REG-UBS AG UBS reports strong results in 3Q25 with continued progress on integration (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
29/10/2025 07:00
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UBS reports strong results in 3Q25 with continued progress on integration (Ad
hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing
Rules)
UBS (NYSE:UBS) (SWX:UBSN):
“We delivered an excellent 3Q25 financial performance powered by significant
momentum in our core businesses and disciplined execution of our strategic
priorities. We've seen strong private and institutional client activity with
invested assets reaching nearly 7 trillion. As a key pillar of our strategy,
our balance sheet for all seasons remains strong, allowing us to invest in
talent, technology, and capabilities as we continue to make further progress
on integration, positioning us for long-term growth and value creation.”
Sergio P. Ermotti, Group CEO
3Q25 PBT of USD 2.8bn and underlying(1) PBT of USD 3.6bn, net profit of USD
2.5bn, RoCET1 of 13.5% and underlying RoCET1 of 16.3%. Core businesses(2)
underlying PBT up by 28% YoY, or 19% excluding litigation
Strong client momentum with quarterly asset inflows supporting 4% sequential
growth in Group invested assets to USD 6.9trn. Global Wealth Management net
new assets of USD 38bn driving year-to-date NNA of USD 92bn. Asset Management
invested assets passed the USD 2trn mark helped by USD 18bn in net new money
in 3Q25
Strong trading and deal activity leveraging favorable environment. On
underlying basis Global Wealth Management 3Q25 transaction-based income up 11%
YoY, record third quarter for both Global Banking, up 52% YoY, and Global
Markets, up 14% YoY
Excellent progress on integration with over two-thirds of Swiss-booked client
accounts already migrated; substantially completed the integration of Asset
Management. Delivered further USD 0.9bn in exit rate gross cost saves in the
quarter bringing cumulative cost reductions to USD 10bn, one quarter ahead of
schedule. This represents 77% of the USD ~13bn in expected gross saves by
end-2026
Reliable partner for the Swiss economy, staying close to private clients and
businesses. We are supporting them with our leading credit offering and unique
global capabilities and footprint. Granted or renewed around CHF 40bn of loans
during the quarter
Progress on Non-core and Legacy wind-down and litigation; active position
exits contributing to a USD 1.9bn sequential reduction in risk-weighted assets
to USD 30.7bn. Resolution of legacy UBS and Credit Suisse legal matters
leading to Group net litigation reserve releases of USD 668m
Balance sheet for all seasons with 14.8% CET1 capital ratio, 4.6% CET1
leverage ratio, and continued execution on our capital return plans. Completed
USD 1.1bn in share buybacks in 3Q25. With up to USD 0.9bn in repurchases
planned for 4Q25 we are set to reach the USD 3bn total for 2025. Continued
accruing for a double-digit growth in dividend
Positioning for long-term growth by investing strategically and executing on
our plans. Submitted National Bank Charter application in the US. Sustained
investments in Gen AI drive its usage and adoption across the firm. Continuing
to contribute to the ongoing political process on banking regulation in
Switzerland
USD 2.5bn 13.5% USD 2.8bn 77.0% 14.8%
Net profit
RoCET1 capital
Profit before tax
Cost/income ratio
CET1 capital ratio
USD 0.76 16.3% USD 3.6bn 69.7% 4.6%
Diluted EPS
Underlying(1
Underlying(1
Underlying(1
CET1 leverage ratio
)RoCET1 capital
)profit before tax
)cost/income ratio
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 third quarter of 2025 for a reconciliation of underlying to reported
results and definitions of the APMs. 2 Includes Global Wealth Management,
Personal & Corporate Banking, Asset Management, the Investment Bank, and
Group Items.
Group summary
Strong financial performance
In 3Q25, we reported profit before tax of USD 2,828m and underlying PBT of USD
3,590m, up 47% and 50% YoY, respectively. Results were driven by growth in our
core businesses, which increased their combined underlying PBT excluding
litigation by 19% YoY. Net profit attributable to shareholders was USD 2,481m,
up 74% YoY and included net litigation reserve releases of USD 668m, mainly
due to the resolution of legal matters related to Credit Suisse’s
Residential Mortgage-Backed Securities (RMBS) business and UBS’s legacy
cross-border activities in France. Return on CET1 capital was 13.5%, or 16.3%
on an underlying basis. Diluted earnings per share were USD 0.76, up 77% YoY.
Reported revenues were USD 12,760m, up 3% YoY. On an underlying basis,
revenues increased by 5% to USD 12,199m. Underlying revenues from our core
businesses increased 7%, reflecting the enduring advantages of our diversified
global platform and broad-based client momentum amid constructive markets.
