UBS reported a net profit attributable to shareholders of $1.2bn in the fourth quarter of 2025 (Q4 2025), up 56% year-on-year. 

The Swiss bank’s profit before tax (PBT) stood at $1.7bn in the quarter under review, an increase of 62% from the previous year.  

Group invested assets surpassed $7tn for the first time, reflecting a 15% annual increase, supported by market gains, currency movements, and net asset inflows.  

Global Wealth Management (GWM) recorded $101bn in net new assets over the year, with notable inflows in APAC, EMEA, and Switzerland offsetting outflows in the Americas. 

Fourth-quarter group revenues rose by 4% to $12.1bn while operating expenses declined slightly by 1% to $10.2bn. 

In business line performance, GWM revenues increased by 9% to $6.7bn due to higher fee and transaction income.  

Personal & Corporate Banking saw total revenues fall by 8% to SFr 1.8bn ($2.3bn) amid reduced net interest income and a loss linked to an associate investment.  

Asset Management posted a 4% increase in revenues to $800m despite lower performance fees and reported a loss from the sale of the O’Connor business.  

Investment Bank revenues grew by 7% to $2.95bn owing largely to global markets activity. 

On a full-year basis, UBS reported profit before tax of $8.9bn and underlying PBT of $11.7bn, rising 30% and 33%, respectively.  

Net profit attributable to shareholders grew by 53% to $7.8bn; diluted EPS for the year was $2.36, up 55%.  

RoCET1 for the year increased to 10.8%, with underlying RoCET1 reaching 13.7%. 

The bank made significant headway integrating Credit Suisse’s operations, completing about 85% of client account migrations in Switzerland and progressing with account transfers in other divisions.  

Efforts also continued in reducing non-core activities and simplifying the legal structure. 

UBS plans to finish migrating remaining accounts in early 2026 and aims to retire legacy Credit Suisse IT systems by year-end. 

These actions are expected to contribute to further targeted cost savings of $2.8bn in 2026. 

Guidance for the early part of 2026 suggests a low single-digit percentage decline in net interest income for GWM and stable levels for Personal & Corporate Banking in dollar terms.  

Targets for 2028 include an approximate return on CET1 capital of 18% and a cost/income ratio around 67%. 

Last month, the bank expressed concerns regarding proposed increases to Swiss banking capital requirements following Credit Suisse’s collapse, warning these could lead to higher costs and affect the domestic economy. 

It was also reported that CEO Sergio Ermotti is preparing for a departure from his role by April 2027.