TIDM0R3T
UBS's 1Q23 results materials are available at ubs.com/investors
-- The audio webcast of the earnings call starts at 09:00 CEST, 25
April 2023.
A definition of each alternative performance measure, the method
used to calculate it and the information content are presented
under "Alternative performance measures" in the appendix to our
1Q23 report.
The reconciliation of reported and underlying performance is
presented in the appendix of our 1Q23 results presentation.
Information in this news release is presented for UBS Group AG
on a consolidated basis unless otherwise specified. Financial
information for UBS AG (consolidated) does not differ materially
from UBS Group AG (consolidated) and a comparison between UBS Group
AG (consolidated) and UBS AG (consolidated) is provided at the end
of this news release.
Group highlights
-- Solid underlying results and strong liquidity and capital amid
uncertain market conditions On a reported basis, and including an
increase in provisions of USD 665m related to the US residential
mortgage-backed securities (RMBS) litigation matter, 1Q23 PBT was USD
1,495m (-45% YoY). Net credit loss expenses were USD 38m, compared with
net expenses of USD 18m in 1Q22. Total revenues decreased 7% YoY, while
operating expenses increased 9%, driven by the aforementioned provision.
The cost/income ratio was 82.5%. Net profit attributable to shareholders
was USD 1,029m (-52% YoY), with diluted earnings per share of USD 0.32.
The return on CET1 capital was 9.1%. On an underlying basis, 1Q23 PBT
was USD 2,354m, (-22% YoY). Underlying revenues decreased 8% YoY, while
operating expenses decreased 2%, or 1% when excluding FX. The cost/income
ratio was 72.8% and the return on CET1 capital was 16.5%. In the
quarter, we repurchased USD 1.3bn of shares under our share repurchase
program. We have temporarily suspended share repurchases following the
announcement of the anticipated acquisition of Credit Suisse, and we
intend to resume them as soon as possible. Our capital position
remained strong. The quarter-end CET1 capital ratio was 13.9% and the
CET1 leverage ratio was 4.40%, both in excess of our guidance of 13% and
>3.7%, respectively. We also maintained healthy liquidity buffers with an
LCR of 162% and an NSFR of 118%.
-- Continued client momentum with inflows in all regions In the first
quarter, we maintained positive momentum across the firm and attracted
USD 28bn of net new money in GWM, of which USD 7bn came in the last ten
days of March, after the announcement of our acquisition of Credit
Suisse. We also saw USD 20bn in net new fee-generating assets1 in GWM,
USD 14bn of net new money in AM (of which USD 18bn in money market), and
CHF 0.9bn of net new investment products for Personal Banking. Overall,
we saw broadly stable loan balances2 as loan growth in Switzerland offset
deleveraging in other regions. As clients repositioned their investments
in response to interest rate increases, we captured demand for higher
yield into money market funds and US-government securities. We
delivered these results during a quarter characterized by persistent
concerns about interest rates and economic growth exacerbated by
questions about the stability of the banking system, especially in the
US. Against this backdrop, private and institutional investors' activity
remained muted. In Americas, GWM attracted net new fee-generating
assets1 of USD 4bn, with continued positive momentum in our SMA3 offering,
which contributed USD 4.5bn of net new money in AM. In the quarter we
also saw USD 8bn net new money in GWM, and continued momentum in advisor
recruiting. In Switzerland, we saw USD 8bn net new fee-generating
assets,1 USD 2bn net new loans in GWM and P&C combined and USD 0.9bn net
new investment products for Personal Banking (16% annualized growth).
In EMEA, we generated USD 3bn of net new fee-generating assets1 and net
interest income rose by nearly 60% as we started to benefit from higher
euro rates. We were also named best equities bank in EMEA4 and Europe
financial bond house for the year.5 In APAC, we attracted USD 5bn of
net new fee-generating assets1 contributing to a 17% net new
fee-generating asset growth over the past 12 months, and we were recently
named the best equity house in Asia and ANZ6 and best M&A bank in APAC by
Global Finance.
