Ubs AG 6-K, filed Jan 31, 2023

Ubs AG (AMUB)

6-K 2023-01-31 For: 2022-12-31

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Added on July 04, 2026

About this 6-K

Ubs AG filed this 6-K on January 31, 2023.

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1.	UBS Group
3	Recent developments
5	Group performance

2.	UBS business divisions and Group Functions
10	Global Wealth Management
13	Personal & Corporate Banking
15	Asset Management
17	Investment Bank
19	Group Functions

3.	Risk, capital, liquidity and funding, and balance sheet
21	Risk management and control
25	Capital management
33	Liquidity and funding management
34	Balance sheet and off-balance sheet
37	Share information and earnings per share

4.	Consolidated financial information
38	UBS Group AG interim consolidated financial information (unaudited)
48	UBS AG interim consolidated financial information (unaudited)

	Appendix

52	Alternative performance measures
55	Abbreviations frequently used in our financial reports
57	Information sources
58	Cautionary statement

	As of or for the quarter ended			As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	31.12.22	31.12.21
Group results
Total revenues	8,029	8,236	8,705	34,563	35,393
Credit loss expense / (release)	7	(3)	(27)	29	(148)
Operating expenses	6,085	5,916	7,003	24,930	26,058
Operating profit / (loss) before tax	1,937	2,323	1,729	9,604	9,484
Net profit / (loss) attributable to shareholders	1,653	1,733	1,348	7,630	7,457
Diluted earnings per share (USD)¹	0.50	0.52	0.38	2.25	2.06
Profitability and growth²
Return on equity (%)	11.7	12.3	8.9	13.3	12.6
Return on tangible equity (%)	13.2	13.9	10.0	14.9	14.1
Return on common equity tier 1 capital (%)	14.7	15.5	11.9	17.0	17.5
Return on leverage ratio denominator, gross (%)	3.2	3.3	3.3	3.3	3.4
Cost / income ratio (%)	75.8	71.8	80.5	72.1	73.6
Effective tax rate (%)	14.5	25.0	21.4	20.2	21.1
Net profit growth (%)	22.6	(24.0)	(17.6)	2.3	13.7
Resources²
Total assets	1,104,364	1,111,753	1,117,182	1,104,364	1,117,182
Equity attributable to shareholders	56,876	55,756	60,662	56,876	60,662
Common equity tier 1 capital³	45,457	44,664	45,281	45,457	45,281
Risk-weighted assets³	319,585	310,615	302,209	319,585	302,209
Common equity tier 1 capital ratio (%)³	14.2	14.4	15.0	14.2	15.0
Going concern capital ratio (%)³	18.2	19.1	20.0	18.2	20.0
Total loss-absorbing capacity ratio (%)³	33.0	33.7	34.7	33.0	34.7
Leverage ratio denominator³	1,028,461	989,787	1,068,862	1,028,461	1,068,862
Common equity tier 1 leverage ratio (%)³	4.42	4.51	4.24	4.42	4.24
Liquidity coverage ratio (%)	163.7	162.7	155.5	163.7	155.5
Net stable funding ratio (%)	119.8	120.4	118.5	119.8	118.5
Other
Invested assets (USD bn)⁴	3,957	3,706	4,596	3,957	4,596
Personnel (full-time equivalents)	72,597	72,009	71,385	72,597	71,385
Market capitalization¹	57,848	46,674	61,230	57,848	61,230
Total book value per share (USD)¹	18.30	17.52	17.84	18.30	17.84
Tangible book value per share (USD)¹	16.28	15.57	15.97	16.28	15.97
1 Refer to the “Share information and earnings per share” section of this report for more information. 2 Refer to the “Targets, aspirations and capital guidance” section of our Annual Report 2021 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 this report for more information. 4 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 our Annual Report 2021 for more information.

Terms used in this report, unless the context requires otherwise
“UBS,” “UBS Group,” “UBS Group AG consolidated,” “Group,” “the Group,” “we,” “us” and “our”	UBS Group AG and its consolidated subsidiaries
“UBS AG consolidated”	UBS AG and its consolidated subsidiaries
“UBS Group AG” and “UBS Group AG standalone”	UBS Group AG on a standalone basis
“UBS AG” and “UBS AG standalone”	UBS AG on a standalone basis
“UBS Switzerland AG” and “UBS Switzerland AG standalone”	UBS Switzerland AG on a standalone basis
“UBS Europe SE consolidated”	UBS Europe SE and its consolidated subsidiaries
“UBS Americas Holding LLC” and “UBS Americas Holding LLC consolidated”	UBS Americas Holding LLC and its consolidated subsidiaries
“1m”	One million, i.e., 1,000,000
“1bn”	One billion, i.e., 1,000,000,000
“1trn”	One trillion, i.e., 1,000,000,000,000

Income statement
	For the quarter ended			% change from		For the year ended
USD m	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21
Net interest income	1,589	1,596	1,770	(0)	(10)	6,621	6,705
Other net income from financial instruments measured at fair value through profit or loss	1,876	1,796	1,365	4	37	7,517	5,850
Net fee and commission income	4,359	4,481	5,529	(3)	(21)	18,966	22,387
Other income	206	363	40	(43)	415	1,459	452
Total revenues	8,029	8,236	8,705	(3)	(8)	34,563	35,393

Credit loss expense / (release)	7	(3)	(27)			29	(148)

Personnel expenses	4,122	4,216	4,216	(2)	(2)	17,680	18,387
General and administrative expenses	1,420	1,192	2,212	19	(36)	5,189	5,553
Depreciation, amortization and impairment of non-financial assets	543	508	574	7	(5)	2,061	2,118
Operating expenses	6,085	5,916	7,003	3	(13)	24,930	26,058
Operating profit / (loss) before tax	1,937	2,323	1,729	(17)	12	9,604	9,484
Tax expense / (benefit)	280	580	370	(52)	(24)	1,942	1,998
Net profit / (loss)	1,657	1,742	1,359	(5)	22	7,661	7,486
Net profit / (loss) attributable to non-controlling interests	4	9	11	(60)	(65)	32	29
Net profit / (loss) attributable to shareholders	1,653	1,733	1,348	(5)	23	7,630	7,457

Comprehensive income
Total comprehensive income	2,208	(48)	1,178		87	3,167	5,119
Total comprehensive income attributable to non-controlling interests	17	(8)	7		137	18	13
Total comprehensive income attributable to shareholders	2,190	(40)	1,171		87	3,149	5,106

Credit loss expense / (release)
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Group Functions	Total
For the quarter ended 31.12.22
Stages 1 and 2	3	(6)	0	1	0	(2)
Stage 3	0	3	0	7	0	9
Total credit loss expense / (release)	3	(4)	0	8	0	7

For the quarter ended 30.9.22
Stages 1 and 2	6	(6)	0	4	0	4
Stage 3	1	(9)	0	1	0	(7)
Total credit loss expense / (release)	7	(15)	0	4	0	(3)

For the quarter ended 31.12.21
Stages 1 and 2	(2)	4	0	(2)	0	1
Stage 3	(1)	(14)	1	(14)	0	(28)
Total credit loss expense / (release)	(2)	(10)	1	(16)	0	(27)

Equity, CET1 capital and returns
	As of or for the quarter ended			As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	31.12.22	31.12.21

Net profit
Net profit attributable to shareholders	1,653	1,733	1,348	7,630	7,457

Equity
Equity attributable to shareholders	56,876	55,756	60,662	56,876	60,662
Less: goodwill and intangible assets	6,267	6,210	6,378	6,267	6,378
Tangible equity attributable to shareholders	50,609	49,546	54,283	50,609	54,283
Less: other CET1 deductions	5,152	4,882	9,003	5,152	9,003
CET1 capital	45,457	44,664	45,281	45,457	45,281