Underlying revenues in Non-core and Legacy division declined by USD 304m from
3Q24, reflecting NCL progress in significantly reducing the size of its
portfolio.
Reported Group operating expenses decreased by 4% YoY to USD 9,831m.
Continued momentum in client inflows and trading activity
We have been supporting clients with advice helping them benefit from
constructive market conditions. This drove strong momentum across our
businesses, including asset flows and transactional activity.
Group invested assets rose 4% sequentially to USD 6.9trn, driven by growth
across Global Wealth Management, Asset Management and Personal & Corporate
Banking. In GWM net new assets reached USD 38bn with strong generation in
APAC, EMEA and Switzerland more than offsetting outflows in the Americas,
primarily reflecting advisor movement following the structural changes we
introduced last year, as part of the franchise’s broader realignment. With
NNA of USD 92bn year-to-date, we are already close to our full-year ambition
of USD 100bn. Asset Management net new money reached USD 18bn with net inflows
across all asset classes, helping invested assets top the USD 2trn mark for
the first time.
Transactional activity during the quarter remained strong among both private
and institutional clients, led in particular by strength in APAC. Our
strategic focus and scale paired with deep and holistic coverage allowed us to
capture client and market activity in the region. In wealth management,
underlying transaction-based income rose 28% YoY, while the Investment Bank
delivered its highest quarterly revenues on record driven by broad-based gains
across both Global Banking and Global Markets. It was also recently named the
best Investment Bank in Asia by Euromoney.
In GWM, on an underlying basis, third-quarter transaction-based income
increased by 11% YoY with the standout APAC performance supported by positive
momentum across other regions. In the Investment Bank, underlying Global
Banking revenues grew 52% YoY to USD 0.8bn with gains led by Advisory and
Capital Markets, outperforming fee pools in line with our medium-to-long term
ambitions to increase market share.
Global Markets underlying revenues of USD 2.2bn were up 14% YoY, underpinned
by strength in our areas of focus within Equities and Foreign Exchange, Rates
and Credit, including cash equities, Prime Brokerage, and FX.
In P&C’s Personal Banking franchise we also saw robust activity, with
transaction-based revenues up 10% YoY, supported by deeper client engagement.
Positive net new client assets, reflecting increased adoption of our
discretionary solutions, contributed to the 6% increase in recurring net fee
income.
Reliable partner for the Swiss economy
Businesses and households in Switzerland benefit from our global reach, advice
and expertise. Importantly, our balance sheet for all seasons gives our
clients the stability they need while allowing us to remain a leading provider
of credit to the economy. We have granted or renewed CHF 40bn of loans during
the quarter.
Our conservative approach to risk and highly robust business model is
reflected in the Group’s loan-to-deposit ratio of 83% and cost of risk of
only 6bps.
Excellent progress on integration and client account migration
We further progressed our plans at pace during the quarter, focusing on
successful delivery of client account migrations in Switzerland, the
integration’s most significant and complex objective. With over 0.7m of
client accounts successfully transferred by end-October, we have migrated over
two-thirds of client accounts in scope, and are well on track to complete the
Swiss booking center migrations by the end of the first quarter of 2026.
Additionally, having finished moving Asset Management client portfolios onto
the UBS platform this month, we have substantially completed the business’s
integration. While fund and custody migration is due to continue until 1Q26,
the business division is well placed to leverage its enhanced scale, broader
product offering and improved efficiency to drive sustained value creation.
Delivering on cost savings plans
Disciplined execution of our cost-reduction plans delivered an additional USD
0.9bn in Group-wide gross cost saves in the quarter, including by further
downsizing Non-core and Legacy’s expense base and realizing cost synergies
in the core businesses. We have already achieved our end-2025 objective of
delivering cumulative gross cost savings of USD 10bn, a quarter earlier than
anticipated.
We continue to reduce complexity and costs by decommissioning technology
infrastructure and applications. To date we have retired 1,365 (or 47%) of
applications in scope. We have also increased the number of switched off
servers to 66,000, worked through 43PB of data, and exited two additional data
centers in 3Q25 to bring us to a total of seven exits.
Our active wind down of the NCL portfolio contributed to a USD 1.9bn
sequential reduction in risk-weighted assets to USD 30.7bn at the end of
September. With 94% of its initial books closed, NCL is already close to its
objective of shuttering over 95% of them, which was originally planned for
end-2026.
Balance sheet for all seasons and commitment to capital returns
Our capital position was further strengthened in the quarter by our business
momentum, as we progressed on our capital return plans. The CET1 capital ratio
increased to 14.8% and the CET1 leverage ratio to 4.6%, both exceeding our
guidance of ~14% and >4.0%, respectively.
We continue to accrue for a double digit increase in the ordinary dividend per
share and completed USD 1.1bn in share buybacks in the quarter. With up to USD
0.9bn in repurchases planned, we are set to reach the full-year total of USD
3bn.
