6-K
UBS AG (AMUB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: October 29, 2025
UBS Group AG
(Registrant's
Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's
Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual
reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
Form 40-F
☐
This Form 6-K consists of the Third Quarter 2025
Report of UBS Group AG, which appears immediately following
this page.
UBS
Group
Third quarter 2025 report
Corporate calendar UBS Group
Information about future publication dates is generally
available at
ubs.com/global/en/investor-relations/events/calendar.html
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ubs.com/contact
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inquiries directed to the Chairman or to
other members of the Board of Directors.
UBS Group AG, Office of the Group
Company Secretary
PO Box, CH-8098 Zurich, Switzerland
sh-company-secretary@ubs.com
Zurich +41-44-235-6652
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UBS’s Shareholder Services team, a unit
of the Group Company Secretary’s office,
manages relationships with shareholders
and the registration of UBS Group AG
registered shares.
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PO Box, CH-8098 Zurich, Switzerland
sh-shareholder-services@ubs.com
Zurich +41-44-235-6652
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For global registered share-related
inquiries in the US.
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Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2025. The key symbol and UBS are among
the registered and unregistered
trademarks of UBS. All rights reserved.
1.
Key figures
3
UBS Group key figures
2.
Recent developments
4
Recent developments
3.
UBS Group performance, business
divisions and Group Items
8
Group performance
19
Global Wealth Management
24
Personal & Corporate Banking
28
Asset Management
31
Investment Bank
34
Non-core and Legacy
36
Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
38
Risk management and control
43
Capital management
52
Liquidity and funding management
53
Balance sheet and off-balance sheet
55
Share information and earnings per share
5.
Consolidated
financial statements
58
UBS Group AG interim consolidated financial
statements (unaudited)
6.
Significant regulated subsidiary and sub-
group information
92
Financial and regulatory key figures for our
significant regulated subsidiaries and sub-
groups
Appendix
94
Alternative performance measures
98
Abbreviations frequently used in
our financial reports
100
Information sources
101
Cautionary statement
UBS Group third quarter 2025 report
2
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group
AG consolidated”, “Group”, “we”,
“us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS
AG consolidated”
UBS AG and its consolidated subsidiaries
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG”
UBS Group AG on a standalone basis
“Credit Suisse Group AG”
Credit Suisse Group AG on a standalone basis
“UBS Switzerland AG”
UBS Switzerland AG on a standalone basis
“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
In this report, unless the context requires otherwise,
references to any gender shall apply to all genders.
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or
future financial performance,
financial position
or cash
flows other
than a
financial measure
defined or
specified in
the applicable
recognized
accounting standards
or
in other
applicable regulations.
We
report
a
number of
APMs
in
the discussion
of
the
financial and
operating performance
of the
Group, our
business divisions
and Group
Items. We
use APMs
to provide
a
more
complete
picture of
our
operating performance
and
to
reflect
management’s view
of
the
fundamental
drivers
of
our
business
results. A
definition
of
each
APM,
the
method
used
to
calculate
it
and
the
information
content are presented
under “Alternative performance measures”
in the
appendix to this
report. Our APMs
may
qualify
as
non-GAAP
measures
as
defined
by
US
Securities
and
Exchange
Commission
(SEC)
regulations.
Our
underlying results are APMs and are non-GAAP
financial measures.
›
Refer to the “Group performance” section of this report and to “Alternative performance measures” in the
appendix to this report for additional information about underlying results
UBS Group third quarter 2025 report
3
Key figures
UBS Group key figures
UBS Group key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.9.24
Group results
Total revenues
12,760
12,112
11,635
12,334
37,429
36,976
Credit loss expense / (release)
102
163
229
121
365
322
Operating expenses
9,831
9,756
10,359
10,283
29,911
30,880
Operating profit / (loss) before tax
2,828
2,193
1,047
1,929
7,153
5,773
Net profit / (loss) attributable to shareholders
2,481
2,395
770
1,425
6,568
4,315
Diluted earnings per share (USD)
1
0.76
0.72
0.23
0.43
1.99
1.29
Profitability and growth
2,3
Return on equity (%)
11.1
10.9
3.6
6.7
10.0
6.8
Return on tangible equity (%)
12.0
11.8
3.9
7.3
10.8
7.4
Underlying return on tangible equity (%)
4
14.6
13.4
6.6
9.0
12.7
9.1
Return on common equity tier 1 capital (%)
13.5
13.5
4.2
7.6
12.2
7.5
Underlying return on common equity tier 1 capital (%)
4
16.3
15.3
7.2
9.4
14.4
9.2
Revenues over leverage ratio denominator, gross (%)
3.1
3.0
3.0
3.1
3.1
3.1
Cost / income ratio (%)
77.0
80.5
89.0
83.4
79.9
83.5
Underlying cost / income ratio (%)
4
69.7
75.4
81.9
78.5
74.1
78.8
Effective tax rate (%)
12.0
(9.5)
25.6
26.0
7.8
24.4
Net profit growth (%)
74.2
110.9
n.m.
n.m.
52.2
(84.4)
Resources
2
Total assets
1,632,251
1,669,991
1,565,028
1,623,941
1,632,251
1,623,941
Equity attributable to shareholders
89,899
89,277
85,079
87,025
89,899
87,025
Common equity tier 1 capital
5
74,655
72,709
71,367
74,213
74,655
74,213
Risk-weighted assets
5
504,897
504,500
498,538
519,363
504,897
519,363
Common equity tier 1 capital ratio (%)
5
14.8
14.4
14.3
14.3
14.8
14.3
Going concern capital ratio (%)
5
18.8
18.2
17.6
17.5
18.8
17.5
Total loss-absorbing capacity ratio (%)
5
39.5
37.9
37.2
37.5
39.5
37.5
Leverage ratio denominator
5
1,640,464
1,658,089
1,519,477
1,608,341
1,640,464
1,608,341
Common equity tier 1 leverage ratio (%)
5
4.6
4.4
4.7
4.6
4.6
4.6
Liquidity coverage ratio (%)
6
182.1
182.3
188.4
199.2
182.1
199.2
Net stable funding ratio (%)
119.7
122.4
125.5
126.9
119.7
126.9
Other
Invested assets (USD bn)
3,7
6,910
6,618
6,087
6,199
6,910
6,199
Personnel (full-time equivalents)
104,427
105,132
108,648
109,396
104,427
109,396
Market capitalization
1,8
136,416
113,036
105,719
106,528
136,416
106,528
Total book value per share (USD)
1
28.78
28.17
26.80
27.32
28.78
27.32
Tangible book value per share (USD)
1
26.54
25.95
24.63
25.10
26.54
25.10
Credit-impaired lending assets as a percentage of total lending
assets, gross (%)
3
0.9
0.9
1.0
0.9
0.9
0.9
Cost of credit risk (bps)
3
6
10
15
8
8
7
1 Refer to the
“Share information and
earnings per share”
section of this
report for more
information.
2 Refer to the
“Targets,
capital guidance and
ambitions” section of
the UBS Group
Annual Report 2024,
available under “Annual
reporting” at ubs.com/investors,
and to the “Recent
developments” section of
the UBS Group second
quarter 2025 report,
available under “Quarterly
reporting” at ubs.com/investors,
for
more information about
our performance targets.
3 Refer to “Alternative
performance measures”
in the appendix
to this report
for the relevant
definition(s) and calculation
method(s).
4 Refer to the
“Group
performance” section of this report
for more information about
underlying results.
5 Based on the Swiss
systemically relevant bank framework.
Refer to the “Capital management” section
of this report for
more
information.
6 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 65
data points in the third quarter of 2025, 61 data points
in the second quarter
of 2025, 64 data points in
the fourth quarter of 2024
and 65 data points in the
third quarter of 2024.
Refer to the “Liquidity
and funding management” section of
this report for more information.
7 Consists of
invested assets for
Global Wealth
Management, Asset Management
(including invested assets
from associates) and
Personal &
Corporate Banking.
Refer to “Note 31
Invested assets and
net new money”
in the
“Consolidated financial statements” section of the UBS Group Annual Report 2024, available under “Annual reporting” at ubs.com/investors, for more information.
8 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
UBS Group third quarter 2025 report |
Recent developments
4
Recent developments
Management report
Integration of Credit Suisse
We remain on
track to substantially complete
the integration of Credit
Suisse by the end
of 2026, and
our focus
continues to be on client account migrations
and infrastructure decommissioning.
In the
third quarter of
2025, and over
the course of
October 2025, we
successfully advanced our
Swiss business
migrations, having
now migrated
over two-thirds
of the
targeted client
accounts.
We still
aim to
complete the
Swiss
booking center migrations by the end of the first
quarter of 2026.
Furthermore, we have substantially completed the integration of
Asset Management,
including the final portfolio
migrations onto UBS platforms.
In
the
third
quarter
of
2025,
we
realized
an
additional USD 0.9bn
in
gross
cost savings.
Cumulative gross
cost
savings at the
end of the
third quarter of
2025 amounted to
USD 10bn compared with the
2022 combined cost
base
of
UBS
and
Credit
Suisse.
This
represents
around
77%
of
our
ambition
to
deliver
around
USD 13bn
in
annualized exit rate gross cost savings by the
end of 2026.
As
of
30 September
2025,
our
Non-core
and
Legacy
business
division
has
delivered
a
64%
reduction
in
risk-
weighted assets (RWA) since the second quarter of 2023. We have already achieved our 2025 ambition to reduce
credit and
market risk
RWA to
below USD
8bn, and
we are
well positioned
to meet
our ambition
of around
USD 4bn
by the end of 2026.
Regulatory and legal developments
Developments in Switzerland aimed at strengthening
financial stability
In September 2025, the Swiss
Federal Council launched a public
consultation on proposed legislative
amendments
to
capital
requirements
related
to
foreign
subsidiaries.
The
proposed
changes
would
require
the
deduction
of
investments in foreign
subsidiaries of systemically
important banks (SIBs)
from common equity
tier 1 (CET1) capital.
After the
end of
the public
consultation in
January 2026,
the Swiss
Federal Council
is expected
to submit
its proposal
to the Swiss Parliament in the first half of 2026. Subject to the Parliament’s final decision, the proposal states that
the amendments would enter
into force in 2028, at
the earliest, starting with a
65% deduction requirement
in the
first year
and increasing
to 100%
by 5-percentage-point
increments each
year over
seven years.
The phase-in
is
subject to adjustment should the legislation be
delayed.
A public consultation on other
proposed measures at the
ordinance level ended in
September 2025. The proposals
include
provisions to
deduct capitalized
software and
deferred
tax assets
(DTAs) on
temporary differences
from
CET1
capital,
add
stricter
requirements
for
prudent
valuation
adjustments
(PVAs)
of
assets
and
liabilities,
and
mandate the suspension of interest payments for additional tier 1 capital instruments in the event of a cumulative
loss
over
four
quarters.
The
proposals
also
introduce
measures
that
aim
to
enable
the
Swiss
Financial
Market
Supervisory Authority (FINMA) and other authorities to better assess the situation of banks in a liquidity crisis. The
entry into force of the above is expected in January
2027, at the earliest.
A public consultation
by the Swiss
Federal Council is
expected to be
launched in the
first half of 2026
on additional
legislative measures,
including incremental
requirements for
the recovery
and resolution
plans of
SIBs, measures
aimed at
increasing
the potential
for obtaining
liquidity via
the Swiss
National Bank,
the introduction
of an
enhanced
accountability
framework in
the
form
of
a
Senior
Managers
Regime
for
banks, and
the
provision
of
additional
powers for
FINMA. We
expect the
Swiss Federal
Council’s submission
of these
legislative measures
to the
Parliament
in the first half of 2027, with the entry into force
expected in 2028 or 2029.
In addition, a public consultation
on amendments to the
Liquidity Ordinance is expected
to be launched in the
first
half
of 2026.
The
proposals are
expected to
set minimum
requirements for
maintaining borrowing
capacity for
emergency liquidity assistance.
UBS Group third quarter 2025 report |
Recent developments
5
Based on financial information
published for the
first quarter of
2025 and given UBS AG’s
target CET1 capital ratio
of
between
12.5% and
13%,
UBS AG
would
be
required
to
hold
additional estimated
CET1
capital of
around
USD 24bn on
a pro-forma basis
if all
capital measures were
to be
implemented as proposed.
This would
include
around
USD 23bn
related
to
the
full
deduction
of
UBS AG’s
investments
in
foreign
subsidiaries,
of
which
approximately USD 7bn would be
required at the
start of the
proposed phase-in period.
These pro-forma figures
reflect previously announced expected capital
repatriations of around USD 5bn to
UBS AG from its subsidiaries.
The incremental
CET1 capital
of around
USD 24bn required
for UBS AG,
given our
aim to
maintain an
equity double
leverage
ratio
of
around
100%
at
UBS Group AG,
would
result
in
a
CET1
capital
ratio
at
the
UBS Group AG
(consolidated)
level
of
around
19%.
At
Group
level,
the
proposed
measures
related
to
DTAs
on
temporary
differences, capitalized
software and
PVAs would
eliminate capital
recognition for
these items,
thereby reducing
the CET1 capital ratio for
the Group from around 19% to
around 17%, underrepresenting UBS’s capital strength
compared with peers.
The additional capital of USD 24bn would be in addition to the incremental capital that UBS will have
to hold as a
result
of
the
acquisition
of
the
Credit
Suisse
Group
in
order
to
meet
existing
regulations. This
includes
around
USD 9bn to remove the regulatory concessions granted to Credit Suisse and around USD 6bn to meet the current
progressive requirements due
to the
increased leverage
ratio denominator
(LRD) and
higher market
share of
the
combined business. The estimated effect for the progressive requirements for LRD and
market share decreased to
USD 6bn, from
USD 9bn,
following FINMA’s
confirmation about
the requirements
that will
apply to
UBS. The
phase-
in of the increased capital
requirements relating to the increased LRD and
higher market share will commence on
1 January 2026 and will be completed by the
beginning of 2030, at the latest.
On this basis, UBS would be required to hold
around USD 39bn in additional CET1 capital
in total.
FINMA resolution report on UBS
In
September 2025,
FINMA published
its
2025 resolution
report on
UBS
related to
the 2024
fiscal year.
FINMA
concluded
that
UBS
remains
resolvable
under
UBS’s
existing
preferred
resolution
strategy,
which
includes
a
recapitalization via a bail-in at the Group holding company level. The Swiss
emergency plan of UBS is designed to
ensure the
continuity of
systemically important
functions and
critical operations
in Switzerland
in the
case of
a failed
attempt
to
restructure
the
UBS
Group.
According
to
FINMA,
this
plan
was
largely
compliant
with
the
current
regulatory requirements. However, given the
lessons learned from
the Credit Suisse crisis, FINMA
has determined
that
the
Swiss
emergency plan
requires
further
development
to
meet
the
objective
of
maintaining
systemically
important functions while also safeguarding
financial stability at the international
level. Moreover, FINMA assessed
that UBS’s Swiss emergency plan requires better integration into UBS’s global resolution
plan. Due to the ongoing
integration
of
Credit
Suisse
into
UBS,
FINMA
has
refrained
from
assessing
UBS’s
recovery
plan,
which
outlines
measures that aim to restore financial strength
if UBS should come under severe
capital or liquidity stress.
›
Refer to “Recovery and resolution”
in the “Regulation and supervision” section of the UBS Group Annual Report
2024, available under “Annual reporting” at
ubs.com/investors
, for more information
Updated Federal Reserve Board stress capital
buffer requirements
In August
2025, the
Federal Reserve
Board reduced
the stress
capital buffer
(the SCB)
of UBS
Americas Holding
LLC, our US-based
intermediate holding
company,
to 5.2%, from
9.3%,
applicable from
1 October 2025
under the
Federal Reserve Board’s SCB
rule, resulting in a total
CET1 capital requirement of
9.7%. The SCB for UBS Americas
Holding LLC
is derived
from the
results of
the Federal
Reserve Board’s
2025 Dodd–Frank
Act Stress
Test (DFAST)
released in June 2025.
Earlier in 2025, the
Federal Reserve Board proposed measures to
reduce the volatility of the
SCB requirements by
averaging the
capital stress
test results
from the
past two
years, with
the aim
of making
capital planning
more
predictable for
banks.
In addition,
the Federal
Reserve Board
proposed moving
the effective
date for
the annual
SCB updates from 1 October to 1 January to allow more time to
meet the new requirements. We expect the final
rules to be published in the first half of 2026.
Changes to the UK senior management function
and material risk taker compensation schemes
In October
2025, the
Prudential Regulation Authority
and Financial
Conduct Authority adopted
changes to
their
regulations on
the compensation
of
senior managers
and
material risk
takers. The
revised regulations
generally
reduce the
portion of
incentive compensation
subject to
mandatory deferral,
reduce the
mandatory deferral
periods
for incentive compensation to a
uniform four years, eliminate
post-vesting blocked periods and permit
awards to
accrue interest
and dividends.
Changes are
generally
effective immediately
and companies
may elect
to apply
certain
elements of
the revised
requirements to
awards in
the current
compensation
year, as
well as
to outstanding
deferred
incentive compensation plans.
UBS is assessing the changes and the related
impacts.
UBS Group third quarter 2025 report |
Recent developments
6
Other developments
Completion of obligations under Credit Suisse’s
residential mortgage-backed securities settlement
with the US
Department of Justice
On 1 August 2025, UBS entered into an
agreement with the US Department
of Justice (the DOJ) under which
UBS
paid USD 300m to
resolve all remaining
obligations under Credit
Suisse’s 2017 settlement
agreement with
the DOJ
related to residential
mortgage-backed securities
activities. Contingent
liabilities recognized
upon the acquisition
of
the Credit Suisse Group related to this matter were released,
resulting in Non-core and Legacy recording a gain of
USD 673m in the third quarter of 2025.
Resolution of legacy French cross-border matter
In September 2025,
UBS resolved the
legacy matter related
to its cross-border business
activities in France
between
2004 and 2012. As a result, UBS agreed to pay a fine of EUR 730m and EUR 105m in civil damages to the French
State in the third quarter of 2025 and recognized a gain
of USD 321m (USD 284m in Global Wealth
Management
and USD 37m in Personal & Corporate Banking)
in connection with the release of a
related provision.
In 2023, the French Supreme Court confirmed the Paris Court of Appeal’s
decision finding UBS guilty of unlawful
client solicitation and aggravated money laundering but
referred the financial penalty and civil
damages to be re-
assessed by the lower court.
Sale of a 36.01%
stake in Credit Suisse Securities (China)
Limited
In the
third quarter
of 2025,
UBS completed
the sale
of a
36.01% stake
in a
subsidiary,
Credit Suisse
Securities
(China) Limited (CSS),
to Beijing State-Owned Assets Management Co., Ltd., as announced on 24 June 2024,
and
deconsolidated the
entity. The
sale resulted
in a
pre-tax gain of
USD 128m, which
was recognized
in the
Investment
Bank as integration-related revenues and is
excluded from underlying results. UBS retains a
14.99% shareholding
in CSS and accounts for this minority interest
as an investment in an associate.
Court ruling related to the write-off of Credit
Suisse additional tier 1 capital instruments in 2023
In
proceedings
initiated
by
certain
former
holders
of
Credit
Suisse
Group
AG
additional
tier 1
(AT1)
capital
instruments
against
FINMA
challenging
FINMA’s
decree
of
19 March
2023
ordering
the
write-off
of
CHF 16bn
principal amount of Credit
Suisse Group AG’s AT1 instruments,
the Swiss Federal Administrative
Court published a
partial
decision
in
October
2025.
The
court
determined
that
FINMA’s
order
lacked
a
sufficient
legal
basis
and
revoked FINMA’s
decree. FINMA has
stated it will
appeal the decision
to the Swiss
Federal Supreme
Court. UBS also
intends to appeal.
Organizational changes
On 24 October 2025, UBS announced that Lukas Gähwiler will
not stand for re-election to the Board
of Directors
of
UBS Group AG
at
the
Annual
General
Meeting
(the
AGM)
in
April
2026.
UBS
also
announced
that
Markus
Ronner will be nominated as
a new member of the Board of
Directors and Vice Chairman at
the AGM, succeeding
Lukas Gähwiler.
Markus Ronner is a Swiss citizen and
has been with UBS since 1981.
In addition,
on 24 October
2025 several
changes with
respect to
the responsibilities
of existing
Group Executive
Board (GEB) members were announced and
will be effective 1 January 2026.
Michelle Bereaux, Group Integration Officer,
will take on the role of Group Head
Compliance and Operational Risk
Control.
Beatriz Martin, Head
Non-core and Legacy
and the GEB Lead
for Sustainability and
Impact, will also become
Group
Chief Operating
Officer. In
addition to her
current responsibilities,
she will oversee
the finalization
of the
integration
of Credit Suisse, Group Operations, and the
Internal Consulting and Governance teams. She will also
continue to
act as President EMEA and UK Chief Executive.
Todd Tuckner
will take
on the
responsibility for
Governmental and
Regulatory Affairs
in addition
to his
role as
Group
CFO.
Stefan Seiler will take
on the responsibility for the
Group Security functions in addition
to his role as
Group Head
of HR and Corporate Services.
Mike Dargan will focus
on capturing opportunities arising from
innovation and technological changes in addition
to his role as Group Chief Technology Officer.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items
7
UBS Group performance,
business divisions and Group Items
Management report
Our businesses
We report
five business
divisions, each
of which
qualifies as
an operating
segment pursuant
to IFRS
Accounting
Standards: Global Wealth Management,
Personal & Corporate Banking,
Asset Management, the Investment
Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group
functions are
support and
control functions
that provide
services to
the Group.
