UBS posts $2.7 billion third-quarter profit as integration continues

UBS posted $2.7 billion in net profit for the third quarter, strengthening its position as it works to finish absorbing Credit Suisse by the end of 2026. The Zurich-based bank reported the result on Wednesday, October 28, alongside a 5% year-on-year increase in operating income to $13.35 billion. The net profit was equivalent to CHF 2.2 billion.

Profit before tax came to $3.6 billion, rising 27% from a year earlier. On a like-for-like basis, which adjusts for the comparison, it reached $4.1 billion, up 14%. UBS said strong client momentum across its market segments supported the quarter. Its adjusted and unadjusted operating income and adjusted pre-tax profit also exceeded AWP consensus estimates.

The result gives UBS a firm footing as it approaches the final stretch of the integration. The bank says it remains on schedule to complete the process this year, while its annual targets are within reach.

Operating income climbed 10% on a like-for-like basis to $13.39 billion, a stronger rise than the 5% reported on the standard comparison. UBS linked the quarter’s performance to client activity across its businesses. In wealth management, clients brought in $55.1 billion in new money between July and September, with growth driven by the Asia-Pacific region and the Americas.

The inflows offer a measure of demand for UBS’s wealth-management services as the bank combines operations with its former rival. They also sit alongside a rise in pre-tax profit: the reported figure was $3.6 billion, while the like-for-like figure reached $4.1 billion. Those amounts increased 27% and 14%, respectively, year on year.

The bank’s reported figures exceeded AWP consensus estimates for adjusted and unadjusted operating income, as well as adjusted pre-tax profit. UBS said its broad client momentum helped lift the quarter’s income, supporting its assessment that it remains on course to meet its annual targets.

UBS added $0.6 billion in gross cost savings during the third quarter, taking the cumulative total from the Credit Suisse integration to $13.2 billion. The bank now expects to reach $13.7 billion in savings by the end of 2026, above its previous forecast of $13.5 billion.

UBS says it remains on track to complete the integration by year-end. The savings progress is one measure of the scale of the work still being carried through the combined business, while the new full-year estimate signals a faster reduction in costs than the bank had previously projected.

The integration follows UBS’s takeover of Credit Suisse, its former Swiss rival. The process continues alongside efforts to sustain client activity and meet financial targets. UBS’s nine-month cost-to-income ratio stood at 69.6%. The bank expects the full-year ratio to remain in line with its goal of keeping it below 70%, another target tied to cost control as the integration advances.