UBS reported a pre-tax profit of $3.6 billion in the second quarter, up 64 percent from a year earlier and comfortably ahead of market expectations. Net profit came in at $2.8 billion, exceeding analysts’ consensus estimate of around $2.4 billion.

For the first half of 2026, the Swiss banking giant generated $7.4 billion in pre-tax profit and $5.8 billion in net profit, underlining the financial strength of the combined UBS-Credit Suisse franchise.

The underlying cost-to-income ratio stood at 70 percent, while the CET1 capital ratio remained strong at 14.4 percent.

«A Trophy We Had to Earn»

Group Chief Executive Sergio Ermotti described the results as evidence that the integration strategy is paying off.

«From the beginning, I made it clear that acquiring Credit Suisse was not a gift to UBS, but rather a trophy we first had to earn,» he said.

Ermotti said the integration had required extraordinary effort from employees and patience from shareholders, but the bank is now beginning to reap the benefits. UBS reiterated that it remains on track to exceed its 2026 return targets on an exit-rate basis while achieving its cost-efficiency objectives.

Record Assets Under Management

Global Wealth Management remained the bank’s primary growth engine.

The division attracted $36 billion in net new assets during the second quarter and $73 billion during the first half of the year. Asset Management generated an additional $20 billion in net inflows over the same period.

Total invested assets reached a record $7.3 trillion at the end of June, supported by strong client inflows from Switzerland, EMEA and Asia-Pacific. The Americas also posted positive net new assets despite seasonal tax-related outflows.

Final Stage of the Integration

UBS said it has now entered the final phase of integrating Credit Suisse following the completion of the large-scale client data migration earlier this year.

Gross cost savings reached $12.6 billion, or around 90 percent of the targeted $13.5 billion by year-end. During the second quarter alone, the bank achieved an additional $1.1 billion in gross savings.

Technology integration is also nearing completion, with more than 90 percent of legacy applications no longer in useand approximately 70 percent already fully decommissioned.

Fresh Share Buyback Programme

Following the completion of its previous buyback programme in July, UBS announced a new share repurchase programme of up to $3 billion, to be completed by the end of the second quarter of 2027.

The bank plans to repurchase at least $1 billion of shares during the next three months, underscoring management’s confidence in the group’s capital position and earnings outlook.