REG-UBS AG UBS reports USD 3.0bn net profit and 16.8% RoCET1 in 1Q26 driven by strong client activity and flows; on track to complete integration by year-end (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
29/04/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260429:nBw4twNJ1a&default-theme=true
UBS reports USD 3.0bn net profit and 16.8% RoCET1 in 1Q26 driven by strong
client activity and flows; on track to complete integration by year-end (Ad
hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing
Rules)
UBS (NYSE:UBS) (SWX:UBSN):
“In the first quarter we continued helping clients navigate a volatile and
unpredictable geopolitical and market environment, leveraging the strength and
breadth of our global, diversified franchise. We delivered excellent financial
results and remain on track to deliver on our financial objectives for 2026.
Having now successfully transferred all client accounts in Switzerland, we
achieved another crucial milestone in one of the most complex integrations in
banking history. We are confident in substantially completing the integration
by year-end, positioning us for further sustainable growth.
On the topic of Swiss capital requirements, we will continue to engage
constructively and contribute to fact-based deliberations. These developments
do not, and will not, change who we are as a firm. We remain committed to our
diversified business model and our global and regional footprint.
We are fully committed to protecting our shareholders while mitigating the
impact of these increased requirements, if possible, on our clients, employees
and the communities where we live and work.”
Sergio P. Ermotti, Group CEO
Selected financials for 1Q26
USD 3.0bn 16.8% USD 3.8bn 72.5% 14.7%
Net profit
RoCET1 capital
Profit before tax
Cost/income ratio
CET1 capital ratio
USD 0.94 17.0% USD 4.0bn 70.2% 4.4%
Diluted EPS
Underlying(1
Underlying(1)
Underlying(1
CET1 leverage ratio
)RoCET1 capital
)cost/income ratio
profit before tax
Highlights
Excellent 1Q26 performance with net profit up 80% YoY to USD 3.0bn, return on
CET1 capital (RoCET1) of 16.8% and underlying(1) RoCET1 of 17.0%
Strong momentum with clients driving asset inflows and trading activity.
Global Wealth Management (GWM) net new assets of USD 37bn, Asset Management
net new money USD 14bn. GWM transaction-based income up 17% YoY; Investment
Bank revenues up 27% YoY driven by record Global Markets and higher Global
Banking
Successful completion of client account migrations following the transfer of
all Swiss-booked clients onto UBS platforms, paving the way to substantially
complete the integration by year-end and unlocking potential for further
growth and efficiency gains. Delivered additional USD 0.8bn in cost
reductions, bringing total cumulative savings to USD 11.5bn
A reliable partner for the Swiss economy; supporting clients with our leading
credit offering and unique global capabilities and footprint. In 1Q26, granted
or renewed CHF ~40bn of loans to Swiss businesses and households
Maintaining strong balance sheet and attractive capital returns supported by
our capital-generative business model; CET1 capital ratio of 14.7% and 4.4%
CET1 leverage ratio; accrued for mid-teens percentage growth in dividend and
repurchased USD 0.9bn of shares; on-track to buy back USD 3bn in shares by 2Q
results with aim to do more by year-end(2)
Committed to our global diversified business model; contributing to fact-based
deliberations on the Swiss capital framework; remaining focused on protecting
the interests of our shareholders while mitigating the impact, if possible, on
our clients and employees
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 2026 for a reconciliation of underlying to reported
results and definitions of the APMs. 2 The amount of additional buybacks is
subject to our financial performance and outlook, maintaining a CET1 capital
ratio of around 14% at year-end, and visibility on parliamentary deliberations
on the treatment of foreign participations.
First quarter 2026 performance overview
Strong financial performance driven by franchise strength and client momentum
In 1Q26, we reported a profit before tax (PBT) of USD 3,841m and underlying
PBT of USD 3,990m, up 80% YoY and 54% YoY, respectively. Continued revenue
growth in our core franchises and disciplined execution of our gross
cost-reduction plans led to the fourth consecutive quarter of positive
operating leverage with reported revenues outpacing reported costs by 13
percentage points in the quarter.
