UBS registers 80% Y/Y rise in net profit in Q1 2026
UBS Group AG (SWX:UBSN) today reported its financial results for the first quarter of 2026.
For the first three months of 2026, UBS reported a profit before tax (PBT) of USD 3,841m and underlying PBT of USD 3,990m, up 80% year on year and 54% year on year, respectively.
Net profit attributable to shareholders was USD 3,040m, with diluted earnings per share of USD 0.94. Return on CET1 capital was 16.8%, and 17.0% on an underlying basis.
Global Wealth Management (GWM) net new assets for the quarter reached USD 37.4bn, representing a 3.1% annualized growth rate, with positive flows across all regions, supported by strong demand for UBS discretionary mandates. Net new money in Asset Management reached USD 14.0bn, an annualized growth rate of 2.7%, led by strong ETF momentum and robust inflows into the separately managed account (SMA) offering. Group invested assets were USD 6.9trn at the end of the quarter, with impacts of lower markets and FX only partly offset by net asset inflows.
Reported revenues were USD 14,243m, up 13% from the year-ago period. On an underlying basis, revenues increased by 15% to USD 13,644m, driven by an 18% year on year increase in core franchises revenues.
With the transfers of the last Swiss-booked client accounts onto the UBS infrastructure in March, UBS has successfully completed the migration of around 1.2 million clients globally.
Robust capital generation allowed UBS to end the quarter with a CET1 capital ratio of 14.7% and CET1 leverage ratio of 4.4%, both comfortably above the guidance of ~14% and >4%, respectively.
In the quarter, UBS also continued to execute its capital distributions, having repurchased USD 0.9bn of shares and accrued for a mid-teens growth in dividend. UBS is on track to buy back USD 3bn in shares by the time it reports 2Q26 earnings with an aim to do more by year-end, subject to financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment of foreign participations.