Our year-end 2025 CET1 capital ratio is expected to reflect an accrual for
intended share repurchases in 2026, as well as the full-year 2025 dividend.
Consistent with UBS’s previously communicated plans, the amount of the
accrual will be informed by our ongoing strategic planning process,
maintaining a CET1 capital ratio of around 14%, achieving financial targets,
and visibility on shape and timing of future capital requirements in
Switzerland.
We will communicate our 2026 capital returns ambitions with our fourth quarter
and full-year financial results for 2025 in February 2026.
Investing for sustainable long-term growth
We remain focused on strengthening our global capabilities by investing in our
businesses and technology to capture long-term growth opportunities.
In October, we submitted the national bank charter application in the US, an
important step in our strategic growth plans in the world’s largest wealth
market, allowing us to over time build a platform delivering a broader suite
of banking products to clients, including traditional bank accounts, in
addition to the cash management capabilities UBS currently offers. We aim to
receive an approval in 2026.
We are accelerating our AI strategy to deliver impactful outcomes faster and
incrementally, with continued progress in reshaping our business capabilities
and enhancing employee productivity. In the third quarter, we have further
rolled out AI-powered tools, with all employees now having access to M365
Copilot and our in-house AI assistant, Red, being available to over 85,000
employees.
Our investments in this space continue to translate into increased usage of
Gen AI tools across the organization with 18m prompts across all our tools in
the quarter, a nine-fold increase since year-end 2024. In addition, we are
continually assessing and building further opportunities – having added 60
new AI use cases across the bank, bringing the number of live solutions to
340.
We are also progressing on the execution of our eight large-scale,
transformational AI initiatives designed to have firm-wide impact and
strengthen our foundations, enhancing client service and increasing
productivity across the Group. This includes the continued implementation of
the next generation of software engineering, with 3,000 developers now using
AI-powered code tooling – enabling us to deliver solutions in a way that is
faster, more innovative, and scalable.
250 of our senior leaders, including members of the Group Executive Board, are
taking part in the AI Senior Leadership Journey events at the Saïd Business
School, University of Oxford. The program focuses on building an AI-enabled
organization, driving transformation, and ensuring ethical governance. This
initiative is designed to equip our leaders with the strategic insights they
need to further embed AI across the firm and lead the development of an
AI-enabled workforce.
Most recently, we have also appointed a Chief AI Officer to lead UBS’s AI
strategy, ensuring the effective deployment of AI-enabled tools and processes
at scale, while driving the next phase of implementation and governance.
We are doing all this while continuing to contribute to the ongoing political
process on banking regulation in Switzerland. We submitted our response to the
Capital Adequacy Ordinance consultation in September, and will do the same for
the ongoing consultation on capital requirements related to foreign
subsidiaries by its end on 9 January 2026.
Court ruling related to write-off of Credit Suisse AT1 capital instruments in
2023
In proceedings initiated by certain holders of Credit Suisse Group AG
additional tier 1 instruments (AT1 instruments) against FINMA, which
challenged FINMA’s decree of 19 March 2023 ordering a write-off of CHF 16bn
principal amount of Credit Suisse Group AG’s AT1 instruments, the Swiss
Federal Administrative Court published a partial decision in October 2025. The
court determined that FINMA’s order lacked a sufficient legal basis and
revoked FINMA’s decree.
FINMA has stated it will appeal the decision to the Swiss Federal Supreme
Court. UBS intends to appeal in order to ensure that our perspective on the
relevant facts relating to the acquisition is considered by the court, as well
as to safeguard the credibility of AT1 instruments for the key role they play
in bank recovery and resolution.
The decision did not order any remedy. The court will only consider what
remedies, if any, are appropriate at a later stage and in case the Swiss
Federal Supreme Court confirms the decision in an appeal. The write-down of
the Credit Suisse AT1 instruments was an integral part of the rescue
transaction. UBS believes that the write-down was in accordance with the
contractual terms of the AT1 instruments and the applicable law and that
FINMA’s decree was lawful.
The Parliamentary Inquiry Committee (PUK) report concluded that Credit Suisse
would have been insolvent and could not have opened for business on Monday, 20
March 2023, without the rescue package.
An FAQ on the matter is available at ubs.com/presentations
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fubs.com%2Fpresentations&esheet=54347212&newsitemid=20251028704601&lan=en-US&anchor=ubs.com%2Fpresentations&index=1&md5=111a3c4c015f75ce7062bc5d2e569f83)
.
Outlook
With valuations elevated across most asset classes entering the fourth
quarter, investors remain engaged but increasingly focused on hedging downside
risks, which is also evident in periodic headline-driven spikes in volatility.
