UBS Group (UBSG) Q1 2026 earnings summary

Executive summary

• Net profit rose 80% year-over-year to USD 3.04bn in Q1 2026, driven by higher revenues, stable expenses, and strong client activity and asset inflows.

• Underlying profit before tax reached USD 4.0bn, up 54% year-over-year, with a return on CET1 capital of 17% and a cost/income ratio of 70.2%.

• Integration of Credit Suisse progressed, with global client account migration completed and substantial completion targeted by year-end; cumulative gross cost savings reached USD 11.5bn since 2022.

• Robust capital position maintained, with CET1 capital ratio at 14.7%, ongoing share buybacks, and dividend growth.

• Continued investment in technology, talent, sustainability, and expansion of US banking services.

Financial highlights

• Total revenues increased 13% year-over-year to USD 14.2bn; underlying revenues up 15% to USD 13.6bn.

• Operating profit before tax rose 80% to USD 3.84bn; underlying profit before tax up 54% to USD 3.99bn.

• Diluted EPS at USD 0.94; cost/income ratio improved to 72.5% (70.2% underlying).

• Tangible book value per share grew to USD 27.50; book value per share at USD 29.72.

• Group invested assets stood at USD 6.9trn at quarter-end.

Outlook and guidance

• Markets remain resilient but risks are elevated; client activity healthy but could shift rapidly.

• Net interest income in Global Wealth Management and Personal & Corporate Banking expected to be broadly flat sequentially in Q2.

• Confident in delivering 2026 financial targets, focusing on sustainable growth and value creation.

• On track to complete USD 3bn share buyback by July 2026, with further capital return plans to be detailed post-Q2.

• Integration costs expected to taper after Q2, with 2026 tax rate guidance at ~23%.