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: July 27, 2015
UBS Group AG
Commission File Number: 1-36764
UBS AG
Commission File Number: 1-15060
(Registrants Names)
Bahnhofstrasse 45, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
This Form 6-K consists of the media release of UBS Group AG and UBS AG, which appears immediately following this
page.
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Investor Relations |
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Tel. +41-44-234 41 00 |
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Media Relations |
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Tel. +41-44-234 85 00 |
27 July 2015
UBS 2Q net
profit up 53% to CHF 1.2 billion
Adjusted1 profit before tax CHF 1.6 billion
Diluted earnings per share CHF 0.32
Net profit
attributable to shareholders up 73% to CHF 3.2 billion in 1H15
12.0% adjusted1 annualized
return on tangible equity in 1H15
Industry-leading fully applied Basel III CET1 ratio up 70 bps to 14.4%
Fully applied Swiss SRB leverage ratio up 10 bps to 4.7%
53,000 hours volunteered by UBS staff in 1H15
Group
service company subsidiary to be established in 3Q15
Zurich/Basel, 27 July 2015 UBS delivered a robust second-quarter adjusted1 profit before tax of CHF 1,635 million despite continued market and economic uncertainty, again demonstrating its fundamental earnings power and the strength of its business model. Net profit
attributable to UBS Group AG shareholders was CHF 1,209 million, up 53% compared with the second quarter of 2014, with diluted earnings per share of CHF 0.32.
I am pleased with the quarter. We maintained
our momentum despite ongoing market challenges, and establishing UBS Switzerland AG was another major milestone in enhancing resolvability. We remain focused on building on our early mover advantage with a clear strategy, while increasing
effectiveness and efficiency, and further investing for profitable growth.
Sergio P. Ermotti, Group Chief Executive Officer
Business division highlights
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Wealth Management delivered its best second-quarter result since 2009, with an adjusted1 profit before tax of CHF 769 million and robust net new money of
CHF 8.4 billion excluding the effects of its balance sheet and capital optimization program. On a reported basis, net new money was CHF 1.8 billion. |
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Wealth Management Americas posted an adjusted1 profit before tax of USD 231 million, with operating income and financial advisor productivity at record
levels. |
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Retail & Corporate had its best second quarter since 2010, with an adjusted1 profit before tax of CHF 414 million showing strong net new business
volume growth for retail clients. |
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Global Asset Management reported an adjusted1 profit before tax of CHF 134 million and strong net new money of CHF 8.3 billion, excluding money market
flows. |
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The Investment Bank reported an adjusted1profit before tax of CHF 617 million with the best second-quarter result in Equities since 2012. It achieved an
adjusted1 return on attributed equity of 33.8% without increasing its risk profile. |
Information in this release is presented for UBS Group AG on a consolidated basis unless otherwise specified. Key figures for UBS AG are included at the end
of this release. Financial information for UBS AG does not differ materially from UBS Group AG. UBS AG will publish its consolidated quarterly financial statements in electronic form only on 31 July 2015. These will be made available at
www.ubs.com/quarterlyreporting
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UBS Group AG and UBS AG, News Release, 27 July 2015 |
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Page 1 of 37 |
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Investor Relations |
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Media Relations |
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Results by business division and Corporate Center
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CHF million |
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Total operating income |
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Total operating expenses |
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Operating profit / (loss) before tax |
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For the quarter ended |
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30.6.15 |
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31.3.15 |
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% change |
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30.6.15 |
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31.3.15 |
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% change |
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30.6.15 |
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31.3.15 |
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% change |
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Wealth Management |
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2,080 |
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2,247 |
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(7 |
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1,324 |
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1,296 |
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2 |
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756 |
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951 |
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(21 |
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Wealth Management Americas |
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1,823 |
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1,801 |
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1 |
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1,631 |
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1,548 |
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5 |
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191 |
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253 |
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(25 |
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Retail & Corporate |
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952 |
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979 |
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(3 |
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555 |
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552 |
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1 |
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397 |
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427 |
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(7 |
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Global Asset Management |
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476 |
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511 |
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(7 |
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346 |
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343 |
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1 |
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130 |
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168 |
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(23 |
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Investment Bank |
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2,355 |
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2,657 |
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(11 |
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1,804 |
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1,891 |
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(5 |
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551 |
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766 |
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(28 |
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Corporate Center |
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131 |
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646 |
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(80 |
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399 |
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504 |
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(21 |
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(267 |
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142 |
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of which: Services |
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(41 |
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374 |
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212 |
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337 |
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(37 |
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(253 |
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37 |
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of which: Group ALM |
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138 |
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313 |
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(56 |
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7 |
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(4 |
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132 |
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317 |
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(58 |
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of which: Non-core and Legacy Portfolio |
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35 |
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(41 |
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180 |
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171 |
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5 |
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(145 |
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(212 |
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(32 |
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UBS |
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7,818 |
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8,841 |
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(12 |
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6,059 |
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6,134 |
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(1 |
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1,759 |
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2,708 |
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(35 |
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Group, divisional and Corporate Center performance overview
Overall, UBSs second quarter again demonstrated the resilience and diversification of its earnings, the strength of its business model, and the benefits
of a strategy defined early and executed with discipline.
UBS Group reported a net profit attributable to shareholders of CHF 1,209 million, up 53%
compared with the second quarter 2014, with diluted earnings per share of CHF 0.32. Group adjusted1 profit before tax was CHF 1,635 million, with positive contributions from all divisions and
regions. Adjusted1 annualized return on tangible equity for the first six months of 2015 was 12.0%, above the 2015 target of around 10%.
The bank strengthened its leading capital position, with a fully applied Basel III CET1 capital ratio of 14.4% at the end of June, above the target of at
least 13.0% and ahead of all other large global banks. Its fully applied Swiss SRB leverage ratio rose to 4.7% in the second quarter, as the Swiss SRB leverage ratio denominator (LRD, fully applied) decreased by CHF 33 billion partly reflecting a
substantial reduction in Non-core and Legacy Portfolio assets. Since the third quarter of 2012, UBS has reduced the Non-core and Legacy Portfolio LRD from CHF 293 billion to CHF 70 billion.
The creation of UBS Group AG and UBS Switzerland AG were major milestones to improve the Groups resolvability, in response to the evolving regulatory
environment. In June, some 2.7 million clients and approximately CHF 300 billion in assets, primarily from the Swiss Retail & Corporate and Wealth Management businesses, were transferred into UBS Switzerland AG. UBS is the first bank
to complete this step in Switzerland. UBS has also implemented a more self-sufficient business and operating model for UBS Limited in the UK, and has submitted plans for the establishment of an intermediate holding company in the US. In the third
quarter, UBS will establish a Group service company as a subsidiary of UBS Group AG, into which shared services and support functions of the Group will be transferred over the next several years. This will help ensure the bank can maintain the
operational continuity of these critical services in case of resolution. All these measures will allow UBS to qualify for a rebate on the progressive buffer capital requirement applicable to Swiss systemically relevant banks, which should result in
lower overall regulatory capital requirements for the Group.
UBS was honored to receive the Euromoney Award for Excellence for Best Global Wealth
Manager and, for the fourth year running, Best Bank in Switzerland. In addition, Euromoney named UBS Investment Bank the Best Flow House in North America and Best Equity House in Western Europe, underlining the success of its client-centric
model. UBS Neo, the firms cross-asset e-commerce platform, was named Best Platform at the annual Digital FX Awards hosted by Profit & Loss magazine.
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UBS Group AG and UBS AG, News Release, 27 July 2015 |
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Page 2 of 37 |
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Wealth Management delivered its best second-quarter result since 2009 with an adjusted1 profit before tax of CHF 769 million. The business continued to generate high-quality earnings, with an increase in recurring income reflecting continued success in its strategic initiatives to grow
loans and increase mandate penetration, as well as further pricing measures. Adjusted net new money was robust at CHF 8.4 billion, driven by inflows from all regions and segments, most notably its market-leading Asia Pacific franchise, as well as
from Ultra High Net Worth clients. The balance sheet and capital optimization program implemented in the first half of 2015 led to net new money outflows of CHF 6.6 billion during the quarter. On a reported basis, net new money was CHF 1.8 billion.
Wealth Management Americas reported an adjusted1 profit before tax of USD 231 million. Total
operating income and recurring net fees increased to record levels, and financial advisor productivity remained industry-leading, while pre-tax profit was affected by higher charges for provisions for litigation, regulatory and similar matters and
other provisions. Net new money was slightly negative at USD 0.7 billion, reflecting seasonal outflows of approximately USD 3.9 billion associated with income tax payments.
Retail & Corporate posted its best second-quarter result since 2010, with an adjusted1
profit before tax of CHF 414 million. The net new business volume growth for retail clients was particularly strong for a second quarter. Credit loss expenses were lower, while general and administrative expenses increased mainly due to higher
charges for provisions in the Corporate & Institutional client business.
Global Asset Management recorded strong net new money of CHF 8.3
billion excluding money market flows, with net inflows from third-party clients more than doubling compared to the prior quarter. Adjusted1 profit before tax was CHF 134 million. The quarter saw
an increase in net management fees mainly in traditional investments and global real estate, offset by a decline in performance fees in OConnor and A&Q, in line with market developments in the alternative asset management sector.
The Investment Bank achieved a solid result with an adjusted1 profit before tax of CHF
617 million, following very strong results in the first quarter. Investor Client Services benefited from the best second-quarter result in Equities since UBS accelerated its strategy in 2012, and a solid performance in FX, rates and credit,
despite lower client activity and after exceptionally high FX revenues in the first quarter. Corporate Client Solutions improved on the back of higher revenues mainly in debt and equity capital markets and advisory. The business maintained risk
profile and allocated resource limits discipline and its results once again demonstrated the strength of its business model and client-centric approach. Adjusted1 return on attributed equity for
the second quarter was 33.8%.
Corporate Center Services recorded a loss before tax of CHF 253 million. Corporate Center Group
Asset and Liability Management reported a profit before tax of CHF 132 million. Corporate Center Non-core and Legacy Portfolio recorded a loss before tax of CHF 145 million, achieving further progress in de-risking its balance
sheet with RWA and the Swiss SRB leverage ratio denominator decreasing by CHF 4 billion and CHF 14 billion respectively.
UBS aims to create long-term
value for its investors and clients, while making a positive contribution to the communities in which it operates. In June, for example, UBS launched a campaign to engage up to 50% of its Americas workforce in volunteering programs. To date, UBS
Americas employees contributed around 20,000 hours of their time approximately 70% of 2014s full-year total volunteering across the Americas. Combined with the time volunteered by other UBS staff around the world, around 53,000
hours were logged in the first half of 2015 to support volunteering programs and give back to society.
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UBS Group AG and UBS AG, News Release, 27 July 2015 |
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Page 3 of 37 |
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Investor Relations |
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Media Relations |
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Tel. +41-44-234 85 00 |
Outlook
As in previous years, seasonal impacts are likely to affect revenues and profits in the third quarter. In addition, many of the underlying macroeconomic
challenges and geopolitical issues that we have previously highlighted remain and are unlikely to be resolved in the foreseeable future. Despite ongoing and new challenges, we continue to be committed to the disciplined execution of our strategy in
order to ensure the firms long-term success and to deliver sustainable returns for our shareholders.
1 |
Please refer to the Adjusted results section at the end of this news release for information on adjusted results. |
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UBS Group AG and UBS AG, News Release, 27 July 2015 |
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Page 4 of 37 |
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Tel. +41-44-234 85 00 |
UBS Group key figures
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As of or for the quarter ended |
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As of or year-to-date |
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CHF million, except where indicated |
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30.6.15 |
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31.3.15 |
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31.12.14 |
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30.6.14 |
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30.6.15 |
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30.6.14 |
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Group results |
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Operating income |
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7,818 |
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8,841 |
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6,746 |
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7,147 |
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16,659 |
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14,405 |
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Operating expenses |
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6,059 |
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6,134 |
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6,342 |
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5,929 |
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12,193 |
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11,794 |
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Operating profit / (loss) before tax |
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1,759 |
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2,708 |
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404 |
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1,218 |
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4,467 |
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2,611 |
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Net profit / (loss) attributable to UBS Group AG shareholders |
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1,209 |
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1,977 |
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858 |
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792 |
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3,186 |
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1,846 |
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Diluted earnings per share (CHF)1 |
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0.32 |
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0.53 |
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0.23 |
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0.21 |
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0.85 |
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0.48 |
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Key performance indicators2 |
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Profitability |
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Return on tangible equity (%) |
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11.0 |
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17.8 |
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8.0 |
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7.5 |
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14.4 |
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8.8 |
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Return on assets, gross (%) |
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3.1 |
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3.4 |
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2.6 |
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2.9 |
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3.2 |
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2.9 |
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Cost / income ratio (%) |
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77.4 |
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69.2 |
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93.2 |
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82.8 |
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73.1 |
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82.0 |
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Growth |
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Net profit growth (%) |
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(38.8 |
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130.4 |
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12.6 |
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(24.9 |
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72.6 |
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10.0 |
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Net new money growth for combined wealth management businesses (%)3 |
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1.5 |
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3.8 |
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1.7 |
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1.9 |
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2.6 |
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2.4 |
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Resources |
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Common equity tier 1 capital ratio (fully applied, %)4 |
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14.4 |
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13.7 |
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13.4 |
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13.5 |
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14.4 |
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13.5 |
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Leverage ratio (phase-in, %)5 |
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5.4 |
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5.6 |
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5.4 |
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5.3 |
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5.4 |
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5.3 |
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Additional information |
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Profitability |
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Return on equity (RoE) (%) |
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9.4 |
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15.4 |
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6.8 |
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6.4 |
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12.4 |
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7.6 |
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Return on risk-weighted assets, gross (%)6 |
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14.5 |
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16.1 |
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12.3 |
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12.5 |
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15.3 |
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12.5 |
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Resources |
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Total assets |
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950,168 |
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1,048,850 |
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1,062,478 |
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982,605 |
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950,168 |
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982,605 |
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Equity attributable to UBS Group AG shareholders |
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50,211 |
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52,359 |
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50,608 |
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49,532 |
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50,211 |
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49,532 |
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Common equity tier 1 capital (fully applied)4 |
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30,265 |
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29,566 |
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28,941 |
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30,590 |
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30,265 |
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30,590 |
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Common equity tier 1 capital (phase-in)4 |
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38,706 |
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40,779 |
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42,863 |
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41,858 |
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38,706 |
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41,858 |
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Risk-weighted assets (fully applied)4 |
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209,777 |
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216,385 |
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216,462 |
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226,736 |
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209,777 |
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226,736 |
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Risk-weighted assets (phase-in)4 |
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212,088 |
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219,358 |
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220,877 |
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229,908 |
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212,088 |
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229,908 |
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Common equity tier 1 capital ratio (phase-in, %)4 |
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18.2 |
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18.6 |
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19.4 |
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18.2 |
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18.2 |
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18.2 |
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Total capital ratio (fully applied, %)4 |
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21.2 |
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20.6 |
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18.9 |
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18.1 |
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21.2 |
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18.1 |
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Total capital ratio (phase-in, %)4 |
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25.0 |
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25.9 |
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25.5 |
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|
23.9 |
|
|
|
25.0 |
|
|
|
23.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio (fully applied, %)5 |
|
|
4.7 |
|
|
|
4.6 |
|
|
|
4.1 |
|
|
|
4.2 |
|
|
|
4.7 |
|
|
|
4.2 |
|
Leverage ratio denominator (fully applied)5 |
|
|
944,422 |
|
|
|
976,934 |
|
|
|
997,822 |
|
|
|
980,552 |
|
|
|
944,422 |
|
|
|
980,552 |
|
Leverage ratio denominator (phase-in)5 |
|
|
949,134 |
|
|
|
982,249 |
|
|
|
1,004,869 |
|
|
|
986,577 |
|
|
|
949,134 |
|
|
|
986,577 |
|
Liquidity coverage ratio (%)7 |
|
|
121 |
|
|
|
122 |
|
|
|
123 |
|
|
|
117 |
|
|
|
121 |
|
|
|
117 |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested assets (CHF billion)8 |
|
|
2,628 |
|
|
|
2,708 |
|
|
|
2,734 |
|
|
|
2,507 |
|
|
|
2,628 |
|
|
|
2,507 |
|
Personnel (full-time equivalents) |
|
|
59,648 |
|
|
|
60,113 |
|
|
|
60,155 |
|
|
|
60,087 |
|
|
|
59,648 |
|
|
|
60,087 |
|
Market capitalization9 |
|
|
74,547 |
|
|
|
68,508 |
|
|
|
63,526 |
|
|
|
62,542 |
|
|
|
74,547 |
|
|
|
62,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total book value per share (CHF)9 |
|
|
13.71 |
|
|
|
14.33 |
|
|
|
13.94 |
|
|
|
13.20 |
|
|
|
13.71 |
|
|
|
13.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share (CHF)9 |
|
|
12.04 |
|
|
|
12.59 |
|
|
|
12.14 |
|
|
|
11.54 |
|
|
|
12.04 |
|
|
|
11.54 |
|
1 |
Refer to Note 9 Earnings per share (EPS) and shares outstanding in the Financial information section of the second quarter 2015 report for more information. |
2 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
3 |
Based on adjusted net new money which excludes the negative effect on net new money of CHF 6.6 billion in Wealth Management from our balance sheet and capital optimization program in the second quarter of 2015.
|
4 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of the second quarter 2015 report for more information.
