Swiss banking major UBS Group AG (UBS) reported Wednesday significantly higher profit in its first quarter with increased revenues in core franchises.
Looking ahead, the company said it expects second-quarter net interest income in both Global Wealth Management and Personal & Corporate Banking to be broadly flat sequentially.
The current backdrop reinforces the benefits of its balance sheet for all seasons, and are confident in delivering on 2026 financial targets, the firm added.
UBS said, "As we move through the second quarter, markets have remained broadly resilient, reflecting expectations that a durable diplomatic solution to the Middle East conflict is achievable. That said, while client activity remains healthy, risks are still elevated, and conditions could shift rapidly, which may impact client sentiment and activity levels."
Further, the firm said it is on track to buy back $3 billion in shares by the time of second quarter earnings report, with an aim to do more by year-end, subject to financial performance and outlook.
In the first quarter, net profit attributable to shareholders was $3.04 billion or $0.94 per share, higher than prior year's $1.69 billion or $0.51 per share.
Profit before tax surged 80 percent to $3.84 billion from $2.13 billion last year. Underlying profit before tax was $3.99 billion, up 54 percent year-over-year.
The company attributed the improved performance to continued revenue growth in core franchises and disciplined execution of gross cost-reduction plans.
Reported revenues outpaced reported costs by 13 percentage points in the quarter.
Revenues were $14.24 billion, up 13 percent from $12.56 billion a year ago. On an underlying basis, revenues increased 15 percent year-over-year to $13.64 billion, driven by an 18 percent increase in core franchises revenues.
Net interest income climbed 42 percent from last year to $2.32 billion. Net fee and commission income grew 14 percent to $7.73 billion.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.