1 In GWM; net new fee-generating assets exclude the effects on fee-generating
assets of strategic decisions by UBS to exit markets or services. 2 Loans and
advances to customers in GWM and P&C, as well as customer brokerage
receivables, which are presented in a separate reporting line on the balance
sheet. 3 Separately managed accounts. 4 Global Finance, 2023. 5 International
Financing Review, February 2023. 6 Australia and New Zealand.
-- Enhancing client franchises through the announced acquisition of Credit
Suisse We expect the combination with Credit Suisse to strengthen our
position as a leading and truly global wealth manager, with around USD
5trn in invested assets. We also expect to reinforce our position as a
leading universal bank in Switzerland, and to enhance our complementary
investment banking and asset management capabilities, while adding
strategic scale in the most attractive growth markets. We intend to
actively reduce the risk and resource consumption of Credit Suisse's
investment banking business. We plan for the combined Investment Bank
(excluding assets and liabilities that we define as non-core) to account
for around 25% of Group RWAs and to remain focused and strategically
aligned to the products and capabilities that are most relevant to our
wealth management clients. While acknowledging the magnitude of, and
complexity associated with, the integration and restructuring of Credit
Suisse, we believe that this combination presents a unique opportunity to
bring significant, long-term value to all of our stakeholders.
Sergio P. Ermotti, UBS's Group CEO
"During the first quarter we saw strong net new fee generating
asset and net new money inflows in Global Wealth Management and
Asset Management. This was possible thanks to the disciplined
execution and dedication of all our employees. We helped clients
navigate a challenging environment marked by the ongoing
uncertainty around inflation, central bank policy, and economic
growth. Our results also included an increase in litigation
provisions relating to RMBS. We are in advanced discussions with
the US Department of Justice, and I am pleased that we are making
progress toward resolving this legacy matter which dates back 15
years.
With the planned acquisition of Credit Suisse, we are taking
another transformational step in UBS's journey, while remaining
committed to our culture, strategy and disciplined risk management.
With this transaction, we expect to reinforce our position as a
leading and truly global wealth manager with strategic scale and
complementary capabilities in the most attractive growth
markets.
I am convinced that this transaction will help to reinforce the
leading position of the Swiss financial center and will be of
benefit to the entire economy. The combined firm presents a unique
opportunity to generate significant, long-term value to all of our
stakeholders."
Outlook
Persistently high inflation and tight labor markets in many
countries in the first quarter of 2023 caused central banks to
continue to raise interest rates. The recent liquidity concerns in
the banking sector and geopolitical tensions, particularly between
the US and China and with regard to the Russia-Ukraine war, led to
significant uncertainty in asset valuations and the outlook for
economic growth. Against this backdrop, clients continued to
diversify cash holdings by investing their deposits into money
market instruments, while sentiment and activity levels remained
muted in the first quarter of 2023.
The macroeconomic situation going forward remains uncertain, and
while concerns about the stability of banks have abated, they have
not gone away. As a result, client activity levels could remain
subdued in the second quarter of 2023. Weak client sentiment may
affect net new assets in our asset-gathering businesses; however,
we expect net interest income will remain at higher levels,
compared with last year, in the current interest rate
environment.
We are focused on completing the acquisition of Credit Suisse,
most likely in the second quarter of 2023 which will advance our
strategy, particularly in Global Wealth Management and Switzerland.
The complexity of the integration will require sustained diligent
effort. While we execute these changes, we will not be distracted
from our primary focus: supporting our clients with advice and
solutions.