Returns
Return on equity (%)	11.7	12.3	8.9	13.3	12.6
Return on tangible equity (%)	13.2	13.9	10.0	14.9	14.1
Return on CET1 capital (%)	14.7	15.5	11.9	17.0	17.5

Global Wealth Management¹
	As of or for the quarter ended			% change from		As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Net interest income	1,499	1,366	1,114	10	35	5,273	4,244
Recurring net fee income²	2,399	2,464	2,896	(3)	(17)	10,282	11,170
Transaction-based income²	658	732	807	(10)	(19)	3,137	3,836
Other income	45	224	5	(80)	854	275	168
Total revenues	4,601	4,786	4,822	(4)	(5)	18,967	19,419
Credit loss expense / (release)	3	7	(2)	(60)		0	(29)
Operating expenses	3,540	3,326	4,261	6	(17)	13,989	14,665
Business division operating profit / (loss) before tax	1,058	1,453	563	(27)	88	4,977	4,783

Performance measures and other information
Pre-tax profit growth (year-on-year, %)²	87.9	(4.2)	(34.8)			4.1	19.0
Cost / income ratio (%)²	76.9	69.5	88.4			73.8	75.5
Average attributed equity (USD bn)³	20.3	20.0	19.3	2	5	20.0	18.8
Return on attributed equity (%)^2,3	20.9	29.1	11.6			24.9	25.4
Financial advisor compensation⁴	1,073	1,093	1,269	(2)	(15)	4,508	4,860
Net new fee-generating assets (USD bn)²	23.3	17.1	26.9			60.1	106.9
Fee-generating assets (USD bn)²	1,271	1,182	1,482	8	(14)	1,271	1,482
Fee-generating asset margin (bps)²	77.7	78.9	80.5			79.5	82.6
Invested assets (USD bn)²	2,815	2,655	3,303	6	(15)	2,815	3,303
Loans, gross (USD bn)⁵	225.0	221.7	234.1	1	(4)	225.0	234.1
Customer deposits (USD bn)⁵	348.2	336.0	369.8	4	(6)	348.2	369.8
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)^2,6	0.3	0.2	0.2			0.3	0.2
Advisors (full-time equivalents)	9,215	9,230	9,329	0	(1)	9,215	9,329
1 Comparatives may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Since the second quarter of 2022, assets related to our Global Financial Intermediaries business have been excluded from fee-generating assets, given that fee-generating investment management products, such as mandates, are not central to this business. Furthermore, client commitments into closed-ended private-market investment funds are included as fee-generating assets once recurring fees are charged, rather than when commitments are funded. These changes have been applied prospectively. 3 Refer to the “Capital management” section of this report for more information. 4 Relates to licensed professionals with the ability to provide investment advice to clients in the Americas. Consists of formulaic compensation based directly on compensable revenues generated by financial advisors and supplemental compensation calculated on the basis of financial advisor productivity, firm tenure, new assets and other variables. It also includes expenses related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,751m as of 31 December 2022. 5 Loans and Customer deposits in this table include customer brokerage receivables and payables, respectively, which are presented in a separate reporting line on the balance sheet. 6 Refer to the “Risk management and control” section of this report for more information about (credit-)impaired exposures. Excludes loans to financial advisors.

Regional breakdown of performance measures
As of or for the quarter ended 31.12.22 USD bn, except where indicated	Americas¹	Switzerland	EMEA²	Asia Pacific	Global Wealth Management³
Total revenues (USD m)	2,640	440	928	586	4,601
Operating profit / (loss) before tax (USD m)	375	172	331	178	1,058
Cost / income ratio (%)⁴	85.9	59.8	64.3	69.7	76.9
Loans, gross	101.2⁵	45.1	43.4	34.5	225.0
Net new loans	0.7	0.2	(0.3)	(3.5)	(2.6)
Fee-generating assets⁴	779	119	259	114	1,271
Net new fee-generating assets⁴	4.2	5.1	10.6	3.4	23.3
Net new fee-generating asset growth rate (%)⁴	2.3	19.8	18.4	12.8	7.9
Invested assets⁴	1,581	253	541	437	2,815
Advisors (full-time equivalents)	6,245	676	1,372	847	9,215
1 Including the following business units: United States and Canada; and Latin America. 2 Including the following business units: Europe; Central & Eastern Europe, Greece and Israel; and Middle East and Africa. 3 Including minor functions, which are not included in the four regions individually presented in this table, with USD 7m of total revenues, USD 3m of operating profit before tax, USD 0.7bn of loans, USD 0.2bn of net new loan inflows, USD 0.8bn of fee-generating assets, USD 0.0bn of net new fee-generating asset outflows, USD 3bn of invested assets and 74 advisors in the fourth quarter of 2022. 4 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 5 Loans include customer brokerage receivables, which are presented in a separate reporting line on the balance sheet.

Personal & Corporate Banking – in Swiss francs¹
	As of or for the quarter ended			% change from		As of or for the year ended
CHF m, except where indicated	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Net interest income	603	489	497	23	21	2,087	1,941
Recurring net fee income²	193	206	205	(6)	(6)	812	774
Transaction-based income²	269	285	271	(6)	(1)	1,154	1,079
Other income	13	20	12	(32)	10	46	110
Total revenues	1,079	1,000	985	8	10	4,099	3,904
Credit loss expense / (release)	(3)	(15)	(9)	(79)	(66)	36	(79)
Operating expenses	578	585	660	(1)	(12)	2,337	2,397
Business division operating profit / (loss) before tax	504	430	335	17	51	1,726	1,587

Performance measures and other information
Pre-tax profit growth (year-on-year, %)²	50.6	(2.0)	5.1			8.8	35.1
Cost / income ratio (%)²	53.6	58.5	67.0			57.0	61.4
Average attributed equity (CHF bn)³	9.0	8.9	8.5	1	6	8.8	8.4
Return on attributed equity (%)^2,3	22.4	19.4	15.8			19.5	19.0
Net interest margin (bps)²	169	138	143			147	140
Fee and trading income for Corporate & Institutional Clients²	187	190	190	(2)	(2)	810	791
Investment products for Personal Banking (CHF bn)²	21.6	20.7	23.5	4	(8)	21.6	23.5
Net new investment products for Personal Banking (CHF bn)²	0.13	0.43	0.26			1.99	2.66
Active Digital Banking clients in Personal Banking (%)^2,4	75.9	74.5	71.7			74.3	70.3
Active Mobile Banking clients in Personal Banking (%)²	61.0	57.9	49.6			56.5	46.7
Active Digital Banking clients in Corporate & Institutional Clients (%)²	80.6	79.6	79.7			80.0	79.3
Loans, gross (CHF bn)	142.9	142.7	139.3	0	3	142.9	139.3
Customer deposits (CHF bn)	167.2	162.4	162.1	3	3	167.2	162.1
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)^2,5	0.8	0.8	0.9			0.8	0.9
1 Comparatives may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 3 Refer to the “Capital management” section of this report for more information. 4 In the fourth quarter of 2022, 87.2% of clients of Personal Banking were “activated users” of Digital Banking (i.e., clients who had logged into Digital Banking at least once in the course of their relationship with UBS). 5 Refer to the “Risk management and control” section of this report for more information about (credit-)impaired exposures.