Virtually all
costs incurred
by our Group functions are
allocated to the business divisions,
leaving a residual amount that
we refer to as Group
Items in our segment reporting.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
8
Group performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income
1,981
1,965
1,794
1
10
5,575
5,270
Other net income from financial instruments measured
at fair value through profit or loss
3,502
3,408
3,681
3
(5)
10,848
11,547
Net fee and commission income
7,204
6,708
6,517
7
11
20,689
19,540
Other income
73
30
341
143
(78)
317
619
Total revenues
12,760
12,112
12,334
5
3
37,429
36,976
Credit loss expense / (release)
102
163
121
(37)
(16)
365
322
Personnel expenses
7,172
6,976
6,889
3
4
21,180
20,957
General and administrative expenses
1,755
1,881
2,389
(7)
(27)
6,067
7,120
Depreciation, amortization and impairment of non-financial
assets
904
898
1,006
1
(10)
2,663
2,804
Operating expenses
9,831
9,756
10,283
1
(4)
29,911
30,880
Operating profit / (loss) before tax
2,828
2,193
1,929
29
47
7,153
5,773
Tax expense / (benefit)
341
(209)
502
(32)
561
1,407
Net profit / (loss)
2,487
2,402
1,428
4
74
6,592
4,366
Net profit / (loss) attributable to non-controlling interests
6
7
3
(19)
93
24
51
Net profit / (loss) attributable to shareholders
2,481
2,395
1,425
4
74
6,568
4,315
Comprehensive income
Total comprehensive income
2,073
5,357
3,910
(61)
(47)
10,776
5,279
Total comprehensive income attributable to non-controlling interests
5
22
27
(75)
(80)
53
40
Total comprehensive income attributable to shareholders
2,067
5,335
3,883
(61)
(47)
10,722
5,239
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
9
Selected financial information of the business divisions and Group Items
For the quarter ended 30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
6,543
2,321
843
3,244
(40)
(149)
12,760
of which: PPA effects and other integration items
1
171
276
219
2
1
34
701
of which: loss related to an investment in an associate
(38)
(102)
(140)
Total revenues (underlying)
6,410
2,147
843
3,025
(42)
(183)
12,199
Credit loss expense / (release)
7
72
0
17
6
0
102
Operating expenses as reported
5,182
1,619
624
2,327
56
23
9,831
of which: integration-related expenses and PPA effects
3
553
376
64
106
205
20
1,323
Operating expenses (underlying)
4,629
1,242
560
2,221
(149)
4
8,507
Operating profit / (loss) before tax as reported
1,354
631
218
900
(102)
(173)
2,828
Operating profit / (loss) before tax (underlying)
1,774
833
282
787
102
(187)
3,590
For the quarter ended 30.6.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
6,300
2,336
772
2,966
(82)
(180)
12,112
of which: PPA effects and other integration items
1
153
274
152
1
17
596
of which: loss related to an investment in an associate
(8)
(23)
(31)
Total revenues (underlying)
6,156
2,085
772
2,815
(83)
(198)
11,546
Credit loss expense / (release)
3
114
0
48
(2)
0
163
Operating expenses as reported
5,093
1,528
618
2,361
170
(13)
9,756
of which: integration-related expenses and PPA effects
3
383
240
63
121
252
(4)
1,055
Operating expenses (underlying)
4,710
1,288
555
2,241
(83)
(10)
8,701
Operating profit / (loss) before tax as reported
1,204
695
153
557
(250)
(167)
2,193
Operating profit / (loss) before tax (underlying)
1,443
684
216
526
1
(188)
2,683
For the quarter ended 30.9.24
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
6,199
2,394
873
2,645
262
(39)
12,334
of which: PPA effects and other integration items
1
224
278
185
(25)
662
Total revenues (underlying)
5,975
2,116
873
2,461
262
(14)
11,672
Credit loss expense / (release)
2
83
0
9
28
0
121
Operating expenses as reported
5,112
1,465
722
2,231
837
(84)
10,283
of which: integration-related expenses and PPA effects
3
419
198
86
156
270
(11)
1,119
Operating expenses (underlying)
4,693
1,267
636
2,076
567
(74)
9,165
Operating profit / (loss) before tax as reported
1,085
846
151
405
(603)
45
1,929
Operating profit / (loss) before tax (underlying)
1,280
766
237
377
(333)
60
2,386
1 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 a USD 128m gain from the sale of
a stake in
a subsidiary,
Credit Suisse Securities
(China) Limited.
3 Includes temporary,
incremental operating expenses
directly related to
the integration, as
well as amortization
of intangibles resulting
from the
acquisition of the Credit Suisse Group.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
10
Selected financial information of the business divisions and Group Items (continued)
Year-to-date 30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
19,265
6,868
2,355
9,393
162
(614)
37,429
of which: PPA effects and other integration items
1
489
790
509
2
2
81
1,872
of which: gain / (loss) related to an investment in an associate
(42)
(114)
(156)
of which: items related to the Swisscard transactions
3
64
64
Total revenues (underlying)
18,818
6,128
2,355
8,884
159
(696)
35,649
Credit loss expense / (release)
16
239
0
100
11
(1)
365
Operating expenses as reported
15,332
4,697
1,848
7,115
894
25
29,911
of which: integration-related expenses and PPA effects
4
1,291
808
200
339
648
19
3,305
of which: items related to the Swisscard transactions
5
180
180
Operating expenses (underlying)
14,041
3,709
1,648
6,776
246
6
26,426
Operating profit / (loss) before tax as reported
3,917
1,932
507
2,179
(744)
(638)
7,153
Operating profit / (loss) before tax (underlying)
4,762
2,179
707
2,009
(98)
(701)
8,858
Year-to-date 30.9.24
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
18,395
7,089
2,416
8,199
1,664
(786)
36,976
of which: PPA effects and other integration items
1
691
780
787
(37)
2,221
Total revenues (underlying)
17,705
6,308
2,416
7,412
1,664
(749)
34,755
Credit loss expense / (release)
(2)
229
0
34
63
(2)
322
Operating expenses as reported
15,340
4,265
2,025
6,728
2,655
(132)
30,880
of which: integration-related expenses and PPA effects
4
1,347
540
255
543
837
(12)
3,511
Operating expenses (underlying)
13,993
3,725
1,770
6,185
1,817
(120)
27,370
Operating profit / (loss) before tax as reported
3,057
2,594
392
1,437
(1,054)
(652)
5,773
Operating profit / (loss) before tax (underlying)
3,713
2,354
647
1,193
(216)
(627)
7,063
1 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 a USD 128m gain from the sale of
a stake in a subsidiary, Credit Suisse Securities (China) Limited.
3 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS.
4 Includes
temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group.
5 Represents the expense related to the
payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.
Net integration-related expenses, by business division and Group Items
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Global Wealth Management
550
381
420
1,284
1,388
Personal & Corporate Banking
350
212
172
729
470
Asset Management
64
63
86
200
255
Investment Bank
(22)
1
121
156
211
1
543
Non-core and Legacy
204
251
270
646
837
Group Items
0
4
21
2
30
Net integration-related expenses
1,146
1,032
1,124
3,071
3,523
of which: total revenues
(149)
1
6
35
(148)
1
97
of which: operating expenses
1,295
1,025
1,090
3,219
3,426
of which: personnel expenses
726
619
561
1,905
1,942
of which: general and administrative expenses
472
313
415
1,064
1,197
of which: depreciation, amortization and impairment of non-financial
assets
97
93
113
250
287
1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse
Securities (China) Limited.
Underlying results
In addition to
reporting our
results in accordance
with IFRS Accounting
Standards, we
report underlying results
that
exclude items of profit or loss that management
believes are not representative of
the underlying performance.
In
the
third
quarter
of
2025,
underlying
revenues
excluded
purchase
price
allocation
(PPA)
effects
and
other
integration items,
including a
gain from
the sale
of a
stake in
Credit Suisse
Securities (China) Limited
(CSS). PPA
effects mainly
consisted of
PPA adjustments
on financial
instruments measured
at amortized
cost, including
off-
balance sheet positions, arising from the
acquisition of the Credit Suisse
Group. Accretion of PPA adjustments on
financial instruments
is
accelerated when
the related
financial instrument
is
derecognized before
its
contractual
maturity. No adjustment is made for accretion of PPA on financial instruments
within Non-core and Legacy, due to
the nature of
its business model.
Underlying revenues
also excluded a
loss relating to
an investment in
an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
11
In
the
third
quarter
of
2025,
underlying
expenses
excluded
integration-related
expenses
that
are
temporary,
incremental and directly
related to the
integration of Credit
Suisse into
UBS, including costs
of internal
staff and
contractors
substantially
dedicated
to
integration
activities,
retention
awards,
redundancy
costs,
incremental
expenses from
the shortening
of useful lives
of property,
equipment and software,
and impairment charges
relating
to
these
assets.
Classification
as
integration-related
expenses
does
not
affect
the
timing
of
recognition
and
measurement of those expenses or the presentation
thereof in the income statement.
Results: 3Q25 vs 3Q24
Reported operating
profit before
tax increased
by USD 899m,
or 47%,
to USD 2,828m, reflecting
an increase
in
total
revenues
and
a
decrease
in
operating
expenses,
as
well
as
lower
net
credit
loss
expenses.
Total
revenues
increased by USD 426m,
or 3%, to
USD 12,760m, which
included an increase
from foreign currency
effects and an
increase
of
USD 39m
in
accretion
impacts
resulting
from
PPA
adjustments
on
financial
instruments
and
other
integration items. The increase
in total revenues
was primarily driven
by an increase of
USD 687m in net
fee and
commission
income,
partly
offset
by
a
USD 268m
decrease
in
other
income.
Operating
expenses
decreased
by
USD 452m, or
4%, to
USD 9,831m, which
also included
an increase
from foreign
currency effects
and a USD
205m
increase
in
integration-related
expenses.
The
overall
decrease
in
operating
expenses
was
mainly
driven
by
a
USD 634m decrease in general and administrative
expenses,
largely reflecting a USD 599m
increase in net releases
of provisions and
acquisition-related contingent liabilities resulting
from litigation, regulatory
and similar matters,
and a USD 102m decrease in depreciation, amortization and impairment of non-financial assets, partly offset by a
USD 283m increase in personnel
expenses.
Net credit loss expenses
were USD 102m, compared
with USD 121m in
the third quarter of 2024.
Underlying results 3Q25 vs 3Q24
Underlying revenues for the third quarter of 2025 excluded PPA effects and other integration items of USD 701m,
including a
USD 128m gain
from
the sale
of a
stake in
CSS,
and also
excluded a
USD 140m
loss
relating to
an
investment in an
associate.
Underlying operating expenses excluded USD 1,323m
of integration-related expenses
and PPA effects.
On an underlying
basis, profit
before tax
increased by
USD 1,204m to
USD 3,590m, reflecting
a USD 527m
increase
in total revenues
and a USD 658m
decrease in operating
expenses,
as well as
a USD 19m decrease
in net credit
loss
expenses.
Total revenues: 3Q25 vs 3Q24
Net interest income and other net income
from financial instruments measured at
fair value through profit or loss
Total combined
net interest
income and
other net
income from
financial instruments
measured at
fair value
through
profit
or
loss
increased
by
USD 7m
to
USD 5,483m
and
included
a
decrease
of
USD 87m
in
accretion
impacts
resulting from PPA adjustments on financial
instruments and other PPA effects.
Global Wealth
Management
revenues decreased
by USD 40m
to USD 2,192m,
which included
a USD 79m
decrease
in
accretion
of
PPA
adjustments
on
financial
instruments
and
other
PPA
effects.
Excluding
the
aforementioned
effects, net interest income
increased, largely driven by
lower liquidity and funding
costs, the effects of
favorable
changes in deposit mix, balance sheet optimization
measures and positive foreign currency
effects, partly offset by
the impact of lower central bank interest rates on deposit revenues and by lower loan revenues, reflecting margin
contraction.
Personal &
Corporate Banking
revenues decreased
by USD 12m
to USD 1,626m,
which included
a USD 4m
decrease
in accretion of PPA adjustments on financial
instruments and other PPA effects, as
well as positive foreign currency
effects. Excluding the
aforementioned effects,
net interest income decreased,
mainly reflecting the
impact of lower
central bank
interest rates
on deposit
revenues. This
decrease was
partly offset
by deposit
pricing measures
and
lower liquidity and funding costs.
Investment Bank revenues increased by USD 352m to USD 1,870m, including a USD 12m decrease in accretion of
PPA
adjustments
on
financial
instruments
and
other
PPA
effects.
The
overall
growth
was
mainly
due
to
higher
revenues in Financing in Global Markets, led by Prime Brokerage, supported by higher client balances. In addition,
Global Banking revenues increased,
driven by higher revenues in Capital Markets.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
12
Non-core and Legacy revenues
were negative USD 43m, compared with
positive USD 98m in the
third quarter of
2024, mainly
due to lower
net gains from
position exits
and lower net
interest income
from securitized
product and
credit portfolios, partly offset by lower markdowns
and lower liquidity and funding costs, as
a result of the smaller
portfolio.
Revenues in
Group Items
were negative
USD 153m, compared
with negative
USD 32m in
the third
quarter of
2024.
The
change in
revenues was
mainly driven
by lower
mark-to-market gains
from Group
hedging and
own debt,
including hedge accounting ineffectiveness.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
›
Refer to “Note 3 Net interest income” in the “Consolidated financial statements” section of this report for more
information about net interest income
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income from financial instruments measured
at amortized cost and fair value
through other comprehensive income
329
466
(256)
(29)
827
101
Net interest income from financial instruments measured
at fair value through profit or
loss and other
1,652
1,500
2,050
10
(19)
4,748
5,168
Other net income from financial instruments measured
at fair value through profit or loss
3,502
3,408
3,681
3
(5)
10,848
11,547
Total
5,483
5,373
5,476
2
0
16,423
16,817
Global Wealth Management
2,192
2,167
2,232
1
(2)
6,554
6,814
of which: net interest income
1,773
1,705
1,811
4
(2)
5,186
5,509
of which: transaction-based income from foreign exchange and other
intermediary
activity
1
419
462
421
(9)
0
1,368
1,306
Personal & Corporate Banking
1,626
1,585
1,638
3
(1)
4,639
4,907
of which: net interest income
1,395
1,367
1,429
2
(2)
4,001
4,288
of which: transaction-based income from foreign exchange and other
intermediary
activity
1
231
218
210
6
10
638
619
Asset Management
(9)
0
21
(13)
21
Investment Bank
1,870
1,882
1,518
(1)
23
5,798
4,608
Non-core and Legacy
(43)
(92)
98
(53)
36
1,316
Group Items
(153)
(168)
(32)
(9)
372
(590)
(851)
1 Mainly includes spread-related income in connection with client-driven transactions, foreign currency
translation effects and income and expenses from precious metals, which are included in the income statement
line Other net income from financial instruments measured
at fair value through profit or loss.
The amounts reported on this line are
one component of Transaction-based
income in the management discussion and
analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections
of this report.
Net fee and commission income
Net fee and commission income increased by
USD 687m
to USD 7,204m
and included a decrease of USD 57m
in
accretion of PPA adjustments on financial instruments and other PPA effects, which was reflected in other fee and
commission income, predominantly in Global
Banking in the Investment Bank.
Net
brokerage
fees
increased
by
USD 250m
to
USD 1,292m,
driven
by
increased
volumes
in
Cash
Equities
in
Execution Services
in the
Investment Bank,
led by the
Asia Pacific
region,
and higher
levels of
client activity
in Global
Wealth Management in the Asia Pacific, EMEA
and Americas regions.
Investment fund fees
increased by
USD 210m to USD 1,740m.
These fees
are largely
recurring in nature
and are
mainly driven
by management and
performance fees in
Asset Management and
asset-based fund
fees in
Global
Wealth Management.
Fees for portfolio
management and
related services
increased by
USD 185m to USD 3,302m.
These
fees
are
also
largely
recurring
and
were
driven
mainly
by
Global
Wealth
Management.
The
year-on-year
increase in both
of these fee
categories reflected higher average
levels of fee-generating
assets in Global
Wealth
Management, reflecting positive
impacts from market performance
and net new fee-generating asset
inflows over
the
course
of
the
last
12
months.
Increases
in
Asset Management
reflected
growth in
Hedge
Fund
Businesses,
positive market performance
and foreign currency
effects, partly offset
by negative impacts
from continued margin
compression.
›
Refer to “Note 4 Net fee and commission income” in the “Consolidated financial statements” section of this report
for more information
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
13
Other income
Other income
was USD 73m, compared
with USD 341m in
the third
quarter of
- The
third quarter
of 2025
included
a
USD 128m
gain
from
the
sale
of
a
stake
in
CSS
and
a
USD 33m
gain
from
the
sale
of
our
wealth
management business in India. These gains were partly offset by a USD 140m loss relating to an investment in
an
associate. In addition,
there were losses
of USD 43m recognized
on repurchases of
UBS’s own
debt instruments,
compared with gains of
USD 4m in the third
quarter of 2024. The third
quarter of 2024 also
included a USD 135m
gain related to the sale of our investment in an
associate and a USD 72m net gain from
disposals.
›
Refer to “Note 5 Other income” in the “Consolidated financial statements” section of this report for more
information
Credit loss expense / release: 3Q25 vs 3Q24
Total
net credit
loss expenses
in
the
third quarter
of 2025
were USD 102m,
reflecting net
expenses of
USD 5m
related to
performing positions
and net expenses
of USD 97m
on credit-impaired
positions. Net
credit loss expenses
were USD 121m
in the third quarter of 2024.
›
Refer to “Note 8 Expected credit loss measurement” in the “Consolidated financial statements” section of this
report for more information
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.9.25
Global Wealth Management
(4)
10
1
7
Personal & Corporate Banking
2
69
0
72
Asset Management
0
0
0
0
Investment Bank
6
11
0
17
Non-core and Legacy
0
2
4
6
Group Items
0
0
0
0
Total
5
93
4
102
For the quarter ended 30.6.25
Global Wealth Management
(3)
6
0
3
Personal & Corporate Banking
22
91
1
114
Asset Management
0
0
0
0
Investment Bank
19
29
0
48
Non-core and Legacy
0
0
(2)
(2)
Group Items
0
0
0
0
Total
38
126
(1)
163
For the quarter ended 30.9.24
Global Wealth Management
(11)
12
1
2
Personal & Corporate Banking
(10)
94
0
83
Asset Management
0
0
0
0
Investment Bank
9
0
0
9
Non-core and Legacy
(2)
0
30
28
Group Items
0
0
0
0
Total
(15)
106
30
121
Operating expenses: 3Q25 vs 3Q24
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Personnel expenses
7,172
6,976
6,889
3
4
21,180
20,957
of which: salaries and variable compensation
5,906
5,900
5,805
0
2
17,773
17,726
of which: variable compensation – financial advisors
1
1,419
1,335
1,335
6
6
4,163
3,893
General and administrative expenses
1,755
1,881
2,389
(7)
(27)
6,067
7,120
of which: net expenses / (releases) for litigation, regulatory
and similar matters
(668)
(412)
(69)
62
874
(966)
(227)
Depreciation, amortization and impairment of non-financial
assets
904
898
1,006
1
(10)
2,663
2,804
Total operating expenses
9,831
9,756
10,283
1
(4)
29,911
30,880
1 Financial advisor compensation consists of cash
compensation, determined using a formulaic
approach based on production, and
deferred awards. It also
includes expenses related to compensation commitments
with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
14
Personnel expenses
Personnel expenses increased by USD 283m
to USD 7,172m, including a USD
165m increase in integration-related
expenses,
predominantly
related
to
post-employment
benefit
plans.
The
remaining
variance
was
driven
by
an
increase in financial
advisor compensation
resulting from
higher compensable
revenues, and an
increase in accruals
for performance
awards, reflecting
business performance.
This was
partly offset
by lower
salary expenses,
reflecting
the impact of a smaller workforce.
›
Refer to “Note 6 Personnel expenses” in the “Consolidated financial statements” section of this report for more
information
General and administrative expenses
General
and
administrative
expenses
decreased
by
USD 634m
to
USD 1,755m,
mainly
driven
by
a
USD 599m
increase in net releases for litigation, regulatory
and similar matters,
primarily due to the completion of obligations
under Credit
Suisse’s residential
mortgage-backed securities
settlement with
the US
Department of
Justice (the
DOJ)
and the resolution of a
legacy matter concerning cross-border
business activities in France.
In addition, there was
a
decrease of USD 62m in outsourcing costs, mainly
reflecting lower IT-related costs.
›
Refer to “Note 7 General and administrative expenses” in the “Consolidated financial statements” section of this
report for more information
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS Group Annual Report
2024, available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory
and similar matters
Depreciation, amortization and impairment of
non-financial assets
Depreciation, amortization
and impairment
of non-financial
assets decreased
by USD 102m
to USD 904m,
primarily
reflecting
a
USD 71m
decrease
in
depreciation
of
leased
real
estate
as
a
result
of
higher
levels
of
accelerated
depreciation
in
the
third
quarter
of
2024.
In
addition,
there
was
a
USD 44m
decrease
in
the
amortization
of
internally generated capitalized
software,
reflecting a lower
cost base of software
assets. The decreases
were partly
offset by a USD 28m increase in impairments,
mainly related to internally generated capitalized
software.
Tax: 3Q25 vs 3Q24
The Group had a net income tax expense of USD 341m in the third quarter of 2025, representing an effective tax
rate of 12.0%, compared with USD 502m in the
third quarter of 2024 and an effective tax
rate of 26.0%.
