UBS Financial Services announced on February 4, 2026, its financial results for the fiscal year 2025, reporting a net profit of $7.8 billion, a 53 percent increase year-over-year that surpassed analyst expectations. This performance signals a return to operational levels consistent with the period before the integration of the acquired Credit Suisse entity. The bank’s total assets under management (AUM) reached a new high, exceeding $7 trillion for the first time, marking a 15 percent annual rise attributed to market gains and net asset inflows.
The core business health appeared robust, with reported Profit Before Tax (PBT) reaching $8.853 billion, while the underlying PBT showed a 33 percent increase to $11.729 billion. Significant progress was noted in the Credit Suisse integration, as UBS confirmed that 77 percent of the targeted $13 billion in cost synergies, amounting to $10 billion, had been realized by the end of 2025. Operationally, approximately 85 percent of the roughly 1.1 million client accounts booked in Switzerland had been migrated to the UBS platform by the close of the fourth quarter, with transfers in Personal & Corporate Banking and Asset Management substantially complete.
UBS anticipates finalizing the migration of all remaining Credit Suisse clients to the unified platform by the end of March 2026, with plans to fully decommission the legacy IT infrastructure by the close of 2026. These efforts have resulted in cumulative gross cost savings totaling $10.7 billion against the combined 2022 cost base of both institutions. In terms of client flows, new money was concentrated in Asia, the Middle East, and Switzerland, contributing $101 billion in net new assets to Global Wealth Management for 2025. However, the Americas region experienced client outflows linked to departing financial advisors taking their client books.
Shareholder returns remain a focus, with the board proposing a 22 percent increase in the ordinary dividend per share for 2025, targeting $0.45 per share, alongside an announcement for $3 billion in share buybacks scheduled for 2026. The bank maintained its 2028 targets, including an 18 percent Return on CET1 capital and a Cost-to-Income Ratio of 67 percent, while year-end 2025 CET1 ratio stood at 14.4 percent.
This financial progress is juxtaposed against regulatory uncertainty from the Swiss Federal Council. UBS has formally opposed the Council's proposal, which could require up to an estimated $23 billion in additional equity capital, largely through the full deduction of foreign subsidiaries from CET1 capital. The bank argues that this requirement, which would elevate total additional capital to approximately $39 billion when combined with post-Credit Suisse needs, would negatively affect its international competitiveness relative to EU and US peers. Despite UBS’s objections, the Swiss government is moving forward with a draft law, suggesting that the political drive for enhanced post-crisis safeguards will likely lead to the bank accepting the core of the reforms, potentially phased in over seven years.
