UBS posts $2.7bn quarterly profit, up 8%, as Credit Suisse integration nears its end

Profit and revenue

UBS posted a net profit of $2.69 billion for the July to September quarter, 8% higher than a year earlier. Pre-tax profit reached $3.59 billion, up 27%, and adjusted for restructuring costs the figure was $4.08 billion, 14% above the year-earlier level. Revenue climbed 5% to $13.35 billion, while operating expenses of $9.65 billion fell by almost 2%. The cost-income ratio stood at 72.3%, or 68.7% on an adjusted basis. Net profit was slightly below the $2.8 billion recorded in the second quarter, while pre-tax profit held level with the previous quarter.

Net profit2.69

Pre-tax profit3.59

Adjusted pre-tax profit4.08

Net profit

2.69 $bn

Pre-tax profit

3.59 $bn

Adjusted pre-tax profit

4.08 $bn

Data from the article text

Wealth management inflows

The global wealth management division drew in $55.1 billion of net new assets, with the strongest inflows in the Asia Pacific and Americas regions. Inflows into the United States had been uneven in earlier quarters, and several consecutive quarters during 2025 recorded net outflows there. Ermotti attributed the strong client momentum to the breadth of the group's global operations. Investment banking also contributed, with income in Global Markets up 17% on a year earlier. The alternative investments unit booked commitments of $12.5 billion, and the Swiss investment product business grew its volume by 7%. In Switzerland, the bank extended or renewed loans of about CHF 40 billion to companies and private households in the third quarter, of which CHF 3.3 billion were new credit net.

Credit Suisse integration and costs

UBS expects to complete the integration of Credit Suisse by the end of the year, and about 90% of the legacy applications have already been switched off. Cost savings reached $13.2 billion by the end of September, including $600 million in the third quarter alone. The bank now targets savings of $13.7 billion by December, up from the $13.5 billion it had previously set. Headcount fell to 97,563 full-time positions at the end of September, down from about 99,000 three months earlier. A further 3,000 jobs in Switzerland are expected to disappear as part of the restructuring.

Achieved by end September 202613.2

Previous savings target13.5

Updated savings target by December 202613.7

Achieved by end September 2026

13.2 $bn

Previous savings target

13.5 $bn

Updated savings target by December 2026

13.7 $bn

Data from the article text

Capital rules and parliament

UBS has been fighting planned stricter equity capital rules proposed by the Federal Council, arguing that they would weaken its international competitiveness. Ermotti presented the bank's arguments to the economic affairs and taxation committee of the National Council (WAK-N) in Bern on 26 October. The capital question is set to be decided in parliament. Return on CET1 capital was 14.8% in the third quarter, or 16.7% on an adjusted basis, and the CET1 capital ratio stood at 14.7%. The bank plans to buy back its own shares for $3 billion and to pay a higher dividend.

Outlook

UBS described investor sentiment as subdued at the start of the fourth quarter, citing macroeconomic volatility, geopolitical tensions and political uncertainty ahead of the elections in the United States. It expects the usual seasonal slowdown in transaction volumes in the final quarter compared with the previous one. The bank said it is on track to beat its 2026 return target and to reach its cost-income target, with nine-month figures of 16.7% and 69.6% respectively.