UBS has reported its financial results for the first quarter of 2025, highlighting a profit before tax (PBT) of USD 2.1 billion and an underlying PBT of USD 2.6 billion. The net profit stood at USD 1.7 billion, with a return on common equity tier 1 (RoCET1) of 9.6% and an underlying RoCET1 of 11.3%. The core businesses saw a combined increase in underlying PBT by 15%.
The bank's franchise strength was demonstrated through continued client momentum, with Global Wealth Management securing net new assets worth USD 32 billion and Asset Management gaining net new money amounting to USD 7 billion. Additionally, CHF 40 billion in loans were granted or renewed in Switzerland. Global Wealth Management's underlying transaction-based income rose by 15% year-on-year, while Global Markets achieved record-high underlying revenues, up by 32% compared to the previous year.
Integration efforts remained on track as UBS delivered further exit rate gross cost savings of USD 0.9 billion, bringing cumulative cost reductions to USD 8.4 billion—65% of the expected total savings of USD 13 billion. The Swiss branch consolidation was completed ahead of the main waves of client account migrations set to begin in the second quarter.
In terms of non-core and legacy wind-down progress, risk-weighted assets decreased sequentially by USD 7 billion to reach USD 34 billion.
UBS maintained a strong balance sheet supported by a high-quality credit book where collateralized lending positions accounted for 93%, with mortgages comprising 57% of the loan book.
The bank sustained a robust capital position with a CET1 capital ratio at 14.3% and a CET1 leverage ratio at 4.4%. This provides a solid capital buffer during integration amidst increased market volatility while allowing for self-funded growth and returning capital to shareholders.
UBS completed share buybacks worth USD 0.5 billion and reserved another USD 2.5 billion for planned share repurchases throughout the remainder of the year, alongside accruing approximately a ~10% year-on-year growth in dividends.