Group invested assets surpassed $7tn for the first time, reflecting a 15% annual increase. 

UBS reported a net profit attributable to shareholders of $1.2bn in the fourth quarter of 2025 (Q4 2025), up 56% year-on-year. 

The Swiss bank’s profit before tax (PBT) stood at $1.7bn in the quarter under review, an increase of 62% from the previous year.  

Group invested assets surpassed $7tn for the first time, reflecting a 15% annual increase, supported by market gains, currency movements, and net asset inflows.  

Fourth-quarter group revenues rose by 4% to $12.1bn while operating expenses declined slightly by 1% to $10.2bn. 

In business line performance, GWM revenues increased by 9% to $6.7bn due to higher fee and transaction income.  

Personal & Corporate Banking saw total revenues fall by 8% to $2.3bn amid reduced net interest income and a loss linked to an associate investment.  

Asset Management posted a 4% increase in revenues to $800m despite lower performance fees and reported a loss from the sale of the O’Connor business.  

Investment Bank revenues grew by 7% to $2.95bn owing largely to global markets activity. 

On a full-year basis, UBS reported profit before tax of $8.9bn and underlying PBT of $11.7bn, rising 30% and 33%, respectively.  

Net profit attributable to shareholders grew by 53% to $7.8bn; diluted EPS for the year was $2.36, up 55%.  

RoCET1 for the year increased to 10.8%, with underlying RoCET1 reaching 13.7%. 

The bank made significant headway integrating Credit Suisse’s operations, completing about 85% of client account migrations in Switzerland and progressing with account transfers in other divisions.  

Efforts also continued in reducing non-core activities and simplifying the legal structure. 

UBS plans to finish migrating remaining accounts in early 2026 and aims to retire legacy Credit Suisse IT systems by year-end. 

These actions are expected to contribute to further targeted cost savings of $2.8bn in 2026. 

Guidance for the early part of 2026 suggests a low single-digit percentage decline in net interest income for GWM and stable levels for Personal & Corporate Banking in dollar terms.