UBS has reported a third-quarter of 2026 pre-tax profit of $3.5bn, up 27% year on year, underpinned by higher underlying pre-tax profits across all core business divisions, marking its sixth consecutive quarter of positive operating leverage.
The group recorded its sixth consecutive quarter of positive operating leverage.
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Reported revenues increased 5% year on year to $13.3bn, while group invested assets stood at $7.3trn.
Global Wealth Management (GWM) recorded $55.1bn in net new assets during the quarter, equivalent to an annualised growth rate of 4.5%.
All regions contributed positive inflows, with APAC and the Americas leading.
GWM revenue rose by $459m, or 7%, to $7bn.
The result reflected increases across revenue lines and included a $67m reduction in PPA effects and other integration items.
The Unified Global Alternatives initiative, which spans GWM and Asset Management, received $12.5bn in new commitments during the quarter.
Assets under management reached $371bn.
Personal & Corporate Banking revenue increased by SFr65m($78.3m) to SFr1.9bn.
Positive other revenues and higher recurring net fee income supported the result. Lower net interest income and transaction-based income partly offset these gains.
Asset Management revenue fell $63m, or 7%, to $780m. Lower performance fees drove the decline, although net management fees increased.
Investment Bank revenue edged down by $5m to $3.2bn.
Lower Global Banking revenue was almost fully offset by higher Global Markets revenue. The division also recorded a $198m reduction in PPA effects and other integration items.
The comparison included a $128m gain in the third quarter of 2025 from the sale of a stake in Credit Suisse Securities (China).
UBS had delivered $13.2bn in gross cost reductions by the end of the quarter, including $0.6bn during the period. It now expects cumulative gross cost savings of $13.7bn, compared with its previous target of about $13.5bn.
As of 30 September 2026, nearly all legacy Credit Suisse IT applications identified for decommissioning were no longer in use. Around 90% had been fully decommissioned.
“We continue to execute on the final stages of the integration, “the bank said.
The bank is progressing nine large-scale, end-to-end transformational AI initiatives.
It had 608 live AI use cases in production, up 81% year on year, and more than 1,090 applications in development.
UBS expects its CET1 capital ratio to be at or close to 14% at the end of 2026. The target includes a potential accrual for the initial part of planned 2027 share buybacks.
