UBS reports 3Q24 net profit of USD 1.4bn with 6.2trn in invested assets; delivering for clients, executing on integration at pace and investing for growth
- 3Q24 PBT of USD 1.9bn and underlying 1 PBT of USD 2.4bn demonstrating the strength of our client franchises, diversified business model and global scale; net profit of USD 1.4bn , RoCET1 of 7.6% and underlying RoCET1 of 9.4%
- Continued client momentum with USD 25bn of net new assets in Global Wealth Management, on track to deliver on our ambition of USD ~100bn in NNA for 2024; Group invested assets of USD 6.2trn, up 15% YoY; granted or renewed CHF ~35bn in loans in Switzerland in the quarter
- Strong transactional activity across Global Wealth Management and the Investment Bank , underlying GWM transaction-based income up 19% YoY, Global Markets revenues up 31% YoY
- Non-core and Legacy RWA reductions remain ahead of plan ; with USD 5bn in 3Q24 and USD 41bn since 2Q23
- Delivering on cost-reduction ambitions with additional USD 0.8bn in gross cost savings realized in 3Q24 and USD ~7.5bn expected for full-year 2024
- Successful completion of first wave of client account migrations with transfers in Luxembourg and Hong Kong in October; Singapore and Japan expected by year-end and Switzerland in 2025, positioning us well to enhance the client experience and to unlock next phase of significant cost saves toward the end of 2025 and in 2026
- Strong capital position allowed us to voluntarily accelerate the phase-out of the remaining transitional capital adjustments agreed with our regulator, bringing the CET1 capital ratio in line with our guidance; we remain committed to our dividend and buyback ambitions for 2025 and 2026
- Positioning for long-term growth with investments in our people, products and capabilities, including technology with roll out of 50,000 Microsoft 365 Copilot licenses to our employees by March 2025, the largest deployment within the global financial services industry to date
- "Our performance in the third quarter demonstrates the power of our unique client franchises, global scale and diversified business model. Against a market backdrop that, while constructive, still exhibited periods of high volatility and dislocation, our businesses delivered impressive revenue growth as we maintained strong client momentum, particularly in the Americas and APAC. We continue to significantly mitigate execution risk as we progress on the integration of Credit Suisse while remaining disciplined in driving our cost and efficiency targets. At the same time, we are investing in our people, products and capabilities, including technology, to enhance client experience, improve productivity and achieve sustainably profitable growth." Sergio P. Ermotti, Group CEO