Personal & Corporate Banking – in US dollars¹
	As of or for the quarter ended			% change from		As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Net interest income	633	502	543	26	17	2,191	2,120
Recurring net fee income²	202	212	224	(5)	(10)	852	846
Transaction-based income²	281	294	296	(4)	(5)	1,212	1,178
Other income	14	20	13	(31)	5	48	119
Total revenues	1,130	1,028	1,077	10	5	4,302	4,263
Credit loss expense / (release)	(4)	(15)	(10)	(77)	(64)	39	(86)
Operating expenses	605	602	721	1	(16)	2,452	2,618
Business division operating profit / (loss) before tax	529	442	365	20	45	1,812	1,731

Performance measures and other information
Pre-tax profit growth (year-on-year, %)²	44.9	(7.6)	3.5			4.7	37.5
Cost / income ratio (%)²	53.5	58.5	67.0			57.0	61.4
Average attributed equity (USD bn)³	9.3	9.2	9.2	2	1	9.3	9.2
Return on attributed equity (%)^2,3	22.8	19.3	15.9			19.5	18.9
Net interest margin (bps)²	169	137	144			146	142
Fee and trading income for Corporate & Institutional Clients²	195	195	207	0	(6)	851	864
Investment products for Personal Banking (USD bn)²	23.4	21.0	25.8	11	(9)	23.4	25.8
Net new investment products for Personal Banking (USD bn)²	0.14	0.44	0.28			2.11	2.90
Active Digital Banking clients in Personal Banking (%)^2,4	75.9	74.5	71.7			74.3	70.3
Active Mobile Banking clients in Personal Banking (%)²	61.0	57.9	49.6			56.5	46.7
Active Digital Banking clients in Corporate & Institutional Clients (%)²	80.6	79.6	79.7			80.0	79.3
Loans, gross (USD bn)	154.6	144.6	152.8	7	1	154.6	152.8
Customer deposits (USD bn)	180.8	164.6	177.8	10	2	180.8	177.8
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)^2,5	0.8	0.8	0.9			0.8	0.9
1 Comparatives may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 3 Refer to the “Capital management” section of this report for more information. 4 In the fourth quarter of 2022, 87.2% of clients of Personal Banking were “activated users” of Digital Banking (i.e., clients who had logged into Digital Banking at least once in the course of their relationship with UBS). 5 Refer to the “Risk management and control” section of this report for more information about (credit-)impaired exposures.

Asset Management¹
	As of or for the quarter ended			% change from		As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Net management fees²	471	502	627	(6)	(25)	2,050	2,320
Performance fees	24	14	94	73	(74)	64	260
Net gain from disposal of a joint venture / an associate						848	37
Total revenues	495	516	721	(4)	(31)	2,961	2,617
Credit loss expense / (release)	0	0	1			0	1
Operating expenses	372	376	387	(1)	(4)	1,564	1,586
Business division operating profit / (loss) before tax	124	140	334	(12)	(63)	1,397	1,030


Performance measures and other information
Pre-tax profit growth (year-on-year, %)³	(62.9)	(34.5)	(16.7)			35.7	(29.2)
Cost / income ratio (%)³	75.1	72.8	53.6			52.8	60.6
Average attributed equity (USD bn)⁴	1.7	1.7	1.8	0	(5)	1.7	2.0
Return on attributed equity (%)^3,4	29.3	33.2	74.6			81.2	51.8
Gross margin on invested assets (bps)³	19	21	24			28	23


Information by business line / asset class
Net new money (USD bn)³
Equities	0.3	(0.4)	5.8			(12.8)	10.3
Fixed Income	12.9	19.7	7.5			36.5	22.7
of which: money market	*16.3*	16.0	(1.1)			26.3	(3.1)
Multi-asset & Solutions	(6.7)	0.0	1.1			(1.3)	6.8
Hedge Fund Businesses	3.6	(1.4)	1.3			2.3	5.7
Real Estate & Private Markets	0.5	0.0	(0.7)			0.2	(0.6)
Total net new money⁵	10.8	17.9	15.1			24.8	44.9
of which: net new money excluding money market	*(5.6)*	2.0	16.2			(1.6)	48.0


Invested assets (USD bn)³
Equities	456	411	580	11	(21)	456	580
Fixed Income	296	271	285	9	4	296	285
of which: money market	*119*	99	92	20	29	119	92
Multi-asset & Solutions	155	149	193	4	(19)	155	193
Hedge Fund Businesses	55	51	55	8	1	55	55
Real Estate & Private Markets	102	97	98	4	4	102	98
Total invested assets	1,064	979	1,211	9	(12)	1,064	1,211
of which: passive strategies	*443*	408	540	9	(18)	443	540


Information by region
Invested assets (USD bn)³
Americas	298	271	287	10	4	298	287
Asia Pacific	150	142	190	6	(21)	150	190
Europe, Middle East and Africa (excluding Switzerland)	263	239	334	10	(21)	263	334
Switzerland	354	328	399	8	(11)	354	399
Total invested assets	1,064	979	1,211	9	(12)	1,064	1,211


Information by channel
Invested assets (USD bn)³
Third-party institutional	606	563	707	8	(14)	606	707
Third-party wholesale	116	108	145	8	(20)	116	145
UBS’s wealth management businesses	342	309	359	11	(5)	342	359
Total invested assets	1,064	979	1,211	9	(12)	1,064	1,211
1 Comparatives may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. 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), distribution fees, incremental fund-related expenses, gains or losses from seed money and co-investments, funding costs, the negative pass-through impact of third-party performance fees, and other items that are not Asset Management’s performance fees. 3 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 4 Refer to the “Capital management” section of this report for more information. 5 A net new money inflow of USD 4.1bn was recognized in the fourth quarter of 2022 for the provision of hedge fund services to Global Wealth Management Americas.

Investment Bank¹
	As of or for the quarter ended			% change from		As of or for the year ended
USD m, except where indicated	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Advisory	172	136	196	26	(12)	733	988
Capital Markets	159	193	501	(17)	(68)	854	2,170
Global Banking	331	329	696	1	(52)	1,587	3,158
Execution Services	371	376	452	(1)	(18)	1,643	1,894
Derivatives & Solutions	541	866	622	(38)	(13)	3,665	3,422
Financing	438	460	448	(5)	(2)	1,822	979
Global Markets	1,351	1,702	1,523	(21)	(11)	7,129	6,296
of which: Equities	*883*	1,108	1,107	(20)	(20)	4,970	4,581
of which: Foreign Exchange, Rates and Credit	*468*	595	415	(21)	13	2,160	1,715
Total revenues	1,682	2,032	2,219	(17)	(24)	8,717	9,454
Credit loss expense / (release)	8	4	(16)	81		(12)	(34)
Operating expenses	1,563	1,581	1,522	(1)	3	6,832	6,858
Business division operating profit / (loss) before tax	112	447	713	(75)	(84)	1,897	2,630

Performance measures and other information
Pre-tax profit growth (year-on-year, %)²	(84.4)	(46.6)	34.7			(27.9)	5.9
Cost / income ratio (%)²	92.9	77.8	68.6			78.4	72.5
Average attributed equity (USD bn)³	12.7	12.8	13.2	(1)	(4)	13.0	13.0
Return on attributed equity (%)^2,3	3.5	14.0	21.5			14.6	20.3
Average VaR (1-day, 95% confidence, 5 years of historical data)	9	10	10	(8)	(11)	10	11
1 Comparative figures in this table may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 3 Refer to the “Capital management” section of this report for more information.

