The final three months of 2025 appear to have wrapped up a strong year of financial results for the Zurich-listed banking and wealth management powerhouse.

UBS has reported a 9 per cent rise in total revenues in the fourth quarter of 2025 in its global wealth management arm, reaching $66.95 billion, pushed higher by higher recurring net fee income, transaction-based income and other revenues. 

The gain was partly offset by lower net interest income and included a $65 million fall in decrease in effects of UBS’s 2023 purchase of Credit Suisse, and other integration items, the Zurich-listed bank said in a statement today. When such effects ($135 million) and a $20 million loss linked to an investment in associate is taken into account, underlying total revenues rose by 11 per cent year-over-year, it said.

The cost of net credit losses was $32 million, versus a net credit loss release of $14 million in the same quarter of 2024. Operating costs in the wealth business rose by $105 million, a 2 per cent rise, and included a $76 million fall in integrated-related costs.

UBS said the cost/income ratio of its wealth business was 80.3 per cent, or 75.8 per cent on an underlying basis. 

Invested assets increased sequentially by $39 billion to $4.753 trillion. Net new assets were $8.5 billion.

Group results
At the group level, UBS said it booked “excellent” results for the quarter and full year with Q4 2025 net profit rising by 56 per cent on a year ago to $1.2 billion. Return on Common Equity Tier 1 capital was 6.6 per cent, and 22.9 per cent on an underlying basis. For all of 2025, net profit rose 53 per cent to $7.8 billion.

UBS said it was making solid progress in absorbing the Credit Suisse business bought in March 2023: about 85 per cent of Swiss-booked accounts have been successfully transferred onto UBS systems.

The personal and corporate banking account migration and asset management integration has been “substantially completed.” Cumulative cost cuts have risen to $10.7 billion. UBS has continued the wind-down of non-core and legacy business, reducing its risk-weighted assets to $28.8 billion.

Switzerland’s largest bank said it has a “balance sheet for all seasons” with a Common Equity Tier 1 ratio of 14.4 per cent, and 4.4 per cent CET1 leverage ratio; it is continuing to carry out its capital return plans and completed $3 billion of share repurchases for last year.

Looking ahead to 2028, it wants to achieve around an 18 per cent return on CET1 capital and about 67 per cent for its group cost/income ratio.

Shares in UBS have weakened by about 2.8 per cent so far this year. In January, UBS fired a fresh salvo at Swiss federal lawmakers over proposed capital rules that it said threaten its business model.