Against this backdrop, transactional activity and our deal pipelines remain
healthy, though sentiment can shift quickly as confidence in the outlook is
tested and seasonal effects come into play. Furthermore, macro uncertainties
along with a strong Swiss franc and higher US tariffs are clouding the outlook
for the Swiss economy, and a prolonged US government shutdown may delay
capital market activities.
In the fourth quarter, we expect net interest income in US dollars to remain
broadly stable in each of Global Wealth Management and Personal &
Corporate Banking. Credit loss expense in Personal & Corporate Banking is
projected at around CHF 80m. Quarter-end transactional activity levels in the
Investment Bank are likely to normalize compared with the strong prior-year
period when markets were unusually active ahead of the US administration
change.
As in prior years, the Group is likely to see more modest sequential gross and
net saves in the fourth quarter, reflecting our continued focus on the Swiss
platform migration and a seasonal uptick in select non-personnel costs,
notably the UK bank levy. Our reported net profit is expected to be influenced
by integration costs of around USD 1.1bn, partly offset by acquisition-related
revenues of around USD 0.5bn. The year-end 2025 CET1 capital ratio is expected
to decrease sequentially reflecting an accrual for intended share repurchases
in 2026, as well as the full-year 2025 dividend.
We remain focused on actively engaging with our clients, helping them to
navigate a complex environment while executing on our growth and integration
plans. We are confident in our ability to deliver on our 2026 financial
targets, leveraging the power of our diversified business model and global
footprint.
Third quarter 2025 performance overview
Group PBT USD 2,828m, underlying PBT USD 3,590m
PBT of USD 2,828m included PPA effects and other integration items of USD
701m, a loss related to an investment in an associate of USD 140m, and
integration-related expenses and PPA effects of USD 1,323m. Underlying PBT was
USD 3,590m, including net credit loss expenses of USD 102m and a USD 668m net
release of provisions and acquisition-related contingent liabilities resulting
from litigation, regulatory and similar matters. The cost/income ratio was
77.0%, and 69.7% on an underlying basis. Net profit attributable to
shareholders was USD 2,481m, with diluted earnings per share of USD 0.76.
Return on CET1 capital was 13.5%, and 16.3% on an underlying basis.
Global Wealth Management (GWM) PBT USD 1,354m, underlying PBT USD 1,774m
Total revenues increased by USD 344m, or 6%, to USD 6,543m, largely driven by
higher recurring net fee income and transaction-based income, partly offset by
lower net interest income, and included a USD 53m decrease in PPA effects and
other integration items. Excluding USD 171m of PPA effects and other
integration items and a USD 38m loss related to an investment in an associate,
underlying total revenues were USD 6,410m, an increase of 7%. Net credit loss
expenses were USD 7m, compared with net credit loss expenses of USD 2m in the
third quarter of 2024. Operating expenses increased by USD 70m, or 1%, to USD
5,182m and included a USD 133m increase in integration-related expenses.
Excluding USD 553m of integration-related expenses and PPA effects, underlying
operating expenses were USD 4,629m, a decrease of 1%, and included USD 198m of
net releases in provisions for litigation, regulatory and similar matters,
primarily reflecting USD 284m of releases related to the resolution of a
legacy matter concerning cross-border business activities in France. These
effects were partly offset by an increase in financial advisor compensation as
a result of higher compensable revenues. The cost/income ratio was 79.2%, and
72.2% on an underlying basis. Invested assets increased sequentially by USD
202bn to USD 4,714bn. Net new assets were USD 38bn.
Personal & Corporate Banking (P&C) PBT CHF 507m, underlying PBT CHF
668m
Total revenues decreased by CHF 192m, or 9%, to CHF 1,864m, predominantly due
to lower net interest income and other income. Total revenues in the third
quarter of 2025 included a loss of CHF 81m related to an investment in an
associate. Excluding CHF 222m of PPA effects and other integration items and
the aforementioned loss, underlying total revenues were CHF 1,724m, a decrease
of 5%. Net credit loss expenses were CHF 58m and mainly reflected net expenses
on credit-impaired positions. Net credit loss expenses in the prior-year
quarter were CHF 71m. Operating expenses increased by CHF 42m, or 3%, to CHF
1,300m and included a CHF 134m increase in integration-related expenses.
Excluding CHF 302m of integration-related expenses and PPA effects, underlying
operating expenses were CHF 998m, a decrease of 8%, mainly reflecting lower
personnel and real estate expenses, as well as CHF 29m of net releases in
provisions for litigation, regulatory and similar matters related to the
resolution of a legacy matter concerning cross-border business activities in
France. Reported PBT declined 30% year-on-year to CHF 507m, reflecting a 1%
increase in underlying PBT more than offset by the aforementioned loss on an
investment in an associate and higher integration-related expenses. The
cost/income ratio was 69.7%, and 57.9% on an underlying basis.