|
5 |
In accordance with Swiss SRB rules. Refer to the Capital management section of the second quarter 2015 report for more information. |
6 |
Based on phase-in Basel III risk-weighted assets. |
7 |
Refer to the Liquidity and funding management section of the second quarter 2015 report for more information. Data for periods prior to 31 March 2015 are on a pro-forma basis. |
8 |
Includes invested assets for Retail & Corporate. |
9 |
Refer to the UBS shares section of the second quarter 2015 report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 5 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except per share data |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Interest income |
|
|
3,409 |
|
|
|
3,172 |
|
|
|
3,337 |
|
|
|
7 |
|
|
|
2 |
|
|
|
6,581 |
|
|
|
6,528 |
|
Interest expense |
|
|
(1,918 |
) |
|
|
(1,535 |
) |
|
|
(2,095 |
) |
|
|
25 |
|
|
|
(8 |
) |
|
|
(3,454 |
) |
|
|
(3,714 |
) |
Net interest income |
|
|
1,490 |
|
|
|
1,637 |
|
|
|
1,242 |
|
|
|
(9 |
) |
|
|
20 |
|
|
|
3,127 |
|
|
|
2,814 |
|
Credit loss (expense) / recovery |
|
|
(13 |
) |
|
|
(16 |
) |
|
|
(14 |
) |
|
|
(19 |
) |
|
|
(7 |
) |
|
|
(29 |
) |
|
|
14 |
|
Net interest income after credit loss expense |
|
|
1,478 |
|
|
|
1,621 |
|
|
|
1,229 |
|
|
|
(9 |
) |
|
|
20 |
|
|
|
3,098 |
|
|
|
2,829 |
|
Net fee and commission income |
|
|
4,409 |
|
|
|
4,401 |
|
|
|
4,296 |
|
|
|
0 |
|
|
|
3 |
|
|
|
8,810 |
|
|
|
8,408 |
|
Net trading income |
|
|
1,647 |
|
|
|
2,135 |
|
|
|
1,347 |
|
|
|
(23 |
) |
|
|
22 |
|
|
|
3,781 |
|
|
|
2,704 |
|
Other income |
|
|
285 |
|
|
|
685 |
|
|
|
276 |
|
|
|
(58 |
) |
|
|
3 |
|
|
|
970 |
|
|
|
465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
7,818 |
|
|
|
8,841 |
|
|
|
7,147 |
|
|
|
(12 |
) |
|
|
9 |
|
|
|
16,659 |
|
|
|
14,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
4,124 |
|
|
|
4,172 |
|
|
|
3,842 |
|
|
|
(1 |
) |
|
|
7 |
|
|
|
8,297 |
|
|
|
7,809 |
|
General and administrative expenses |
|
|
1,695 |
|
|
|
1,713 |
|
|
|
1,871 |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
3,408 |
|
|
|
3,550 |
|
Depreciation and impairment of property, equipment and software |
|
|
209 |
|
|
|
221 |
|
|
|
197 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
429 |
|
|
|
396 |
|
Amortization and impairment of intangible assets |
|
|
30 |
|
|
|
28 |
|
|
|
19 |
|
|
|
7 |
|
|
|
58 |
|
|
|
58 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
6,059 |
|
|
|
6,134 |
|
|
|
5,929 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
12,193 |
|
|
|
11,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
1,759 |
|
|
|
2,708 |
|
|
|
1,218 |
|
|
|
(35 |
) |
|
|
44 |
|
|
|
4,467 |
|
|
|
2,611 |
|
Tax expense / (benefit) |
|
|
443 |
|
|
|
670 |
|
|
|
314 |
|
|
|
(34 |
) |
|
|
41 |
|
|
|
1,113 |
|
|
|
652 |
|
Net profit / (loss) |
|
|
1,316 |
|
|
|
2,038 |
|
|
|
904 |
|
|
|
(35 |
) |
|
|
46 |
|
|
|
3,354 |
|
|
|
1,958 |
|
Net profit / (loss) attributable to preferred noteholders |
|
|
|
|
|
|
|
|
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111 |
|
Net profit / (loss) attributable to non-controlling interests |
|
|
106 |
|
|
|
61 |
|
|
|
1 |
|
|
|
74 |
|
|
|
|
|
|
|
168 |
|
|
|
2 |
|
Net profit / (loss) attributable to UBS Group AG shareholders |
|
|
1,209 |
|
|
|
1,977 |
|
|
|
792 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
3,186 |
|
|
|
1,846 |
|
|
|
|
|
|
|
|
|
Earnings per share (CHF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.33 |
|
|
|
0.54 |
|
|
|
0.21 |
|
|
|
(39 |
) |
|
|
57 |
|
|
|
0.87 |
|
|
|
0.49 |
|
Diluted |
|
|
0.32 |
|
|
|
0.53 |
|
|
|
0.21 |
|
|
|
(40 |
) |
|
|
52 |
|
|
|
0.85 |
|
|
|
0.48 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 6 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Comparison UBS Group AG (consolidated) versus UBS AG (consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended 30.6.15 |
|
|
As of or for the quarter ended 31.3.15 |
|
|
As of or for the quarter ended 31.12.14 |
|
CHF million, except where indicated |
|
UBS Group AG (consolidated) |
|
|
UBS AG (consolidated) |
|
|
Difference (absolute) |
|
|
Difference (%) |
|
|
UBS Group AG (consolidated) |
|
|
UBS AG (consolidated) |
|
|
Difference (absolute) |
|
|
Difference (%) |
|
|
UBS Group AG (consolidated) |
|
|
UBS AG (consolidated) |
|
|
Difference (absolute) |
|
|
Difference (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
7,818 |
|
|
|
7,784 |
|
|
|
34 |
|
|
|
0 |
|
|
|
8,841 |
|
|
|
8,860 |
|
|
|
(19 |
) |
|
|
0 |
|
|
|
6,746 |
|
|
|
6,745 |
|
|
|
1 |
|
|
|
0 |
|
Operating expenses |
|
|
6,059 |
|
|
|
6,087 |
|
|
|
(28 |
) |
|
|
0 |
|
|
|
6,134 |
|
|
|
6,167 |
|
|
|
(33 |
) |
|
|
(1 |
) |
|
|
6,342 |
|
|
|
6,333 |
|
|
|
10 |
|
|
|
0 |
|
Operating profit / (loss) before tax |
|
|
1,759 |
|
|
|
1,698 |
|
|
|
61 |
|
|
|
4 |
|
|
|
2,708 |
|
|
|
2,693 |
|
|
|
15 |
|
|
|
1 |
|
|
|
404 |
|
|
|
412 |
|
|
|
(8 |
) |
|
|
(2 |
) |
Net profit / (loss) |
|
|
1,316 |
|
|
|
1,255 |
|
|
|
61 |
|
|
|
5 |
|
|
|
2,038 |
|
|
|
2,023 |
|
|
|
15 |
|
|
|
1 |
|
|
|
919 |
|
|
|
927 |
|
|
|
(9 |
) |
|
|
(1 |
) |
of which: net profit / (loss) attributable to shareholders |
|
|
1,209 |
|
|
|
1,178 |
|
|
|
31 |
|
|
|
3 |
|
|
|
1,977 |
|
|
|
2,023 |
|
|
|
(46 |
) |
|
|
(2 |
) |
|
|
858 |
|
|
|
893 |
|
|
|
(36 |
) |
|
|
(4 |
) |
of which: net profit / (loss) attributable to preferred noteholders |
|
|
0 |
|
|
|
76 |
|
|
|
(76 |
) |
|
|
(100 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
31 |
|
|
|
31 |
|
|
|
0 |
|
|
|
0 |
|
of which: net profit / (loss) attributable to non-controlling interests |
|
|
106 |
|
|
|
1 |
|
|
|
105 |
|
|
|
|
|
|
|
61 |
|
|
|
0 |
|
|
|
61 |
|
|
|
|
|
|
|
29 |
|
|
|
2 |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
950,168 |
|
|
|
951,528 |
|
|
|
(1,360 |
) |
|
|
0 |
|
|
|
1,048,850 |
|
|
|
1,050,122 |
|
|
|
(1,272 |
) |
|
|
0 |
|
|
|
1,062,478 |
|
|
|
1,062,327 |
|
|
|
151 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
896,915 |
|
|
|
897,966 |
|
|
|
(1,051 |
) |
|
|
0 |
|
|
|
993,194 |
|
|
|
994,379 |
|
|
|
(1,185 |
) |
|
|
0 |
|
|
|
1,008,110 |
|
|
|
1,008,162 |
|
|
|
(52 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
53,253 |
|
|
|
53,562 |
|
|
|
(309 |
) |
|
|
(1 |
) |
|
|
55,656 |
|
|
|
55,742 |
|
|
|
(86 |
) |
|
|
0 |
|
|
|
54,368 |
|
|
|
54,165 |
|
|
|
203 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of which: equity attributable to shareholders |
|
|
50,211 |
|
|
|
51,685 |
|
|
|
(1,474 |
) |
|
|
(3 |
) |
|
|
52,359 |
|
|
|
53,815 |
|
|
|
(1,456 |
) |
|
|
(3 |
) |
|
|
50,608 |
|
|
|
52,108 |
|
|
|
(1,500 |
) |
|
|
(3 |
) |
of which: equity attributable to preferred noteholders |
|
|
0 |
|
|
|
1,840 |
|
|
|
(1,840 |
) |
|
|
(100 |
) |
|
|
0 |
|
|
|
1,889 |
|
|
|
(1,889 |
) |
|
|
(100 |
) |
|
|
0 |
|
|
|
2,013 |
|
|
|
(2,013 |
) |
|
|
(100 |
) |
of which: equity attributable to non-controlling interests |
|
|
3,042 |
|
|
|
38 |
|
|
|
3,004 |
|
|
|
|
|
|
|
3,298 |
|
|
|
39 |
|
|
|
3,259 |
|
|
|
|
|
|
|
3,760 |
|
|
|
45 |
|
|
|
3,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital information (fully applied) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
|
|
30,265 |
|
|
|
32,834 |
|
|
|
(2,569 |
) |
|
|
(8 |
) |
|
|
29,566 |
|
|
|
31,725 |
|
|
|
(2,159 |
) |
|
|
(7 |
) |
|
|
28,941 |
|
|
|
30,805 |
|
|
|
(1,864 |
) |
|
|
(6 |
) |
Additional tier 1 capital |
|
|
3,777 |
|
|
|
0 |
|
|
|
3,777 |
|
|
|
|
|
|
|
3,949 |
|
|
|
0 |
|
|
|
3,949 |
|
|
|
|
|
|
|
467 |
|
|
|
0 |
|
|
|
467 |
|
|
|
|
|
Tier 2 capital |
|
|
10,531 |
|
|
|
9,613 |
|
|
|
918 |
|
|
|
10 |
|
|
|
10,975 |
|
|
|
10,038 |
|
|
|
936 |
|
|
|
9 |
|
|
|
11,398 |
|
|
|
10,451 |
|
|
|
947 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital |
|
|
44,573 |
|
|
|
42,447 |
|
|
|
2,126 |
|
|
|
5 |
|
|
|
44,490 |
|
|
|
41,763 |
|
|
|
2,727 |
|
|
|
7 |
|
|
|
40,806 |
|
|
|
41,257 |
|
|
|
(451 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets |
|
|
209,777 |
|
|
|
210,400 |
|
|
|
(623 |
) |
|
|
0 |
|
|
|
216,385 |
|
|
|
216,893 |
|
|
|
(508 |
) |
|
|
0 |
|
|
|
216,462 |
|
|
|
217,158 |
|
|
|
(696 |
) |
|
|
0 |
|
Common equity tier 1 capital ratio (%) |
|
|
14.4 |
|
|
|
15.6 |
|
|
|
(1.2 |
) |
|
|
|
|
|
|
13.7 |
|
|
|
14.6 |
|
|
|
(0.9 |
) |
|
|
|
|
|
|
13.4 |
|
|
|
14.2 |
|
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital ratio (%) |
|
|
21.2 |
|
|
|
20.2 |
|
|
|
1.0 |
|
|
|
|
|
|
|
20.6 |
|
|
|
19.3 |
|
|
|
1.3 |
|
|
|
|
|
|
|
18.9 |
|
|
|
19.0 |
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio denominator |
|
|
944,422 |
|
|
|
946,457 |
|
|
|
(2,035 |
) |
|
|
0 |
|
|
|
976,934 |
|
|
|
978,709 |
|
|
|
(1,775 |
) |
|
|
0 |
|
|
|
997,822 |
|
|
|
999,124 |
|
|
|
(1,302 |
) |
|
|
0 |
|
Leverage ratio (%) |
|
|
4.7 |
|
|
|
4.5 |
|
|
|
0.2 |
|
|
|
|
|
|
|
4.6 |
|
|
|
4.3 |
|
|
|
0.3 |
|
|
|
|
|
|
|
4.1 |
|
|
|
4.1 |
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued (number of shares) |
|
|
3,759,320,804 |
|
|
|
3,858,408,466 |
|
|
|
(99,087,662 |
) |
|
|
(3 |
) |
|
|
3,739,518,390 |
|
|
|
3,844,560,913 |
|
|
|
(105,042,523 |
) |
|
|
(3 |
) |
|
|
3,717,128,324 |
|
|
|
3,844,560,913 |
|
|
|
(127,432,589 |
) |
|
|
(3 |
) |
Shares outstanding (number of shares) |
|
|
3,663,403,008 |
|
|
|
3,856,268,548 |
|
|
|
(192,865,540 |
) |
|
|
(5 |
) |
|
|
3,654,259,506 |
|
|
|
3,835,846,436 |
|
|
|
(181,586,930 |
) |
|
|
(5 |
) |
|
|
3,629,256,587 |
|
|
|
3,842,445,658 |
|
|
|
(213,189,071 |
) |
|
|
(6 |
) |
Diluted earnings per share (CHF) |
|
|
0.32 |
|
|
|
0.31 |
|
|
|
0.01 |
|
|
|
3 |
|
|
|
0.53 |
|
|
|
0.53 |
|
|
|
0.00 |
|
|
|
0 |
|
|
|
0.23 |
|
|
|
0.23 |
|
|
|
0.00 |
|
|
|
0 |
|
Tangible book value per share (CHF) |
|
|
12.04 |
|
|
|
11.78 |
|
|
|
0.26 |
|
|
|
2 |
|
|
|
12.59 |
|
|
|
12.33 |
|
|
|
0.26 |
|
|
|
2 |
|
|
|
12.14 |
|
|
|
11.80 |
|
|
|
0.34 |
|
|
|
3 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 7 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Additional financial tables UBS Group AG
References in tables to notes in various sections of the or this report refer to notes contained in the Second Quarter 2015 Report,
which will be published on 28 July 2015.
Adjusted results1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended 30.6.15 |
|
CHF million |
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services3 |
|
|
CC Group ALM |
|
|
CC Non- core and Legacy Portfolio |
|
|
UBS |
|
Operating income as reported |
|
|
2,080 |
|
|
|
1,823 |
|
|
|
952 |
|
|
|
476 |
|
|
|
2,355 |
|
|
|
(41 |
) |
|
|
138 |
|
|
|
35 |
|
|
|
7,818 |
|
of which: own credit on financial liabilities designated at fair
value4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259 |
|
|
|
|
|
|
|
259 |
|
of which: gain on sale of the Belgian domestic Wealth Management business |
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56 |
|
of which: gain from a further partial sale of our investment in Markit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Operating income (adjusted) |
|
|
2,024 |
|
|
|
1,823 |
|
|
|
952 |
|
|
|
476 |
|
|
|
2,344 |
|
|
|
(41 |
) |
|
|
(121 |
) |
|
|
35 |
|
|
|
7,492 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses as reported |
|
|
1,324 |
|
|
|
1,631 |
|
|
|
555 |
|
|
|
346 |
|
|
|
1,804 |
|
|
|
212 |
|
|
|
7 |
|
|
|
180 |
|
|
|
6,059 |
|
of which: personnel-related restructuring charges5 |
|
|
18 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
85 |
|
|
|
0 |
|
|
|
7 |
|
|
|
110 |
|
of which: non-personnel-related restructuring charges5 |
|
|
10 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1 |
|
|
|
70 |
|
|
|
0 |
|
|
|
0 |
|
|
|
81 |
|
of which: restructuring charges allocated from CC Services to business divisions and other CC units5 |
|
|
41 |
|
|
|
24 |
|
|
|
16 |
|
|
|
4 |
|
|
|
65 |
|
|
|
(155 |
) |
|
|
0 |
|
|
|
6 |
|
|
|
0 |
|
of which: impairment of an intangible asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Operating expenses (adjusted) |
|
|
1,255 |
|
|
|
1,607 |
|
|
|
538 |
|
|
|
342 |
|
|
|
1,727 |
|
|
|
212 |
|
|
|
7 |
|
|
|
167 |
|
|
|
5,857 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax as reported |
|
|
756 |
|
|
|
191 |
|
|
|
397 |
|
|
|
130 |
|
|
|
551 |
|
|
|
(253 |
) |
|
|
132 |
|
|
|
(145 |
) |
|
|
1,759 |
|
Operating profit / (loss) before tax (adjusted) |
|
|
769 |
|
|
|
215 |
|
|
|
414 |
|
|
|
134 |
|
|
|
617 |
|
|
|
(253 |
) |
|
|
(127 |
) |
|
|
(132 |
) |
|
|
1,635 |
|
|
|
|
|
For the quarter ended 31.3.15 |
|
CHF million |
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services3 |
|
|
CC Group ALM |
|
|
CC Non- core and Legacy Portfolio |
|
|
UBS |
|
Operating income as reported |
|
|
2,247 |
|
|
|
1,801 |
|
|
|
979 |
|
|
|
511 |
|
|
|
2,657 |
|
|
|
374 |
|
|
|
313 |
|
|
|
(41 |
) |
|
|
8,841 |
|
of which: own credit on financial liabilities designated at fair
value4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
226 |
|
|
|
|
|
|
|
226 |
|
of which: gains on sales of real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
378 |
|
of which: gain on sale of a subsidiary |
|
|
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141 |
|
Operating income (adjusted) |
|
|
2,106 |
|
|
|
1,801 |
|
|
|
979 |
|
|
|
511 |
|
|
|
2,657 |
|
|
|
(4 |
) |
|
|
87 |
|
|
|
(41 |
) |
|
|
8,096 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses as reported |
|
|
1,296 |
|
|
|
1,548 |
|
|
|
552 |
|
|
|
343 |
|
|
|
1,891 |
|
|
|
337 |
|
|
|
(4 |
) |
|
|
171 |
|
|
|
6,134 |
|
of which: personnel-related restructuring charges5 |
|
|
3 |
|
|
|
0 |
|
|
|
1 |
|
|
|
0 |
|
|
|
2 |
|
|
|
62 |
|
|
|
0 |
|
|
|
1 |
|
|
|
68 |
|
of which: non-personnel-related restructuring charges5 |
|
|
5 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2 |
|
|
|
230 |
|
|
|
0 |
|
|
|
0 |
|
|
|
237 |
|
of which: restructuring charges allocated from CC Services to business divisions and other CC units5 |
|
|
39 |
|
|
|
24 |
|
|
|
16 |
|
|
|
17 |
|
|
|
66 |
|
|
|
(173 |
) |
|
|
0 |
|
|
|
11 |
|
|
|
0 |
|
Operating expenses (adjusted) |
|
|
1,250 |
|
|
|
1,524 |
|
|
|
536 |
|
|
|
325 |
|
|
|
1,821 |
|
|
|
218 |
|
|
|
(4 |
) |
|
|
160 |
|
|
|
5,829 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax as reported |
|
|
951 |
|
|
|
253 |
|
|
|
427 |
|
|
|
168 |
|
|
|
766 |
|
|
|
37 |
|
|
|
317 |
|
|
|
(212 |
) |
|
|
2,708 |
|
Operating profit / (loss) before tax (adjusted) |
|
|
856 |
|
|
|
277 |
|
|
|
443 |
|
|
|
186 |
|
|
|
836 |
|
|
|
(222 |
) |
|
|
91 |
|
|
|
(201 |
) |
|
|
2,268 |
|
1 |
Adjusted results are non-GAAP financial measures as defined by SEC regulations. |
2 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
3 |
Corporate Center Services operating expenses presented in this table are after service allocations to business divisions and Corporate Center units. |
4 |
Refer to Note 10 Fair value measurement in the Financial information section of this report for more information. |
5 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of the second quarter report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 8 of 37 |
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Investor Relations |
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Tel. +41-44-234 41 00 |
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Media Relations |
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Tel. +41-44-234 85 00 |
Adjusted results1,2 (continued)
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For the quarter ended 30.6.14 |
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CHF million |
|
Wealth Management |
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Wealth Management Americas |
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Retail & Corporate |
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Global Asset Management |
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Investment Bank |
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CC Services3 |
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CC Group ALM |
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CC Non- core and Legacy Portfolio |
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UBS |
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Operating income as reported |
|
|
1,921 |
|
|
|
1,684 |
|
|
|
938 |
|
|
|
465 |
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|
|
2,268 |
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|
5 |
|
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|
33 |
|
|
|
(168 |
) |
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7,147 |
|
of which: own credit on financial liabilities designated at fair
value4 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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72 |
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|
|
|
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|
72 |
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of which: gains on sales of real estate |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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1 |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
of which: gain from the partial sale of our investment in Markit |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
Operating income (adjusted) |
|
|
1,921 |
|
|
|
1,684 |
|
|
|
938 |
|
|
|
465 |
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|
|
2,225 |
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|
4 |
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(39 |
) |
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|
(168 |
) |
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7,031 |
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|
|
|
|
|
|
|
|
|
Operating expenses as reported |
|
|
1,566 |
|
|
|
1,473 |
|
|
|
584 |
|
|
|
359 |
|
|
|
1,704 |
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|
|
(5 |
) |
|
|
3 |
|
|
|
245 |
|
|
|
5,929 |
|
of which: personnel-related restructuring charges5 |
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3 |
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|
|
0 |
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|
|
2 |
|
|
|
0 |
|
|
|
(1 |
) |
|
|
24 |
|
|
|
0 |
|
|
|
0 |
|
|
|
28 |
|
of which: non-personnel-related restructuring charges5 |
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|
15 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2 |
|
|
|
43 |
|
|
|
0 |
|
|
|
0 |
|
|
|
61 |
|
of which: restructuring charges allocated from CC Services to business divisions and other CC units5 |
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|
19 |
|
|
|
7 |
|
|
|
11 |
|
|
|
2 |
|
|
|
26 |
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|
(63 |
) |
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|
0 |
|
|
|
(2 |
) |
|
|
0 |
|
Operating expenses (adjusted) |
|
|
1,528 |
|
|
|
1,466 |
|
|
|
571 |
|
|
|
357 |
|
|
|
1,677 |
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|
|
(9 |
) |
|
|
3 |
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|
|
247 |
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5,840 |
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Operating profit / (loss) before tax as reported |
|
|
355 |
|
|
|
211 |
|
|
|
354 |
|
|
|
105 |
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|
|
564 |
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|
|
10 |
|
|
|
31 |
|
|
|
(412 |
) |
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|
1,218 |
|
Operating profit / (loss) before tax (adjusted) |
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|
393 |
|
|
|
218 |
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|
367 |
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|
|
107 |
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|
548 |
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|
|
13 |
|
|
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(41 |
) |
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|
(414 |
) |
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|
1,191 |
|
1 |
Adjusted results are non-GAAP financial measures as defined by SEC regulations. |
2 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
3 |
Corporate Center Services operating expenses presented in this table are after service allocations to business divisions and Corporate Center units. |
4 |
Refer to Note 10 Fair value measurement in the Financial information section of this report for more information. |
5 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for more information. |
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UBS Group AG and UBS AG, News Release, 27 July 2015 |
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Page 9 of 37 |
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Investor Relations |
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Tel. +41-44-234 41 00 |
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Media Relations |
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Tel. +41-44-234 85 00 |
Adjusted results1,2 (continued)
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Year-to-date 30.6.15 |
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CHF million |
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Wealth Management |
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Wealth Management Americas |
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Retail & Corporate |
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|
Global Asset Management |
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Investment Bank |
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CC Services3 |
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CC Group ALM |
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CC Non- core and Legacy Portfolio |
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UBS |
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Operating income as reported |
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4,327 |
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|
|
3,624 |
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|
|
1,931 |
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|
987 |
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|
5,012 |
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|
333 |
