6-K 1 edgar2q24ubschstand.htm edgar2q24ubschstand
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE
 
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: August 14, 2024
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
 
Indicate by check mark whether the registrants file or will file annual reports under
 
cover of
 
Form 20-F or Form 40-
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
This Form 6-K consists of the
 
UBS Switzerland AG standalone financial
 
information for the six months ended
 
30 June 2024, which appears immediately following this page.
 
edgarq24ubsswitzerlanp3i0
UBS Switzerland AG
 
Standalone interim financial information
 
for the six months ended
30 June 2024
 
 
 
Table of contents
UBS Switzerland AG standalone
interim financial information
1
2
3
3
Notes to the UBS Switzerland AG standalone interim
financial information
4
4
Appendix
5
Contacts
Switchboards
For all general inquiries
ubs.com/contact
Zurich +41-44-234 1111
London +44-207-567 8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000
Investor Relations
UBS’s Investor Relations team manages
relationships with institutional investors,
research analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234 4100
New York +1-212-882 5734
Media Relations
UBS’s Media Relations team manages
relationships with global media and
journalists.
ubs.com/media
Zurich +41-44-234 8500
mediarelations@ubs.com
London +44-20-7567 4714
ubs-media-relations@ubs.com
New York +1-212-882
 
5858
mediarelations@ubs.com
Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com
© UBS 2024. The key symbol and UBS are among
 
the registered and
unregistered trademarks of UBS. All rights reserved.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
1
UBS Switzerland AG standalone interim financial information
Income statement
Year-to-date
CHF m
30.6.24
30.6.23
Interest and discount income
 
3,710
 
3,137
Interest and dividend income from trading portfolio
 
0
 
3
Interest and dividend income from financial investments
 
229
 
115
Interest expense
 
(1,945)
 
(971)
Gross interest income
 
1,995
 
2,284
Credit loss (expense) / release
 
(40)
 
(14)
Net interest income
 
1,954
 
2,270
Fee and commission income from securities and investment business
 
1,901
 
1,789
Credit-related fees and commissions
 
101
 
116
Other fee and commission income
 
436
 
426
Fee and commission expense
 
(238)
 
(212)
Net fee and commission income
 
2,200
 
2,119
Net trading income
 
564
 
479
Net income from disposal of financial investments
 
0
 
5
Dividend income from investments in subsidiaries and other
 
participations
 
13
 
15
Sundry ordinary income
 
140
 
100
Sundry ordinary expenses
 
(37)
 
(27)
Other income from ordinary activities
 
116
 
93
Total operating income
 
4,834
 
4,960
Personnel expenses
 
1,067
 
1,016
General and administrative expenses
 
2,148
 
1,633
Subtotal operating expenses
 
3,216
 
2,649
Depreciation and impairment of property, equipment and software
 
117
 
108
Changes in provisions for litigation, regulatory and similar
 
matters, and other provisions
 
(5)
 
15
Total operating expenses
 
3,327
 
2,772
Operating profit
 
1,507
 
2,188
Tax expense / (benefit)
 
