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

UBS reports 3Q26 net profit of USD 2.7bn and 14.8% RoCET1, continued strong client momentum and disciplined execution across businesses

“In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution.“ “The breadth and depth of our global franchise and our unwavering commitment to serving our clients were reflected in robust client momentum, including USD 55 billion of net new assets in Global Wealth Management, with particularly strong inflows in APAC and the Americas. Against the current backdrop, we are staying close to clients to help them navigate the market conditions and capture opportunities.” “UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.” Sergio P. Ermotti, UBS Group CEO

 

 

Selected financials for 3Q26

USD 2.7bn Net profit	14.8% RoCET1 capital	USD 3.6bn Profit before tax	72.3% Cost/income ratio	14.7% CET1 capital ratio
USD 0.85 Diluted EPS	16.7% Underlying1 RoCET1 capital	USD 4.1bn Underlying1 profit before tax	68.7% Underlying1 cost/income ratio	4.6% CET1 leverage ratio

 

Strong financial performance with 3Q26 PBT of USD 3.6bn and underlying PBT of USD 4.1bn, net profit of USD 2.7bn, RoCET1 of 14.8% and underlying RoCET1 of 16.7%

On track to exceed our 2026 underlying RoCET1 exit rate target and achieve our underlying cost/income ratio target; 9M26 underlying RoCET1 of 16.7% and underlying cost/income ratio of 69.6%

Robust client momentum across our businesses; 3Q26 Global Wealth Management (GWM) net new assets of USD 55.1bn; record USD 12.5bn in client commitments in the quarter in UGA across GWM and Asset Management; Personal & Corporate Banking net new investment products growth rate of 7%; underlying Global Markets revenues up 17% YoY

Integration on track for completion by year-end; decommissioning plans close to completion, with nearly all legacy applications in scope no longer in use and ~90% already fully decommissioned. Delivered an additional USD 0.6bn in gross cost savings in 3Q26; cumulative gross cost savings up to USD 13.2bn; now expect to reach a total of USD ~13.7bn in savings by end-2026, above our previous ambition of USD ~13.5bn

A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 3Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 3Q26 net new loans of CHF 3.3bn

Strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.7% and CET1 leverage ratio of 4.6%; continued to accrue for mid-teens percentage growth in dividend and execute on our USD 3bn share repurchase program. We intend to complete the buyback program by the time we report 4Q26 results²

Strategically committed to our diversified, global franchise and footprint, investing in technology, global capabilities and talent to drive long-term, sustainable growth and higher returns; 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 In this news release the term underlying refers to underlying results which 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 third quarter 2026 report for a reconciliation of underlying to reported results and definitions of the APMs; 2 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.

Third quarter 2026 performance overview

Strong financial performance driven by disciplined execution and commitment to serving clients

In 3Q26, we reported a profit before tax (PBT) of USD 3,587m and USD 4,077m on an underlying basis, up 27% YoY and 14% YoY, respectively, driven by higher underlying PBT across each of our core business divisions. The Group delivered the sixth consecutive quarter of positive operating leverage. Our performance this quarter continues to highlight the benefits of our diversified global business model and disciplined execution for our clients.

Reported revenues were USD 13,350m, up 5% YoY. On an underlying basis, revenues increased by 10% to USD 13,387m, with a 3% YoY increase in revenues in our core businesses.

GWM underlying revenues increased 8% YoY to USD 6,898m, mainly driven by a 9% increase in recurring net fee income and 8% rise in net interest income. The Investment Bank delivered a record third quarter of underlying revenues, propelled by a 17% increase in Global Markets to USD 2,548m, led by a 22% increase in Equities, supported by higher client balances, market share gains and strong activity in Corporate Derivatives and Structured Products.

Group invested assets were USD 7.3trn. GWM net new assets for the quarter totaled USD 55.1bn, representing a 4.5% annualized growth rate, with positive contributions across all regions and led by APAC and the Americas. In the Americas, we continued to execute our strategy with discipline, driving growth and delivering further improvements in profitability. PBT increased by 28% YoY, and the PBT margin improved by over 2 percentage points YoY to 16%.

Our Unified Global Alternatives initiative across GWM and Asset Management saw a record USD 12.5bn in new commitments in the quarter with assets under management up to USD 371bn.

