2Q24 PBT of USD 1.5bn and underlying1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn
1H24 PBT of USD 3.8bn and underlying1 PBT of USD 4.7bn; net profit of USD 2.9bn, RoCET1 7.5% and underlying RoCET1 of 9.2%
Continued client momentum with net new assets of USD 27bn in Global Wealth Management and strong transactional activity in the Investment Bank; best second quarter Global Markets revenues on record2 and underlying Global Banking revenues up 55% YoY, significantly outperforming the fee pools across all products
Non-core and Legacy RWA reduced 42% since 2Q23, including USD 8bn decline QoQ mainly from active unwinds; underlying operating expenses excluding litigation declined 17% QoQ; revenues of USD 0.4bn
Achieved USD 0.9bn of additional gross cost savings, reaching ~45% of our total cumulative annualized gross cost save ambition
Completed key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits
Maintained a balance sheet for all seasons with a strong CET1 capital ratio of 14.9% and CET1 leverage ratio of 4.9%, supporting the execution of our 2024 capital return targets; commenced share repurchases in June with USD 467m of shares repurchased as of 9 August 2024; total loss absorbing capacity of USD 198bn
Named "World's Best Bank" and “Switzerland’s Best Bank” at Euromoney Awards for Excellence 2024, a testament to the effectiveness of our global strategy, reach and capabilities in serving our clients domestically and around the world
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 second quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.
2 Since 2013.
First quarter 2024
UBS's first-quarter 2024 results
UBS Group CEO Sergio Ermotti comments on our results for the first quarter of 2024.
1Q24 PBT of USD 2.4bn and underlying1 PBT of USD 2.6bn reflecting our commitment to stay close to clients and the execution of our restructuring plans at pace; significant positive operating leverage with underlying revenue growth of 15% QoQ and underlying operating expenses reduction of 5% QoQ; net profit of USD 1.8bn
Continued franchise strength and client momentum with net new assets of USD 27bn in Global Wealth Management and increased transaction activity levels across Global Wealth Management, Personal & Corporate Banking and the Investment Bank
Non-core and Legacy RWA reduced by USD 16bn, mainly from active unwinds; underlying operating expenses declined 26% QoQ reflecting significant progress in our cost reduction plans; revenues of USD 1bn
Achieved USD ~1bn of additional gross cost savings, majority reflected in 1Q24 underlying operating expenses
CET1 capital ratio of 14.8% and CET1 leverage ratio of 4.9%; RWA of USD 526bn with USD 20bn QoQ decrease, allowing execution of our 2024 capital return targets
Merger of UBS AG and Credit Suisse AG expected on 31 May 2024; transition to a single US intermediate holding company planned for 2Q24 and the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG entities continues to be planned for 3Q24, all subject to remaining regulatory approvals
UBS named top employer for business students in Switzerland, according to the Universum Most Attractive Employer rankings 2024
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 first quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.
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