UBS's second-quarter 2026 results

Reported revenues were USD 13,700m, up 13% YoY. On an underlying basis, revenues increased by 16% to USD 13,348m, driven by a 14% YoY increase in revenues in our core businesses. Global Wealth Management (GWM) underlying revenues increased 14% YoY to USD 6,997m with double-digit YoY growth across all revenue lines. The Investment Bank (IB) delivered excellent results, generating record second quarter revenues. Global Markets also delivered a record second quarter, with underlying revenues of USD 3,008m, up 31% YoY, driven by our best quarter on record in Equities, Execution Services and Financing, with strong regional contributions from APAC and the Americas. Global Banking underlying revenues increased by 33% YoY to USD 693m, driven by standout performance in Capital Markets with notable strength in LCM, where revenues more than doubled YoY, alongside strong performances in both ECM and DCM.

Group invested assets reached a record USD 7.3trn at the end of the quarter. GWM net new assets (NNA) for the quarter totaled USD 36bn, representing a 3% annualized growth rate and contributing to a 6% increase in invested assets QoQ, led by robust flows in Switzerland, EMEA and APAC. In the Americas, strong same-store performance drove NNA of USD 1bn despite approximately USD 10bn of seasonal tax-related outflows. GWM net new fee generating assets for the quarter reached USD 13bn with strong demand for our CIO-led solutions. Net new money (NNM) for the quarter in Asset Management (AM) was USD 6bn, driven by our separately managed account (SMA) and ETF offerings as well as Unified Global Alternatives.

We also continued to support businesses and households in Switzerland with our global reach, advice and expertise. We granted or renewed CHF ~40bn of loans to Swiss businesses and households in 2Q26 as we remain a leading provider of credit to the Swiss economy.

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

With the completion of the global migration of former Credit Suisse client accounts to UBS infrastructure in March 2026, we entered the final phase of the integration. We delivered another USD 1.1bn of gross cost reductions in 2Q26, bringing the cumulative gross cost savings since the end of 2022 to USD 12.6bn. This represents over 90% of our total gross cost savings ambition and keeps us firmly on track to achieve our USD ~13.5bn ambition by the end of 2026.

As of 30 June 2026, more than 90% of legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 70% of such applications had already been fully decommissioned.

We are on track to substantially complete the integration by the end of the year and we are 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.

Maintained strong capital position and balance sheet for all seasons

Our financial performance in the first half of 2026 has resulted in strong capital generation, further fortifying our capital position with a CET1 capital ratio of 14.4% and a CET1 leverage ratio of 4.4%, both above our guidance of ~14% and >4.0%, respectively.

Our strong capital position allows us to continue deploying resources towards profitable growth opportunities to support clients and deliver on our capital return ambitions. This includes accruing for mid-teens percentage growth in our dividend in the second quarter. We also completed our latest share repurchase program in July. We are continuing with another share repurchase program under which we intend to repurchase USD 3bn of shares at the latest by the end of the second quarter of 2027, and for which a reserve for the full amount is reflected in our CET1 capital as of 30 June 2026.

We plan to repurchase at least USD 1bn of shares over the next three months. 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.

Strategically investing in our franchise to drive long-term growth and position UBS for the future

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 560 live AI use cases in production (92% YoY increase, with another 920+ 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. Today, around 18,000 of our software developers are leveraging AI across the software development lifecycle, from code generation, explanation, test automation and requirement management. Over one quarter of AI-generated suggestions are being directly used in production code, enhancing productivity and speeding up development. In addition, all UBS employees now have the ability to create their own AI agents, accelerating our ability to deploy AI safely and at scale across the firm while enabling our people to spend more time on judgement, collaboration, and delivering value for clients.
To further support AI literacy and practical adoption, we recently launched AI Power Hour, an initiative that reserves one hour each week for employees to build their AI skills with a focus on continuous improvement within their day-to-day work and enhancing outcomes for our clients.
At the same time, we are deepening our partnership with leading hyperscalers, frontier AI developers, FinTechs, data and platform providers as well as academia to drive innovation and develop transformative capabilities faster and more effectively.
During the quarter we saw the official launch of the Oxford-UBS Centre for Applied Artificial Intelligence, a landmark partnership with the University of Oxford that reflects our commitment to innovation and responsible AI.
The Centre brings together leading academic researchers and UBS practitioners to accelerate the practical application of AI while advancing understanding of its impact on businesses, economies and society. Through a combination of independent research and collaborative industry projects, the partnership will help translate cutting-edge AI advancements into real-world solutions and insights.
The investments we are making to deliver differentiated, AI-driven solutions for clients continue to be recognized. Our IB Global Research team recently received the Celent 2026 Model Sell Side Award for GenAI Automation. This recognition reflects the successful deployment of generative AI across multiple workflows and the research value chain, resulting in enhanced productivity, new product development, and improved client engagement. In addition, our US flagship platform for AI-generated insights received the Celent 2026 award for Model Wealth Manager for Data, Analytics and AI.
We also continue to take a client-led approach to digital assets. Our ambition is to be a trusted, regulated gateway for clients to access on-chain money, assets and markets. We are working with peers and partners across our industry to build out capabilities, core infrastructure and targeted offerings for tokenized real-world assets and digital money. In April, we joined an initiative aimed at testing selected use cases for a Swiss franc stablecoin in a secure digital live environment in Switzerland. Most recently, we successfully executed our first cross-border stablecoin-based payments for corporate clients under real-world conditions.
Consistent with our focus on innovation and leveraging data and technology to improve the client experience, we recently announced a strategic partnership between our Unified Global Alternatives unit and MSCI focused on advancing transparency and standardization across private markets. The collaboration combines UBS’s expertise and insights as a leading Limited Partner in Alternatives with MSCI’s capabilities in independent data, analytics, models and AI-powered technology. Together, UBS and MSCI aim to address longstanding industry challenges, including fragmented data and limited transparency, while helping transform the private markets investment decision-making process for clients. UBS will also serve as an early adopter of MSCI’s AI-powered platform and collaborate with MSCI to support broader market adoption and standardization across private markets.