260
 
404
Net profit / (loss) for the period
 
1,247
 
1,784
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
2
Balance sheet
 
CHF m
30.6.24
31.12.23
Assets
Cash and balances at central banks
 
72,135
 
73,264
Due from banks
 
3,940
 
2,905
Receivables from securities financing transactions
 
 
131
 
53
Due from customers
 
53,253
 
50,543
Mortgage loans
 
168,383
 
168,682
Trading portfolio assets
 
1,543
 
1,507
Derivative financial instruments
 
1,657
 
1,666
Financial investments
 
16,515
 
13,553
Accrued income and prepaid expenses
 
634
 
565
Investments in subsidiaries and other participations
 
107
 
107
Property, equipment and software
 
997
 
992
Other assets
 
652
 
392
Total assets
 
319,947
 
314,231
of which: subordinated assets
 
1
 
1
Liabilities
Due to banks
 
35,058
 
37,136
of which: total loss-absorbing capacity eligible
 
16,238
 
16,176
Payables from securities financing transactions
 
 
2,780
 
283
Due to customers
 
250,263
 
246,756
Trading portfolio liabilities
 
197
 
209
Derivative financial instruments
 
991
 
1,537
Bonds issued and loans from central mortgage institutions
 
13,140
 
9,183
Accrued expenses and deferred income
 
1,389
 
1,338
Other liabilities
 
1,955
 
1,688
Provisions
 
185
 
175
Total liabilities
 
305,958
 
298,305
Equity
Share capital
 
10
 
10
Statutory capital reserve
 
11,354
 
11,354
of which: capital contribution reserve
 
11,354
 
11,354
Voluntary earnings reserve
 
1,378
 
1,430
Net profit / (loss) for the period
 
1,247
 
3,133
Total equity
 
 
13,989
 
15,926
Total liabilities and equity
 
319,947
 
314,231
of which: subordinated liabilities
 
16,272
 
16,212
of which: subject to mandatory conversion and / or debt waiver
 
 
16,272
 
16,212
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
3
Balance sheet (continued)
CHF m
30.6.24
31.12.23
Off-balance sheet items
Contingent liabilities, gross
 
8,175
 
7,967
Sub-participations
 
(757)
 
(686)
Contingent liabilities, net
 
7,418
 
7,281
of which: guarantees to third parties related to subsidiaries
 
18
 
17
of which: credit guarantees and similar instruments
 
3,180
 
2,957
of which: performance guarantees and similar instruments
 
2,409
 
2,308
of which: documentary credits
 
1,810
 
1,999
Irrevocable commitments, gross
 
15,808
 
15,658
Sub-participations
 
(20)
 
(7)
Irrevocable commitments, net
 
15,789
 
15,651
of which: loan commitments
 
14,596
 
14,458
of which: payment commitment related to deposit insurance
 
1,193
 
1,193
Forward starting transactions
1
 
500
 
0
of which: repurchase agreements
 
500
 
0
Liabilities for calls on shares and other equity instruments
 
55
 
55
1 Cash to be paid in the future by either UBS or the counterparty.
Joint and several liability
 
In June 2015, the Personal & Corporate
 
Banking and Wealth Management
 
businesses booked in Switzerland
 
were
transferred from UBS
 
AG to
 
UBS Switzerland AG through
 
an asset
 
transfer in accordance
 
with the
 
Swiss Merger
Act.
 
As of 30 June 2024,
 
the joint liability of
 
UBS Switzerland AG for contractual obligations of
 
UBS AG amounted to
CHF 3bn, compared
 
with CHF 3bn
 
as of
 
31 December 2023.
 
As of
 
30 June 2024,
 
the probability
 
of an
 
outflow
under this joint and
 
several liability was assessed to
 
be remote, and
 
as a result the
 
balance sheet and off-balance
sheet information does not include any exposure
 
arising under this joint and several liability.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2024
 
10
 
11,354
 
1,430
 
3,133
 
15,926
Dividend distribution
 
(51)
 
(3,133)
 
(3,184)
Net profit / (loss) for the period
 
1,247
 
1,247
Balance as of 30 June 2024
 
10
 
11,354
 
1,378
 
1,247
 
13,989
 
 
 
UBS Switzerland AG standalone
 
4
Notes to the UBS Switzerland AG standalone interim financial
 
information
Basis of accounting
The
 
UBS Switzerland
 
AG
 
standalone
 
interim
 
financial
 
statements
 
are
 
prepared
 
in
 
accordance
 
with
 
the
 
interim
reporting requirements of Swiss GAAP
 
(the FINMA Accounting Ordinance, FINMA Circular
 
2020/1 ”Accounting –
banks” and the Banking Ordinance).
 
The
 
accounting policies
 
are principally
 
the same
 
as for
 
the consolidated
 
financial statements
 
of UBS
 
Group AG
outlined in Note
 
1 to the
 
consolidated financial statements of UBS
 
Group AG included
 
in the UBS
 
Group Annual
Report 2023,
 
available under
 
“Annual reporting”
 
at
ubs.com/investors
. Major
 
differences between
 
Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 35 to the consolidated financial statements of
UBS Group AG. Further information about the accounting policies applied for the standalone financial statements
of
 
UBS Switzerland AG
 
is
 
provided
 
in
 
Note
 
2
 
to
 
the
 
UBS Switzerland AG
 
standalone
 
financial
 
statements as
 
of
31 December 2023, available under “Holding
 
company and significant regulated subsidiaries and
 
sub-groups” at
ubs.com/investors
.
In preparing the interim financial information for UBS Switzerland AG, the same accounting policies and methods
of computation have
 
been applied as
 
in the UBS Switzerland
 
AG standalone financial
 
statements as of
 
and for year
ended 31 December 2023.
 
