Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

Key highlights

  • 3Q24 PBT of USD 1.9bn and underlying1 PBT of USD 2.4bn demonstrating the strength of our client franchises, diversified business model and global scale; net profit of USD 1.4bn, RoCET1 of 7.6% and underlying RoCET1 of 9.4%
  • Continued client momentum with USD 25bn of net new assets in Global Wealth Management, on track to deliver on our ambition of USD ~100bn in NNA for 2024; Group invested assets of USD 6.2trn, up 15% YoY; granted or renewed CHF ~35bn in loans in Switzerland in the quarter
  • Strong transactional activity across Global Wealth Management and the Investment Bank, underlying GWM transaction-based income up 19% YoY, Global Markets revenues up 31% YoY
  • Non-core and Legacy RWA reductions remain ahead of plan; with USD 5bn in 3Q24 and USD 41bn since 2Q23
  • Delivering on cost-reduction ambitions with additional USD 0.8bn in gross cost savings realized in 3Q24 and USD ~7.5bn expected for full-year 2024
  • Successful completion of first wave of client account migrations with transfers in Luxembourg and Hong Kong in October; Singapore and Japan expected by year-end and Switzerland in 2025, positioning us well to enhance the client experience and to unlock next phase of significant cost saves toward the end of 2025 and in 2026
  • Strong capital position allowed us to voluntarily accelerate the phase-out of the remaining transitional capital adjustments agreed with our regulator, bringing the CET1 capital ratio in line with our guidance; we remain committed to our dividend and buyback ambitions for 2025 and 2026
  • Positioning for long-term growth with investments in our people, products and capabilities, including technology with roll out of 50,000 Microsoft 365 Copilot licenses to our employees by March 2025, the largest deployment within the global financial services industry to date

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 financial report for the third quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.
 

Potrait of Sergio Ermotti

Message from Sergio P. Ermotti

UBS Group CEO comments on our results for the third quarter of 2024.