eligible for total loss-absorbing capacity (TLAC); (vi) changes in central
bank policies or the implementation of financial legislation and regulation in
Switzerland, the US, the UK, the EU and other financial centers that have
imposed, or resulted in, or may do so in the future, more stringent or
entity-specific capital, TLAC, leverage ratio, net stable funding ratio,
liquidity and funding requirements, heightened operational resilience
requirements, incremental tax requirements, additional levies, limitations on
permitted activities, constraints on remuneration, constraints on transfers of
capital and liquidity and sharing of operational costs across the Group or
other measures, and the effect these will or would have on UBS’s business
activities; (vii) UBS’s ability to successfully implement resolvability and
related regulatory requirements and the potential need to make further changes
to the legal structure or booking model of UBS in response to legal and
regulatory requirements and any additional requirements due to its acquisition
of the Credit Suisse Group, or other developments; (viii) UBS’s ability to
maintain and improve its systems and controls for complying with sanctions in
a timely manner and for the detection and prevention of money laundering to
meet evolving regulatory requirements and expectations, in particular in the
current geopolitical turmoil; (ix) the uncertainty arising from domestic
stresses in certain major economies; (x) changes in UBS’s competitive
position, including whether differences in regulatory capital and other
requirements among the major financial centers adversely affect UBS’s
ability to compete in certain lines of business; (xi) changes in the standards
of conduct applicable to its businesses that may result from new regulations
or new enforcement of existing standards, including measures to impose new and
enhanced duties when interacting with customers and in the execution and
handling of customer transactions; (xii) the liability to which UBS may be
exposed, or possible constraints or sanctions that regulatory authorities
might impose on UBS, due to litigation, contractual claims and regulatory
investigations, including the potential for disqualification from certain
businesses, potentially large fines or monetary penalties, or the loss of
licenses or privileges as a result of regulatory or other governmental
sanctions, as well as the effect that litigation, regulatory and similar
matters have on the operational risk component of its RWA; (xiii) UBS’s
ability to retain and attract the employees necessary to generate revenues and
to manage, support and control its businesses, which may be affected by
competitive factors; (xiv) changes in accounting or tax standards or policies,
and determinations or interpretations affecting the recognition of gain or
loss, the valuation of goodwill, the recognition of deferred tax assets and
other matters; (xv) UBS’s ability to implement new technologies and business
methods, including digital services, artificial intelligence and other
technologies, and ability to successfully compete with both existing and new
financial service providers, some of which may not be regulated to the same
extent; (xvi) limitations on the effectiveness of UBS’s internal processes
for risk management, risk control, measurement and modeling, and of financial
models generally; (xvii) the occurrence of operational failures, such as
fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data
leakage and systems failures, the risk of which is increased with persistently
high levels of cyberattack threats; (xviii) restrictions on the ability of UBS
Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or
distributions, including due to restrictions on the ability of its
subsidiaries to make loans or distributions, directly or indirectly, or, in
the case of financial difficulties, due to the exercise by FINMA or the
regulators of UBS’s operations in other countries of their broad statutory
powers in relation to protective measures, restructuring and liquidation
proceedings; (xix) the degree to which changes in regulation, capital or legal
structure, financial results or other factors may affect UBS’s ability to
maintain its stated capital return objective; (xx) uncertainty over the scope
of actions that may be required by UBS, governments and others for UBS to
achieve goals relating to climate, environmental and social matters, as well
as the evolving nature of underlying science and industry and the possibility
of conflict between different governmental standards and regulatory regimes;
(xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS
to successfully recover from a disaster or other business continuity problem
due to a hurricane, flood, earthquake, terrorist attack, war, conflict,
pandemic, security breach, cyberattack, power loss, telecommunications failure
or other natural or man-made event; and (xxiii) the effect that these or other
factors or unanticipated events, including media reports and speculations, may
have on its reputation and the additional consequences that this may have on
its business and performance. The sequence in which the factors above are
presented is not indicative of their likelihood of occurrence or the potential
magnitude of their consequences. UBS’s business and financial performance
could be affected by other factors identified in its past and future filings
and reports, including those filed with the US Securities and Exchange
Commission (the SEC). More detailed information about those factors is set
forth in documents furnished by UBS and filings made by UBS with the SEC,
including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year
ended 31 December 2024. UBS is not under any obligation to (and expressly
disclaims any obligation to) update or alter its forward-looking statements,
whether as a result of new information, future events, or otherwise.
Rounding
Numbers presented throughout this news release may not add up precisely to the
totals provided in the tables and text. Percentages and percent changes
disclosed in text and tables are calculated on the basis of unrounded figures.
Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded
basis.
Tables
Within tables, blank fields generally indicate non-applicability or that
presentation of any content would not be meaningful, or that information is
not available as of the relevant date or for the relevant period. Zero values
generally indicate that the respective figure is zero on an actual or rounded
basis. Values that are zero on a rounded basis can be either negative or
positive on an actual basis.
Websites
In this news release, any website addresses are provided solely for
information and are not intended to be active links. UBS is not incorporating
the contents of any such websites into this news release.
UBS Group AG
Investor contact
Switzerland: +41-44-234 41 00
Americas: +1-212-882 57 34
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
ubs.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2F&esheet=54246303&newsitemid=20250429508505&lan=en-US&anchor=ubs.com&index=4&md5=6132502b19e75ad75b8d17e108d93a54)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20250429508505/en/
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