UBS net profit attributable to shareholders surged 80% year-on-year to $3.04bn in the first quarter of 2026, driven by gains across all core segments.
The Swiss group’s revenues rose 13% to $14.2bn.
Within global wealth management (GWM), net new assets totalled $37.4bn in the quarter, equivalent to a 3.1% annualised growth rate, with inflows reported across all regions.
GWM total revenues climbed by $684m, or 11%, to $7.1bn, reflecting higher recurring net fee income, transaction-based income and net interest income.
Invested assets fell by $85bn from the previous quarter to $4.66tn, while net new assets were $37.4bn.
In Personal & Corporate Banking (P&C), total revenues increased by SFr40m, or 2%, to SFr 2.02bn, mainly due to higher other revenues and transaction-based income, partly offset by lower net interest income.
Asset Management (AM) revenues rose by $31m, or 4%, to $772m, mainly driven by higher net management fees and partly offset by lower performance fees.
Invested assets declined by $34bn sequentially to $2.06tn.
Net new money was $14bn, and $13.8bn excluding money market flows and associates.
Investment Bank (IB) revenues increased by $871m, or 27%, to $4.05bn, mainly due to higher revenues in Global Markets and Global Banking, partly offset by a $70m decrease in PPA effects, and including positive foreign currency effects.
UBS Group CEO Sergio Ermotti said: “In the first quarter we continued helping clients navigate a volatile and unpredictable geopolitical and market environment, leveraging the strength and breadth of our global, diversified franchise. We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026.”
UBS also reported that the transfer of the final Swiss-booked client accounts onto UBS infrastructure in March completed the migration of around 1.2 million clients globally.
Ermotti added: “Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth.”
Recently, Switzerland has softened parts of its planned capital package for UBS, but still indicates the bank would need to build roughly $20bn in additional buffers to help prevent a repeat of the failures that brought down Credit Suisse.
Reacting to the proposal, UBS said it “strongly” disagrees with the package, describing it as “extreme”, lacking international alignment and as one that “disregards concerns” raised by most consultation respondents.
