S&P RatingsDirect UBS Group AG

The report indicates that UBS Group AG is making material progress in restructuring Credit Suisse's operations. The group reported a US$4.1 billion net profit in the first six months of 2025, compared to US$5.1 billion net profit for the whole of 2024. The results show a strong recovery in operating revenues, accompanied by a small decrease in operating costs. The profitability has broadly reached the preacquisition levels. Key strengths include leading franchises in global wealth management and Swiss personal and corporate banking, strong strategic execution of the restructuring of Credit Suisse operations, and strong capitalization and solid funding and liquidity. Key risks include remaining risks related to sustainable return to the profitability, in line with international peer average once the restructuring of the acquired Credit Suisse operations is over, complexity and volatility intrinsic to investment bank activities, and exposure to nonfinancial risks, including litigation and reputational risks in private banking and asset management.