Skip Links

Direkt zum Hauptinhalt Hauptnavigation
Investor Relations

header.search.alt

header.search.error

Search Title

UBS's second-quarter 2026 results

UBS reports 2Q26 net profit of USD 2.8bn and USD 5.8bn for 1H26 with robust momentum across businesses; Group invested assets at USD 7.3trn

Almost three years ago, we presented our first set of consolidated results. From the beginning, I made it clear that the acquisition of Credit Suisse was not a gift that we received, but rather a prize that we would all have to fight to win. As expected, the journey was not a straight line. It required a lot of hard work from my colleagues and painful decisions. Now these efforts are paying off and the extraordinary patience and support of our shareholders is starting to be rewarded.
Strong results in the second quarter and healthy capital generation have further fortified our balance sheet for all seasons and allow us to continue deploying financial resources towards profitable growth opportunities to support clients and deliver on our capital return ambitions.
We are well positioned to outperform our 2026 exit-rate return target and achieve our exit-rate cost/income ratio target.
We remain firmly focused on staying close to our clients, completing the integration, executing our growth plans and managing risk with discipline – all while remaining a trusted partner in the communities where we live and work.

Sergio P. Ermotti, Group CEO

Sergio P. Ermotti

Selected financials for 2Q26

  • 2.8 USD billion

    net profit

  • 3.6 USD billion

    Profit before tax

  • 14.4 %

    CET1 capital ratio

  • 16.4 %

    Underlying1 RoCET1 capital

  • 70.0 %

    Underlying1 cost/income ratio

  • 15.4 %

    RoCET1 capital

  • 72.9 %

    Cost/income ratio

  • 0.87 USD

    Diluted EPS

  • 3.9 USD billion

    Underlying1 profit before tax

  • 4.4 %

    CET1 leverage ratio

Highlights

  • 2Q26 PBT of USD 3.6bn and underlying1 PBT of USD 3.9bn, net profit of USD 2.8bn, RoCET1 of 15.4% and underlying1 RoCET1 of 16.4%. Core businesses2 delivered 47% increase in underlying1 PBT YoY on a combined basis
  • 1H26 PBT of USD 7.4bn and underlying1 PBT of USD 7.9bn, net profit of USD 5.8bn, RoCET1 of 16.1% and underlying1 RoCET1 of 16.7%
  • Strong client momentum across our businesses; Global Wealth Management 2Q26 net new assets of USD 36bn and USD 73bn in 1H26, Asset Management 2Q26 net new money of USD 6bn and USD 20bn in 1H26; GWM 2Q26 underlying transaction-based income up 23% YoY and Investment Bank 2Q26 underlying revenues up 31% YoY
  • Integration on track for completion by YE26; decommissioning plans well advanced, with more than 90% of legacy applications no longer in use and ~70% already fully decommissioned. Delivered an additional USD 1.1bn in gross cost savings in 2Q26, bringing cumulative gross savings to USD 12.6bn and on track to deliver USD ~13.5bn by YE26
  • A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 2Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 2Q26 net new loans of CHF 2.2bn and CHF 4.6bn in 1H26; positive net new clients in P&C in 2Q26
  • Maintaining strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.4%; accruing for mid-teens percentage growth in dividend and completed our latest share repurchase program in July; continuing with another share repurchase program of USD 3bn which we intend to complete at the latest by the end of 2Q27 and which is already reflected in our CET1 capital. We plan to repurchase at least USD 1bn of shares over the next three months3
  • Strategically investing in our franchise to drive long-term growth; continued investments in technology, global capabilities and talent while contributing to fact-based deliberations on the Swiss capital framework

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 UBS Group 30 June 2026 Interim Report for a reconciliation of underlying to reported results and definitions of the APMs; 2 Includes Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank and Group Items; 3 The amount and pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

Outlook

As we enter the third quarter, market conditions remain broadly constructive, supported by healthy client engagement, the continued broadening of market leadership and historically elevated equity dispersion.

At the same time, ongoing geopolitical developments and volatile energy prices lead to high levels of uncertainty around the inflation and interest rate outlook. This could contribute to changes in macroeconomic conditions, periods of elevated volatility and more measured investor sentiment.

For the third quarter, in addition to seasonal factors, we expect Global Wealth Management net interest income to increase modestly, broadly in line with the sequential uptick recorded in the second quarter of 2026. In Personal & Corporate Banking, we expect net interest income to be flat to slightly higher sequentially.

