UBS reports 2Q24 net profit of USD 1.1bn with continued client momentum and integration progress (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)

Business Wire08-14

Key highlights (Graphic: UBS Group AG) Sergio P. Ermotti quote (Graphic: UBS Group AG) Selected financials for 2Q24 (Graphic: UBS Group AG) ZURICH, August 14, 2024--(BUSINESS WIRE)...

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Ermotti quote (Graphic: UBS Group AG)\n \n\n\n\n\n  Selected financials for 2Q24 (Graphic: UBS Group AG)\n \n\nZURICH, August 14, 2024--(BUSINESS WIRE)...</p>\n\n<a href=\"https://finance.yahoo.com/news/ubs-reports-2q24-net-profit-044500538.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UBS reports 2Q24 net profit of USD 1.1bn with continued client momentum and integration progress (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUBS reports 2Q24 net profit of USD 1.1bn with continued client momentum and integration progress (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-14 12:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/ubs-reports-2q24-net-profit-044500538.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key highlights (Graphic: UBS Group AG)\n \n\n\n\n\n  Sergio P. Ermotti quote (Graphic: UBS Group AG)\n \n\n\n\n\n  Selected financials for 2Q24 (Graphic: UBS Group AG)\n \n\nZURICH, August 14, 2024--(BUSINESS WIRE)...</p>\n\n<a href=\"https://finance.yahoo.com/news/ubs-reports-2q24-net-profit-044500538.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4534","symbol_name":"瑞士信贷持仓","start_time":0,"source_url":"https://finance.yahoo.com/news/ubs-reports-2q24-net-profit-044500538.html","article_id":"2459904931","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/H2YOQKjPh.LE8r8xyxahxw--~B/aD0zMjA7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/a5ddfb7141414024aca8df0908d77690"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2459904931","pubTimestamp":1723610700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"2Q24 PBT of USD 1.5bn and underlying1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn. Completed key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits. \"Our first-half results reflect the significant progress we have made since the closing of the acquisition as we deliver on all of our commitments to stakeholders. We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse. We are now entering the next phase of our integration, which will be critical to realize further substantial cost, capital, funding and tax benefits. 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Ermotti quote (Graphic: UBS Group AG)\n \n\n\n\n\n  Selected financials for 2Q24 (Graphic: UBS Group AG)\n \n\nZURICH, August 14, 2024--(BUSINESS WIRE)--Regulatory News:\nUBS (NYSE:UBS) (SWX:UBSN):\nKey highlights\n\n2Q24 PBT of USD 1.5bn and underlying1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn\n1H24 PBT of USD 3.8bn and underlying1 PBT of USD 4.7bn; net profit of USD 2.9bn, RoCET1 7.5% and underlying RoCET1 of 9.2%\nContinued client momentum with net new assets of USD 27bn in Global Wealth Management and strong transactional activity in the Investment Bank; best second quarter Global Markets revenues on record2 and underlying Global Banking revenues up 55% YoY, significantly outperforming the fee pools across all products\nNon-core and Legacy RWA reduced 42% since 2Q23, including USD 8bn decline QoQ mainly from active unwinds; underlying operating expenses excluding litigation declined 17% QoQ; revenues of USD 0.4bn\nAchieved USD 0.9bn of additional gross cost savings, reaching ~45% of our total cumulative annualized gross cost save ambition\nCompleted key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits\nMaintained a balance sheet for all seasons with a strong CET1 capital ratio of 14.9% and CET1 leverage ratio of 4.9%, supporting the execution of our 2024 capital return targets; commenced share repurchases in June with USD 467m of shares repurchased as of 9 August 2024; total loss absorbing capacity of USD 198bn\nNamed \"World's Best Bank\" and \"Switzerland’s Best Bank\" at Euromoney Awards for Excellence 2024, a testament to the effectiveness of our global strategy, reach and capabilities in serving our clients domestically and around the world\n\n\"Our first-half results reflect the significant progress we have made since the closing of the acquisition as we deliver on all of our commitments to stakeholders. We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse. We are now entering the next phase of our integration, which will be critical to realize further substantial cost, capital, funding and tax benefits. As we execute on our plans, we will continue to invest to position UBS for sustainable growth while staying close to clients, providing even better outcomes for them and the communities where we live and work.