The net current tax expense was
USD 335m, which primarily related to the taxable
profits of UBS Switzerland AG
and other entities.
There was a
net deferred tax
expense of USD 6m.
This reflects a
net deferred tax
expense of USD 115m
that mainly
related
to
the
amortization
of
deferred
tax
assets
(DTAs)
previously
recognized
in
relation
to
tax
losses
carried
forward
and
deductible
temporary
differences,
largely
offset
by
a
benefit
of
USD 109m
in
respect
of
the
tax
deduction for deferred compensation awards.
Certain releases
in the
quarter of
provisions and
acquisition-related contingent liabilities
for litigation,
regulatory
and similar matters did not result in any tax expense.
Excluding any
potential effects
from the
remeasurement
of deferred
tax assets
in connection
with the
2025 business
planning
process
and
any
material
jurisdictional statutory
tax
rate
changes
that
could
be
enacted in
the
fourth
quarter of
2025, the
Group’s effective
tax rate
for the
2025 full
year is
expected to
be in
the low
double digits,
primarily due to the low effective tax rate
for the nine months to 30 September 2025.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
15
Total comprehensive income attributable
to shareholders
In the third quarter of 2025, total comprehensive income
attributable to shareholders was USD 2,067m,
reflecting
a net profit of USD 2,481m and other comprehensive
income (OCI), net of tax, of negative USD 414m.
OCI related to own credit on financial
liabilities designated at fair value was negative USD 567m, primarily due
to
a tightening of our own credit spreads.
Foreign currency translation
OCI was negative
USD 116m, mainly due
to the US
dollar strengthening against the
Swiss franc, the pound sterling and the euro.
OCI related
to cash
flow hedges
was USD 178m,
mainly reflecting
net losses
on hedging
instruments that
were
reclassified from OCI to the income statement.
›
Refer to “Statement of comprehensive income” in the “Consolidated financial statements” section of this report for
more information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
Sensitivity to interest rate movements
As of 30 September
2025, it is
estimated that a
parallel shift in
yield curves by
+100 basis points
could lead to
a
combined increase in
annual net interest
income from our
banking book of
approximately USD 1.4bn in
the first
year after
such a
shift. Of
this increase,
approximately USD 0.8bn, USD 0.3bn
and USD 0.1bn
would result
from
changes in Swiss franc, US dollar and euro
interest rates, respectively.
A parallel shift in yield
curves by –100 basis points
could lead to a combined
increase in annual net
interest income
of approximately
USD 1.1bn. Of
this increase,
approximately USD 1.6bn
would result
from changes
in the
Swiss
franc interest
rate, driven
by both
contractual and
assumed flooring
benefits under
negative interest
rates. US
dollar
and euro interest rates would lead to an offsetting
decrease of USD 0.3bn and USD 0.1bn, respectively.
These estimates do not represent net interest income forecasts, as they are based
on a hypothetical scenario of an
immediate
change
in
interest
rates,
equal
across
all
currencies
and
relative
to
implied
forward
rates
as
of
30 September 2025 applied
to our banking book.
These estimates further assume
no change to balance sheet
size
and product mix, stable foreign exchange rates,
and no specific management action.
›
Refer to the “Risk management and control” section of this report for information about interest rate risk in the
banking book
Key figures and personnel
Below is
an overview
of selected
key figures
of the
Group. For
further information
about key
figures related
to
capital management, refer to the “Capital management”
section of this report.
Cost / income ratio: 3Q25 vs 3Q24
The cost / income ratio
was 77.0%, compared
with 83.4%, and
on an underlying
basis the cost / income
ratio was
69.7%, compared with 78.5%, both as a result
of higher total revenues and lower
operating expenses.
Personnel: 3Q25 vs 2Q25
The
number
of
internal
and
external
personnel
employed
was
approximately
122,382
(workforce
count)
as
of
30 September 2025,
a
net
decrease
of
1,144
compared with
30 June 2025.
The
number
of
internal
personnel
employed as
of
30 September 2025
was 104,427
(full-time equivalents),
a
net decrease
of 705
compared with
30 June 2025.
The number
of external
staff was
approximately 17,954
(workforce count)
as of
30 September 2025,
a net decrease of approximately 439 compared
with 30 June 2025.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
16
Equity, CET1 capital and returns
As of or for the quarter ended
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Net profit
Net profit / (loss) attributable to shareholders
2,481
2,395
1,425
6,568
4,315
Equity
Equity attributable to shareholders
89,899
89,277
87,025
89,899
87,025
less: goodwill and intangible assets
6,982
7,023
7,048
6,982
7,048
Tangible equity attributable to shareholders
82,916
82,254
79,976
82,916
79,976
less: other CET1 adjustments
8,262
9,544
5,763
8,262
5,763
CET1 capital
74,655
72,709
74,213
74,655
74,213
Returns
Return on equity (%)
11.1
10.9
6.7
10.0
6.8
Return on tangible equity (%)
12.0
11.8
7.3
10.8
7.4
Underlying return on tangible equity (%)
14.6
13.4
9.0
12.7
9.1
Return on CET1 capital (%)
13.5
13.5
7.6
12.2
7.5
Underlying return on CET1 capital (%)
16.3
15.3
9.4
14.4
9.2
Common equity tier 1 capital: 3Q25 vs 2Q25
During the third quarter
of 2025, our common equity
tier 1 (CET1) capital increased
by USD 1.9bn to USD 74.7bn,
mainly driven
by operating
profit before
tax of
USD 2.8bn and
an increase
in eligible
DTAs on temporary
differences
of
USD 0.2bn,
partly
offset
by
dividend
accruals
of
USD 0.8bn
and
current
tax
expenses
of
USD 0.3bn.
Share
repurchases of USD 1.1bn
made under
our 2025
share repurchase program
in the
third quarter
of 2025
did not
materially affect
our
CET1 capital
position,
as there
was an
almost identical
reduction in
the capital
reserve for
expected future share repurchases.
Return on common equity tier 1 capital: 3Q25
vs 3Q24
The annualized return
on CET1
capital was 13.5%,
compared with 7.6%.
On an
underlying basis, the
return on
CET1 capital
was 16.3%,
compared with
9.4%. These
increases were
driven by
an increase
in net
profit attributable
to shareholders,
partly offset by an increase in average CET1 capital.
Risk-weighted assets: 3Q25 vs 2Q25
During the third quarter
of 2025, risk-weighted assets
(RWA) increased by USD 0.4bn
to USD 504.9bn, driven
by a
USD 2.9bn increase resulting from
asset size and other
movements, partly offset by
a USD 1.5bn decrease driven
by model updates and methodology changes
and a USD 1.0bn decrease from currency effects.
Common equity tier 1 capital ratio: 3Q25 vs 2Q25
Our CET1 capital ratio increased to 14.8%
from 14.4%, primarily reflecting a USD
1.9bn increase in CET1 capital.
Leverage ratio denominator: 3Q25 vs 2Q25
The leverage
ratio denominator
(the LRD)
decreased by
USD 17.6bn to
USD 1,640.5bn,
mainly due
to asset
size
and other movements of USD 12.4bn and currency
effects of USD 5.2bn.
Common equity tier 1 leverage ratio: 3Q25
vs 2Q25
Our CET1 leverage ratio increased to 4.6% from 4.4%,
resulting from a USD 1.9bn increase in CET1 capital and a
USD 17.6bn decrease in the LRD.
Results 9M25 vs 9M24
Operating
profit
before
tax
increased
by
USD 1,380m,
or
24%,
to
USD 7,153m.
Total
revenues
increased
by
USD 453m and included a
decrease of USD 349m in accretion
impacts resulting from PPA
adjustments on financial
instruments
and
other
integration
items.
Operating
expenses
decreased
by
USD 969m,
including
a
USD 207m
decrease
in
integration-related
expenses.
The
overall
decrease
in
operating
expenses
was
mainly
driven
by
a
USD 1,053m decrease
in general
and administrative
expenses, largely
reflecting a
USD 739m increase
in net
releases
of provisions and
acquisition-related contingent liabilities resulting
from litigation, regulatory
and similar matters.
Net credit loss expenses were USD 365m,
compared with USD 322m in the first nine
months of 2024.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
17
Total combined
net interest
income and
other net
income from
financial instruments
measured at
fair value
through
profit or loss decreased
by USD 394m to USD 16,423m
and included a decrease
of USD 255m in accretion
impacts
resulting
from
PPA
adjustments
on
financial
instruments
and
other
PPA
effects.
Global
Wealth
Management
revenues
decreased
by
USD 260m,
which
included
USD 268m
lower
accretion
of
PPA
adjustments
on
financial
instruments
and
other
PPA
effects.
Personal
&
Corporate
Banking
revenues
decreased
by
USD 268m,
mainly
reflecting
the
impact
of
lower
central
bank
interest
rates
on
deposit
revenues,
partly
offset
by
deposit
pricing
measures and
lower liquidity
and funding
costs. Investment
Bank revenues
increased by
USD 1,190m, mainly
in
Global Markets, due
to an increase
in Derivatives &
Solutions revenues that
resulted from higher
revenues across all
products,
as well
as higher
revenues in
Financing, led
by Prime
Brokerage, supported
by higher
client balances.
Non-core and Legacy revenues
decreased by USD 1,280m, mainly
due to lower net
gains from position
exits and
lower net interest
income from
securitized product
and credit portfolios,
partly offset
by lower liquidity
and funding
costs,
as
a
result
of
the
smaller
portfolio.
Revenues
in
Group
Items
were
negative
USD 590m,
compared
with
negative
USD 851m
in
the
first
nine
months
of
2024,
and
included
lower
mark-to-market
losses
from
Group
hedging and own debt, including hedge accounting
ineffectiveness, within Group Treasury.
Net fee and
commission income
increased by USD 1,149m
to USD 20,689m and
included a decrease
of USD 339m
in accretion of PPA adjustments on financial instruments and other PPA effects. Investment fund fees increased by
USD 695m
and
fees
for
portfolio
management
and
related
services
increased
by
USD 333m.
The
year-on-year
increase in
these fee
categories was
mainly driven
by higher
average levels
of fee-generating
assets in
Global Wealth
Management,
reflecting positive
impacts from market
performance,
and net new
fee-generating asset
inflows over
the course of the last 12 months. Net brokerage fees increased
by USD 615m due to higher levels of client activity
across all
regions in
Global Wealth
Management and
also due
to higher
volumes, across
all regions,
in Cash Equities
in Execution Services in the Investment Bank.
Other income was
USD 317m compared with
USD 619m in the
first nine months
of 2024. The first
nine months of
2025 included a USD 128m gain from the sale of a stake in CSS, a USD 97m gain from the sale of Select Portfolio
Servicing,
a
USD 64m
gain
from
the
Swisscard
transactions
and
a
USD 33m
gain
from
the
sale
of
our
wealth
management business in India. These gains were partly offset by a USD 156m loss relating to an investment in
an
associate. The
first nine
months of
2024 included
a USD 135m
gain related
to the
sale of
our investment
in an
associate, as well as a USD 100m net gain from
disposals.
Personnel
expenses
increased
by
USD 223m
to
USD 21,180m,
driven
by
an
increase
in
financial
advisor
compensation,
resulting
from
higher
compensable
revenues,
as
well
as
integration-related
expenses
for
post-
employment
benefit
plans.
This
was
partly
offset
by
lower
salary
expenses,
reflecting
the
impact
of
a
smaller
workforce.
General and
administrative expenses
decreased by
USD 1,053m to
USD 6,067m, mainly
driven by
a
USD 739m
increase in net releases
for litigation, regulatory
and similar matters,
including releases related to
the completion of
obligations under
Credit Suisse’s
residential mortgage-backed
securities settlement
with the DOJ
and the
resolution
of a
legacy matter
concerning cross-border
business activities
in France.
In addition,
there was
a USD 201m
decrease
in consulting, legal
and audit
fees, primarily driven
by a
reduction in
integration-related expenses. The
decreases
were partly offset by a USD 180m expense related
to the Swisscard transactions.
Outlook
With
valuations
elevated
across
most
asset
classes
entering
the
fourth
quarter,
investors
remain
engaged
but
increasingly focused on
hedging downside risks,
which is also
evident in periodic
headline-driven spikes
in volatility.
Against
this
backdrop,
transactional
activity
and
our
deal
pipelines
remain
healthy,
though
sentiment
can
shift
quickly as confidence
in the outlook
is tested and
seasonal effects
come into
play. Furthermore,
macro uncertainties
along
with
a
strong
Swiss
franc
and
higher
US
tariffs
are
clouding
the
outlook
for
the
Swiss
economy,
and
a
prolonged US government shutdown may delay
capital market activities.
In the fourth
quarter, we expect
net interest income
in US dollars
to remain broadly
stable in each
of Global Wealth
Management and Personal
& Corporate Banking. Credit
loss expense in Personal
& Corporate Banking is projected
at
around
CHF 80m.
Quarter-end
transactional
activity
levels
in
the
Investment
Bank
are
likely
to
normalize
compared with the
strong prior-year period
when markets were
unusually active ahead
of the
US administration
change.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group performance
18
As
in
prior
years,
the
Group
is
likely
to
see
more
modest
sequential gross
and
net
saves
in
the
fourth
quarter,
reflecting our
continued focus on
the Swiss platform
migration and a
seasonal uptick in
select non-personnel
costs,
notably
the
UK
bank
levy.
Our
reported
net
profit
is
expected
to
be
influenced
by
integration
costs
of
around
USD 1.1bn, partly
offset by
acquisition-related revenues
of
around USD 0.5bn.
The
year-end 2025
CET1 capital
ratio is expected
to decrease sequentially reflecting
an accrual for
intended share repurchases in
2026, as well
as
the full-year 2025 dividend.
We remain focused on actively engaging with our clients, helping them to navigate a
complex environment while
executing on
our growth
and integration
plans. We
are confident
in our
ability to
deliver on
our 2026
financial
targets, leveraging the power of our diversified
business model and global footprint.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Global Wealth Management
19
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
1,773
1,705
1,811
4
(2)
5,186
5,509
Recurring net fee income
1
3,475
3,351
3,235
4
7
10,105
9,363
Transaction-based income
1
1,296
1,236
1,144
5
13
3,960
3,461
Other income
(1)
7
10
14
63
Total revenues
6,543
6,300
6,199
4
6
19,265
18,395
Credit loss expense / (release)
7
3
2
124
223
16
(2)
Operating expenses
5,182
5,093
5,112
2
1
15,332
15,340
Business division operating profit / (loss) before tax
1,354
1,204
1,085
12
25
3,917
3,057
Underlying results
Total revenues as reported
6,543
6,300
6,199
4
6
19,265
18,395
of which: PPA effects and other integration items
2
171
153
224
12
(24)
489
691
of which: PPA effects recognized in net interest income
142
148
221
(4)
(36)
449
717
of which: PPA effects and other integration items recognized in transaction-based income
29
5
3
529
765
40
(27)
of which: loss related to an investment in an associate
(38)
(8)
352
(42)
Total revenues (underlying)
1
6,410
6,156
5,975
4
7
18,818
17,705
Credit loss expense / (release)
7
3
2
124
223
16
(2)
Operating expenses as reported
5,182
5,093
5,112
2
1
15,332
15,340
of which: integration-related expenses and PPA effects
1,3
553
383
419
44
32
1,291
1,347
Operating expenses (underlying)
1
4,629
4,710
4,693
(2)
(1)
14,041
13,993
of which: net expenses / (releases) for litigation, regulatory
and similar matters
(198)
13
18
(170)
46
Business division operating profit / (loss) before tax as reported
1,354
1,204
1,085
12
25
3,917
3,057
Business division operating profit / (loss) before tax (underlying)
1
1,774
1,443
1,280
23
39
4,762
3,713
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
24.8
38.3
17.2
28.1
(3.4)
Cost / income ratio (%)
1
79.2
80.8
82.5
79.6
83.4
Average attributed equity (USD bn)
4
34.5
34.2
33.5
1
3
34.1
33.2
Return on attributed equity (%)
1,4
15.7
14.1
13.0
15.3
12.3
Financial advisor compensation
5
1,419
1,334
1,335
6
6
4,162
3,892
Net new fee-generating assets (USD bn)
1
8.8
7.5
14.6
43.5
48.4
Fee-generating assets (USD bn)
1
2,066
1,980
1,858
4
11
2,066
1,858
Net new assets (USD bn)
1
37.5
23.3
24.7
92.3
79.0
Net new assets growth rate (%)
1
3.3
2.2
2.4
2.9
2.7
Invested assets (USD bn)
1
4,714
4,512
4,259
4
11
4,714
4,259
Net new loans (USD bn)
1
3.5
3.4
(3.0)
9.1
(11.1)
Loans, gross (USD bn)
6
322.0
318.3
311.5
1
3
322.0
311.5
Net new deposits (USD bn)
1
(9.5)
9.0
(3.9)
(9.8)
(1.9)
Customer deposits (USD bn)
6
478.2
488.8
481.9
(2)
(1)
478.2
481.9
Credit-impaired loan portfolio as a percentage of total loan
portfolio, gross (%)
1,7
0.5
0.5
0.4
0.5
0.4
Advisors (full-time equivalents)
9,499
9,565
9,897
(1)
(4)
9,499
9,897
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
38.5
24.3
29.9
28.2
19.5
Cost / income ratio (%)
1
72.2
76.5
78.5
74.6
79.0
Return on attributed equity (%)
1,4
20.6
16.9
15.3
18.6
14.9
1 Refer to “Alternative
performance measures” in the appendix to
this report for the definition and
calculation method.
2 Includes accretion of PPA
adjustments on financial instruments and other
PPA effects, as
well as temporary and incremental items
directly related to the integration.
3 Includes temporary, incremental
operating expenses directly related to the
integration, as well as amortization of
intangibles resulting
from the acquisition of the Credit Suisse Group.
4 Refer to the “Equity attribution” section of this report for
more information about the equity attribution framework.
5 Relates to licensed professionals with the
ability to provide investment
advice to clients in
the Americas. Consists
of cash compensation, determined
using a formulaic approach
based on production,
and deferred awards.
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 1,551m as
of 30 September 2025.
6 Loans and Customer deposits in this
table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on
the balance sheet.
7 Refer to the “Risk management
and control” section of this report for more information about credit-impaired exposures. Excludes loans to financial advisors.
Results: 3Q25 vs 3Q24
Profit
before tax
increased by
USD 269m,
or 25%,
to USD
1,354m, mainly
due to
higher
total
revenues, partly
offset
by
higher
operating
expenses.
Underlying
profit
before
tax
was
USD 1,774m,
an
increase
of
39%,
after
excluding from operating expenses USD 553m
of integration-related expenses and purchase price allocation (PPA)
effects and
excluding from total
revenues USD 171m
of PPA
effects and other
integration items and
a USD 38m
loss related to an investment in an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Global Wealth Management
20
Total revenues
Total revenues increased by USD 344m, or 6%, to USD 6,543m, largely driven
by higher recurring net fee income
and transaction-based
income, partly offset
by lower net
interest income, and
included a USD 53m
decrease in PPA
effects and
other integration
items. Excluding
USD 171m of
PPA effects
and other
integration items
and a
USD 38m
loss related to an investment in an associate,
underlying total revenues were USD 6,410m,
an increase of 7%.
Net interest income
decreased by USD 38m,
or 2%, to
USD 1,773m and included
a USD 79m decrease
in accretion
of PPA adjustments on
financial instruments and
other PPA effects. Excluding
PPA effects of USD 142m,
underlying
net interest
income was
USD 1,631m, an
increase of
3%. This
increase was
largely driven
by lower
liquidity and
funding costs, the
effects of favorable
changes in deposit
mix, balance sheet
optimization measures and positive
foreign currency effects,
partly offset by the
impact of lower central
bank interest rates
on deposit revenues and
by
lower
loan
revenues,
reflecting
margin
contraction.
The
variance
also
included
a
change
to
our
segmentation
approach that
was implemented
in February
2025 and
led to
a shift
of some
affluent clients
to Personal
& Corporate
Banking.
Recurring net fee
income increased by
USD 240m, or 7%,
to USD 3,475m and
largely consisted of
fees for services
provided on an ongoing basis,
such as portfolio management
fees, asset-based investment fund
fees, custody fees
and administrative fees for accounts. The year-on-year increase was mainly driven by higher
average levels of fee-
generating assets reflecting positive
impacts from market performance
and net new
fee-generating asset inflows
over the
course of
the last
12 months.
In the
third quarter
of 2025,
net new
fee-generating asset
inflows were
USD 8.8bn, mainly driven by mandate sales.
Transaction-based income
increased by
USD 152m, or
13%, to
USD 1,296m, mainly
driven by
higher levels
of client
activity in the Asia Pacific,
EMEA and Americas regions. Excluding
PPA effects of USD 29m, underlying
transaction-
based income was USD 1,267m, an increase
of 11%.
Other income was negative
USD 1m,
compared with positive USD
10m, and included a
loss of USD 38m related
to
an investment
in an
associate and
a USD 33m
gain from
the sale
of our
wealth management
business in
India.
Excluding the aforementioned loss, underlying
other income was USD 37m.
Credit loss expense / release
Net credit loss expenses were
USD 7m, compared with net credit loss
expenses of USD 2m in the
third quarter of
2024.
Operating expenses
Operating
expenses
increased
by
USD 70m,
or
1%,
to
USD 5,182m
and
included
a
USD 133m
increase
in
integration-related
expenses.
Excluding
USD 553m
of
integration-related
expenses
and
PPA
effects,
underlying
operating expenses were USD
4,629m,
a decrease of 1%,
and included USD 198m
of net releases in provisions
for
litigation, regulatory and
similar matters,
primarily reflecting USD 284m
of releases
related to
the resolution of
a
legacy matter concerning cross-border business activities in France.