First quarter 2023 performance overview -- Group
Group 1Q23 Targets/guidance
Return on CET1 capital 9.1% 15--18%
Return on tangible equity 8.1%
Cost/income ratio 82.5% 70--73%
Net profit attributable to shareholders USD 1.0bn
CET1 capital ratio 13.9% 13%
CET1 leverage ratio 4.40% >3.7%
Tangible book value per share USD 16.54
Buybacks USD 1.3bn Temporarily suspended
Group PBT USD 1,495m, -45% YoY
PBT was USD 1,495m, including net credit loss expenses of USD
38m. The cost/income ratio was 82.5%, 11.7 percentage points higher
YoY. Total revenues decreased 7% YoY, while operating expenses
increased 9%, driven by an increase in provisions of USD 665m
related to the US RMBS litigation matter in Group Functions.
Excluding this litigation provision, operating expenses would have
decreased 1% and PBT would have decreased 21%. Net profit
attributable to shareholders was USD 1,029m, (-52% YoY), with
diluted earnings per share of USD 0.32. Return on CET1 capital was
9.1%.
First quarter 2023 performance overview -- Business Divisions
and Group Functions
Global Wealth Management 1Q23 Targets/guidance
Profit before tax USD 1.2bn
PBT growth -7% YoY 10--15% over the cycle
Invested assets USD 3.0trn
Net new fee-generating assets(1) USD 19.7bn
Personal & Corporate Banking
Profit before tax CHF 0.6bn
Return on attributed equity (CHF) 25%
Net new investment products for
Personal Banking CHF 0.9bn
Asset Management
Profit before tax USD 0.1bn
Invested assets USD 1.1trn
Net new money excl. money markets USD -3.6bn
Investment Bank
Profit before tax USD 0.5bn
Return on attributed equity 15%
RWA and LRD vs. Group 29% / 32% Up to 1/3
Global Wealth Management (GWM)
PBT USD 1,215m, -7% YoY
Total revenues decreased 2% YoY to USD 4,792m. Net interest
income increased 31%, mainly due to an increase in deposit
revenues, reflecting the benefits from higher interest rates,
partly offset by shifts to lower-margin deposit products. Clients
also continued to reallocate deposits into money market funds and
US-government securities, leading to lower average deposit volumes.
Loan revenues decreased, driven by lower average loan volumes and
margins. Recurring net fee income decreased 13%, primarily driven
by negative market performance and foreign currency effects.
Transaction-based income decreased 12%, mainly driven by lower
levels of client activity across all regions. Net credit loss
expenses were USD 15m, compared with net releases of USD 7m in
1Q22. Operating expenses were down 1%, mainly driven by a decrease
in personnel expenses, primarily as a result of lower financial
advisor variable compensation, and a decrease in provisions for
litigation, regulatory and similar matters. This was partly offset
by higher technology expenses, tax and regulatory expenses,
expenses for travel and entertainment, and outsourcing expenses.
The cost/income ratio was 74.3%, up 0.9 percentage points YoY.
Fee-generating assets were up 5% sequentially to USD 1,335bn. Net
new fee-generating assets(1) were USD 19.7bn.
1 Net new fee-generating assets exclude the effects on fee-generating assets
of strategic decisions by UBS to exit markets or services.
Personal & Corporate Banking (P&C)
PBT CHF 553m, +40% YoY
Total revenues increased 18% YoY. Net interest income increased
32%, mainly driven by higher deposit margins, as a result of rising
interest rates, and higher loan revenues, partly offset by lower
deposit fees. The first quarter of 2022 included a benefit from the
Swiss National Bank deposit exemption. Transaction-based income
increased 3%, mainly driven by higher corporate client and credit
card fees, partly offset by lower net brokerage fees. Recurring net
fee income was unchanged. Net credit loss expenses were CHF 14m,
compared with net expenses of CHF 21m in 1Q22. Operating expenses
increased 5%, mainly driven by higher technology expenses. The
cost/income ratio was 51.9%, 6.6 percentage points lower YoY.
Asset Management (AM) PBT USD 94m, -46% YoY
Total revenues were down 13% YoY. Net management fees decreased
15%, primarily reflecting negative market performance and foreign
currency effects, negative pass-through fees with the corresponding
offset in performance fees, and continued pressure on margins.
