Strong results amid global market volatility

UBS Group published its fourth-quarter and full-year 2025 results, reporting a marked improvement in profitability, continued strengthening of its capital base and substantial progress in the integration of Credit Suisse. Against a backdrop of a volatile macroeconomic environment, regulatory uncertainty in Switzerland and changing market conditions, the bank delivered results that reflect business resilience, operational discipline and broad-based business momentum.

Key financial figures: a surge in profit and return on equity

In the fourth quarter of 2025, UBS posted net profit of approximately USD 1.2 billion, representing a 56% increase compared with the same period a year earlier. Profit before tax amounted to around USD 1.7 billion, while return on common equity tier 1 (RoCET1) capital reached 6.6%, or 11.9% on an underlying basis. On a full-year basis, net profit for 2025 totaled approximately USD 7.8 billion, an increase of more than 50% compared with 2024, while RoCET1 rose to 10.8%, reflecting a material improvement in the Group’s capital efficiency.

Growth drivers: wealth management, investment banking and client activity

Performance was supported by continued growth in wealth management and a rebound in client activity within investment banking. Total invested assets surpassed USD 7 trillion for the first time, marking an annual increase of around 15%, driven by net asset inflows, positive market performance and currency effects. Trading and transactional activity, particularly in equities, foreign exchange and structured products, contributed to higher revenues and highlighted the close collaboration between the wealth management division and the investment bank.

Efficiency and integration: cost savings alongside operational complexity

Alongside revenue growth, UBS continued to implement a broad-based efficiency program. During 2025, cumulative cost savings reached approximately USD 10.7 billion, exceeding initial targets. Around 85% of Switzerland-booked client accounts have been successfully migrated to UBS systems, and the bank noted that it is entering the final phase of the integration, with completion targeted by the end of 2026. Nevertheless, the cost-to-income ratio remained relatively elevated during the quarter, reflecting ongoing integration expenses and the operational complexity that still characterizes the process.

Capital, dividend and outlook

The bank’s CET1 capital ratio stood at 14.4%, a level considered solid and above regulatory requirements. On this basis, UBS management announced plans to increase the dividend by around 22% and to continue share repurchase programs. Looking ahead, the Group reaffirmed its targets for 2026 and set an ambition to achieve a return of approximately 18% on CET1 capital by 2028, alongside further improvements in operational efficiency. Overall, the results reflect a balance between growth, risk management and financial discipline, while also underscoring that the full realization of integration synergies remains accompanied by ongoing challenges.