UBS

#89
UBS Group AG Registered Ordinary Shares
53.2 9 USD
0.00%
Market Price
Sector: Financial
Base: USD
Profit Currency: USD
Daily Range
53.13
53.31
Year Range
36.29
55.15
Daily Change
+0.17%
Monthly Change
+3.46%
6 month change
+25.57%
Year Change
+32.10%
Previous Close
53.2 0
Open
53.1 5
Low
53.1 3
High
53.3 1
Volume
597
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Financials

Overview Statement Statistics Dividends Documents

2026

Current report, Q3 FY2026
UBS Group AG current report, Q3 FY2026
6-K
Current report, Q3 FY2026
UBS Group AG current report, Q3 FY2026
6-K
Current report, Q3 FY2026
UBS Group AG current report, Q3 FY2026
6-K
Current report, Q3 FY2026
UBS Group AG current report, Q3 FY2026
6-K
Current report, Q3 FY2026
UBS Group AG current report, Q3 FY2026
6-K
Current report, Q2 FY2026
UBS Group AG current report, Q2 FY2026
6-K
Institutional holdings, Q2 FY2026
UBS Group AG institutional holdings, Q2 FY2026
13F-HR
Current report, Q2 FY2026
UBS Group AG current report, Q2 FY2026
6-K
Current report, Q2 FY2026
UBS Group AG current report, Q2 FY2026
6-K
INFORMATION TABLE, Q2 FY2026
UBS Group AG INFORMATION TABLE, Q2 FY2026
INFORMATION TABLE

UBS Group AG current report, Q1 FY2025

Full document

UBS AG Form 6-K Summary: Q4 2024 Results

Business Context and Reporting Period

This Form 6-K, filed on February 5, 2025, contains the transcript of UBS Group AG's fourth-quarter 2024 earnings call. The report covers the full-year 2024 performance and provides an outlook for 2025. Key themes include the successful execution of the Credit Suisse integration, the delivery of cost synergies, and the strategic positioning of core franchises (Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank) to meet 2026 financial targets.

Key Financial Metrics

  • Revenue: Q4 2024 total revenues rose 6% year-over-year (YoY) to CHF 11.0 billion. Full-year 2024 net profit was CHF 5.1 billion.
  • Profitability: Q4 2024 profit before tax (PBT) tripled to CHF 1.8 billion. Reported Q4 net profit was CHF 0.8 billion. Full-year underlying return on CET1 capital was 8.7%.
  • Costs and Margins: Q4 operating expenses declined 6% YoY to CHF 9.1 billion. The underlying cost-income ratio was 82%. Operating leverage improved by 12 points in Q4.
  • Capital and Liquidity: CET1 capital ratio ended 2024 at 14.3%. Total loss-absorbing capacity stood at CHF 185 billion. The Liquidity Coverage Ratio (LCR) was 188%.
  • Dividends: Management intends to propose a full-year 2024 dividend of 90 cents per share, a 29% increase YoY.

Material Changes vs. Prior Period

  • Global Wealth Management (GWM): Q4 PBT increased over 80% YoY to CHF 1.1 billion, driven by a 10% revenue increase. Net new assets for the quarter were CHF 18 billion. Full-year 2024 net new assets totaled CHF 97 billion.
  • Investment Bank (IB): Q4 PBT was CHF 452 million, driven by a 37% YoY revenue increase. Markets revenues surged 44% to CHF 1.9 billion, marking a record Q4 performance.
  • Personal & Corporate Banking (P&C): Q4 PBT declined 18% to CHF 572 million due to lower net interest income (NII) from rate cuts and elevated credit loss expenses (CHF 155 million).
  • Non-core and Legacy (NCL): Q4 pre-tax loss was CHF 606 million. Operating expenses in NCL dropped nearly 50% YoY. Risk-weighted assets (RWA) in NCL decreased by CHF 3 billion sequentially.
  • Integration Progress: Over 90% of client accounts outside Switzerland have been migrated to UBS platforms. The firm has achieved approximately 60% of its targeted CHF 13 billion in gross cost savings.

Guidance, Outlook, and Risks

  • 2025 Outlook: Management expects an underlying return on CET1 capital of around 10% for 2025, an increase from 8.7% in 2024. However, NCL is expected to weigh more significantly on returns in 2025 compared to 2024.
  • Net Interest Income (NII): GWM NII is expected to decrease by low-to-mid single digits sequentially in Q1 2025 due to rate cuts in CHF and EUR. P&C NII is expected to decline roughly 10% sequentially in Q1 2025, with a more pronounced drop for the full year as rates approach zero.
  • Cost Savings: Cumulative integration-related expenses are now expected to total around CHF 14 billion (up from CHF 13 billion previously), reflecting lower-than-anticipated staff attrition and accelerated real estate exits. The firm remains on track for CHF 13 billion in gross cost saves by end-2026.
  • Capital Returns: UBS plans to accrue for a ~10% dividend increase in 2025 and repurchase up to CHF 3 billion of shares (CHF 1 billion in H1, up to CHF 2 billion in H2), subject to maintaining a 14% CET1 ratio and no material changes to the Swiss capital regime.
  • Risks and Contingencies:
    • Regulatory Capital: Ongoing review of the Swiss capital regime following the Credit Suisse acquisition could lead to higher capital requirements at the parent bank level, potentially diluting returns.
    • Interest Rates: Near-zero rates in Switzerland pose a significant headwind to P&C profitability in 2025.
    • Integration Execution: Risks remain regarding the migration of Swiss client accounts and the decommissioning of legacy technology in 2025.

Key Facts for Investor Verification

  • Verify the impact of the revised CHF 14 billion cumulative integration cost estimate on the 2026 exit-rate profitability targets.
  • Monitor the trajectory of Swiss interest rates and their specific impact on P&C NII, which is expected to trough in Q2 2025.
  • Track the progress of the National Charter application for UBS Americas, which is critical for expanding banking capabilities and improving margins in the US wealth business.
  • Assess the potential dilution to shareholder returns if Swiss regulators impose higher capital requirements on the parent bank (UBS AG) as part of the "Too Big To Fail" review.
  • Confirm the execution of the CHF 3 billion share buyback program in 2025, noting the conditionality tied to the capital regime and CET1 ratio maintenance.

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