Performance fees increased by USD 6m, reflecting the effect of the
aforementioned pass-through fees, partly offset by minor decreases
across all asset classes. Operating expenses increased 1%,
reflecting increases in general and administrative expenses
including technology costs, partly offset by lower personnel
expenses and foreign currency effects. The cost/income ratio was
81.2%, 11.4 percentage points higher YoY. Invested assets increased
by 5% sequentially to USD 1,117bn. Net new money was USD 14.4bn
(negative USD 3.6bn excluding money market flows).
1 2Q22 included an USD 848m pre-tax gain from Mitsubishi real estate JV
disposal.
Investment Bank (IB) PBT USD 477m, -49% YoY
Total revenues decreased 19%. Global Markets revenues decreased
USD 391m, or 17%, with lower Derivatives & Solutions and
Execution Services revenues partly offset by an increase in
Financing revenues. Global Banking revenues decreased by USD 167m,
or 30%, mainly driven by lower Capital Markets revenues. Net credit
loss expenses were USD 7m, compared with net expenses of USD 4m in
1Q22. Operating expenses decreased 6%, mainly driven by lower
variable compensation, partly offset by higher technology expenses
and provisions for litigation, regulatory and similar matters. The
cost/income ratio was 79.4%, 11.5 percentage points higher YoY.
Return on attributed equity was 14.6%.
Group Functions PBT USD -890m, compared with USD -112m in
1Q22
Extending UBS's leadership in sustainability
Sustainable finance is crucial when it comes to helping our
clients achieve their diverse sustainability objectives. We want to
be the provider of choice for clients who wish to mobilize capital
toward the achievement of the United Nations 17 Sustainable
Development Goals and the orderly transition to a low-carbon
economy.
Shareholders support UBS's sustainability approach
At the recent Annual General Meeting, shareholders ratified the
UBS Sustainability Report in an advisory vote by 81.3%. The report
details how we serve clients' sustainable finance and investing
needs and support them in the transition to a low-carbon economy.
This year, we introduced a new decarbonization target covering
lending to the cement sector, as well as an estimate of our overall
financed emissions. The report also provides details on our
sustainability strategy, environmental activities and efforts to
address societal challenges within the organization and beyond.
In the first quarter, we were once again recognized by CDP as a
Supplier Engagement Leader for our work engaging with our suppliers
to tackle climate change.
Diversity, equity and inclusion are key to sustainability
In April, we published our first global Diversity, Equity and
Inclusion Report, detailing our DE&I areas of focus, our
strategic goals and our approach to achieving them.
According to the Global Gender Equality Report 2023 published by
Equileap, UBS is ranked #1 in Switzerland and 5(th) globally for
gender equality. Today, 41% of our workforce are women and they
fill almost 28% of our director-level and above posts. On our Group
Executive Board we have a female representation of 42%. According
to the Executive Committee Study 2023 published by recruiter
Russell Reynolds Associates, UBS is at the top of the blue chips
listed in the Swiss Market Index.
In the US, we recently announced our USD 3m commitment to the
Black Innovation Alliance to help build a more inclusive
entrepreneurial ecosystem.