Group Functions¹
	As of or for the quarter ended			% change from		As of or for the year ended
USD m	31.12.22	30.9.22	31.12.21	3Q22	4Q21	31.12.22	31.12.21

Results
Total revenues	120	(126)	(134)			(385)	(359)
Credit loss expense / (release)	0	0	0	(32)		3	0
Operating expenses	6	32	113	(81)	(95)	92	330
Operating profit / (loss) before tax	114	(158)	(246)			(480)	(689)
of which: Group Treasury	*127*	(131)	(142)			(404)	(446)
of which: Non-core and Legacy Portfolio	33	52	(35)	(37)		131	(79)
of which: Group Services	*(45)*	(79)	(69)	(43)	(34)	(206)	(165)
1 Comparatives may differ as a result of adjustments following organizational changes, restatements due to the retrospective adoption of new accounting standards or changes in accounting policies, and events after the reporting period.

21	Risk management and control
21	Credit risk
23	Market risk
23	Country risk
23	Non-financial risk

25	Capital management
26	Total loss-absorbing capacity
29	Risk-weighted assets
30	Leverage ratio denominator
32	Equity attribution and return on attributed equity

33	Liquidity and funding management
33	Strategy, objectives and governance
33	Liquidity coverage ratio
33	Net stable funding ratio

34	Balance sheet and off-balance sheet
34	Strategy, objectives and governance
34	Balance sheet assets
35	Balance sheet liabilities
35	Equity
36	Off-balance sheet

37	Share information and earnings per share

Banking and traded products exposure in our business divisions and Group Functions
	31.12.22
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Group Functions	Total
Banking products¹
Gross exposure	334,621	236,508	1,454	76,585	37,986	687,152
of which: loans and advances to customers (on-balance sheet)	*219,385*	*154,643*	*(1)*	*12,754*	*1,221*	*388,003*
of which: guarantees and loan commitments (off-balance sheet)	*13,147*	*28,610*	0	*12,920*	*7,486*	*62,163*
Traded products^2,3
Gross exposure	8,328	320	0	34,370		43,018
of which: over-the-counter derivatives	*6,416*	*304*	0	*11,218*		*17,938*
of which: securities financing transactions	0	0	0	*17,055*		*17,055*
of which: exchange-traded derivatives	*1,912*	15	0	*6,097*		*8,024*
Other credit lines, gross⁴	12,084	23,092	0	6,105	109	41,390

Total credit-impaired exposure, gross (stage 3)	757	1,380	0	312	6	2,455
Total allowances and provisions for expected credit losses (stages 1 to 3)	215	701	0	168	7	1,091
of which: stage 1	68	*138*	0	49	4	*259*
of which: stage 2	57	*156*	0	54	0	*267*
of which: stage 3	90	*406*	0	64	3	*564*

	30.9.22
USD m	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Group Functions	Total
Banking products¹
Gross exposure	328,103	219,628	1,436	72,385	37,958	659,510
of which: loans and advances to customers (on-balance sheet)	215,986	144,566	(1)	12,107	1,138	373,796
of which: guarantees and loan commitments (off-balance sheet)	11,198	26,693	0	13,671	6,729	58,291
Traded products^2,3
Gross exposure	10,797	695	0	47,096		58,588
of which: over-the-counter derivatives	8,403	672	0	20,285		29,359
of which: securities financing transactions	0	0	0	19,865		19,865
of which: exchange-traded derivatives	2,395	23	0	6,947		9,364
Other credit lines, gross⁴	10,885	21,365	0	5,169	96	37,515

Total credit-impaired exposure, gross (stage 3)	721	1,379	0	252	6	2,357
Total allowances and provisions for expected credit losses (stages 1 to 3)	224	668	0	156	7	1,056
of which: stage 1	70	126	0	52	4	252
of which: stage 2	49	155	0	50	0	254
of which: stage 3	105	386	0	55	3	549
1 IFRS 9 gross exposure including other financial assets at amortized cost, but excluding cash, receivables from securities financing transactions, cash collateral receivables on derivative instruments, financial assets at fair value through other comprehensive income, irrevocable committed prolongation of existing loans and unconditionally revocable committed credit lines, and forward starting reverse repurchase and securities borrowing agreements. 2 Internal management view of credit risk, which differs in certain respects from IFRS. 3 As counterparty risk for traded products is managed at counterparty level, no further split between exposures in the Investment Bank and Group Functions is provided. 4 Unconditionally revocable committed credit lines.

Swiss SRB going and gone concern requirements and information
As of 31.12.22	RWA		LRD
USD m, except where indicated	in %		in %
Required going concern capital
Total going concern capital	14.64¹	46,802	5.00¹	51,423
Common equity tier 1 capital	10.34	33,060	3.50²	35,996
of which: minimum capital	4.50	14,381	1.50	15,427
of which: buffer capital	5.50	17,577	2.00	20,569
of which: countercyclical buffer	0.34	1,102
Maximum additional tier 1 capital	4.30	13,742	1.50	15,427
of which: additional tier 1 capital	3.50	11,185	1.50	15,427
of which: additional tier 1 buffer capital	0.80	2,557

Eligible going concern capital
Total going concern capital	18.25	58,321	5.67	58,321
Common equity tier 1 capital	14.22	45,457	4.42	45,457
Total loss-absorbing additional tier 1 capital³	4.03	12,864	1.25	12,864
of which: high-trigger loss-absorbing additional tier 1 capital	3.65	11,675	1.14	11,675
of which: low-trigger loss-absorbing additional tier 1 capital	0.37	1,189	0.12	1,189

Required gone concern capital
Total gone concern loss-absorbing capacity⁴	10.36	33,105	3.75	38,567
of which: base requirement⁵	12.86	41,099	4.50	46,281
of which: additional requirement for market share and LRD	1.44	4,602	0.50	5,142
of which: applicable reduction on requirements	(3.94)	(12,596)	(1.25)	(12,856)
of which: rebate granted⁶	(3.56)	(11,385)	(1.25)	(12,856)
of which: reduction for usage of low-trigger tier 2 capital instruments	(0.38)	(1,211)	0.00	0

Eligible gone concern capital
Total gone concern loss-absorbing capacity	14.70	46,991	4.57	46,991
Total tier 2 capital	0.93	2,958	0.29	2,958
of which: low-trigger loss-absorbing tier 2 capital	0.76	2,422	0.24	2,422
of which: non-Basel III-compliant tier 2 capital	0.17	536	0.05	536
TLAC-eligible senior unsecured debt	13.78	44,033	4.28	44,033

Total loss-absorbing capacity
Required total loss-absorbing capacity	25.00	79,907	8.75	89,990
Eligible total loss-absorbing capacity	32.95	105,312	10.24	105,312

Risk-weighted assets / leverage ratio denominator

Swiss SRB total loss-absorbing capacity movement
USD m

Going concern capital	Swiss SRB
Common equity tier 1 capital as of 30.9.22	44,664
Operating profit before tax	1,937
Current tax (expense) / benefit	(349)
Share repurchase program	(1,262)
Foreign currency translation effects, before tax	958
Other¹	(491)
Common equity tier 1 capital as of 31.12.22	45,457
Loss-absorbing additional tier 1 capital as of 30.9.22	14,695
Call of high-trigger loss-absorbing additional tier 1 capital²	(2,000)
Interest rate risk hedge, foreign currency translation and other effects	169
Loss-absorbing additional tier 1 capital as of 31.12.22	12,864
Total going concern capital as of 30.9.22	59,359
Total going concern capital as of 31.12.22	58,321

Gone concern loss-absorbing capacity
Tier 2 capital as of 30.9.22	2,959
Interest rate risk hedge, foreign currency translation and other effects	(1)
Tier 2 capital as of 31.12.22	2,958
TLAC-eligible senior unsecured debt as of 30.9.22	42,426
Interest rate risk hedge, foreign currency translation and other effects	1,607
TLAC-eligible senior unsecured debt as of 31.12.22	44,033
Total gone concern loss-absorbing capacity as of 30.9.22	45,385
Total gone concern loss-absorbing capacity as of 31.12.22	46,991

Total loss-absorbing capacity
Total loss-absorbing capacity as of 30.9.22	104,744
Total loss-absorbing capacity as of 31.12.22	105,312
1 Includes dividend accruals for the current year (negative USD 0.4bn) and movements related to other items. 2 On 5 December 2022, we announced that we intend to redeem an AT1 capital instrument on 31 January 2023, the first call date (ISIN CH0400441280). This instrument ceased to be eligible as AT1 capital when the call was announced.

