瑞银公布2026年二季度业绩并宣布30亿美元回购，瑞信整合接近完成

Iran fires missiles at U.S. forces in Middle East, ending ceasefire lull
Introduction & Market Context
UBS Group (NYSE:UBS) presented its second quarter 2026 financial results on July 29, 2026, showcasing robust performance across all major business divisions as the integration of Credit Suisse approaches completion. The Swiss banking giant reported net profit of $2.8 billion and earnings per share of $0.87, with underlying return on CET1 capital reaching 16.4% for the quarter and approximately 17% for the first half of 2026.
The presentation highlighted significant progress on the Credit Suisse acquisition integration, with the bank having realized $12.6 billion of its $13.5 billion gross cost savings target. UBS shares traded at $13.60, down 0.51% following the announcement, positioning near the top of the stock’s 52-week range of $9.20 to $14.16.
Quarterly Performance Highlights
UBS delivered strong financial results in the second quarter, demonstrating the benefits of its integrated "One Bank" model. As illustrated in the following summary of key performance metrics, the bank achieved substantial year-over-year growth across multiple dimensions.
The bank’s underlying pre-tax profit surged 45% year-over-year to $3.9 billion, driven by a 16% increase in total revenues to $13.3 billion. Operating expenses rose only 7% to $9.3 billion on a reported basis, but declined 7% when excluding litigation provisions, variable compensation, and foreign exchange effects—demonstrating strong operating leverage.
The following chart illustrates the revenue growth, expense control, and resulting profit expansion that characterized the quarter.
UBS’s cost-to-income ratio improved to 70.0% for the quarter, positioning the firm well to achieve its year-end 2026 target of below 70%. The first-half performance showed even stronger efficiency, with an underlying cost-to-income ratio of 70.1% and return on CET1 capital of 16.7%.
Business Segment Performance
The bank’s performance was broad-based, with profit contributions from all core business divisions. The following waterfall chart demonstrates how each segment contributed to the overall profit growth.
Global Wealth Management delivered particularly strong results, with underlying pre-tax profit of $2.0 billion, up 38% year-over-year. The division benefited from higher client activity across all regions, with total revenues reaching $7.0 billion. Net new assets totaled $36 billion in the quarter and $73 billion for the first half of 2026, while invested assets grew to $4.9 trillion.
Net interest income in GWM rose 12% year-over-year to $1.75 billion, reflecting higher loan volumes. Recurring net fee income increased 11% to $3.7 billion on higher fee-generating assets, while transaction-based income jumped 23% to $1.5 billion on increased client activity across all regions. The division added $7.3 billion in net new loans and $1.8 billion in net new deposits during the quarter.
Investment Bank posted exceptional results with underlying revenues of $3.7 billion, up 31% year-over-year, and pre-tax profit of $1.2 billion, more than doubling from the prior year period. The performance was achieved without materially expanding the balance sheet, demonstrating improved capital efficiency.
Global Banking revenues rose 33% to $693 million, driven by a 55% surge in Capital Markets revenues to $509 million on higher leverage capital markets, equity capital markets, and debt capital markets activity. Global Markets revenues increased 31% to $3.0 billion, with particularly strong performance in Execution Services (+48%), Derivatives & Solutions (+18%), and Financing (+40%).
Personal & Corporate Banking generated underlying pre-tax profit of CHF 676 million, up 21% year-over-year, on total revenues of CHF 1.74 billion. The division added CHF 2.2 billion in net new loans, driven by private and corporate mortgages, and CHF 1.4 billion in net new deposits.
Asset Management reported underlying pre-tax profit of $237 million, up 9% year-over-year. Invested assets reached $2.2 trillion, up 8% quarter-over-quarter, with net new money of $6.3 billion driven by separately managed accounts, ETFs, and UBS Global Asset Management.
Integration Progress & Cost Synergies
UBS demonstrated substantial progress on the Credit Suisse integration, positioning to substantially complete the process by year-end 2026. The bank has achieved $12.6 billion in cumulative annualized exit rate gross cost reductions as of Q2 2026, representing 93% of the $13.5 billion target.
The integration has driven meaningful efficiency gains. Underlying operating expenses on a last-twelve-months basis totaled $36.6 billion, down approximately $9.0 billion (28%) from the FY22 combined cost baseline at constant foreign exchange rates. When excluding litigation provisions, variable compensation, and financial advisor compensation, operating expenses declined to $25.1 billion.
