UBS posted a net profit of $0.8 billion in Q4 2024 and a full-year net profit of $5.1 billion.

The bank saw solid growth across its core business segments. In Asset Management, net new money inflows reached $33 billion in the fourth quarter and $45 billion for the full year. The group’s total assets under management increased by 7% year-over-year, reaching $6.1 trillion.

Just Shy of a Key Target

Global Wealth Management also delivered positive results, with $18 billion in net inflows for the fourth quarter and $97 billion for the full year. However, the combined bank narrowly missed its target of $100 billion in net inflows.

Once again, the Americas and APAC stood out as key growth drivers.

CHF 70 Billion in Swiss Lending

UBS’s Investment Bank benefited from increased client activity in equities and foreign exchange, posting gains across all regions, particularly in the Americas. Revenues in Global Banking rose 19% year-over-year on an underlying basis, supported by strong performance in Advisory and Leveraged Capital Markets in Asia and the U.S.

In Switzerland, UBS granted or renewed over CHF 70 billion in loans to households and businesses in 2024, reaffirming its commitment to its home market.

Integration Progress: Growing Confidence

The integration of Credit Suisse remains on track. «We are confident that we will substantially complete the integration by the end of 2026, achieve our financial targets, and execute our growth initiatives,» said CEO Sergio Ermotti.

UBS highlighted significant progress on more than 4,000 individual integration milestones over the past year. Notably, 90% of client data outside Switzerland has already been migrated. The bank aims to complete the migration of most Swiss client accounts and all Asset Management portfolios by the end of 2025.

Cost Savings on Track

UBS is making steady progress toward its cost-saving goals. The bank achieved additional gross savings of $0.7 billion in Q4, bringing total cost reductions to $3.4 billion in 2024. Compared to its 2022 cost base, UBS has already secured $7.5 billion in savings, covering nearly 60% of its planned reductions.

Additionally, the reduction of risk-weighted assets (RWA) in the Non-Core and Legacy division is advancing ahead of schedule. In Q4, UBS eliminated $3 billion in risk-weighted assets, reducing the total to $41 billion—down by $33 billion for the full year 2024.

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