UBS Group AG (SWX:UBSG) today reported a set of solid results for the second quarter of 2026.

In 2Q26, UBS reported a profit before tax (PBT) of USD 3,594m and USD 3,887m on an underlying basis, up 64% year on year and 45% year on year, respectively.

Reported revenues were USD 13,700m, up 13% from the year-ago quarter. On an underlying basis, revenues increased by 16% to USD 13,348m, driven by a 14% year-on-year increase in revenues in UBS’s core businesses. Global Wealth Management (GWM) underlying revenues increased 14% from the year-ago quarter to USD 6,997m with double-digit year-on-year growth across all revenue lines.

The Investment Bank (IB) delivered excellent results, generating record second quarter revenues. Global Markets also delivered a record second quarter, with underlying revenues of USD 3,008m, up 31% year on year, driven by UBS’s best quarter on record in Equities, Execution Services and Financing, with strong regional contributions from APAC and the Americas.

Global Banking underlying revenues increased by 33% from the year-ago quarter to USD 693m, driven by standout performance in Capital Markets with notable strength in LCM, where revenues more than doubled year on year, alongside strong performances in both ECM and DCM.

Group invested assets reached a record USD 7.3trn at the end of the quarter. GWM net new assets (NNA) for the quarter totaled USD 36bn, representing a 3% annualized growth rate and contributing to a 6% increase in invested assets quarter on quarter, led by robust flows in Switzerland, EMEA and APAC.

With the completion of the global migration of former Credit Suisse client accounts to UBS infrastructure in March 2026, UBS entered the final phase of the integration.

UBS delivered another USD 1.1bn of gross cost reductions in 2Q26, bringing the cumulative gross cost savings since the end of 2022 to USD 12.6bn. This represents over 90% of its total gross cost savings ambition and keeps us firmly on track to achieve its USD ~13.5bn ambition by the end of 2026.

As of 30 June 2026, more than 90% of legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 70% of such applications had already been fully decommissioned.

UBS said it is on track to substantially complete the integration by the end of the year and it is well positioned to outperform its 2026 exit rate return on CET1 capital target of ~15% and achieve its 2026 exit rate cost/income ratio target of <70% with potential for incremental improvement.

For the third quarter, in addition to seasonal factors, UBS expects Global Wealth Management net interest income to increase modestly, broadly in line with the sequential uptick recorded in the second quarter of 2026. In Personal & Corporate Banking, UBS expects net interest income to be flat to slightly higher sequentially.