The interim financial
 
information is unaudited
 
and should be
 
read in conjunction
 
with the audited
 
2023 standalone
financial
 
statements
 
of
 
UBS Switzerland
 
AG,
 
available
 
under
 
“Holding
 
company
 
and
 
significant
 
regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
Events after the reporting period
The Board of Directors of UBS Group AG has approved the execution of the merger between UBS Switzerland
 
AG
and Credit Suisse (Schweiz)
 
AG. Following approvals
 
from their respective
 
boards, both entities
 
have entered into
 
a
merger
 
agreement
 
dated
 
9
 
February 2024
 
as
 
amended
 
and
 
restated
 
on
 
25
 
June
 
2024.
 
The
 
merger
 
between
UBS Switzerland AG and Credit
 
Suisse (Schweiz) AG
 
became legally effective by
 
virtue of its
 
registration with the
commercial register in Switzerland on
 
1 July 2024. In
 
accordance with the Swiss
 
Merger Act, and for
 
the tax and
inter
 
partes
 
relationship
 
only,
 
UBS
 
Switzerland
 
AG
 
and
 
Credit
 
Suisse
 
(Schweiz)
 
AG
 
stipulated
 
in
 
the
 
merger
agreement
 
a
 
retroactive
 
effect
 
of
 
the
 
merger
 
as
 
of
 
1
 
April
 
2024.
 
Assets
 
and
 
liabilities
 
of
 
CHF 220,174m
 
and
CHF 208,991m,
 
respectively,
 
have been taken over as of
 
1 April 2024. Interim financial information as of
 
30 June
2024 is still reported separately for UBS Switzerland
 
AG and Credit Suisse (Schweiz) AG.
As
 
part
 
of
 
the
 
ongoing
 
restructuring
 
and
 
integration
 
of
 
the
 
Credit
 
Suisse
 
legal
 
entities
 
into
 
the
 
UBS
 
structure,
following the
 
legal merger
 
of Credit
 
Suisse (Schweiz)
 
AG with
 
UBS Switzerland
 
AG on
 
1 July
 
2024, the
 
participations
in Credit
 
Suisse Asset
 
Management (Schweiz) AG
 
and Credit
 
Suisse Fund
 
Management (Luxembourg) SA, which
were
 
previously
 
indirectly
 
held
 
by
 
Credit
 
Suisse
 
(Schweiz)
 
AG
 
via
 
its
 
49%
 
shareholding
 
in
 
Credit
 
Suisse
 
Asset
Management & Investor
 
Services (Schweiz)
 
Holding AG, were
 
transferred to UBS
 
Asset Management
 
AG on 19
 
July
2024. The transaction was carried out at book
 
value.
 
 
UBS Switzerland AG standalone
 
5
Cautionary statement
 
|
 
This report
 
and the
 
information contained
 
herein are
 
provided solely
 
for information
 
purposes, and
 
are not to
 
be construed
 
as solicitation
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information
 
furnished to or filed with
 
the US Securities and Exchange
 
Commission (the SEC) on Form
 
6-K, available at
ubs.com/investors
, for additional information.
Rounding |
 
Numbers presented throughout this report may not add up
 
precisely to the totals provided in the tables and text.
 
Percentages and percent changes
disclosed in text and tables are
 
calculated on the basis of unrounded
 
figures. Absolute changes between reporting periods disclosed in
 
the text, which can be
derived from numbers presented in related tables, are calculated on
 
a rounded basis.
 
Tables |
 
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis.
 
Values
that are zero on a rounded basis can be either negative
 
or positive on an actual basis.
Websites |
 
In this report,
 
any website
 
addresses are provided
 
solely for information
 
and are not
 
intended to
 
be active links.
 
UBS does not
 
incorporate
 
the contents
of any such websites into this report.
edgarq24ubsswitzerlanp10i0
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
 
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
 
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
 
authorized.
UBS Group AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Group Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
UBS AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
Date:
 
August 14, 2024