Reconciliation of IFRS equity to Swiss SRB common equity tier 1 capital
USD m	31.12.22	30.9.22	31.12.21
Total IFRS equity	57,218	56,087	61,002
Equity attributable to non-controlling interests	(342)	(330)	(340)
Defined benefit plans, net of tax	(311)	(568)	(270)
Deferred tax assets recognized for tax loss carry-forwards	(4,077)	(4,163)	(4,565)
Deferred tax assets on temporary differences, excess over threshold	(64)		(49)
Goodwill, net of tax¹	(5,754)	(5,699)	(5,838)
Intangible assets, net of tax	(150)	(150)	(180)
Compensation-related components (not recognized in net profit)	(2,287)	(1,974)	(1,700)
Expected losses on advanced internal ratings-based portfolio less provisions	(471)	(486)	(482)
Unrealized (gains) / losses from cash flow hedges, net of tax	4,234	4,346	(628)
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date, net of tax	(523)	(778)	315
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date	(105)	(134)	(50)
Unrealized gains related to financial assets at fair value through OCI, net of tax	0	0	(68)
Prudential valuation adjustments	(201)	(238)	(167)
Accruals for dividends to shareholders for 2021			(1,700)
Other²	(1,712)	(1,247)	1
Total common equity tier 1 capital	45,457	44,664	45,281
1 Includes goodwill related to significant investments in financial institutions of USD 20m as of 31 December 2022 (30 September 2022: USD 19m; 31 December 2021: USD 22m) presented on the balance sheet line Investments in associates. 2 Includes dividend accruals for the current year and other items.

Movement in risk-weighted assets by key driver
USD bn	RWA as of 30.9.22	Currency effects	Methodology and policy changes	Model updates / changes	Regulatory add-ons	Asset size and other¹	RWA as of 31.12.22
Credit and counterparty credit risk²	193.8	7.6		0.5		(1.4)	200.5
Non-counterparty-related risk³	23.4	0.5				0.4	24.2
Market risk	12.6		1.2	(1.3)	0.9	0.2	13.5
Operational risk	80.9			0.5			81.4
Total	310.6	8.1	1.2	(0.4)	0.9	(0.7)	319.6
1 Includes the Pillar 3 categories “Asset size,” “Credit quality of counterparties,” “Acquisitions and disposals” and “Other.” For more information, refer to our 31 December 2022 Pillar 3 Report, which will be available as of 6 March 2023 under “Pillar 3 disclosures” at ubs.com/investors. 2 Includes settlement risk, credit valuation adjustments, equity exposures in the banking book, investments in funds and securitization exposures in the banking book. 3 Non-counterparty-related risk includes deferred tax assets recognized for temporary differences, property, equipment, software and other items.

Management value-at-risk (1-day, 95% confidence, 5 years of historical data) of our business divisions and Group Functions by general market risk type¹
					Average by risk type
USD m	Min.	Max.	Period end	Average	Equity	Interest rates	Credit spreads	Foreign exchange	Commodities
Global Wealth Management	1	2	1	1	0	1	1	0	0
Personal & Corporate Banking	0	0	0	0	0	0	0	0	0
Asset Management	0	0	0	0	0	0	0	0	0
Investment Bank	6	14	8	9	5	9	4	2	3
Group Functions	3	5	5	4	1	3	3	0	0
Diversification effect^2,3			(5)	(4)	(1)	(3)	(3)	0	0
Total as of 31.12.22	6	15	9	10	5	10	5	2	3
Total as of 30.9.22	7	17	12	11	6	10	5	3	4
1 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures. The minima and maxima for each level may occur on different days, and, likewise, the value-at-risk (VaR) for each business line or risk type, being driven by the extreme loss tail of the corresponding distribution of simulated profits and losses for that business line or risk type, may well be driven by different days in the historical time series, rendering invalid the simple summation of figures to arrive at the aggregate total. 2 The difference between the sum of the standalone VaR for the business divisions and Group Functions and the VaR for the Group as a whole. 3 As the minima and maxima for different business divisions and Group Functions occur on different days, it is not meaningful to calculate a portfolio diversification effect.

Swiss SRB going and gone concern information
USD m, except where indicated	31.12.22	30.9.22	31.12.21

Eligible going concern capital
Total going concern capital	58,321	59,359	60,488
Total tier 1 capital	58,321	59,359	60,488
Common equity tier 1 capital	45,457	44,664	45,281
Total loss-absorbing additional tier 1 capital	12,864	14,695	15,207
of which: high-trigger loss-absorbing additional tier 1 capital	*11,675*	13,504	12,783
of which: low-trigger loss-absorbing additional tier 1 capital	*1,189*	1,190	2,425

Eligible gone concern capital
Total gone concern loss-absorbing capacity	46,991	45,385	44,264
Total tier 2 capital	2,958	2,959	3,144
of which: low-trigger loss-absorbing tier 2 capital	*2,422*	2,427	2,596
of which: non-Basel III-compliant tier 2 capital	*536*	531	547
TLAC-eligible senior unsecured debt	44,033	42,426	41,120

Total loss-absorbing capacity
Total loss-absorbing capacity	105,312	104,744	104,752

Risk-weighted assets / leverage ratio denominator
Risk-weighted assets	319,585	310,615	302,209
Leverage ratio denominator	1,028,461	989,787	1,068,862

Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio	18.2	19.1	20.0
of which: common equity tier 1 capital ratio	*14.2*	14.4	15.0
Gone concern loss-absorbing capacity ratio	14.7	14.6	14.6
Total loss-absorbing capacity ratio	33.0	33.7	34.7

Leverage ratios (%)
Going concern leverage ratio	5.7	6.0	5.7
of which: common equity tier 1 leverage ratio	*4.42*	4.51	4.24
Gone concern leverage ratio	4.6	4.6	4.1
Total loss-absorbing capacity leverage ratio	10.2	10.6	9.8

Risk-weighted assets by business division and Group Functions
USD bn	Global Wealth Management	Personal & Corporate Banking	Asset Manage- ment	Investment Bank	Group Functions	Total RWA
	31.12.22
Credit and counterparty credit risk¹	68.4	64.9	3.0	57.7	6.5	200.5
Non-counterparty-related risk²	5.9	1.9	0.6	3.7	12.1	24.2
Market risk	1.6	0.0		10.1	1.8	13.5
Operational risk	37.6	9.1	3.2	21.3	10.1	81.4
Total	113.5	75.9	6.7	92.8	30.6	319.6

	30.9.22
Credit and counterparty credit risk¹	65.5	61.1	2.6	58.8	5.8	193.8
Non-counterparty-related risk²	5.7	1.8	0.6	3.5	11.7	23.4
Market risk	1.2	0.0		9.9	1.4	12.6
Operational risk	37.4	9.1	3.1	21.2	10.1	80.9
Total	109.9	72.0	6.3	93.4	29.0	310.6

	31.12.22 vs 30.9.22
Credit and counterparty credit risk¹	2.8	3.8	0.4	(1.1)	0.8	6.7
Non-counterparty-related risk²	0.2	0.1	0.0	0.1	0.4	0.9
Market risk	0.3	0.0		0.2	0.4	0.9
Operational risk	0.2	0.1	0.0	0.1	0.1	0.5
Total	3.6	3.9	0.4	(0.6)	1.6	9.0
1 Includes settlement risk, credit valuation adjustments, equity exposures in the banking book and securitization exposures in the banking book. 2 Non-counterparty-related risk includes deferred tax assets recognized for temporary differences (31 December 2022: USD 11.4bn; 30 September 2022: USD 11.0bn), as well as property, equipment, software and other items (31 December 2022: USD 12.9bn; 30 September 2022: USD 12.3bn).