Global Wealth Management (GWM) net new assets for the quarter reached USD
37.4bn, representing a 3.1% annualized growth rate, with positive flows across
all regions, supported by strong demand for our discretionary mandates. Net
new money in Asset Management reached USD 14.0bn, an annualized growth rate of
2.7%, led by strong ETF momentum and robust inflows into the separately
managed account (SMA) offering. Group invested assets were USD 6.9trn at the
end of the quarter, with impacts of lower markets and FX only partly offset by
net asset inflows.
Reported revenues were USD 14,243m, up 13% YoY. On an underlying basis,
revenues increased by 15% to USD 13,644m, driven by an 18% YoY increase in
core franchises revenues. We saw particular strength in GWM with a 10% growth
in underlying recurring net fee income and an 17% YoY rise in underlying
transaction-based income, as well as in the Investment Bank, where Global
Markets underlying revenues increased 31% YoY to an all-time-high of USD
3,252m driven by records in our Equities and Foreign Exchange, Rates, and
Credit businesses. Global Banking underlying revenues were up 30%, with a
standout quarter in Equity Capital Markets.
We also continued to support businesses and households in Switzerland with our
global reach, advice and expertise. Our balance sheet for all seasons also
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 in 1Q26 to Swiss businesses and households.
Successfully completed client account migrations
With the transfers of the last Swiss-booked client accounts onto the UBS
infrastructure in March, we have successfully completed the migration of
around 1.2 million clients globally.
This critical milestone in the integration of Credit Suisse creates new
opportunities for growth and innovation, strengthens our position for the
long-term, and unlocks further efficiencies to be realized as we progress
towards substantially completing the integration by the year-end.
Through our disciplined execution and further reduction of the Non-core and
Legacy unit we delivered an additional USD 0.8bn in Group-wide gross cost
saves in the quarter. Cumulative gross cost savings reached USD 11.5bn at the
end of 1Q26. We also continue to decommission legacy technology infrastructure
and applications. To date we have retired ~1,700 (or 60%) of business
applications in scope and switched off 76,000 servers (71% of total in scope).
As we continue to achieve our integration milestones and drive business
momentum, we remain confident that we can deliver against our 2026-exit rate
targets of an underlying ~15% return on CET1 capital and underlying
cost/income (C/I) ratio of <70%.
Balance sheet for all seasons and attractive capital returns
Robust capital generation allowed us to end the quarter with a CET1 capital
ratio of 14.7% and CET1 leverage ratio of 4.4%, both comfortably above our
guidance of ~14% and >4%, respectively.
In the quarter, we also continued to execute our capital distributions, having
repurchased USD 0.9bn of shares and accrued for a mid-teens growth in
dividend. We are on track to buy back USD 3bn in shares by the time we report
2Q26 earnings with an aim to do more by year-end, subject to our financial
performance and outlook, maintaining a CET1 capital ratio of around 14% at
year-end, and visibility on parliamentary deliberations on the treatment of
foreign participations.
Investing for sustainable long-term growth
We remain focused on investing into our talent, offering, and technology,
including award-winning AI solutions to enhance our client experience, further
strengthen our infrastructure and drive efficiency to position us for the
future.
We have received a final approval for a National Bank Charter in the US,
supporting our long-term growth ambitions in the region.
We also continue to develop innovative AI solutions that complement our
offering and enable us to deliver impactful outcomes faster and incrementally,
with continued progress in reshaping our business capabilities and enhancing
employee productivity. We already have over 500 live use cases of AI across
the bank with around 750 use cases in development and are progressing on our 9
large-scale, end-to-end transformational initiatives.
Our strategic approach to applying AI at scale to support Financial Advisors
through our Smart Technologies and Advanced Analytics Team (STAAT) was
recognized by the Financial Times at the Professional Wealth Management Wealth
Tech Awards, which named UBS as the Best Wealth Management Firm for Use of AI
in the US.
Changes to the regulatory regime in Switzerland
In April 2026, the Swiss Federal Council published its final amendments to the
Capital Adequacy Ordinance (the CAO) specifying the regulatory capital
treatment of selected assets. Under the amended ordinance, UBS’s capitalized
software will be subject to an amortization of a maximum of three years for
regulatory capital purposes, irrespective of the actual economic useful life.