These effects were partly offset by an increase
in financial advisor compensation as a result
of higher compensable revenues.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Invested assets: 3Q25 vs 2Q25
Invested
assets
increased
by
USD 202bn
to
USD 4,714bn,
mainly
driven
by
positive
market
performance
of
USD 176.6bn
and
net
new
asset
inflows
of
USD 37.5bn,
partly
offset
by
negative
foreign
currency
effects
of
USD 6.5bn. Positive
net new
assets were driven
by inflows of
USD 37.9bn in the
Asia Pacific region,
including flows
linked to strategic holdings
and higher levels of
client activity across the
region. The EMEA and
Switzerland regions
also contributed positive net new assets
of USD 5.6bn and USD 3.2bn, respectively.
Loans: 3Q25 vs 2Q25
Loans increased by USD 3.7bn to USD 322.0bn,
mainly driven by positive net new loans of
USD 3.5bn.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposits: 3Q25 vs 2Q25
Customer
deposits
decreased
by
USD 10.6bn
to
USD 478.2bn,
mainly
driven
by
net
new
deposit
outflows
of
USD 9.5bn and negative foreign currency effects.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Global Wealth Management
21
Results: 9M25 vs 9M24
Profit before tax increased by USD 860m, or 28%, to USD 3,917m, mainly
due to higher total revenues and lower
operating
expenses.
Underlying
profit
before
tax
was
USD 4,762m,
an
increase
of
28%,
after
excluding
from
operating expenses
USD 1,291m of
integration-related expenses
and PPA
effects and
excluding from
total revenues
USD 489m of PPA
effects and other
integration items and
a USD 42m loss related
to an investment in
an associate.
Total revenues increased by
USD 870m, or 5%, to USD
19,265m, largely driven by
higher recurring net fee income
and transaction-based income,
partly offset
by lower
net interest
income, and included
a USD 202m decrease
in
PPA
effects and
other integration
items. Excluding
USD 489m of
PPA
effects and
other integration
items and
a
USD 42m loss related to an investment in an associate,
underlying total revenues were USD 18,818m, an increase
of 6%.
Net
interest
income
decreased
by
USD 323m,
or
6%,
to
USD 5,186m
and
included
a
USD 268m
decrease
in
accretion of PPA adjustments on financial instruments and other PPA
effects. Excluding PPA effects of USD 449m,
underlying net interest
income was USD 4,737m,
a decrease of 1%.
This decrease was
largely driven by the
impact
of
lower
central
bank
interest
rates
on
deposit
revenues
and
by
lower
loan
revenues,
which
reflected
margin
contraction. The
decrease was
partly offset
by balance
sheet optimization
measures, lower
liquidity and
funding
costs,
positive
foreign
currency
effects
and
the
effects
of
favorable
changes
in
deposit
mix.
The
variance
also
included a
change to
our segmentation
approach that
was implemented
in February
2025 and
led to
a shift
of
some affluent clients to Personal & Corporate
Banking.
Recurring net fee income increased by USD 742m, or 8%, to
USD 10,105m. The year-on-year increase was mainly
driven by higher average
levels of fee-generating assets reflecting positive
impacts from market performance and
net new fee-generating asset inflows over the course of the last 12
months. In the first nine months of 2025, net
new fee-generating asset inflows were USD
43.5bn, mainly driven by mandate sales.
Transaction-based income
increased by
USD 499m, or
14%, to
USD 3,960m, mainly
driven by
higher levels
of client
activity
across
all
regions.
Excluding
PPA
effects
of
USD 40m,
underlying
transaction-based
income
was
USD 3,920m, an increase of 12%.
Other income decreased by
USD 49m to USD 14m and
included a net loss of USD
42m related to an investment
in
an
associate
and
a
USD 33m
gain
from
the
sale
of
our
wealth
management
business
in
India.
Excluding
the
aforementioned loss, underlying other income
was USD 56m.
Net credit loss expenses were
USD 16m, compared with net
credit loss releases of USD 2m in
the first nine months
of 2024.
Operating expenses were broadly stable at USD 15,332m
and included a USD 56m decrease in integration-related
expenses. Excluding USD 1,291m of
integration-related expenses and PPA
effects, underlying operating expenses
were broadly stable at USD 14,041m
and included USD 170m of
net releases in provisions
for litigation, regulatory
and
similar
matters,
primarily
reflecting
USD 284m
of
releases
related
to
the
resolution
of
a
legacy
matter
concerning cross-border
business activities
in France.
These effects
were partly
offset by
an increase
in financial
advisor compensation as a result of higher compensable
revenues.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Global Wealth Management
22
Regional breakdown of performance measures
As of or for the quarter ended 30.9.25
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
527
349
378
371
148
1,773
Recurring net fee income
3
2,147
280
572
465
10
3,475
Transaction-based income
3
416
411
255
206
7
1,296
Other income
7
(6)
(2)
2
(2)
(1)
Total revenues
3,097
1,035
1,203
1,045
163
6,543
Credit loss expense / (release)
13
(2)
8
(13)
1
7
Operating expenses
2,669
614
700
634
565
5,182
Operating profit / (loss) before tax
416
422
496
423
(403)
1,354
of which: PPA effects, integration-related items and other items
4
(420)
(420)
Cost / income ratio (%)
3
86.2
59.4
58.2
60.7
79.2
Net new fee-generating assets (USD bn)
3
(1.7)
3.7
5.7
1.2
(0.1)
8.8
Fee-generating assets (USD bn)
3
1,175
199
434
257
1
2,066
Net new assets (USD bn)
3
(8.6)
37.9
5.6
3.2
(0.5)
37.5
Net new assets growth rate (%)
3
(1.6)
20.3
3.1
1.5
3.3
Invested assets (USD bn)
3
2,284
816
752
859
4
4,714
Net new loans (USD bn)
3
0.8
0.2
0.8
1.8
0.0
3.5
Loans, gross (USD bn)
101.3
5
45.0
63.9
110.4
1.4
322.0
Net new deposits (USD bn)
3
1.8
(2.1)
(4.7)
(4.7)
0.3
(9.5)
Customer deposits (USD bn)
115.8
5
120.4
112.5
124.9
4.5
478.2
Advisors (full-time equivalents)
5,779
919
1,500
1,218
84
9,499
As of or for the quarter ended 30.9.24
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
474
327
402
394
214
1,811
Recurring net fee income
3
1,965
275
542
440
13
3,235
Transaction-based income
3
393
322
225
209
(5)
1,144
Other income
7
(4)
0
(1)
8
10
Total revenues
2,838
919
1,169
1,043
230
6,199
Credit loss expense / (release)
7
(5)
(3)
(3)
5
2
Operating expenses
2,501
638
867
678
429
5,112
Operating profit / (loss) before tax
330
286
304
368
(204)
1,085
of which: PPA effects, integration-related items and other items
4
(195)
(195)
Cost / income ratio (%)
3
88.1
69.4
74.2
65.0
82.5
Net new fee-generating assets (USD bn)
3
7.5
4.5
1.0
1.6
(0.1)
14.6
Fee-generating assets (USD bn)
3
1,063
170
388
236
1
1,858
Net new assets (USD bn)
3
8.0
7.3
0.7
9.4
(0.8)
24.7
Net new assets growth rate (%)
3
1.6
4.7
0.5
5.0
2.4
Invested assets (USD bn)
3
2,096
678
684
796
5
4,259
Net new loans (USD bn)
3
0.0
0.0
(1.5)
(1.3)
(0.1)
(3.0)
Loans, gross (USD bn)
96.5
5
42.8
59.7
111.5
0.9
311.5
Net new deposits (USD bn)
3
2.7
2.2
(7.1)
(1.8)
0.0
(3.9)
Customer deposits (USD bn)
108.2
5
130.3
114.6
126.7
2.0
481.9
Advisors (full-time equivalents)
5,986
949
1,522
1,331
109
9,897
1 Including the
following business units:
United States and
Canada; and Latin
America.
2 Includes impacts from
accretion of purchase
price allocation (PPA)
adjustments on financial
instruments and other
PPA
effects, integration-related expenses,
certain gains and losses including from investments
in associates, referral payments from
and to Personal & Corporate
Banking from client shifts, impacts from
agreements with
certain clients, and impacts from
minor functions that are not
included in the four regions individually
presented in this table.
3 Refer to “Alternative
performance measures” in the appendix
to this report for the
definition and calculation method.
4 Items of profit or loss that management believes are
not representative of the underlying performance,
namely impacts from accretion of purchase price allocation adjustments
on financial instruments
and other PPA
effects, integration-related
expenses, amortization
of intangibles resulting
from the acquisition
of the Credit
Suisse Group, and
certain gains and
losses from investments in
associates.
5 Loans and Customer deposits in this table include customer brokerage receivables
and payables, respectively, which are presented in
separate reporting lines on the balance sheet.
Regional comments 3Q25 vs 3Q24, except where
indicated
Americas
Profit
before
tax
increased
by
USD 86m
to
USD 416m.
Total
revenues
increased
by
USD 259m,
or
9%,
to
USD 3,097m, mainly
driven by
increases of USD 182m
in recurring net
fee income,
USD 53m in net
interest income
and USD 23m in transaction-based income. Operating expenses increased by USD 168m, or 7%, to USD 2,669m.
The cost / income
ratio decreased
to 86.2%
from 88.1%.
Loans increased
by 1%
compared with
the second
quarter
of 2025, to USD 101.3bn, mainly driven by positive net new loans
of USD 0.8bn. Customer deposits increased by
2% compared with the second
quarter of 2025, to USD
115.8bn, with net new deposit
inflows of USD 1.8bn.
Net
new asset outflows were USD 8.6bn.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Global Wealth Management
23
Asia Pacific
Profit
before
tax
increased
by
USD 136m
to
USD 422m.
Total
revenues
increased
by
USD 116m,
or
13%,
to
USD 1,035m, mainly
driven by
increases of
USD 89m in
transaction-based income
and USD 22m
in net
interest
income. Operating expenses decreased
by USD 24m, or
4%, to USD
614m. The cost / income ratio
decreased to
59.4% from 69.4%.
Loans increased by
1% compared with
the second quarter
of 2025, to
USD 45.0bn, mainly
driven by
positive net
new loans of
USD 0.2bn. Customer deposits
decreased by 2%
compared with
the second
quarter
of
2025,
to
USD 120.4bn,
with
net
new
deposit
outflows
of
USD 2.1bn.
Net
new
asset
inflows
were
USD 37.9bn.
EMEA
Profit before
tax increased by
USD 192m to
USD 496m and included
USD 153m of net
releases in
provisions for
litigation, regulatory and
similar matters,
primarily reflecting USD 213m
of releases
related to
the resolution of
a
legacy matter concerning cross-border business activities in France. Total
revenues increased by USD 34m, or 3%,
to USD 1,203m, mainly driven by increases of USD 30m in
recurring net fee income and USD 30m in
transaction-
based
income,
partly
offset
by
a
USD 24m
decrease
in
net
interest
income.
Operating
expenses
decreased
by
USD 167m,
or
19%,
to
USD 700m
and
included
the
aforementioned
release
in
litigation
provisions.
The
cost / income ratio decreased
to 58.2% from 74.2%.
Loans increased by
1% compared with
the second quarter
of
2025, to USD 63.9bn, mainly driven by
positive net new loans of USD 0.8bn.
Customer deposits decreased by 4%
compared
with
the
second
quarter
of
2025,
to
USD 112.5bn,
mainly
driven
by
net
new
deposit
outflows
of
USD 4.7bn. Net new asset inflows were
USD 5.6bn.
Switzerland
Profit
before
tax
increased
by
USD 55m
to
USD 423m
and
included
USD 66m
of
net
releases
in
provisions
for
litigation, regulatory
and
similar matters,
primarily reflecting
USD 71m of
releases related
to the
resolution of
a
legacy
matter
concerning
cross-border
business
activities
in
France.
Total
revenues
were
broadly
stable
at
USD 1,045m, with
an increase
of USD 25m
in
recurring net
fee income,
almost entirely
offset by
a
decrease of
USD 23m in net interest income. Operating
expenses decreased by USD 44m, or 6%, to
USD 634m and included
the aforementioned
release in litigation
provisions. The
cost / income ratio
decreased to 60.7%
from 65.0%.
Loans
increased by 1% compared with the
second quarter of 2025, to USD 110.4bn, mainly
driven by positive net new
loans
of
USD 1.8bn.
Customer
deposits
decreased
by
4%
compared
with
the
second
quarter
of
2025,
to
USD 124.9bn, mainly driven by net new deposit
outflows of USD 4.7bn. Net new asset
inflows were USD 3.2bn.
Divisional items
Operating loss before tax was USD 403m and mainly included USD
553m of integration-related expenses and PPA
effects,
impacts
from
agreements
with
certain
clients,
and
a
loss
of
USD 38m
related
to
an
investment
in
an
associate, partly offset by the aforementioned USD 171m related to PPA effects and other integration items and a
USD 33m gain from the sale of our wealth management
business in India.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Personal & Corporate Banking
24
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
Year-to-date
CHF m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
1,120
1,111
1,227
1
(9)
3,346
3,783
Recurring net fee income
1
351
357
363
(2)
(3)
1,066
1,068
Transaction-based income
1
463
459
439
1
6
1,374
1,350
Other income
(70)
(28)
29
154
(32)
56
Total revenues
1,864
1,900
2,056
(2)
(9)
5,753
6,257
Credit loss expense / (release)
58
91
71
(37)
(19)
197
202
Operating expenses
1,300
1,243
1,258
5
3
3,938
3,765
Business division operating profit / (loss) before tax
507
566
728
(10)
(30)
1,618
2,290
Underlying results
Total revenues as reported
1,864
1,900
2,056
(2)
(9)
5,753
6,257
of which: PPA effects and other integration items
2
222
222
239
0
(7)
660
688
of which: PPA effects recognized in net interest income
201
205
219
(2)
(8)
598
632
of which: PPA effects and other integration items recognized in transaction-based income
20
17
20
17
0
62
56
of which: loss related to an investment in an associate
(81)
(18)
354
(90)
of which: items related to the Swisscard transactions
3
58
Total revenues (underlying)
1
1,724
1,696
1,818
2
(5)
5,125
5,569
Credit loss expense / (release)
58
91
71
(37)
(19)
197
202
Operating expenses as reported
1,300
1,243
1,258
5
3
3,938
3,765
of which: integration-related expenses and PPA effects
1,4
302
195
170
55
77
668
477
of which: items related to the Swisscard transactions
5
164
Operating expenses (underlying)
1
998
1,048
1,088
(5)
(8)
3,106
3,288
of which: net expenses / (releases) for litigation, regulatory
and similar matters
(29)
0
0
(29)
0
Business division operating profit / (loss) before tax as reported
507
566
728
(10)
(30)
1,618
2,290
Business division operating profit / (loss) before tax (underlying)
1
668
557
659
20
1
1,822
2,079
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
(30.3)
(19.5)
(14.3)
(29.3)
15.0
Cost / income ratio (%)
1
69.7
65.4
61.2
68.4
60.2
Average attributed equity (CHF bn)
6
17.7
17.7
18.9
0
(7)
17.8
19.1
Return on attributed equity (%)
1,6
11.5
12.8
15.4
12.1
15.9
Net interest margin (bps)
1
181
179
199
180
202
Loans, gross (CHF bn)
247.4
248.7
244.2
(1)
1
247.4
244.2
Customer deposits (CHF bn)
246.7
249.3
252.3
(1)
(2)
246.7
252.3
Credit-impaired loan portfolio as a percentage of total loan
portfolio, gross (%)
1,7
1.2
1.2
1.2
1.2
1.2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
1.5
(13.7)
(6.8)
(12.3)
18.5
Cost / income ratio (%)
1
57.9
61.8
59.9
60.6
59.0
Return on attributed equity (%)
1,6
15.1
12.6
13.9
13.6
14.5
1 Refer to “Alternative
performance measures” in the appendix to
this report for the definition and
calculation method.
2 Includes accretion of PPA
adjustments on financial instruments and other
PPA effects, as
well as temporary and incremental items directly related to the integration.
3 Represents the gain related to UBS’s share of the income recorded
by Swisscard for the sale of the Credit Suisse card portfolios to UBS.
4 Includes temporary, incremental
operating expenses directly
related to the integration,
as well as amortization
of intangibles resulting from
the acquisition of the
Credit Suisse Group.
5 Represents the expense
related to the payment to
Swisscard for the sale
of the Credit Suisse card
portfolios to UBS.
6 Refer to the “Equity
attribution” section of this report
for more information about
the equity attribution framework.
7 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Personal & Corporate Banking
25
Results
:
3Q25 vs 3Q24
Profit
before
tax
decreased
by
CHF 221m,
or
30%,
to
CHF 507m,
reflecting
lower
total
revenues
and
higher
operating expenses, partly
offset by lower net
credit loss expenses.
Underlying profit before tax
was CHF 668m, an
increase of
1%. This underlying
profit excludes from
total revenues CHF 222m
of purchase price
allocation (PPA)
effects and other integration
items and a loss of
CHF 81m related to an investment
in an associate; it also excludes
from operating expenses CHF 302m of integration-related
expenses
and PPA effects.
Total revenues
Total revenues decreased by CHF 192m,
or 9%, to CHF 1,864m,
predominantly due to lower net
interest income
and other income. Total
revenues in the third quarter
of 2025 included a loss
of CHF 81m related to
an investment
in
an
associate.
Excluding
CHF 222m
of
PPA
effects
and
other
integration
items
and
the
aforementioned
loss,
underlying total revenues were CHF 1,724m,
a decrease of 5%.
Net interest income decreased
by CHF 107m, or 9%,
to CHF 1,120m, mainly reflecting
the impact of lower
central
bank
interest rates
on
deposit
revenues. This
decrease was
partly
offset by
deposit
pricing measures
and
lower
liquidity and funding
costs. Net
interest income
also included
an CHF 18m
decrease in
accretion of
PPA adjustments
on financial instruments and
other PPA effects. Excluding
PPA effects of CHF 201m,
underlying net interest income
was CHF 919m, a decrease of 9%.
Recurring net fee
income decreased by
CHF 12m, or 3%,
to CHF 351m and
largely consisted of
fees for services
provided on an ongoing basis, such as administrative
fees for accounts,
custody fees,
asset-based investment fund
fees and
portfolio management
fees. The
year-on-year change
was negatively
affected by
lower Swisscard
revenues
and a reclassification of
recurring net fee income
to transaction-based income
as a result of
aligning Credit Suisse’s
presentation to
that of
UBS in
the second
half of
- These
effects were
partly offset
by higher
custody fees,
mainly reflecting positive market performance
and net new inflows.
Transaction-based income increased
by CHF 24m,
or 6%,
to CHF 463m,
mostly due
to higher
corporate finance
fees and the positive effect from the aforementioned reclassification.
Excluding CHF 20m of PPA effects and other
integration items, underlying transaction-based
income increased by 6% to CHF 443m.
Other income was
negative CHF 70m, compared
with positive CHF 29m
and included a
loss of CHF 81m
related to
an investment in an associate. Excluding this
loss, underlying other income was positive
CHF 11m.
Credit loss expense / release
Net credit loss expenses were CHF 58m and mainly reflected net expenses on credit-impaired positions. Net credit
loss expenses in the prior-year quarter were
CHF 71m.
Operating expenses
Operating
expenses
increased
by
CHF 42m,
or
3%,
to
CHF 1,300m
and
included
a
CHF 134m
increase
in
integration-related
expenses.
Excluding
CHF 302m
of
integration-related
expenses
and
PPA
effects,
underlying
operating expenses
were CHF 998m,
a decrease of
8%, mainly
reflecting lower
personnel and
real estate expenses,
as well
as CHF 29m
of net
releases in
provisions for
litigation, regulatory
and similar
matters related
to the
resolution
of a legacy matter concerning cross-border business
activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Results
:
9M25 vs 9M24
Profit
before
tax
decreased by
CHF 672m,
or
29%, to
CHF 1,618m, mainly
reflecting lower
total
revenues and
higher operating
expenses. Underlying
profit before
tax was
CHF 1,822m, a
decrease of
12%, predominantly
driven
by lower net interest income, resulting from lower market interest rates. This underlying profit excludes from total
revenues
CHF 660m
of
PPA
effects
and
other
integration
items,
a
gain
of
CHF 58m
related
to
the
Swisscard
transactions, and a
net loss of CHF
90m
related to an investment
in an associate; it
also excludes from operating
expenses
CHF 668m
of
integration-related
expenses
and
PPA
effects
and
a
CHF 164m
expense
related
to
the
Swisscard transactions.
Total revenues decreased by CHF 504m, or 8%, to CHF 5,753m, predominantly due to lower net interest income,
and included
a CHF 28m
decrease in
PPA effects
and other
integration items.
Total revenues
in the first
nine months
of 2025 also included a gain of CHF 58m related to
the Swisscard transactions and a net loss of CHF 90m related
to
an
investment
in
an
associate.
Excluding
CHF 660m
of
PPA
effects
and
other
integration
items
and
the
aforementioned gain and a net loss, underlying
total revenues were CHF 5,125m,
a decrease of 8%.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Personal & Corporate Banking
26
Net interest
income decreased
by CHF 437m,
or 12%,
to CHF 3,346m,
mainly reflecting
the impact
of lower
central
bank
interest rates
on
deposit
revenues. This
decrease was
partly
offset by
deposit
pricing measures
and
lower
liquidity and funding costs. Net interest
income also included a CHF 34m
decrease in accretion of PPA adjustments
on financial instruments and
other PPA effects. Excluding
PPA effects of CHF 598m,
underlying net interest income
was CHF 2,748m, a decrease of 13%.