Asset Management (AM) PBT USD 218m, underlying PBT USD 282m
Total revenues decreased by USD 30m, or 3%, to USD 843m, mainly due to the
third quarter of 2024 including a USD 72m net gain from disposals, partly
offset by higher performance fees. Operating expenses decreased by USD 98m, or
14%, to USD 624m and included a USD 22m decrease in integration-related
expenses. Excluding integration-related expenses of USD 64m, underlying
operating expenses were USD 560m, a decrease of 12%, mainly due to lower
personnel expenses. The cost/income ratio was 74.1%, and 66.5% on an
underlying basis. Invested assets increased sequentially by USD 91bn to USD
2,043bn. Net new money was USD 18bn, and USD 14bn excluding money market flows
and associates.
Investment Bank (IB) PBT USD 900m, underlying PBT USD 787m
Total revenues increased by USD 599m, or 23%, to USD 3,244m, due to higher
revenues in Global Banking and Global Markets and a USD 128m gain from the
sale of a stake in Credit Suisse Securities (China) Limited, partly offset by
a decrease in PPA effects of USD 94m. Excluding this gain and these PPA
effects, underlying total revenues were USD 3,025m, an increase of 23%. Net
credit loss expenses were USD 17m, compared with net credit loss expenses of
USD 9m in the third quarter of 2024. Operating expenses increased by USD 96m,
or 4%, to USD 2,327m, and included a USD 50m decrease in integration-related
expenses. Excluding integration-related expenses of USD 106m, underlying
operating expenses were USD 2,221m, an increase of 7%, mainly due to higher
personnel expenses. The cost/income ratio was 71.7%, and 73.4% on an
underlying basis. Return on attributed equity was 19.4%, and 17.0% on an
underlying basis.
Non-core and Legacy (NCL) PBT USD (102m), underlying PBT USD 102m
Total revenues were negative USD 40m, compared with total revenues of USD 262m
in the third quarter of 2024, mainly reflecting lower net gains from position
exits and lower net interest income from securitized product and credit
portfolios. These were partly offset by lower markdowns and lower liquidity
and funding costs, as a result of the smaller portfolio. Total revenues in the
third quarter of 2024 also included a USD 67m gain from the sale of our
investment in an associate. Net credit loss expenses were USD 6m, compared
with net credit loss expenses of USD 28m in the third quarter of 2024.
Operating expenses were USD 56m, a decrease of USD 781m, or 93%, and included
USD 440m of net releases in provisions and acquisition-related contingent
liabilities resulting from litigation, regulatory and similar matters,
primarily due to USD 673m of releases related to the completion of obligations
under Credit Suisse’s residential mortgage-backed securities settlement with
the US Department of Justice, partly offset by expenses related to increases
in other litigation provisions. The decrease also reflected lower personnel
expenses and technology costs and included a USD 65m decrease in
integration-related expenses. Excluding integration-related expenses of USD
205m, underlying operating expenses were negative USD 149m.
Group Items PBT USD (173m), underlying PBT USD (187m)
3 Also accounts for credit loss expenses/releases incurred in a given period.
UBS’s sustainability and impact highlights
We support our clients in the transition to a low-carbon world and consider
climate change risks and opportunities across our firm for the benefit of our
clients, our shareholders and all our stakeholders.
UBS maintains strong ESG ratings across agencies
In September, our S&P Global Corporate Sustainability Assessment score was
confirmed at last year’s high level, reflecting our strong overall
performance. Meanwhile, MSCI reaffirmed UBS’s leading position with an AA
rating.
At the same time, UBS received a Low Risk rating (previously: Medium Risk)
from Sustainalytics, following a methodology update affecting their
Controversies Research component.
UBS hosts 4(th) Annual Wolfsberg Forum for Sustainable Finance
UBS hosted the 4th Annual Wolfsberg Forum for Sustainable Finance in
September, in partnership with the Institute of International Finance, at the
UBS Center for Education and Dialogue in Switzerland. The two-day event
brought together senior public and private sector leaders from across the
globe to address key challenges in sustainable finance, including policy
uncertainty, evolving regulatory frameworks, bridging the development finance
gap, and scaling blended finance solutions.
The forum fostered open and pragmatic engagement among clients, regulators,
policymakers, and the development finance community, with a shared focus on
driving collective progress.
UBS Employee Volunteering and UBS Helpetica mark Swiss anniversaries
In 2005, UBS was one of the first companies in Switzerland to launch a
volunteering program for its employees: UBS Employee Volunteering. What began
as a bold move has developed into a success story, celebrating its 20(th)
anniversary in our home market – with tangible benefits for society and the
organizations being supported, our employees, and the firm itself.