In addition, prudential valuation adjustments will be revised, resulting in
higher capital deductions for assets and liabilities that are subject to
valuation uncertainty. The capital treatment of deferred tax assets arising
from temporary differences remains unchanged. The amendments to the CAO will
become effective on 1 January 2027, except for the revised capital treatment
of capitalized software, which will apply from 1 January 2029.
Regarding additional tier 1 (AT1) capital instruments, the Swiss Federal
Council has decided not to proceed with the adjustments proposed in June 2025.
The Swiss Federal Council also finalized measures that aim to enable the Swiss
Financial Market Supervisory Authority (FINMA) and other authorities to better
assess the liquidity of banks in a stressed situation.
In addition, the Swiss Federal Council submitted to the Swiss Parliament its
final proposal for amendments to the Banking Act that govern the capital
treatment of systemically important banks’ investments in foreign
subsidiaries. This proposal will now be deliberated by the Swiss Parliament.
Under the proposal, investments in foreign subsidiaries would be fully
deducted from UBS AG’s standalone common equity tier 1 (CET1) capital. The
amendments would be phased in over seven years, with a 65% deduction
requirement in the first year and increasing to 100% by 5-percentage-point
increments each year.
For UBS AG standalone, the amendments at the ordinance level related to
capitalized software and prudential valuation adjustments, once fully
implemented, are expected to have a net CET1 capital impact of approximately
USD 2bn. The proposed full deduction of investments in foreign subsidiaries
would require UBS AG standalone to hold additional CET1 capital of around USD
20bn. The total incremental CET1 capital would amount to around USD 22bn
required at the UBS AG standalone level. At the Group level, the amendments at
ordinance level will lead to a derecognition of around USD 4bn of net CET1
capital. These estimates have been calculated based on UBS Group AG’s
consolidated balance sheet as of 31 December 2025, assuming that all capital
measures are adopted as currently proposed and using an assumed CET1 capital
ratio of 12.5% for UBS AG and 14.0% for UBS Group.
The incremental capital requirement of USD 22bn mentioned above would come on
top of the USD 15bn of capital required as a result of the Credit Suisse
acquisition. This includes around USD 9bn in response to the abolition of
regulatory concessions that had been granted to Credit Suisse and around USD
6bn to meet the progressive requirements due to the increased size and higher
market share of the combined business. On this basis, UBS would be required to
hold around USD 37bn of additional CET1 capital in total.
Outlook
As we move through the second quarter, markets have remained broadly
resilient, reflecting expectations that a durable diplomatic solution to the
Middle East conflict is achievable. That said, while client activity remains
healthy, risks are still elevated, and conditions could shift rapidly, which
may impact client sentiment and activity levels.
In this environment, our focus remains on supporting clients through
disciplined execution, a prudent and selective investment approach focused on
diversification and principal protection.
We expect second quarter net interest income in both Global Wealth Management
and Personal & Corporate Banking to be broadly flat sequentially.
The current backdrop reinforces the benefits of our balance sheet for all
seasons, and we are confident in delivering on our 2026 financial targets
while continuing to invest in sustainable growth and long-term value creation.
First quarter 2026 performance overview
Group PBT USD 3,841m, underlying PBT USD 3,990m
PBT of USD 3,841m included PPA effects and other integration items of USD
472m, a gain related to the Swisscard transactions of USD 163m, of which USD
128m has been excluded from underlying results, and integration-related
expenses and PPA effects of USD 750m. Underlying PBT was USD 3,990m, including
net credit loss expenses of USD 70m. The cost/income ratio was 72.5%, and
70.2% on an underlying basis. Net profit attributable to shareholders was USD
3,040m, with diluted earnings per share of USD 0.94. Return on CET1 capital
was 16.8%, and 17.0% on an underlying basis.
Global Wealth Management (GWM) PBT USD 1,792m, underlying PBT USD 1,974m
Total revenues increased by USD 684m, or 11%, to USD 7,106m, driven by higher
recurring net fee income, transaction-based income and net interest income,
partly offset by lower other revenues, and included a USD 40m decrease in PPA
effects and other integration items. Excluding USD 125m of PPA effects and
other integration items, underlying total revenues were USD 6,981m, an
increase of 12%. Net credit loss expenses were USD 9m, compared with net
credit loss expenses of USD 6m in the first quarter of 2025. Operating
expenses increased by USD 248m, or 5%, to USD 5,305m and included a USD 48m
decrease in integration-related expenses. Excluding USD 307m of
integration-related expenses and PPA effects, underlying operating expenses
were USD 4,998m, an increase of 6%, mainly driven by adverse foreign currency
effects and higher variable compensation, largely related to an increase in
financial advisor compensation, resulting from higher compensable revenues.
