UBS reports 2Q24 net profit of USD 1.1bn with continued client momentum and integration progress

Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

Key highlights

2Q24 PBT of USD 1.5bn and underlying1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn
1H24 PBT of USD 3.8bn and underlying1 PBT of USD 4.7bn; net profit of USD 2.9bn, RoCET1 7.5% and underlying RoCET1 of 9.2%
Continued client momentum with net new assets of USD 27bn in Global Wealth Management and strong transactional activity in the Investment Bank; best second quarter Global Markets revenues on record2 and underlying Global Banking revenues up 55% YoY, significantly outperforming the fee pools across all products
Non-core and Legacy RWA reduced 42% since 2Q23, including USD 8bn decline QoQ mainly from active unwinds; underlying operating expenses excluding litigation declined 17% QoQ; revenues of USD 0.4bn
Achieved USD 0.9bn of additional gross cost savings, reaching ~45% of our total cumulative annualized gross cost save ambition
Completed key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits
Maintained a balance sheet for all seasons with a strong CET1 capital ratio of 14.9% and CET1 leverage ratio of 4.9%, supporting the execution of our 2024 capital return targets; commenced share repurchases in June with USD 467m of shares repurchased as of 9 August 2024; total loss absorbing capacity of USD 198bn
Named "World's Best Bank" and “Switzerland’s Best Bank” at Euromoney Awards for Excellence 2024, a testament to the effectiveness of our global strategy, reach and capabilities in serving our clients domestically and around the world

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