UBS (UBSG SW) Q4 (USD) Net Income 1.2bln (exp. 967mln), Pre-tax Profit 1.7bln (exp. 1.46bln), Investment Bank Pretax 640mln (exp. 468.7mln), Co. is to buyback USD 3bln of its own shares this year and aims to do more

Other Q4 Metrics:

• Asset Management Pretax 212mln (exp. 221mln).
• Wealth Management Pretax Income 1.29bln (exp. 1.34bln).

FY:

• EPS 2.36 (exp. 2.35)

Commentary:

• Cost Savings: "We are now focused on migrating the remaining client, fund, and custody accounts in 1Q26 and business clearance activities, enabling material decommissioning of the remaining applications and Credit Suisse legacy IT infrastructure by year-end. This will accelerate our gross cost saves and contribute to achieving a further USD 2.8bn of saves in 2026, including an additional USD 0.5bn that we have identified across the Group". 

Targets:

• Q1: Expect a low single-digit percentage decline in Global Wealth Management’s net interest income (NII), while in Personal & Corporate Banking NII is expected to remain broadly stable.
• "Further growth toward ~18% RoCET1 and cost/income ratio of ~67% in 2028".
• "We expect to deliver further sustainable, long-term growth and efficiency gains, as we complete the integration, leverage the benefits of our global scale, interconnected franchises and regional expertise, and take advantage of the structural trends that are shaping our industry".

Dividend:

• "Beyond 2026, we intend to continue to pursue a progressive dividend complemented by share repurchases that will be calibrated based on our financial results, our capital ratio and the final outcome and timing of the implementation of the new regulatory regime in Switzerland".