Core Insights - UBS Group AG reported a fourth-quarter 2025 net profit attributable to shareholders of $1.19 billion, an increase from $770 million in the prior-year quarter, driven by strong performances in Global Wealth Management, Asset Management, and Investment Bank divisions, although a decline in total assets raised concerns [1][6] - For the full year 2025, UBS reported a net profit attributable to shareholders of $7.77 billion, up from $5.08 billion in the previous year [1] Revenues & Expenses - UBS's fourth-quarter total revenues increased by 4.4% year over year to $12.14 billion [2][6] - For 2025, total revenues rose by 1.9% year over year to $49.6 billion [2] - Operating expenses fell nearly 1% year over year to $10.29 billion [2] - Total credit loss expenses were reported at $159 million, a decline of 30.6% from the year-ago quarter [2] Business Divisions' Performances - Global Wealth Management's operating profit before tax was $1.29 billion, up from $867 million in the year-ago quarter [3] - Asset Management's operating profit before tax was $212 million, an increase of 65.6% from the year-ago quarter [3] - Personal & Corporate Banking reported an operating profit before tax of $565 million, down 5% year over year [3] - The Investment Bank unit reported an operating profit before tax of $640 million, up from $479 million in the year-ago quarter [3] Non-Core & Legacy Performance - Non-Core & Legacy incurred an operating loss before tax of $455 million, an improvement from a loss of $923 million in the year-ago quarter [4] - Group Items reported an operating loss before tax of $552 million compared to a loss of $100 million in the year-ago quarter [4] Capital Position - Total assets fell nearly 1% from the previous quarter's end to $1.62 trillion [5] - Return on Common Equity Tier 1 (CET1) capital was 6.6% as of December 31, 2025, compared to 4.2% as of December 31, 2024 [5] - Risk-weighted assets declined 1% year over year to $493.4 billion [5] - CET1 capital declined marginally year over year to $71.3 billion [5] - Invested assets were reported at $7 trillion, up 15.1% year over year [5] Capital Distribution - For 2025, the board plans to propose a dividend of $1.10 per share, subject to approval at the Annual General Meeting scheduled for April 15, 2026 [7] - The company aims for a mid-teens percentage increase in the ordinary dividend per share for 2026 [7] Share Repurchase and Integration - UBS completed $3 billion worth of share repurchases in the fourth quarter of 2025 and intends to repurchase another $3 billion in 2026 [8] - The integration of Credit Suisse is on track for substantial completion by the end of 2026 [9] Migration and Cost Savings - By the end of the fourth quarter of 2025, 85% of Swiss-booked client accounts had been migrated, with Personal & Corporate client account migrations substantially complete [10] - Cumulative gross cost savings totaled $10.7 billion at the end of 2025, with an ambition to raise annualized exit rate gross cost savings to approximately $13.5 billion by the end of 2026 [12] Risk-Weighted Assets Reduction - The non-core and legacy business division achieved a 67% reduction in risk-weighted assets since the second quarter of 2023, targeting further reductions to approximately $4 billion by the end of 2026 [13] Overall Assessment - UBS's inorganic growth efforts are expected to support its top line, with steady progress in the integration of Credit Suisse and a robust capital position [14]

Core Viewpoint - UBS Group AG reported a slight decline in net profit for Q1 2025, driven by strong performances in its key divisions despite challenges from increased operating expenses and credit loss expenses [1][2]. UBS' Revenues & Expenses - Total revenues for Q1 2025 decreased by 1.4% year over year to $12.6 billion [2] - Operating expenses rose marginally year over year to $10.3 billion [2] - Total credit loss expenses were reported at $100 million, a decline of 5.6% from the previous year [2] UBS Group Business Divisions' Performance - Global Wealth Management's operating profit before tax increased to $1.4 billion, up from $1.1 billion year over year [3] - Asset Management's operating profit before tax rose by 21.6% to $135 million [3] - Personal & Corporate Banking reported a decrease in operating profit before tax to $607 million, down 37.7% year over year [3] - The Investment Bank unit's operating profit before tax increased by 30.1% to $722 million [3] Non-Core & Legacy Performance - Non-Core & Legacy incurred an operating loss before tax of $391 million, compared to a loss of $46 million in the prior year [4] - Group Items reported an operating loss before tax of $299 million, an improvement from a loss of $320 million in the year-ago quarter [4] UBS' Capital Position - Total assets decreased by 1.4% from the previous quarter to $1.54 trillion [5] - Return on Common Equity Tier 1 (CET1) capital improved to 9.6% as of March 31, 2025, compared to 9% a year earlier [5] - Risk-weighted assets declined by 8.2% year over year to $483.3 billion [5] - CET1 capital decreased by 10.9% year over year to $69.1 billion [5] - Invested assets increased by 5.2% year over year to $6.2 trillion [5] Capital Distribution Update - A dividend of 90 cents per share was approved and paid out to shareholders on April 17, 2025 [6] - UBS completed $0.5 billion in share repurchases in Q1 2025 and plans an additional $0.5 billion in Q2 2025, with a target of up to $2 billion in the second half of 2025 [7] Credit Suisse Integration Progress - UBS is on track to complete the integration of Credit Suisse by the end of 2026 [8] - The consolidation of its branch network in Switzerland has progressed, with 95 branches merged since the merger in July 2024 [9] - UBS realized an additional $0.9 billion in gross cost savings in Q1 2025, with cumulative savings reaching $8.4 billion, representing around 65% of its goal for $13 billion in annualized savings by the end of 2026 [10] Overall Assessment - UBS's inorganic growth efforts are expected to support its top line, with significant progress in the integration of Credit Suisse and a robust capital position [11]