UBS Group delivered a strong start to 2026, posting sharply higher earnings as its global wealth management franchise continued to attract assets and drive fee income.
Early Wednesday, the bank reported net profit attributable to shareholders of $3.04 billion in the first quarter, an 80% increase from a year earlier, while pre-tax profit rose to $3.84 billion on higher revenues and lower credit losses. It continues the strong reporting from other major banks this month.
Total revenue climbed 13% to $14.24 billion, supported by growth in fee income and stronger client activity across both wealth and investment banking operations.
“In the first quarter we continued helping clients navigate a volatile and unpredictable geopolitical and market environment, leveraging the strength and breadth of our global, diversified franchise,” said CEO Sergio P. Ermotti, emphasizing the role of client engagement in driving results. “ We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026.”
Global Wealth Management remained the cornerstone of UBS’s performance, generating $7.1 billion in revenue, up 11% year over year, and delivering a 32% increase in pre-tax profit to $1.79 billion.
The division drew $37.4 billion in net new assets during the quarter, reflecting steady inflows across regions and continued demand for advisory-led solutions.
Fee-based income was a major contributor, with higher average asset levels—boosted by market performance and inflows—driving recurring revenues. Transaction-based income also rose 17% amid stronger client trading activity.
Across the broader platform, invested assets stood at roughly $6.9 trillion, underscoring the scale of UBS’s global wealth footprint.
UBS recently secured a national banking license in the US, a regulatory step the firm is hoping will help broaden its wealth push beyond its traditional ultrawealthy base and compete more directly for clients’ day-to-day cash.
UBS continued to make progress integrating Credit Suisse, completing the migration of approximately 1.2 million client accounts globally, including all Swiss-booked clients.
“Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth,” added Ermotti.
The integration is already delivering financial benefits. UBS reported cumulative cost savings of $11.5 billion, including $0.8 billion realized in the first quarter, and remains on track to meet its targeted $13.5 billion run rate by year-end 2026.
The bank has also reduced legacy infrastructure significantly, retiring around 60% of targeted applications and shutting down more than 70% of related servers.
UBS’s results reflect continued strength in advisor-driven business. Financial advisor compensation rose to $1.5 billion, tied to higher production levels, while fee-generating assets surpassed $2.1 trillion.
The firm also continued returning capital to shareholders, repurchasing $0.9 billion in shares during the quarter and signaling plans to complete $3 billion in buybacks by midyear, with potential for additional repurchases later in 2026.
Capital levels remained strong, with a CET1 ratio of 14.7% and return on CET1 capital reaching 16.8%.
UBS continues to position wealth management at the center of its growth strategy while investing in technology to enhance advisor productivity and client experience.
The firm said it now has more than 500 artificial intelligence use cases in production, with hundreds more in development, aimed at improving efficiency and supporting advisors with data-driven insights.
Looking ahead, UBS said client activity remains healthy despite ongoing geopolitical and macroeconomic uncertainty. The bank expects net interest income in its wealth and personal banking divisions to remain broadly stable in the second quarter.
Ermotti reiterated the firm’s focus on balancing growth with stakeholder priorities amid evolving regulation:
“We are fully committed to protecting our shareholders while mitigating the impact of these increased requirements, if possible, on our clients, employees and the communities where we live and work,” he said.
The quarter reinforces UBS’s position as a dominant global wealth manager, with strong inflows, rising fee income, and integration synergies supporting both near-term earnings and long-term growth.
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