Our key figures
As of or for the quarter ended
USD m, except where indicated 31.3.23 31.12.22 31.3.22
Group results
Total revenues 8,744 8,029 9,382
Credit loss expense / (release) 38 7 18
Operating expenses 7,210 6,085 6,634
Operating profit / (loss) before tax 1,495 1,937 2,729
Net profit / (loss) attributable to
shareholders 1,029 1,653 2,136
Diluted earnings per share (USD)(1) 0.32 0.50 0.61
Profitability and growth(2)
Return on equity (%) 7.2 11.7 14.3
Return on tangible equity (%) 8.1 13.2 16.0
Return on common equity tier 1
capital (%) 9.1 14.7 19.0
Return on leverage ratio
denominator, gross (%) 3.4 3.2 3.5
Cost / income ratio (%) 82.5 75.8 70.7
Effective tax rate (%) 30.7 14.5 21.4
Net profit growth (%) (51.8) 22.6 17.1
Resources(2)
Total assets 1,053,134 1,104,364 1,139,922
Equity attributable to shareholders 56,754 56,876 58,855
Common equity tier 1 capital(3) 44,590 45,457 44,593
Risk-weighted assets(3) 321,660 319,585 312,037
Common equity tier 1 capital ratio
(%)(3) 13.9 14.2 14.3
Going concern capital ratio (%)(3) 17.9 18.2 19.2
Total loss-absorbing capacity ratio
(%)(3) 34.3 33.0 34.2
Leverage ratio denominator(3) 1,014,446 1,028,461 1,072,953
Common equity tier 1 leverage ratio
(%)(3) 4.40 4.42 4.16
Liquidity coverage ratio (%)(4) 161.9 163.7 159.6
Net stable funding ratio (%) 117.7 119.8 121.7
Other
Invested assets (USD bn)(5) 4,160 3,957 4,380
Personnel (full-time equivalents) 73,814 72,597 71,697
Market capitalization(1) 64,322 57,848 65,775
Total book value per share (USD)(1) 18.59 18.30 17.57
Tangible book value per share
(USD)(1) 16.54 16.28 15.67
1 Refer to the "Share information and earnings per share" section of the
UBS Group first quarter 2023 report for more information. 2 Refer to the
"Targets, aspirations and capital guidance" section of our Annual Report
2022 for more information about our performance targets. 3 Based on the
Swiss systemically relevant bank framework as of 1 January 2020. Refer
to the "Capital management" section of the UBS Group first quarter 2023
report for more information. 4 The disclosed ratios represent quarterly
averages for the quarters presented and are calculated based on an
average of 64 data points in the first quarter of 2023, 63 data points
in the fourth quarter of 2022 and 64 data points in the first quarter of
2022. Refer to the "Liquidity and funding management" section of the UBS
Group first quarter 2023 report for more information. 5 Consists of
invested assets for Global Wealth Management, Asset Management and
Personal & Corporate Banking. Refer to "Note 31 Invested assets and net
new money" in the "Consolidated financial statements" section of our
Annual Report 2022 for more information.
Income statement
For the quarter ended % change from
USD m 31.3.23 31.12.22 31.3.22 4Q22 1Q22
Net interest income 1,388 1,589 1,771 (13) (22)
Other net income from
financial instruments
measured at fair value
through profit or
loss 2,681 1,876 2,226 43 20
Net fee and commission
income 4,606 4,359 5,353 6 (14)
Other income 69 206 32 (66) 119
Total revenues 8,744 8,029 9,382 9 (7)
Credit loss expense /
(release) 38 7 18 430 108
Personnel expenses 4,620 4,122 4,920 12 (6)
General and
administrative
expenses 2,065 1,420 1,208 45 71
Depreciation,
amortization and
impairment of
non-financial assets 525 543 506 (3) 4
Operating expenses 7,210 6,085 6,634 18 9
Operating profit /
(loss) before tax 1,495 1,937 2,729 (23) (45)
Tax expense / (benefit) 459 280 585 64 (22)
Net profit / (loss) 1,037 1,657 2,144 (37) (52)
