UBS’s third-quarter 2026 results Mittwoch, 28. Oktober 2026 - 06:52
“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
Highlights
- 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
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.
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, UBS expects a more typical sequential seasonal moderation in transaction volumes across its 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.
1 Refer to the “Share information and earnings per share” section of the UBS Group third quarter 2026 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 third quarter 2026 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 third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 4 Refer to the “Group performance” section of the UBS Group third quarter 2026 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 third quarter 2026 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 66 data points in the third quarter of 2026, 60 data points in the second quarter of 2026, 64 data points in the fourth quarter of 2025 and 65 data points in the third quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group third quarter 2026 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. | ||||||
| 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 |
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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 |
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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 |
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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 |
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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 | 104,427 |
Market capitalization9 | 157,911 | 162,373 | 155,760 | 136,416 | 157,911 | 136,416 |
Total book value per share (USD)1 | 29.24 | 29.12 | 29.18 | 28.78 | 29.24 | 28.78 |
Tangible book value per share (USD)1 | 27.00 | 26.89 | 26.93 | 26.54 | 27.00 | 26.54 |
Credit-impaired lending assets as a percentage of total lending assets, gross (%)3 | 1.0 | 1.0 | 0.9 | 0.9 | 1.0 | 0.9 |
Cost of credit risk (bps)3 | 7 | 7 | 9 | 6 | 6 | 8 |
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