UBS Group AG today posted its financial report for the first three months of 2025.

In the first quarter of 2025, UBS reported PBT of USD 2,132m and underlying PBT of USD 2,586m, down 10% and 1% year-on-year, respectively.

Meanwhile UBS’s core businesses delivered strong positive operating leverage increasing their combined underlying pre-tax profits by 15%.

Net profit attributable to shareholders was USD 1,692m and return on CET1 capital was 9.6%, or 11.3% on an underlying basis.

Reported revenues were USD 12,557m, down 1% against the year-ago quarter. On an underlying basis, revenues decreased slightly to USD 11,904m. Compared to 1Q24, underlying revenues from UBS’s core businesses increased 6%, while UBS saw a 72% decline in revenues in the much-reduced Non-core and Legacy division.

Reported Group operating expenses increased by 1% year-on-year to USD 10,324m. On an underlying basis, operating expenses decreased slightly to USD 9,218m as UBS continued to execute on its integration and efficiency plans at pace.

UBS has completed the consolidation of its branch network in Switzerland. Since the acquisition it has merged 95 former Credit Suisse branches with existing UBS branches and now provides clients with access to a comprehensive network of 195 branches across Switzerland.

Non-core and Legacy progressed well on its cost-reduction work. It has decommissioned almost 10% of its applications, for a total of 48% since its inception in 2Q23. NCL also continued to exit positions, having now closed 74% of its books since its inception and reduced RWA to USD 34bn at the end of 1Q25.

In the first quarter, UBS delivered an additional USD 0.9bn in exit-rate gross cost saves across the Group, for a total of USD 8.4bn from the 2022 baseline. This amounts to 65% of UBS’s total cumulative gross cost saves ambition.