UBS Posts 8% Rise in Q3 Net Profit to $2.7 Billion as Wealth Management Inflows Surge

UBS reported third-quarter 2026 net profit of $2.69 billion, up 8% year-on-year, broadly in line with analyst expectations of $2.74 billion. The shortfall relative to consensus was driven by a higher-than-expected tax expense, while pretax profit of $3.59 billion beat estimates of $3.55 billion. Total revenues came in at $13.35 billion to $13.39 billion, surpassing the $12.96 billion to $13.05 billion consensus, with Global Wealth Management contributing $7.0 billion, up 7% year-on-year, and Global Markets delivering $2.5 billion, up 17% year-on-year. Return on CET1 capital stood at 14.8%.

Global Wealth Management attracted $55.1 billion in net new assets during the quarter, with particularly strong inflows from Asia-Pacific and the Americas, lifting total invested assets to $4.98 trillion across the wealth unit and $7.3 trillion firm-wide. Underlying pretax profit rose 14% year-on-year to $4.1 billion, aided by $0.6 billion in additional integration cost savings from the Credit Suisse merger. Cumulative gross cost savings have now reached $13.2 billion, and UBS raised its total savings target to $13.7 billion by year-end 2026, up from approximately $13.5 billion previously.

The Credit Suisse integration remains on track for completion by end-2026, a milestone UBS has consistently flagged throughout the year. The bank took a $346 million net loss from repurchases of legacy Credit Suisse debt during the quarter. UBS also confirmed it has repurchased $1.8 billion under its $3.0 billion share buyback program, with full completion now targeted by the time of fourth-quarter results in early 2027, specifically by February 2027.

Looking ahead, management expects Global Banking revenue to increase sequentially in the fourth quarter, while Global Markets revenue is projected to come in weaker year-on-year. The bank reaffirmed its full-year CET1 capital ratio target of approximately 14%, a RoCET1 exit rate of roughly 15%, and a cost-to-income exit rate below 70%. UBS noted it will continue to engage constructively with Swiss parliamentary discussions on financial regulation, flagging concern about measures that could impose undue costs on shareholders, clients and employees.