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|
451 |
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(6 |
) |
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16,659 |
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of which: own credit on financial liabilities designated at fair
value4 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
486 |
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|
|
|
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|
486 |
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of which: gains on sales of real estate |
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|
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|
378 |
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|
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|
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|
378 |
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of which: gain on sale of a subsidiary |
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|
141 |
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|
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|
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|
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|
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|
141 |
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of which: gain on sale of the Belgian domestic Wealth Management business |
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|
56 |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
56 |
|
of which: gain from a further partial sale of our investment in Markit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Operating income (adjusted) |
|
|
4,130 |
|
|
|
3,624 |
|
|
|
1,931 |
|
|
|
987 |
|
|
|
5,001 |
|
|
|
(45 |
) |
|
|
(35 |
) |
|
|
(6 |
) |
|
|
15,587 |
|
|
|
|
|
|
|
|
|
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|
Operating expenses as reported |
|
|
2,621 |
|
|
|
3,179 |
|
|
|
1,106 |
|
|
|
688 |
|
|
|
3,695 |
|
|
|
549 |
|
|
|
2 |
|
|
|
351 |
|
|
|
12,193 |
|
of which: personnel-related restructuring charges5 |
|
|
21 |
|
|
|
0 |
|
|
|
1 |
|
|
|
0 |
|
|
|
2 |
|
|
|
146 |
|
|
|
0 |
|
|
|
8 |
|
|
|
178 |
|
of which: non-personnel-related restructuring charges5 |
|
|
14 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3 |
|
|
|
300 |
|
|
|
0 |
|
|
|
0 |
|
|
|
318 |
|
of which: restructuring charges allocated from CC Services to business divisions and other CC units5 |
|
|
80 |
|
|
|
48 |
|
|
|
32 |
|
|
|
21 |
|
|
|
131 |
|
|
|
(328 |
) |
|
|
0 |
|
|
|
16 |
|
|
|
0 |
|
of which: impairment of an intangible asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Operating expenses (adjusted) |
|
|
2,506 |
|
|
|
3,131 |
|
|
|
1,073 |
|
|
|
666 |
|
|
|
3,548 |
|
|
|
431 |
|
|
|
2 |
|
|
|
327 |
|
|
|
11,686 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax as reported |
|
|
1,707 |
|
|
|
445 |
|
|
|
824 |
|
|
|
299 |
|
|
|
1,317 |
|
|
|
(217 |
) |
|
|
449 |
|
|
|
(357 |
) |
|
|
4,467 |
|
Operating profit / (loss) before tax (adjusted) |
|
|
1,625 |
|
|
|
493 |
|
|
|
857 |
|
|
|
321 |
|
|
|
1,453 |
|
|
|
(477 |
) |
|
|
(37 |
) |
|
|
(333 |
) |
|
|
3,902 |
|
|
|
|
|
Year-to-date 30.6.14 |
|
CHF million |
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services3 |
|
|
CC Group ALM |
|
|
CC Non- core and Legacy Portfolio |
|
|
UBS |
|
Operating income as reported |
|
|
3,865 |
|
|
|
3,345 |
|
|
|
1,870 |
|
|
|
916 |
|
|
|
4,468 |
|
|
|
14 |
|
|
|
83 |
|
|
|
(156 |
) |
|
|
14,405 |
|
of which: own credit on financial liabilities designated at fair
value4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160 |
|
|
|
|
|
|
|
160 |
|
of which: gains on sales of real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
24 |
|
of which: gain from the partial sale of our investment in Markit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
Operating income (adjusted) |
|
|
3,865 |
|
|
|
3,345 |
|
|
|
1,870 |
|
|
|
916 |
|
|
|
4,425 |
|
|
|
(10 |
) |
|
|
(77 |
) |
|
|
(156 |
) |
|
|
14,178 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses as reported |
|
|
2,891 |
|
|
|
2,892 |
|
|
|
1,130 |
|
|
|
688 |
|
|
|
3,469 |
|
|
|
230 |
|
|
|
(5 |
) |
|
|
499 |
|
|
|
11,794 |
|
of which: personnel-related restructuring charges5 |
|
|
13 |
|
|
|
0 |
|
|
|
2 |
|
|
|
0 |
|
|
|
62 |
|
|
|
84 |
|
|
|
0 |
|
|
|
0 |
|
|
|
161 |
|
of which: non-personnel-related restructuring charges5 |
|
|
23 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
33 |
|
|
|
76 |
|
|
|
0 |
|
|
|
0 |
|
|
|
132 |
|
of which: restructuring charges allocated from CC Services to business divisions and other CC units5 |
|
|
42 |
|
|
|
18 |
|
|
|
25 |
|
|
|
6 |
|
|
|
56 |
|
|
|
(154 |
) |
|
|
0 |
|
|
|
7 |
|
|
|
0 |
|
Operating expenses (adjusted) |
|
|
2,813 |
|
|
|
2,874 |
|
|
|
1,103 |
|
|
|
682 |
|
|
|
3,318 |
|
|
|
224 |
|
|
|
(5 |
) |
|
|
492 |
|
|
|
11,501 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax as reported |
|
|
974 |
|
|
|
453 |
|
|
|
740 |
|
|
|
228 |
|
|
|
999 |
|
|
|
(215 |
) |
|
|
88 |
|
|
|
(654 |
) |
|
|
2,611 |
|
Operating profit / (loss) before tax (adjusted) |
|
|
1,052 |
|
|
|
471 |
|
|
|
767 |
|
|
|
234 |
|
|
|
1,107 |
|
|
|
(233 |
) |
|
|
(72 |
) |
|
|
(647 |
) |
|
|
2,677 |
|
1 |
Adjusted results are non-GAAP financial measures as defined by SEC regulations. |
2 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
3 |
Corporate Center Services operating expenses presented in this table are after service allocations to business divisions and Corporate Center units. |
4 |
Refer to Note 10 Fair value measurement in the Financial information section of this report for more information. |
5 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 10 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Return on equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
|
|
|
|
|
|
|
|
Net profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit attributable to UBS Group AG shareholders |
|
|
1,209 |
|
|
|
1,977 |
|
|
|
792 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
3,186 |
|
|
|
1,846 |
|
Amortization and impairment of intangible assets |
|
|
30 |
|
|
|
28 |
|
|
|
19 |
|
|
|
7 |
|
|
|
58 |
|
|
|
58 |
|
|
|
39 |
|
Pre-tax adjustment items1 |
|
|
(135 |
) |
|
|
(440 |
) |
|
|
(27 |
) |
|
|
(69 |
) |
|
|
400 |
|
|
|
(576 |
) |
|
|
66 |
|
Tax effect on adjustment items2 |
|
|
(22 |
) |
|
|
52 |
|
|
|
(8 |
) |
|
|
|
|
|
|
175 |
|
|
|
30 |
|
|
|
(47 |
) |
Adjusted net profit attributable to UBS Group AG shareholders3 |
|
|
1,082 |
|
|
|
1,617 |
|
|
|
776 |
|
|
|
(33 |
) |
|
|
39 |
|
|
|
2,698 |
|
|
|
1,904 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to UBS Group AG shareholders |
|
|
50,211 |
|
|
|
52,359 |
|
|
|
49,532 |
|
|
|
(4 |
) |
|
|
1 |
|
|
|
50,211 |
|
|
|
49,532 |
|
Less: goodwill and intangible assets4 |
|
|
6,101 |
|
|
|
6,342 |
|
|
|
6,229 |
|
|
|
(4 |
) |
|
|
(2 |
) |
|
|
6,101 |
|
|
|
6,229 |
|
Tangible equity attributable to UBS Group AG shareholders |
|
|
44,110 |
|
|
|
46,017 |
|
|
|
43,303 |
|
|
|
(4 |
) |
|
|
2 |
|
|
|
44,110 |
|
|
|
43,303 |
|
|
|
|
|
|
|
|
|
Return on equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity (%) |
|
|
9.4 |
|
|
|
15.4 |
|
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
12.4 |
|
|
|
7.6 |
|
Return on tangible equity (%) |
|
|
11.0 |
|
|
|
17.8 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
14.4 |
|
|
|
8.8 |
|
Adjusted return on tangible equity (%) |
|
|
9.6 |
|
|
|
14.4 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
12.0 |
|
|
|
8.9 |
|
1 |
Refer to the table Adjusted results in this section for more information. |
2 |
Generally reflects an indicative tax rate of 22% on pre-tax adjustment items, apart from own credit on financial liabilities designated at fair value, which has a lower indicative tax rate of 2%.
|
3 |
Net profit attributable to UBS Group AG shareholders excluding amortization and impairment of intangible assets, pre-tax adjustment items and tax effect on pre-tax adjustment items. |
4 |
Goodwill and intangible assets used in the calculation of tangible equity attributable to UBS Group AG shareholders have been adjusted to reflect the non-controlling interests in UBS AG, where applicable.
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 11 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Wealth Management1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Net interest income |
|
|
568 |
|
|
|
560 |
|
|
|
518 |
|
|
|
1 |
|
|
|
10 |
|
|
|
1,128 |
|
|
|
1,013 |
|
Recurring net fee income |
|
|
976 |
|
|
|
949 |
|
|
|
922 |
|
|
|
3 |
|
|
|
6 |
|
|
|
1,925 |
|
|
|
1,819 |
|
Transaction-based income |
|
|
459 |
|
|
|
589 |
|
|
|
472 |
|
|
|
(22 |
) |
|
|
(3 |
) |
|
|
1,048 |
|
|
|
1,014 |
|
Other income |
|
|
78 |
|
|
|
149 |
|
|
|
7 |
|
|
|
(48 |
) |
|
|
|
|
|
|
227 |
|
|
|
16 |
|
Income |
|
|
2,081 |
|
|
|
2,246 |
|
|
|
1,919 |
|
|
|
(7 |
) |
|
|
8 |
|
|
|
4,327 |
|
|
|
3,862 |
|
Credit loss (expense) / recovery |
|
|
(1 |
) |
|
|
1 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
2,080 |
|
|
|
2,247 |
|
|
|
1,921 |
|
|
|
(7 |
) |
|
|
8 |
|
|
|
4,327 |
|
|
|
3,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
656 |
|
|
|
661 |
|
|
|
603 |
|
|
|
(1 |
) |
|
|
9 |
|
|
|
1,316 |
|
|
|
1,232 |
|
General and administrative expenses |
|
|
134 |
|
|
|
111 |
|
|
|
425 |
|
|
|
21 |
|
|
|
(68 |
) |
|
|
245 |
|
|
|
614 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
533 |
|
|
|
521 |
|
|
|
536 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
1,055 |
|
|
|
1,040 |
|
of which: services from CC Services |
|
|
519 |
|
|
|
508 |
|
|
|
522 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
1,027 |
|
|
|
1,008 |
|
Depreciation and impairment of property, equipment and software |
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
(50 |
) |
|
|
0 |
|
|
|
3 |
|
|
|
2 |
|
Amortization and impairment of intangible assets |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses2 |
|
|
1,324 |
|
|
|
1,296 |
|
|
|
1,566 |
|
|
|
2 |
|
|
|
(15 |
) |
|
|
2,621 |
|
|
|
2,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
756 |
|
|
|
951 |
|
|
|
355 |
|
|
|
(21 |
) |
|
|
113 |
|
|
|
1,707 |
|
|
|
974 |
|
Key performance indicators3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(20.5 |
) |
|
|
47.2 |
|
|
|
(42.6 |
) |
|
|
|
|
|
|
|
|
|
|
75.3 |
|
|
|
(20.2 |
) |
Cost / income ratio (%) |
|
|
63.6 |
|
|
|
57.7 |
|
|
|
81.6 |
|
|
|
|
|
|
|
|
|
|
|
60.6 |
|
|
|
74.9 |
|
Net new money growth (%)4 |
|
|
3.5 |
|
|
|
5.8 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
4.6 |
|
|
|
4.9 |
|
Gross margin on invested assets (bps) |
|
|
87 |
|
|
|
92 |
|
|
|
84 |
|
|
|
(5 |
) |
|
|
4 |
|
|
|
89 |
|
|
|
86 |
|
Net margin on invested assets (bps) |
|
|
32 |
|
|
|
39 |
|
|
|
16 |
|
|
|
(18 |
) |
|
|
100 |
|
|
|
35 |
|
|
|
22 |
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring income |
|
|
1,544 |
|
|
|
1,509 |
|
|
|
1,440 |
|
|
|
2 |
|
|
|
7 |
|
|
|
3,053 |
|
|
|
2,832 |
|
Recurring income as a % of income (%) |
|
|
74.2 |
|
|
|
67.2 |
|
|
|
75.0 |
|
|
|
|
|
|
|
|
|
|
|
70.6 |
|
|
|
73.3 |
|
Average attributed equity (CHF billion)5 |
|
|
3.4 |
|
|
|
3.6 |
|
|
|
3.4 |
|
|
|
(6 |
) |
|
|
0 |
|
|
|
3.5 |
|
|
|
3.4 |
|
Return on attributed equity (%) |
|
|
88.9 |
|
|
|
105.7 |
|
|
|
41.8 |
|
|
|
|
|
|
|
|
|
|
|
97.5 |
|
|
|
57.3 |
|
Risk-weighted assets (fully applied, CHF billion)6 |
|
|
25.8 |
|
|
|
25.7 |
|
|
|
22.1 |
|
|
|
0 |
|
|
|
17 |
|
|
|
25.8 |
|
|
|
22.1 |
|
Risk-weighted assets (phase-in, CHF billion)6 |
|
|
25.8 |
|
|
|
26.0 |
|
|
|
22.6 |
|
|
|
(1 |
) |
|
|
14 |
|
|
|
25.8 |
|
|
|
22.6 |
|
Return on risk-weighted assets, gross (%)7 |
|
|
32.1 |
|
|
|
34.7 |
|
|
|
34.6 |
|
|
|
|
|
|
|
|
|
|
|
33.4 |
|
|
|
35.3 |
|
Leverage ratio denominator (phase-in, CHF billion)8 |
|
|
129.7 |
|
|
|
134.2 |
|
|
|
129.0 |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
129.7 |
|
|
|
129.0 |
|
Goodwill and intangible assets (CHF billion) |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1.3 |
|
|
|
1.3 |
|
Net new money (CHF billion) |
|
|
1.8 |
|
|
|
14.4 |
|
|
|
10.7 |
|
|
|
|
|
|
|
|
|
|
|
16.1 |
|
|
|
21.6 |
|
Net new money adjusted (CHF billion)9 |
|
|
8.4 |
|
|
|
14.4 |
|
|
|
10.7 |
|
|
|
|
|
|
|
|
|
|
|
22.7 |
|
|
|
21.6 |
|
Invested assets (CHF billion) |
|
|
945 |
|
|
|
970 |
|
|
|
928 |
|
|
|
(3 |
) |
|
|
2 |
|
|
|
945 |
|
|
|
928 |
|
Client assets (CHF billion) |
|
|
1,115 |
|
|
|
1,142 |
|
|
|
1,083 |
|
|
|
(2 |
) |
|
|
3 |
|
|
|
1,115 |
|
|
|
1,083 |
|
Loans, gross (CHF billion) |
|
|
110.9 |
|
|
|
110.8 |
|
|
|
105.3 |
|
|
|
0 |
|
|
|
5 |
|
|
|
110.9 |
|
|
|
105.3 |
|
Due to customers (CHF billion) |
|
|
173.2 |
|
|
|
188.4 |
|
|
|
187.5 |
|
|
|
(8 |
) |
|
|
(8 |
) |
|
|
173.2 |
|
|
|
187.5 |
|
Personnel (full-time equivalents) |
|
|
10,257 |
|
|
|
10,366 |
|
|
|
10,243 |
|
|
|
(1 |
) |
|
|
0 |
|
|
|
10,257 |
|
|
|
10,243 |
|
Client advisors (full-time equivalents) |
|
|
4,079 |
|
|
|
4,326 |
|
|
|
4,245 |
|
|
|
(6 |
) |
|
|
(4 |
) |
|
|
4,079 |
|
|
|
4,245 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
3 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
4 |
Based on adjusted net new money. |
5 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
6 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
7 |
Based on phase-in Basel III risk-weighted assets. |
8 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
9 |
Adjusted net new money excludes the negative effect on net new money of CHF 6.6 billion from our balance sheet and capital optimization program in the second quarter of 2015. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 12 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Regional breakdown of key figures1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended 30.6.15 |
|
Europe |
|
|
Asia Pacific |
|
|
Switzerland |
|
|
Emerging markets |
|
|
of which: ultra high net worth |
|
|
of which: Global Family Office3 |
|
Net new money (CHF billion) |
|
|
0.6 |
|
|
|
3.4 |
|
|
|
0.8 |
|
|
|
(2.5 |
) |
|
|
2.8 |
|
|
|
1.1 |
|
Net new money adjusted (CHF billion)4 |
|
|
1.8 |
|
|
|
4.5 |
|
|
|
2.4 |
|
|
|
0.1 |
|
|
|
7.1 |
|
|
|
2.3 |
|
Net new money growth (%)5 |
|
|
2.1 |
|
|
|
6.5 |
|
|
|
5.4 |
|
|
|
0.2 |
|
|
|
5.6 |
|
|
|
12.4 |
|
Invested assets (CHF billion) |
|
|
340 |
|
|
|
274 |
|
|
|
172 |
|
|
|
157 |
|
|
|
494 |
|
|
|
76 |
|
Gross margin on invested assets (bps)6 |
|
|
87 |
|
|
|
82 |
|
|
|
90 |
|
|
|
94 |
|
|
|
56 |
|
|
|
37 |
7 |
Client advisors (full-time equivalents) |
|
|
1,392 |
|
|
|
1,127 |
|
|
|
760 |
|
|
|
714 |
|
|
|
708 |
8 |
|
|
|
|
1 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
2 |
Based on the Wealth Management business area structure, and excluding minor functions with 86 client advisors, and CHF 2 billion of invested assets, and CHF 0.5 billion of net new money outflows in the second quarter of
2015. |
3 |
Joint venture between Wealth Management and the Investment Bank. Global Family Office is reported as a sub-segment of ultra high net worth and is included in the ultra high net worth figures. |
4 |
Adjusted net new money excludes the negative effect on net new money from our balance sheet and capital optimization program in the second quarter of 2015. |
5 |
Based on adjusted net new money. |
6 |
Includes the effect of a gain of CHF 56 million on the sale of our Belgian domestic business. Excluding this, the adjusted gross margin for Europe was 80 basis points and 55 basis points for ultra high net worth
clients. |
7 |
Gross margin includes income booked in the Investment Bank. Gross margin only based on income booked in Wealth Management is 24 basis points. |
8 |
Represents client advisors who exclusively serve ultra high net worth clients. In addition to these, other client advisors may also serve certain ultra high net worth clients, but not exclusively. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 13 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Wealth Management Americas in US dollars1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
USD million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Net interest income |
|
|
301 |
|
|
|
277 |
|
|
|
261 |
|
|
|
9 |
|
|
|
15 |
|
|
|
579 |
|
|
|
511 |
|
Recurring net fee income |
|
|
1,217 |
|
|
|
1,186 |
|
|
|
1,163 |
|
|
|
3 |
|
|
|
5 |
|
|
|
2,404 |
|
|
|
2,282 |
|
Transaction-based income |
|
|
425 |
|
|
|
432 |
|
|
|
464 |
|
|
|
(2 |
) |
|
|
(8 |
) |
|
|
857 |
|
|
|
936 |
|
Other income |
|
|
4 |
|
|
|
5 |
|
|
|
12 |
|
|
|
(20 |
) |
|
|
(67 |
) |
|
|
9 |
|
|
|
17 |
|
Income |
|
|
1,947 |
|
|
|
1,901 |
|
|
|
1,900 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3,848 |
|
|
|
3,747 |
|
Credit loss (expense) / recovery |
|
|
0 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
|
|
|
|
(100 |
) |
|
|
0 |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
1,947 |
|
|
|
1,901 |
|
|
|
1,898 |
|
|
|
2 |
|
|
|
3 |
|
|
|
3,848 |
|
|
|
3,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
1,199 |
|
|
|
1,185 |
|
|
|
1,186 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2,383 |
|
|
|
2,332 |
|
Financial advisor compensation2 |
|
|
750 |
|
|
|
731 |
|
|
|
742 |
|
|
|
3 |
|
|
|
1 |
|
|
|
1,482 |
|
|
|
1,450 |
|
Compensation commitments with recruited financial advisors3 |
|
|
188 |
|
|
|
186 |
|
|
|
184 |
|
|
|
1 |
|
|
|
2 |
|
|
|
374 |
|
|
|
364 |
|
Salaries and other personnel costs |
|
|
260 |
|
|
|
267 |
|
|
|
260 |
|
|
|
(3 |
) |
|
|
0 |
|
|
|
527 |
|
|
|
518 |
|
General and administrative expenses |
|
|
213 |
|
|
|
126 |
|
|
|
153 |
|
|
|
69 |
|
|
|
39 |
|
|
|
339 |
|
|
|
292 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
317 |
|
|
|
309 |
|
|
|
308 |
|
|
|
3 |
|
|
|
3 |
|
|
|
625 |
|
|
|
603 |
|
of which: services from CC Services |
|
|
314 |
|
|
|
305 |
|
|
|
304 |
|
|
|
3 |
|
|
|
3 |
|
|
|
619 |
|
|
|
595 |
|
Depreciation and impairment of property, equipment and software |
|
|
1 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
1 |
|
|
|
0 |
|
Amortization and impairment of intangible assets |
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
|
0 |
|
|
|
0 |
|
|
|
26 |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses4 |
|
|
1,743 |
|
|
|
1,633 |
|
|
|
1,660 |
|
|
|
7 |
|
|
|
5 |
|
|
|
3,375 |
|
|
|
3,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
205 |
|
|
|
268 |
|
|
|
238 |
|
|
|
(24 |
) |
|
|
(14 |
) |
|
|
473 |
|
|
|
510 |
|
|
|
|
|
|
|
|
|
Key performance indicators5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(23.5 |
) |
|
|
23.5 |
|
|
|
(12.5 |
) |
|
|
|
|
|
|
|
|
|
|
(7.3 |
) |
|
|
12.1 |
|
Cost / income ratio (%) |
|
|
89.5 |
|
|
|
85.9 |
|
|
|
87.4 |
|
|
|
|
|
|
|
|
|
|
|
87.7 |
|
|
|
86.8 |
|
Net new money growth (%) |
|
|
(0.3 |
) |
|
|
1.9 |
|
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
0.8 |
|
|
|
(0.1 |
) |
Gross margin on invested assets (bps) |
|
|
74 |
|
|
|
73 |
|
|
|
76 |
|
|
|
1 |
|
|
|
(3 |
) |
|
|
74 |
|
|
|
76 |
|
Net margin on invested assets (bps) |
|
|
8 |
|
|
|
10 |
|
|
|
10 |
|
|
|
(20 |
) |
|
|
(20 |
) |
|
|
9 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring income |
|
|
1,519 |
|
|
|
1,463 |
|
|
|
1,424 |
|
|
|
4 |
|
|
|
7 |
|
|
|
2,982 |
|
|
|
2,793 |
|
Recurring income as a % of income (%) |
|
|
78.0 |
|
|
|
77.0 |
|
|
|
74.9 |
|
|
|
|
|
|
|
|
|
|
|
77.5 |
|
|
|
74.5 |
|
Average attributed equity (USD billion)6 |
|
|
2.6 |
|
|
|
2.5 |
|
|
|
2.9 |
|
|
|
4 |
|
|
|
(10 |
) |
|
|
2.6 |
|
|
|
3.0 |
|
Return on attributed equity (%) |
|
|
31.5 |
|
|
|
42.9 |
|
|
|
32.8 |
|
|
|
|
|
|
|
|
|
|
|
37.1 |
|
|
|
34.6 |
|
Risk-weighted assets (fully applied, USD billion)7 |
|
|
23.0 |
|
|
|
22.4 |
|
|
|
28.0 |
|
|
|
3 |
|
|
|
(18 |
) |
|
|
23.0 |
|
|
|
28.0 |
|
Risk-weighted assets (phase-in, USD billion)7 |
|
|
23.0 |
|
|
|
22.6 |
|
|
|
28.2 |
|
|
|
2 |
|
|
|
(18 |
) |
|
|
23.0 |
|
|
|
28.2 |
|
Return on risk-weighted assets, gross (%)8 |
|
|
34.2 |
|
|
|
34.1 |
|
|
|
27.1 |
|
|
|
|
|
|
|
|
|
|
|
34.1 |
|
|
|
26.9 |
|
Leverage ratio denominator (phase-in, USD billion)9 |
|
|
60.7 |
|
|
|
57.9 |
|
|
|
63.7 |
|
|
|
5 |
|
|
|
(5 |
) |
|
|
60.7 |
|
|
|
63.7 |
|
Goodwill and intangible assets (USD billion) |
|
|
3.7 |
|
|
|
3.7 |
|
|
|
3.8 |
|
|
|
0 |
|
|
|
(3 |
) |
|
|
3.7 |
|
|
|
3.8 |
|
Net new money (USD billion) |
|
|
(0.7 |
) |
|
|
4.8 |
|
|
|
(2.5 |
) |
|
|
|
|
|
|
|
|
|
|
4.0 |
|
|
|
(0.4 |
) |
Net new money including interest and dividend income (USD
billion)10
|
|
|
5.1 |
|
|
|
10.3 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
15.4 |
|
|
|
10.8 |
|
Invested assets (USD billion) |
|
|
1,045 |
|
|
|
1,050 |
|
|
|
1,017 |
|
|
|
0 |
|
|
|
3 |
|
|
|
1,045 |
|
|
|
1,017 |
|
Client assets (USD billion) |
|
|
1,099 |
|
|
|
1,104 |
|
|
|
1,073 |
|
|
|
0 |
|
|
|
2 |
|
|
|
1,099 |
|
|
|
1,073 |
|
Loans, gross (USD billion) |
|
|
47.3 |
|
|
|
45.5 |
|
|
|
41.7 |
|
|
|
4 |
|
|
|
13 |
|
|
|
47.3 |
|
|
|
41.7 |
|
Due to customers (USD billion) |
|
|
73.4 |
|
|
|
74.5 |
|
|
|
67.6 |
|
|
|
(1 |
) |
|
|
9 |
|
|
|
73.4 |
|
|
|
67.6 |
|
Recruitment loans to financial advisors |
|
|
2,853 |
|
|
|
2,871 |
|
|
|
2,985 |
|
|
|
(1 |
) |
|
|
(4 |
) |
|
|
2,853 |
|
|
|
2,985 |
|
Other loans to financial advisors |
|
|
455 |
|
|
|
487 |
|
|
|
402 |
|
|
|
(7 |
) |
|
|
13 |
|
|
|
455 |
|
|
|
402 |
|
Personnel (full-time equivalents) |
|
|
13,235 |
|
|
|
13,275 |
|
|
|
13,558 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
13,235 |
|
|
|
13,558 |
|
Financial advisors (full-time equivalents) |
|
|
6,948 |
|
|
|
6,982 |
|
|
|
7,119 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
6,948 |
|
|
|
7,119 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 14 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Financial advisor compensation consists of grid-based compensation based directly on compensable revenues generated by financial advisors and supplemental compensation calculated based on financial advisor productivity,
firm tenure, assets and other variables. |
3 |
Compensation commitments with recruited financial advisors represents charges related to compensation commitments granted to financial advisors at the time of recruitment which are subject to vesting requirements.
