Swiss investment banking group UBS has reported a net profit of $2.4bn for the second quarter of 2025 (Q2 2025), marking an increase of 111% year-on-year.
This figure includes a net release of provisions and contingent liabilities amounting to $427m related to the settlement of a legacy Credit Suisse matter, alongside a deferred tax benefit of $577m.
Revenues for the reported quarter stood at $12.1bn, reflecting a 2% increase from the previous year.
In terms of pre-tax profits, UBS recorded $2.2bn for the quarter, with underlying pre-tax profits reaching $2.7bn, representing year-on-year growth rates of 49% and 30%, respectively.
According to UBS, its core businesses showed robust performance with a combined growth in underlying pre-tax profits of 25%. Return on Common Equity Tier 1 (CET1) capital was 13.5%, or 15.3% when adjusted for underlying factors.
For the first half of the year, UBS reported a pre-tax profit of $4.3bn and an underlying pre-tax profit of $5.3bn. Net profit for this period reached $4.1bn, with CET1 return rates standing at 11.6% and an underlying rate of 13.3%.
UBS stated that integration efforts following the acquisition of Credit Suisse have advanced significantly. Client account migrations outside Switzerland have been completed and one-third of Swiss accounts have transitioned to UBS’s platform.
The company aims to finish these migrations by Q1 2026.
Operating expenses in the second quarter decreased by 6% year-on-year to $9.8bn, due to ongoing efficiency measures and integration plans. Simultaneously, UBS has been simplifying its legal entity structure in both the US and Europe.
UBS group CEO Sergio Ermotti said: “We sustained robust momentum during a quarter that started with extreme volatility by staying close to our clients and executing on our integration plans. We also maintained a balance sheet for all seasons while delivering on our capital return plans.
“We are positioning for long term success by further enhancing our global capabilities, investing in our future infrastructure and AI, while actively engaging in the debate on future regulation in Switzerland. This allows us to fulfill our commitment to support all the communities where we live and work.”