Net profit / (loss)
attributable to
non-controlling
interests 8 4 8 116 1
Net profit / (loss)
attributable to
shareholders 1,029 1,653 2,136 (38) (52)
Comprehensive income
Total comprehensive
income 1,833 2,208 (72) (17)
Total comprehensive
income attributable to
non-controlling
interests 13 17 26 (24) (50)
Total comprehensive
income attributable to
shareholders 1,820 2,190 (98) (17)
Comparison between UBS Group AG consolidated and UBS AG
consolidated
As of or for the quarter ended
As of or for the quarter ended 31.3.23 31.12.22
USD m, except UBS Group AG UBS AG Difference UBS Group AG UBS AG Difference
where indicated consolidated consolidated (absolute) consolidated consolidated (absolute)
Income statement
Total revenues 8,744 8,844 (101) 8,029 8,078 (49)
Credit loss
expense /
(release) 38 38 0 7 7 0
Operating
expenses 7,210 7,350 (140) 6,085 6,282 (198)
Operating profit
/ (loss) before
tax 1,495 1,456 39 1,937 1,788 148
of which: Global
Wealth
Management 1,215 1,199 17 1,058 1,047 11
of which:
Personal &
Corporate
Banking 599 597 2 529 525 4
of which: Asset
Management 94 94 0 124 122 2
of which:
Investment Bank 477 455 21 112 108 4
of which: Group
Functions (890) (889) (1) 114 (13) 127
Net profit /
(loss) 1,037 1,012 25 1,657 1,522 135
of which: net
profit / (loss)
attributable to
shareholders 1,029 1,004 25 1,653 1,518 135
of which: net
profit / (loss)
attributable to
non-controlling
interests 8 8 0 4 4 0
Statement of
comprehensive
income
Other
comprehensive
income 796 792 4 551 499 52
of which:
attributable to
shareholders 791 787 4 538 485 52
of which:
attributable to
non-controlling
interests 5 5 0 13 13 0
Total
comprehensive
income 1,833 1,804 29 2,208 2,020 187
of which:
attributable to
shareholders 1,820 1,791 29 2,190 2,003 187
of which:
attributable to
non-controlling
interests 13 13 0 17 17 0
Balance sheet
Total assets 1,053,134 1,056,758 (3,625) 1,104,364 1,105,436 (1,072)
Total liabilities 996,028 998,021 (1,993) 1,047,146 1,048,496 (1,349)
Total equity 57,106 58,738 (1,632) 57,218 56,940 278
of which: equity
attributable to
shareholders 56,754 58,386 (1,632) 56,876 56,598 278
of which: equity
attributable to
non-controlling
interests 352 352 0 342 342 0
Capital
information
Common equity
tier 1 capital 44,590 42,801 1,789 45,457 42,929 2,528
Going concern
capital 57,694 55,116 2,578 58,321 54,770 3,551
Risk-weighted
assets 321,660 321,224 436 319,585 317,823 1,762
Common equity
tier 1 capital
ratio (%) 13.9 13.3 0.5 14.2 13.5 0.7
Going concern
capital ratio
(%) 17.9 17.2 0.8 18.2 17.2 1.0
Total
loss-absorbing
capacity ratio
(%) 34.3 33.5 0.8 33.0 32.0 0.9
Leverage ratio
denominator 1,014,446 1,018,023 (3,577) 1,028,461 1,029,561 (1,100)
Common equity
tier 1 leverage
ratio (%) 4.40 4.20 0.19 4.42 4.17 0.25
Information about results materials and the earnings call
UBS's first quarter 2023 report, news release and slide
presentation are available from 06:45 CEST on Tuesday, 25 April
2023, at ubs.com/quarterlyreporting.
UBS will hold a presentation of its first quarter 2023 results
on Tuesday, 25 April 2023. The results will be presented by Sergio
P. Ermotti (Group Chief Executive Officer), Sarah Youngwood (Group
Chief Financial Officer), Sarah Mackey (Head of Investor
Relations), and Marsha Askins (Group Head Communications &
Branding).
Time
09:00 CEST
08:00 BST
03:00 US EDT
Audio webcast
The presentation for analysts can be followed live on
ubs.com/quarterlyreporting with a simultaneous slide show.