The cost/income ratio was 74.7%, and 71.6% on an underlying basis. Invested
assets decreased sequentially by USD 85bn to USD 4,668bn. Net new assets were
USD 37.4bn.
Personal & Corporate Banking (P&C) PBT CHF 809m, underlying PBT CHF
710m
Total revenues increased by CHF 40m, or 2%, to CHF 2,029m, mainly reflecting
higher other revenues and transaction-based income, partly offset by lower net
interest income. Total revenues in the first quarter of 2026 included a gain
of CHF 126m related to the Swisscard transactions, of which CHF 99m has been
excluded from underlying results, compared with a gain of CHF 58m in the first
quarter of 2025. Excluding CHF 174m of PPA effects and other integration items
and the aforementioned gain of CHF 99m, underlying total revenues were CHF
1,756m, an increase of 3%. Net credit loss expenses were CHF 55m, reflecting
net expenses on credit-impaired positions, which primarily related to a small
number of corporate counterparties, and net expenses related to performing
positions. Net credit loss expenses were CHF 48m in the first quarter of 2025.
Operating expenses decreased by CHF 232m, or 17%, to CHF 1,164m and included a
CHF 4m increase in integration-related expenses. The first quarter of 2025
included a CHF 164m expense related to the Swisscard transactions. Excluding
CHF 174m of integration-related expenses and PPA effects, underlying operating
expenses were CHF 990m, a decrease of 7%, mainly reflecting cost synergies.
The cost/income ratio was 57.4%, and 56.4% on an underlying basis.
Asset Management (AM) PBT USD 217m, underlying PBT USD 252m
Total revenues increased by USD 31m, or 4%, to USD 772m, mainly due to higher
net management fees, partly offset by lower performance fees. Operating
expenses decreased by USD 51m, or 8%, to USD 555m and included a USD 38m
decrease in integration-related expenses. Excluding integration-related
expenses of USD 35m, underlying operating expenses were USD 520m, a decrease
of 2%, mainly due to lower non-personnel and personnel expenses, despite
unfavorable foreign currency effects, and included the effects from the
O’Connor business exit. The cost/income ratio was 71.9%, and 67.4% on an
underlying basis. Invested assets decreased sequentially by USD 34bn to USD
2,064bn. Net new money was USD 14.0bn, and USD 13.8bn excluding money market
flows and associates.
Investment Bank (IB) PBT USD 1,205m, underlying PBT USD 1,216m
Total revenues increased by USD 871m, or 27%, to USD 4,054m, mainly due to
higher revenues in Global Markets and Global Banking, partly offset by a USD
70m decrease in PPA effects, and included positive foreign currency effects.
Excluding USD 68m of PPA effects and other integration items, underlying total
revenues were USD 3,986m, an increase of 31%. Net credit loss expenses were
USD 65m, compared with net credit loss expenses of USD 35m in the first
quarter of 2025. Net expenses on performing positions were largely due to
post-model adjustments in the corporate lending portfolio, reflecting current
macroeconomic and geopolitical uncertainty. Net expenses on credit-impaired
positions primarily related to a small number of corporate counterparties
across industry sectors and included a USD 72m release following the repayment
of a corporate lending exposure. Operating expenses increased by USD 357m, or
15%, to USD 2,784m and included a USD 33m decrease in integration-related
expenses. Excluding integration-related expenses of USD 79m, underlying
operating expenses were USD 2,705m, an increase of 17%, mainly due to higher
personnel expenses and adverse foreign currency effects. The cost/income ratio
was 68.7%, and 67.9% on an underlying basis. Return on attributed equity was
24.7%, and 24.9% on an underlying basis.
