Business · Companies · 2 hrs ago
UBS reports third-quarter profit of $2.69 billion
UBS earned $2.69 billion in the third quarter, up 8% from the same period last year.
The Swiss bank is nearing the end of its integration of Credit Suisse, which it took over in 2023.
UBS has already made $13.2 billion in cost savings compared with 2022 and now expects $13.7 billion in savings by year-end, up from its earlier target of about $13.5 billion.
Its global wealth management business attracted $55.1 billion in new client money, but total assets under management barely changed because some parts of the group saw outflows.
UBS said investor sentiment was subdued amid economic and political uncertainty, and it expects transaction activity to slow seasonally in the final quarter.
The bank plans to announce in February 2027 how much capital it will return to shareholders that year, while Switzerland debates tougher capital requirements for banks.
UBS reported net profit of $2.69 billion for the third quarter of 2026, up 8% from a year earlier.
Revenue rose 5% to $13.35 billion between July and September.
Net new assets in global wealth management reached $55.1 billion, according to cash.ch.
UBS raised its target for cost savings from the Credit Suisse integration to $13.7 billion by year-end.
The bank said the main part of the integration is expected to be completed by the end of 2026.
- Who
- UBS, led by chief executive Sergio Ermotti.
- What
- It reported third-quarter net profit of $2.69 billion, up 8% year on year.
- When
- The results were reported on Wednesday, October 28, 2026, for the July-to-September quarter.
- Where
- Not stated
- Why
- Higher revenue and strong inflows in global wealth management contributed to the results.
This story does not have two clearly opposing sides.
UBS recorded net profit of $2.69 billion and revenue of $13.35 billion for the quarter.
UBS had achieved $13.2 billion in cost savings compared with 2022, according to cash.ch.
UBS published its third-quarter results and raised its year-end cost-savings target to $13.7 billion.
UBS expects to complete the main part of the Credit Suisse integration.
UBS plans to announce how much capital it will return to shareholders in 2027 alongside its fourth-quarter results.
- Net profit
- $2.69 billion; up 8% year on year
- Revenue
- $13.35 billion; up 5%
- Global wealth management net new assets
- $55.1 billion
- Cost savings achieved
- $13.2 billion by the end of September
- Year-end cost-savings target
- $13.7 billion
- Full-time positions
- 97,563 at the end of September
3 sources
What people are saying
The breadth and reach of our global businesses have earned us strong client momentum, including $55 billion of net new assets for the Global Wealth Management division, with particularly strong inflows in Asia Pacific and the Americas
We are currently implementing the final steps of the integration
Given heightened macroeconomic volatility, ongoing geopolitical tensions and political uncertainty surrounding pivotal elections such as those in the US, investor sentiment remains subdued at the start of the fourth quarter