The combined Swiss bank continued to perform well in the fourth quarter. The integration of Credit Suisse is progressing swiftly, which is also reflected in the annual results. However, there remains a downside.

Zurich-based UBS achieved a net profit of $770 million in the fourth quarter of 2024 and $5.1 billion for the financial year, according to a media release on Tuesday.

The bank saw gains in its key business areas. In asset management, net new money inflows amounted to $33 billion in the fourth quarter and $45 billion for the full year 2024. The group’s assets under management increased by 7 percent year-over-year to $6.1 trillion.

Missing a Key Milestone

UBS also saw growth in global wealth management, with asset inflows of $18 billion in the fourth quarter and $97 billion for the full year. However, the combined major bank narrowly missed its target of $100 billion.

Once again, the strongest growth markets were the Americas and APAC.

More Than 70 Billion Francs of Loans in Switzerland

In investment banking, UBS benefited from higher client activity in equities and foreign exchange across all regions, particularly in the Americas. In global banking, underlying revenue increased by 19 percent compared to the previous year. UBS was able to capitalize on the strong performance of advisory and leveraged capital markets in Asia and the US.

In Switzerland, loans worth more than 70 billion francs ($77 billion) were issued or extended last year to households and businesses. UBS states that it continues to fulfill its commitments to its home market.

Integration: UBS Gains Confidence

Meanwhile, the integration of Credit Suisse is progressing well.

«We are confident that we will substantially complete the integration by the end of 2026, achieve our financial targets, and implement our growth initiatives,» said CEO Sergio Ermotti.

Significant progress was made in over 4,000 individual areas last year, UBS reports. 90 percent of client data outside Switzerland has been migrated. In Switzerland, the migration of most client accounts and all portfolios in asset management is expected to be completed this year.

Cost Savings

With additional gross savings of $700 million in the fourth quarter and total savings of $3.4 billion over the past year, UBS is also moving closer to its cost-saving targets. Compared to the 2022 cost base, savings now total $7.5 billion, meaning that almost 60 percent of the planned reductions have already been achieved.

The reduction of non-core and legacy risk-weighted assets (RWA)  is also progressing faster than planned. In the fourth quarter alone, risk-weighted assets were reduced by $3 billion. This brings the total down to $41 billion, a decrease of $33 billion for the full year 2024.