Movement in leverage ratio denominator by key driver
USD bn	LRD as of 30.9.22	Currency effects	Asset size and other	LRD as of 31.12.22
On-balance sheet exposures (excluding derivative exposures and SFTs)¹	759.8	31.4	24.8	816.0
Derivative exposures	105.2	3.8	(18.7)	90.3
Securities financing transactions	104.3	2.2	(7.8)	98.6
Off-balance sheet items	31.6	1.2	1.6	34.4
Deduction items	(11.1)	(0.1)	0.3	(10.8)
Total	989.8	38.5	0.2	1,028.5
1 The exposures exclude derivative financial instruments, cash collateral receivables on derivative instruments, receivables from securities financing transactions (SFTs), and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs. These exposures are presented separately under Derivative exposures and Securities financing transactions in this table.

Leverage ratio denominator by business division and Group Functions
USD bn	Global Wealth Management	Personal & Corporate Banking	Asset Management	Investment Bank	Group Functions	Total
	31.12.22
Total IFRS assets	388.5	235.2	17.3	391.3	71.9	1,104.4
Difference in scope of consolidation¹	0.0	0.0	(13.2)	(0.1)	0.0	(13.3)
Less: derivative exposures and SFTs²	(23.7)	(11.9)	(0.1)	(201.7)	(37.7)	(275.0)
On-balance sheet exposures	364.8	223.4	4.0	189.5	34.2	816.0
Derivative exposures	5.4	1.5	0.0	80.0	3.3	90.3
Securities financing transactions	20.5	10.8	0.1	40.4	26.8	98.6
Off-balance sheet items	8.8	16.6		6.9	2.1	34.4
Items deducted from Swiss SRB tier 1 capital	(5.2)	(0.2)	(1.2)	(0.4)	(3.9)	(10.8)
Total	394.4	252.1	2.9	316.6	62.6	1,028.5

	30.9.22
Total IFRS assets	384.1	217.3	16.3	425.8	68.3	1,111.8
Difference in scope of consolidation¹	0.0	0.0	(12.3)	(0.1)	0.0	(12.4)
Less: derivative exposures and SFTs²	(28.4)	(12.2)	(0.1)	(268.6)	(30.2)	(339.5)
On-balance sheet exposures	355.7	205.0	3.9	157.1	38.1	759.8
Derivative exposures	7.4	1.4	0.0	91.6	4.8	105.2
Securities financing transactions	23.1	11.0	0.1	52.8	17.3	104.3
Off-balance sheet items	6.9	15.3		7.0	2.4	31.6
Items deducted from Swiss SRB tier 1 capital	(5.2)	(0.2)	(1.2)	(0.5)	(3.9)	(11.1)
Total	387.8	232.6	2.8	308.0	58.6	989.8

	31.12.22 vs 30.9.22
Total IFRS assets	4.5	18.0	1.0	(34.5)	3.7	(7.4)
Difference in scope of consolidation¹	0.0	0.0	(0.9)	0.0	0.0	(0.9)
Less: derivative exposures and SFTs²	4.7	0.4	0.0	66.9	(7.5)	64.5
On-balance sheet exposures	9.2	18.3	0.1	32.4	(3.9)	56.2
Derivative exposures	(2.0)	0.1	0.0	(11.5)	(1.4)	(14.9)
Securities financing transactions	(2.5)	(0.2)	0.0	(12.4)	9.6	(5.6)
Off-balance sheet items	1.9	1.3		(0.1)	(0.3)	2.8
Items deducted from Swiss SRB tier 1 capital	0.0	0.0	0.0	0.2	0.1	0.2
Total	6.5	19.5	0.1	8.6	4.0	38.7
1 Represents the difference between the IFRS and the regulatory scope of consolidation, which is the applicable scope for the leverage ratio denominator calculation. 2 The exposures consist of derivative financial instruments, cash collateral receivables on derivative instruments, receivables from securities financing transactions (SFTs), and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs, all of which are in accordance with the regulatory scope of consolidation. These exposures are presented separately under Derivative exposures and Securities financing transactions in this table.

Average attributed equity
	For the quarter ended			For the year ended
USD bn	31.12.22	30.9.22	31.12.21	31.12.22	31.12.21
Global Wealth Management	20.3	20.0	19.3	20.0	18.8
Personal & Corporate Banking	9.3	9.2	9.2	9.3	9.2
Asset Management	1.7	1.7	1.8	1.7	2.0
Investment Bank	12.7	12.8	13.2	13.0	13.0
Group Functions	12.4	12.7	16.8	13.5	16.3
of which: deferred tax assets¹	*4.9*	5.1	5.5	5.2	5.9
of which: related to retained RWA and LRD²	*3.0*	2.9	3.2	3.0	3.2
of which: accruals for shareholder returns and others³	*4.5*	4.8	8.1	5.4	7.2
Average equity attributed to business divisions and Group Functions	56.3	56.3	60.4	57.6	59.3
1 Includes average attributed equity related to the Basel III capital deduction items for deferred tax assets (deferred tax assets recognized for tax loss carry-forwards and deferred tax assets on temporary differences, excess over threshold), as well as retained risk-weighted assets (RWA) and leverage ratio denominator (LRD) related to deferred tax assets. 2 Excludes average attributed equity related to retained RWA and LRD related to deferred tax assets. 3 Includes attributed equity related to dividend accruals, unrealized gains / losses from cash flow hedges, and a balancing item for capital held in excess of the 12.5% capital and 3.75% leverage ratio calibration thresholds for equity attribution.

Return on attributed equity¹
	For the quarter ended			For the year ended
in %	31.12.22	30.9.22	31.12.21	31.12.22	31.12.21
Global Wealth Management	20.9	29.1	11.6	24.9	25.4
Personal & Corporate Banking	22.8	19.3	15.9	19.5	18.9
Asset Management	29.3	33.2	74.6	81.2	51.8
Investment Bank	3.5	14.0	21.5	14.6	20.3
1 Return on attributed equity for Group Functions is not shown, as it is not meaningful.

Liquidity coverage ratio
USD bn, except where indicated	Average 4Q22¹	Average 3Q22¹
High-quality liquid assets	238.6	240.4
Net cash outflows²	146.0	147.8
Liquidity coverage ratio (%)³	163.7	162.7
1 Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. 2 Represents the net cash outflows expected over a stress period of 30 calendar days. 3 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.

Net stable funding ratio
USD bn, except where indicated	31.12.22	30.9.22
Available stable funding	561.4	533.9
Required stable funding	468.5	443.5
Net stable funding ratio (%)	119.8	120.4

Assets
	As of		% change from
USD bn	31.12.22	30.9.22	30.9.22
Cash and balances at central banks	169.4	166.4	2
Lending¹	402.0	387.6	4
Securities financing transactions at amortized cost	67.8	66.9	1
Trading portfolio²	107.9	84.6	28
Derivatives and cash collateral receivables on derivative instruments	185.1	243.4	(24)
Brokerage receivables	17.6	22.5	(22)
Other financial assets measured at amortized cost and fair value³	102.2	90.9	12
Non-financial assets and financial assets for unit-linked investment contracts	52.3	49.5	6
Total assets	1,104.4	1,111.8	(1)
1 Consists of loans and advances to customers and banks. 2 Consists of financial assets at fair value held for trading. 3 Consists of financial assets at fair value not held for trading, financial assets measured at fair value through other comprehensive income and other financial assets measured at amortized cost, but excludes financial assets for unit-linked investment contracts.

