Core Insights - UBS ended the year with total assets of CHF 1.6 trillion, a decrease of CHF 15 billion from the previous quarter, primarily due to liability management and long-term debt redemptions [1] - The company reported a net profit of CHF 1.2 billion for the fourth quarter, with a pre-tax profit of CHF 2.9 billion, reflecting a 62% year-over-year increase supported by revenue momentum and cost discipline [3][4] - UBS's CET1 capital ratio was 14.4% at the end of December, slightly lower sequentially, attributed to capital reduction from shareholder returns [5] Financial Performance - The fourth-quarter pre-tax profit for Global Wealth Management was CHF 1.6 billion, up from CHF 1.1 billion a year earlier, with revenues increasing by 11% [9] - Personal & Corporate Banking reported a pre-tax profit of CHF 543 million, down 5%, mainly due to lower net interest income [11] - Investment Bank's pre-tax profit rose 56% to CHF 703 million, with revenues increasing by 13% [13] Cost Management and Savings - UBS achieved CHF 700 million in gross cost savings through technology decommissioning and reduced third-party spending [3] - The company has delivered CHF 10.7 billion in cumulative gross run-rate cost savings to date and increased its savings ambition to CHF 13.5 billion [15] Capital Management and Buybacks - UBS plans to repurchase $3 billion of shares in 2026, contingent on financial performance and regulatory clarity [6] - The parent bank's CET1 ratio increased to 14.2% due to CHF 9 billion of capital returned from subsidiaries [7] Regulatory and Market Outlook - UBS expects the liquidity coverage ratio to remain around current levels due to Swiss liquidity rules fully phased in by the end of 2024 [5] - Management indicated that the timing and phase-in of expected capital ordinance measures will need confirmation from the Swiss Federal Council [8]