UBS announces second-quarter 2023 earnings and decision to integrate Credit Suisse (Schweiz) AG

August 31, 2023

UBS:2Q23 net profit of USD 29 billion

“Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history. We are winning back the trust of clients, reducing costs and taking the necessary actions to create economies of scale that will allow us to better focus our resources and target investments for future growth. This combination will reinforce our status as a premier global franchise – and one that our home market, Switzerland, can be proud of. We are humbled by this task, and the responsibility entrusted to us.”

Sergio P. Ermotti, Group CEO

August 31, 2023

Key highlights

Consolidated financials for 2Q23 and 1H23 include results for the former Credit Suisse business from 1 June 2023

  • 2Q23 net profit of USD 29 bn including USD 29 bn of negative goodwill from CS acquisition to sustain USD 238bn assumed RWA; underlying1 PBT of USD 1.1bn, of which USD 2.0bn from the UBS sub-group
  • Strong capital position maintained with CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.8%
  • Credit Suisse (Schweiz) AG to be fully integrated following a thorough evaluation focused on creating lasting value
    for all stakeholders; closing of legal entity merger expected in 2024
  • Credit Suisse AG reports a 2Q23 US GAAP pre-tax loss of CHF 8.9bn; CHF 4.3bn excluding acquisition-related effects;
    adjusted pre-tax loss of CHF 2.1bn1
  • Credit Suisse franchise broadly stabilized with net deposit inflows of USD 18bn in 2Q23, momentum continuing into 3Q23
  • UBS Global Wealth Management recorded highest second-quarter net new money in over a decade at
    USD 16bn, momentum continuing into 3Q23
  • Non-core and Legacy perimeter defined with clear plans to substantially reduce capital consumption by year-end 2026
    with USD 9bn in RWAs exited in 2Q23
  • Plans to achieve greater than USD 10bn gross cost reductions, C/I ratio of <70%, and RoCET1 of around 15% exit-rate 2026

UBS’s 2Q23 results materials are available at – The audio webcast of the earnings call starts at 08:30 CEST, 31 August 2023.
A definition of each alternative performance measure, the method used to calculate it and the information content are presented under “Alternative performance measures” in the appendix to our 2Q23 report. The reconciliation of reported and underlying performance is presented in the appendix of our 2Q23 results presentation.
Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.

1 Excluding negative goodwill, integration-related expenses and acquisition costs
2 Credit Suisse’s media release is available at