To build on this experience, five years ago UBS decided to extend its
commitment beyond the firm itself and launched UBS Helpetica – a digital
platform for volunteering projects in Switzerland. Over the course of the last
five years, charitable organizations and private individuals have submitted
1,350 project ideas. More than 950 of these projects have been implemented
together with over 180 non-profit partner organizations.
Selected financial information of the business divisions and Group Items
For the quarter ended 30.9.25
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management
Corporate
Management
Bank
Banking
Total revenues as reported 6,543 2,321 843 3,244 (40) (149) 12,760
of which: PPA effects and other integration items(1) 171 276 219(2) 1 34 701
of which: loss related to an investment in an associate (38) (102) (140)
Total revenues (underlying) 6,410 2,147 843 3,025 (42) (183) 12,199
Credit loss expense / (release) 7 72 0 17 6 0 102
Operating expenses as reported 5,182 1,619 624 2,327 56 23 9,831
of which: integration-related expenses and PPA effects(3) 553 376 64 106 205 20 1,323
Operating expenses (underlying) 4,629 1,242 560 2,221 (149) 4 8,507
Operating profit / (loss) before tax as reported 1,354 631 218 900 (102) (173) 2,828
Operating profit / (loss) before tax (underlying) 1,774 833 282 787 102 (187) 3,590
For the quarter ended 30.6.25
USD m Global Personal & Asset Investment Non-core Group Items Total
Wealth
and Legacy
Management
Corporate
Management
Bank
Banking
Total revenues as reported 6,300 2,336 772 2,966 (82) (180) 12,112
of which: PPA effects and other integration items(1) 153 274 152 1 17 596
of which: loss related to an investment in an associate (8) (23) (31)
Total revenues (underlying) 6,156 2,085 772 2,815 (83) (198) 11,546
Credit loss expense / (release) 3 114 0 48 (2) 0 163
Operating expenses as reported 5,093 1,528 618 2,361 170 (13) 9,756
of which: integration-related expenses and PPA effects(3) 383 240 63 121 252 (4) 1,055
Operating expenses (underlying) 4,710 1,288 555 2,241 (83) (10) 8,701
Operating profit / (loss) before tax as reported 1,204 695 153 557 (250) (167) 2,193
Operating profit / (loss) before tax (underlying) 1,443 684 216 526 1 (188) 2,683
For the quarter ended 30.9.24
USD m Global Personal & Asset Investment Non-core Group Items Total
Wealth
and Legacy
Management
Corporate
Management
Bank
Banking
Total revenues as reported 6,199 2,394 873 2,645 262 (39) 12,334
of which: PPA effects and other integration items(1) 224 278 185 (25) 662
Total revenues (underlying) 5,975 2,116 873 2,461 262 (14) 11,672
Credit loss expense / (release) 2 83 0 9 28 0 121
Operating expenses as reported 5,112 1,465 722 2,231 837 (84) 10,283
of which: integration-related expenses and PPA effects(3) 419 198 86 156 270 (11) 1,119
Operating expenses (underlying) 4,693 1,267 636 2,076 567 (74) 9,165
Operating profit / (loss) before tax as reported 1,085 846 151 405 (603) 45 1,929
Operating profit / (loss) before tax (underlying) 1,280 766 237 377 (333) 60 2,386
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 Includes a USD 128m gain from the sale of a stake in a
subsidiary, Credit Suisse Securities (China) Limited. 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.