\" Sergio P. Ermotti, Group CEO\nSelected financials for 2Q24\n\n\n\nProfit before tax 1.5USD bn\nCost/income ratio 86.9%\nRoCET1 capital5.9%\nNet profit 1.1USD bn\nCET1 capital ratio14.9%\n\n\n\n\n\n\n \n\n\nUnderlying1 profit before tax2.1USD bn\nUnderlying1 cost/income ratio 80.6%\nUnderlying1 RoCET1 capital 8.4%\nDilutedEPS0.34USD\nCET1leverage ratio 4.9%\n\n\n\n\n\n\n \n\n\nInformation in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to \"Group Performance\" and \"Appendix-Alternative Performance Measures\" in the financial report for the second quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs. 2 Since 2013.\n\n\n\nGroup summary\nDelivered strong performance in a complex market environment\nIn 2Q24, we reported PBT of USD 1,469m and underlying PBT of USD 2,060m. Net profit attributable to shareholders was USD 1,136m and return on CET1 capital was 5.9%, or 8.4% on an underlying basis.\nReported revenues were USD 11.9bn. Underlying revenues were USD 11.1bn, 7% lower sequentially against a strong 1Q24, largely driven by NCL and with strong capital markets activity partially offsetting anticipated net interest income headwinds. Reported Group operating expenses increased 1% QoQ to USD 10,340m and included litigation-related releases of USD 150m. On an underlying basis, operating expenses decreased 3% QoQ to USD 8,969m as we continued to execute our cost reduction initiatives. Excluding the aforementioned litigation-related releases, the sequential underlying decrease was 1%.\nDemonstrating continued franchise strength\nClients continue to place trust and value in UBS’s strength, stability and advice as evidenced by USD 27bn in net new assets in GWM with positive inflows across all regions, and after absorbing headwinds from around USD 6bn of seasonal tax outflows in the US as well as outflows related to our ongoing balance sheet optimization efforts. Net new fee generating assets were USD 16bn. Net new assets in 1H24 were USD 54bn, on track to deliver on our guidance of USD ~100bn of NNA per annum through 2025.\nTransactional activity was strong in the quarter, especially among institutional clients. In GWM we delivered transaction-based revenues of more than USD 1bn, with strong momentum in APAC and the Americas, as we continue to provide our wealth management clients with best-in-class access to our Investment Bank’s advice, products and execution capabilities. In Global Markets, we delivered our best second quarter results on record since 2013 with revenues up 18% YoY. Underlying Global Banking revenues were up 55% YoY as we significantly outperformed the fee pools across all products without compromising on our risk and capital discipline.\nIn July, UBS was awarded \"World’s Best Bank\" in the Euromoney Awards for Excellence 2024, affirming the effectiveness of our longstanding strategy centered around our truly global wealth management franchise and leading Swiss universal bank, which enabled the successful rescue and ongoing integration of Credit Suisse while we continue to deliver best-in-class services and advice to our clients. We were also proud to be named \"Switzerland’s Best Bank\" for the tenth time since 2012, reflecting our global reach and capabilities to support our Swiss clients and economy. Since the acquisition, clients have entrusted us with around CHF 30bn in net new deposits and with around CHF 85bn3 of loans granted or renewed since the acquisition, we currently extend around CHF 350bn of loans to Swiss clients.\nSteady progress on balance sheet and cost reductions with delivery of key integration milestones\nWe are executing our integration plan, and continue to deliver on all of our commitments.\nWe reduced Group RWA by USD 15bn QoQ, of which over USD 8bn from across the core business divisions, primarily as a result of the financial resource optimization work in GWM and P&C. We have also continued to run down the NCL portfolio at pace, with an RWA decrease of USD 8bn QoQ largely driven by active unwinds across a majority of portfolios, bringing the total RWA reduction in NCL to 42% compared to a year ago.\nGroup LRD decreased by USD 35bn QoQ, largely driven by the full repayment of the Emergency Liquidity Assistance central bank liquidity facility, in addition to lower lending volumes mainly from our financial resource management efforts and the active run-down of the NCL portfolio.\nIn 2Q24, we realized an additional USD 0.9bn in gross cost savings, for a total of USD ~6bn in annualized exit rate gross cost savings vs. FY22 combined. We now expect to achieve around USD 7bn of gross cost savings by end-2024, or around 55% of our ambition of USD ~13bn by end-2026.\nWe completed the merger of UBS AG and Credit Suisse AG on 31 May 2024, the transition to a single US intermediate holding company on 7 June 2024, and the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG on 1 July 2024. These crucial milestones have begun to support a more normalized tax rate and will facilitate the migration of clients onto UBS platforms, beginning in Singapore, Hong Kong and Luxembourg in the fourth quarter of 2024, which are critical steps to unlock the next phase of the cost, capital, funding and tax benefits we expect to realize by the end of 2026.