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2024 financial performance

We delivered a strong full-year performance, reflecting our unwavering commitment to serving our client, the strength of our diversified global franchise and the progress we have made on the integration.

In 2024, we have achieved all key integration milestones and significantly reduced execution risk, while our capital position remained robust. We reported a net profit of USD 5.1 billion and delivered a return on CET1 capital on an underlying basis of 8.7%. We attracted USD 97 billion of net new assets in Global Wealth Management, which is a clear sign of trust from our clients around the globe. We are well positioned to deliver further growth of around USD 100 billion in net new assets in 2025. Invested assets across our asset gathering businesses increased 7% year-over-year to USD 6.1 trillion.

We also delivered against our cost reduction ambitions with additional USD 3.4 billion of gross cost saves in 2024 and total USD 7.5 billion from our 2022 baseline, 58% of our total cumulative gross cost save ambition of around USD 13 billion by year-end 2026.

We also made very good progress in de-risking our balance sheet. Our Non-core and Legacy business division continued to actively exit positions and reduce its exposures. At 31 December 2024, it has achieved a 52% or USD 45 billion reduction in risk-weighted assets and 76% or USD 170 billion reduction in leverage exposure since the end of the second quarter 2023.

Our capital position remained strong with a CET1 ratio of 14.3% and total loss absorbing capacity of USD 185 billion.

 

Our capital return plans

A strong capital position, sustainable capital generation and a balance sheet for all seasons remain key pillars of our strategy.

We remain committed to distributing excess capital to shareholders, in the form of dividend and share buybacks. For the 2024 financial year, the Board of Directors plans to propose a dividend to UBS Group AG shareholders of USD 0.90 per share, a 29% increase year on year. We remain committed to progressive dividends and are accruing for an increase of around 10% in the ordinary dividend per share for the 2025 financial year. We plan to repurchase USD 1 billion of shares in the first half of 2025. We aim to repurchase up to an additional USD 2 billion of shares in the second half of 2025, and we are maintaining our ambition for share repurchases in 2026 to exceed full-year 2022 levels. Our share repurchases will be consistent with maintaining our CET1 capital ratio target of around 14%, achieving our financial targets and the absence of material and immediate changes to the current capital regime in Switzerland.

 

Our compensation approach in 2024

Our Total Reward Principles and compensation framework continue to support the alignment of compensation with the execution of our strategy and sustainable performance. They also enable UBS to drive the economic and cultural integration of Credit Suisse and the long-term value creation of the combined firm. Overall, the compensation framework for all employees, including the GEB, remains broadly unchanged compared with 2023. Our compensation policies continue to reflect our strong commitment to pay for performance and pay equity.

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