Group PBT USD 3,594m, underlying PBT USD 3,887m

PBT of USD 3,594m included PPA effects and other integration items of USD 352m and integration-related expenses and PPA effects of USD 645m. Underlying PBT was USD 3,887m, including net credit loss expenses of USD 121m. The cost/income ratio was 72.9%, and 70.0% on an underlying basis. Net profit attributable to shareholders was USD 2,800m, with diluted earnings per share of USD 0.87. Return on CET1 capital was 15.4%, and 16.4% on an underlying basis.

Global Wealth Management (GWM) PBT USD 1,883m, underlying PBT USD 1,997m

Total revenues increased by USD 812m, or 13%, to USD 7,112m, driven by all revenue lines, and included a USD 39m decrease in PPA effects and other integration items. Excluding USD 114m of PPA effects and other integration items, underlying total revenues were USD 6,997m, an increase of 14%. Net credit loss releases were USD 2m, compared with net credit loss expenses of USD 3m in the second quarter of 2025. Operating expenses increased by USD 138m, or 3%, to USD 5,231m, and included a USD 155m decrease in integration-related expenses. Excluding USD 228m of integration-related expenses and PPA effects, underlying operating expenses were USD 5,002m, an increase of 6%, mainly driven by higher variable compensation, primarily related to an increase in financial advisor compensation, resulting from higher compensable revenues, partly offset by net releases in provisions for litigation, regulatory and similar matters. The cost/income ratio was 73.6%, and 71.5% on an underlying basis. Invested assets increased sequentially by USD 274bn to USD 4,942bn. Net new assets were USD 35.5bn.

Personal & Corporate Banking (P&C) PBT CHF 676m, underlying PBT CHF 676m

Total revenues decreased by CHF 4m to CHF 1,896m, reflecting lower net interest income and transaction-based income, partly offset by higher other revenues. Excluding CHF 154m of PPA effects and other integration items, underlying total revenues were CHF 1,741m, an increase of 3%. Net credit loss expenses were CHF 61m, reflecting net expenses on credit-impaired positions from a small number of corporate counterparties. Net credit loss expenses were CHF 91m in the second quarter of 2025. Operating expenses decreased by CHF 84m, or 7%, to CHF 1,159m and included a CHF 38m decrease in integration-related expenses. Excluding CHF 155m of integration-related expenses and PPA effects, underlying operating expenses were CHF 1,004m, a decrease of 4%, mainly reflecting cost synergies. The cost/income ratio was 61.1%, and 57.7% on an underlying basis.

Asset Management (AM) PBT USD 214m, underlying PBT USD 237m

Total revenues decreased by USD 16m, or 2%, to USD 756m, mainly due to lower performance fees and lower net management fees. Operating expenses decreased by USD 76m, or 12%, to USD 542m and included a USD 40m decrease in integration-related expenses. Excluding integration-related expenses of USD 23m, underlying operating expenses were USD 519m, a decrease of 6%, mainly due to lower non-personnel expenses, and included the effects from the O’Connor business exit. The cost/income ratio was 71.7%, and 68.7% on an underlying basis. Invested assets increased sequentially by USD 164bn to USD 2,228bn. Net new money was USD 6.3bn, and USD 10.0bn excluding money market flows and associates.

Investment Bank (IB) PBT USD 1,150m, underlying PBT USD 1,162m

Total revenues increased by USD 761m, or 26%, to USD 3,727m, due to higher revenues in Global Markets and Global Banking, partly offset by a USD 126m decrease in PPA effects. Excluding USD 26m of PPA effects and other integration items, underlying total revenues were USD 3,701m, an increase of 31%. Net credit loss expenses were USD 45m, reflecting net expenses on credit-impaired positions, which primarily related to a small number of corporate counterparties. Net credit loss expenses were USD 48m in the second quarter of 2025. Operating expenses increased by USD 170m, or 7%, to USD 2,531m and included an USD 84m decrease in integration-related expenses. Excluding integration-related expenses of USD 37m, underlying operating expenses were USD 2,494m, an increase of 11%, mainly due to higher personnel expenses. The cost/income ratio was 67.9%, and 67.4% on an underlying basis. Return on attributed equity was 23.2%, and 23.5% on an underlying basis.

Non-core and Legacy (NCL) PBT USD (203m), underlying PBT USD (52m)

Total revenues were USD 43m, compared with total revenues of negative USD 82m in the second quarter of 2025, mainly reflecting lower markdowns and lower liquidity and funding costs, partly offset by lower net gains from position exits and lower net interest income from securitized and credit products, as a result of the smaller portfolio. Net credit loss expenses were USD 0m, compared with net credit loss releases of USD 2m in the second quarter of 2025. Operating expenses were USD 246m, an increase of USD 76m, or 45%, mainly due to lower net releases in provisions for litigation, regulatory and similar matters, partly offset by lower premises and facilities costs, technology costs, and professional fees, and included a USD 102m decrease in integration-related expenses. Excluding integration-related expenses of USD 150m, underlying operating expenses were USD 96m.