<div id="readability-page-1"><div><p>[ZURICH] Swiss bank UBS posted better-than-expected first-quarter net profit on Wednesday (Apr 29), helped by record trading revenue amid market turbulence triggered by the war in the Middle East.</p><p>Switzerland’s biggest bank reported net profit attributable to shareholders of US$3 billion in the first quarter of 2026, up 80 per cent year on year and beating an average estimate of US$2.3 billion in a company-provided poll of analysts.</p><p>In its investment banking division, revenue jumped 27 per cent year on year, boosted by an all-time high in the trading arm, while underlying transaction-based income in global wealth management rose 17 per cent.</p><p>Global wealth management attracted net new assets of US$37 billion, with inflows of US$5.3 billion in the Americas, a turnaround after wealth outflows in this key growth market clouded a profit jump in the previous quarter.</p><p>Markets have remained broadly resilient so far in the second quarter, reflecting expectations that a durable diplomatic solution to the Middle East conflict is achievable, UBS said in a statement accompanying its results.</p><p>However, risks are elevated and conditions could change quickly, which may affect client sentiment, the bank added.</p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>UBS reasserted its intention to repurchase at least US$3 billion of shares in 2026, saying it was on track to do so by the end of July and aimed to do more by year-end, depending on visibility of parliamentary deliberations on capital rules.</p><p>A stricter Swiss banking bill aims to prevent a repeat of the traumatic collapse of Credit Suisse, which UBS acquired in a state-engineered emergency takeover in 2023.</p><p>The Swiss government last week granted UBS concessions on planned new capital rules but stuck to its key demand that the bank fully capitalise its foreign units, an item on which parliament is the final arbiter.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="2009" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f16fb400f7bf31e74d37898875e43357839a0e184e13a879931a9d99c4de7905/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3082" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f16fb400f7bf31e74d37898875e43357839a0e184e13a879931a9d99c4de7905/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>UBS faces US$20 billion hike in capital needs as Swiss split grows</span></h3><p></p></div></div><div><div><div><p><img height="2508" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ca9cc46b4082c3ad56dd56918483804862c31f584b2251243c9726b4d41c1b24/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3795" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/ca9cc46b4082c3ad56dd56918483804862c31f584b2251243c9726b4d41c1b24/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>TPG taps Maybank, UBS to explore Asia OneHealthcare sale or IPO: sources</span></h3><p></p></div></div><div><div><div><p><img height="4002" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/851510d4fdaae15ec84918ec448a008fbdd3fd762bfd336255e2bbece472ccdb/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="6000" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/851510d4fdaae15ec84918ec448a008fbdd3fd762bfd336255e2bbece472ccdb/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Swiss to issue capital rules for UBS that can alter bank’s future</span></h3><p></p></div></div></div></div></div></div><p>UBS will continue to engage constructively on Swiss capital rules, CEO Sergio Ermotti said. “These developments do not, and will not, change who we are as a firm.”</p><p>The bank is on track to complete integration of Credit Suisse by year-end, unlocking potential for further growth and efficiency gains, UBS said.</p><p>Integration-related expenses dropped in the first quarter and an additional US$800 million in cost reductions brought total cumulative savings to US$11.5 billion, the bank added. UBS cut staffing levels by about 1,500 full-time employees in the first quarter. REUTERS</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

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<p>Swiss bank UBS reported a first-quarter net profit of US$3 billion for 2026, an 80% increase year-on-year, surpassing analyst expectations of US$2.3 billion. The growth was driven by record trading revenue amid market volatility due to the Middle East conflict. Investment banking revenue rose 27%, while global wealth management attracted US$37 billion in new assets. UBS plans to repurchase at least US$3 billion in shares this year and is on track to complete the integration of Credit Suisse, aiming for further efficiency gains.</p>

UBS beats profit expectations on market volatility