Recurring net
fee income was
stable at
CHF 1,066m, as the
impact of
higher custody fees,
mainly reflecting net
new inflows and positive market performance, was offset by the effect
from a reclassification of recurring net fee
income to transaction-based income as a result of aligning
Credit Suisse presentation to that of UBS in the second
half of 2024.
Transaction-based
income
increased
by
CHF 24m,
or
2%,
to
CHF 1,374m,
as
the
positive
impact
from
the
aforementioned reclassification
and a
CHF 6m increase
in accretion
of PPA
adjustments on
financial instruments
and other PPA effects were
partly offset by lower corporate
client revenues. Excluding CHF 62m
of PPA effects and
other integration items, underlying transaction-based
income was CHF 1,312m, an increase of 1%.
Other income was negative CHF 32m, compared with positive CHF 56m, and reflected a gain of CHF 58m related
to the Swisscard transactions and a net loss of CHF 90m
related to an investment in an associate. Excluding these
items, underlying other income was negative CHF
1m.
Net credit loss expenses
were CHF 197m and mainly
reflected net expenses
on credit-impaired positions.
Net credit
loss expenses in the prior-year period were
CHF 202m.
Operating expenses increased by CHF 173m, or
5%, to CHF 3,938m, largely due to
a CHF 164m expense related
to the Swisscard
transactions, as
well as a
CHF 195m increase
in integration-related
expenses. Excluding
CHF 668m
of
integration-related
expenses
and
PPA
effects
and
the
aforementioned
expense
of
CHF 164m,
underlying
operating expenses
were CHF 3,106m,
a decrease
of 6%,
mainly driven
by lower
personnel expenses,
including
lower variable
compensation, and
by CHF 29m
of net
releases in
provisions for
litigation, regulatory
and similar
matters related to the resolution of a legacy
matter concerning cross-border business activities
in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Personal & Corporate Banking
27
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
1,395
1,367
1,429
2
(2)
4,001
4,288
Recurring net fee income
1
437
440
422
(1)
4
1,274
1,210
Transaction-based income
1
577
565
510
2
13
1,643
1,528
Other income
(88)
(35)
33
155
(50)
63
Total revenues
2,321
2,336
2,394
(1)
(3)
6,868
7,089
Credit loss expense / (release)
72
114
83
(37)
(13)
239
229
Operating expenses
1,619
1,528
1,465
6
10
4,697
4,265
Business division operating profit / (loss) before tax
631
695
846
(9)
(25)
1,932
2,594
Underlying results
Total revenues as reported
2,321
2,336
2,394
(1)
(3)
6,868
7,089
of which: PPA effects and other integration items
2
276
274
278
1
(1)
790
780
of which: PPA effects recognized in net interest income
251
252
255
(1)
(2)
716
717
of which: PPA effects and other integration items recognized in transaction-based income
25
21
23
18
7
74
64
of which: loss related to an investment in an associate
(102)
(23)
352
(114)
of which: items related to the Swisscard transactions
3
64
Total revenues (underlying)
1
2,147
2,085
2,116
3
1
6,128
6,308
Credit loss expense / (release)
72
114
83
(37)
(13)
239
229
Operating expenses as reported
1,619
1,528
1,465
6
10
4,697
4,265
of which: integration-related expenses and PPA effects
1,4
376
240
198
57
90
808
540
of which: items related to the Swisscard transactions
5
180
Operating expenses (underlying)
1
1,242
1,288
1,267
(4)
(2)
3,709
3,725
of which: net expenses / (releases) for litigation, regulatory
and similar matters
(37)
0
0
(37)
0
Business division operating profit / (loss) before tax as reported
631
695
846
(9)
(25)
1,932
2,594
Business division operating profit / (loss) before tax (underlying)
1
833
684
766
22
9
2,179
2,354
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
(25.4)
(10.2)
(11.6)
(25.5)
17.4
Cost / income ratio (%)
1
69.7
65.4
61.2
68.4
60.2
Average attributed equity (USD bn)
6
22.0
21.4
21.8
3
1
21.2
21.7
Return on attributed equity (%)
1,6
11.5
13.0
15.5
12.2
15.9
Net interest margin (bps)
1
179
184
202
181
201
Loans, gross (USD bn)
310.6
313.4
288.4
(1)
8
310.6
288.4
Customer deposits (USD bn)
309.8
314.1
297.9
(1)
4
309.8
297.9
Credit-impaired loan portfolio as a percentage of total loan
portfolio, gross (%)
1,7
1.2
1.2
1.2
1.2
1.2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
8.8
(3.7)
(4.1)
(7.4)
21.0
Cost / income ratio (%)
1
57.9
61.8
59.9
60.5
59.1
Return on attributed equity (%)
1,6
15.1
12.8
14.1
13.7
14.5
1 Refer to “Alternative
performance measures” in the appendix to
this report for the definition and
calculation method.
2 Includes accretion of PPA
adjustments on financial instruments and other
PPA effects, as
well as temporary and incremental items directly related to the integration.
3 Represents the gain related to UBS’s share of the income recorded
by Swisscard for the sale of the Credit Suisse card portfolios to UBS.
4 Includes temporary, incremental
operating expenses directly
related to the integration,
as well as amortization
of intangibles resulting from
the acquisition of the
Credit Suisse Group.
5 Represents the expense
related to the payment to
Swisscard for the sale
of the Credit Suisse card
portfolios to UBS.
6 Refer to the “Equity
attribution” section of this report
for more information about
the equity attribution framework.
7 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Asset Management
28
Asset Management
Asset Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net management fees
1
755
733
755
3
0
2,201
2,212
Performance fees
87
39
46
125
90
156
104
Net gain from disposals
1
72
(99)
(1)
100
Total revenues
843
772
873
9
(3)
2,355
2,416
Credit loss expense / (release)
0
0
0
0
0
Operating expenses
624
618
722
1
(14)
1,848
2,025
Business division operating profit / (loss) before tax
218
153
151
42
45
507
392
Underlying results
Total revenues as reported
843
772
873
9
(3)
2,355
2,416
Total revenues (underlying)
2
843
772
873
9
(3)
2,355
2,416
Credit loss expense / (release)
0
0
0
0
0
Operating expenses as reported
624
618
722
1
(14)
1,848
2,025
of which: integration-related expenses
2
64
63
86
2
(26)
200
255
Operating expenses (underlying)
2
560
555
636
1
(12)
1,648
1,770
of which: net expenses / (releases) for litigation, regulatory
and similar matters
0
0
6
0
6
Business division operating profit / (loss) before tax as reported
218
153
151
42
45
507
392
Business division operating profit / (loss) before tax (underlying)
2
282
216
237
31
19
707
647
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
44.6
17.9
309.1
29.4
85.9
Cost / income ratio (%)
2
74.1
80.1
82.7
78.5
83.8
Average attributed equity (USD bn)
3
2.4
2.5
2.7
0
(9)
2.5
2.7
Return on attributed equity (%)
2,3
35.7
25.0
22.4
26.9
19.6
Gross margin on invested assets (bps)
2
17
16
20
17
19
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
2
19.1
(5.2)
45.5
9.2
84.4
Cost / income ratio (%)
2
66.5
72.0
72.8
70.0
73.2
Return on attributed equity (%)
2,3
46.2
35.2
35.2
37.6
32.3
Information by business line / asset
class
Net new money (USD bn)
2
Equities
4
4.0
0.1
(4.9)
2.7
(9.8)
Fixed Income
4
9.2
(1.6)
5.3
17.5
14.0
of which: money market
3.2
1.7
4.7
10.1
14.2
Multi-asset & Solutions
4
2.5
(1.7)
(0.6)
1.7
(1.0)
Hedge Fund Businesses
0.9
0.3
(0.5)
1.8
(0.7)
Real Estate & Private Markets
0.1
0.0
0.7
0.2
1.0
Total net new money excluding associates
16.8
(2.9)
0.0
24.0
3.4
of which: net new money excluding money market
13.6
(4.6)
(4.8)
13.8
(10.8)
Associates
5
1.1
0.9
2.0
(1.2)
7.8
Total net new money
17.9
(2.0)
2.0
22.8
11.2
Invested assets (USD bn)
2
Equities
4
873
846
747
3
17
873
747
Fixed Income
4
499
497
471
0
6
499
471
of which: money market
172
169
153
2
13
172
153
Multi-asset & Solutions
4
360
304
285
18
26
360
285
Hedge Fund Businesses
65
62
60
4
8
65
60
Real Estate & Private Markets
158
159
152
(1)
4
158
152
Total invested assets excluding associates
1,954
1,868
1,714
5
14
1,954
1,714
of which: passive strategies
992
930
806
7
23
992
806
Associates
5
89
84
83
6
7
89
83
Total invested assets
2,043
1,952
1,797
5
14
2,043
1,797
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Asset Management
29
Asset Management (continued)
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Information by region
Invested assets (USD bn)
2
Americas
486
465
438
4
11
486
438
Asia Pacific
6
249
236
229
6
9
249
229
EMEA (excluding Switzerland)
519
487
403
7
29
519
403
Switzerland
789
765
728
3
8
789
728
Total invested assets
2,043
1,952
1,797
5
14
2,043
1,797
Information by channel
Invested assets (USD bn)
2
Third-party institutional
1,169
1,129
1,010
4
16
1,169
1,010
Third-party wholesale
200
179
182
12
10
200
182
UBS’s wealth management businesses
585
559
522
4
12
585
522
Associates
5
89
84
83
6
7
89
83
Total invested assets
2,043
1,952
1,797
5
14
2,043
1,797
1 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.
2 Refer to “Alternative
performance measures” in the appendix to this
report for the definition and calculation method.
3 Refer to the “Equity attribution” section of
this report for more information about
the equity attribution framework.
4 In the third quarter of 2025,
certain portfolios were reclassified from Equities
and Fixed Income to Multi-asset &
Solutions, as a result of
aligning Credit Suisse presentation to that of UBS. These
changes were applied prospectively.
5 The invested assets and net new money amounts
reported for associates are prepared in accordance with their local
regulatory requirements and practices.
6 Includes invested assets from associates.
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 67m, or 45%, to USD 218m, reflecting lower operating expenses, partly offset
by
lower
total
revenues.
Underlying
profit
before
tax
was
USD 282m,
an
increase
of
19%,
after
excluding
integration-related expenses of USD 64m.
Total revenues
Total revenues decreased by USD 30m, or 3%, to USD 843m, mainly due
to the third quarter of 2024 including a
USD 72m net gain from disposals, partly offset
by higher performance fees. The gross
margin was 17 basis points.
Net management fees
were stable at
USD 755m, of which
USD 736m was
reported within net
fee and commission
income for the Group. Positive market
performance and foreign currency effects,
as well as an USD 8m increase in
transaction fees, were largely offset by the negative impact from continued margin compression and by USD 27m
of
negative revenues
related to
Hedge
Fund Businesses
(linked
to the
below-described increase
in
performance
fees). Net management fees were also impacted by a USD 19m revaluation in the third quarter of 2024 related to
a real-estate fund co-investment.
Performance
fees
increased
by
USD 41m,
or
90%,
to
USD 87m,
all
of
which
was
reported
within
net
fee
and
commission income for the
Group. The increase was
mainly due to a USD 51m
increase in revenues in
Hedge Fund
Businesses
(partly
offset
by
the
aforementioned negative
revenues
in
net
management fees),
partly
offset
by
a
USD 9m decrease in Fixed Income.
Operating expenses
Operating
expenses
decreased
by
USD 98m,
or
14%,
to
USD 624m
and
included
a
USD 22m
decrease
in
integration-related expenses. Excluding integration-related
expenses of USD 64m,
underlying operating expenses
were USD 560m, a decrease of 12%, mainly
due to lower personnel expenses.
Invested assets: 3Q25 vs 2Q25
Invested
assets
increased
by
USD 91bn,
or
5%,
to
USD 2,043bn,
reflecting
positive
market
performance
of
USD 78bn
and
net
new
money
of
USD 18bn,
partly
offset
by
negative
foreign
currency
effects
of
USD 4bn.
Excluding money market flows and associates,
net new money was USD 14bn.
Results: 9M25 vs 9M24
Profit before tax increased
by USD 115m, or 29%,
to USD 507m, reflecting
lower operating expenses,
partly offset
by lower
total revenues.
Underlying profit
before tax
was USD 707m,
an increase
of 9%,
after excluding
integration-
related expenses of USD 200m.
Total
revenues decreased
by
USD 61m, or
3%, to
USD 2,355m,
primarily due
to the
first
nine
months of
2024
including USD 100m of net gains
from disposals, partly offset
by higher performance fees. The
gross margin was
17 basis points.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Asset Management
30
Net management fees decreased by USD 11m
to USD 2,201m, of which USD 2,113m
was reported within net fee
and
commission income
for
the
Group.
Positive
market
performance
and
foreign
currency
effects,
as
well
as
a
USD 20m increase
reflecting our
share of
the net
profit of
associates, were
partly offset
by the
negative impact
from
continued margin compression,
by USD 27m of negative revenues related
to Hedge Fund Businesses (linked
to the
below-described increase in performance fees) and by the effects from discontinued businesses.
Net management
fees were also
impacted by a
USD 19m revaluation in
the first nine
months of 2024
related to a
real-estate fund
co-investment.
Performance fees
increased by
USD 52m, or
49%, to
USD 156m, all
of which
was reported
within net
fee and
commission income for the
Group. The increase was
mainly due to a USD 68m
increase in revenues in
Hedge Fund
Businesses
(partly
offset
by
the
aforementioned
negative
revenues
in
net
management
fees),
partly
offset
by
decreases of USD 8m in Real Estate Business and
USD 7m in Fixed Income.
Operating
expenses
decreased
by
USD 177m,
or
9%,
to
USD 1,848m
and
included
a
USD 55m
decrease
in
integration-related expenses. Excluding integration-related
expenses of USD 200m, underlying operating
expenses
were USD 1,648m, a decrease of 7%, reflecting
decreases in non-personnel and personnel
expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Investment Bank
31
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Advisory
324
192
220
68
47
738
648
Capital Markets
732
488
516
50
42
1,710
1,935
Global Banking
1,056
681
736
55
44
2,447
2,582
Execution Services
560
501
440
12
27
1,578
1,247
Derivatives & Solutions
957
1,115
964
(14)
(1)
3,364
2,795
Financing
671
670
506
0
33
2,005
1,574
Global Markets
2,187
2,286
1,910
(4)
15
6,946
5,616
of which: Equities
1,651
1,619
1,432
2
15
5,077
4,141
of which: Foreign Exchange, Rates and Credit
536
667
477
(20)
12
1,869
1,476
Total revenues
3,244
2,966
2,645
9
23
9,393
8,199
Credit loss expense / (release)
17
48
9
(65)
98
100
34
Operating expenses
2,327
2,361
2,231
(1)
4
7,115
6,728
Business division operating profit / (loss) before tax
900
557
405
62
122
2,179
1,437
Underlying results
Total revenues as reported
3,244
2,966
2,645
9
23
9,393
8,199
of which: PPA effects and other integration items
1
219
152
185
45
19
509
787
of which: PPA effects
91
152
185
(40)
(51)
381
787
of which: PPA effects recognized in the Global Banking revenue line
97
160
180
(39)
(46)
404
775
of which: other integration items
2
128
128
Total revenues (underlying)
3
3,025
2,815
2,461
7
23
8,884
7,412
Credit loss expense / (release)
17
48
9
(65)
98
100
34
Operating expenses as reported
2,327
2,361
2,231
(1)
4
7,115
6,728
of which: integration-related expenses
3
106
121
156
(12)
(32)
339
543
Operating expenses (underlying)
3
2,221
2,241
2,076
(1)
7
6,776
6,185
of which: net expenses / (releases) for litigation, regulatory
and similar matters
6
9
(1)
(36)
35
(3)
Business division operating profit / (loss) before tax as reported
900
557
405
62
122
2,179
1,437
Business division operating profit / (loss) before tax (underlying)
3
787
526
377
49
109
2,009
1,193
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
3
122.0
16.8
n.m.
51.6
n.m.
Cost / income ratio (%)
3
71.7
79.6
84.4
75.7
82.1
Average attributed equity (USD bn)
4
18.5
18.3
17.0
1
9
18.2
17.0
Return on attributed equity (%)
3,4
19.4
12.2
9.5
16.0
11.3
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
3
108.9
27.7
n.m.
68.4
249.4
Cost / income ratio (%)
3
73.4
79.6
84.4
76.3
83.4
Return on attributed equity (%)
3,4
17.0
11.5
8.8
14.7
9.4
1
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
Represents the gain from the sale of a stake
in a subsidiary, Credit Suisse Securities (China) Limited.
3 Refer to “Alternative performance measures”
in the appendix to this report for the definition and calculation method.
4 Refer to the “Equity attribution”
section of this report for more information about the equity attribution framework.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Investment Bank
32
Results: 3Q25 vs 3Q24
Profit before
tax increased
by USD 495m,
or 122%,
to USD 900m,
mainly due
to higher
total revenues,
partly offset
by higher operating expenses. Underlying
profit before tax was USD 787m,
an increase of 109%,
after excluding
USD 219m of purchase price allocation (PPA)
effects and other integration items
(a gain from the sale of a stake in
a subsidiary, Credit Suisse Securities (China)
Limited (CSS))
and USD 106m of integration-related expenses.
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
sale of a stake in CSS
Total revenues
Total revenues increased
by USD 599m, or
23%, to
USD 3,244m, due
to higher revenues
in Global
Banking and
Global Markets and a USD 128m gain from the sale of a stake in CSS, partly offset by a decrease in PPA effects of
USD 94m. Excluding this gain
and these PPA
effects, underlying total
revenues were USD 3,025m, an
increase of
23%.
Global Banking
Global Banking revenues increased by USD 320m, or 44%, to USD 1,056m, driven by higher Capital Markets and
Advisory
revenues,
and
included
the
aforementioned gain
from
the
sale
of
a
stake
in
CSS,
partly
offset
by
an
USD 83m decrease in accretion of
PPA adjustments on financial instruments and
other PPA effects. Excluding this
gain and
such accretion
and other
effects, underlying
Global Banking
revenues were
USD 844m, an
increase of
52%.
Advisory revenues
increased by
USD 104m, or
47%, to
USD 324m, largely
driven by
an increase
in merger
and
acquisition transaction revenues.
Capital Markets revenues increased by USD 216m, or 42%, to USD 732m, and included the aforementioned gain
from the sale of a stake in CSS, partly offset by an USD 83m
decrease in accretion of PPA adjustments on financial
instruments and
other PPA
effects. Excluding
this
gain and
such
accretion and
other effects,
underlying Capital
Markets revenues
increased by
USD 184m, or 55%,
driven by higher
revenues in Leveraged
Capital Markets,
Equity
Capital Markets and Debt Capital Markets.
Global Markets
Global
Markets
revenues
increased
by
USD 277m,
or
15%,
to
USD 2,187m,
driven
by
higher
Financing
and
Execution Services revenues.
Execution Services revenues
increased by USD 120m,
or 27%, to USD 560m,
mainly driven by higher
Cash Equities
revenues, led by the Asia Pacific region, reflecting
higher volumes.
Derivatives & Solutions revenues decreased
by USD 7m, or 1%, to USD 957m.
Financing revenues increased by USD 165m,
or 33%, to USD 671m,
led by Prime
Brokerage revenues, supported
by higher client
balances. The prior-year quarter included
a gain of
USD 67m on the sale
of our investment in
an
associate.
Equities
Global
Markets
Equities
revenues
increased
by
USD 219m,
or
15%,
to
USD 1,651m,
mainly
driven
by
higher
revenues in Prime Brokerage and Cash Equities. The prior-year quarter
included a gain of USD 67m on the
sale of
our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets
Foreign Exchange,
Rates and Credit
revenues increased
by USD 59m,
or 12%, to
USD 536m, driven
by increases in Rates & Credit and Foreign Exchange
revenues.
Credit loss expense / release
Net credit loss expenses were USD 17m, compared with
net credit loss expenses of USD 9m in the third quarter
of
2024.
Operating expenses
Operating
expenses
increased
by
USD 96m,
or
4%,
to
USD 2,327m,
and
included
a
USD 50m
decrease
in
integration-related expenses. Excluding integration-related
expenses of USD 106m, underlying operating
expenses
were USD 2,221m, an increase of 7%, mainly
due to higher personnel expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Investment Bank
33
Results: 9M25 vs 9M24
Profit before tax
increased by USD 742m, or
52%, to USD 2,179m, due
to higher total
revenues, partly offset by
higher operating expenses
and net credit loss expenses.
Underlying profit before tax
was USD 2,009m, an increase
of 68%,
after excluding
USD 509m of
PPA effects
and other
integration items
and USD 339m
of integration-related
expenses.
Total revenues
increased by
USD 1,194m, or
15%, to
USD 9,393m, mainly
due to
higher revenues
in Global
Markets
and the
aforementioned gain
from the
sale of
a stake
in CSS,
partly offset
by a
USD 406m decrease
in PPA
accretion
effects. Excluding
this gain
and these
PPA effects,
underlying total
revenues were
USD 8,884m, an
increase of
20%.
Global Banking revenues
decreased by USD 135m,
or 5%, to USD 2,447m,
mostly driven by a
USD 371m decrease
in PPA
accretion effects on
financial instruments and
other PPA
effects, partly offset
by the
aforementioned gain
from the sale
of a stake
in CSS. Excluding
this gain and
such accretion and
other effects,
underlying Global
Banking
revenues were USD 1,928m, an increase of USD 120m, or
7%, driven by higher revenues in
Advisory and Capital
Markets.
