UBS Group AG today announced its financial results for the first quarter (Q1) of 2025, reporting a net profit attributable to shareholders of USD 1.69 billion. The group’s return on CET1 capital stood at 9.6%, or 11.3% on an underlying basis, as it continued to focus on integration and cost-efficiency following its acquisition of Credit Suisse.

Profit before tax (PBT) for the quarter was USD 2.13 billion, a 10% decrease from the same period last year. On an underlying basis, PBT declined by just 1% to USD 2.59 billion. Despite the headline drop, UBS’s core businesses delivered strong performance, increasing their combined underlying pre-tax profits by 15% and generating solid positive operating leverage.

UBS Achieves 15% Growth in Core Business Profits in Q1 2025

Group revenues totaled USD 12.56 billion, down 1% year-on-year. Underlying revenues stood at USD 11.9 billion. UBS’s core business segments posted a 6% rise in underlying revenues, while the bank’s scaled-down Non-core and Legacy (NCL) division saw a sharp 72% decline.

Operating expenses rose 1% to USD 10.32 billion on a reported basis. However, underlying operating expenses decreased slightly to USD 9.22 billion, as UBS accelerated execution of its integration and cost-saving strategies. The bank reported an additional USD 0.9 billion in exit-rate gross cost savings during the quarter, bringing total gross savings since 2022 to USD 8.4 billion, 65% of its cumulative target.

In Switzerland, UBS completed its branch network consolidation, merging 95 former Credit Suisse locations and maintaining a network of 195 branches nationwide. Meanwhile, the NCL division made further progress, having shut down 48% of its applications and exited 74% of its books since launching in Q2 2023. Risk-weighted assets in NCL fell to USD 34 billion by quarter-end.

UBS’s results highlight continued momentum in its core operations and disciplined execution of post-merger integration.

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