UBS reported a doubling of net profit to $2.395 billion in the second quarter, beating analyst expectations. Return on tangible equity rose to 11.8%, and the CET 1 capital ratio increased to 14.4%. Revenues were just below expectations at $12.112 billion. The bank’s global markets unit saw a 25% revenue hike to $2.3 billion, while the global wealth management division had a 12% increase in transaction-based income.

The lender’s net interest income in the second quarter was $1.965 billion, with expectations of stability in the third quarter. UBS has completed $1 billion in share buybacks and plans another $2 billion. UBS’ integration of Credit Suisse remains on track, with one-third of Swiss client accounts migrated.

UBS shares have been impacted by U.S. tariffs and trade uncertainty. The bank is in a dispute with Swiss regulators over proposed capital rules that would require an additional $26 billion in core capital. UBS is challenging the designation of being “too big to fail” and the extreme increase in capital requirements.

Swiss parliamentary committee may delay some of the UBS banking proposals. UBS is fighting against the extreme increase in capital requirements, estimating it would need to hold around $42 billion in additional CET1 capital. Higher capital requirements can impact credit supply and risk appetite.

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The U.S. economy added 559,000 jobs in May, falling short of the 671,000 jobs economists expected. The unemployment rate also dropped to 5.8%, the lowest since the start of the pandemic. Average hourly earnings rose by 2% compared to last month. The leisure and hospitality sector saw the most job gains.: UBS Q2 earnings 2025