We remain a reliable partner for the Swiss economy continuing to support businesses and households with our global reach, advice and expertise. We granted or renewed CHF ~40bn of loans to businesses and households in 3Q26, underscoring our position as the leading provider of credit to the economy. Client momentum in Personal & Corporate Banking remained strong, with the franchise adding net new clients and delivering CHF 3.3bn in net new loans and CHF 1.8bn in net new deposits.

Integration firmly on track to be substantially completed by the end of this year

We continue to execute on the final stages of the integration. With USD 13.2bn of gross cost reductions already delivered, including USD 0.6bn in the third quarter, we expect to deliver a total of USD 13.7bn in cumulative gross cost savings, above our previous ambition of approximately USD 13.5bn.

As of 30 September 2026, nearly all of the legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 90% of such applications had already been fully decommissioned.

With nine-month underlying return on CET1 of 16.7% and underlying cost/income ratio of 69.6%, we are also well positioned to outperform our 2026 exit rate return on CET1 capital target of ~15% and achieve our 2026 exit rate cost/income ratio target of <70% with potential for incremental improvement.

Strong capital position and balance sheet for all seasons

Our strong capital generation in the quarter further fortified our capital position with a CET1 capital ratio of 14.7% and a CET1 leverage ratio of 4.6%, both above our guidance of ~14% and >4.0%, respectively. We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

Our performance allows us to continue deploying resources towards profitable growth opportunities, investing into our future, and delivering on our capital return ambitions. In the quarter we continued to accrue for mid-teens percentage growth in our dividend, and repurchased USD 1.8bn of shares. We plan to complete the USD 3bn program by the time we report our fourth quarter results. 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.

We will communicate our 2027 capital return ambitions with our fourth-quarter and full-year financial results in February 2027.

 

Strategically investing in our franchise and footprint

We remain focused on investing in technology, including AI, as well as our capabilities and talent, to position UBS for the future as we enhance our client experience, further strengthen our infrastructure and increase efficiency.

We continue to progress our 9 large-scale, end-to-end transformational AI initiatives and build on our 608 live AI use cases in production (81% YoY increase, with another 1,090+ applications in development).

We also continue to provide our employees with the AI tools necessary to successfully deliver tangible outcomes for our clients and our business on a daily basis. Our employees are running over 12,700 AI personal agents to support them in their daily activities. Over 18,000 of our software developers are leveraging AI tools in the software development cycles, leading to measurable productivity gains. And, our award-winning STAAT tool has year-to-date generated over 30 million insights to be distributed to the Financial Advisor teams to help them even better advise their clients.

Our sustained commitment to building AI capabilities responsibly and at scale through our firm-wide investment in skills and tools was recognized externally – we’re the leading bank in Europe in the 2026 Evident AI Index for financial services and the only European bank in the global top 10. UBS was also recognized as the global leader in responsible AI and talent development.

Of special significance is our first place globally for Talent Development, which recognizes the firm-wide engagement in our AI Learning Journeys and enablement initiatives such as AI Power Hour, and our academic partnerships with Oxford and Dalle Molle Institute for Artificial Intelligence (IDSIA). These activities, combined with our investment in AI tools for employees across the firm, are ensuring we can all play an active role in developing and using meaningful AI skills and capabilities.

 

Outlook

As we enter the fourth quarter, investor sentiment remains measured amid elevated macroeconomic volatility, ongoing geopolitical tensions and political uncertainty, with consequential elections, including in the US.

For the fourth quarter, we expect a more typical sequential seasonal moderation in transaction volumes across our businesses. In Global Markets, the strong prior-year performance, which included a gain on disposal, may weigh on the year-on-year comparison. In Global Banking, we expect revenues to increase sequentially, based on the current pipeline and assuming constructive markets. Net interest income is expected to increase by a low-single-digit percentage sequentially in Global Wealth Management and increase slightly in Personal & Corporate Banking in Swiss franc terms.

We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.

