Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [12] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [12] - Return on CET1 capital was 16.3%, with a 12.7% return excluding litigation reserve releases [12][18] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [19][20] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite a challenging Swiss macro environment [26] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [4] - GWM's invested assets increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [22] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [8][11] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [9] - The company is advancing its AI capabilities with 340 live use cases to enhance client experience and operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance despite macroeconomic uncertainties and regulatory challenges [10] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [10] - Management remains committed to executing strategic priorities while maintaining a focus on client relationships and integration efforts [11] Other Important Information - The company achieved $900 million in incremental gross run-rate cost savings in Q3, reaching a cumulative total of $10 billion [14] - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [6] - The company resolved significant legacy litigation matters, enhancing capital strength and confidence in capital return plans [8] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that ongoing year-end planning will inform guidance updates for 2026 [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will broaden banking capabilities and enhance service offerings, with expectations of tapering advisor turnover [44][46] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [47][73] Question: Integration of Swiss operations and system failures? - Management stated that the integration is progressing well, with most clients satisfied, and any issues are typical during such a large migration [79]

UBS Group (NYSE:UBS) Q3 2025 Earnings Call October 29, 2025 04:00 AM ET Company ParticipantsSarah Mackey - Head of Investor RelationsTodd Tuckner - CFOSergio Ermotti - CEOConference Call ParticipantsAndrew Coombs - AnalystAnke Reingen - AnalystFlora Bocahut - AnalystJeremy Sigee - AnalystChris Hallam - AnalystNone - AnalystGiulia Miotto - AnalystJoseph Dickerson - AnalystStefan Stalmann - AnalystKian Abouhossein - AnalystAmit Goel - AnalystBenjamin Goy - AnalystOperatorLadies and gentlemen, good morning. We ...

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [11] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [11] - The return on CET1 capital was 16.3%, with a 12.7% return excluding litigation impacts [11][12] - Total assets decreased by $38 billion to $1.6 trillion, while loan balances remained stable at $666 billion [14][16] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [18][19] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite challenging macro conditions [25] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [27][28] - The Investment Bank's pre-tax profit was $787 million, more than double year-over-year, with revenues up 23% to $3 billion [29][31] Market Data and Key Metrics Changes - Invested assets in GWM increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [20] - APAC showed exceptional inflows, contributing $38 billion, while the Americas experienced negative net new assets of $9 billion [20][21] - The company reported a stable credit impaired exposure at 90 basis points, with a cost of risk decreasing by 4 basis points [15] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [6][10] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [7] - The company aims to strategically invest across its platform while maintaining a disciplined approach to cost management [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capital strength and ability to execute capital return plans despite macroeconomic uncertainties [6][9] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [9] - Management highlighted the importance of client engagement and the positive sentiment among UBS and former Credit Suisse employees [5][6] Other Important Information - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [5] - The company has made significant progress in decommissioning legacy systems, achieving $10 billion in gross run-rate cost savings ahead of schedule [13][14] - The company resolved significant legacy litigation matters, which positively impacted financial performance [6] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance despite strong performance? - Management indicated that ongoing year-end planning will inform guidance updates, considering integration budgets and outlook for divisions [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will enhance banking capabilities and support net interest income growth, with expectations of tapering advisor turnover [42][44] Question: Clarification on AT1 write-down and its relation to the Credit Suisse acquisition? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that UBS had no outstanding AT1 instruments at the time of acquisition [46][62] Question: Integration of Swiss operations and system failures? - Management stated that any system issues are unrelated to client migration and emphasized the successful management of net interest income in a zero interest rate environment [68][70]

Core Insights - The current investment landscape is characterized by difficulty in finding fairly priced asset classes, leading clients to focus on downside risk and maintain cash reserves for potential market corrections [1][2] - Diversification is a key strategy for clients to avoid overexposure to any single sector, including popular areas like gold and AI, as they brace for potential market corrections [2][3] - The complexity of the macroeconomic and geopolitical environment is prompting investors to seek prudent diversification strategies [3] Private Credit Insights - There have been notable issues in the private credit sector, particularly highlighted by recent collapses, which raise concerns about the overall health of this asset class [3][5] - Despite the challenges, private credit remains crucial for asset allocation and economic funding, with most of it being of good quality, although some areas may be vulnerable to economic downturns [6][7] - Currently, there are no signs of systemic stress in private markets, and the industry is focused on helping clients manage losses while navigating the evolving landscape [5][7]

Third quarter 2025 Financial results 29 October 2025 Important information Forward-looking statements: This presentation contains statements that constitute "forward-looking statements", including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals. While these forward-looking statements represent UBS's judgments, expectations and objectives concerni ...

