Quarterly reporting

UBS financial information

Quarterly Reporting - 2024

Fourth quarter

UBS's fourth-quarter 2024 results

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      UBS Group CEO Sergio Ermotti comments on our results for the fourth quarter of 2024.

      Key highlights

      • 4Q24 PBT of USD 1.0bn and underlying1 PBT of USD 1.8bn, up 198% YoY, net profit of USD 0.8bn, RoCET1 4.2% and underlying RoCET1 of 7.2%
      • FY24 PBT of USD 6.8bn and net profit of USD 5.1bn; underlying1 PBT of USD 8.8bn and underlying RoCET1 of 8.7%
      • Franchise strength continues to drive client momentum with USD 18bn of net new assets in Global Wealth Management for the quarter and USD 97bn for FY24, Asset Management net new money of USD 33bn in 4Q24 and USD 45bn in FY24; Group invested assets of USD 6.1trn, up 7% YoY; granted or renewed over CHF 70bn in loans in Switzerland throughout the year
      • High client activity in the fourth quarter, underlying transaction-based income up double digits YoY in both GWM and P&C; Investment Bank underlying revenues up 37% YoY with strong growth in Global Banking and Global Markets leading to market share gains in areas of strategic investments
      • Integration on track with all key 2024 milestones achieved significantly reducing the execution risk of Credit Suisse acquisition; consolidated key operating entities and successfully migrated wealth management client accounts across APAC and Europe in the fourth quarter; continuing to decommission legacy applications
      • Delivered on cost-reduction ambitions with additional USD 0.7bn in gross cost savings realized in 4Q24 for a total of USD 3.4bn in FY24; USD 7.5bn saved compared to 2022 baseline and achieved almost 60% of planned cost saves
      • Non-core wind-down well ahead of schedule, reduced risk weighted assets by USD 3bn in 4Q24 to USD 41bn, down USD 33bn over the course of FY24
      • Maintained a strong capital position, UBS Group finished the year with 14.3% CET1 capital ratio and 4.7% CET1 leverage ratio, providing a solid capital buffer during integration, while self-funding growth and returning capital to shareholders
      • Completed USD 1bn in share buybacks and proposed dividend payout of USD 0.90 per share, an increase of 29% YoY in line with our intention to calibrate the proportion of cash dividends and share repurchases
      • Attractive capital returns to continue in 2025, accruing for around 10% growth in dividend per share; plan to repurchase USD 1bn of shares in the first half of 2025 and aim to repurchase up to an additional USD 2bn in the second half. Share repurchase levels will be consistent with maintaining our target CET1 ratio of ~14%2