Key facts
- UBS reported a Q2 net profit of $2.8 billion, exceeding analyst expectations of $2.39 billion.
- The bank plans to repurchase up to $3 billion in shares by mid-2025, with at least $1 billion planned in the next three months.
- Performance was boosted by strong results in wealth management and the investment bank, with the trading division achieving a record quarter.
- UBS achieved $1.1 billion in additional gross cost savings in Q2, bringing cumulative savings to $12.6 billion.
- The integration of Credit Suisse is on track for completion by the end of 2026.
- UBS's cost-income ratio improved to 72.9% from 80.5% a year earlier.
UBS Group reported a second-quarter net profit of $2.8 billion, surpassing analyst expectations of $2.39 billion. The bank's performance was bolstered by strong growth in its wealth management and investment bank divisions, with the trading unit achieving a record quarter. Net new assets for global wealth management reached $36 billion. UBS announced plans for share buybacks totaling $3 billion by mid-2025, including at least $1 billion in the next three months, following $3 billion in repurchases completed in July. The bank also achieved an additional $1.1 billion in gross cost savings in the quarter, contributing to cumulative savings of $12.6 billion. The integration of Credit Suisse is progressing on schedule for completion by the end of 2026. UBS's cost-income ratio improved to 72.9% from 80.5% a year prior, and the bank reduced its workforce by approximately 2,500 employees.