UBS Deutsche Bank Q1 Profits Top Estimates
UBS Deutsche Bank Q1 profits beat forecasts as UBS completed Swiss account transfers and expanded buybacks, tightening capital returns and investor flows.
KEY TAKEAWAYS
- UBS posted $3.0 billion Q1 net profit, an 80% year-over-year increase that beat estimates.
- UBS completed transfer of all Swiss client accounts, boosting integration savings and share-repurchase capacity.
- Deutsche Bank posted a record quarterly profit and raised revenue guidance despite higher provisions and currency headwinds.
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UBS Group AG and Deutsche Bank AG reported first-quarter profits on April 29, 2026, that exceeded expectations. UBS completed the transfer of all Swiss client accounts as part of its Credit Suisse integration and highlighted cost savings and share repurchases. Deutsche Bank posted a record quarter and raised revenue guidance despite higher credit provisions and currency headwinds.
UBS Q1 Results and Integration Progress
UBS reported a net profit of $3.0 billion for the first quarter, an 80% increase year over year that surpassed analyst estimates. Total revenues rose 13% to $14.24 billion, and GAAP earnings per share reached $0.94, beating forecasts by $0.11. The bank’s reported return on common equity tier 1 capital (RoCET1) was 16.8%, with a common equity tier 1 (CET1) ratio of 14.7%.
The bank completed the transfer of about 1.2 million client accounts in Switzerland, a key milestone in its plan to finish integrating Credit Suisse by the end of 2026. UBS said this step removed a major operational hurdle and supported momentum across client franchises.
Net new assets totaled $37.4 billion in Global Wealth Management and $14 billion in Asset Management. Integration efforts delivered an additional $0.8 billion in gross cost savings during the quarter, bringing cumulative savings to $10.7 billion. UBS raised its integration-savings target to $13.5 billion by the end of 2027.
UBS accelerated its share repurchase program, buying back $900 million of stock in the quarter toward a $3.0 billion target to be completed by the end of the second quarter.
"We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026," the company said.
Deutsche Bank’s Record Quarter and Challenges
Deutsche Bank reported a net profit attributable to shareholders of €1.9 billion, about 8% higher year over year, beating consensus estimates. Group pre-tax profit rose 7% to €3.041 billion on net revenues of €8.7 billion, a 2% increase. The private bank unit contributed significantly with a pre-tax profit of €681 million, up 39%, on net revenues of €2.567 billion, a 5% rise. The bank’s CET1 ratio stood at 13.8%.
Management noted higher credit risk provisions of €447 million and negative currency effects that weighed on revenues. Despite these headwinds, Deutsche Bank raised its revenue guidance after the quarter, reflecting confidence in its strategy.
The combination of private bank strength and elevated provisions produced record quarterly profitability while underscoring the sensitivity of near-term results to credit and foreign exchange fluctuations.
Capital Returns and Outlook
UBS remains on track to complete the Credit Suisse integration by year-end 2026 and to meet its increased integration-savings target by the end of 2027. The bank is also progressing toward completing its announced share buyback program in the second quarter.
Deutsche Bank’s revised revenue guidance will be closely watched as the bank manages credit provisions and currency challenges through the rest of the year. Both banks’ results highlight managements’ focus on capital returns and revenue growth amid ongoing integration and efficiency efforts.