Non-core and Legacy (NCL) PBT USD (155m), underlying PBT USD (97m)
Total revenues were negative USD 10m, compared with total revenues of USD
284m, mainly reflecting lower net interest income from securitized products
and credit products, as a result of a smaller portfolio, and lower net gains
from position exits, partly offset by lower liquidity and funding costs. 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. Net credit loss releases were USD 74m, predominantly driven by an USD
85m release following the repayment of a corporate lending exposure. Net
credit loss expenses were USD 7m in the first quarter of 2025. Operating
expenses were USD 219m, a decrease of USD 450m, or 67%, mainly reflecting
lower technology costs, premises and facilities costs, personnel expenses, and
professional fees, and included a USD 133m decrease in integration-related
expenses. Excluding integration-related expenses of USD 58m, underlying
operating expenses were USD 160m.
Group Items PBT USD (258m), underlying PBT USD (265m)
3 Also accounts for credit loss expenses/releases incurred in a given period.
UBS’s sustainability and impact highlights
Our 2025 Sustainability Report was published in March and ratified by
shareholders at the UBS Annual General Meeting through an advisory vote,
receiving 89.2% support. The report reaffirmed our ambition to position UBS as
a leader in sustainability, guided by our three strategic pillars – Protect,
Grow and Attract – and our commitment to supporting clients as they
transition to a low‑carbon economy.
In 2025, we made significant progress towards our Scope 1 and 2 net‑zero
target, reducing emissions by 48% cumulatively against the 2023 baseline and
by 20% year‑on‑year. These reductions were achieved through
energy‑efficiency initiatives and increased use of renewable electricity.
For Scope 3 emissions, we remain committed to our lending sector
decarbonization targets in priority sectors and to further developing our
approach to transition finance.
External recognition
Our progress was reflected in key environmental, social and governance (ESG)
ratings. MSCI reaffirmed UBS’s AA rating in March, and we maintained our
strong performance in the S&P Global Corporate Sustainability Assessment.
UBS was also included in the S&P Global Sustainability Yearbook 2026,
published in February. This year, more than 9,200 companies were assessed,
with only 848 companies across 59 industries selected for inclusion based on
top‑tier sustainability performance.
Donor-advised fund launched in Australia
In February, UBS launched its donor‑advised fund (DAF) in Australia,
providing clients with a cost‑effective and highly flexible way to support
their chosen charities while avoiding the administrative and financial burden
typically associated with giving. The fund operates as a dedicated giving
account, offering many of the benefits of a charitable family foundation, with
all governance and administrative responsibilities managed and funded by UBS.
The donor‑advised fund is just one example of the impactful solutions UBS
provides to support philanthropic planning, execution and delivery to our
clients across the globe.
Trends in Philanthropy 2026
In January, we published our annual Trends in Philanthropy review. The 2026
edition places a particular focus on family offices, with UBS philanthropy
experts identifying three key trends shaping how family offices approach
philanthropy and impact. These trends include closer alignment between wealth,
impact and long‑term value creation; deploying capital beyond traditional
financial instruments; and more active engagement in public‑private
partnerships. The report explores how family offices are helping to shape the
future of philanthropy and impact.
Selected financial information of the business divisions and Group Items
For the quarter ended 31.3.26
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management
Corporate
Management
Bank
Banking
Total revenues as reported 7,106 2,601 772 4,054 (10) (279) 14,243
of which: PPA effects and other integration items(1) 125 223 68 1 55 472
of which: items related to the Swisscard transactions(2) 128 128
Total revenues (underlying) 6,981 2,250 772 3,986 (11) (334) 13,644
Credit loss expense / (release) 9 70 0 65 (74) 0 70
Operating expenses as reported 5,305 1,491 555 2,784 219 (21) 10,333
of which: integration-related expenses and PPA effects(3) 307 222 35 79 58 48 750
Operating expenses (underlying) 4,998 1,269 520 2,705 160 (69) 9,583
Operating profit / (loss) before tax as reported 1,792 1,040 217 1,205 (155) (258) 3,841