\n\n\n\n3 Loans to privates, corporates and public institutions in P&C and GWM Switzerland, from 1.6.23 to 30.6.24\n\n\n\nMaintained capital strength and a balance sheet for all seasons\nThe CET1 capital ratio was 14.9% and the CET1 leverage ratio was 4.9%, supporting the execution of our 2024 capital return targets. We continue to target up to USD 1bn of share repurchases in 2024, which we commenced in June with USD 467m of shares repurchased as of 9 August 2024. We also maintained healthy liquidity buffers with an LCR of 212% and an NSFR of 128%.\nFollowing the merger of UBS AG and Credit Suisse AG, UBS AG’s standalone CET1 capital ratio as of 30 June 2024 is expected to be around 13.5% on a fully applied basis, and around 100 basis points above our current fully applied requirement by 2030. Final capital figures for UBS AG standalone will be published with our Pillar 3 report, which will be available as of 23 August 2024.\nOutlook\nThe macroeconomic outlook continues to be clouded by ongoing conflicts, other geopolitical tensions and the upcoming US elections. We expect these uncertainties to persist for the foreseeable future, and they will likely lead to higher market volatility compared with the first half of the year.\nEntering the third quarter, we are seeing positive investor sentiment and continued momentum in client and transactional activity. Also visible are moderate net interest income headwinds from ongoing mix shifts in Global Wealth Management and the effects of the second Swiss National Bank rate cut, not yet captured in our deposit pricing in Personal & Corporate Banking.\nAs we execute our integration plans, we expect to incur in the third quarter of 2024 around USD 1.1bn of integration-related expenses, while the pace of gross cost savings will decline modestly sequentially. Integration-related expenses should be partly offset by around USD 0.6bn accretion of purchase accounting effects.\nFor the second half of 2024, we estimate Non-core and Legacy will record an underlying pre-tax loss of around USD 1bn as revenues are expected to reflect moderate short-term upside to current book values and continued sequential progress on costs. In the absence of a better-than-expected reported Non-core and Legacy performance, we continue to expect our effective tax rate for the second half of 2024 to be around 35%.\nOur diversified business model positions us well to deliver sustainable long-term value for shareholders across various market conditions. We remain focused on supporting our clients while positioning the Group for future growth.\nSecond quarter 2024 performance overview – Group\nThis discussion and analysis of results compares the second quarter of 2024, which covers three full months of post-acquisition results, with the second quarter of 2023, which included only one month of post-acquisition results.\nGroup PBT USD 1,469m, underlying PBT USD 2,060m\nPBT of USD 1,469m included PPA effects and other integration items of USD 780m and integration-related expenses and PPA effects of USD 1,372m. Underlying PBT was USD 2,060m, including net credit loss expenses of USD 95m. The cost/income ratio was 86.9% and the underlying cost/income ratio was 80.6%. Net profit attributable to shareholders was USD 1,136m, with diluted earnings per share of USD 0.34. Return on CET1 capital was 5.9%, and 8.4% on an underlying basis.\nGlobal Wealth Management (GWM) PBT USD 871m, underlying PBT USD 1,161m\nTotal revenues increased by 15% to USD 6,053m, largely driven by the consolidation of Credit Suisse revenues for the full quarter. Excluding PPA effects and other integration items of USD 233m, underlying total revenues were USD 5,820m. Net credit loss releases were USD 1m, compared with net expenses of USD 149m in the second quarter of 2023. Operating expenses increased by 27% to USD 5,183m, largely due to the consolidation of Credit Suisse expenses for the full quarter and an increase in financial advisor compensation reflecting higher compensable revenues. Excluding integration-related expenses and PPA effects of USD 523m, underlying operating expenses were USD 4,660m. The cost/income ratio was 85.6%, and 80.1% on an underlying basis. Invested assets increased by USD 15bn sequentially to USD 4,038bn. Net new assets were USD 26.9bn.\nPersonal & Corporate Banking (P&C) PBT CHF 703m, underlying PBT CHF 645m\nTotal revenues increased by 27% to CHF 2,061m, mainly due to the consolidation of Credit Suisse revenues for the full quarter. Excluding PPA effects and other integration items of CHF 223m, underlying total revenues were CHF 1,838m. Net credit loss expenses were CHF 92m, compared with net expenses of CHF 198m in the second quarter of 2023. Operating expenses increased by 51% to CHF 1,266m, largely due to the consolidation of Credit Suisse expenses for the full quarter. Excluding integration-related expenses and PPA effects of CHF 165m, underlying operating expenses were CHF 1,101m. The cost/income ratio was 61.4%, and 59.9% on an underlying basis.