Liabilities and equity
	As of		% change from
USD bn	31.12.22	30.9.22	30.9.22
Short-term borrowings¹	41.3	38.7	7
Securities financing transactions at amortized cost	4.2	4.5	(7)
Customer deposits	525.1	496.2	6
Debt issued designated at fair value and long-term debt issued measured at amortized cost²	158.6	154.6	3
Trading portfolio³	29.5	30.7	(4)
Derivatives and cash collateral payables on derivative instruments	191.3	236.6	(19)
Brokerage payables	45.1	48.1	(6)
Other financial liabilities measured at amortized cost and fair value⁴	26.6	22.5	18
Non-financial liabilities and financial liabilities related to unit-linked investment contracts	25.5	23.7	8
Total liabilities	1,047.1	1,055.7	(1)
Share capital	0.3	0.3	0
Share premium	13.5	13.4	1
Treasury shares	(6.9)	(5.6)	22
Retained earnings	50.0	48.8	2
Other comprehensive income⁵	(0.1)	(1.1)	(91)
Total equity attributable to shareholders	56.9	55.8	2
Equity attributable to non-controlling interests	0.3	0.3	4
Total equity	57.2	56.1	2
Total liabilities and equity	1,104.4	1,111.8	(1)
1 Consists of short-term debt issued measured at amortized cost and amounts due to banks. 2 The classification of debt issued measured at amortized cost into short-term and long-term is based on original contractual maturity and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early redemption features. 3 Consists of financial liabilities at fair value held for trading. 4 Consists of other financial liabilities measured at amortized cost and other financial liabilities designated at fair value, but excludes financial liabilities related to unit-linked investment contracts. 5 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.

Off-balance sheet
	As of		% change from
USD bn	31.12.22	30.9.22	30.9.22
Guarantees^1,2	20.6	19.1	8
Loan commitments^1,3	40.0	37.5	7
Committed unconditionally revocable credit lines	41.4	37.5	10
Forward starting reverse repurchase agreements³	3.8	8.2	(53)
Forward starting repurchase agreements³	1.9	1.8	2
1 Guarantees and loan commitments are shown net of sub-participations. 2 Includes guarantees measured at fair value through profit or loss. 3 Derivative loan commitments, as well as forward starting repurchase and reverse repurchase agreements, measured at fair value through profit or loss are not included.

Ticker symbols UBS Group AG				Security identification codes
Trading exchange	SIX / NYSE	Bloomberg	Reuters	ISIN	CH0244767585
SIX Swiss Exchange	UBSG	UBSG SW	UBSG.S	Valoren	24 476 758
New York Stock Exchange	UBS	UBS UN	UBS.N	CUSIP	CINS H42097 10 7

Statement of comprehensive income
	For the quarter ended			For the year ended
USD m	31.12.22	30.9.22	31.12.21	31.12.22	31.12.21

Comprehensive income attributable to shareholders¹
Net profit / (loss)	1,653	1,733	1,348	7,630	7,457
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax	1,753	(1,135)	315	(894)	(1,076)
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax	(798)	475	(183)	337	498
Foreign currency translation differences on foreign operations reclassified to the income statement	0	24	0	32	(2)
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement	3	(3)	3	(4)	10
Income tax relating to foreign currency translations, including the impact of net investment hedges	(10)	6	(24)	4	35
Subtotal foreign currency translation, net of tax	948	(633)	111	(525)	(535)
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax	5	(3)	(49)	(440)	(203)
Net realized (gains) / losses reclassified to the income statement from equity	0	0	0	1	(9)
Reclassification of financial assets to Other financial assets measured at amortized cost²				449
Income tax relating to net unrealized gains / (losses)	0	0	13	(3)	55
Subtotal financial assets measured at fair value through other comprehensive income, net of tax	6	(3)	(37)	6	(157)
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax	59	(2,053)	(250)	(5,758)	(992)
Net (gains) / losses reclassified to the income statement from equity	210	16	(269)	(159)	(1,073)
Income tax relating to cash flow hedges	(43)	373	98	1,124	390
Subtotal cash flow hedges, net of tax	225	(1,664)	(421)	(4,793)	(1,675)
Cost of hedging
Cost of hedging, before tax	(69)	17	(14)	45	(32)
Income tax relating to cost of hedging	3	(3)	6	0	6
Subtotal cost of hedging, net of tax	(66)	14	(8)	45	(26)
Total other comprehensive income that may be reclassified to the income statement, net of tax	1,113	(2,286)	(355)	(5,267)	(2,393)

Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax	(372)	136	149	(73)	2
Income tax relating to defined benefit plans	29	42	(25)	63	(7)
Subtotal defined benefit plans, net of tax	(343)	177	124	(10)	(5)
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax	(304)	452	55	867	46
Income tax relating to own credit on financial liabilities designated at fair value	71	(116)	0	(71)	0
Subtotal own credit on financial liabilities designated at fair value, net of tax	(233)	335	55	796	46
Total other comprehensive income that will not be reclassified to the income statement, net of tax	(576)	513	178	786	42

Total other comprehensive income	538	(1,773)	(177)	(4,481)	(2,351)
Total comprehensive income attributable to shareholders	2,190	(40)	1,171	3,149	5,106

Comprehensive income attributable to non-controlling interests
Net profit / (loss)	4	9	11	32	29
Total other comprehensive income that will not be reclassified to the income statement, net of tax	13	(17)	(4)	(14)	(16)
Total comprehensive income attributable to non-controlling interests	17	(8)	7	18	13

Total comprehensive income
Net profit / (loss)	1,657	1,742	1,359	7,661	7,486
Other comprehensive income	551	(1,791)	(181)	(4,494)	(2,367)
of which: other comprehensive income that may be reclassified to the income statement	*1,113*	(2,286)	(355)	(5,267)	(2,393)
of which: other comprehensive income that will not be reclassified to the income statement	*(562)*	496	175	772	26
Total comprehensive income	2,208	(48)	1,178	3,167	5,119
1 Refer to the “Group performance” section of this report for more information. 2 Effective 1 April 2022, a portfolio of assets previously classified as Financial assets measured at fair value through other comprehensive income was reclassified to Other financial assets measured at amortized cost.

