Q2 2026 UBS Group AG Earnings Call Transcript
Key Points
- UBS Group AG (UBS) achieved a return on CET1 capital of around 17% in the first half of the year, nearing pre-acquisition profitability levels.
- The company reported robust inflows into its global wealth and asset management platforms, driving group invested assets to a record $7.3 trillion.
- Profit before tax doubled in APAC and grew by 85% in the Americas, showcasing strong regional performance.
- UBS Group AG (UBS) delivered a reported net profit of $2.8 billion and earnings per share of $0.87 in the second quarter.
- The Investment Bank achieved record second-quarter revenues, with a pre-tax profit of $1.2 billion, more than doubling the prior year quarter.
- Operating expenses increased by 7% due to stronger revenue performance, although they were down 7% when excluding variable compensation, litigation, and currency effects.
- The tangible book value per share decreased sequentially by 2% to $26.89, primarily due to shareholder distributions.
- Credit loss expense totaled $121 million, driven by stage 3 positions in personal and corporate banking and the investment bank.
- The CET1 capital ratio decreased by 60 basis points due to the buyback accrual, impacting the CET1 leverage ratio by 20 basis points.
- UBS Group AG (UBS) faces ongoing geopolitical developments and volatile energy prices, contributing to high levels of uncertainty around inflation and interest rate outlook.
Please note, anyone who wishes to ask a question during the conference may press star and one on the touchtone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove. Ladies and gentlemen, good morning. Welcome to the UBS second quarter 2026 results. The conference must not be recorded for publication or broadcast. You can register for questions at any time by pressing star and one on your telephone. Should you need operator assistance, please press and 0. At this time, it's my pleasure to hand over to Sara Mackey, UBS Investor Relations. Please go ahead, madam.
Good morning and welcome, everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report. Together with additional disclosures in our SEC filings. Throughout our remarks, we will refer to underlying results in US dollars and make year-over-year comparisons unless
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