We are focused on maintaining a high level of engagement with our clients as we execute on the final stages of the integration and as we continue to strategically invest in our franchise to drive long-term growth.

Key Earnings Figures

 

As of or for the quarter ended

As of or year-to-date

USD m, except where indicated

30.6.26

31.3.26

31.12.25

30.6.25

30.6.26

30.6.25

Group results

Total revenues

13,700

14,243

12,145

12,112

27,943

24,668

Credit loss expense / (release)

121

70

159

163

191

263

Operating expenses

9,986

10,333

10,286

9,756

20,319

20,080

Operating profit / (loss) before tax

3,594

3,841

1,700

2,193

7,434

4,325

Net profit / (loss) attributable to shareholders

2,800

3,040

1,199

2,395

5,840

4,087

Diluted earnings per share (USD)1

0.87

0.94

0.37

0.72

1.81

1.23

Profitability and growth2

Return on equity (%)3

12.3

13.3

5.3

10.9

12.8

9.4

Return on tangible equity (%)3

13.4

14.4

5.8

11.8

13.9

10.2

Underlying return on tangible equity (%)3,4

14.3

14.6

10.5

13.4

14.4

11.7

Return on common equity tier 1 capital (%)3

15.4

16.8

6.6

13.5

16.1

11.6

Underlying return on common equity tier 1 capital (%)3,4

16.4

17.0

11.9

15.3

16.7

13.3

Cost / income ratio (%)3

72.9

72.5

84.7

80.5

72.7

81.4

Underlying cost / income ratio (%)3,4

70.0

70.2

75.2

75.4

70.1

76.4

Effective tax rate (%)

21.8

20.5

29.1

(9.5)

21.1

5.1

Net profit growth (%)3

16.9

79.7

55.6

110.9

42.9

41.4

Resources2

Total assets

1,707,284

1,686,521

1,617,427

1,669,991

1,707,284

1,669,991

Equity attributable to shareholders

89,165

92,247

90,213

89,277

89,165

89,277

Common equity tier 1 capital5

72,464

73,313

71,262

72,709

72,464

72,709

Risk-weighted assets5

503,923

500,355

493,397

504,500

503,923

504,500

Common equity tier 1 capital ratio (%)5

14.4

14.7

14.4

14.4

14.4

14.4

Going concern capital ratio (%)5

19.0

19.4

18.5

18.2

19.0

18.2

Total loss-absorbing capacity ratio (%)5

38.4

39.5

38.0

37.9

38.4

37.9

Leverage ratio denominator5

1,649,751

1,653,460

1,622,438

1,658,089

1,649,751

1,658,089

Common equity tier 1 leverage ratio (%)5

4.4

4.4

4.4

4.4

4.4

4.4

Liquidity coverage ratio (%)6

177.3

177.8

182.6

182.3

177.3

182.3

Net stable funding ratio (%)

115.1

116.9

116.1

122.4

115.1

122.4

Other

Invested assets (USD bn)3,7

7,326

6,881

7,005

6,618

7,326

6,618

Internal and external personnel8

112,388

116,814

119,589

123,526

112,388

123,526

Internal personnel (full-time equivalents)

99,085

101,594

103,177

105,132

99,085

105,132

Market capitalization9

162,373

128,345

155,760

113,036

162,373

113,036

Total book value per share (USD)1

29.12

29.72

29.18

28.17

29.12

28.17

Tangible book value per share (USD)1

26.89

27.50

26.93

25.95

26.89

25.95

Credit-impaired lending assets as a percentage of total lending assets, gross (%)3

1.0

0.9

0.9

0.9

1.0

0.9

Cost of credit risk (bps)3

7

4

9

10

6

8

1 Refer to the “Share information and earnings per share” section of the UBS Group 30 June 2026 Interim 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 30 June 2026 Interim 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 30 June 2026 Interim Report, available under “Quarterly reporting” at ubs.com/investors. 4 Refer to the “Group performance” section of the UBS Group 30 June 2026 Interim 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 30 June 2026 Interim 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 60 data points in the second quarter of 2026, 62 data points in the first quarter of 2026, 64 data points in the fourth quarter of 2025 and 61 data points in the second quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group 30 June 2026 Interim 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.

Potrait of Sergio P. Ermotti

Message from Sergio P. Ermotti

UBS Group CEO comments on our results for the Second-quarter of 2026.