|
4 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
5 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
6 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
7 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
8 |
Based on phase-in Basel III risk-weighted assets. |
9 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
10 |
Presented in line with historical reporting practice in the US market. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 15 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Wealth Management Americas in Swiss francs1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Net interest income |
|
|
282 |
|
|
|
263 |
|
|
|
232 |
|
|
|
7 |
|
|
|
22 |
|
|
|
545 |
|
|
|
454 |
|
Recurring net fee income |
|
|
1,140 |
|
|
|
1,124 |
|
|
|
1,032 |
|
|
|
1 |
|
|
|
10 |
|
|
|
2,263 |
|
|
|
2,028 |
|
Transaction-based income |
|
|
398 |
|
|
|
410 |
|
|
|
412 |
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
807 |
|
|
|
832 |
|
Other income |
|
|
3 |
|
|
|
5 |
|
|
|
10 |
|
|
|
(40 |
) |
|
|
(70 |
) |
|
|
8 |
|
|
|
15 |
|
Income |
|
|
1,823 |
|
|
|
1,801 |
|
|
|
1,686 |
|
|
|
1 |
|
|
|
8 |
|
|
|
3,624 |
|
|
|
3,330 |
|
Credit loss (expense) / recovery |
|
|
0 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
|
|
|
|
(100 |
) |
|
|
0 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
1,823 |
|
|
|
1,801 |
|
|
|
1,684 |
|
|
|
1 |
|
|
|
8 |
|
|
|
3,624 |
|
|
|
3,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
1,122 |
|
|
|
1,123 |
|
|
|
1,053 |
|
|
|
0 |
|
|
|
7 |
|
|
|
2,245 |
|
|
|
2,073 |
|
Financial advisor compensation2 |
|
|
702 |
|
|
|
693 |
|
|
|
659 |
|
|
|
1 |
|
|
|
7 |
|
|
|
1,396 |
|
|
|
1,289 |
|
Compensation commitments with recruited financial advisors3 |
|
|
176 |
|
|
|
177 |
|
|
|
163 |
|
|
|
(1 |
) |
|
|
8 |
|
|
|
353 |
|
|
|
323 |
|
Salaries and other personnel costs |
|
|
244 |
|
|
|
253 |
|
|
|
231 |
|
|
|
(4 |
) |
|
|
6 |
|
|
|
497 |
|
|
|
461 |
|
General and administrative expenses |
|
|
199 |
|
|
|
120 |
|
|
|
136 |
|
|
|
66 |
|
|
|
46 |
|
|
|
319 |
|
|
|
260 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
297 |
|
|
|
293 |
|
|
|
273 |
|
|
|
1 |
|
|
|
9 |
|
|
|
589 |
|
|
|
536 |
|
of which: services from CC Services |
|
|
293 |
|
|
|
289 |
|
|
|
269 |
|
|
|
1 |
|
|
|
9 |
|
|
|
583 |
|
|
|
528 |
|
Depreciation and impairment of property, equipment and software |
|
|
1 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
1 |
|
|
|
0 |
|
Amortization and impairment of intangible assets |
|
|
12 |
|
|
|
12 |
|
|
|
12 |
|
|
|
0 |
|
|
|
0 |
|
|
|
25 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses4 |
|
|
1,631 |
|
|
|
1,548 |
|
|
|
1,473 |
|
|
|
5 |
|
|
|
11 |
|
|
|
3,179 |
|
|
|
2,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
191 |
|
|
|
253 |
|
|
|
211 |
|
|
|
(25 |
) |
|
|
(9 |
) |
|
|
445 |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
Key performance indicators5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(24.5 |
) |
|
|
19.9 |
|
|
|
(12.8 |
) |
|
|
|
|
|
|
|
|
|
|
(1.8 |
) |
|
|
6.1 |
|
Cost / income ratio (%) |
|
|
89.5 |
|
|
|
86.0 |
|
|
|
87.4 |
|
|
|
|
|
|
|
|
|
|
|
87.7 |
|
|
|
86.8 |
|
Net new money growth (%) |
|
|
(0.3 |
) |
|
|
1.8 |
|
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
0.8 |
|
|
|
(0.1 |
) |
Gross margin on invested assets (bps) |
|
|
73 |
|
|
|
70 |
|
|
|
76 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
72 |
|
|
|
76 |
|
Net margin on invested assets (bps) |
|
|
8 |
|
|
|
10 |
|
|
|
10 |
|
|
|
(20 |
) |
|
|
(20 |
) |
|
|
9 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring income |
|
|
1,422 |
|
|
|
1,387 |
|
|
|
1,264 |
|
|
|
3 |
|
|
|
13 |
|
|
|
2,808 |
|
|
|
2,482 |
|
Recurring income as a % of income (%) |
|
|
78.0 |
|
|
|
77.0 |
|
|
|
75.0 |
|
|
|
|
|
|
|
|
|
|
|
77.5 |
|
|
|
74.5 |
|
Average attributed equity (CHF billion)6 |
|
|
2.4 |
|
|
|
2.4 |
|
|
|
2.6 |
|
|
|
0 |
|
|
|
(8 |
) |
|
|
2.4 |
|
|
|
2.7 |
|
Return on attributed equity (%) |
|
|
31.8 |
|
|
|
42.2 |
|
|
|
32.5 |
|
|
|
|
|
|
|
|
|
|
|
37.1 |
|
|
|
34.2 |
|
Risk-weighted assets (fully applied, CHF billion)7 |
|
|
21.5 |
|
|
|
21.8 |
|
|
|
24.8 |
|
|
|
(1 |
) |
|
|
(13 |
) |
|
|
21.5 |
|
|
|
24.8 |
|
Risk-weighted assets (phase-in, CHF billion)7 |
|
|
21.5 |
|
|
|
21.9 |
|
|
|
25.0 |
|
|
|
(2 |
) |
|
|
(14 |
) |
|
|
21.5 |
|
|
|
25.0 |
|
Return on risk-weighted assets, gross (%)8 |
|
|
33.6 |
|
|
|
32.9 |
|
|
|
27.2 |
|
|
|
|
|
|
|
|
|
|
|
33.2 |
|
|
|
27.0 |
|
Leverage ratio denominator (phase-in, CHF billion)9 |
|
|
56.8 |
|
|
|
56.3 |
|
|
|
56.5 |
|
|
|
1 |
|
|
|
1 |
|
|
|
56.8 |
|
|
|
56.5 |
|
Goodwill and intangible assets (CHF billion) |
|
|
3.5 |
|
|
|
3.6 |
|
|
|
3.4 |
|
|
|
(3 |
) |
|
|
3 |
|
|
|
3.5 |
|
|
|
3.4 |
|
Net new money (CHF billion) |
|
|
(0.7 |
) |
|
|
4.6 |
|
|
|
(2.2 |
) |
|
|
|
|
|
|
|
|
|
|
3.9 |
|
|
|
(0.3 |
) |
Net new money including interest and dividend income (CHF billion)10 |
|
|
4.8 |
|
|
|
9.8 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
14.6 |
|
|
|
9.6 |
|
Invested assets (CHF billion) |
|
|
977 |
|
|
|
1,021 |
|
|
|
902 |
|
|
|
(4 |
) |
|
|
8 |
|
|
|
977 |
|
|
|
902 |
|
Client assets (CHF billion) |
|
|
1,028 |
|
|
|
1,073 |
|
|
|
951 |
|
|
|
(4 |
) |
|
|
8 |
|
|
|
1,028 |
|
|
|
951 |
|
Loans, gross (CHF billion) |
|
|
44.2 |
|
|
|
44.2 |
|
|
|
37.0 |
|
|
|
0 |
|
|
|
19 |
|
|
|
44.2 |
|
|
|
37.0 |
|
Due to customers (CHF billion) |
|
|
68.6 |
|
|
|
72.4 |
|
|
|
59.9 |
|
|
|
(5 |
) |
|
|
15 |
|
|
|
68.6 |
|
|
|
59.9 |
|
Recruitment loans to financial advisors |
|
|
2,668 |
|
|
|
2,791 |
|
|
|
2,647 |
|
|
|
(4 |
) |
|
|
1 |
|
|
|
2,668 |
|
|
|
2,647 |
|
Other loans to financial advisors |
|
|
425 |
|
|
|
473 |
|
|
|
356 |
|
|
|
(10 |
) |
|
|
19 |
|
|
|
425 |
|
|
|
356 |
|
Personnel (full-time equivalents) |
|
|
13,235 |
|
|
|
13,275 |
|
|
|
13,558 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
13,235 |
|
|
|
13,558 |
|
Financial advisors (full-time equivalents) |
|
|
6,948 |
|
|
|
6,982 |
|
|
|
7,119 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
6,948 |
|
|
|
7,119 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 16 of 37 |
|
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|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Financial advisor compensation consists of grid-based compensation based directly on compensable revenues generated by financial advisors and supplemental compensation calculated based on financial advisor productivity,
firm tenure, assets and other variables. |
3 |
Compensation commitments with recruited financial advisors represents charges related to compensation commitments granted to financial advisors at the time of recruitment which are subject to vesting requirements.
|
4 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
5 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
6 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
7 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
8 |
Based on phase-in Basel III risk-weighted assets. |
9 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
10 |
Presented in line with historical reporting practice in the US market. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 17 of 37 |
|
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|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Retail & Corporate1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Net interest income |
|
|
560 |
|
|
|
568 |
|
|
|
541 |
|
|
|
(1 |
) |
|
|
4 |
|
|
|
1,128 |
|
|
|
1,063 |
|
Recurring net fee income |
|
|
135 |
|
|
|
134 |
|
|
|
138 |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
269 |
|
|
|
283 |
|
Transaction-based income |
|
|
241 |
|
|
|
284 |
|
|
|
247 |
|
|
|
(15 |
) |
|
|
(2 |
) |
|
|
525 |
|
|
|
481 |
|
Other income |
|
|
21 |
|
|
|
13 |
|
|
|
20 |
|
|
|
62 |
|
|
|
5 |
|
|
|
35 |
|
|
|
39 |
|
Income |
|
|
956 |
|
|
|
1,000 |
|
|
|
945 |
|
|
|
(4 |
) |
|
|
1 |
|
|
|
1,956 |
|
|
|
1,866 |
|
Credit loss (expense) / recovery |
|
|
(4 |
) |
|
|
(21 |
) |
|
|
(8 |
) |
|
|
(81 |
) |
|
|
(50 |
) |
|
|
(25 |
) |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
952 |
|
|
|
979 |
|
|
|
938 |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
1,931 |
|
|
|
1,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
221 |
|
|
|
226 |
|
|
|
216 |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
447 |
|
|
|
440 |
|
General and administrative expenses |
|
|
64 |
|
|
|
53 |
|
|
|
97 |
|
|
|
21 |
|
|
|
(34 |
) |
|
|
117 |
|
|
|
157 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
265 |
|
|
|
268 |
|
|
|
267 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
534 |
|
|
|
525 |
|
of which: services from CC Services |
|
|
292 |
|
|
|
292 |
|
|
|
293 |
|
|
|
0 |
|
|
|
0 |
|
|
|
584 |
|
|
|
581 |
|
Depreciation and impairment of property, equipment and software |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
0 |
|
|
|
0 |
|
|
|
8 |
|
|
|
8 |
|
Amortization and impairment of intangible assets |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses2 |
|
|
555 |
|
|
|
552 |
|
|
|
584 |
|
|
|
1 |
|
|
|
(5 |
) |
|
|
1,106 |
|
|
|
1,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
397 |
|
|
|
427 |
|
|
|
354 |
|
|
|
(7 |
) |
|
|
12 |
|
|
|
824 |
|
|
|
740 |
|
|
|
|
|
|
|
|
|
Key performance indicators3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(7.0 |
) |
|
|
25.6 |
|
|
|
(8.3 |
) |
|
|
|
|
|
|
|
|
|
|
11.4 |
|
|
|
2.2 |
|
Cost / income ratio (%) |
|
|
58.1 |
|
|
|
55.2 |
|
|
|
61.8 |
|
|
|
|
|
|
|
|
|
|
|
56.5 |
|
|
|
60.6 |
|
Net interest margin (bps) |
|
|
164 |
|
|
|
165 |
|
|
|
158 |
|
|
|
(1 |
) |
|
|
4 |
|
|
|
165 |
|
|
|
155 |
|
Net new business volume growth for retail business (%) |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)4 |
|
|
3.9 |
|
|
|
4.0 |
|
|
|
4.1 |
|
|
|
(3 |
) |
|
|
(5 |
) |
|
|
4.0 |
|
|
|
4.2 |
|
Return on attributed equity (%) |
|
|
40.7 |
|
|
|
42.7 |
|
|
|
34.5 |
|
|
|
|
|
|
|
|
|
|
|
41.7 |
|
|
|
35.7 |
|
Risk-weighted assets (fully applied, CHF billion)5 |
|
|
34.7 |
|
|
|
34.6 |
|
|
|
31.5 |
|
|
|
0 |
|
|
|
10 |
|
|
|
34.7 |
|
|
|
31.5 |
|
Risk-weighted assets (phase-in, CHF billion)5 |
|
|
34.7 |
|
|
|
35.6 |
|
|
|
33.0 |
|
|
|
(3 |
) |
|
|
5 |
|
|
|
34.7 |
|
|
|
33.0 |
|
Return on risk-weighted assets, gross (%)6 |
|
|
10.9 |
|
|
|
11.4 |
|
|
|
11.4 |
|
|
|
|
|
|
|
|
|
|
|
11.2 |
|
|
|
11.3 |
|
Leverage ratio denominator (phase-in, CHF billion)7 |
|
|
162.4 |
|
|
|
163.7 |
|
|
|
164.8 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
162.4 |
|
|
|
164.8 |
|
Goodwill and intangible assets (CHF billion) |
|
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
0.0 |
|
|
|
0.0 |
|
Business volume for retail business (CHF billion) |
|
|
144 |
|
|
|
143 |
|
|
|
142 |
|
|
|
1 |
|
|
|
1 |
|
|
|
144 |
|
|
|
142 |
|
Net new business volume for retail business (CHF billion) |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
2.3 |
|
|
|
2.4 |
|
Client assets (CHF billion) |
|
|
435 |
|
|
|
441 |
|
|
|
415 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
435 |
|
|
|
415 |
|
Due to customers (CHF billion) |
|
|
129.4 |
|
|
|
131.3 |
|
|
|
131.6 |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
129.4 |
|
|
|
131.6 |
|
Loans, gross (CHF billion) |
|
|
135.8 |
|
|
|
137.3 |
|
|
|
137.3 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
135.8 |
|
|
|
137.3 |
|
Secured loan portfolio as a % of total loan portfolio, gross (%) |
|
|
93.4 |
|
|
|
93.2 |
|
|
|
93.0 |
|
|
|
|
|
|
|
|
|
|
|
93.4 |
|
|
|
93.0 |
|
Impaired loan portfolio as a % of total loan portfolio, gross (%)8 |
|
|
0.7 |
|
|
|
0.8 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
0.7 |
|
|
|
0.6 |
|
Personnel (full-time equivalents) |
|
|
5,086 |
|
|
|
5,157 |
|
|
|
5,210 |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
5,086 |
|
|
|
5,210 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
3 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
4 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
5 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
6 |
Based on phase-in Basel III risk-weighted assets. |
7 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
8 |
Refer to the Risk management and control section of this report for more information on impairment ratios. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 18 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Global Asset Management1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Net management fees2 |
|
|
456 |
|
|
|
443 |
|
|
|
427 |
|
|
|
3 |
|
|
|
7 |
|
|
|
900 |
|
|
|
831 |
|
Performance fees |
|
|
20 |
|
|
|
68 |
|
|
|
38 |
|
|
|
(71 |
) |
|
|
(47 |
) |
|
|
87 |
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
476 |
|
|
|
511 |
|
|
|
465 |
|
|
|
(7 |
) |
|
|
2 |
|
|
|
987 |
|
|
|
916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
175 |
|
|
|
167 |
|
|
|
153 |
|
|
|
5 |
|
|
|
14 |
|
|
|
342 |
|
|
|
301 |
|
General and administrative expenses |
|
|
55 |
|
|
|
55 |
|
|
|
92 |
|
|
|
0 |
|
|
|
(40 |
) |
|
|
110 |
|
|
|
158 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
114 |
|
|
|
119 |
|
|
|
112 |
|
|
|
(4 |
) |
|
|
2 |
|
|
|
233 |
|
|
|
224 |
|
of which: services from CC Services |
|
|
118 |
|
|
|
123 |
|
|
|
115 |
|
|
|
(4 |
) |
|
|
3 |
|
|
|
241 |
|
|
|
231 |
|
Depreciation and impairment of property, equipment and software |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
1 |
|
Amortization and impairment of intangible assets |
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
(50 |
) |
|
|
(50 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses3 |
|
|
346 |
|
|
|
343 |
|
|
|
359 |
|
|
|
1 |
|
|
|
(4 |
) |
|
|
688 |
|
|
|
688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
130 |
|
|
|
168 |
|
|
|
105 |
|
|
|
(23 |
) |
|
|
24 |
|
|
|
299 |
|
|
|
228 |
|
Key performance indicators4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(22.6 |
) |
|
|
97.6 |
|
|
|
(13.9 |
) |
|
|
|
|
|
|
|
|
|
|
31.1 |
|
|
|
(30.5 |
) |
Cost / income ratio (%) |
|
|
72.7 |
|
|
|
67.1 |
|
|
|
77.2 |
|
|
|
|
|
|
|
|
|
|
|
69.7 |
|
|
|
75.1 |
|
Net new money growth excluding money market flows (%) |
|
|
5.5 |
|
|
|
5.0 |
|
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
5.3 |
|
|
|
9.5 |
|
Gross margin on invested assets (bps) |
|
|
29 |
|
|
|
31 |
|
|
|
31 |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
30 |
|
|
|
31 |
|
Net margin on invested assets (bps) |
|
|
8 |
|
|
|
10 |
|
|
|
7 |
|
|
|
(20 |
) |
|
|
14 |
|
|
|
9 |
|
|
|
8 |
|
Information by business line |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional investments |
|
|
279 |
|
|
|
276 |
|
|
|
270 |
|
|
|
1 |
|
|
|
3 |
|
|
|
555 |
|
|
|
531 |
|
OConnor and A&Q |
|
|
38 |
|
|
|
80 |
|
|
|
61 |
|
|
|
(53 |
) |
|
|
(38 |
) |
|
|
119 |
|
|
|
127 |
|
Global real estate |
|
|
92 |
|
|
|
93 |
|
|
|
80 |
|
|
|
(1 |
) |
|
|
15 |
|
|
|
185 |
|
|
|
153 |
|
Infrastructure and private equity |
|
|
15 |
|
|
|
14 |
|
|
|
11 |
|
|
|
7 |
|
|
|
36 |
|
|
|
29 |
|
|
|
20 |
|
Fund services |
|
|
51 |
|
|
|
48 |
|
|
|
43 |
|
|
|
6 |
|
|
|
19 |
|
|
|
99 |
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
476 |
|
|
|
511 |
|
|
|
465 |
|
|
|
(7 |
) |
|
|
2 |
|
|
|
987 |
|
|
|
916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin on invested assets (bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional investments |
|
|
20 |
|
|
|
19 |
|
|
|
20 |
|
|
|
5 |
|
|
|
0 |
|
|