Balance sheet
USD m	31.12.22	30.9.22	31.12.21

Assets
Cash and balances at central banks	169,445	166,406	192,817
Loans and advances to banks	14,792	14,518	15,480
Receivables from securities financing transactions measured at amortized cost	67,814	66,926	75,012
Cash collateral receivables on derivative instruments	35,032	48,206	30,514
Loans and advances to customers	387,220	373,036	397,761
Other financial assets measured at amortized cost	53,264	47,019	26,209
Total financial assets measured at amortized cost	727,568	716,112	737,794
Financial assets at fair value held for trading	107,866	84,584	130,821
of which: assets pledged as collateral that may be sold or repledged by counterparties	*36,742*	26,810	43,397
Derivative financial instruments	150,108	195,206	118,142
Brokerage receivables	17,576	22,510	21,839
Financial assets at fair value not held for trading	59,796	53,795	60,080
Total financial assets measured at fair value through profit or loss	335,347	356,096	330,882
Financial assets measured at fair value through other comprehensive income	2,239	2,243	8,844
Investments in associates	1,101	1,032	1,243
Property, equipment and software	12,288	11,829	12,888
Goodwill and intangible assets	6,267	6,210	6,378
Deferred tax assets	9,389	9,299	8,876
Other non-financial assets	10,166	8,932	10,277
Total assets	1,104,364	1,111,753	1,117,182

Liabilities
Amounts due to banks	11,596	13,870	13,101
Payables from securities financing transactions measured at amortized cost	4,202	4,540	5,533
Cash collateral payables on derivative instruments	36,436	44,321	31,798
Customer deposits	525,051	496,209	542,007
Debt issued measured at amortized cost	114,621	110,038	139,155
Other financial liabilities measured at amortized cost	9,575	9,397	9,001
Total financial liabilities measured at amortized cost	701,481	678,375	740,595
Financial liabilities at fair value held for trading	29,515	30,741	31,688
Derivative financial instruments	154,906	192,297	121,309
Brokerage payables designated at fair value	45,085	48,093	44,045
Debt issued designated at fair value	73,638	69,374	73,799
Other financial liabilities designated at fair value	30,237	25,437	30,074
Total financial liabilities measured at fair value through profit or loss	333,381	365,943	300,916
Provisions	3,243	3,281	3,518
Other non-financial liabilities	9,040	8,068	11,151
Total liabilities	1,047,146	1,055,666	1,056,180

Equity
Share capital	304	304	322
Share premium	13,546	13,359	15,928
Treasury shares	(6,874)	(5,617)	(4,675)
Retained earnings	50,004	48,813	43,851
Other comprehensive income recognized directly in equity, net of tax	(103)	(1,103)	5,236
Equity attributable to shareholders	56,876	55,756	60,662
Equity attributable to non-controlling interests	342	330	340
Total equity	57,218	56,087	61,002
Total liabilities and equity	1,104,364	1,111,753	1,117,182

USD m	Litigation, regulatory and similar matters¹	Restructuring²	Other³	Total
Balance as of 31 December 2021	2,798	172	352	3,322
Balance as of 30 September 2022	2,678	109	313	3,099
Increase in provisions recognized in the income statement	88	75	23	186
Release of provisions recognized in the income statement	(38)	(6)	(20)	(64)
Provisions used in conformity with designated purpose	(263)	(55)	(8)	(326)
Foreign currency translation / unwind of discount	121	7	18	147
Balance as of 31 December 2022	2,586	130	326	3,042
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Consists of personnel-related restructuring provisions of USD 102m as of 31 December 2022 (30 September 2022: USD 75m; 31 December 2021: USD 125m) and provisions for onerous contracts of USD 28m as of 31 December 2022 (30 September 2022: USD 34m; 31 December 2021: USD 47m). 3 Mainly includes provisions related to real estate, employee benefits and operational risks.

Provisions for litigation, regulatory and similar matters by business division and in Group Functions¹
USD m	Global Wealth Manage- ment	Personal & Corporate Banking	Asset Manage- ment	Investment Bank	Group Functions	Total
Balance as of 31 December 2021	1,338	181	8	310	962	2,798
Balance as of 30 September 2022	1,195	158	8	378	937	2,678
Increase in provisions recognized in the income statement	64	2	0	22	0	88
Release of provisions recognized in the income statement	(11)	(15)	0	(2)	(11)	(38)
Provisions used in conformity with designated purpose	(158)	0	0	(105)	0	(263)
Foreign currency translation / unwind of discount	92	14	0	14	2	121
Balance as of 31 December 2022	1,182	159	8	308	928	2,586
1 Provisions, if any, for the matters described in items 3 and 4 of this disclosure are recorded in Global Wealth Management, and provisions, if any, for the matters described in item 2 are recorded in Group Functions. Provisions, if any, for the matters described in items 1 and 6 of this disclosure are allocated between Global Wealth Management and Personal & Corporate Banking, provisions, if any, for the matters described in item 5 are allocated between the Investment Bank and Group Functions.

Comparison between UBS Group AG consolidated and UBS AG consolidated
	As of or for the quarter ended 31.12.22
USD m, except where indicated	UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)

Income statement
Total revenues	8,029	8,078	(49)
Credit loss expense / (release)	7	7	0
Operating expenses	6,085	6,282	(198)
Operating profit / (loss) before tax	1,937	1,788	148
of which: Global Wealth Management	*1,058*	*1,047*	11
of which: Personal & Corporate Banking	*529*	*525*	4
of which: Asset Management	*124*	*122*	2
of which: Investment Bank	*112*	*108*	4
of which: Group Functions	*114*	*(13)*	127
Net profit / (loss)	1,657	1,522	135
of which: net profit / (loss) attributable to shareholders	*1,653*	*1,518*	135
of which: net profit / (loss) attributable to non-controlling interests	4	4	0

Statement of comprehensive income
Other comprehensive income	551	499	52
of which: attributable to shareholders	*538*	*485*	52
of which: attributable to non-controlling interests	13	13	0
Total comprehensive income	2,208	2,020	187
of which: attributable to shareholders	*2,190*	*2,003*	187
of which: attributable to non-controlling interests	17	17	0

Balance sheet
Total assets	1,104,364	1,105,436	(1,072)
Total liabilities	1,047,146	1,048,496	(1,349)
Total equity	57,218	56,940	278
of which: equity attributable to shareholders	*56,876*	*56,598*	278
of which: equity attributable to non-controlling interests	*342*	*342*	0

Capital information
Common equity tier 1 capital	45,457	42,929	2,528
Going concern capital	58,321	54,770	3,551
Risk-weighted assets	319,585	317,823	1,762
Common equity tier 1 capital ratio (%)	14.2	13.5	0.7
Going concern capital ratio (%)	18.2	17.2	1.0
Total loss-absorbing capacity ratio (%)	33.0	32.0	0.9
Leverage ratio denominator	1,028,461	1,029,561	(1,100)
Common equity tier 1 leverage ratio (%)	4.42	4.17	0.25


As of or for the quarter ended 30.9.22			As of or for the quarter ended 31.12.21
UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)	UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)


8,236	8,308	(73)	8,705	8,819	(114)
(3)	(3)	0	(27)	(27)	0
5,916	6,152	(236)	7,003	7,227	(224)
2,323	2,159	164	1,729	1,619	109
1,453	1,434	18	563	541	22
442	437	5	365	362	3
140	139	1	334	328	6
447	436	11	713	710	3
(158)	(287)	129	(246)	(321)	75
1,742	1,608	135	1,359	1,266	93
1,733	1,598	135	1,348	1,255	93
9	9	0	11	11	0


(1,791)	(1,753)	(38)	(181)	(197)	16
(1,773)	(1,735)	(38)	(177)	(194)	16
(17)	(17)	0	(4)	(4)	0
(48)	(145)	97	1,178	1,069	109
(40)	(137)	97	1,171	1,062	109
(8)	(8)	0	7	7	0


1,111,753	1,111,926	(172)	1,117,182	1,116,145	1,037
1,055,666	1,056,985	(1,319)	1,056,180	1,057,702	(1,522)
56,087	54,941	1,146	61,002	58,442	2,559
55,756	54,610	1,146	60,662	58,102	2,559
330	330	0	340	340	0


44,664	42,064	2,600	45,281	41,594	3,687
59,359	55,733	3,626	60,488	55,434	5,054
310,615	308,571	2,044	302,209	299,005	3,204
14.4	13.6	0.7	15.0	13.9	1.1
19.1	18.1	1.0	20.0	18.5	1.5
33.7	32.8	1.0	34.7	33.3	1.3
989,787	989,909	(122)	1,068,862	1,067,679	1,183
4.51	4.25	0.26	4.24	3.90	0.34