Cumulative integration-related expenses reached $14.8 billion through Q2 2026, with an estimated $15 billion expected by year-end—representing approximately 1.1 times the gross cost saves, in line with the bank’s efficiency targets.
The Non-core and Legacy portfolio wind-down is nearing completion, as illustrated in the following performance summary.
NCL underlying operating expenses excluding litigation fell 72% year-over-year to $100 million in Q2 2026, with risk-weighted assets declining to $28 billion—down 68% from Q2 2023 and 93% excluding operational risk. The division is on track to achieve its 2026 exit-rate ambition of approximately $0.5 billion in operating expenses and FY28 ambition of approximately $0.2 billion.
The following timeline illustrates key integration milestones and progress.
Client account migrations reached 85% completion in Q1 2026 with 100% targeted shortly thereafter. Application decommissioning progressed to 78% of non-core and legacy applications by Q2 2026, advancing toward 100% by the second half of 2026. All legacy Credit Suisse operating entities have been decoupled from Credit Suisse infrastructure.
Capital Position & Shareholder Returns
UBS maintained a robust capital position while executing significant shareholder returns. The CET1 capital ratio stood at 14.4% at quarter-end, comfortably above the bank’s approximately 14% guidance, with a CET1 leverage ratio of 4.4%, exceeding the greater than 4.0% target.
The CET1 capital ratio declined 27 basis points quarter-over-quarter, primarily reflecting capital return accruals of $3.9 billion (80 basis points) and net profit contribution of $3.0 billion (60 basis points). Risk-weighted assets totaled $504 billion, up $4 billion quarter-over-quarter, while the leverage ratio denominator remained stable at $1.65 trillion.
The bank’s balance sheet demonstrates strength across multiple dimensions, as shown in the comprehensive overview below.
Total assets reached $1.7 trillion, with lending assets of $684 billion growing 2% year-over-year, driven by $10.1 billion in net new loans in Global Wealth Management and Personal & Corporate Banking. Customer deposits totaled $785 billion with a strong coverage ratio of 118% and loan-to-deposit ratio of 84%.
Liquidity remained robust with an average liquidity coverage ratio of 177% and $342 billion in high-quality liquid assets. The net stable funding ratio stood at 115%. During the quarter, UBS issued $1.5 billion of Additional Tier 1 capital.
UBS announced a new $3 billion share buyback program, with at least $1 billion planned for repurchase over the next three months. The full program is expected to be completed by the end of Q2 2027 at the latest, subject to business performance, market conditions, and regulatory developments.
Strategic Outlook & 2028 Ambitions
UBS’s performance trajectory positions the bank to exceed its 2026 targets and achieve ambitious 2028 goals. The following chart illustrates the bank’s progress toward key financial objectives.
The bank is well positioned to outperform its 2026 exit rate underlying return on CET1 capital target of approximately 15% and achieve its cost-to-income ratio target of below 70%. The first-half 2026 underlying return on CET1 capital of 17% and cost-to-income ratio of 70% demonstrate substantial progress toward these goals.
UBS’s strategic financial targets and longer-term ambitions reflect confidence in the integrated franchise’s earnings power.
For 2026, the bank maintains its underlying RoCET1 exit rate target of approximately 15% and underlying cost-to-income ratio exit rate target of below 70%, with capital guidance of approximately 14% CET1 capital ratio and greater than 4.0% CET1 leverage ratio.
Looking further ahead, UBS has established 2028 ambitions of approximately 18% reported RoCET1 and approximately 67% reported cost-to-income ratio, based on the 2026 capital framework and approximately 14% CET1 capital ratio.
For the third quarter of 2026, UBS expects Global Wealth Management net interest income to rise modestly, supported by lending growth and higher deposit margins, with full-year 2026 GWM net interest income growth of approximately 10% from 2025 levels. In Personal & Corporate Banking, the bank anticipates flat to slightly higher net interest income in Q3, with full-year credit loss expense expected below the earlier estimate of approximately CHF 300 million.
Integration-related expenses in the second half of 2026 are expected to total approximately $750 million, split roughly evenly between the third and fourth quarters, with the integration substantially complete by year-end 2026.
The comprehensive divisional performance breakdown underscores the strength across all business segments.
UBS’s Q2 2026 results demonstrate the successful execution of its integration strategy and the earnings power of its diversified business model. With the Credit Suisse integration nearing completion, substantial cost synergies realized, and a strong capital position supporting shareholder returns, the bank appears well positioned to deliver on its near-term targets and longer-term ambitions.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.