|
20 |
|
|
|
20 |
|
OConnor and A&Q |
|
|
41 |
|
|
|
89 |
|
|
|
80 |
|
|
|
(54 |
) |
|
|
(49 |
) |
|
|
65 |
|
|
|
86 |
|
Global real estate |
|
|
78 |
|
|
|
80 |
|
|
|
79 |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
|
79 |
|
|
|
75 |
|
Infrastructure and private equity |
|
|
67 |
|
|
|
62 |
|
|
|
52 |
|
|
|
8 |
|
|
|
29 |
|
|
|
64 |
|
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross margin |
|
|
29 |
|
|
|
31 |
|
|
|
31 |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
30 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new money (CHF billion) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional investments |
|
|
6.3 |
|
|
|
2.4 |
|
|
|
6.1 |
|
|
|
|
|
|
|
|
|
|
|
8.7 |
|
|
|
13.5 |
|
OConnor and A&Q |
|
|
1.3 |
|
|
|
2.2 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
3.5 |
|
|
|
3.2 |
|
Global real estate |
|
|
1.3 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
1.8 |
|
|
|
1.0 |
|
Infrastructure and private equity |
|
|
0.1 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net new money |
|
|
9.0 |
|
|
|
5.1 |
|
|
|
8.0 |
|
|
|
|
|
|
|
|
|
|
|
14.1 |
|
|
|
17.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new money excluding money market flows |
|
|
8.3 |
|
|
|
7.5 |
|
|
|
11.6 |
|
|
|
|
|
|
|
|
|
|
|
15.8 |
|
|
|
24.6 |
|
of which: from third parties |
|
|
5.3 |
|
|
|
2.5 |
|
|
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
7.8 |
|
|
|
17.7 |
|
of which: from UBSs wealth management businesses |
|
|
3.0 |
|
|
|
5.1 |
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
8.0 |
|
|
|
6.9 |
|
Money market flows |
|
|
0.7 |
|
|
|
(2.4 |
) |
|
|
(3.6 |
) |
|
|
|
|
|
|
|
|
|
|
(1.7 |
) |
|
|
(7.0 |
) |
of which: from third parties |
|
|
1.7 |
|
|
|
(1.2 |
) |
|
|
(0.4 |
) |
|
|
|
|
|
|
|
|
|
|
0.5 |
|
|
|
(1.1 |
) |
of which: from UBSs wealth management businesses |
|
|
(1.0 |
) |
|
|
(1.2 |
) |
|
|
(3.2 |
) |
|
|
|
|
|
|
|
|
|
|
(2.2 |
) |
|
|
(5.8 |
) |
Invested assets (CHF billion) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional investments |
|
|
557 |
|
|
|
568 |
|
|
|
540 |
|
|
|
(2 |
) |
|
|
3 |
|
|
|
557 |
|
|
|
540 |
|
OConnor and A&Q |
|
|
37 |
|
|
|
37 |
|
|
|
31 |
|
|
|
0 |
|
|
|
19 |
|
|
|
37 |
|
|
|
31 |
|
Global real estate |
|
|
47 |
|
|
|
47 |
|
|
|
41 |
|
|
|
0 |
|
|
|
15 |
|
|
|
47 |
|
|
|
41 |
|
Infrastructure and private equity |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
0 |
|
|
|
0 |
|
|
|
9 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total invested assets |
|
|
650 |
|
|
|
661 |
|
|
|
621 |
|
|
|
(2 |
) |
|
|
5 |
|
|
|
650 |
|
|
|
621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of which: excluding money market funds |
|
|
592 |
|
|
|
601 |
|
|
|
563 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
592 |
|
|
|
563 |
|
of which: money market funds |
|
|
58 |
|
|
|
60 |
|
|
|
58 |
|
|
|
(3 |
) |
|
|
0 |
|
|
|
58 |
|
|
|
58 |
|
|
|
|
|
|
|
|
|
Assets under administration by fund services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under administration (CHF billion)2 |
|
|
520 |
|
|
|
521 |
|
|
|
470 |
|
|
|
0 |
|
|
|
11 |
|
|
|
520 |
|
|
|
470 |
|
Net new assets under administration (CHF billion)3 |
|
|
11.6 |
|
|
|
5.8 |
|
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
17.3 |
|
|
|
25.0 |
|
Gross margin on assets under administration (bps) |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
0 |
|
|
|
0 |
|
|
|
4 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)4 |
|
|
1.6 |
|
|
|
1.7 |
|
|
|
1.7 |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
1.7 |
|
|
|
1.7 |
|
Return on attributed equity (%) |
|
|
32.5 |
|
|
|
39.5 |
|
|
|
24.7 |
|
|
|
|
|
|
|
|
|
|
|
36.2 |
|
|
|
26.8 |
|
Risk-weighted assets (fully applied, CHF billion)5 |
|
|
3.4 |
|
|
|
3.5 |
|
|
|
3.5 |
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
3.4 |
|
|
|
3.5 |
|
Risk-weighted assets (phase-in, CHF billion)5 |
|
|
3.4 |
|
|
|
3.5 |
|
|
|
3.6 |
|
|
|
(3 |
) |
|
|
(6 |
) |
|
|
3.4 |
|
|
|
3.6 |
|
Return on risk-weighted assets, gross (%)6 |
|
|
55.2 |
|
|
|
55.2 |
|
|
|
51.7 |
|
|
|
|
|
|
|
|
|
|
|
55.2 |
|
|
|
50.2 |
|
Leverage ratio denominator (phase-in, CHF billion)7 |
|
|
14.2 |
|
|
|
14.0 |
|
|
|
14.2 |
|
|
|
1 |
|
|
|
0 |
|
|
|
14.2 |
|
|
|
14.2 |
|
Goodwill and intangible assets (CHF billion) |
|
|
1.3 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
(7 |
) |
|
|
(7 |
) |
|
|
1.3 |
|
|
|
1.4 |
|
Personnel (full-time equivalents) |
|
|
2,434 |
|
|
|
2,369 |
|
|
|
2,260 |
|
|
|
3 |
|
|
|
8 |
|
|
|
2,434 |
|
|
|
2,260 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 19 of 37 |
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Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Net management fees include transaction fees, fund administration revenues (including net interest and trading income from lending activities and foreign exchange hedging as part of the fund services offering), gains or
losses from seed money and co-investments, funding costs and other items that are not performance fees. |
3 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
4 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. In the second quarter of 2014, the definition of the net new money growth key
performance indicator was amended. Refer to the Regulatory and legal developments and financial reporting changes section of our second quarter 2014 report for more information. |
5 |
This includes UBS and third-party fund assets, for which the fund services unit provides professional services, including fund set-up, accounting and reporting for traditional investment funds and alternative funds.
|
6 |
Inflows of assets under administration from new and existing funds less outflows from existing funds or fund exits. |
7 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
8 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
9 |
Based on phase-in Basel III risk-weighted assets. |
10 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 20 of 37 |
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Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Investment Bank1
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Corporate Client Solutions |
|
|
822 |
|
|
|
779 |
|
|
|
981 |
|
|
|
6 |
|
|
|
(16 |
) |
|
|
1,601 |
|
|
|
1,748 |
|
Advisory |
|
|
184 |
|
|
|
172 |
|
|
|
165 |
|
|
|
7 |
|
|
|
12 |
|
|
|
356 |
|
|
|
318 |
|
Equity Capital Markets |
|
|
337 |
|
|
|
306 |
|
|
|
349 |
|
|
|
10 |
|
|
|
(3 |
) |
|
|
643 |
|
|
|
545 |
|
Debt Capital Markets |
|
|
180 |
|
|
|
143 |
|
|
|
371 |
|
|
|
26 |
|
|
|
(51 |
) |
|
|
323 |
|
|
|
674 |
|
Financing Solutions |
|
|
106 |
|
|
|
119 |
|
|
|
113 |
|
|
|
(11 |
) |
|
|
(6 |
) |
|
|
225 |
|
|
|
239 |
|
Risk Management |
|
|
15 |
|
|
|
39 |
|
|
|
(17 |
) |
|
|
(62 |
) |
|
|
|
|
|
|
54 |
|
|
|
(28 |
) |
Investor Client Services |
|
|
1,540 |
|
|
|
1,877 |
|
|
|
1,293 |
|
|
|
(18 |
) |
|
|
19 |
|
|
|
3,417 |
|
|
|
2,725 |
|
Equities |
|
|
1,128 |
|
|
|
1,156 |
|
|
|
869 |
|
|
|
(2 |
) |
|
|
30 |
|
|
|
2,284 |
|
|
|
1,890 |
|
Foreign Exchange, Rates and Credit |
|
|
413 |
|
|
|
721 |
|
|
|
424 |
|
|
|
(43 |
) |
|
|
(3 |
) |
|
|
1,133 |
|
|
|
836 |
|
Income |
|
|
2,363 |
|
|
|
2,655 |
|
|
|
2,274 |
|
|
|
(11 |
) |
|
|
4 |
|
|
|
5,018 |
|
|
|
4,473 |
|
Credit loss (expense) / recovery |
|
|
(8 |
) |
|
|
2 |
|
|
|
(6 |
) |
|
|
|
|
|
|
33 |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
2,355 |
|
|
|
2,657 |
|
|
|
2,268 |
|
|
|
(11 |
) |
|
|
4 |
|
|
|
5,012 |
|
|
|
4,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
940 |
|
|
|
1,008 |
|
|
|
875 |
|
|
|
(7 |
) |
|
|
7 |
|
|
|
1,948 |
|
|
|
1,786 |
|
General and administrative expenses |
|
|
162 |
|
|
|
189 |
|
|
|
179 |
|
|
|
(14 |
) |
|
|
(9 |
) |
|
|
351 |
|
|
|
353 |
|
Services (to) / from other business divisions and Corporate Center |
|
|
685 |
|
|
|
681 |
|
|
|
641 |
|
|
|
1 |
|
|
|
7 |
|
|
|
1,366 |
|
|
|
1,305 |
|
of which: services from CC Services |
|
|
669 |
|
|
|
667 |
|
|
|
635 |
|
|
|
0 |
|
|
|
5 |
|
|
|
1,336 |
|
|
|
1,284 |
|
Depreciation and impairment of property, equipment and software |
|
|
6 |
|
|
|
6 |
|
|
|
6 |
|
|
|
0 |
|
|
|
0 |
|
|
|
13 |
|
|
|
20 |
|
Amortization and impairment of intangible assets |
|
|
11 |
|
|
|
7 |
|
|
|
3 |
|
|
|
57 |
|
|
|
267 |
|
|
|
18 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses2 |
|
|
1,804 |
|
|
|
1,891 |
|
|
|
1,704 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
3,695 |
|
|
|
3,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business division operating profit / (loss) before tax |
|
|
551 |
|
|
|
766 |
|
|
|
564 |
|
|
|
(28 |
) |
|
|
(2 |
) |
|
|
1,317 |
|
|
|
999 |
|
|
|
|
|
|
|
|
|
Key performance indicators3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit growth (%) |
|
|
(28.1 |
) |
|
|
253.0 |
|
|
|
29.7 |
|
|
|
|
|
|
|
|
|
|
|
31.8 |
|
|
|
(39.3 |
) |
Cost / income ratio (%) |
|
|
76.3 |
|
|
|
71.2 |
|
|
|
74.9 |
|
|
|
|
|
|
|
|
|
|
|
73.6 |
|
|
|
77.6 |
|
Return on attributed equity (%) |
|
|
30.2 |
|
|
|
42.0 |
|
|
|
30.5 |
|
|
|
|
|
|
|
|
|
|
|
36.1 |
|
|
|
26.1 |
|
Return on assets, gross (%) |
|
|
3.3 |
|
|
|
3.6 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
3.5 |
|
|
|
3.7 |
|
Average VaR (1-day, 95% confidence, 5 years of historical data) |
|
|
11 |
|
|
|
13 |
|
|
|
11 |
|
|
|
(15 |
) |
|
|
0 |
|
|
|
12 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (CHF billion)2 |
|
|
263.8 |
|
|
|
303.2 |
|
|
|
244.8 |
|
|
|
(13 |
) |
|
|
8 |
|
|
|
263.8 |
|
|
|
244.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded assets (CHF billion)3 |
|
|
176.2 |
|
|
|
174.6 |
|
|
|
181.9 |
|
|
|
1 |
|
|
|
(3 |
) |
|
|
176.2 |
|
|
|
181.9 |
|
Average attributed equity (CHF billion)4 |
|
|
7.3 |
|
|
|
7.3 |
|
|
|
7.4 |
|
|
|
0 |
|
|
|
(1 |
) |
|
|
7.3 |
|
|
|
7.7 |
|
Risk-weighted assets (fully applied, CHF billion)5 |
|
|
63.3 |
|
|
|
64.1 |
|
|
|
68.0 |
|
|
|
(1 |
) |
|
|
(7 |
) |
|
|
63.3 |
|
|
|
68.0 |
|
Risk-weighted assets (phase-in, CHF billion)5 |
|
|
63.3 |
|
|
|
64.2 |
|
|
|
68.3 |
|
|
|
(1 |
) |
|
|
(7 |
) |
|
|
63.3 |
|
|
|
68.3 |
|
Return on risk-weighted assets, gross (%)6 |
|
|
14.8 |
|
|
|
16.2 |
|
|
|
13.9 |
|
|
|
|
|
|
|
|
|
|
|
15.5 |
|
|
|
14.0 |
|
Leverage ratio denominator (phase-in, CHF billion)7 |
|
|
289.9 |
|
|
|
294.2 |
|
|
|
278.2 |
|
|
|
(1 |
) |
|
|
4 |
|
|
|
289.9 |
|
|
|
278.2 |
|
Goodwill and intangible assets (CHF billion) |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Compensation ratio (%) |
|
|
39.8 |
|
|
|
38.0 |
|
|
|
38.5 |
|
|
|
|
|
|
|
|
|
|
|
38.8 |
|
|
|
39.9 |
|
Impaired loan portfolio as a % of total loan portfolio, gross (%)8 |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
0.2 |
|
|
|
0.3 |
|
Personnel (full-time equivalents) |
|
|
5,192 |
|
|
|
5,276 |
|
|
|
5,167 |
|
|
|
(2 |
) |
|
|
0 |
|
|
|
5,192 |
|
|
|
5,167 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
3 |
Refer to the Measurement of performance section of our Annual Report 2014 for the definitions of our key performance indicators. |
4 |
Based on third-party view, i.e., without intercompany balances. |
5 |
Funded assets are defined as total IFRS balance sheet assets less positive replacement values (PRV) and collateral delivered against over-the-counter (OTC) derivatives. |
6 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
7 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
8 |
Based on phase-in Basel III risk-weighted assets. |
9 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
10 |
Refer to the Risk management and control section of this report for more information on impairment ratios. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 21 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Corporate Center1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Total operating income |
|
|
131 |
|
|
|
646 |
|
|
|
(129 |
) |
|
|
(80 |
) |
|
|
|
|
|
|
778 |
|
|
|
(59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
1,011 |
|
|
|
988 |
|
|
|
941 |
|
|
|
2 |
|
|
|
7 |
|
|
|
1,999 |
|
|
|
1,977 |
|
General and administrative expenses |
|
|
1,081 |
|
|
|
1,185 |
|
|
|
943 |
|
|
|
(9 |
) |
|
|
15 |
|
|
|
2,266 |
|
|
|
2,008 |
|
Services (to) / from business divisions |
|
|
(1,895 |
) |
|
|
(1,882 |
) |
|
|
(1,829 |
) |
|
|
1 |
|
|
|
4 |
|
|
|
(3,776 |
) |
|
|
(3,630 |
) |
Depreciation and impairment of property, equipment and software |
|
|
196 |
|
|
|
207 |
|
|
|
185 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
403 |
|
|
|
365 |
|
Amortization and impairment of intangible assets |
|
|
5 |
|
|
|
5 |
|
|
|
2 |
|
|
|
0 |
|
|
|
150 |
|
|
|
11 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses2 |
|
|
399 |
|
|
|
504 |
|
|
|
242 |
|
|
|
(21 |
) |
|
|
65 |
|
|
|
903 |
|
|
|
723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
(267 |
) |
|
|
142 |
|
|
|
(371 |
) |
|
|
|
|
|
|
(28 |
) |
|
|
(125 |
) |
|
|
(782 |
) |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)3 |
|
|
25.9 |
|
|
|
26.1 |
|
|
|
20.5 |
|
|
|
(1 |
) |
|
|
26 |
|
|
|
26.0 |
|
|
|
20.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (CHF billion)4 |
|
|
351.0 |
|
|
|
407.2 |
|
|
|
414.9 |
|
|
|
(14 |
) |
|
|
(15 |
) |
|
|
351.0 |
|
|
|
414.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied, CHF billion)5 |
|
|
61.1 |
|
|
|
66.8 |
|
|
|
76.7 |
|
|
|
(9 |
) |
|
|
(20 |
) |
|
|
61.1 |
|
|
|
76.7 |
|
Risk-weighted assets (phase-in, CHF billion)5 |
|
|
63.4 |
|
|
|
68.1 |
|
|
|
77.5 |
|
|
|
(7 |
) |
|
|
(18 |
) |
|
|
63.4 |
|
|
|
77.5 |
|
Leverage ratio denominator (phase-in, CHF billion)6 |
|
|
296.1 |
|
|
|
319.9 |
|
|
|
344.0 |
|
|
|
(7 |
) |
|
|
(14 |
) |
|
|
296.1 |
|
|
|
344.0 |
|
Personnel (full-time equivalents) |
|
|
23,443 |
|
|
|
23,670 |
|
|
|
23,649 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
23,443 |
|
|
|
23,649 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to the retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
3 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
4 |
Based on third-party view, i.e., without intercompany balances. |
5 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
6 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 22 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Corporate Center Services1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Total operating income |
|
|
(41 |
) |
|
|
374 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
333 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
965 |
|
|
|
950 |
|
|
|
903 |
|
|
|
2 |
|
|
|
7 |
|
|
|
1,915 |
|
|
|
1,898 |
|
General and administrative expenses |
|
|
1,027 |
|
|
|
1,139 |
|
|
|
841 |
|
|
|
(10 |
) |
|
|
22 |
|
|
|
2,166 |
|
|
|
1,818 |
|
Depreciation and impairment of property, equipment and software |
|
|
196 |
|
|
|
207 |
|
|
|
185 |
|
|
|
(5 |
) |
|
|
6 |
|
|
|
403 |
|
|
|
365 |
|
Amortization and impairment of intangible assets |
|
|
5 |
|
|
|
5 |
|
|
|
1 |
|
|
|
0 |
|
|
|
400 |
|
|
|
11 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses before allocations to business divisions and other CC units |
|
|
2,194 |
|
|
|
2,301 |
|
|
|
1,930 |
|
|
|
(5 |
) |
|
|
14 |
|
|
|
4,495 |
|
|
|
4,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services (to) / from business divisions and other CC units |
|
|
(1,982 |
) |
|
|
(1,964 |
) |
|
|
(1,935 |
) |
|
|
1 |
|
|
|
2 |
|
|
|
(3,946 |
) |
|
|
(3,854 |
) |
of which: services to Wealth Management |
|
|
(519 |
) |
|
|