Advisory
revenues
increased by
USD 90m,
or
14%,
to
USD 738m,
largely
driven
by
an
increase
in
merger
and
acquisition transaction revenues.
Capital Markets
revenues decreased
by USD 225m,
or 12%,
to USD 1,710m,
mostly driven
by a
USD 371m
decrease
in PPA
accretion effects on
financial instruments and
other PPA
effects, partly offset
by the
aforementioned gain
from the
sale of
a stake
in CSS.
Excluding this
gain and
such accretion
and other
effects, underlying
Capital Markets
revenues increased by USD 31m, or 3%.
Global
Markets
revenues
increased
by
USD 1,330m,
or
24%,
to
USD 6,946m,
driven
by
higher
Derivatives &
Solutions, Financing and Execution Services
revenues.
Execution
Services
revenues
increased
by
USD 331m,
or
26%,
to
USD 1,578m,
mainly
driven
by
higher
Cash
Equities revenues across all regions, reflecting higher
volumes.
Derivatives & Solutions revenues
increased by USD 569m, or
20%, to USD 3,364m, with higher
revenues across all
products.
Financing revenues increased by USD 431m, or 27%, to
USD 2,005m, with increases in all products, led
by Prime
Brokerage revenues, supported
by higher client balances.
The prior-year period included
a gain of USD 67m
on the
sale of our investment in an associate.
Equities
Global
Markets
Equities
revenues
increased
by
USD 936m,
or
23%,
to
USD 5,077m,
mainly
driven
by
higher
revenues in
Prime Brokerage,
Cash Equities
and Equity
Derivatives.
The prior-year
period included
a gain
of USD 67m
on the sale of our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets
Foreign Exchange, Rates
and Credit
revenues increased by
USD 393m, or
27%, to
USD 1,869m,
mainly driven by increases in Foreign Exchange and
Rates & Credit revenues.
Net
credit loss
expenses were
USD 100m, compared
with net
credit loss
expenses of
USD 34m in
the first
nine
months of 2024.
Operating
expenses
increased
by
USD 387m,
or
6%,
to
USD 7,115m,
and
included
a
USD 204m
decrease
in
integration-related expenses. Excluding integration-related
expenses of USD 339m, underlying operating
expenses
were USD 6,776m, an increase of 10%, mainly
due to higher personnel expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Non-core and Legacy
34
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
(40)
(82)
262
(51)
162
1,664
Credit loss expense / (release)
6
(2)
28
(79)
11
63
Operating expenses
56
170
837
(67)
(93)
894
2,655
Operating profit / (loss) before tax
(102)
(250)
(603)
(59)
(83)
(744)
(1,054)
Underlying results
Total revenues as reported
(40)
(82)
262
(51)
162
1,664
of which: other integration items
1
1
40
2
Total revenues (underlying)
1
(42)
(83)
262
(50)
159
1,664
Credit loss expense / (release)
6
(2)
28
(79)
11
63
Operating expenses as reported
56
170
837
(67)
(93)
894
2,655
of which: integration-related expenses
1
205
252
270
(19)
(24)
648
837
Operating expenses (underlying)
1
(149)
(83)
567
80
246
1,817
of which: net expenses / (releases) for litigation, regulatory
and similar matters
(440)
(435)
2
(91)
1
381
(868)
(279)
Operating profit / (loss) before tax as reported
(102)
(250)
(603)
(59)
(83)
(744)
(1,054)
Operating profit / (loss) before tax (underlying)
1
102
1
(333)
(98)
(216)
Performance measures and other information
Average attributed equity (USD bn)
3
4.5
5.8
8.5
(23)
(47)
5.9
9.7
Risk-weighted assets (USD bn)
30.7
32.7
44.8
(6)
(31)
30.7
44.8
Leverage ratio denominator (USD bn)
25.6
29.4
69.0
(13)
(63)
25.6
69.0
1 Refer to “Alternative
performance measures” in
the appendix to
this report for
the definition and
calculation method.
2 Includes a USD 427m
net release of
provisions and contingent
liabilities related to
the
resolution of a
legacy Credit Suisse
cross-border matter.
Refer to “Note 14
Provisions and contingent
liabilities” in the
“Consolidated financial statements”
section of the
UBS Group second
quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more information.
3 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
Exposure category
Equities
0.9
1.2
0.6
0.9
0.4
0.9
Macro
10.2
13.6
2.7
3.4
3.7
5.1
Loans
0.8
1.3
0.9
1.2
0.9
1.3
Securitized products
3.1
3.5
1.8
2.4
3.4
3.9
Credit
0.3
0.3
0.2
0.3
0.2
0.3
High-quality liquid assets
16.1
17.2
16.1
17.2
Operational risk
24.0
24.0
Other
1.3
1.2
0.6
0.5
0.9
0.9
Total
32.6
38.3
30.7
32.7
25.6
29.4
Results: 3Q25 vs 3Q24
Loss before tax
was USD 102m, compared with
a loss before
tax of USD 603m.
Underlying profit before
tax was
USD 102m, after excluding
integration-related expenses of
USD 205m, compared with
an underlying
loss before
tax of USD 333m.
Total revenues
Total revenues were
negative USD 40m, compared with
total revenues of
USD 262m, mainly reflecting lower
net
gains from position exits and lower net interest income from securitized product and credit portfolios.
These were
partly offset by
lower markdowns and lower
liquidity and funding costs,
as a result
of the smaller
portfolio. Total
revenues in the
third quarter
of 2024 also
included a
USD 67m gain
from the
sale of
our investment
in an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Non-core and Legacy
35
Credit loss expense / release
Net credit loss expenses were USD 6m, compared with
net credit loss expenses of USD 28m in the third quarter
of
2024.
Operating expenses
Operating expenses were USD 56m, a decrease of USD 781m, or 93%, and included
USD 440m of net releases in
provisions
and
acquisition-related
contingent
liabilities
resulting
from
litigation,
regulatory
and
similar
matters,
primarily due
to USD 673m
of releases
related to
the completion
of obligations
under Credit
Suisse’s residential
mortgage-backed securities
settlement
with
the
US
Department
of
Justice,
partly
offset
by
expenses
related
to
increases in other litigation provisions. The decrease also reflected lower personnel expenses and technology
costs
and
included
a
USD 65m
decrease
in
integration-related
expenses.
Excluding
integration-related
expenses
of
USD 205m, underlying operating expenses were
negative USD 149m.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Risk-weighted assets and leverage ratio denominator:
3Q25 vs 2Q25
The active unwinding of Non-core and Legacy assets resulted in a decrease
in risk-weighted assets (RWA) and the
leverage ratio
denominator (the LRD).
RWA decreased
by USD 1.9bn
to USD 30.7bn,
mostly due
to decreases
in
the macro,
securitized product,
loan and equity
portfolios. The
LRD decreased
by USD 3.8bn
to USD 25.6bn,
mainly
driven by reductions in macro, high-quality
liquid asset, securitized product, equity
and loan portfolios.
Results: 9M25 vs 9M24
Loss before tax
was USD 744m, compared with
a loss before
tax of USD 1,054m. Underlying
loss before tax
was
USD 98m, after excluding
integration-related expenses
of USD 648m, compared
with an underlying
loss before tax
of USD 216m.
Total revenues were
USD 162m, a decrease
of USD 1,502m, mainly
reflecting lower net
gains from position
exits
and lower
net interest
income from
securitized product and
credit portfolios,
partly offset
by lower
liquidity and
funding costs, as a result
of the smaller portfolio. Total
revenues in the first nine
months of 2025 included a
gain
of USD 97m from the sale
of Select Portfolio Servicing, the US
mortgage servicing business of Credit Suisse. Total
revenues
in
the
first
nine
months
of
2024
included
the
aforementioned
USD 67m
gain
from
the
sale
of
our
investment in an associate,
as well as a
net gain of USD 272m, after
accounting for the purchase price
allocation
adjustments recorded at the closing of the acquisition of the Credit Suisse
Group, from the sale of assets from the
former Credit Suisse securitized products
group to Apollo Management Holdings
and certain other entities.
Net credit
loss expenses
were USD 11m,
compared with
net credit
loss expenses
of USD 63m
in the
first nine
months
of 2024.
Operating expenses were USD
894m, a decrease of
USD 1,761m, or 66%, and
included USD 868m
of net releases
in provisions
and acquisition-related contingent
liabilities resulting from
litigation, regulatory and
similar matters,
primarily due to the aforementioned
releases of USD 673m in the
third quarter of 2025 and releases
of USD 435m
recorded in the second quarter
of 2025, partly offset by expenses
related to increases in other litigation
provisions.
The decrease also reflected lower personnel expenses and technology costs and included a USD 189m
decrease in
integration-related expenses. Excluding integration-related
expenses of USD 648m, underlying operating
expenses
were USD 246m, a decrease of 86%.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions
and Group Items | Group Items
36
Group Items
Group Items
As of or for the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
(149)
(180)
(39)
(17)
282
(614)
(786)
Credit loss expense / (release)
0
0
0
(1)
(2)
Operating expenses
23
(13)
(84)
25
(132)
Operating profit / (loss) before tax
(173)
(167)
45
4
(638)
(652)
Underlying results
Total revenues as reported
(149)
(180)
(39)
(17)
282
(614)
(786)
of which: PPA effects and other integration items
1
34
17
(25)
95
81
(37)
Total revenues (underlying)
2
(183)
(198)
(14)
(7)
(696)
(749)
Credit loss expense / (release)
0
0
0
(1)
(2)
Operating expenses as reported
23
(13)
(84)
25
(132)
of which: integration-related expenses
2
20
(4)
(11)
19
(12)
Operating expenses (underlying)
2
4
(10)
(74)
6
(120)
of which: net expenses / (releases) for litigation, regulatory
and similar matters
1
1
0
(1)
74
3
Operating profit / (loss) before tax as reported
(173)
(167)
45
4
(638)
(652)
Operating profit / (loss) before tax (underlying)
2
(187)
(188)
60
0
(701)
(627)
1
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 Refer to “Alternative performance measures”
in the appendix to this report for the definition and calculation method.
Results: 3Q25 vs 3Q24
Loss before tax was
USD 173m, mainly driven by deferred tax
asset (DTA) funding costs. The
change in the result
between the
quarters was
largely due to
lower mark-to-market
gains from
Group hedging
and own debt,
including
hedge accounting ineffectiveness. Underlying loss
before tax was USD 187m,
after excluding from total
revenues
USD 34m of purchase price allocation (PPA) effects and other integration items and also excluding from operating
expenses USD 20m
of integration-related
expenses. This
compared with
an underlying
profit before
tax of
USD 60m
in the third quarter of 2024.
Income
from
Group
hedging
and
own
debt,
including
hedge
accounting
ineffectiveness,
was
net
USD 5m,
compared with net
income of USD 200m.
The gains in
the third quarter
of 2025 were
driven by mark-to-market
effects on own credit and portfolio-level economic
hedges.
Results: 9M25 vs 9M24
Loss before tax
was USD 638m, mainly driven
by DTA funding
costs, mark-to-market losses from
Group hedging
and own debt,
including hedge accounting ineffectiveness, and an
increase in provisions for
litigation, regulatory
and similar matters. The USD 14m decrease
in loss before tax between the periods
was largely due to lower mark-
to-market
losses
from
Group
hedging
and
own
debt,
partly
offset
by
an
increase
in
provisions
for
litigation,
regulatory
and
similar
matters.
Underlying
loss
before
tax
was
USD 701m,
after
excluding
from
total
revenues
USD 81m
of
PPA
effects
and
other
integration
items
and
also
excluding
from
operating
expenses
USD 19m
of
integration-related
expenses.
This
compared
with
an
underlying
loss
before
tax
of
USD 627m
in
the
first
nine
months of 2024.
Income
from
Group
hedging
and
own
debt,
including
hedge
accounting
ineffectiveness,
was
net
negative
USD 105m, compared with net
negative income of
USD 185m. The losses
in the
first nine months
of 2025 were
driven by mark-to-market effects on own credit
and portfolio-level economic hedges.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet
37
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
38
Risk management and control
38
Credit risk
40
Market risk
41
Country risk
42
Non-financial risk
43
Capital management
44
Total
loss-absorbing capacity
48
Risk-weighted assets
50
Leverage ratio denominator
51
Equity attribution
52
Liquidity and funding management
52
Strategy, objectives and governance
52
Liquidity coverage ratio
52
Net stable funding ratio
53
Balance sheet and off-balance sheet
53
Balance sheet assets
53
Balance sheet liabilities
54
Equity
55
Off-balance sheet
55
Share information and earnings per share
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
38
Risk management and control
This
section
provides
information
about
key
developments
during
the
reporting
period
and
should
be
read
in
conjunction with
the “Risk
management and
control” section
of the
UBS Group
Annual Report
2024, available
under “Annual
reporting” at
ubs.com/investors
, and
the “Recent
developments” section of
this report
for more
information about the integration of Credit
Suisse.
Credit risk
Overall banking products exposure
Overall banking products
exposure decreased by
USD 20bn compared with
30 June 2025, to
USD 1,084bn as of
30 September 2025, primarily reflecting a decrease
in balances at central banks.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
›
Refer to the “Group performance” section and “Note 8 Expected credit loss measurement” in the “Consolidated
financial statements” section of this report for more information about credit loss expense / release
Loan underwriting
In the
Investment Bank, mandated
loan underwriting commitments
on a
notional basis
decreased by
USD 2.3bn
compared
with
30 June
2025,
to
USD 4.7bn
as
of
30 September
2025,
driven
by
deal
syndications
and
cancellations,
partly offset
by new mandates.
As of 30
September 2025,
USD 0.4bn of
these commitments
had not
been distributed as originally planned.
Loan underwriting exposures
in the Investment
Bank are classified
as held for
trading, with
fair values reflecting
the
market conditions
at the
end of
the quarter.
Credit hedges
are in place
to help
protect against
fair value
movements
in the portfolio.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
39
Banking and traded products exposure in the business divisions and Group Items
30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
479,241
460,735
2,028
106,538
12,780
22,454
1,083,777
of which: loans and advances to customers (on-balance sheet)
317,323
310,641
6
18,523
751
1,809
649,053
of which: guarantees and irrevocable loan commitments (off-balance sheet)
20,191
47,247
3
34,080
1,081
21,979
124,582
Committed unconditionally revocable credit lines
3
76,297
59,538
0
351
4
114
136,304
Traded products exposure, gross
2,4
16,548
2,388
0
37,534
56,470
of which: over-the-counter derivatives
12,728
2,223
0
8,790
23,741
of which: securities financing transactions
98
0
0
21,167
21,265
of which: exchange-traded derivatives
3,722
165
0
7,577
11,465
Total credit-impaired exposure, gross
1
1,766
3,965
0
648
955
0
7,334
of which: stage 3
1,732
3,583
0
598
57
0
5,970
of which: PCI
34
382
0
50
898
0
1,364
Total allowances and provisions for expected credit losses
284
1,883
0
462
370
6
3,005
of which: stage 1
104
350
0
113
2
6
574
of which: stage 2
59
256
0
141
0
0
456
of which: stage 3
112
1,228
0
207
55
0
1,602
of which: PCI
9
49
0
2
313
0
373
30.6.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
483,163
464,751
2,073
116,989
14,446
22,760
1,104,181
of which: loans and advances to customers (on-balance sheet)
313,604
313,364
10
18,652
959
1,802
648,391
of which: guarantees and irrevocable loan commitments (off-balance sheet)
20,740
48,416
5
33,792
1,216
22,324
126,493
Committed unconditionally revocable credit lines
3
82,295
68,011
0
461
5
0
150,771
Traded products exposure, gross
2,4
15,642
3,016
0
36,005
54,663
of which: over-the-counter derivatives
11,720
2,529
0
10,185
24,434
of which: securities financing transactions
131
0
0
16,562
16,693
of which: exchange-traded derivatives
3,790
487
0
9,259
13,535
Total credit-impaired exposure, gross
1
1,578
4,003
0
611
920
0
7,112
of which: stage 3
1,553
3,691
0
561
59
0
5,864
of which: PCI
25
312
0
50
861
0
1,248
Total allowances and provisions for expected credit losses
300
1,845
0
472
342
6
2,966
of which: stage 1
101
333
0
135
4
6
579
of which: stage 2
63
270
0
141
0
0
474
of which: stage 3
125
1,202
0
194
52
0
1,574
of which: PCI
10
40
0
2
286
0
338
1 IFRS 9 gross exposure
for banking products includes the following
financial instruments within the scope of expected
credit loss measurement: balances at central banks, amounts due
from banks, loans and advances
to customers, other financial
assets at amortized cost, guarantees
and irrevocable loan commitments.
2 Internal management view of
credit risk, which differs in certain
respects from IFRS Accounting Standards.
3 Commitments that can be canceled by UBS at any time but expose UBS to credit risk
if the client has the ability to draw the facility before UBS can take action. These commitments are subject to expected credit loss
requirements.
4 As counterparty risk for traded products is managed at the counterparty level, no further split between exposures
in the Investment Bank, Non-core and Legacy, and Group Items is provided.
Collateralization of Loans and advances to customers
1
Global Wealth Management
Personal & Corporate Banking
USD m, except where indicated
30.9.25
30.6.25
30.9.25
30.6.25
Secured by collateral
311,578
308,647
275,219
276,323
Residential real estate
109,429
108,943
221,523
220,740
Commercial / industrial real estate
10,923
10,814
41,516
42,381
Cash
32,783
30,957
3,117
3,062
Equity and debt instruments
131,181
131,093
2,770
2,892
Other collateral
2
27,263
26,840
6,293
7,249
Subject to guarantees
729
744
5,743
6,229
Uncollateralized and not subject to guarantees
5,016
4,213
29,679
30,812
Total loans and advances to customers, gross
317,323
313,604
310,641
313,364
Allowances
(211)
(224)
(1,604)
(1,537)
Total loans and advances to customers, net of allowances
317,112
313,380
309,036
311,827
Collateralized loans and advances to customers as a percentage of
total loans and advances to customers, gross (%)
98.2
98.4
88.6
88.2
1 Collateral arrangements generally incorporate a range of collateral, including
cash, equity and debt instruments, real estate, and other collateral. For the
purposes of this disclosure, UBS applies a risk-based approach
that generally prioritizes
collateral according
to its
liquidity profile.
In the case
of loan facilities
with funded and
unfunded elements the
collateral is
first allocated
to the funded
element. For
legacy Credit Suisse
infrastructure a risk-based
approach is applied
that generally prioritizes
real estate collateral
and prioritizes other
collateral according to
its liquidity profile.
In the case
of loan facilities
with funded and
unfunded
elements the collateral
is proportionately allocated.
2 Includes but is not
limited to life insurance
contracts, rights
in respect of subscription
or capital commitments from
fund partners, inventory,
gold and other
commodities.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
40
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence
level) of the UBS Group excluding certain legacy
Credit Suisse components in the third
quarter of 2025
increased to USD 11m from USD 8m, mainly driven
by the
Investment Bank’s Global Markets business.
Average management VaR (1-day, 98% confidence level) of the aforementioned legacy Credit Suisse components
in the third quarter of 2025 decreased to
USD 2m from USD 3m, driven by de-risking
within Non-core and Legacy.
Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and
Group Items excluding certain legacy Credit Suisse components, by general market risk type
1,2
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
1
3
1
2
0
1
2
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
7
15
13
10
4
13
7
5
2
Non-core and Legacy
1
2
2
1
0
1
0
0
0
Group Items
3
4
4
3
1
3
2
1
0
Diversification effect
3,4
(6)
(5)
(1)
(4)
(3)
(1)
0
Total as of 30.9.25
8
16
14
11
4
14
8
5
2
Total as of 30.6.25
5
15
11
8
1
15
9
4
2
Management value-at-risk (1-day, 98% confidence level, 2 years of historical data) of certain legacy Credit
Suisse
components of the business divisions and Group Items, by general market risk type
1,2
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
1
1
1
1
1
0
0
0
0
Personal & Corporate Banking
0
1
0
0
0
0
0
0
0
Asset Management
0
0
0
0
0
0
0
0
0
Investment Bank
1
1
1
1
1
0
0
0
0
Non-core and Legacy
1
1
1
1
0
1
1
0
0
Group Items
0
0
0
0
0
0
0
0
0
Diversification effect
3,4
(1)
(1)
0
0
0
0
0
Total as of 30.9.25
1
3
2
2
1
1
1
1
0
Total as of 30.6.25
2
4
2
3
1
2
2
1
0
1 The legacy Credit Suisse
components not included in the
UBS Group management VaR reflect the
portfolio managed on legacy
Credit Suisse infrastructure based on
legacy Credit Suisse management VaR methodology
until full migration
of these positions
to UBS
infrastructure or
the liquidation
of the
positions. This
process is
ongoing, and
the management
VaR of
the legacy
Credit Suisse
components is
expected to
continue
decreasing over time.
2 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 VaR
for each business division or risk type,
being driven by the extreme loss tail of the corresponding
distribution of simulated profits and losses for that
business division 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.
3 The difference between
the sum of the standalone VaR
for the business divisions and Group
Items
and the total VaR.
4 As the minima and maxima for different business divisions and Group Items occur on different days, it is not
meaningful to calculate a portfolio diversification effect.
