By year-end, UBS had reached assets under management of more than 7 trillion dollar. This represents an increase of 15 percent compared with the previous year and marks an all-time high. In addition to inflows, the bank cited market performance and currency movements as contributing factors.

Net new money in Global Wealth Management (GWM) amounted to 8,5 billion dollar in the last quarter. Only the Americas region recorded outflows, while all other regions posted inflows.

For the full year, net new money totalled 101 billion dollar, resulting in an annualised growth rate of 2,4 percent.

Offsetting Lower Net Interest Income

Stronger fee-based business and higher transaction-based revenues helped offset lower net interest income. Total revenue in the GWM segment grew by 9 percent year-on-year to 6,70 billion dollar.

Investment Banking revenues also rose more strongly, increasing by 7 percent to 2,95 billion dollar. UBS mainly attributed this to higher revenues in Global Markets. Excluding purchase price allocation effects, the increase would have been 13 percent, the bank added.

In Asset Management (AM), net new money inflows amounted to 30,4 billion dollar, with an annualised growth rate of 1,7 percent. Net inflows were recorded across all asset classes, UBS said.

Interconnected Business Divisions as a Competitive Advantage

At a media briefing on Wednesday, UBS CEO Sergio Ermotti said the bank was on track to complete the integration of Credit Suisse. UBS would continue to invest in strengthening its strategic capabilities. The interconnected business divisions and global presence gave UBS a strong position and represented a competitive advantage. Under the «One Bank» concept, collaboration across business divisions, regions and functions is to be further enhanced. Ermotti also emphasised the role of artificial intelligence, which is set to be expanded across additional areas.

Cost Savings to Accelerate in the Second Half of the Year

During the integration process, around 500 million dollar in additional cost-saving opportunities were identified, Chief Financial Officer Todd Tuckner said. As a result, the total cost reduction target by the end of 2026 has been raised to around 13,5 dollar billion. With the completion of the migration of former Credit Suisse client accounts in Switzerland to the UBS platform, further cost progress is expected, with an acceleration towards year-end. At that point, the remaining applications and the legacy IT infrastructure will be decommissioned.

According to the CFO, around 40 percent of the cost savings will relate to personnel, 40 percent to technology, and 20 percent to external services and real estate.

«As we are making good progress in reaching further integration milestones and strengthening business momentum, we are confident in achieving our return targets,» Tuckner said.

By the end of 2026, return on CET1 capital (RoCET1) is expected to reach 15 percent, with a cost-income ratio of less than 70 percent. By 2028, UBS is targeting a RoCET1 of 18 percent and a cost-income ratio of around 67 percent.