\nAsset Management (AM) PBT USD 130m, underlying PBT USD 228m\nTotal revenues increased by 32% to USD 768m, mainly reflecting the consolidation of Credit Suisse revenues for the full quarter and included a USD 28m net gain from the initial portion of the sale of our Brazilian real estate fund management business. Operating expenses increased by 27% to USD 638m, mainly reflecting the consolidation of Credit Suisse expenses for the full quarter. Excluding integration-related expenses of USD 98m, underlying operating expenses were USD 540m. The cost/income ratio was 83.0%, and 70.3% on an underlying basis. Invested assets increased by USD 10bn sequentially to USD 1,701bn. Net new money was USD (11.8bn), and USD (14.6bn) excluding money market flows and associates.\nInvestment Bank (IB) PBT USD 477m, underlying PBT USD 412m\nTotal revenues increased by 38% to USD 2,803m, due to higher Global Banking and Global Markets revenues. Excluding PPA effects of USD 310m, underlying total revenues were USD 2,493m. Net credit loss releases were USD 6m, compared with net expenses of USD 132m in the second quarter of 2023. Operating expenses increased by 15% to USD 2,332m, largely due to an increase in variable compensation relating to higher revenues. Excluding integration-related expenses of USD 245m, underlying operating expenses were USD 2,087m. The cost/income ratio was 83.2%, and 83.7% on an underlying basis. Return on attributed equity was 11.3%, and 9.7% on an underlying basis.\nNon-core and Legacy (NCL) PBT USD (405m), underlying PBT USD (80m)\nTotal revenues were USD 401m, and reflected net gains from position exits, along with net interest income from securitized products and credit products. Net credit loss releases were USD 1m, compared with net expenses of USD 119m in the second quarter of 2023. Operating expenses were USD 807m. Excluding integration-related expenses of USD 325m, underlying operating expenses were USD 481m.\nGroup Items PBT USD (377m), underlying PBT USD (371m)\nUBS’s sustainability highlights\nSupport for Swiss communities affected by the recent storms\nEarlier this summer the cantons of Ticino, Valais and Graubünden were hit hard by severe storms. Thousands of people had to evacuate their homes, some even lost their lives, and communities are facing significant and costly damage.\nUBS supported the dedicated Unwetter-Fond (severe weather fund) launched by the Schweizer Patenschaft für Berggemeinden which provides support and resources for clean-up and reconstruction as well as vital capital for preventive measures. Thanks to the generosity of clients and employees approximately CHF 800,000 were raised for the fund, including a CHF 400,000 UBS donation and match funding.\nDeveloping the next generation of talent\nOur commitment to attract, develop and retain top talents is a key component of our sustainable performance. Importantly, we have maintained our structured job entry training programs (e.g., apprenticeships, interns and graduates) at the same level as UBS and Credit Suisse combined before the integration. Across UBS, we have around 4,000 junior talents including around 2,300 in Switzerland, and many of them are starting their career this summer. We continue to be fully dedicated to our development programs and are constantly evaluating new ways to prepare the next generation of talent.\nUBS donates USD 25m to celebrate the UBS Optimus Foundation 25th anniversary\nWe are proud of the work done by the UBS Optimus network of foundations and the difference they make to millions of lives every year. Over the past 25 years, the UBS Optimus Foundation has grown from a small grant-making organization to a network of foundations that drive transformative, scalable impact change for marginalized communities globally and locally. During this time, Optimus has raised over USD 1.5bn in donations together with our clients and employees, and in the last year alone our current Optimus programs reached 6.7m people.\nTo recognize this important milestone, UBS has donated USD 25m to provide a 25% match for donations made to the UBS Optimus Foundation Anniversary Impact Appeal. The funds raised will be used to accelerate the work of four transformative initiatives in the areas of education, health and the environment across Africa, Asia and South America.\nA growing focus on Nature Finance\nNature Finance is a topic of growing interest for our clients and we recently held our first Nature Finance Conference to share insights on the key trends and discuss how to drive much-needed action. The event brought together leaders from academia, NGOs and intergovernmental organizations, as well as UBS experts and clients, to discuss the critical role nature plays in our economy and how to unlock greater pools of capital to benefit the natural world.\nUBS Asset Management and Planet Tracker launched a guide for investors aimed at maximizing investment in new energy solutions while minimizing their impacts on nature. The guide sets out strategies to support decision makers at every stage of planning, financing and implementation.