Selected financial information of the business divisions and Group Items
(continued)
Year-to-date 30.9.25
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management
Corporate
Management
Bank
Banking
Total revenues as reported 19,265 6,868 2,355 9,393 162 (614) 37,429
of which: PPA effects and other integration items(1) 489 790 509(2) 2 81 1,872
of which: gain / (loss) related to an investment in an associate (42) (114) (156)
of which: items related to the Swisscard transactions(3) 64 64
Total revenues (underlying) 18,818 6,128 2,355 8,884 159 (696) 35,649
Credit loss expense / (release) 16 239 0 100 11 (1) 365
Operating expenses as reported 15,332 4,697 1,848 7,115 894 25 29,911
of which: integration-related expenses and PPA effects(4) 1,291 808 200 339 648 19 3,305
of which: items related to the Swisscard transactions(5) 180 180
Operating expenses (underlying) 14,041 3,709 1,648 6,776 246 6 26,426
Operating profit / (loss) before tax as reported 3,917 1,932 507 2,179 (744) (638) 7,153
Operating profit / (loss) before tax (underlying) 4,762 2,179 707 2,009 (98) (701) 8,858
Year-to-date 30.9.24
USD m Global Personal & Asset Investment Non-core Group Items Total
Wealth
and Legacy
Management
Corporate
Management
Bank
Banking
Total revenues as reported 18,395 7,089 2,416 8,199 1,664 (786) 36,976
of which: PPA effects and other integration items(1) 691 780 787 (37) 2,221
Total revenues (underlying) 17,705 6,308 2,416 7,412 1,664 (749) 34,755
Credit loss expense / (release) (2) 229 0 34 63 (2) 322
Operating expenses as reported 15,340 4,265 2,025 6,728 2,655 (132) 30,880
of which: integration-related expenses and PPA effects(4) 1,347 540 255 543 837 (12) 3,511
Operating expenses (underlying) 13,993 3,725 1,770 6,185 1,817 (120) 27,370
Operating profit / (loss) before tax as reported 3,057 2,594 392 1,437 (1,054) (652) 5,773
Operating profit / (loss) before tax (underlying) 3,713 2,354 647 1,193 (216) (627) 7,063
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 Includes a USD 128m gain from the sale of a stake in a
subsidiary, Credit Suisse Securities (China) Limited. 3 Represents the gain
related to UBS’s share of the income recorded by Swisscard for the sale of
the Credit Suisse card portfolios to UBS. 4 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. 5 Represents the expense related to the payment to Swisscard for
the sale of the Credit Suisse card portfolios to UBS.
Our key figures
As of or for the quarter ended As of or year-to-date
USD m, except where indicated 30.9.25 30.6.25 31.12.24 30.9.24 30.9.25 30.9.24
Group results
Total revenues 12,760 12,112 11,635 12,334 37,429 36,976
Credit loss expense / (release) 102 163 229 121 365 322
Operating expenses 9,831 9,756 10,359 10,283 29,911 30,880
Operating profit / (loss) before tax 2,828 2,193 1,047 1,929 7,153 5,773
Net profit / (loss) attributable to shareholders 2,481 2,395 770 1,425 6,568 4,315
Diluted earnings per share (USD)(1) 0.76 0.72 0.23 0.43 1.99 1.29
Profitability and growth(2,3)
Return on equity (%) 11.1 10.9 3.6 6.7 10.0 6.8
Return on tangible equity (%) 12.0 11.8 3.9 7.3 10.8 7.4
Underlying return on tangible equity (%)(4) 14.6 13.4 6.6 9.0 12.7 9.1
Return on common equity tier 1 capital (%) 13.5 13.5 4.2 7.6 12.2 7.5
Underlying return on common equity tier 1 capital (%)(4) 16.3 15.3 7.2 9.4 14.4 9.2
Revenues over leverage ratio denominator, gross (%) 3.1 3.0 3.0 3.1 3.1 3.1
Cost / income ratio (%) 77.0 80.5 89.0 83.4 79.9 83.5
Underlying cost / income ratio (%)(4) 69.7 75.4 81.9 78.5 74.1 78.8
Effective tax rate (%) 12.0 (9.5) 25.6 26.0 7.8 24.4
Net profit growth (%) 74.2 110.9 n.m. n.m. 52.2 (84.4)
Resources(2)
Total assets 1,632,251 1,669,991 1,565,028 1,623,941 1,632,251 1,623,941
Equity attributable to shareholders 89,899 89,277 85,079 87,025 89,899 87,025
Common equity tier 1 capital(5) 74,655 72,709 71,367 74,213 74,655 74,213
Risk-weighted assets(5) 504,897 504,500 498,538 519,363 504,897 519,363
Common equity tier 1 capital ratio (%)(5) 14.8 14.4 14.3 14.3 14.8 14.3
Going concern capital ratio (%)(5) 18.8 18.2 17.6 17.5 18.8 17.5
Total loss-absorbing capacity ratio (%)(5) 39.5 37.9 37.2 37.5 39.5 37.5
Leverage ratio denominator(5) 1,640,464 1,658,089 1,519,477 1,608,341 1,640,464 1,608,341
Common equity tier 1 leverage ratio (%)(5) 4.6 4.4 4.7 4.6 4.6 4.6
Liquidity coverage ratio (%)(6) 182.1 182.3 188.4 199.2 182.1 199.2
Net stable funding ratio (%) 119.7 122.4 125.5 126.9 119.7 126.9
Other
Invested assets (USD bn)(3,7) 6,910 6,618 6,087 6,199 6,910 6,199
Personnel (full-time equivalents) 104,427 105,132 108,648 109,396 104,427 109,396
Market capitalization(1,8) 136,416 113,036 105,719 106,528 136,416 106,528
Total book value per share (USD)(1) 28.78 28.17 26.80 27.32 28.78 27.32
Tangible book value per share (USD)(1) 26.54 25.95 24.63 25.10 26.54 25.10
Credit-impaired lending assets as a percentage of total lending assets, gross 0.9 0.9 1.0 0.9 0.9 0.9
(%)(3)
Cost of credit risk (bps)(3) 6 10 15 8 8 7
1 Refer to the “Share information and earnings per share” section of the
UBS Group third quarter 2025 report, available under “Quarterly reporting”
at ubs.com/investors, for more information. 2 Refer to the “Targets, capital