Economic value of equity and net interest income
sensitivity
The economic value of equity
(EVE) sensitivity in the UBS
Group banking book to a
+1-basis-point parallel shift in
yield curves was
negative USD 41.3m
as of 30 September
2025, compared with
negative USD 40.2m
as of 30 June
- This
excluded the
sensitivity of
USD 8.4m from
additional tier 1
(AT1) capital
instruments (as
per specific
Swiss
Financial Market Supervisory Authority (FINMA)
requirements) in contrast to general Basel Committee on Banking
Supervision (BCBS) guidance. Exposure
in the banking
book of the
UBS Group increased during
the third quarter
of 2025, predominantly driven by interest rate
hedges in connection with issuances
of AT1 capital instruments.
The majority of our interest rate risk in the banking book (IRRBB) as of 30 September 2025 was a reflection of the
net asset
duration that
we ran
to offset
our
modeled sensitivity
of
net USD 32.4m
(30 June 2025:
USD 32.3m)
assigned
to
our
equity,
goodwill
and
real
estate,
with
the
aim
of
generating
a
stable
net
interest
income
contribution. Of this, USD
18.8m and USD 11.6m
were attributable to the
US dollar and the Swiss
franc portfolios,
respectively,
(30 June 2025: USD 18.7m and USD 11.6m,
respectively).
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
41
In addition to
the aforementioned
sensitivity, we
calculate the
six interest
rate shock
scenarios prescribed
by FINMA.
The
“Parallel
up”
scenario,
assuming
all
positions
were
measured
at
fair
value,
was
the
most
severe
as
of
30 September 2025
and would
have resulted
in a
change in
EVE of
negative USD 7.7bn,
or 8.1%
of our
tier 1
capital (30 June
2025: negative
USD 7.3bn, or
8.0%), which
is
well below
the 15%
threshold as
per the
BCBS
supervisory outlier test for high levels of IRRBB.
The immediate effect on our
tier 1 capital in the “Parallel up”
scenario as of 30 September
2025 would have been
a
decrease
of
approximately
USD 0.9bn,
or
0.9%,
in
our
tier 1
capital
(30 June
2025:
USD 1.0bn,
or
1.1%),
reflecting the fact that the vast
majority of our banking book is accrual
accounted or subject to hedge accounting.
The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant
balance sheet.
As the overall interest rate risk sensitivity shows a greater
impact from slower asset repricing compared with faster
liabilities repricing, the
“Parallel down“ scenario
was the most
beneficial as of
30 September 2025
and would have
resulted
in
a
change
in
EVE
of
positive
USD 7.8bn
(30 June
2025:
positive
USD 7.6bn)
and
a
small
positive
immediate effect on our tier 1 capital.
›
Refer to “Interest rate risk in the banking book” in the “Risk management and control”
section of the UBS Group
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about the
management of interest rate risk in the banking book
›
Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more
information about the effects of increases in interest rates on the net interest income of our banking book
Interest rate risk – banking book
30.9.25
USD m
Effect on EVE
1
– FINMA
Effect on EVE
1
– BCBS
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
(10.5)
(1.8)
(0.2)
(27.7)
(1.1)
(41.3)
8.4
(32.9)
Parallel up
2
(1,523.0)
(336.8)
(53.7)
(5,524.9)
(250.0)
(7,688.4)
1,574.0
(6,114.5)
Parallel down
2
1,616.3
381.4
56.6
5,508.1
274.0
7,836.5
(1,855.3)
5,981.2
Steepener
3
(827.0)
(5.5)
(8.4)
(1,435.2)
(3.9)
(2,279.9)
376.6
(1,903.4)
Flattener
4
542.3
(50.2)
(1.3)
158.6
(50.5)
598.9
(20.3)
578.7
Short-term up
5
(88.5)
(151.1)
(18.2)
(2,075.9)
(142.9)
(2,476.7)
660.9
(1,815.8)
Short-term down
6
61.5
151.3
18.5
2,183.6
139.5
2,554.4
(688.4)
1,865.9
30.6.25
USD m
Effect on EVE
1
– FINMA
Effect on EVE
1
– BCBS
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
(11.1)
(1.6)
(0.3)
(26.6)
(0.5)
(40.2)
6.9
(33.3)
Parallel up
2
(1,624.3)
(301.8)
(65.7)
(5,228.7)
(107.4)
(7,327.9)
1,250.0
(6,077.8)
Parallel down
2
1,726.2
322.4
56.5
5,407.5
110.6
7,623.3
(1,487.7)
6,135.5
Steepener
3
(875.9)
(16.3)
(6.6)
(1,333.4)
2.1
(2,230.2)
271.3
(1,958.9)
Flattener
4
574.6
(32.6)
(4.8)
119.2
(23.9)
632.5
15.0
647.5
Short-term up
5
(97.6)
(121.6)
(25.1)
(2,019.2)
(62.5)
(2,326.0)
556.2
(1,769.8)
Short-term down
6
68.0
121.3
23.9
2,123.4
63.9
2,400.4
(579.0)
1,821.4
1 Economic value
of equity.
2 Rates across all
tenors move by ±150
bps for Swiss
franc, ±200 bps for
euro and US
dollar, and
±250 bps for pound
sterling.
3 Short-term rates
decrease and long-term rates
increase.
4 Short-term rates increase and long-term rates decrease.
5 Short-term rates increase more than long-term rates.
6 Short-term rates decrease more than long-term rates.
Country risk
We remain
watchful of
a range
of geopolitical
developments and
political changes
in a
number of
countries, as
well as
global trade
relations,
including policies
related to
tariffs and
the continuing
Russia–Ukraine
war and
evolving
conditions in the Middle East,
and we continued to monitor potential second-order impacts in the third quarter
of
- As of 30 September 2025, our direct exposure to Israel was
less than USD 0.5bn and our direct exposure to
Gulf Cooperation
Council countries
was less
than USD 5bn,
while our
direct exposure
to Egypt
and Jordan
was
limited,
and
there
was
no
direct
exposure
to
Iran,
Iraq,
Lebanon
or
Syria.
Our
direct
exposure
to
Russia
as
of
30 September 2025
was less
than USD 0.5bn,
and our
direct exposure
to Belarus
and Ukraine
remained immaterial.
As of
30 September 2025,
our exposure
to emerging-market
countries was
less than
10% of
our total
country
exposure and mainly to countries in Asia.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
42
Uncertainty about economic policy remained elevated. In the third quarter of 2025, inflation was broadly
stable in
major Western
economies, although
concerns about
the potential
impact of trade
tensions on prices
and economic
growth persisted.
The Chinese
economy slowed
in the
third quarter
of 2025,
after a
rebound in
the previous
quarter,
and concerns
remain about
the property
sector, strains
on local
government finances
and the
outcome of
trade
negotiations with the US expected in November
2025.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, for more information
Non-financial risk
Compliance risk
We are committed
to achieving fair
outcomes for
our clients,
upholding market
integrity and
cultivating the
highest
standards of employee
conduct.
To support these
objectives,
we maintain a
Group-wide conduct risk
framework
designed to promote consistent standards
and foster a strong culture of accountability.
We continue to
prioritize areas such
as suitability risk, market
conduct, product governance,
cross-divisional service
offerings, quality of advice and price transparency.
These remain key focus areas for UBS and the broader
financial
industry. Cross-border
risk (including
the risk
of unintended
permanent establishment)
remains an
area of
regulatory
attention for global financial institutions, including a focus
on market access, such as third-country market access
to the European Economic Area. We maintain
a series of controls designed to address
these risks.
Regulatory
fragmentation
related
to
environmental,
social
and
governance
topics,
and
the
elevated
risk
of
greenwashing arising from our service offering,
disclosures and commitments remain key risks
for 2025.
Financial crime risk
Financial crime, including
money laundering, terrorist
financing, sanctions violations,
fraud, bribery and corruption,
presents a major risk, as technological innovation and geopolitical developments increase the complexity of doing
business and heightened regulatory attention
continues.
An effective financial crime prevention
program therefore remains essential,
and we continue to focus on
strategic
enhancements to our global anti-money-laundering, know-your-client and sanctions
programs. Money laundering
and financial
fraud techniques
are becoming
increasingly sophisticated,
and heightened
geopolitical volatility
makes
the sanctions landscape more
complex. The extensive and
continuously evolving sanctions arising
from the Russia–
Ukraine war require constant
attention to prevent circumvention
risks, while worsening
conflicts in the Middle
East
may further increase
terrorist-financing risks. In
response to complex
investment and technology
restrictions, China
has imposed its own restrictions.
We continue to closely monitor these developments
as they occur.
Operational risk
There is an increased risk of cyber-related operational
disruption to business activities at our
locations and those of
third-party suppliers due to the increasingly dynamic threat environment.
This is intensified by current geopolitical
factors and
evidenced by
the continuing
high volumes
and increasing
sophistication
of cyberattacks
against financial
institutions globally
and on
third-party service
providers. A notable
example of
this is
a previously
disclosed data
breach at
Chain IQ,
one of
our third-party
suppliers. Our incident
review has
not identified any
impact on
UBS’s
clients or systems,
but the data
breach included the
exposure of certain
non-sensitive UBS employee
and vendor
information.
We remain
on heightened
alert to
respond to
and mitigate
elevated cyber-
and information-security threats
and
continue to invest
in improving our
technology infrastructure and information-security
governance to strengthen
our prevention,
detection and
response capabilities
against attacks.
In addition,
we operate
a global
framework
designed to drive
enhancements in operational
resilience across all
business divisions
and relevant jurisdictions,
and
we
work
with
the
third-party service
providers
that
are
of
critical
importance
to
our
operations
to
assess
their
operational resilience in line with our standards
and to mitigate any identified risks.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Risk management and control
43
The
increasing
interest
in
data-driven
advisory
processes
and
the
use
of
artificial
intelligence
(AI)
and
machine
learning are introducing new questions related
to the fairness of AI
algorithms, data life-cycle management, data
ethics, data privacy and security, and records
management.
Further progress has been made with
respect to legal entity integration,
client and data migration, and the
wind-
down of legacy
Credit Suisse businesses
and infrastructure.
The risks relating
to the operational
complexity and the
effective
management
of
businesses
and
infrastructure
in
wind-down
continue
to
be
carefully
monitored,
in
addition to the delivery of consolidated financial
and regulatory reporting submissions.
Capital management
The
disclosures
in
this
section
are
provided
for
UBS Group AG
on
a
consolidated
basis
and
focus
on
key
developments during
the reporting
period and
information in
accordance with
the Basel III
framework, as
applicable
to Swiss systemically relevant banks (SRBs).
They should be read in conjunction
with “Capital management” in the
“Capital, liquidity and funding,
and balance sheet” section
of the UBS Group
Annual Report 2024, available
under
“Annual
reporting”
at
ubs.com/investors
,
which
provides
more
information
about
our
capital
management
objectives, planning and activities, as
well as the Swiss SRB total loss-absorbing capacity
(TLAC) framework.
In Switzerland, the
amendments to the Capital
Adequacy Ordinance (the CAO) that
incorporate the final Basel III
standards into
Swiss law,
including the
five new
ordinances that
contain the
implementing provisions
for the
revised
CAO, entered into force on 1 January 2025.
UBS Group AG
is
a
holding
company
and
conducts
substantially
all
of
its
operations
through
UBS AG
and
subsidiaries
thereof.
UBS Group AG
and
UBS AG
contribute
a
significant portion
of
their
respective
capital
and
provide substantial
liquidity to
such subsidiaries.
Many of
these subsidiaries
are subject
to local
regulations requiring
compliance with minimum capital, liquidity
and similar requirements.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about additional regulatory disclosures for UBS Group AG
on a consolidated basis, as well as the significant regulated subsidiaries and sub-groups of UBS Group AG
›
Refer to the
UBS AG third
quarter 2025
report, which
will be available
as of 4 November
2025 under
“Quarterly
reporting”
at
ubs.com/investors
, for more information
about capital
and other regulatory
information
for UBS AG
consolidated,
in accordance
with the Basel
III framework,
as applicable
to Swiss
SRBs
We
are
subject
to
the
going
and
gone
concern
requirements
of
the
Swiss
CAO,
which
include
additional
requirements applicable to Swiss
SRBs. The table below provides
the risk-weighted asset (RWA)-
and leverage ratio
denominator (LRD)-based requirements and
information as of 30 September 2025.
Effective 1 January 2025,
a Pillar 2 capital
add-on for uncollateralized
exposures to hedge
funds, private equity
and
family offices has been introduced.
This resulted in an increase of
23 basis points in the RWA-based
going concern
capital requirement as of 30 September 2025.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
44
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
14.97
1
75,601
5.00
1
82,023
Common equity tier 1 capital
10.60
2
53,537
3.50
3
57,416
of which: minimum capital
4.50
22,720
1.50
24,607
of which: buffer capital
5.50
27,769
2.00
32,809
of which: countercyclical buffer
0.44
2,226
Maximum additional tier 1 capital
4.37
2
22,064
1.50
24,607
of which: additional tier 1 capital
3.50
17,671
1.50
24,607
of which: additional tier 1 buffer capital
0.80
4,039
Eligible going concern capital
Total going concern capital
18.81
94,950
5.79
94,950
Common equity tier 1 capital
14.79
74,655
4.55
74,655
Total loss-absorbing additional tier 1 capital
4.02
20,296
1.24
20,296
of which: high-trigger loss-absorbing additional tier 1 capital
4.02
20,296
1.24
20,296
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
10.73
7
54,150
3.75
7
61,517
of which: base requirement including add-ons for market share and LRD
10.73
54,150
3.75
61,517
Eligible gone concern capital
Total gone concern loss-absorbing capacity
20.67
104,379
6.36
104,379
Total tier 2 capital
0.00
0
0.00
0
of which: non-Basel III-compliant tier 2 capital
0.00
0
0.00
0
TLAC-eligible senior unsecured debt
20.67
104,379
6.36
104,379
Total loss-absorbing capacity
Required total loss-absorbing capacity
25.70
129,751
8.75
143,541
Eligible total loss-absorbing capacity
39.48
199,329
12.15
199,329
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
504,897
Leverage ratio denominator
1,640,464
1 Includes applicable add-ons
of 1.67% for risk-weighted assets
(RWA) and 0.50% for
leverage ratio denominator (LRD),
of which 23 basis points
for RWA reflect a
Pillar 2 capital add-on
for the residual exposure
(after collateral mitigation)
to hedge funds,
private equity and
family offices, effective
1 January 2025.
2 Includes the
Pillar 2 add-on
for the residual
exposure (after collateral
mitigation) to hedge
funds, private
equity and family offices of 0.16%
for CET1 capital and 0.07%
for AT1 capital, effective
1 January 2025. For
AT1 capital, under
Pillar 1 requirements a maximum
of 4.3% of AT1
capital can be used to
meet going
concern requirements; 4.37% includes the
aforementioned Pillar 2 capital
add-on.
3 Our CET1 leverage ratio
requirement of 3.50% consists
of a 1.5% base
requirement, a 1.5% base
buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business.
4 A maximum of 25% of the gone concern requirements can be met with instruments that have
a remaining maturity
of between one
and two years.
Once at least
75% of
the minimum
gone concern
requirement has been
met with
instruments that
have a remaining
maturity of greater
than two
years, all
instruments that have a remaining
maturity of between one
and two years remain
eligible to be included
in the total gone concern
capital.
5 From 1 January
2023, the resolvability discount
on the gone concern
capital requirements for systemically important
banks (SIBs) has been replaced with
reduced base gone concern capital requirements
equivalent to 75% of the total
going concern requirements (excluding countercyclical
buffer requirements and the Pillar
2 add-on).
6 As of July 2024,
the Swiss Financial Market
Supervisory Authority (FINMA) has the
authority to impose a surcharge
of up to 25% of
the total going concern capital
requirements (excluding countercyclical buffer requirements and the Pillar 2 add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments.
7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
Additional capital requirements for
UBS Group AG consolidated under current
requirements
As a result of the acquisition of
the Credit Suisse Group in 2023,
the capital add-ons applicable to SRBs based on
market
share
and
LRD
for
UBS
Group AG consolidated
will
increase commensurate
with
the
Group’s increased
market share
and higher
LRD after
the acquisition.
Based on
the existing
regulations, we currently
estimate that
this will add around USD 6bn to the
Group’s tier 1 capital requirement, when
fully phased in. The estimated
effect
decreased to USD
6bn,
from USD 9bn,
following FINMA’s
confirmation of
the capital
add-ons for
market share and
LRD that will apply
to UBS. The phase-in
of the increased capital requirements will commence
on 1 January 2026
and will be completed by the beginning of
2030, at the latest.
›
Refer to “Developments
in Switzerland
aimed at strengthening
financial
stability”
in the “Recent
developments”
section of
this report
for more information
Total loss-absorbing capacity
The table below provides Swiss SRB going and gone concern information based on the Swiss SRB
framework and
requirements that are discussed under “Capital management” in the “Capital, liquidity and funding, and
balance
sheet” section of
the UBS Group
Annual Report 2024,
available under “Annual
reporting” at
ubs.com/investors
.
Changes
to
the
Swiss
SRB
framework
and
requirements
after
the
publication
of
our
Annual
Report
2024
are
described above.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
45
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
31.12.24
Eligible going concern capital
Total going concern capital
94,950
91,721
87,739
Total tier 1 capital
94,950
91,721
87,739
Common equity tier 1 capital
74,655
72,709
71,367
Total loss-absorbing additional tier 1 capital
20,296
19,012
16,372
of which: high-trigger loss-absorbing additional tier 1 capital
20,296
19,012
15,126
of which: low-trigger loss-absorbing additional tier 1 capital
1,245
Eligible gone concern capital
Total gone concern loss-absorbing capacity
104,379
99,450
97,655
Total tier 2 capital
0
196
207
of which: non-Basel III-compliant tier 2 capital
0
196
207
TLAC-eligible senior unsecured debt
104,379
99,254
97,449
Total loss-absorbing capacity
Total loss-absorbing capacity
199,329
191,171
185,394
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
504,897
504,500
498,538
Leverage ratio denominator
1,640,464
1,658,089
1,519,477
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
18.8
18.2
17.6
of which: common equity tier 1 capital ratio
14.8
14.4
14.3
Gone concern loss-absorbing capacity ratio
20.7
19.7
19.6
Total loss-absorbing capacity ratio
39.5
37.9
37.2
Leverage ratios (%)
Going concern leverage ratio
5.8
5.5
5.8
of which: common equity tier 1 leverage ratio
4.6
4.4
4.7
Gone concern leverage ratio
6.4
6.0
6.4
Total loss-absorbing capacity leverage ratio
12.2
11.5
12.2
Total loss-absorbing capacity and movement
Our TLAC increased by USD 8.2bn to USD 199.3bn
in the third quarter of 2025.
Going concern capital and movement
Our
going
concern
capital
increased
by
USD 3.2bn
to
USD 95.0bn.
Our
common
equity
tier 1
(CET1)
capital
increased by USD 1.9bn to
USD 74.7bn, mainly driven
by operating profit before
tax of USD 2.8bn and
an increase
in
eligible
deferred
tax
assets
on
temporary
differences
of
USD 0.2bn,
partly
offset
by
dividend
accruals
of
USD 0.8bn and current tax expenses
of USD 0.3bn. Share repurchases of
USD 1.1bn made under our 2025 share
repurchase program in the
third quarter of
2025 did not materially
affect our CET1 capital
position,
as there was
an almost identical reduction in the capital reserve
for expected future share repurchases.
›
Refer to “Share information and earnings per share” in this section for more information about our share
repurchase programs
Our loss-absorbing additional
tier 1 (AT1) capital
increased by USD 1.3bn to
USD 20.3bn, reflecting the
issuance of
new
AT1
capital
instruments
equivalent
to
USD 2.8bn,
partly
offset
by
the
call
of
one
AT1
capital
instrument
equivalent to USD 1.6bn.
Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024
Annual General
Meeting, AT1
capital instruments
issued from
the beginning
of the
fourth quarter
of 2023
are,
upon the
occurrence of
a trigger event
or a
viability event,
subject to
conversion into
UBS Group AG
ordinary shares
rather than a
write-down. AT1 capital instruments
issued prior to
the fourth quarter of
2023 remain subject to
a
write-down.
Gone concern loss-absorbing capacity and movement
Our total
gone concern
loss-absorbing
capacity
increased by
USD 4.9bn to
USD 104.4bn
and included
USD 104.4bn
of
TLAC-eligible
senior
unsecured
debt
instruments.
The
increase
of
USD 4.9bn mainly
reflected
new
issuances
totaling
USD 7.9bn
equivalent
of
TLAC-eligible
senior
unsecured
debt
instruments
and
positive
impacts
from
interest rate risk hedge, foreign
currency translation and
other effects, partly offset
by the call of one TLAC-eligible
senior unsecured debt instrument for the
equivalent of USD 1.5bn, as well
as USD 1.7bn related to the
last tier 2
instrument and one TLAC-eligible
senior unsecured debt instrument
ceasing to be eligible as
gone concern capital,
as those instruments entered the final year before
maturity.
›
Refer to “Bondholder information” at
ubs.com/investors
for more information about the eligibility of capital and
senior unsecured debt instruments and about key features and terms and conditions of capital instruments
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
46
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio increased to 14.8% from
14.4%,
primarily reflecting a USD 1.9bn increase in CET1
capital.
Our CET1 leverage ratio increased to 4.6% from 4.4%,
resulting from a USD 1.9bn increase in CET1 capital and a
USD 17.6bn decrease in the LRD.
Our going concern capital ratio
increased to 18.8% from 18.2%,
primarily due to a
USD 3.2bn increase in going
concern capital.
Our going concern leverage
ratio increased to 5.8% from
5.5%, driven by a USD 3.2bn increase in
going concern
capital and the
aforementioned
decrease in the
LRD.