(508 |
) |
|
|
(522 |
) |
|
|
2 |
|
|
|
(1 |
) |
|
|
(1,027 |
) |
|
|
(1,008 |
) |
of which: services to Wealth Management Americas |
|
|
(293 |
) |
|
|
(289 |
) |
|
|
(269 |
) |
|
|
1 |
|
|
|
9 |
|
|
|
(583 |
) |
|
|
(528 |
) |
of which: services to Retail & Corporate |
|
|
(292 |
) |
|
|
(292 |
) |
|
|
(293 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(584 |
) |
|
|
(581 |
) |
of which: services to Global Asset Management |
|
|
(118 |
) |
|
|
(123 |
) |
|
|
(115 |
) |
|
|
(4 |
) |
|
|
3 |
|
|
|
(241 |
) |
|
|
(231 |
) |
of which: services to Investment Bank |
|
|
(669 |
) |
|
|
(667 |
) |
|
|
(635 |
) |
|
|
0 |
|
|
|
5 |
|
|
|
(1,336 |
) |
|
|
(1,284 |
) |
of which: services to CC Group ALM |
|
|
(19 |
) |
|
|
(14 |
) |
|
|
(20 |
) |
|
|
36 |
|
|
|
(5 |
) |
|
|
(34 |
) |
|
|
(40 |
) |
of which: services to CC Non-core and Legacy Portfolio |
|
|
(79 |
) |
|
|
(80 |
) |
|
|
(87 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(159 |
) |
|
|
(193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses2 |
|
|
212 |
|
|
|
337 |
|
|
|
(5 |
) |
|
|
(37 |
) |
|
|
|
|
|
|
549 |
|
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
(253 |
) |
|
|
37 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
(217 |
) |
|
|
(215 |
) |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)3 |
|
|
1.5 |
|
|
|
1.2 |
|
|
|
1.0 |
|
|
|
25 |
|
|
|
50 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (CHF billion)4 |
|
|
19.3 |
|
|
|
19.5 |
|
|
|
17.3 |
|
|
|
(1 |
) |
|
|
12 |
|
|
|
19.3 |
|
|
|
17.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied, CHF billion)5 |
|
|
20.3 |
|
|
|
23.2 |
|
|
|
17.9 |
|
|
|
(13 |
) |
|
|
13 |
|
|
|
20.3 |
|
|
|
17.9 |
|
Risk-weighted assets (phase-in, CHF billion)5 |
|
|
22.6 |
|
|
|
24.5 |
|
|
|
18.7 |
|
|
|
(8 |
) |
|
|
21 |
|
|
|
22.6 |
|
|
|
18.7 |
|
Leverage ratio denominator (phase-in, CHF billion)6 |
|
|
9.5 |
|
|
|
4.3 |
|
|
|
5.4 |
|
|
|
121 |
|
|
|
76 |
|
|
|
9.5 |
|
|
|
5.4 |
|
Personnel (full-time equivalents) |
|
|
23,221 |
|
|
|
23,424 |
|
|
|
23,368 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
23,221 |
|
|
|
23,368 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
3 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
4 |
Based on third-party view, i.e., without intercompany balances. |
5 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
6 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 23 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Corporate Center Group ALM1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Gross income excluding own credit |
|
|
70 |
|
|
|
376 |
|
|
|
205 |
|
|
|
(81 |
) |
|
|
(66 |
) |
|
|
445 |
|
|
|
372 |
|
Allocations to business divisions and other CC units |
|
|
(191 |
) |
|
|
(289 |
) |
|
|
(243 |
) |
|
|
(34 |
) |
|
|
(21 |
) |
|
|
(480 |
) |
|
|
(449 |
) |
of which: Wealth Management |
|
|
(105 |
) |
|
|
(131 |
) |
|
|
(105 |
) |
|
|
(20 |
) |
|
|
0 |
|
|
|
(236 |
) |
|
|
(202 |
) |
of which: Wealth Management Americas |
|
|
(29 |
) |
|
|
(23 |
) |
|
|
(27 |
) |
|
|
26 |
|
|
|
7 |
|
|
|
(52 |
) |
|
|
(54 |
) |
of which: Retail & Corporate |
|
|
(88 |
) |
|
|
(122 |
) |
|
|
(107 |
) |
|
|
(28 |
) |
|
|
(18 |
) |
|
|
(210 |
) |
|
|
(196 |
) |
of which: Global Asset Management |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(20 |
) |
|
|
(43 |
) |
|
|
(9 |
) |
|
|
(12 |
) |
of which: Investment Bank |
|
|
52 |
|
|
|
34 |
|
|
|
31 |
|
|
|
53 |
|
|
|
68 |
|
|
|
86 |
|
|
|
67 |
|
of which: CC Services |
|
|
(31 |
) |
|
|
(54 |
) |
|
|
(52 |
) |
|
|
(43 |
) |
|
|
(40 |
) |
|
|
(86 |
) |
|
|
(105 |
) |
of which: CC Non-core and Legacy Portfolio |
|
|
15 |
|
|
|
12 |
|
|
|
24 |
|
|
|
25 |
|
|
|
(38 |
) |
|
|
27 |
|
|
|
52 |
|
Own credit2 |
|
|
259 |
|
|
|
226 |
|
|
|
72 |
|
|
|
15 |
|
|
|
260 |
|
|
|
486 |
|
|
|
160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
138 |
|
|
|
313 |
|
|
|
33 |
|
|
|
(56 |
) |
|
|
318 |
|
|
|
451 |
|
|
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
7 |
|
|
|
8 |
|
|
|
7 |
|
|
|
(13 |
) |
|
|
0 |
|
|
|
15 |
|
|
|
10 |
|
General and administrative expenses |
|
|
4 |
|
|
|
4 |
|
|
|
7 |
|
|
|
0 |
|
|
|
(43 |
) |
|
|
8 |
|
|
|
9 |
|
Depreciation and impairment of property, equipment and software |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
Amortization and impairment of intangible assets |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
Services (to) / from business divisions and other CC units |
|
|
(5 |
) |
|
|
(15 |
) |
|
|
(11 |
) |
|
|
(67 |
) |
|
|
(55 |
) |
|
|
(20 |
) |
|
|
(24 |
) |
of which: Wealth Management |
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(4 |
) |
|
|
(25 |
) |
|
|
50 |
|
|
|
(13 |
) |
|
|
(9 |
) |
of which: Wealth Management Americas |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
(3 |
) |
of which: Retail & Corporate |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(2 |
) |
|
|
(25 |
) |
|
|
50 |
|
|
|
(7 |
) |
|
|
(4 |
) |
of which: Global Asset Management |
|
|
0 |
|
|
|
0 |
|
|
|
(1 |
) |
|
|
|
|
|
|
(100 |
) |
|
|
0 |
|
|
|
(1 |
) |
of which: Investment Bank |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(13 |
) |
|
|
(18 |
) |
|
|
(31 |
) |
|
|
(20 |
) |
|
|
(27 |
) |
of which: CC Services |
|
|
19 |
|
|
|
14 |
|
|
|
20 |
|
|
|
36 |
|
|
|
(5 |
) |
|
|
34 |
|
|
|
40 |
|
of which: CC Non-core and Legacy Portfolio |
|
|
(5 |
) |
|
|
(6 |
) |
|
|
(10 |
) |
|
|
(17 |
) |
|
|
(50 |
) |
|
|
(11 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses3 |
|
|
7 |
|
|
|
(4 |
) |
|
|
3 |
|
|
|
|
|
|
|
133 |
|
|
|
2 |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
132 |
|
|
|
317 |
|
|
|
31 |
|
|
|
(58 |
) |
|
|
326 |
|
|
|
449 |
|
|
|
88 |
|
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)4 |
|
|
3.3 |
|
|
|
3.4 |
|
|
|
3.3 |
|
|
|
(3 |
) |
|
|
0 |
|
|
|
3.4 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (CHF billion)5 |
|
|
218.3 |
|
|
|
227.6 |
|
|
|
213.7 |
|
|
|
(4 |
) |
|
|
2 |
|
|
|
218.3 |
|
|
|
213.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied, CHF billion)6 |
|
|
9.2 |
|
|
|
7.9 |
|
|
|
6.9 |
|
|
|
16 |
|
|
|
33 |
|
|
|
9.2 |
|
|
|
6.9 |
|
Risk-weighted assets (phase-in, CHF billion)6 |
|
|
9.2 |
|
|
|
7.9 |
|
|
|
6.9 |
|
|
|
16 |
|
|
|
33 |
|
|
|
9.2 |
|
|
|
6.9 |
|
Leverage ratio denominator (phase-in, CHF billion)7 |
|
|
216.2 |
|
|
|
231.4 |
|
|
|
217.7 |
|
|
|
(7 |
) |
|
|
(1 |
) |
|
|
216.2 |
|
|
|
217.7 |
|
Personnel (full-time equivalents) |
|
|
122 |
|
|
|
122 |
|
|
|
121 |
|
|
|
0 |
|
|
|
1 |
|
|
|
122 |
|
|
|
121 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Represents own credit changes on financial liabilities designated at fair value through profit or loss. The cumulative own credit gain for such debt held on 30 June 2015 amounts to CHF 0.2 billion. This gain has
reduced the fair value of financial liabilities designated at fair value recognized on our balance sheet. Refer to Note 10 Fair value measurement in the Financial information section of this report for more information.
|
3 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
4 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
5 |
Based on third-party view, i.e., without intercompany balances. |
6 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
7 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 24 of 37 |
|
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Investor Relations |
|
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|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Corporate Center Non-core and Legacy
Portfolio1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
Year-to-date |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
Income |
|
|
35 |
|
|
|
(43 |
) |
|
|
(166 |
) |
|
|
|
|
|
|
|
|
|
|
(8 |
) |
|
|
(154 |
) |
Credit loss (expense) / recovery2 |
|
|
0 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
(100 |
) |
|
|
(100 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
35 |
|
|
|
(41 |
) |
|
|
(168 |
) |
|
|
|
|
|
|
|
|
|
|
(6 |
) |
|
|
(156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
38 |
|
|
|
31 |
|
|
|
32 |
|
|
|
23 |
|
|
|
19 |
|
|
|
69 |
|
|
|
69 |
|
General and administrative expenses |
|
|
50 |
|
|
|
42 |
|
|
|
95 |
|
|
|
19 |
|
|
|
(47 |
) |
|
|
92 |
|
|
|
180 |
|
Services (to) / from business divisions and other CC units |
|
|
92 |
|
|
|
97 |
|
|
|
118 |
|
|
|
(5 |
) |
|
|
(22 |
) |
|
|
190 |
|
|
|
248 |
|
of which: services from CC Services |
|
|
79 |
|
|
|
80 |
|
|
|
87 |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
159 |
|
|
|
193 |
|
Depreciation and impairment of property, equipment and software |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
Amortization and impairment of intangible assets |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses3 |
|
|
180 |
|
|
|
171 |
|
|
|
245 |
|
|
|
5 |
|
|
|
(27 |
) |
|
|
351 |
|
|
|
499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
(145 |
) |
|
|
(212 |
) |
|
|
(412 |
) |
|
|
(32 |
) |
|
|
(65 |
) |
|
|
(357 |
) |
|
|
(654 |
) |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average attributed equity (CHF billion)4 |
|
|
2.9 |
|
|
|
3.3 |
|
|
|
5.1 |
|
|
|
(12 |
) |
|
|
(43 |
) |
|
|
3.1 |
|
|
|
5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (CHF billion)5 |
|
|
113.4 |
|
|
|
160.1 |
|
|
|
183.9 |
|
|
|
(29 |
) |
|
|
(38 |
) |
|
|
113.4 |
|
|
|
183.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied, CHF billion)6 |
|
|
31.6 |
|
|
|
35.7 |
|
|
|
51.9 |
|
|
|
(11 |
) |
|
|
(39 |
) |
|
|
31.6 |
|
|
|
51.9 |
|
Risk-weighted assets (phase-in, CHF billion)6 |
|
|
31.6 |
|
|
|
35.7 |
|
|
|
51.9 |
|
|
|
(11 |
) |
|
|
(39 |
) |
|
|
31.6 |
|
|
|
51.9 |
|
Leverage ratio denominator (phase-in, CHF billion)7 |
|
|
70.4 |
|
|
|
84.2 |
|
|
|
120.8 |
|
|
|
(16 |
) |
|
|
(42 |
) |
|
|
70.4 |
|
|
|
120.8 |
|
Personnel (full-time equivalents) |
|
|
101 |
|
|
|
125 |
|
|
|
160 |
|
|
|
(19 |
) |
|
|
(37 |
) |
|
|
101 |
|
|
|
160 |
|
1 |
Comparative figures in this table may differ from those originally published in quarterly and annual reports due to adjustments following organizational changes, and restatements due to retrospective adoption of new
accounting standards or changes in accounting policies. |
2 |
Includes credit loss (expense) / recovery on reclassified and acquired securities. |
3 |
Refer to Note 18 Changes in organization and disposals in the Financial information section of this report for information on restructuring charges. |
4 |
Refer to the Capital management section of our Annual Report 2014 for more information on the equity attribution framework. |
5 |
Based on third-party view, i.e., without intercompany balances. |
6 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
7 |
In accordance with Swiss SRB rules. Refer to the Capital management section of this report for more information. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 25 of 37 |
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|
Investor Relations |
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|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Risk measures and performance
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
30.6.15 |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services |
|
|
CC Group ALM |
|
|
CC Non-core and Legacy Portfolio |
|
CHF billion, as of or for the quarter ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied)1 |
|
|
25.8 |
|
|
|
21.5 |
|
|
|
34.7 |
|
|
|
3.4 |
|
|
|
63.3 |
|
|
|
20.3 |
|
|
|
9.2 |
|
|
|
31.6 |
|
of which: credit risk |
|
|
12.8 |
|
|
|
7.8 |
|
|
|
33.1 |
|
|
|
2.4 |
|
|
|
35.3 |
|
|
|
1.6 |
|
|
|
5.5 |
|
|
|
8.8 |
|
of which: market risk |
|
|
0.0 |
|
|
|
1.3 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
10.7 |
|
|
|
(5.6 |
)2 |
|
|
3.5 |
|
|
|
2.8 |
|
of which: operational risk |
|
|
12.9 |
|
|
|
12.3 |
|
|
|
1.6 |
|
|
|
0.9 |
|
|
|
17.3 |
|
|
|
9.5 |
|
|
|
0.1 |
|
|
|
20.0 |
|
Leverage ratio denominator (fully applied)3 |
|
|
129.7 |
|
|
|
56.8 |
|
|
|
162.4 |
|
|
|
14.2 |
|
|
|
289.9 |
|
|
|
4.8 |
|
|
|
216.2 |
|
|
|
70.4 |
|
Risk-based capital4, 5 |
|
|
1.3 |
|
|
|
1.2 |
|
|
|
3.3 |
|
|
|
0.4 |
|
|
|
7.4 |
|
|
|
2.0 |
|
|
|
4.2 |
|
|
|
2.9 |
|
Average tangible attributed equity6 |
|
|
2.7 |
|
|
|
1.8 |
|
|
|
3.9 |
|
|
|
0.4 |
|
|
|
7.2 |
|
|
|
1.5 |
|
|
|
3.2 |
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
124.6 |
|
|
|
55.3 |
|
|
|
141.3 |
|
|
|
14.2 |
|
|
|
263.8 |
|
|
|
19.3 |
|
|
|
218.3 |
|
|
|
113.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax (adjusted)7 |
|
|
0.8 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
0.6 |
|
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.3.15 |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services |
|
|
CC Group ALM |
|
|
CC Non-core and Legacy Portfolio |
|
CHF billion, as of or for the quarter ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (fully applied)1 |
|
|
25.7 |
|
|
|
21.8 |
|
|
|
34.6 |
|
|
|
3.5 |
|
|
|
64.1 |
|
|
|
23.2 |
|
|
|
7.9 |
|
|
|
35.7 |
|
of which: credit risk |
|
|
12.6 |
|
|
|
8.4 |
|
|
|
33.0 |
|
|
|
2.5 |
|
|
|
33.9 |
|
|
|
1.2 |
|
|
|
4.6 |
|
|
|
11.7 |
|
of which: market risk |
|
|
0.0 |
|
|
|
1.1 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
11.6 |
|
|
|
(4.7 |
)2 |
|
|
3.2 |
|
|
|
3.9 |
|
of which: operational risk |
|
|
12.9 |
|
|
|
12.3 |
|
|
|
1.5 |
|
|
|
0.9 |
|
|
|
18.5 |
|
|
|
12.4 |
|
|
|
0.1 |
|
|
|
20.1 |
|
Leverage ratio denominator (fully applied)3 |
|
|
134.2 |
|
|
|
56.3 |
|
|
|
163.7 |
|
|
|
14.0 |
|
|
|
294.2 |
|
|
|
(1.0 |
) |
|
|
231.4 |
|
|
|
84.2 |
|
Risk-based capital4, 5 |
|
|
1.4 |
|
|
|
1.3 |
|
|
|
3.3 |
|
|
|
0.3 |
|
|
|
6.6 |
|
|
|
1.3 |
|
|
|
5.0 |
|
|
|
3.2 |
|
Average tangible attributed equity6 |
|
|
2.8 |
|
|
|
1.8 |
|
|
|
4.0 |
|
|
|
0.4 |
|
|
|
7.1 |
|
|
|
1.2 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
125.5 |
|
|
|
55.7 |
|
|
|
143.3 |
|
|
|
14.1 |
|
|
|
303.2 |
|
|
|
19.5 |
|
|
|
227.6 |
|
|
|
160.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax (adjusted)7 |
|
|
0.9 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.8 |
|
|
|
(0.2 |
) |
|
|
0.1 |
|
|
|
(0.2 |
) |
1 |
Based on the Basel III framework as applicable for Swiss systemically relevant banks (SRB). Refer to the Capital management section of this report for more information. |
2 |
Negative market risk numbers are due to the diversification effect allocated to CC Services. |
3 |
Refer to the Capital management section of this report for more information. |
4 |
Refer to Statistical measures in the Risk management and control section of our Annual Report 2014 for more information on risk-based capital. |
5 |
Excludes CHF 8.2 billion (31 March 2015: CHF 7.9 billion) of centrally-held RBC items in the Corporate Center. For equity attribution, these RBC items are not allocated to the business divisions or Corporate Center
units. |
6 |
Excludes CHF 14.6 billion (31 March 2015: CHF 14.5 billion) of centrally-held average tangible equity attribution items within the Corporate Center relating to common equity not allocated to the business divisions or
Corporate Center units. Refer to the Capital management section of this report for more information on our equity attribution framework. |
7 |
Adjusted results are non-GAAP financial measures as defined by SEC Regulations. Refer to the table Adjusted results in the Group performance section of this report for more information.
