UBS reported a full-year 2024 net profit of $5.1 billion on 4 February 2025, as Switzerland's largest bank continued to integrate Credit Suisse, which it acquired through a government-brokered emergency rescue deal in March 2023.
Fourth-quarter net profit came in at $770 million, ahead of analysts' expectations.
CREDIT SUISSE INTEGRATION
Management described the Credit Suisse integration as on track and progressing well.
As part of the integration, UBS agreed in August 2024 to sell Select Portfolio Servicing, the US mortgage servicer it inherited with Credit Suisse, to a consortium led by Sixth Street, subject to regulatory approvals.
REGULATORS AND OUTLOOK
Switzerland's financial market supervisor FINMA and the Swiss National Bank have both publicly emphasised the imperative of managing the integration prudently and maintaining robust risk management and governance frameworks throughout the process, given the combined entity's importance to the Swiss financial system.
The group has previously said that the integration is expected to generate cost savings. Alongside the results, UBS said it planned share buybacks of up to $3 billion in 2025 and expected to substantially complete the integration by the end of 2026.