  

Group PBT USD 3,587m, underlying PBT USD 4,077m

 

 

PBT of USD 3,587m included PPA effects and other integration items of negative USD 38m and integration-related expenses and PPA effects of USD 452m. Underlying PBT was USD 4,077m, including net credit loss expenses of USD 114m. The cost/income ratio was 72.3%, and 68.7% on an underlying basis. Net profit attributable to shareholders was USD 2,690m, with diluted earnings per share of USD 0.85. Return on CET1 capital was 14.8%, and 16.7% on an underlying basis.

 

Global Wealth Management (GWM) PBT USD 1,919m, underlying PBT USD 1,972m

 

 

Total revenues increased by USD 459m, or 7%, to USD 7,002m, driven by all revenue lines, and included a USD 67m decrease in PPA effects and other integration items. Excluding USD 104m of PPA effects and other integration items, underlying total revenues were USD 6,898m, an increase of 8%. Net credit loss expenses were USD 10m, compared with net credit loss expenses of USD 7m in the third quarter of 2025. Operating expenses decreased by USD 110m, or 2%, to USD 5,072m and included a USD 396m decrease in integration-related expenses. Excluding USD 157m of integration-related expenses and PPA effects, underlying operating expenses were USD 4,915m, an increase of 6%, which was primarily due to the third quarter of 2025 including releases of USD 284m related to the resolution of a legacy matter concerning cross-border business activities in France. The remaining increase was driven by higher variable compensation, which primarily related to an increase in financial advisor compensation, resulting from higher compensable revenues. The cost/income ratio was 72.4%, and 71.3% on an underlying basis. Invested assets increased sequentially by USD 35bn to USD 4,977bn. Net new assets were USD 55.1bn.

 

 

Personal & Corporate Banking (P&C) PBT CHF 915m, underlying PBT CHF 813m

 

 

Total revenues increased by CHF 65m to CHF 1,929m, reflecting positive other revenues, compared with negative other revenues in the prior-year quarter, and higher recurring net fee income, partly offset by lower net interest income and transaction-based income. Excluding CHF 142m of PPA effects and other integration items, underlying total revenues were CHF 1,787m, an increase of 4%. Net credit loss expenses were CHF 27m, mainly reflecting net expenses of CHF 55m on credit-impaired positions from a small number of corporate counterparties, partly offset by net releases on performing positions. Net credit loss expenses were CHF 58m in the third quarter of 2025. Operating expenses decreased by CHF 312m, or 24%, to CHF 988m and included a CHF 261m decrease in integration-related expenses. Excluding CHF 41m of integration-related expenses and PPA effects, underlying operating expenses were CHF 947m, a decrease of 5%, reflecting cost savings, including those related to integration synergies. The cost/income ratio was 51.2%, and 53.0% on an underlying basis.

 

Asset Management (AM) PBT USD 271m, underlying PBT USD 300m

 

 

Total revenues decreased by USD 63m, or 7%, to USD 780m, mainly due to lower performance fees, partly offset by higher net management fees. Operating expenses decreased by USD 116m, or 19%, to USD 508m and included a USD 36m decrease in integration-related expenses. Excluding integration-related expenses of USD 28m, underlying operating expenses were USD 480m, a decrease of 14%, reflecting lower personnel and non-personnel expenses, and included the effects from the O’Connor business exit. The cost/income ratio was 65.2%, and 61.6% on an underlying basis. Invested assets decreased sequentially by USD 27bn to USD 2,201bn. Net new money was negative USD 5.1bn, and negative USD 0.4bn excluding money market flows and associates.

 

 

Investment Bank (IB) PBT USD 838m, underlying PBT USD 854m

 

 

Total revenues decreased by USD 5m to USD 3,239m, due to lower revenues in Global Banking, almost entirely offset by higher revenues in Global Markets, and included a USD 198m decrease in PPA effects and other integration items, which included a gain of USD 128m from the sale of a stake in Credit Suisse Securities (China) Limited in the third quarter of 2025. Excluding USD 21m of PPA effects and other integration items, underlying total revenues were USD 3,218m, an increase of 6%. Net credit loss expenses were USD 30m, mostly reflecting net expenses on credit-impaired positions, which primarily related to a small number of corporate counterparties. Net credit loss expenses were USD 17m in the third quarter of 2025. Operating expenses increased by USD 44m, or 2%, to USD 2,371m and included a USD 69m decrease in integration-related expenses. Excluding integration-related expenses of USD 37m, underlying operating expenses were USD 2,334m, an increase of 5%, mainly due to higher non-personnel expenses. The cost/income ratio was 73.2%, and 72.5% on an underlying basis. Return on attributed equity was 17.4%, and 17.7% on an underlying basis.

