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UBS reported Q1 2026 net profit of $3.04B, up from $1.69B a year earlier on higher revenues.
UBS saw 13.4% revenue growth to $14.24B, driven by strength in key business divisions.
UBS progressed on Credit Suisse integration, achieving $11.5B cost savings and key milestones.
UBS Group AG (UBS - Free Report) reported a first-quarter 2026 net profit attributable to shareholders of $3.04 billion compared with $1.69 billion in the prior-year quarter.
Results were driven by the strong performances of the Global Wealth Management, Asset Management and Investment Bank divisions. An increase in total assets was also encouraging. However, higher operating expenses acted as a headwind.
UBS' Revenues & Expenses
The company’s first-quarter total revenues increased 13.4% year over year to $14.24 billion.
Operating expenses rose slightly year over year to $10.33 billion.
UBS Group reported total credit loss expenses of $70 million, which declined 30% from the year-ago quarter.
UBS Group Business Divisions’ Performances
Global Wealth Management’s operating profit before tax was $1.79 billion, up from $1.36 billion in the year-ago quarter.
Asset Management’s operating profit before tax was $217 million, up 60.7% from the year-ago quarter.
Personal & Corporate Banking reported operating profit before tax of $1.04 billion, up from $607 million in the year-ago quarter.
The Investment Bank unit reported an operating profit before tax of $1.21 billion, up from $722 million in the year-ago quarter.
Non-Core & Legacy incurred an operating loss before tax of $155 million in the reported quarter compared with a loss of $391 million in the year-ago quarter.
Group Items reported an operating loss before tax of $258 million compared with a loss of $299 million in the year-ago quarter.
UBS's Capital Position
Total assets rose 4.3% from the previous quarter’s end to $1.69 trillion.
UBS’s return on Common Equity Tier 1 (CET1) capital was 16.8% as of March 31, 2026, compared with 9.6% as of March 31, 2025.
The risk-weighted assets rose 3.5% year over year to $500.3 billion.
The CET1 capital rose 6% year over year to $73.3 billion. As of March 31, 2026, UBS's invested assets were $6.9 trillion, up 11.8% year over year.
UBS Group’s Capital Distribution Update
In the first quarter of 2026, UBS repurchased $0.9 billion worth of shares and remains on track to complete $3 billion in share repurchases by the end of July 2026, with an aim to do more by the end of the year.
The extent of additional buybacks will depend on the company’s financial performance and outlook, as well as its ability to maintain a CET1 capital ratio of around 14% at year-end. Clarity on parliamentary deliberations regarding the treatment of foreign subsidiaries will also be a key factor.
UBS Progresses With Credit Suisse Integration Plan
With the completion of the Swiss client account migration in March 2026, UBS has finalized the global migration of former Credit Suisse client accounts onto its infrastructure, marking a key integration milestone.
This achievement signals the start of the final phase of integration, including the decommissioning of legacy IT infrastructure, which will be carried out over the remainder of the year. The company remains on track to substantially complete the integration by the end of 2026.
In the first quarter of 2026, UBS realized an additional $0.8 billion in gross cost savings. Cumulative gross cost savings reached $11.5 billion at the end of the quarter compared with the combined 2022 cost base of UBS and Credit Suisse.
The company continues to target approximately $13.5 billion in annualized exit rate gross cost savings by the end of 2026. Management expects cumulative integration-related expenses to be around $15 billion by the end of 2026, assuming constant foreign-exchange rates.
As of March 31, 2026, the Non-core and Legacy division has delivered a 67% reduction in risk-weighted assets (RWA) since the second quarter of 2023. UBS has achieved its target of reducing credit and market risk RWA to around $4 billion, in line with its year-end 2026 ambition.
Additionally, the company has achieved an 84% reduction in underlying operating expenses (excluding litigation) compared with the 2022 baseline.
Our Take on UBS Group
UBS’s inorganic growth initiatives, including the expansion of its U.S. wealth platform following regulatory approval, are expected to support its top line. The company continues to make steady progress in integrating Credit Suisse. A strong capital position and reduced execution risks are likely to support its financial performance going forward.
Deutsche Bank (DB - Free Report) reported first-quarter 2026 earnings attributable to its shareholders of €1.91 billion ($3.26 billion), up 7.7% year over year.
Increased revenues and lower expenses aided DB's results. However, higher provisions for credit losses were a headwind.
ICICI Bank Ltd.’s (IBN - Free Report) profit after tax for fourth-quarter fiscal 2026 (ended March 31) was INR137.02 billion ($1.50 billion), up 8.5% from the prior-year quarter.
IBN’s results were aided by growth in net interest income and non-interest income. A decline in provisions was a tailwind. However, higher operating expenses, along with a treasury loss, hurt results to some extent.
