UBS Reports 56% Profit Surge, Signals More Buybacks

ZURICH, 4 February 2026 – Swiss banking giant UBS has reported a sharp, forecast-beating 56% rise in fourth-quarter net profit, driven by strong performances in its wealth management and investment banking divisions. The bank also announced plans to pursue additional share buybacks in 2026.

UBS posted a net profit of $1.2 billion for the final quarter of 2025, surpassing the company-provided consensus estimate of $919 million. Underlying total revenue climbed 10% to $12.2 billion, highlighting the resilience of the bank’s core operations.

Table: UBS Key Financials – Q4 2025

UBS, the world’s largest wealth manager, plans to repurchase at least $3 billion of shares in 2026 – the same level as last year – while signalling an ambition to do even more, subject to regulatory clarity. Swiss authorities are considering stricter capital rules for the country’s remaining major banks following UBS’s state-supported acquisition of Credit Suisse in 2023. While the final framework remains uncertain, UBS shares have risen around 20% since early December, following reports of a potential regulatory compromise.

The bank also revived its target for a return on Common Equity Tier 1 (CET1) capital of approximately 18% by 2028, a goal previously shelved amid regulatory proposals. Its cost-income ratio target has been tightened to around 67% by 2028, down from the prior goal of below 70%.

UBS CEO Sergio Ermotti highlighted strong operational progress, noting that about 85% of Swiss-booked accounts have now been migrated onto UBS systems. The cost-saving programme has been increased by $500 million to $13.5 billion, with the bank confident in capturing remaining synergies by year-end. Ermotti, who orchestrated the Credit Suisse takeover, is expected to step down by mid-2027, though the timetable remains flexible.

In wealth management, UBS added $8.5 billion in net new assets, buoyed by inflows from Asia, Europe, and the Middle East, offset by outflows in the U.S. due to a loss of relationship managers. Looking ahead, UBS anticipates low single-digit declines in net interest income in global wealth management during Q1 2026, while expecting steady global economic growth, easing inflation, and continued robust capital markets activity.