\nUBS Global Wealth Management has joined forces with Rockefeller Asset Management (RAM) to provide clients with exposure to multiyear growth prospects in areas such as wastewater treatment, waste management and plastic recycling, and sustainable aquaculture. The fund focuses on around 50 high conviction small- and mid-cap \"improver\" stocks, building on GWM’s award-winning CIO research and the ocean expertise of RAM.\n\n\n\nSelected financial information of the business divisions and Group Items\n\n\n\nFor the quarter ended 30.6.24\n\n\nUSD m\nGlobal Wealth Management\nPersonal &CorporateBanking\nAssetManagement\nInvestmentBank\nNon-core and Legacy\nGroup Items\n\nTotal\n\n\nTotal revenues as reported\n6,053\n2,272\n768\n2,803\n401\n(392)\n\n11,904\n\n\nof which: PPA effects and other integration items1\n233\n246\n\n310\n\n(8)\n\n780\n\n\nTotal revenues (underlying)\n5,820\n2,026\n768\n2,493\n401\n(384)\n\n11,124\n\n\nCredit loss expense / (release)\n(1)\n103\n0\n(6)\n(1)\n0\n\n95\n\n\nOperating expenses as reported\n5,183\n1,396\n638\n2,332\n807\n(15)\n\n10,340\n\n\nof which: integration-related expenses and PPA effects2\n523\n182\n98\n245\n325\n(2)\n\n1,372\n\n\nOperating expenses (underlying)\n4,660\n1,213\n540\n2,087\n481\n(13)\n\n8,969\n\n\nOperating profit / (loss) before tax as reported\n871\n773\n130\n477\n(405)\n(377)\n\n1,469\n\n\nOperating profit / (loss) before tax (underlying)\n1,161\n710\n228\n412\n(80)\n(371)\n\n2,060\n\n\n\n\n\n\nFor the quarter ended 31.3.24\n\n\nUSD m\nGlobal Wealth Management\nPersonal &CorporateBanking\nAssetManagement\nInvestmentBank\nNon-core and Legacy\nGroup Items\n\nTotal\n\n\nTotal revenues as reported\n6,143\n2,423\n776\n2,751\n1,001\n(355)\n\n12,739\n\n\nof which: PPA effects and other integration items1\n234\n256\n\n293\n\n(4)\n\n779\n\n\nTotal revenues (underlying)\n5,909\n2,166\n776\n2,458\n1,001\n(351)\n\n11,960\n\n\nCredit loss expense / (release)\n(3)\n44\n0\n32\n36\n(2)\n\n106\n\n\nOperating expenses as reported\n5,044\n1,404\n665\n2,164\n1,011\n(33)\n\n10,257\n\n\nof which: integration-related expenses and PPA effects2\n404\n160\n71\n143\n242\n1\n\n1,021\n\n\nOperating expenses (underlying)\n4,640\n1,245\n594\n2,022\n769\n(34)\n\n9,236\n\n\nOperating profit / (loss) before tax as reported\n1,102\n975\n111\n555\n(46)\n(320)\n\n2,376\n\n\nOperating profit / (loss) before tax (underlying)\n1,272\n878\n182\n404\n197\n(315)\n\n2,617\n\n\n\n\n\n\nFor the quarter ended 30.6.233\n\n\nUSD m\nGlobal Wealth Management\nPersonal &CorporateBanking\nAssetManagement\nInvestmentBank\nNon-core and Legacy\nGroup Items\nNegative goodwill4\nTotal\n\n\nTotal revenues as reported\n5,261\n1,810\n583\n2,036\n162\n(313)\n\n9,540\n\n\nof which: PPA effects and other integration items1\n186\n143\n\n55\n\n(6)\n\n378\n\n\nTotal revenues (underlying)\n5,075\n1,667\n583\n1,981\n162\n(306)\n\n9,162\n\n\nNegative goodwill\n\n\n\n\n\n\n27,264\n27,264\n\n\nCredit loss expense / (release)\n149\n221\n1\n132\n119\n2\n\n623\n\n\nOperating expenses as reported\n4,085\n933\n503\n2,025\n536\n403\n\n8,486\n\n\nof which: integration-related expenses and PPA effects2\n68\n37\n14\n161\n105\n348\n\n732\n\n\nof which: acquisition-related costs\n\n\n\n\n\n106\n\n106\n\n\nOperating expenses (underlying)\n4,017\n896\n489\n1,864\n432\n(51)\n\n7,648\n\n\nOperating profit / (loss) before tax as reported\n1,028\n655\n79\n(121)\n(493)\n(717)\n27,264\n27,695\n\n\nOperating profit / (loss) before tax (underlying)\n909\n549\n93\n(14)\n(388)\n(257)\n\n891\n\n\n1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of newly recognized intangibles resulting from the acquisition of the Credit Suisse Group. 3 Comparative-period information has been restated for changes in business division perimeters, Group Treasury allocations and Non-core and Legacy cost allocations. Refer to \"Note 3 Segment reporting\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report and to \"Changes to segment reporting in 2024\" in the \"UBS business divisions and Group Items\" section and the \"Equity attribution\" section of the UBS Group first quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 4 Comparative-period information has been revised. Refer to \"Note 2 Accounting for the acquisition of the Credit Suisse Group\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information.\n\n\n\n\n\n\nSelected financial information of the business divisions and Group Items (continued)\n\n\n\nYear-to-date 30.6.24\n\n\nUSD m\nGlobal Wealth Management\nPersonal &CorporateBanking\nAssetManagement\nInvestmentBank\nNon-core and Legacy\nGroup Items\n\nTotal\n\n\nTotal revenues as reported\n12,196\n4,695\n1,543\n5,554\n1,402\n(747)\n\n24,642\n\n\nof which: PPA effects and other integration items1\n467\n502\n\n603\n\n(12)\n\n1,559\n\n\nTotal revenues (underlying)\n11,729\n4,193\n1,543\n4,951\n1,402\n(735)\n\n23,083\n\n\nCredit loss expense / (release)\n(4)\n146\n0\n26\n35\n(2)\n\n201\n\n\nOperating expenses as reported\n10,228\n2,800\n1,303\n4,496\n1,818\n(48)\n\n20,597\n\n\nof which: integration-related expenses and PPA effects2\n928\n342\n169\n387\n568\n(1)\n\n2,392\n\n\nOperating expenses (underlying)\n9,300\n2,458\n1,134\n4,109\n1,250\n(47)\n\n18,205\n\n\nOperating profit / (loss) before tax