Webcast playback
An audio playback of the results presentation will be made
available at ubs.com/investors later in the day.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains statements that constitute
"forward-looking statements," including but not limited to
management's outlook for UBS's financial performance, statements
relating to the anticipated effect of transactions and strategic
initiatives on UBS's business and future development and goals or
intentions to achieve climate, sustainability and other social
objectives. While these forward-looking statements represent UBS's
judgments, expectations and objectives concerning the matters
described, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ
materially from UBS's expectations. The Russia--Ukraine war has led
to heightened volatility across global markets, exacerbated global
inflation, and slowed global growth. In addition, the war has
caused significant population displacement, and if the conflict
continues or escalates, the scale of disruption will increase and
continue to cause shortages of vital commodities, including energy
shortages and food insecurity, and may lead to recessions in OECD
economies. The coordinated sanctions on Russia and Belarus, and
Russian and Belarusian entities and nationals, and the uncertainty
as to whether the war will widen and intensify, may have
significant adverse effects on the market and macroeconomic
conditions, including in ways that cannot be anticipated. This
creates significantly greater uncertainty about forward-looking
statements. In addition, turmoil in the banking industry has
increased and, at the urging of Swiss authorities, UBS has
announced historic plans to merge with another global systemically
important bank in Switzerland. The transaction creates considerable
integration risk. Other factors that may affect our performance and
ability to achieve our plans, outlook and other objectives also
include, but are not limited to: (i) the degree to which UBS is
successful in the ongoing execution of its strategic plans,
including its cost reduction and efficiency initiatives and its
ability to manage its levels of
risk-weighted assets (RWA) and leverage ratio denominator (LRD),
liquidity coverage ratio and other financial resources, including
changes in RWA assets and liabilities arising from higher market
volatility; (ii) the degree to which UBS is successful in
implementing changes to its businesses to meet changing market,
regulatory and other conditions; (iii) increased inflation and
interest rate volatility in major markets; (iv) developments in the
macroeconomic climate and in the markets in which UBS operates or
to which it is exposed, including movements in securities prices or
liquidity, credit spreads, currency exchange rates, deterioration
or slow recovery in residential and commercial real estate markets,
the effects of economic conditions, including increasing
inflationary pressures, market developments, increasing
geopolitical tensions, and changes to national trade policies on
the financial position or creditworthiness of UBS's clients and
counterparties, as well as on client sentiment and levels of
activity, including the COVID-19 pandemic and the measures taken to
manage it, which have had and may also continue to have a
significant adverse effect on global and regional economic
activity, including disruptions to global supply chains and labor
market displacements; (v) changes in the availability of capital
and funding, including any adverse changes in UBS's credit spreads
and credit ratings of UBS, Credit Suisse, sovereign issuers,
structured credit products or credit-related exposures, as well as
availability and cost of funding to meet requirements for debt
eligible for total loss-absorbing capacity (TLAC); (vi) changes in
central bank policies or the implementation of financial
legislation and regulation in Switzerland, the US, the UK, the
European Union and other financial centers that have imposed, or
resulted in, or may do so in the future, more stringent or
entity-specific capital, TLAC, leverage ratio, net stable funding
ratio, liquidity and funding requirements, heightened operational
resilience requirements, incremental tax requirements, additional
levies, limitations on permitted activities, constraints on
remuneration, constraints on transfers of capital and liquidity and
sharing of operational costs across the Group or other measures,
and the effect these will or would have on UBS's business
activities; (vii) UBS's ability to successfully implement
resolvability and related regulatory requirements and the potential
need to make further changes to the legal structure or booking
model of UBS in response to legal and regulatory requirements, or
other developments; (viii) UBS's ability to maintain and improve
its systems and controls for complying with sanctions in a timely
manner and for the detection and prevention of money laundering to
meet evolving regulatory requirements and expectations, in
particular in current geopolitical turmoil; (ix) the uncertainty
arising from domestic stresses in certain major economies; (x)
changes in UBS's competitive position, including whether
differences in regulatory capital and other requirements among the
major financial centers adversely affect UBS's ability to compete
in certain lines of business; (xi) changes in the standards of