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 26 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Swiss SRB Basel III available capital versus capital requirements (phase-in)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital ratio (%) |
|
|
Capital |
|
CHF million, except where indicated |
|
Requirement1 |
|
|
Actual2,3 |
|
|
Requirement |
|
|
Actual2,3 |
|
|
|
|
30.6.15 |
|
|
|
30.6.15 |
|
|
|
31.3.15 |
|
|
|
31.12.14 |
|
|
|
30.6.15 |
|
|
|
30.6.15 |
|
|
|
31.3.15 |
|
|
|
31.12.14 |
|
Base capital (common equity tier 1 capital) |
|
|
4.5 |
|
|
|
4.5 |
|
|
|
4.5 |
|
|
|
4.0 |
|
|
|
9,544 |
|
|
|
9,544 |
|
|
|
9,871 |
|
|
|
8,835 |
|
Buffer capital (common equity tier 1 capital and high-trigger loss-absorbing capital) |
|
|
5.3 |
4 |
|
|
15.0 |
|
|
|
15.3 |
|
|
|
15.4 |
|
|
|
11,233 |
|
|
|
31,711 |
|
|
|
33,528 |
|
|
|
34,027 |
|
of which: effect of countercyclical buffer |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
364 |
|
|
|
364 |
|
|
|
369 |
|
|
|
322 |
|
Progressive buffer capital (low-trigger loss-absorbing capital) |
|
|
2.8 |
|
|
|
4.7 |
|
|
|
5.2 |
|
|
|
5.2 |
|
|
|
6,005 |
|
|
|
9,869 |
|
|
|
11,377 |
|
|
|
11,398 |
|
Phase-out capital (tier 2 capital) |
|
|
|
|
|
|
0.8 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
|
|
|
|
1,798 |
|
|
|
1,976 |
|
|
|
2,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
12.6 |
|
|
|
25.0 |
|
|
|
25.9 |
|
|
|
25.5 |
|
|
|
26,782 |
|
|
|
52,923 |
|
|
|
56,752 |
|
|
|
56,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The total capital ratio requirement of 12.6% is the current phase-in requirement according to the Swiss Capital Adequacy Ordinance. Prior to the implementation of the Basel III framework, FINMA also defined a total
capital ratio target for UBS Group of 14.4% which will be effective until it is exceeded by the Swiss SRB Basel III phase-in capital requirement. |
2 |
Swiss SRB Basel III CET1 capital exceeding the base capital requirement is allocated to the buffer capital. |
3 |
Since 31 March 2015, high-trigger loss-absorbing capital (LAC) is included in the buffer capital. As of 31 December 2014, high-trigger LAC was included in the progressive buffer capital.
|
4 |
CET1 capital can be substituted by high-trigger LAC up to 2.3% in 2015. |
Swiss SRB Basel III capital
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phase-in |
|
|
Fully applied |
|
CHF million, except where indicated |
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
Tier 1 capital |
|
|
40,593 |
|
|
|
43,801 |
|
|
|
42,863 |
|
|
|
34,042 |
|
|
|
33,515 |
|
|
|
29,408 |
|
of which: common equity tier 1 capital |
|
|
38,706 |
|
|
|
40,779 |
|
|
|
42,863 |
|
|
|
30,265 |
|
|
|
29,566 |
|
|
|
28,941 |
|
of which: additional tier 1 capital (high-trigger loss-absorbing capital) |
|
|
1,631 |
|
|
|
1,684 |
|
|
|
0 |
|
|
|
1,631 |
|
|
|
1,684 |
|
|
|
467 |
|
of which: additional tier 1 capital (low-trigger loss-absorbing
capital)1 |
|
|
256 |
|
|
|
1,339 |
|
|
|
0 |
|
|
|
2,145 |
|
|
|
2,266 |
|
|
|
0 |
|
Tier 2 capital |
|
|
12,329 |
|
|
|
12,950 |
|
|
|
13,448 |
|
|
|
10,531 |
|
|
|
10,975 |
|
|
|
11,398 |
|
of which: high-trigger loss-absorbing capital |
|
|
918 |
|
|
|
936 |
|
|
|
946 |
|
|
|
918 |
|
|
|
936 |
|
|
|
946 |
|
of which: low-trigger loss-absorbing capital |
|
|
9,613 |
|
|
|
10,038 |
|
|
|
10,451 |
|
|
|
9,613 |
|
|
|
10,038 |
|
|
|
10,451 |
|
of which: phase-out capital |
|
|
1,798 |
|
|
|
1,976 |
|
|
|
2,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital |
|
|
52,923 |
|
|
|
56,752 |
|
|
|
56,310 |
|
|
|
44,573 |
|
|
|
44,490 |
|
|
|
40,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio (%) |
|
|
18.2 |
|
|
|
18.6 |
|
|
|
19.4 |
|
|
|
14.4 |
|
|
|
13.7 |
|
|
|
13.4 |
|
Tier 1 capital ratio (%) |
|
|
19.1 |
|
|
|
20.0 |
|
|
|
19.4 |
|
|
|
16.2 |
|
|
|
15.5 |
|
|
|
13.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital ratio (%) |
|
|
25.0 |
|
|
|
25.9 |
|
|
|
25.5 |
|
|
|
21.2 |
|
|
|
20.6 |
|
|
|
18.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets |
|
|
212,088 |
|
|
|
219,358 |
|
|
|
220,877 |
|
|
|
209,777 |
|
|
|
216,385 |
|
|
|
216,462 |
|
1 |
Consists on a phase-in basis of low-trigger loss-absorbing capital (30 June 2015: CHF 2,145 million, 31 March 2015: CHF 2,266 million, 31 December 2014: CHF 0 million) and hybrid capital subject to
phase-out (30 June 2015: CHF 1,840 million, 31 March 2015: CHF 2,929 million, 31 December 2014: CHF 3,210 million), partly offset by required deductions for goodwill (30 June 2015: CHF 3,729 million, 31 March 2015: CHF
3,855 million, 31 December 2014: CHF 3,677 million). |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 27 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Swiss SRB Basel III capital movement
|
|
|
|
|
|
|
|
|
CHF billion |
|
Phase-in |
|
|
Fully applied |
|
Common equity tier 1 capital as of 31.3.15 |
|
|
40.8 |
|
|
|
29.6 |
|
Movements during the second quarter of 2015: |
|
|
|
|
|
|
|
|
Operating profit / (loss) before tax |
|
|
1.7 |
|
|
|
1.7 |
|
Own credit related to financial liabilites designated at fair value and replacement value, net of tax |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Current tax effect |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Transitional effect of the accelerated application of IAS 19R treatment of defined benefit plans as of 1.4.152 |
|
|
(1.8 |
) |
|
|
|
|
Defined benefit plans |
|
|
(0.1 |
) |
|
|
0.3 |
|
Foreign currency translation effects |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
Other1 |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
Total movement |
|
|
(2.1 |
) |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital as of 30.6.15 |
|
|
38.7 |
|
|
|
30.3 |
|
Additional tier 1 capital as of 31.3.15 |
|
|
3.0 |
|
|
|
3.9 |
|
Movements during the second quarter of 2015: |
|
|
|
|
|
|
|
|
Call of a hybrid capital instrument |
|
|
(1.0 |
) |
|
|
|
|
Foreign currency translation effects and other |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
Total movement |
|
|
(1.1 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
Additional tier 1 capital as of 30.6.15 |
|
|
1.9 |
|
|
|
3.8 |
|
Tier 2 capital as of 31.3.2015 |
|
|
13.0 |
|
|
|
11.0 |
|
Movements during the second quarter of 2015: |
|
|
|
|
|
|
|
|
Foreign currency translation effects and other |
|
|
(0.7 |
) |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
Total movement |
|
|
(0.7 |
) |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
Tier 2 capital as of 30.6.15 |
|
|
12.3 |
|
|
|
10.5 |
|
|
|
|
|
|
|
|
|
|
Total capital as of 30.6.15 |
|
|
52.9 |
|
|
|
44.6 |
|
|
|
|
|
|
|
|
|
|
Total capital as of 31.3.15 |
|
|
56.8 |
|
|
|
44.5 |
|
|
|
|
|
|
|
|
|
|
1 |
Includes accruals for capital returns to shareholders. |
2 |
Includes effects related to deferred tax assets recognized for tax loss carry-forwards. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 28 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Reconciliation IFRS equity to Swiss SRB Basel III capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phase-in |
|
|
Fully applied |
|
CHF million |
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
Equity attributable to UBS Group AG shareholders |
|
|
50,211 |
|
|
|
52,359 |
|
|
|
50,608 |
|
|
|
50,211 |
|
|
|
52,359 |
|
|
|
50,608 |
|
Equity attributable to non-controlling interests in UBS AG |
|
|
1,164 |
|
|
|
1,370 |
|
|
|
1,702 |
|
|
|
1,164 |
|
|
|
1,370 |
|
|
|
1,702 |
|
Equity attributable to preferred noteholders and other non-controlling interests |
|
|
1,878 |
|
|
|
1,928 |
|
|
|
2,058 |
|
|
|
1,878 |
|
|
|
1,928 |
|
|
|
2,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total IFRS equity |
|
|
53,253 |
|
|
|
55,656 |
|
|
|
54,368 |
|
|
|
53,253 |
|
|
|
55,656 |
|
|
|
54,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to preferred noteholders and other non-controlling interests |
|
|
(1,878 |
) |
|
|
(1,928 |
) |
|
|
(2,058 |
) |
|
|
(1,878 |
) |
|
|
(1,928 |
) |
|
|
(2,058 |
) |
Defined benefit plans (before phase-in, as applicable)1 |
|
|
|
|
|
|
3,404 |
|
|
|
3,997 |
|
|
|
0 |
|
|
|
(887 |
) |
|
|
0 |
|
Defined benefit plans, 40% phase-in |
|
|
0 |
|
|
|
(1,716 |
) |
|
|
(799 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax assets recognized for tax loss carry-forwards (before phase-in, as applicable) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,312 |
) |
|
|
(7,467 |
) |
|
|
(8,047 |
) |
Deferred tax assets recognized for tax loss carry-forwards, 40% phase-in |
|
|
(2,525 |
) |
|
|
(2,991 |
) |
|
|
(1,605 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax assets on temporary differences, excess over threshold |
|
|
(115 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(1,040 |
) |
|
|
(307 |
) |
|
|
(604 |
) |
Goodwill, net of tax, less hybrid capital and loss-absorbing capital2 |
|
|
(2,486 |
) |
|
|
(2,570 |
) |
|
|
(3,010 |
) |
|
|
(6,215 |
) |
|
|
(6,426 |
) |
|
|
(6,687 |
) |
Intangible assets, net of tax |
|
|
(351 |
) |
|
|
(392 |
) |
|
|
(410 |
) |
|
|
(351 |
) |
|
|
(392 |
) |
|
|
(410 |
) |
Unrealized (gains) / losses from cash flow hedges, net of tax |
|
|
(1,626 |
) |
|
|
(2,171 |
) |
|
|
(2,156 |
) |
|
|
(1,626 |
) |
|
|
(2,171 |
) |
|
|
(2,156 |
) |
Compensation and own shares-related capital components (not recognized in net profit) |
|
|
(1,523 |
) |
|
|
(1,282 |
) |
|
|
(1,219 |
) |
|
|
(1,523 |
) |
|
|
(1,282 |
) |
|
|
(1,219 |
) |
Own credit related to financial liabilities designated at fair value and replacement values, net of tax |
|
|
(412 |
) |
|
|
(130 |
) |
|
|
136 |
|
|
|
(412 |
) |
|
|
(130 |
) |
|
|
136 |
|
Unrealized gains related to financial investments available-for-sale, net of tax |
|
|
(312 |
) |
|
|
(413 |
) |
|
|
(384 |
) |
|
|
(312 |
) |
|
|
(413 |
) |
|
|
(384 |
) |
Prudential valuation adjustments |
|
|
(84 |
) |
|
|
(128 |
) |
|
|
(123 |
) |
|
|
(84 |
) |
|
|
(128 |
) |
|
|
(123 |
) |
Consolidation scope |
|
|
(76 |
) |
|
|
(77 |
) |
|
|
(88 |
) |
|
|
(76 |
) |
|
|
(77 |
) |
|
|
(88 |
) |
Other3 |
|
|
(3,158 |
) |
|
|
(4,483 |
) |
|
|
(3,786 |
) |
|
|
(3,158 |
) |
|
|
(4,483 |
) |
|
|
(3,786 |
) |
Common equity tier 1 capital |
|
|
38,706 |
|
|
|
40,779 |
|
|
|
42,863 |
|
|
|
30,265 |
|
|
|
29,566 |
|
|
|
28,941 |
|
Hybrid capital subject to phase-out |
|
|
1,840 |
|
|
|
2,929 |
|
|
|
3,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
High-trigger loss-absorbing capital |
|
|
1,631 |
|
|
|
1,684 |
|
|
|
467 |
|
|
|
1,631 |
|
|
|
1,684 |
|
|
|
467 |
|
Low-trigger loss-absorbing capital |
|
|
2,145 |
|
|
|
2,266 |
|
|
|
0 |
|
|
|
2,145 |
|
|
|
2,266 |
|
|
|
0 |
|
Goodwill, net of tax, offset against hybrid capital and loss-absorbing capital |
|
|
(3,729 |
) |
|
|
(3,855 |
) |
|
|
(3,677 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Additional tier 1 capital |
|
|
1,887 |
|
|
|
3,022 |
|
|
|
0 |
|
|
|
3,777 |
|
|
|
3,949 |
|
|
|
467 |
|
Tier 1 capital |
|
|
40,593 |
|
|
|
43,801 |
|
|
|
42,863 |
|
|
|
34,042 |
|
|
|
33,515 |
|
|
|
29,408 |
|
Tier 2 capital |
|
|
12,329 |
|
|
|
12,950 |
|
|
|
13,448 |
|
|
|
10,531 |
|
|
|
10,975 |
|
|
|
11,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital |
|
|
52,923 |
|
|
|
56,752 |
|
|
|
56,310 |
|
|
|
44,573 |
|
|
|
44,490 |
|
|
|
40,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Phase-in number net of tax, fully applied number pre-tax. |
2 |
Includes goodwill related to significant investments in financial institutions of CHF 352 million. |
3 |
Includes the net charge for the compensation-related increase in high-trigger loss-absorbing capital for tier 2 and additional tier 1 capital, accruals for capital returns to shareholders and other items.
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 29 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Swiss SRB leverage ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million, except where indicated |
|
Average 2Q15 |
|
|
Average 1Q15 |
|
|
Average 4Q14 |
|
Total on-balance sheet assets1 |
|
|
970,415 |
|
|
|
1,042,252 |
|
|
|
1,038,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netting of securities financing transactions |
|
|
(7,509 |
) |
|
|
(7,726 |
) |
|
|
(6,141 |
) |
Netting of derivative exposures |
|
|
(144,420 |
) |
|
|
(187,919 |
) |
|
|
(184,265 |
) |
Current exposure method (CEM) add-on for derivative exposures |
|
|
53,025 |
|
|
|
56,023 |
|
|
|
63,385 |
|
Off-balance sheet items |
|
|
69,071 |
|
|
|
76,896 |
|
|
|
88,750 |
|
of which: commitments and guarantees unconditionally cancellable (10%) |
|
|
5,123 |
|
|
|
10,085 |
|
|
|
17,212 |
|
of which: commitments and guarantees other than unconditionally cancellable (100%) |
|
|
63,949 |
|
|
|
66,811 |
|
|
|
71,538 |
|
Assets of entities consolidated under IFRS but not in regulatory scope of consolidation |
|
|
18,383 |
|
|
|
17,625 |
|
|
|
19,184 |
|
Items deducted from Swiss SRB tier 1 capital, phase-in (at period-end) |
|
|
(9,832 |
) |
|
|
(14,903 |
) |
|
|
(14,879 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjusted exposure (leverage ratio denominator), phase-in2 |
|
|
949,134 |
|
|
|
982,249 |
|
|
|
1,004,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional items deducted from Swiss SRB tier 1 capital, fully applied (at period-end) |
|
|
(4,712 |
) |
|
|
(5,315 |
) |
|
|
(7,047 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjusted exposure (leverage ratio denominator), fully
applied2 |
|
|
944,422 |
|
|
|
976,934 |
|
|
|
997,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
Common equity tier 1 capital (phase-in) |
|
|
38,706 |
|
|
|
40,779 |
|
|
|
42,863 |
|
Loss-absorbing capital (phase-in) |
|
|
12,419 |
|
|
|
13,997 |
|
|
|
11,398 |
|
Common equity tier 1 capital including loss-absorbing capital |
|
|
51,125 |
|
|
|
54,776 |
|
|
|
54,260 |
|
Swiss SRB leverage ratio phase-in (%) |
|
|
5.4 |
|
|
|
5.6 |
|
|
|
5.4 |
|
|
|
|
|
As of |
|
|
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
Common equity tier 1 capital (fully applied) |
|
|
30,265 |
|
|
|
29,566 |
|
|
|
28,941 |
|
Loss-absorbing capital (fully applied) |
|
|
14,308 |
|
|
|
14,924 |
|
|
|
11,865 |
|
Common equity tier 1 capital including loss-absorbing capital |
|
|
44,573 |
|
|
|
44,490 |
|
|
|
40,806 |
|
Swiss SRB leverage ratio fully applied (%) |
|
|
4.7 |
|
|
|
4.6 |
|
|
|
4.1 |
|
1 |
Represent assets recognized on the balance sheet in accordance with IFRS measurement principles, but based on the regulatory scope of consolidation. Refer to the UBS Group AG consolidated supplemental disclosures
required under Basel III Pillar 3 regulations section of our Annual Report 2014 for more information on the regulatory scope of consolidation. |
2 |
In accordance with current Swiss SRB leverage ratio requirements, the leverage ratio denominator excludes forward starting repos, securities lending indemnifications and CEM add-ons for exchange-traded derivatives
(ETD), both proprietary and agency transactions, and for OTC derivatives with a qualifying central counterparty. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 30 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
UBS shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBS Group AG |
|
|
UBS AG |
|
|
|
As of |
|
|
% change from |
|
|
As of |
|
|
% change from |
|
|
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
31.3.15 |
|
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
31.3.15 |
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
3,759,320,804 |
|
|
|
3,739,518,390 |
|
|
|
|
|
|
|
1 |
|
|
|
3,858,408,466 |
|
|
|
3,844,560,913 |
|
|
|
3,844,030,621 |
|
|
|
0 |
|
Treasury shares |
|
|
95,917,796 |
|
|
|
85,258,884 |
|
|
|
|
|
|
|
13 |
|
|
|
2,139,918 |
|
|
|
8,714,477 |
|
|
|
91,236,602 |
|
|
|
(75 |
) |
Shares outstanding |
|
|
3,663,403,008 |
|
|
|
3,654,259,506 |
|
|
|
|
|
|
|
0 |
|
|
|
3,856,268,548 |
|
|
|
3,835,846,436 |
|
|
|
3,752,794,019 |
|
|
|
1 |
|
of which: held by UBS Group AG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,769,482,155 |
|
|
|
3,738,235,457 |
|
|
|
|
|
|
|
|
|
of which: held by shareholders with a non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,786,393 |
|
|
|
97,610,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBS Group AG (consolidated)1 |
|
|
UBS AG (consolidated) |
|
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
As of or for the quarter ended |
|
|
% change from |
|
|
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
31.3.15 |
|
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
31.3.15 |
|
|
|
|
|
|
|
|
|
|
Earnings per share (CHF)2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.33 |
|
|
|
0.54 |
|
|
|
0.21 |
|
|
|
(39 |
) |
|
|
0.31 |
|
|
|
0.53 |
|
|
|
0.21 |
|
|
|
(42 |
) |
Diluted |
|
|
0.32 |
|
|
|
0.53 |
|
|
|
0.21 |
|
|
|
(40 |
) |
|
|
0.31 |
|
|
|
0.53 |
|
|
|
0.21 |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
Shareholders equity (CHF million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to UBS shareholders |
|
|
50,211 |
|
|
|
52,359 |
|
|
|
49,532 |
|
|
|
(4 |
) |
|
|
51,685 |
|
|
|
53,815 |
|
|
|
49,532 |
|
|
|
(4 |
) |
Less: goodwill and intangible assets3 |
|
|
6,101 |
|
|
|
6,342 |
|
|
|
6,229 |
|
|
|
(4 |
) |
|
|
6,242 |
|
|
|
6,507 |
|
|
|
6,229 |
|
|
|
(4 |
) |
Tangible equity attributable to UBS shareholders |
|
|
44,110 |
|
|
|
46,017 |
|
|
|
43,303 |
|
|
|
(4 |
) |
|
|
45,443 |
|
|
|
47,308 |
|
|
|
43,303 |
|
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
Book value per share (CHF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total book value per share |
|
|
13.71 |
|
|
|
14.33 |
|
|
|
13.20 |
|
|
|
(4 |
) |
|
|
13.40 |
|
|
|
14.03 |
|
|
|
13.20 |
|
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
|
|
12.04 |
|
|
|
12.59 |
|
|
|
11.54 |
|
|
|
(4 |
) |
|
|
11.78 |
|
|
|
12.33 |
|
|
|
11.54 |
|
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
Market capitalization and share price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price (CHF) |
|
|
19.83 |
|
|
|
18.32 |
|
|
|
16.27 |
|
|
|
8 |
|
|
|
19.85 |
|
|
|
18.30 |
|
|
|
16.27 |
|
|
|
8 |
|
Market capitalization (CHF million)4 |
|
|
74,547 |
|
|
|
68,508 |
|
|
|
62,542 |
|
|
|
9 |
|
|
|
76,589 |
|
|
|
70,355 |
|
|
|
62,542 |
|
|
|
9 |
|
1 |
As UBS Group AG (consolidated) is considered to be the continuation of UBS AG (consolidated), comparative information for 30 June 2014 is the same for both. |
2 |
Refer to Note 9 Earnings per share (EPS) and shares outstanding in the Financial information section of this report for more information on UBS Group AG (consolidated) EPS. |
3 |
Goodwill and intangible assets used in the calculation of tangible equity attributable to UBS Group AG shareholders as of 30 June 2015 and 31 March 2015 have been adjusted to reflect the non-controlling
interests in UBS AG as of these dates. |
4 |
Market capitalization is calculated based on the total shares issued multiplied by the share price at period end. |
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 31 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change from |
|
CHF million |
|
30.6.15 |
|
|
31.3.15 |
|
|
31.12.14 |
|
|
31.3.15 |
|
|
31.12.14 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances with central banks |
|
|
84,646 |
|
|
|
68,854 |
|
|
|
104,073 |
|
|
|
23 |
|
|
|
(19 |
) |
Due from banks |
|
|
13,343 |
|
|
|
13,261 |
|
|
|
13,334 |
|
|
|
1 |
|
|
|
0 |
|
Cash collateral on securities borrowed |
|
|
27,689 |
|
|
|
26,755 |
|
|
|
24,063 |
|
|
|
3 |
|
|
|
15 |
|
Reverse repurchase agreements |
|
|
60,848 |
|
|
|
79,811 |
|
|
|
68,414 |
|
|
|
(24 |
) |
|
|
(11 |
) |
Trading portfolio assets |
|
|
128,476 |
|
|
|
132,990 |
|
|
|
138,156 |
|
|
|
(3 |
) |
|
|
(7 |
) |
of which: assets pledged as collateral which may be sold or repledged by counterparties |
|
|
50,544 |
|
|
|
52,377 |
|
|
|
56,018 |
|
|
|
(3 |
) |
|
|
(10 |
) |
Positive replacement values |
|
|
173,681 |
|
|
|
252,876 |
|
|
|
256,978 |
|
|
|
(31 |
) |
|
|
(32 |
) |
Cash collateral receivables on derivative instruments |
|
|
24,842 |
|
|
|
34,550 |
|
|
|
30,979 |
|
|
|
(28 |
) |
|
|
(20 |
) |
Financial assets designated at fair value |
|
|
5,425 |
|
|
|
5,111 |
|
|
|
4,951 |
|
|
|
6 |
|
|
|
10 |
|
Loans |
|
|
313,852 |
|
|
|
313,964 |
|
|
|
315,757 |
|
|
|
0 |
|
|
|
(1 |
) |
Financial investments available-for-sale |
|
|
66,771 |
|
|
|
71,077 |
|
|
|
57,159 |
|
|
|
(6 |
) |
|
|
17 |
|
Investments in associates |
|
|
908 |
|
|
|
950 |
|
|
|
927 |
|
|
|
(4 |
) |
|
|
(2 |
) |
Property, equipment and software |
|
|
7,050 |
|
|
|
6,926 |
|
|
|
6,854 |
|
|
|
2 |
|
|
|
3 |
|
Goodwill and intangible assets |
|
|
6,242 |
|
|
|
6,507 |
|
|
|
6,785 |
|
|
|
(4 |
) |
|
|
(8 |
) |
Deferred tax assets |
|
|
10,000 |
|
|
|
10,146 |
|
|
|
11,060 |
|
|
|
(1 |
) |
|
|
(10 |
) |
Other assets |
|
|
26,394 |
|
|
|
25,073 |
|
|
|
22,988 |
|
|
|
5 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
950,168 |
|
|
|
1,048,850 |
|
|
|
1,062,478 |
|
|
|
(9 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to banks |
|
|
13,270 |
|
|
|
10,294 |
|
|
|
10,492 |
|
|
|
29 |
|
|
|
26 |
|
Cash collateral on securities lent |
|
|
10,652 |
|
|
|
9,725 |
|
|
|
9,180 |
|
|
|
10 |
|
|
|
16 |
|
Repurchase agreements |
|
|
13,032 |
|
|
|
14,159 |
|
|
|
11,818 |
|
|
|
(8 |
) |
|
|
10 |
|
Trading portfolio liabilities |
|
|
32,181 |
|
|
|
30,132 |
|
|
|