 

Non-core and Legacy (NCL) PBT USD 183m, underlying PBT USD 360m

 

 

Total revenues were USD 764m, compared with total revenues of negative USD 40m, primarily reflecting a net gain of USD 697m related to the settlements of certain legacy legal matters, as well as lower liquidity and funding costs as a result of a smaller portfolio. Net credit loss expenses were USD 38m, reflecting net expenses on credit-impaired positions, compared with net credit loss expenses of USD 6m in the third quarter of 2025. Operating expenses were USD 544m, an increase of USD 488m, and included a USD 28m decrease in integration-related expenses. The increase in operating expenses mainly reflected USD 275m net expenses for litigation, regulatory and similar matters (compared with USD 440m net releases in the third quarter of 2025), partly offset by lower professional fees, technology costs and personnel expenses. Excluding integration-related expenses of USD 177m, underlying operating expenses were USD 366m.

 

 

Group Items PBT USD (740m), underlying PBT USD (403m)

 

 

 

Loss before tax was USD 740m, compared with a loss of USD 173m in the third quarter of 2025. The change in the result between the quarters was mainly driven by a net loss of USD 346m from the repurchase of legacy Credit Suisse debt instruments and mark-to-market losses from Group hedging and own debt, including hedge accounting ineffectiveness. Underlying loss before tax was USD 403m.

 

3 Also accounts for credit loss expenses/releases incurred in a given period.

 

UBS’s sustainability and impact highlights

During the quarter, we continued to support clients through our philanthropy offering and further strengthened our sustainability capabilities and stakeholder engagement. This included a new practical guide for Swiss foundations developed jointly with the Center for Philanthropy Studies (CEPS) at the University of Basel, providing practical insights on how philanthropic capital can be deployed more effectively to increase social impact. We also expanded the global UBS Optimus Foundation network, enhanced sustainability-related risk capabilities and fostered industry dialogue on sustainable finance.

UBS Optimus Brasil launch

In August, UBS launched UBS Optimus Brasil, establishing a local presence in the country and marking the UBS Optimus Foundation⁴ network’s tenth onshore location globally and its first in South America. The expansion built on the Foundation’s work in Brazil over the previous three years, during which it supported local initiatives through its global network. Through UBS Optimus Brasil, our clients and local organizations have greater access to the Foundation’s global philanthropy expertise, resources and partnerships.

Expanding CTAS beyond climate to include drivers of nature change

The transition to a lower-carbon and more nature-positive economy continues to reshape how capital is deployed, businesses compete and markets evolve. To further enhance its capabilities in preparation for the application (as of 1st January 2028) of FINMA Circular 2026/1 to all nature-related financial risks, UBS is expanding its Company Transition Assessment Scorecard (CTAS) beyond its initial focus on climate. This rules-based, sector-agnostic assessment now also considers all five IPBES⁵ drivers of nature change. The enhanced methodology is expected to strengthen our ability to assess how companies are responding to their nature-related impacts, dependencies, risks and opportunities. The nature-related expansions are expected to be used as an analytical input for UBS’s Transition Risk Rating Model.

Fostering dialogue on sustainable finance

UBS continued to convene leaders from the financial sector, academia, international organizations and civil society. During the third quarter, UBS hosted the Wolfsberg Forum for Sustainable Finance together with the Institute of International Finance (IIF), as well as the Thun Group of Banks Annual Meeting. These forums provided platforms for dialogue on sustainable finance, human rights, climate resilience and emerging market financing. Through these exchanges, UBS supported knowledge sharing, strengthened partnerships and contributed to the development of practical approaches to sustainability-related issues.

 

4 The UBS Optimus Foundation is a global network of separately organized and regulated, tax-exempt, charitable organizations, founded by UBS, that make grants and other financial contributions to implementing partner organizations aligned with their values and objectives. 5 IPBES: Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services.