conduct applicable to our businesses that may result from new
regulations or new enforcement of existing standards, including
measures to impose new and enhanced duties when interacting with
customers and in the execution and handling of customer
transactions; (xii) 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, including the potential for disqualification from
certain businesses, potentially large fines or monetary penalties,
or the loss of licenses or privileges as a result of regulatory or
other governmental sanctions, as well as the effect that
litigation, regulatory and similar matters have on the operational
risk component of our RWA, as well as the amount of capital
available for return to shareholders; (xiii) the effects on UBS's
business, in particular cross-border banking, of sanctions, tax or
regulatory developments and of possible changes in UBS's policies
and practices; (xiv) UBS's 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; (xv) 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; (xvi) UBS's ability to
implement new technologies and business methods, including digital
services and technologies, and ability to successfully compete with
both existing and new financial service providers, some of which
may not be regulated to the same extent; (xvii) limitations on the
effectiveness of UBS's internal processes for risk management, risk
control, measurement and modeling, and of financial models
generally; (xviii) the occurrence of operational failures, such as
fraud, misconduct, unauthorized trading, financial crime,
cyberattacks, data leakage and systems failures, the risk of which
is increased with cyberattack threats from nation states; (xix)
restrictions on the ability of UBS Group AG to make payments or
distributions, including due to restrictions on the ability of its
subsidiaries to make loans or distributions, directly or
indirectly, or, in the case of financial difficulties, due to the
exercise by FINMA or the regulators of UBS's operations in other
countries of their broad statutory powers in relation to protective
measures, restructuring and liquidation proceedings; (xx) the
degree to which changes in regulation, capital or legal structure,
financial results or other factors may affect UBS's ability to
maintain its stated capital return objective; (xxi) uncertainty
over the scope of actions that may be required by UBS, governments
and others for UBS to achieve goals relating to climate,
environmental and social matters, as well as the evolving nature of
underlying science and industry and the possibility of conflict
between different governmental standards and regulatory regimes;
(xxii) the ability of UBS to access capital markets; (xxiii) the
ability of UBS to successfully recover from a disaster or other
business continuity problem due to a hurricane, flood, earthquake,
terrorist attack, war, conflict (e.g., the Russia--Ukraine war),
pandemic, security breach, cyberattack, power loss,
telecommunications failure or other natural or man-made event,
including the ability to function remotely during long-term
disruptions such as the COVID-19 (coronavirus) pandemic; (xxiv) the
level of success in the absorption of Credit Suisse, in the
integration of the two groups and their businesses, and in the
execution of the planned strategy regarding cost reduction and
divestment of any non-core assets, the existing assets and
liabilities currently existing in the Credit Suisse group (which is
expected to become part of UBS), the level of resulting impairments
and write-downs, the effect of the consummation of the integration
on the operational results, share price and credit rating of UBS --
delays, difficulties, or failure in closing the transaction may
cause market disruption and challenges for UBS to maintain
business, contractual and operational relationships; and (xxv) the
effect that these or other factors or unanticipated events,
including media reports and speculations, 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 US Securities and Exchange
Commission (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 UBS's Annual Report on Form 20-F for the
year ended 31 December 2022. 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.
Rounding
Numbers presented throughout this news release may not add up
precisely to the totals provided in the tables and text.
Percentages and percent changes disclosed in text and tables are
calculated on the basis of unrounded figures. Absolute changes
between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on
a rounded basis.
Tables
Within tables, blank fields generally indicate non-applicability
or that presentation of any content would not be meaningful, or
that information is not available as of the relevant date or for
the relevant period. Zero values generally indicate that the
respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive
on an actual basis.
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Americas: +1-212-882 57 34
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
ubs.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230424005971/en/
CONTACT:
UBS AG
SOURCE: UBS AG
Copyright Business Wire 2023
(END) Dow Jones Newswires
April 25, 2023 02:00 ET (06:00 GMT)
Ubs (LSE:0R3T)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Ubs (LSE:0R3T)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024