as reported\n1,972\n1,748\n241\n1,032\n(451)\n(698)\n\n3,844\n\n\nOperating profit / (loss) before tax (underlying)\n2,433\n1,588\n410\n816\n117\n(687)\n\n4,677\n\n\n\n\n\n\nYear-to-date 30.6.233\n\n\nUSD m\nGlobal Wealth Management\nPersonal &CorporateBanking\nAssetManagement\nInvestmentBank\nNon-core and Legacy\nGroup Items\nNegative goodwill4\nTotal\n\n\nTotal revenues as reported\n10,049\n3,087\n1,086\n4,401\n185\n(524)\n\n18,284\n\n\nof which: PPA effects and other integration items1\n186\n143\n\n55\n\n(6)\n\n378\n\n\nTotal revenues (underlying)\n9,863\n2,943\n1,086\n4,346\n185\n(517)\n\n17,906\n\n\nNegative goodwill\n\n\n\n\n\n\n27,264\n27,264\n\n\nCredit loss expense / (release)\n164\n237\n1\n139\n119\n2\n\n662\n\n\nOperating expenses as reported\n7,646\n1,597\n911\n3,891\n1,235\n416\n\n15,696\n\n\nof which: integration-related expenses and PPA effects2\n68\n37\n14\n161\n105\n348\n\n732\n\n\nof which: acquisition-related costs\n\n\n\n\n\n176\n\n176\n\n\nOperating expenses (underlying)\n7,578\n1,560\n897\n3,730\n1,130\n(108)\n\n14,787\n\n\nOperating profit / (loss) before tax as reported\n2,239\n1,253\n174\n372\n(1,169)\n(942)\n27,264\n29,191\n\n\nOperating profit / (loss) before tax (underlying)\n2,121\n1,147\n188\n478\n(1,064)\n(412)\n\n2,457\n\n\n1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of newly recognized intangibles resulting from the acquisition of the Credit Suisse Group. 3 Comparative-period information has been restated for changes in business division perimeters, Group Treasury allocations and Non-core and Legacy cost allocations. Refer to \"Note 3 Segment reporting\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report and to \"Changes to segment reporting in 2024\" in the \"UBS business divisions and Group Items\" section and the \"Equity attribution\" section of the UBS Group first quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 4 Comparative-period information has been revised. Refer to \"Note 2 Accounting for the acquisition of the Credit Suisse Group\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information.\n\n\n\n\n\n\nOur key figures\n\n\n\n\n\n\n\n\n\n\n\n\nAs of or for the quarter ended\n\nAs of or year-to-date\n\n\nUSD m, except where indicated\n\n30.6.24\n31.3.241\n31.12.231\n30.6.231\n\n30.6.24\n30.6.231\n\n\nGroup results\n\n\n\n\n\n\n\n\n\n\nTotal revenues\n\n11,904\n12,739\n10,855\n9,540\n\n24,642\n18,284\n\n\nNegative goodwill\n\n\n\n\n27,264\n\n\n27,264\n\n\nCredit loss expense / (release)\n\n95\n106\n136\n623\n\n201\n662\n\n\nOperating expenses\n\n10,340\n10,257\n11,470\n8,486\n\n20,597\n15,696\n\n\nOperating profit / (loss) before tax\n\n1,469\n2,376\n(751)\n27,695\n\n3,844\n29,191\n\n\nNet profit / (loss) attributable to shareholders\n\n1,136\n1,755\n(279)\n27,331\n\n2,890\n28,360\n\n\nDiluted earnings per share (USD)2\n\n0.34\n0.52\n(0.09)\n8.51\n\n0.86\n8.82\n\n\nProfitability and growth3,4,5\n\n\n\n\n\n\n\n\n\n\nReturn on equity (%)\n\n5.4\n8.2\n(1.3)\n153.8\n\n6.8\n88.7\n\n\nReturn on tangible equity (%)\n\n5.9\n9.0\n(1.4)\n170.3\n\n7.5\n98.9\n\n\nUnderlying return on tangible equity (%)6,7\n\n8.4\n9.9\n4.8\n2.8\n\n9.2\n5.4\n\n\nReturn on common equity tier 1 capital (%)\n\n5.9\n9.0\n(1.4)\n177.5\n\n7.5\n106.4\n\n\nUnderlying return on common equity tier 1 capital (%)6,7\n\n8.4\n9.9\n4.8\n2.9\n\n9.2\n5.8\n\n\nReturn on leverage ratio denominator, gross (%)\n\n3.0\n3.1\n2.6\n2.8\n\n3.1\n3.1\n\n\nCost / income ratio (%)8\n\n86.9\n80.5\n105.7\n88.9\n\n83.6\n85.8\n\n\nUnderlying cost / income ratio (%)6,8\n\n80.6\n77.2\n93.0\n83.5\n\n78.9\n82.6\n\n\nEffective tax rate (%)\n\n20.0\n25.8\nn.m.9\n1.3\n\n23.6\n2.8\n\n\nNet profit growth (%)\n\n(95.8)\n70.6\nn.m.\nn.m.\n\n(89.8)\n568.2\n\n\nResources3\n\n\n\n\n\n\n\n\n\n\nTotal assets\n\n1,560,976\n1,606,798\n1,716,924\n1,677,953\n\n1,560,976\n1,677,953\n\n\nEquity attributable to shareholders\n\n83,683\n84,777\n85,624\n85,455\n\n83,683\n85,455\n\n\nCommon equity tier 1 capital10\n\n76,104\n77,663\n78,002\n78,597\n\n76,104\n78,597\n\n\nRisk-weighted assets10\n\n511,376\n526,437\n546,505\n556,603\n\n511,376\n556,603\n\n\nCommon equity tier 1 capital ratio (%)10\n\n14.9\n14.8\n14.3\n14.1\n\n14.9\n14.1\n\n\nGoing concern capital ratio (%)10\n\n18.0\n17.7\n16.8\n16.5\n\n18.0\n16.5\n\n\nTotal loss-absorbing capacity ratio (%)10\n\n38.7\n37.4\n36.4\n34.9\n\n38.7\n34.9\n\n\nLeverage ratio denominator10\n\n1,564,201\n1,599,646\n1,695,403\n1,677,877\n\n1,564,201\n1,677,877\n\n\nCommon equity tier 1 leverage ratio (%)10\n\n4.9\n4.9\n4.6\n4.7\n\n4.9\n4.7\n\n\nLiquidity coverage ratio (%)11\n\n212.0\n220.2\n215.7\n175.2\n\n212.0\n175.2\n\n\nNet stable funding ratio (%)\n\n128.0\n126.4\n124.7\n117.6\n\n128.0\n117.6\n\n\nOther\n\n\n\n\n\n\n\n\n\n\nInvested assets (USD bn)4,12,13\n\n5,873\n5,848\n5,714\n5,530\n\n5,873\n5,530\n\n\nPersonnel (full-time equivalents)\n\n109,991\n111,549\n112,842\n119,100\n\n109,991\n119,100\n\n\nMarket capitalization2,14\n\n101,903\n106,440\n107,355\n69,932\n\n101,903\n69,932\n\n\nTotal book value per share (USD)2\n\n26.13\n26.44\n26.68\n26.48\n\n26.13\n26.48\n\n\nTangible book value per share (USD)2\n\n23.85\n24.14\n24.34\n24.13\n\n23.85\n24.13\n\n\n1 Comparative-period information has been revised. Refer to \"Note 2 Accounting for the acquisition of the Credit Suisse Group\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 2 Refer to the \"Share information and earnings per share\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 3 Refer to the \"Targets, capital guidance and ambitions\" section of the UBS Group Annual Report 2023, available under \"Annual reporting\" at ubs.com/investors, for more information about our performance targets. 