Operating profit / (loss) before tax (underlying) 1,974 911 252 1,216 (97) (265) 3,990
For the quarter ended 31.12.25
USD m Global Personal & Asset Investment Non-core Group Total
Wealth
and Legacy
Items
Management
Corporate
Management
Bank
Banking
Total revenues as reported 6,695 2,286 800 2,946 (8) (575) 12,145
of which: PPA effects and other integration items(1) 135 226 61 2 (404)(4) 20
of which: loss related to an investment in an associate (20) (54) (74)
Total revenues (underlying) 6,580 2,114 800 2,885 (10) (171) 12,199
Credit loss expense / (release) 32 101 1 34 (12) 3 159
Operating expenses as reported 5,373 1,621 588 2,272 459 (27) 10,286
of which: integration-related expenses and PPA effects(3) 384 285 57 124 233 34 1,117
Operating expenses (underlying) 4,989 1,336 531 2,148 226 (62) 9,169
Operating profit / (loss) before tax as reported 1,290 565 212 640 (455) (552) 1,700
Operating profit / (loss) before tax (underlying) 1,558 678 268 703 (224) (113) 2,871
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(5) 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(6) 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
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 on sale of UBS’s 50% interest in
Swisscard AECS GmbH (Swisscard), which has been excluded from underlying
revenues. Refer to the “Recent developments” section of the UBS Group
first quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors, for more information about the Swisscard transactions. 3
Includes temporary, incremental operating expenses directly related to the
integration, as well as amortization of intangible assets resulting from the
acquisition of the Credit Suisse Group. 4 Includes a USD 457m net loss from
the repurchase of legacy Credit Suisse debt instruments, as the repurchase
price exceeded the amortized-cost carrying value (the net loss reflects a loss
of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the
release of PPA adjustments). 5 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. 6 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
USD m, except where indicated 31.3.26 31.12.25 31.3.25
Group results
Total revenues 14,243 12,145 12,557
Credit loss expense / (release) 70 159 100
Operating expenses 10,333 10,286 10,324
Operating profit / (loss) before tax 3,841 1,700 2,132
Net profit / (loss) attributable to shareholders 3,040 1,199 1,692
Diluted earnings per share (USD)(1) 0.94 0.37 0.51
Profitability and growth(2)
Return on equity (%)(3) 13.3 5.3 7.9
Return on tangible equity (%)(3) 14.4 5.8 8.5
Underlying return on tangible equity (%)(3,4) 14.6 10.5 10.0
Return on common equity tier 1 capital (%)(3) 16.8 6.6 9.6
Underlying return on common equity tier 1 capital (%)(3,4) 17.0 11.9 11.3
Cost / income ratio (%)(3) 72.5 84.7 82.2
Underlying cost / income ratio (%)(3,4) 70.2 75.2 77.4
Effective tax rate (%) 20.5 29.1 20.2
Net profit growth (%)(3) 79.7 55.6 (3.6)
Resources(2)
Total assets 1,686,521 1,617,427 1,543,363
Equity attributable to shareholders 92,247 90,213 87,185
Common equity tier 1 capital(5) 73,313 71,262 69,152
Risk-weighted assets(5) 500,355 493,397 483,276
Common equity tier 1 capital ratio (%)(5) 14.7 14.4 14.3
Going concern capital ratio (%)(5) 19.4 18.5 18.2
Total loss-absorbing capacity ratio (%)(5) 39.5 38.0 38.7
Leverage ratio denominator(5) 1,653,460 1,622,438 1,561,583
Common equity tier 1 leverage ratio (%)(5) 4.4 4.4 4.4
Liquidity coverage ratio (%)(6) 177.8 182.6 181.0
Net stable funding ratio (%) 116.9 116.1 124.2
Other
Invested assets (USD bn)(3,7) 6,881 7,005 6,153
Internal and external personnel(8) 116,814 119,589 126,077
Internal personnel (full-time equivalents) 101,594 103,177 106,789
Market capitalization(9) 128,345 155,760 105,173
Total book value per share (USD)(1) 29.72 29.18 27.35
Tangible book value per share (USD)(1) 27.50 26.93 25.18
Credit-impaired lending assets as a percentage of total lending assets, gross 0.9 0.9 1.0
(%)(3)
Cost of credit risk (bps)(3) 4 9 7
1 Refer to the “Share information and earnings per share” section of the
UBS Group first quarter 2026 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 2025,
available under “Annual 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 first quarter 2026
report, available under “Quarterly reporting” at ubs.com/investors, for
the relevant definition and calculation method. Each alternative performance
measure (APM) that qualifies as a non-GAAP measure as defined by US Securities
and Exchange Commission (SEC) regulations is designated as such in the table
of APMs in the appendix to the UBS Group first quarter 2026 report, available