Selected financial information of the business divisions and Group Items
	For the quarter ended 30.9.26
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Non-core and Legacy	Group Items	Total
Total revenues as reported	7,002	2,360	780	3,239	764	(795)	13,350
of which: PPA effects and other integration items1	104	174		21	0	(337)2	(38)
Total revenues (underlying)	6,898	2,186	780	3,218	764	(459)	13,387
Credit loss expense / (release)	10	33	0	30	38	2	114
Operating expenses as reported	5,072	1,210	508	2,371	544	(58)	9,648
of which: integration-related expenses and PPA effects3	157	51	28	37	177	0	452
Operating expenses (underlying)	4,915	1,159	480	2,334	366	(58)	9,197
Operating profit / (loss) before tax as reported	1,919	1,117	271	838	183	(740)	3,587
Operating profit / (loss) before tax (underlying)	1,972	994	300	854	360	(403)	4,077
	For the quarter ended 30.6.26
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Non-core and Legacy	Group Items	Total
Total revenues as reported	7,112	2,399	756	3,727	43	(338)	13,700
of which: PPA effects and other integration items1	114	196		26	(1)	17	352
Total revenues (underlying)	6,997	2,204	756	3,701	44	(355)	13,348
Credit loss expense / (release)	(2)	76	0	45	0	1	121
Operating expenses as reported	5,231	1,466	542	2,531	246	(31)	9,986
of which: integration-related expenses and PPA effects3	228	196	23	37	150	11	645
Operating expenses (underlying)	5,002	1,270	519	2,494	96	(42)	9,340
Operating profit / (loss) before tax as reported	1,883	857	214	1,150	(203)	(307)	3,594
Operating profit / (loss) before tax (underlying)	1,997	858	237	1,162	(52)	(314)	3,887
	For the quarter ended 30.9.25
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Non-core and Legacy	Group Items	Total
Total revenues as reported	6,543	2,321	843	3,244	(40)	(149)	12,760
of which: PPA effects and other integration items1	171	276		2194	1	34	701
of which: loss related to an investment in an associate	(38)	(102)					(140)
Total revenues (underlying)	6,410	2,147	843	3,025	(42)	(183)	12,199
Credit loss expense / (release)	7	72	0	17	6	0	102
Operating expenses as reported	5,182	1,619	624	2,327	56	23	9,831
of which: integration-related expenses and PPA effects3	553	376	64	106	205	20	1,323
Operating expenses (underlying)	4,629	1,242	560	2,221	(149)	4	8,507
Operating profit / (loss) before tax as reported	1,354	631	218	900	(102)	(173)	2,828
Operating profit / (loss) before tax (underlying)	1,774	833	282	787	102	(187)	3,590
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration.    2 Includes a USD 346m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 587m before PPA adjustments, partly offset by a USD 241m gain from the release of PPA adjustments).    3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group.    4 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited.

 

Selected financial information of the business divisions and Group Items (continued)
	Year-to-date 30.9.26
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Non-core and Legacy	Group Items	Total
Total revenues as reported	21,220	7,361	2,308	11,019	798	(1,412)	41,293
of which: PPA effects and other integration items1	344	593		115	0	(264)2	786
of which: items related to the Swisscard transactions3		128					128
Total revenues (underlying)	20,876	6,640	2,308	10,905	798	(1,148)	40,379
Credit loss expense / (release)	17	180	0	140	(36)	3	305
Operating expenses as reported	15,609	4,168	1,606	7,686	1,009	(110)	29,967
of which: integration-related expenses and PPA effects4	693	470	86	153	386	59	1,847
Operating expenses (underlying)	14,916	3,698	1,520	7,533	623	(169)	28,120
Operating profit / (loss) before tax as reported	5,594	3,013	702	3,193	(175)	(1,305)	11,021
Operating profit / (loss) before tax (underlying)	5,943	2,763	788	3,231	211	(982)	11,954
	Year-to-date 30.9.25
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Non-core and Legacy	Group Items	Total
Total revenues as reported	19,265	6,868	2,355	9,393	162	(614)	37,429
of which: PPA effects and other integration items1	489	790		5095	2	81	1,872
of which: loss related to an investment in an associate	(42)	(114)					(156)
of which: items related to the Swisscard transactions6		64					64
Total revenues (underlying)	18,818	6,128	2,355	8,884	159	(696)	35,649
Credit loss expense / (release)	16	239	0	100	11	(1)	365
Operating expenses as reported	15,332	4,697	1,848	7,115	894	25	29,911
of which: integration-related expenses and PPA effects4	1,291	808	200	339	648	19	3,305
of which: items related to the Swisscard transactions7		180					180
Operating expenses (underlying)	14,041	3,709	1,648	6,776	246	6	26,426
Operating profit / (loss) before tax as reported	3,917	1,932	507	2,179	(744)	(638)	7,153
Operating profit / (loss) before tax (underlying)	4,762	2,179	707	2,009	(98)	(701)	8,858
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration.    2 Includes a USD 346m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 587m before PPA adjustments, partly offset by a USD 241m gain from the release of PPA adjustments).    3 Represents the gain on sale of UBS’s 50% interest in Swisscard AECS GmbH (Swisscard) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about the Swisscard transactions.    4 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group.    5 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited.    6 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS.    7 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.

