We are executing relentlessly for our clients

Our clients continued to put their trust in us, as was evident from the continued momentum in flows and volume growth throughout the year to-date. Together with favorable market conditions and investor sentiment, this led to growth across the firm. During 9M21, GWM saw USD 80bn of net new fee-generating assets with inflows in all regions, and there was USD 23bn in net new lending across GWM and P&C Personal Banking, while strong client activity drove YoY increases of 8% in transaction-based income in GWM and 44% in Global Banking income.

We are delivering on our strategic initiatives to drive growth and efficiency

During 9M21, we facilitated USD 26bn of investments into private markets from private and institutional investors, helping our private clients benefit from our scale to receive institutional-like access and pricing. Sustainability remains an important topic for our clients and for us, and sustainability-focused and impact investments grew an annualized 63% year-to-date and reached USD 207bn. Our integrated SMA offering in the US continues to attract inflows, as do our mandates through My Way.

We are committed to driving higher returns by unlocking the power of UBS

3Q21 PBT was USD 2,865m (up 11% YoY), including net credit loss releases of USD 14m. The cost/income ratio was 68.7%, 1.7 percentage points lower YoY. Operating income increased by 2% YoY, while operating expenses decreased by 1%. Net profit attributable to shareholders was USD 2,279m (up 9% YoY), with diluted earnings per share of USD 0.63. Return on CET1 capital1 was 20.8%. The quarter-end CET1 capital ratio was 14.9% (guidance: ~13%) and the CET1 leverage ratio was 4.31% (guidance: >3.7%), both up QoQ. We repurchased USD 2.0bn of shares in 9M21. We intend to repurchase up to USD 0.6bn of shares during 4Q21.