Q1 2026 UBS Group AG Earnings Call Transcript
Key Points
- UBS Group AG (UBS) delivered excellent first-quarter results with a 17% return on CET1 capital and a 70% cost/income ratio, keeping them on track to achieve their 2026 financial objectives.
- The Asia Pacific region was a standout performer, generating around a third of the group's profit before tax and driving robust net new asset growth in Global Wealth Management.
- The Investment Bank delivered exceptional performance, supported by increased collaboration with Wealth Management and a favorable environment for their business mix.
- UBS successfully completed the migration of former Credit Suisse clients to UBS platforms, with positive client activation and feedback, and retention rates exceeding expectations.
- UBS continues to invest in AI capabilities, being recognized as the best wealth management firm for use of AI in the US at the Financial Times Wealth Tech Awards.
- UBS faces ongoing uncertainties around private credit, with strong demand for alternatives but elevated redemption requests driven by macro uncertainty.
- The proposed bank capital regulation measures could require UBS to hold around $22 billion in additional capital, impacting their competitive position.
- UBS is in the process of reducing its workforce as part of the integration with Credit Suisse, which is described as the most painful part of the integration.
- The geopolitical environment, including the conflict in the Middle East, has created elevated risks and could impact sentiment and activity levels.
- UBS's CET1 leverage ratio is marginally the most constraining metric, with FX sensitivities making leverage ratio more constraining.
Good morning, and welcome, everyone. Before we start, I'd 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 stated otherwise. On slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, who today reaches a notable milestone with his 50 earnings call as Group CEO.
Thank you, Sarah, and good morning, everyone. In an increasingly complex environment, we delivered excellent first-quarter results with a 17% return on CET1 capital and a 70% cost/income ratio, keeping us on track to achieve our 2026 financial objectives.
Our performance this quarter reflects our
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