对于瑞银首席执行官塞尔吉奥·埃尔莫蒂而言，这个强劲的业绩增长季度或将为一段不利时期带来喘息 ——其间该银行业巨头遭遇了一系列负面进展，其中包括美国汽车零部件供应商First Brands的倒闭。此 外，由于瑞士政府提出增加260亿美元的资本金要求，以及瑞士法院为瑞信AT1债券索赔敞开大门，该 行目前正面临数年来的资本金与索赔不确定性。 在业绩报告中，瑞银还表示，其与曾经的竞争对手瑞士信贷的业务整合取得了进一步积极进展，并补充 表示，超过三分之二的瑞士预订客户账户已经迁移。 瑞士金融巨头瑞银集团(UBS Group AG)最新公布的第三季度利润超出市场普遍预期，主要因该机构投 资银行业务与股票交易营收大幅增长，以及法律成本低于预期显著提振整体业绩。在美国总统唐纳德· 特朗普于4月宣布对等关税政策大幅降温之后，全球股票市场迎来一波超级牛市行情，全球IPO融资与 并购活动也随之愈发活跃，进而带动像瑞银集团、野村、高盛以及摩根士丹利这样的金融巨无霸业绩激 增，尤其是股票交易业务营收与投行业务营收均实现多年来最强劲数据。 这家总部位于苏黎世的欧洲银行业巨头在周三表示，截至9月的三个月期间净利润同比飙升74%至25亿 美 ...

Core Viewpoint - UBS emphasizes the importance of openness, connectivity, and innovation in reshaping the global financial landscape, highlighting its commitment to the Chinese market as a key area for development [1] Group 1: Event Overview - UBS hosted the 2025 Financial Street Forum Annual Meeting parallel forum in Beijing, focusing on the theme "Reshaping Global Finance: Openness, Connectivity, and Innovation" [1] - Aleksandar Ivanovic, President of UBS Asset Management, delivered the opening remarks for the parallel forum [1] Group 2: Company Strategy - UBS China President Hu Zhizhe stated that openness, connectivity, and innovation are not only the themes of the UBS parallel forum but also the core values for the company's development in China [1] - The company aims to build bridges for capital connectivity, innovative reciprocity, and cultural exchange between China and foreign markets, contributing wisdom and strength to the development of the Chinese financial market [1]

格隆汇10月29日｜瑞银第三季度总收入127.6亿美元，预期119.69亿美元计；税前利润28.2亿美元，预期 18.7亿美元；净利润25亿美元，预估14.1亿美元。瑞银计划第四季度回购高达9亿美元股票，预计2025年 总回购额将达30亿美元。 ...

Core Viewpoint - UBS will host the parallel forum of the 2025 Financial Street Forum Annual Meeting, focusing on the theme "Reshaping Global Finance: Openness, Connectivity, and Innovation" [1] Group 1: Event Details - UBS is the first foreign financial institution to independently participate in hosting the Financial Street Forum Annual Meeting [1] - The President of UBS Asset Management will deliver the opening speech at the parallel forum [1] - The forum coincides with the 75th anniversary of diplomatic relations between China and Switzerland [1] Group 2: Strategic Importance - UBS China President Hu Zhizhe emphasized that openness, connectivity, and innovation are not only the forum's themes but also UBS's core values in China [1] - The forum aims to build a bridge for communication between China and foreign markets, contributing to the development of China's financial market [1] Group 3: Discussion Topics - Representatives from financial regulatory bodies, Chinese listed companies, private enterprises, global institutional investors, and wealth management institutions will discuss global financial development opportunities in the new era [1] - Key topics include China's strategic position in the global development landscape and the growing influence of Chinese brands among global consumers [1] - The forum will also address the long-term investment themes of Chinese enterprises in the context of "going global" [1]

Core Insights - Profit was significantly boosted by fees from wealthy clients and corporate dealmaking, along with the release of litigation provisions [1] Group 1 - The increase in profit is attributed to the engagement with wealthy clients, indicating a strong demand for financial services among high-net-worth individuals [1] - Corporate dealmaking has played a crucial role in enhancing profitability, suggesting an active mergers and acquisitions environment [1] - The release of litigation provisions contributed positively to the profit figures, reflecting a potential decrease in legal risks or settlements [1]