4 Refer to \"Alternative performance measures\" in the appendix to the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for the definition and calculation method. 5 Profit or loss information for each of the second quarter of 2024, the first quarter of 2024 and the fourth quarter of 2023 is presented on a consolidated basis, including for each quarter Credit Suisse data for three months, and for the purpose of the calculation of return measures has been annualized multiplying such by four. Profit or loss information for the second quarter of 2023 is presented on a consolidated basis, including Credit Suisse data for one month (June 2023), and for the purpose of the calculation of return measures has been annualized multiplying such by four. Profit or loss information for the first six months of 2024 is presented on a consolidated basis, including Credit Suisse data for six months, and for the purpose of the calculation of return measures has been annualized by multiplying such by two. Profit or loss information for the first six months of 2023 is presented on a consolidated basis, including Credit Suisse data for one month, and for the purpose of the calculation of return measures has been annualized by multiplying such by two. 6 Refer to the \"Group performance\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information about underlying results. 7 Comparative-period information for the first quarter of 2024 has been restated to reflect the updated underlying tax impact. 8 Negative goodwill is not used in the calculation as it is presented in a separate reporting line and is not part of total revenues. 9 The effective tax rate for the fourth quarter of 2023 is not a meaningful measure, due to the distortive effect of current unbenefited tax losses at the former Credit Suisse entities. 10 Based on the Swiss systemically relevant bank framework as of 1 January 2020. Refer to the \"Capital management\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 11 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 61 data points in the second quarter of 2024, 61 data points in the first quarter of 2024, 63 data points in the fourth quarter of 2023 and 64 data points in the second quarter of 2023. Refer to the \"Liquidity and funding management\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information. 12 Consists of invested assets for Global Wealth Management, Asset Management and Personal & Corporate Banking. Refer to \"Note 32 Invested assets and net new money\" in the \"Consolidated financial statements\" section of the UBS Group Annual Report 2023, available under \"Annual reporting\" at ubs.com/investors, for more information. 13 Include invested assets from associates in the Asset Management business division. 14 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period.\n\n\n\n\n\n\nIncome statement\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the quarter ended\n\n% change from\n\nYear-to-date\n\n\nUSD m\n\n30.6.24\n31.3.24\n30.6.231\n\n1Q24\n2Q23\n\n30.6.24\n30.6.231\n\n\nNet interest income\n\n1,535\n1,940\n1,707\n\n(21)\n(10)\n\n3,475\n3,095\n\n\nOther net income from financial instruments measured at fair value through profit or loss\n\n3,684\n4,182\n2,517\n\n(12)\n46\n\n7,866\n5,198\n\n\nNet fee and commission income\n\n6,531\n6,492\n5,128\n\n1\n27\n\n13,023\n9,734\n\n\nOther income\n\n154\n124\n188\n\n24\n(18)\n\n278\n258\n\n\nTotal revenues\n\n11,904\n12,739\n9,540\n\n(7)\n25\n\n24,642\n18,284\n\n\nNegative goodwill\n\n\n\n27,264\n\n\n(100)\n\n\n27,264\n\n\nCredit loss expense / (release)\n\n95\n106\n623\n\n(11)\n(85)\n\n201\n662\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPersonnel expenses\n\n7,119\n6,949\n5,651\n\n2\n26\n\n14,068\n10,271\n\n\nGeneral and administrative expenses\n\n2,318\n2,413\n1,968\n\n(4)\n18\n\n4,731\n4,033\n\n\nDepreciation, amortization and impairment of non-financial assets\n\n903\n895\n866\n\n1\n4\n\n1,798\n1,391\n\n\nOperating expenses\n\n10,340\n10,257\n8,486\n\n1\n22\n\n20,597\n15,696\n\n\nOperating profit / (loss) before tax\n\n1,469\n2,376\n27,695\n\n(38)\n(95)\n\n3,844\n29,191\n\n\nTax expense / (benefit)\n\n293\n612\n361\n\n(52)\n(19)\n\n905\n820\n\n\nNet profit / (loss)\n\n1,175\n1,764\n27,334\n\n(33)\n(96)\n\n2,939\n28,371\n\n\nNet profit / (loss) attributable to non-controlling interests\n\n40\n9\n3\n\n352\n\n\n48\n11\n\n\nNet profit / (loss) attributable to shareholders\n\n1,136\n1,755\n27,331\n\n(35)\n(96)\n\n2,890\n28,360\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nComprehensive income\n\n\n\n\n\n\n\n\n\n\n\n\nTotal comprehensive income\n\n1,614\n(245)\n26,467\n\n\n(94)\n\n1,369\n28,300\n\n\nTotal comprehensive income attributable to non-controlling interests\n\n18\n(5)\n(2)\n\n\n\n\n13\n11\n\n\nTotal comprehensive income attributable to shareholders\n\n1,596\n(240)\n26,469\n\n\n(94)\n\n1,356\n28,289\n\n\n1 Comparative-period information has been revised. Refer to \"Note 2 Accounting for the acquisition of the Credit Suisse Group\" in the \"Consolidated financial statements\" section of the UBS Group second quarter 2024 report, available under \"Quarterly reporting\" at ubs.com/investors, for more information.