 

UBS Group key figures                     As of or for the quarter ended   As of or year-to-date USD m, except where indicated   30.9.26 30.6.26 31.12.25 30.9.25   30.9.26 30.9.25 Group results                 Total revenues    13,350  13,700  12,145  12,760    41,293  37,429 Credit loss expense / (release)    114  121  159  102    305  365 Operating expenses    9,648  9,986  10,286  9,831    29,967  29,911 Operating profit / (loss) before tax    3,587  3,594  1,700  2,828    11,021  7,153 Net profit / (loss) attributable to shareholders    2,690  2,800  1,199  2,481    8,530  6,568 Diluted earnings per share (USD)¹    0.85  0.87  0.37  0.76    2.66  1.99 Profitability and growth²                 Return on equity (%)³    12.1  12.3  5.3  11.1    12.6  10.0 Return on tangible equity (%)³    13.1  13.4  5.8  12.0    13.6  10.8 Underlying return on tangible equity (%)^3,4    14.9  14.3  10.5  14.6    14.6  12.7 Return on common equity tier 1 capital (%)³    14.8  15.4  6.6  13.5    15.7  12.2 Underlying return on common equity tier 1 capital (%)^3,4    16.7  16.4  11.9  16.3    16.7  14.4 Cost / income ratio (%)³    72.3  72.9  84.7  77.0    72.6  79.9 Underlying cost / income ratio (%)^3,4    68.7  70.0  75.2  69.7    69.6  74.1 Effective tax rate (%)    24.7  21.8  29.1  12.0    22.3  7.8 Net profit growth (%)³    8.4  16.9  55.6  74.2    29.9  52.2 Resources²                 Total assets    1,655,168  1,707,284  1,617,427  1,632,251    1,655,168  1,632,251 Equity attributable to shareholders    88,613  89,165  90,213  89,899    88,613  89,899 Common equity tier 1 capital⁵    73,117  72,464  71,262  74,655    73,117  74,655 Risk-weighted assets⁵    496,111  503,923  493,397  504,897    496,111  504,897 Common equity tier 1 capital ratio (%)⁵    14.7  14.4  14.4  14.8    14.7  14.8 Going concern capital ratio (%)⁵    19.3  19.0  18.5  18.8    19.3  18.8 Total loss-absorbing capacity ratio (%)⁵    37.6  38.4  38.0  39.5    37.6  39.5 Leverage ratio denominator⁵    1,591,152  1,649,751  1,622,438  1,640,464    1,591,152  1,640,464 Common equity tier 1 leverage ratio (%)⁵    4.6  4.4  4.4  4.6    4.6  4.6 Liquidity coverage ratio (%)⁶    178.7  177.3  182.6  182.1    178.7  182.1 Net stable funding ratio (%)    114.8  115.1  116.1  119.7    114.8  119.7 Other                 Invested assets (USD bn)^3,7    7,328  7,326  7,005  6,910    7,328  6,910 Internal and external personnel⁸    109,990  112,388  119,589  122,382    109,990  122,382 Internal personnel (full-time equivalents)    97,593  99,085  103,177  104,427    97,593