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UBS Group Q1 Earnings & Revenues Rise Y/Y Despite Higher Expenses
Key Takeaways
UBS Group AG (UBS - Free Report) reported a first-quarter 2026 net profit attributable to shareholders of $3.04 billion compared with $1.69 billion in the prior-year quarter.
Results were driven by the strong performances of the Global Wealth Management, Asset Management and Investment Bank divisions. An increase in total assets was also encouraging. However, higher operating expenses acted as a headwind.
UBS' Revenues & Expenses
The company’s first-quarter total revenues increased 13.4% year over year to $14.24 billion.
Operating expenses rose slightly year over year to $10.33 billion.
UBS Group reported total credit loss expenses of $70 million, which declined 30% from the year-ago quarter.
UBS Group Business Divisions’ Performances
Global Wealth Management’s operating profit before tax was $1.79 billion, up from $1.36 billion in the year-ago quarter.
Asset Management’s operating profit before tax was $217 million, up 60.7% from the year-ago quarter.
Personal & Corporate Banking reported operating profit before tax of $1.04 billion, up from $607 million in the year-ago quarter.
The Investment Bank unit reported an operating profit before tax of $1.21 billion, up from $722 million in the year-ago quarter.
Non-Core & Legacy incurred an operating loss before tax of $155 million in the reported quarter compared with a loss of $391 million in the year-ago quarter.
Group Items reported an operating loss before tax of $258 million compared with a loss of $299 million in the year-ago quarter.
UBS's Capital Position
Total assets rose 4.3% from the previous quarter’s end to $1.69 trillion.
UBS’s return on Common Equity Tier 1 (CET1) capital was 16.8% as of March 31, 2026, compared with 9.6% as of March 31, 2025.
The risk-weighted assets rose 3.5% year over year to $500.3 billion.
The CET1 capital rose 6% year over year to $73.3 billion. As of March 31, 2026, UBS's invested assets were $6.9 trillion, up 11.8% year over year.
UBS Group’s Capital Distribution Update
In the first quarter of 2026, UBS repurchased $0.9 billion worth of shares and remains on track to complete $3 billion in share repurchases by the end of July 2026, with an aim to do more by the end of the year.
The extent of additional buybacks will depend on the company’s financial performance and outlook, as well as its ability to maintain a CET1 capital ratio of around 14% at year-end. Clarity on parliamentary deliberations regarding the treatment of foreign subsidiaries will also be a key factor.
UBS Progresses With Credit Suisse Integration Plan
With the completion of the Swiss client account migration in March 2026, UBS has finalized the global migration of former Credit Suisse client accounts onto its infrastructure, marking a key integration milestone.
This achievement signals the start of the final phase of integration, including the decommissioning of legacy IT infrastructure, which will be carried out over the remainder of the year. The company remains on track to substantially complete the integration by the end of 2026.
In the first quarter of 2026, UBS realized an additional $0.8 billion in gross cost savings. Cumulative gross cost savings reached $11.5 billion at the end of the quarter compared with the combined 2022 cost base of UBS and Credit Suisse.
The company continues to target approximately $13.5 billion in annualized exit rate gross cost savings by the end of 2026. Management expects cumulative integration-related expenses to be around $15 billion by the end of 2026, assuming constant foreign-exchange rates.
As of March 31, 2026, the Non-core and Legacy division has delivered a 67% reduction in risk-weighted assets (RWA) since the second quarter of 2023. UBS has achieved its target of reducing credit and market risk RWA to around $4 billion, in line with its year-end 2026 ambition.
Additionally, the company has achieved an 84% reduction in underlying operating expenses (excluding litigation) compared with the 2022 baseline.
Our Take on UBS Group
UBS’s inorganic growth initiatives, including the expansion of its U.S. wealth platform following regulatory approval, are expected to support its top line. The company continues to make steady progress in integrating Credit Suisse. A strong capital position and reduced execution risks are likely to support its financial performance going forward.
UBS Group AG Price, Consensus and EPS Surprise
UBS Group AG price-consensus-eps-surprise-chart | UBS Group AG Quote
Currently, UBS carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Foreign Banks
Deutsche Bank (DB - Free Report) reported first-quarter 2026 earnings attributable to its shareholders of €1.91 billion ($3.26 billion), up 7.7% year over year.
Increased revenues and lower expenses aided DB's results. However, higher provisions for credit losses were a headwind.
ICICI Bank Ltd.’s (IBN - Free Report) profit after tax for fourth-quarter fiscal 2026 (ended March 31) was INR137.02 billion ($1.50 billion), up 8.5% from the prior-year quarter.
IBN’s results were aided by growth in net interest income and non-interest income. A decline in provisions was a tailwind. However, higher operating expenses, along with a treasury loss, hurt results to some extent.