The bank reported a generally positive set of results, noting, for example, that it was making strong progress in the cost reductions linked to its integration of Credit Suisse. There was strong asset generation in Switzerland, EMEA and APAC, and an outflow in the Americas.

(Updates with US bank license application detail.)

Today UBS has reported a third-quarter pre-tax profit of $2.8 billion, rising from $1.93 billion in the same quarter of 2024.

The Zurich-headquartered bank said its global wealth management total revenues in the third quarter of 2025 rose 6 per cent year-over-year to $6.543 billion, mostly caused by higher recurring net fee income and transaction-based income.  

The impact, which was partly offset by lower net interest income, included a $53 million accounting adjustment and other integration items stemming from the UBS takeover of Credit Suisse.

Net credit loss expenses were $7 million, up from $2 million in the third quarter of 2024. 

Operating costs rose by 1 per cent to $5.182 billion and included a $133 million increase in integration-related expenses. When $553 million of integration-related expenses and accounting effects are stripped out, underlying operating expenses were $4.629 billion, down by 1 per cent.

These included $198 million of net releases in provisions for litigation, regulatory and similar matters, primarily reflecting $284 million of releases related to the resolution of a legacy matter concerning cross-border business activities in France, UBS said in a statement. 

There was a rise in financial advisor compensation because of higher compensable revenues.

The cost/income ratio was 79.2 per cent, and 72.2 per cent on an underlying basis. 

Invested assets increased sequentially by $202 billion to $4.714 trillion. UBS said it logged $48 billion of net new assets in the quarter.

There was strong generation of assets in Asia-Pacific, Europe, the Middle East, Africa, and Switzerland. This more than offset outflows in the Americas, primarily reflecting advisor movement following the structural changes UBS introduced last year. In total, net new assets totalled $92 billion since the start of 2025, putting it close to a full-year ambition of $100 billion, UBS said.

Group performance
Total revenues across the whole of UBS were $12.76 billion in Q3 2025, against $12.334 billion, on a reported basis.

At the end of September, UBS had a Common Equity Tier 1 ratio – a common international yardstick of a bank’s shock absorber capital – of 14.8 per cent, rising from 14.3 per cent last year.

Group invested assets rose to $6.9 trillion, driven by growth across global wealth management, asset management and personal and corporate banking.

Credit Suisse integration, legal wrangle
UBS said it is making “excellent progress on integration”: More than two-thirds of Swiss-booked client accounts have already migrated and UBS has largely completed the integration of the asset management arm. It has also achieved a further $900 million in cost savings, taking total cost reductions to $10 billion, which is one quarter ahead of schedule. That equates to 77 per cent of the figure of around $13 billion in expected gross cost savings by the end of 2026, it said. 

The bank’s emergency takeover in March 2023 of Swiss rival Credit Suisse has continued to stir controversy. Two weeks ago, Credit Suisse bondholders seeking recompense after their investments were wiped out in the UBS takeover found that they might achieve a successful campaign – although further legal obstacles need to be overcome. In a test case, a Swiss court ruled that complainants had a right to appeal the matter. Holders of AT1 bonds – designed to absorb losses – were wiped out, triggering lawsuits. 

FINMA, the Swiss regulator, has said it will appeal the decision at the Swiss Federal Supreme Court. 

“UBS intends to appeal in order to ensure that our perspective on the relevant facts relating to the acquisition is considered by the court, as well as to safeguard the credibility of AT1 instruments for the key role they play in bank recovery and resolution,” UBS said in its statement today.

“The decision did not order any remedy. The court will only consider what remedies, if any, are appropriate at a later stage and in case the Swiss Federal Supreme Court confirms the decision in an appeal. The write-down of the Credit Suisse AT1 instruments was an integral part of the rescue transaction,” it continued. “UBS believes that the write-down was in accordance with the contractual terms of the AT1 instruments and the applicable law and that FINMA’s decree was lawful.”

UBS share prices have risen 8.64 per cent since the start of January.

Seeking US license
Earlier this week, UBS reportedly said it has applied for a banking licence in the US. The Swiss firm aims to be the first from the Alpine state  obtain a National Bank Charter in the US.

"Today [Oct 27], we are excited to share an important milestone in our US growth strategy – filing our application for a National Bank Charter for UBS Bank USA,"  Rob Karofsky, co-president global wealth management and president of UBS Americas, and Michael Camacho, head of UBS Global Wealth Management US, said a memo shown to this publication. 

"This step is part of our long-term goal to build on UBS’s status as a premier global wealth manager in the US and invest in areas that will drive growth. A National Bank Charter will provide the foundation for UBS Bank USA to build a platform that over time will expand its banking services for US wealth management clients – adding essential bank-provided payments, checking and savings account services to the broader firm’s existing cash management capabilities," they said.

"Our US clients hold significant deposits and largely rely on other banks for their everyday banking needs. With our ongoing investments in technology, we have a clear opportunity to build a modern, core banking platform with advanced mobile, AI and digital features for a seamless, client-first experience.

"A national charter is a key step in our strategic Build the Bank program, a multi-year effort to develop new products, systems, and technology, which is already underway," they said. 

UBS said it anticipates approval in 2026, subject to the regulator’s discretion. UBS would be the first Swiss bank to obtain a National Bank Charter in the US.