27,958 |
|
|
|
7 |
|
|
|
15 |
|
Negative replacement values |
|
|
171,202 |
|
|
|
250,861 |
|
|
|
254,101 |
|
|
|
(32 |
) |
|
|
(33 |
) |
Cash collateral payables on derivative instruments |
|
|
38,603 |
|
|
|
47,076 |
|
|
|
42,372 |
|
|
|
(18 |
) |
|
|
(9 |
) |
Financial liabilities designated at fair value |
|
|
66,366 |
|
|
|
70,124 |
|
|
|
75,297 |
|
|
|
(5 |
) |
|
|
(12 |
) |
Due to customers |
|
|
377,054 |
|
|
|
399,113 |
|
|
|
410,207 |
|
|
|
(6 |
) |
|
|
(8 |
) |
Debt issued |
|
|
100,558 |
|
|
|
88,052 |
|
|
|
91,207 |
|
|
|
14 |
|
|
|
10 |
|
Provisions |
|
|
3,594 |
|
|
|
3,956 |
|
|
|
4,366 |
|
|
|
(9 |
) |
|
|
(18 |
) |
Other liabilities |
|
|
70,402 |
|
|
|
69,702 |
|
|
|
71,112 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
896,915 |
|
|
|
993,194 |
|
|
|
1,008,110 |
|
|
|
(10 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
375 |
|
|
|
374 |
|
|
|
372 |
|
|
|
0 |
|
|
|
1 |
|
Share premium |
|
|
31,005 |
|
|
|
32,434 |
|
|
|
32,590 |
|
|
|
(4 |
) |
|
|
(5 |
) |
Treasury shares |
|
|
(1,624 |
) |
|
|
(1,402 |
) |
|
|
(1,393 |
) |
|
|
16 |
|
|
|
17 |
|
Retained earnings |
|
|
25,704 |
|
|
|
24,779 |
|
|
|
22,134 |
|
|
|
4 |
|
|
|
16 |
|
Other comprehensive income recognized directly in equity, net of tax |
|
|
(5,249 |
) |
|
|
(3,826 |
) |
|
|
(3,093 |
) |
|
|
37 |
|
|
|
70 |
|
Equity attributable to UBS Group AG shareholders |
|
|
50,211 |
|
|
|
52,359 |
|
|
|
50,608 |
|
|
|
(4 |
) |
|
|
(1 |
) |
Equity attributable to non-controlling interests |
|
|
3,042 |
|
|
|
3,298 |
|
|
|
3,760 |
|
|
|
(8 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
53,253 |
|
|
|
55,656 |
|
|
|
54,368 |
|
|
|
(4 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
950,168 |
|
|
|
1,048,850 |
|
|
|
1,062,478 |
|
|
|
(9 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 32 of 37 |
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Investor Relations |
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Tel. +41-44-234 41 00 |
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Media Relations |
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Tel. +41-44-234 85 00 |
Earnings per share (EPS) and shares outstanding
|
|
|
|
|
|
|
|
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|
|
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|
As of or for the quarter ended |
|
|
% change from |
|
|
As of or year-to-date |
|
|
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
|
|
|
|
|
|
|
|
Basic earnings (CHF million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit / (loss) attributable to UBS Group AG shareholders |
|
|
1,209 |
|
|
|
1,977 |
|
|
|
792 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
3,186 |
|
|
|
1,846 |
|
|
|
|
|
|
|
|
|
Diluted earnings (CHF million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit / (loss) attributable to UBS Group AG shareholders |
|
|
1,209 |
|
|
|
1,977 |
|
|
|
792 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
3,186 |
|
|
|
1,846 |
|
Less: (profit) / loss on UBS Group AG equity derivative contracts |
|
|
0 |
|
|
|
0 |
|
|
|
(3 |
) |
|
|
|
|
|
|
(100 |
) |
|
|
0 |
|
|
|
(2 |
) |
Net profit / (loss) attributable to UBS Group AG shareholders for diluted EPS |
|
|
1,209 |
|
|
|
1,977 |
|
|
|
789 |
|
|
|
(39 |
) |
|
|
53 |
|
|
|
3,186 |
|
|
|
1,844 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding for basic EPS |
|
|
3,658,358,904 |
|
|
|
3,642,212,051 |
|
|
|
3,752,038,863 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
3,650,285,477 |
|
|
|
3,759,022,348 |
|
Effect of dilutive potential shares resulting from notional shares, in-the-money options and warrants outstanding |
|
|
89,721,119 |
|
|
|
81,099,757 |
|
|
|
82,622,660 |
|
|
|
11 |
|
|
|
9 |
|
|
|
85,478,220 |
|
|
|
84,207,566 |
|
Weighted average shares outstanding for diluted EPS |
|
|
3,748,080,023 |
|
|
|
3,723,311,808 |
|
|
|
3,834,661,523 |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
3,735,763,697 |
|
|
|
3,843,229,914 |
|
|
|
|
|
|
|
|
|
Earnings per share (CHF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.33 |
|
|
|
0.54 |
|
|
|
0.21 |
|
|
|
(39 |
) |
|
|
57 |
|
|
|
0.87 |
|
|
|
0.49 |
|
Diluted |
|
|
0.32 |
|
|
|
0.53 |
|
|
|
0.21 |
|
|
|
(40 |
) |
|
|
52 |
|
|
|
0.85 |
|
|
|
0.48 |
|
|
|
|
|
|
|
|
|
Shares outstanding1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
3,759,320,804 |
|
|
|
3,739,518,390 |
|
|
|
3,844,030,621 |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
Treasury shares |
|
|
95,917,796 |
|
|
|
85,258,884 |
|
|
|
91,236,602 |
|
|
|
13 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
3,663,403,008 |
|
|
|
3,654,259,506 |
|
|
|
3,752,794,019 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
1 |
As UBS Group AG is considered to be the continuation of UBS AG, UBS AG share information is presented for the comparative period as of 30 June 2014. Refer to Note 32 Changes in organization of the UBS
Group AG Annual Report 2014 for more information. |
The table below outlines the potential shares which could dilute basic earnings per share
in the future, but were not dilutive for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change from |
|
|
|
|
Number of shares |
|
30.6.15 |
|
|
31.3.15 |
|
|
30.6.14 |
|
|
1Q15 |
|
|
2Q14 |
|
|
30.6.15 |
|
|
30.6.14 |
|
|
|
|
|
|
|
|
|
Potentially dilutive instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee share-based compensation awards |
|
|
73,468,525 |
|
|
|
79,050,200 |
|
|
|
101,558,712 |
|
|
|
(7 |
) |
|
|
(28 |
) |
|
|
73,468,525 |
|
|
|
101,558,712 |
|
Other equity derivative contracts |
|
|
6,096,510 |
|
|
|
7,323,773 |
|
|
|
10,953,906 |
|
|
|
(17 |
) |
|
|
(44 |
) |
|
|
5,392,074 |
|
|
|
10,796,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
79,565,035 |
|
|
|
86,373,973 |
|
|
|
112,512,618 |
|
|
|
(8 |
) |
|
|
(29 |
) |
|
|
78,860,599 |
|
|
|
112,355,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 33 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Provisions for litigation, regulatory and similar matters by business division and Corporate Center unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million |
|
Wealth Management |
|
|
Wealth Management Americas |
|
|
Retail & Corporate |
|
|
Global Asset Management |
|
|
Investment Bank |
|
|
CC Services |
|
|
CC Group ALM |
|
|
CC Non-core and Legacy Portfolio |
|
|
UBS |
|
Balance as of 31 December 2014 |
|
|
188 |
|
|
|
209 |
|
|
|
92 |
|
|
|
53 |
|
|
|
1,258 |
|
|
|
312 |
|
|
|
0 |
|
|
|
941 |
|
|
|
3,053 |
|
Balance as of 31 March 2015 |
|
|
182 |
|
|
|
202 |
|
|
|
87 |
|
|
|
50 |
|
|
|
1,091 |
|
|
|
303 |
|
|
|
0 |
|
|
|
814 |
|
|
|
2,727 |
|
Increase in provisions recognized in the income statement |
|
|
13 |
|
|
|
64 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1 |
|
|
|
0 |
|
|
|
0 |
|
|
|
42 |
|
|
|
119 |
|
Release of provisions recognized in the income statement |
|
|
(3 |
) |
|
|
(12 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(12 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(21 |
) |
|
|
(48 |
) |
Provisions used in conformity with designated purpose |
|
|
(2 |
) |
|
|
(16 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(326 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(12 |
) |
|
|
(357 |
) |
Foreign currency translation / unwind of discount |
|
|
(2 |
) |
|
|
(9 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(30 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(32 |
) |
|
|
(73 |
) |
Balance as of 30 June 2015 |
|
|
188 |
|
|
|
229 |
|
|
|
86 |
|
|
|
48 |
|
|
|
724 |
|
|
|
302 |
|
|
|
0 |
|
|
|
791 |
|
|
|
2,368 |
|
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 34 of 37 |
|
|
|
|
|
|
|
|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Additional information
UBS expects to revalue its deferred tax assets (DTA) in the third quarter of 2015 as part of its annual planning process, and may consider extending the
forecast period for US DTA recognition to seven years from six years. If a determination to change the forecast period is made, the combined effect of updated business forecasts and the extension of the forecast period for US DTA could result in a
net upward DTA revaluation of around CHF 1.5 billion.
Consistent with changes in the manner in which operating segment performance is assessed,
beginning in the second quarter of 2015, UBS now applies fair value accounting for certain internal funding transactions between Corporate Center Group ALM and the Investment Bank and Corporate Center Non-core and Legacy Portfolio
rather than applying amortized cost accounting. This treatment better aligns with the mark-to-market basis on which these internal transactions are risk managed within the Investment Bank and Corporate Center Non-core and Legacy Portfolio.
The terms of the funding transactions remain otherwise unchanged. In connection with this change, UBS now presents own credit gains and losses on financial liabilities designated at fair value in Corporate Center Group ALM instead of
Corporate Center Services. Prior periods have been restated to reflect these changes.
As a result of ongoing efforts to optimize our legal entity
structure, UBS anticipates that some foreign currency translation gains and losses previously booked directly into equity through other comprehensive income will be released into profit and loss due to the sale or closure of branches and
subsidiaries. In the second half of 2015, UBS expects to record net foreign currency translation losses of around CHF 120 million related to these disposals, although gains and losses could be recognized in different
periods. Consistent with past practice, these gains and losses will be treated as adjusting items. The release of foreign currency translation losses to profit and loss will not affect shareholders equity or regulatory capital.
In the second quarter of 2015, UBSs progressive capital buffer requirement for 2019 was reduced to 4.5% from 5.4%, reflecting updated LRD and market
share information for 2014 provided by FINMA in June 2015. As a result UBSs total capital requirement on a fully-applied basis decreased to 17.5% for 2019 and 12.6% on a phase-in basis as of 30 June 2015.
UBS believes that the industry continues to operate in an environment where charges associated with litigation, regulatory and similar matters will remain
elevated for the foreseeable future and the bank continues to be exposed to a number of significant claims and regulatory matters.
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 35 of 37 |
|
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|
|
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|
|
Investor Relations |
|
|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
Quarterly Report and Presentation
In order to be transparent and counter certain incorrect and misleading information that has become public, UBS chose to release its second quarter 2015
results one day early.
UBSs second quarter 2015 slide presentation will be available from 06:00 CEST on Monday, 27 July 2015 at
www.ubs.com/quarterlyreporting. The Second Quarter Report and letter to shareholders will be available from 06:45 CEST on Tuesday, 28 July 2015 at www.ubs.com/quarterlyreporting.
UBS will hold a presentation of its second quarter 2015 results on Monday, 27 July 2015. The results will be presented by Sergio P. Ermotti, Group Chief
Executive Officer, Tom Naratil, Group Chief Financial Officer and Group Chief Operating Officer, Caroline Stewart, Global Head of Investor Relations, and Hubertus Kuelps, Group Head of Communications & Branding.
Time
Audio webcast
The presentation for analysts can be followed live on www.ubs.com/quarterlyreporting with a simultaneous slide show.
Webcast playback
An audio playback of the results
presentation will be made available at www.ubs.com/investors later in the day.
UBS Group AG and UBS AG
Investor contact
|
|
|
Switzerland: |
|
+41-44-234 41 00 |
Media contact
|
|
|
Switzerland: |
|
+41-44-234 85 00 |
UK: |
|
+44-207-567 47 14 |
Americas: |
|
+1-212-882 58 57 |
APAC: |
|
+852-297-1 82 00 |
www.ubs.com
Cautionary
statement regarding forward-looking statements 2Q15
This release contains statements that constitute forward-looking statements,
including but not limited to managements outlook for UBSs financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on UBSs business and future development. While these
forward-looking statements represent UBSs judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from
UBSs expectations. These factors include, but are not limited to: (i) the degree to which UBS is successful in executing its announced strategic plans, including its cost reduction and efficiency initiatives and its planned further
reduction in its Basel III risk-weighted assets (RWA) and leverage ratio denominator (LRD), and to maintain its stated capital return objective; (ii) developments in the markets in which UBS operates or to which it is exposed,
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 36 of 37 |
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|
|
Investor Relations |
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|
|
Tel. +41-44-234 41 00 |
|
|
|
Media Relations |
|
|
|
Tel. +41-44-234 85 00 |
including movements in securities prices or liquidity, credit spreads, currency exchange rates and interest rates and the effect of economic conditions and market developments on the financial
position or creditworthiness of UBSs clients and counterparties, and the degree to which UBS is successful in implementing changes to its business to meet changing market, regulatory and other conditions; (iii) changes in the availability
of capital and funding, including any changes in UBSs credit spreads and ratings, or arising from requirements for bail-in debt or loss-absorbing capital; (iv) changes in or the implementation of financial legislation and regulation in
Switzerland, the US, the UK and other financial centers that may impose, or result in, more stringent capital (including leverage ratio), liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted
activities, constraints on remuneration or other measures; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve reductions to the incremental RWA resulting from the supplemental
operational risk capital analysis mutually agreed to by UBS and FINMA, or will approve a limited reduction of capital requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in establishing a US
intermediate holding company and implementing the US enhanced prudential standards, completing the squeeze-out of minority shareholders of UBS AG, and other changes which UBS may make in its legal entity structure and operating model, including the
possible consequences of such changes and other similar changes that have been made previously, and the potential need to make further changes to the legal structure or booking model of UBS Group in response to legal and regulatory requirements,
including capital requirements, resolvability requirements and proposals in Switzerland and other countries for mandatory structural reform of banks; (vii) changes in UBSs competitive position, including whether differences in regulatory
capital and other requirements among the major financial centers will adversely affect UBSs ability to compete in certain lines of business; (viii) changes in the standards of conduct applicable to our businesses that may result from new
regulation or new enforcement of existing standards, including measures to impose new or enhanced duties when interacting with customers or in the execution and handling of customer transactions; (ix) the liability to which UBS may be exposed,
or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations; (x) the effects on UBSs cross-border banking business of tax or regulatory
developments and of possible changes in UBSs policies and practices relating to this business; (xi) UBSs ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses,
which may be affected by competitive factors including differences in compensation practices; (xii) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the
valuation of goodwill, the recognition of deferred tax assets and other matters; (xiii) limitations on the effectiveness of UBSs internal processes for risk management, risk control, measurement and modeling, and of financial models
generally; (xiv) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xv) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading
and systems failures; (xvi) restrictions to the ability of subsidiaries of the Group to make loans or distributions of any kind, directly or indirectly, to UBS Group AG; and (xvii) the effect that these or other factors or unanticipated
events may have on our reputation and the additional consequences that this may have on our business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential
magnitude of their consequences. Our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is
set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBSs Annual Report on Form 20-F for the year ended 31 December 2014. UBS is not under any obligation to (and expressly disclaims any obligation to)
update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Adjusted results
Unless otherwise indicated, second-quarter 2015 adjusted figures exclude each of the following items, to the extent applicable, on a Group and
business division level: an own credit gain of CHF 259 million, a gain of CHF 56 million on the sale of UBSs Belgian domestic Wealth Management business, a gain from a further partial sale of our investment in Markit of CHF
11 million, as well as net restructuring charges of CHF 191 million and an impairment of an intangible asset of CHF 11 million. For the first quarter of 2015, the items we excluded were an own credit gain of CHF 226 million, gains on
sales of real estate of CHF 378 million and a gain of CHF 141 million on the sale of a subsidiary, as well as net restructuring charges of CHF 305 million. Adjusted results are non-GAAP financial measures as defined by SEC regulations.
Please refer to the Group performance section of the Second Quarter 2015 Report for more information on adjusted results.
Rounding
Numbers presented throughout this release may
not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated based on rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent
changes and absolute variances that would be derived based on figures that are not rounded.
Tables
Within tables, blank fields generally indicate that the field is not applicable or not 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.
|
|
|
UBS Group AG and UBS AG, News Release, 27 July 2015 |
|
Page 37 of 37 |
This Form 6-K is hereby incorporated by reference into (1) each of the registration
statements of UBS AG on Form F-3 (Registration Number 333-200212) and of UBS Group AG on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641; and 333-200665) and Form F-4
(Registration number 333-199011), and into each prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering circular or similar document issued or authorized by UBS AG that incorporates by
reference any Form 6-Ks of UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of Corporate Asset Backed Corporation (CABCO) dated June 23, 2004
(Registration Number 333-111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and
May 17, 2004 (Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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UBS Group AG |
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By: |
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/s/ David Kelly |
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Name: |
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David Kelly |
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Title: |
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Managing Director |
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By: |
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/s/ Sarah M. Starkweather |
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Name: |
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Sarah M. Starkweather |
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Title: |
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Executive Director |
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UBS AG |
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By: |
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/s/ David Kelly |
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Name: |
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David Kelly |
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Title: |
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Managing Director |
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By: |
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/s/ Sarah M. Starkweather |
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Name: |
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Sarah M. Starkweather |
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Title: |
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Executive Director |
Date: July 27, 2015
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