\n\n\n\nInformation about results materials and the earnings call\nUBS’s second quarter 2024 report, news release and slide presentation are available from 06:45 CEST on Wednesday, 14 August 2024, at ubs.com/quarterlyreporting.\nUBS will hold a presentation of its second quarter 2024 results on Wednesday, 14 August 2024. The results will be presented by Sergio P. Ermotti (Group Chief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and Sarah Mackey (Head of Investor Relations).\nTime\n09:00 CEST08:00 BST03:00 US EDT\nAudio webcast\nThe presentation for analysts can be followed live on ubs.com/quarterlyreporting with a simultaneous slide show.\nWebcast playback\nAn audio playback of the results presentation will be made available at ubs.com/investors later in the day.\nCautionary statement regarding forward-looking statements\nThis 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. In particular, terrorist activity and conflicts in the Middle East, as well as the continuing Russia–Ukraine war, may have significant impacts on global markets, exacerbate global inflationary pressures, and slow global growth. In addition, the ongoing conflicts may continue to cause significant population displacement, and lead to shortages of vital commodities, including energy shortages and food insecurity outside the areas immediately involved in armed conflict. Governmental responses to the armed conflicts, including, with respect to the Russia–Ukraine war, coordinated successive sets of sanctions on Russia and Belarus, and Russian and Belarusian entities and nationals, and the uncertainty as to whether the ongoing conflicts will widen and intensify, may continue to have significant adverse effects on the market and macroeconomic conditions, including in ways that cannot be anticipated. UBS’s acquisition of the Credit Suisse Group has materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to take between three and five years and presents significant risks, including the risks that UBS Group AG may be unable to achieve the cost reductions and other benefits contemplated by the transaction. This creates significantly greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the 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 and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions, including as a result of the acquisition of the Credit Suisse Group; (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 elevated 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; (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), in particular in light of the acquisition of the Credit Suisse Group; (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU 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 and any additional requirements due to its acquisition of the Credit Suisse Group, 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 its 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 its RWA, including as a result of its acquisition of the Credit Suisse Group, 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 both nation states and non-nation-state actors targeting financial institutions; (xix) restrictions on the ability of UBS Group AG and UBS 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 of Credit Suisse, 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 its reputation and the additional consequences that this may have on its 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. UBS’s business and financial performance could be affected by other factors identified in its 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 the UBS Group AG and UBS AG Annual Reports on Form 20- F for the year ended 31 December 2023. 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.\nRounding\nNumbers 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.\nTables\nWithin 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.\nWebsites\nIn this news release, any website addresses are provided solely for information and are not intended to be active links. UBS is not incorporating the contents of any such websites into this report.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240813278456/en/\nContacts\nUBS Group AGInvestor contactSwitzerland: +41-44-234 41 00Americas: +1-212-882 57 34Media contactSwitzerland: +41-44-234 85 00UK: +44-207-567 47 14Americas: +1-212-882 58 58APAC: +852-297-1 82 00ubs.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459904931"}