guidance and ambitions” section of the UBS Group Annual Report 2024,
available under “Annual reporting” at ubs.com/investors, and to the
“Recent developments” section of the UBS Group second quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more
information about our performance targets. 3 Refer to “Alternative
performance measures” in the appendix to the UBS Group third quarter 2025
report, available under “Quarterly reporting” at ubs.com/investors, for
the relevant definition(s) and calculation method(s). 4 Refer to the “Group
performance” section of the UBS Group third quarter 2025 report, available
under “Quarterly reporting” at ubs.com/investors, for more information
about underlying results. 5 Based on the Swiss systemically relevant bank
framework. Refer to the “Capital management” section of the UBS Group
third quarter 2025 report, available under “Quarterly reporting” at
ubs.com/investors, for more information. 6 The disclosed ratios represent
quarterly averages for the quarters presented and are calculated based on an
average of 65 data points in the third quarter of 2025, 61 data points in the
second quarter of 2025, 64 data points in the fourth quarter of 2024 and 65
data points in the third quarter of 2024. Refer to the “Liquidity and
funding management” section of the UBS Group third quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more
information. 7 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. 8 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 Year-to-date
USD m 30.9.25 30.6.25 30.9.24 2Q25 3Q24 30.9.25 30.9.24
Net interest income 1,981 1,965 1,794 1 10 5,575 5,270
Other net income from financial instruments measured at fair value through 3,502 3,408 3,681 3 (5) 10,848 11,547
profit or loss
Net fee and commission income 7,204 6,708 6,517 7 11 20,689 19,540
Other income 73 30 341 143 (78) 317 619
Total revenues 12,760 12,112 12,334 5 3 37,429 36,976
Credit loss expense / (release) 102 163 121 (37) (16) 365 322
Personnel expenses 7,172 6,976 6,889 3 4 21,180 20,957
General and administrative expenses 1,755 1,881 2,389 (7) (27) 6,067 7,120
Depreciation, amortization and impairment of non-financial assets 904 898 1,006 1 (10) 2,663 2,804
Operating expenses 9,831 9,756 10,283 1 (4) 29,911 30,880
Operating profit / (loss) before tax 2,828 2,193 1,929 29 47 7,153 5,773
Tax expense / (benefit) 341 (209) 502 (32) 561 1,407
Net profit / (loss) 2,487 2,402 1,428 4 74 6,592 4,366
Net profit / (loss) attributable to non-controlling interests 6 7 3 (19) 93 24 51
Net profit / (loss) attributable to shareholders 2,481 2,395 1,425 4 74 6,568 4,315
Comprehensive income
Total comprehensive income 2,073 5,357 3,910 (61) (47) 10,776 5,279
Total comprehensive income attributable to non-controlling interests 5 22 27 (75) (80) 53 40
Total comprehensive income attributable to shareholders 2,067 5,335 3,883 (61) (47) 10,722 5,239
Information about results materials and the earnings call
UBS’s third quarter 2025 report, news release and slide presentation are
available from 06:45 CET on Wednesday, 29 October 2025, at
ubs.com/quarterlyreporting.
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54347212&newsitemid=20251028704601&lan=en-US&anchor=ubs.com%2Fquarterlyreporting.&index=2&md5=3d13fa893ad7327848bf8af4977bb411)
UBS will hold a presentation of its third quarter 2025 results on Wednesday,
29 October 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 CET
08:00 GMT
04:00 US EDT
Audio webcast
The presentation for analysts can be followed live on
ubs.com/quarterlyreporting
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with a simultaneous slide show.
Webcast playback
An audio playback of the results presentation will be made available at
ubs.com/investors
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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. 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 evolving conditions 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, including those related to litigation, than expected.
Following the failure of Credit Suisse, Switzerland is considering significant
changes to its capital, resolution and regulatory regime, which, if adopted,
would 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, including any potential changes to
banking examination and oversight practices and standards as a result of
executive branch orders or staff interpretations of law in the US; (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, including as affected by the marketability
of a current additional tier one debt instrument, to meet requirements for
debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and
potential divergence between 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 including heightened
requirements and expectations due to its acquisition of the Credit Suisse
Group; (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,
including litigation it has inherited by virtue of the acquisition of Credit
Suisse, 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 increasing divergence among
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 new 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
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