under “Quarterly reporting” at ubs.com/investors. 4 Refer to the “Group
performance” section of the UBS Group first quarter 2026 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
first quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors, for more information. 6 The disclosed ratios represent
quarterly averages for each of the quarters presented and have been calculated
based on an average of 62 data points in the first quarter of 2026, 64 data
points in the fourth quarter of 2025 and 62 data points in the first quarter
of 2025. Refer to the “Liquidity and funding management” section of the
UBS Group first quarter 2026 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 30 Invested
assets and net new money” in the “Consolidated financial statements”
section of the UBS Group Annual Report 2025, available under “Annual
reporting” at ubs.com/investors, for more information. 8 Represents
full-time equivalents for internal personnel and workforce count for external
personnel. 9 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 31.3.26 31.12.25 31.3.25 4Q25 1Q25
Net interest income 2,320 2,172 1,629 7 42
Other net income from financial instruments measured at fair value through 3,949 3,163 3,937 25 0
profit or loss
Net fee and commission income 7,728 7,223 6,777 7 14
Other income 247 (412) 213 16
Total revenues 14,243 12,145 12,557 17 13
Credit loss expense / (release) 70 159 100 (56) (30)
Personnel expenses 7,584 6,681 7,032 14 8
General and administrative expenses 2,011 2,740 2,431 (27) (17)
Depreciation, amortization and impairment of non-financial assets 738 865 861 (15) (14)
Operating expenses 10,333 10,286 10,324 0 0
Operating profit / (loss) before tax 3,841 1,700 2,132 126 80
Tax expense / (benefit) 786 495 430 59 83
Net profit / (loss) 3,054 1,205 1,702 153 79
Net profit / (loss) attributable to non-controlling interests 14 6 10 125 38
Net profit / (loss) attributable to shareholders 3,040 1,199 1,692 154 80
Comprehensive income
Total comprehensive income 3,177 1,270 3,345 150 (5)
Total comprehensive income attributable to non-controlling interests 26 (6) 26 (2)
Total comprehensive income attributable to shareholders 3,152 1,275 3,319 147 (5)
Information about results materials and the earnings call
UBS’s first quarter 2026 report, news release and slide presentation are
available from 06:45 CEST on Wednesday, 29 April 2026, at
ubs.com/quarterlyreporting.
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54524959&newsitemid=20260428985261&lan=en-US&anchor=ubs.com%2Fquarterlyreporting.&index=1&md5=de584c9c0732f36e64b2a29d29f9058f)
UBS will hold a presentation of its first quarter 2026 results on Wednesday,
29 April 2026. 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=54524959&newsitemid=20260428985261&lan=en-US&anchor=ubs.com%2Fquarterlyreporting&index=2&md5=0f50cd6e7bea67623c770727ec82e4cb)
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=54524959&newsitemid=20260428985261&lan=en-US&anchor=ubs.com%2Finvestors&index=3&md5=fd69b75060501463e79d1f931d6d5f59)
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 armed conflicts. UBS’s acquisition of the Credit
Suisse Group 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. In
response to the failure of Credit Suisse, Switzerland has amended its Capital
Adequacy Ordinance and is considering changes to its Banking Act, which, if
enacted as proposed, would substantially increase capital requirements for UBS
in relation to its foreign subsidiaries. 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 additional tier one debt
instruments, 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 the Credit Suisse Group, 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 the Swiss Financial
Market Supervisory Authority (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 2025. 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, infographics 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 and UBS 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=54524959&newsitemid=20260428985261&lan=en-US&anchor=ubs.com&index=4&md5=0ccd3f32e228e084b58a97bb52cda0e5)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20260428985261/en/
(https://www.businesswire.com/news/home/20260428985261/en/)
UBS AG
Copyright Business Wire 2026Recent news on UBS AG
See all newsREG - iShares Physical - Final Terms
AnnouncementREG - iShares Physical - Final Terms
AnnouncementREG - UBS AG Westpac Sec NZ Ltd - Pre Stabilisation Notice Westpac NZ EUR 5yr CB
AnnouncementREG - iShares Physical - Final Terms
AnnouncementREG - iShares Physical - Final Terms
Announcement