Our gone concern loss-absorbing capacity ratio increased to 20.7% from 19.7%, primarily reflecting a USD 4.9bn
increase in gone concern loss-absorbing capacity.
Our gone
concern leverage
ratio increased
to 6.4%
from 6.0%,
as a
result of
a USD 4.9bn
increase in
gone concern
loss-absorbing capacity and the aforementioned
decrease in the LRD.
Swiss SRB total loss-absorbing capacity movement
USD m
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 30.6.25
72,709
Operating profit / (loss) before tax
2,828
Current tax (expense) / benefit
(335)
Foreign currency translation effects, before tax
(90)
Eligible deferred tax assets on temporary differences (including
excess over threshold)
196
Accruals for expected dividends to shareholders for 2025
(780)
Share repurchase program
(1,096)
Capital reserve for expected future share repurchases
1,102
Other
121
Common equity tier 1 capital as of 30.9.25
74,655
Loss-absorbing additional tier 1 capital as of 30.6.25
19,012
Issuance of high-trigger loss-absorbing additional tier 1 capital
2,827
Call of high-trigger loss-absorbing additional tier 1 capital
(1,567)
Interest rate risk hedge, foreign currency translation and other effects
24
Loss-absorbing additional tier 1 capital as of 30.9.25
20,296
Total going concern capital as of 30.6.25
91,721
Total going concern capital as of 30.9.25
94,950
Gone concern loss-absorbing capacity
Tier 2 capital as of 30.6.25
196
Debt no longer eligible as gone concern loss-absorbing capacity
due to residual tenor falling to below one year
(203)
Interest rate risk hedge, foreign currency translation and other effects
7
Tier 2 capital as of 30.9.25
0
TLAC-eligible unsecured debt as of 30.6.25
99,254
Issuance of TLAC-eligible senior unsecured debt
7,926
Call of TLAC-eligible senior unsecured debt
(1,466)
Debt no longer eligible as gone concern loss-absorbing capacity
due to residual tenor falling to below one year
(1,448)
Interest rate risk hedge, foreign currency translation and other effects
112
TLAC-eligible unsecured debt as of 30.9.25
104,379
Total gone concern loss-absorbing capacity as of 30.6.25
99,450
Total gone concern loss-absorbing capacity as of 30.9.25
104,379
Total loss-absorbing capacity
Total loss-absorbing capacity as of 30.6.25
191,171
Total loss-absorbing capacity as of 30.9.25
199,329
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
47
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
30.9.25
30.6.25
31.12.24
Total equity under IFRS Accounting Standards
90,204
89,699
85,574
Equity attributable to non-controlling interests
(305)
(422)
(494)
Defined benefit plans, net of tax
(957)
(1,054)
(833)
Deferred tax assets recognized for tax loss carry-forwards
(2,306)
(2,527)
(2,288)
Deferred tax assets for unused tax credits
(883)
(871)
(688)
Deferred tax assets on temporary differences, excess over threshold
(1,081)
(1,070)
(803)
Goodwill, net of tax
1
(5,785)
(5,779)
(5,702)
Intangible assets, net of tax
(714)
(742)
(702)
Compensation-related components (not recognized in net profit)
(2,298)
(2,752)
(2,800)
Expected losses on advanced internal ratings-based portfolio less provisions
(721)
(592)
(568)
Unrealized (gains) / losses from cash flow hedges, net of tax
1,349
1,527
2,585
Own credit related to (gains) / losses on financial liabilities
measured at fair value that existed at the balance sheet
date, net of tax
1,588
1,036
1,178
Own credit related to (gains) / losses on derivative financial instruments
that existed at the balance sheet date
(73)
(79)
(62)
Prudential valuation adjustments
(177)
(176)
(167)
Accruals for dividends to shareholders for 2024
(2,835)
Accruals for expected dividends to shareholders for 2025
(2,340)
(1,560)
Capital reserve for expected future share repurchases
(904)
(2,006)
Other
58
77
(25)
Total common equity tier 1 capital
74,655
72,709
71,367
1 Includes goodwill related to significant investments in financial institutions of USD 34m as of 30 September 2025 (USD 19m as of 30 June 2025, USD 19m as of 31 December 2024) presented on the balance sheet
line Investments in associates.
Our year-end 2025 CET1 capital ratio is expected to decrease sequentially reflecting an accrual
for intended share
repurchases in 2026, as
well as the full-year 2025
dividend. Consistent with UBS’s
previously communicated plans,
the amount of the accrual will be informed by our ongoing strategic planning process, maintaining a CET1 capital
ratio of around 14%, achieving financial targets, and visibility on
shape and timing of future capital requirements
in Switzerland.
Additional information
Sensitivity to currency movements
Risk-weighted assets
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our RWA by
USD 24bn and our
CET1 capital
by USD 2.7bn as
of 30 September
2025 (30 June
2025: USD 24bn and
USD 2.6bn,
respectively) and decreased our CET1
capital ratio by 16 basis points (30
June 2025: 15 basis points). Conversely,
a
10% appreciation of the US dollar against other currencies would have decreased our RWA by USD 21bn and our
CET1 capital by USD 2.4bn (30 June
2025: USD 21bn and USD 2.3bn, respectively)
and increased our CET1 capital
ratio by 16 basis points (30 June 2025: 15 basis
points).
Leverage ratio denominator
We estimate that a
10% depreciation of the
US dollar against other
currencies would have increased our
LRD by
USD 108bn
as
of
30
September
2025
(30
June
2025:
USD 112bn)
and
decreased
our
CET1
leverage
ratio
by
13 basis points
(30
June
2025:
13 basis
points). Conversely,
a
10%
appreciation of
the
US
dollar
against other
currencies
would
have
decreased
our
LRD
by
USD 98bn
(30
June
2025:
USD 102bn)
and
increased
our
CET1
leverage ratio by 13 basis points (30 June
2025: 14 basis points).
The aforementioned
sensitivities do
not consider
foreign currency
translation effects
related to
defined benefit
plans
other than those related to the currency
translation of the net equity of foreign operations.
›
Refer to “Active management of sensitivity to foreign exchange movements” under “Capital management” in the
“Capital, liquidity and funding, and balance sheet” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, for more information
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
48
Risk-weighted assets
During the third quarter
of 2025, RWA increased
by USD 0.4bn to USD 504.9bn, driven
by a USD 2.9bn increase
resulting from
asset size and
other movements,
partly offset by
a USD 1.5bn decrease
driven by model
updates and
methodology changes and a USD 1.0bn decrease
from currency effects.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
30.6.25
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
30.9.25
Credit and counterparty credit risk
2
302.6
(1.0)
(1.5)
5.0
305.2
Non-counterparty-related risk
3
35.0
(0.1)
0.2
35.1
Market risk
30.5
(2.3)
28.2
Operational risk
136.4
136.4
Total
504.5
(1.0)
(1.5)
2.9
504.9
1 Includes the
Pillar 3 categories
“Asset
size”, “Credit quality
of counterparties”, “Acquisitions
and disposals” and
“Other”. For
more information, refer
to the 30 September
2025 Pillar
3 Report, which
will be
available as of
4 November 2025 under
“Pillar 3 disclosures” at
ubs.com/investors.
2 Includes settlement risk,
credit valuation adjustments,
equity and investments
in funds exposures
in the banking
book, and
securitization exposures in the banking book.
3 Non-counterparty-related risk includes deferred tax assets arising from temporary differences,
property, equipment, software and other items.
Credit and counterparty credit risk
Credit and counterparty
credit risk RWA
increased by USD 2.5bn
to USD 305.2bn as
of 30 September 2025,
driven
by a USD 5.0bn
increase resulting from
asset size and
other movements, partly
offset by a
USD 1.5bn decrease due
to model updates and methodology changes
and a USD 1.0bn decrease from currency
effects.
Asset size and other movements by business
division and Group Items:
–
Investment Bank
RWA increased
by USD 3.9bn,
mainly due
to higher
trading volumes
in derivatives
and securities
financing transactions, and higher RWA from
loans and loan commitments.
–
Personal & Corporate Banking RWA increased by USD 1.4bn, mostly reflecting higher
allocation of high-quality
liquid
assets
from
Group
Treasury,
derivatives
market
movements
and
higher
RWA
from
loans
and
loan
commitments.
–
Global Wealth
Management RWA
increased by
USD 0.8bn, largely
due to
an increase
in equity
holdings and
higher levels of client activity in derivatives.
–
Non-core
and
Legacy
RWA
decreased
by
USD 0.6bn,
primarily
driven
by
our
actions
to
actively
unwind
the
portfolio, in addition to the natural roll-off.
–
Group Items RWA decreased by USD 0.4bn.
–
Asset Management RWA decreased by USD 0.1bn.
Model
updates
and
methodology changes
resulted in
an
RWA
decrease
of
USD 1.5bn,
mainly
due
to
an
RWA
decrease of
USD 1.5bn related
to improvements
in the
model for
concentrated equity
lending in
Global Wealth
Management,
and
an
RWA
decrease
of
USD 1.0bn
from
an
update
in
loss
given
default
models
for
cash
and
balances at
central banks,
which was
partly offset
by an
RWA increase
of USD 1.1bn
following the
migration of
exposures from Credit Suisse models.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information
›
Refer to “Credit risk” in the “Risk management and control” section of this report for more information
Market risk
Market risk RWA decreased by USD 2.3bn to USD 28.2bn
in the third quarter of 2025, due to asset size and
other
movements in the Investment Bank’s Global Markets
business and de-risking within Non-core and Legacy.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information
›
Refer to “Market risk” in the “Risk management and control” section of this report for more information
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
49
Operational risk
Operational risk RWA were unchanged at USD
136.4bn.
›
Refer to “Note 14 Provisions and contingent liabilities” in the “Consolidated financial statements” section of this
report for more information
Outlook
We expect RWA developments with regard to model updates and methodology changes to be broadly flat during
the fourth quarter of 2025.
The extent and timing of
RWA changes may vary as
model updates are completed
and
receive regulatory approval, along with changes
in the composition of the relevant portfolios.
Risk-weighted assets, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Non-core and
Legacy
Group
Items
Total
RWA
30.9.25
Credit and counterparty credit risk
1
102.1
129.3
7.0
58.1
4.8
3.8
305.2
Non-counterparty-related risk
2
7.2
2.9
0.8
4.6
0.2
19.4
35.1
Market risk
0.6
0.0
25.9
1.7
(0.1)
28.2
Operational risk
60.4
18.5
6.5
23.8
24.0
3.2
136.4
Total
170.3
150.8
14.2
112.5
30.7
26.3
504.9
30.6.25
Credit and counterparty credit risk
1
102.4
128.8
7.1
54.9
5.4
4.1
302.6
Non-counterparty-related risk
2
6.9
3.1
0.8
4.4
0.9
18.9
35.0
Market risk
0.8
0.0
27.2
2.4
0.1
30.5
Operational risk
60.4
18.5
6.5
23.8
24.0
3.2
136.4
Total
170.4
150.4
14.3
110.3
32.7
26.3
504.5
30.9.25 vs 30.6.25
Credit and counterparty credit risk
1
(0.3)
0.6
(0.1)
3.3
(0.6)
(0.4)
2.5
Non-counterparty-related risk
2
0.3
(0.2)
0.0
0.2
(0.7)
0.4
0.1
Market risk
(0.2)
0.0
(1.3)
(0.7)
(0.1)
(2.3)
Operational risk
Total
(0.1)
0.4
(0.1)
2.2
(1.9)
0.0
0.4
1 Includes settlement risk, credit valuation adjustments,
equity and investments in funds exposures in the
banking book, and securitization exposures in the
banking book.
2 Non-counterparty-related risk includes
deferred tax assets arising
from temporary
differences (30 September 2025:
USD 18.9bn; 30 June 2025:
USD 18.4bn), as well as
property, equipment,
software and other
items (30 September 2025:
USD 16.2bn;
30 June 2025: USD 16.6bn).
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
50
Leverage ratio denominator
During the
third quarter of
2025, the
LRD decreased by
USD 17.6bn to USD 1,640.5bn,
mainly due to
asset size
and other movements of USD 12.4bn and currency
effects of USD 5.2bn.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
30.6.25
Currency
effects
Asset size and
other
LRD as of
30.9.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
1,263.7
(4.1)
(1.8)
1,257.9
Derivative exposures
156.8
(0.5)
5.9
162.1
Securities financing transaction exposures
170.9
(0.5)
(13.4)
157.1
Off-balance sheet items
66.7
(0.1)
(3.1)
63.4
Total exposures
1,658.1
(5.2)
(12.4)
1,640.5
The LRD movements described below exclude
currency effects.
On-balance sheet exposures (excluding derivatives and securities
financing transactions) decreased by USD 1.8bn,
mainly reflecting
a decrease
in cash
and balances
at central
banks in
Group Treasury,
partly offset
by growth
in
trading portfolio
assets reflecting market-driven
increases, as
well as higher
inventory held
to hedge client
positions
in the Investment Bank.
Derivative exposures
increased by
USD 5.9bn, primarily
reflecting higher
trading volumes,
partly offset
by the
effects
of market-driven movements on foreign currency
contracts in the Investment Bank.
Securities financing transaction exposures
decreased by USD 13.4bn, mainly
due to roll-offs
of cash reinvestment
trades in Group Treasury.
Off-balance
sheet
exposures
decreased
by
USD 3.1bn,
mainly
due
to
decreases
in
commitments
in
Personal
&
Corporate Banking and Global Wealth Management.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
Leverage ratio denominator, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
30.9.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
511.1
438.8
4.9
273.3
16.8
12.9
1,257.9
Derivative exposures
31.8
7.0
0.0
120.1
3.3
0.0
162.1
Securities financing transaction exposures
53.4
37.4
0.1
61.1
5.0
0.0
157.1
Off-balance sheet items
17.8
29.3
0.1
15.4
0.5
0.3
63.4
Total exposures
614.2
512.5
5.1
470.0
25.6
13.2
1,640.5
30.6.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
511.1
440.2
4.9
275.3
19.4
12.8
1,263.7
Derivative exposures
29.5
6.9
0.0
116.3
4.2
(0.1)
156.8
Securities financing transaction exposures
58.9
38.7
0.1
68.1
5.3
(0.3)
170.9
Off-balance sheet items
18.7
31.7
0.1
15.3
0.5
0.4
66.7
Total exposures
618.3
517.5
5.1
475.0
29.4
12.8
1,658.1
30.9.25 vs 30.6.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
0.0
(1.3)
0.0
(1.9)
(2.6)
0.0
(5.8)
Derivative exposures
2.3
0.0
0.0
3.9
(0.9)
0.1
5.3
Securities financing transaction exposures
(5.5)
(1.3)
0.0
(7.0)
(0.3)
0.3
(13.8)
Off-balance sheet items
(0.9)
(2.4)
0.0
0.1
(0.1)
(0.1)
(3.3)
Total exposures
(4.1)
(5.0)
0.0
(5.0)
(3.8)
0.3
(17.6)
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Capital management
51
Equity attribution
Under our equity attribution
framework, tangible equity
is attributed based on
equally weighted average
RWA and
average LRD, which both include resource allocations from our Group functions to the business divisions. Average
RWA and LRD are converted
to CET1 capital equivalents
using target capital ratios.
If the attributed tangible equity
calculated under the weighted-driver approach is less than
the CET1 capital equivalent of risk-based capital (RBC)
for any business division,
the CET1 capital equivalent of RBC is used as a floor for that
business division.
The floor
was
applicable
for
Non-core
and
Legacy
in
all
of
the
periods
shown
below
and
was
applicable
for
Asset
Management in all of such periods except for
the third quarter of 2025.
In addition to
tangible equity,
we allocate equity
to the business
divisions to
support goodwill
and intangible
assets.
We
also
allocate
to
the
business
divisions
attributed
equity
related
to
CET1
capital
deduction
items
that
are
attributable to divisional activities, such as compensation-related components or expected losses on the advanced
internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.
These
primarily
include
equity
related
to
deferred
tax
assets,
accruals
for
shareholder
returns,
and
unrealized
gains / losses from cash flow hedges.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
equity attributable to shareholders
Average attributed equity
For the quarter ended
Year-to-date
USD bn
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Global Wealth Management
34.5
34.2
33.5
34.1
33.2
Personal & Corporate Banking
22.0
21.4
21.8
21.2
21.7
Asset Management
2.4
2.5
2.7
2.5
2.7
Investment Bank
18.5
18.3
17.0
18.2
17.0
Non-core and Legacy
4.5
5.8
8.5
5.9
9.7
Group Items
1
7.6
6.0
1.8
6.1
0.7
Average equity attributed to business divisions and Group Items
89.6
88.2
85.4
88.0
84.9
1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for
shareholder returns and unrealized gains / losses from cash flow hedges.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Liquidity and funding management
52
Liquidity and funding management
Strategy, objectives and governance
This
section
provides
liquidity
and
funding
management
information
and
should
be
read
in
conjunction
with
“Liquidity and funding
management” in
the “Capital,
liquidity and funding,
and balance sheet”
section of the
UBS
Group
Annual
Report
2024,
available
under
“Annual
reporting”
at
ubs.com/investors
,
which
provides
more
information
about
the
Group’s
strategy,
objectives
and
governance
in
connection
with
liquidity
and
funding
management.
Liquidity coverage ratio
The quarterly average
liquidity coverage
ratio (the LCR)
of the UBS
Group remained
broadly unchanged
at 182.1%,
remaining above
the prudential
requirement communicated
by the
Swiss Financial
Market Supervisory
Authority
(FINMA).
Average high-quality liquid assets (HQLA) decreased by USD 12.2bn to USD 346.6bn, mainly reflecting lower cash
due to
higher lending
assets, partly
due to
currency effects,
and funding
for trading
assets. The
decreases were
partly offset
by higher
cash due
to an
increase in
customer deposits,
largely due
to currency
effects, and
higher
proceeds from securities financing transactions. The effect from
the decrease in HQLA was offset
by a USD 6.5bn
decrease in average net cash outflows to USD 190.4bn, reflecting
lower net outflows from derivatives and higher
net inflows from securities financing transactions,
partly offset by higher outflows from customer
deposits.
›
Refer to the
30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the LCR
Liquidity coverage ratio
USD bn, except where indicated
Average 3Q25
1
Average 2Q25
1
High-quality liquid assets
346.6
358.8
Net cash outflows
2
190.4
196.8
Liquidity coverage ratio (%)
3
182.1
182.3
1 Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in
the second quarter of 2025.
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
As
of 30 September
2025, the
net stable
funding ratio
(the NSFR)
of the
UBS Group
decreased 2.8 percentage
points to 119.7%, remaining above the prudential
requirement communicated by FINMA.
Available stable
funding decreased
by USD 5.9bn to
USD 898.8bn, mainly
driven by decreases
in customer deposits
and
debt issued
measured at
amortized cost,
partly offset
by higher
regulatory capital.
Required stable
funding
increased by USD 12.1bn to USD 751.0bn, primarily
reflecting an increase in trading assets.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the NSFR
Net stable funding ratio
USD bn, except where indicated
30.9.25
30.6.25
Available stable funding
898.8
904.7
Required stable funding
751.0
738.9
Net stable funding ratio (%)
119.7
122.4
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Balance sheet and off-balance
sheet
53
Balance sheet and off-balance sheet
This
section
provides
balance
sheet
and
off-balance sheet
information
and
should
be
read
in
conjunction
with
“Balance sheet
and off-balance
sheet” in
the “Capital,
liquidity and
funding, and
balance sheet”
section of
the
UBS Group
Annual Report
2024, available
under “Annual reporting”
at
ubs.com/investors
, which
provides more
information about the balance sheet and off-balance
sheet positions.
Balances disclosed in this
report represent quarter-end
positions, unless indicated
otherwise. Intra-quarter balances
fluctuate in the ordinary course of business
and may differ from quarter-end positions.
Balance sheet assets (30 September
2025 vs 30 June 2025)
Total
assets were
USD 1,632.3bn as
of 30 September
2025,
a
decrease
of USD 37.7bn
compared with
30 June
2025.
Derivatives and
cash collateral
receivables on
derivative instruments
decreased by
USD 17.8bn, predominantly
in
Derivatives & Solutions in the Investment Bank,
mainly reflecting the foreign currency contracts in
place at the end
of September 2025 having a lower fair value than those in place at the
end of June 2025, partly offset by market-
driven increases in equity contracts.
Cash and balances at central
banks decreased by USD 17.5bn, mainly due
to
net new
customer deposit outflows, a
net increase in
trading portfolio assets
and net redemptions
of short-term
debt,
partly
offset
by
inflows
from
roll-offs
of
securities
financing
transactions
measured
at
amortized
cost.
Securities
financing transactions
at
amortized cost
decreased
by
USD 14.9bn, mainly
reflecting
roll-offs of
cash
reinvestment trades in Group Treasury.
These decreases
were partly
offset by
a USD 9.3bn
increase in
Trading assets,
reflecting higher
inventory held
to
hedge client positions, as well as market-driven
increases in the Investment Bank.
Assets
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
Cash and balances at central banks
218.7
236.2
(7)
Lending
1
665.9
667.6
0
Securities financing transactions at amortized cost
95.3
110.2
(13)
Trading assets
178.5
169.2
5
Derivatives and cash collateral receivables on derivative instruments
197.7
215.5
(8)
Brokerage receivables
30.6
29.1
5
Other financial assets measured at amortized cost
72.7
72.2
1
Other financial assets measured at fair value
2
115.6
114.6
1
Non-financial assets
57.2
55.5
3
Total assets
1,632.3
1,670.0
(2)
1 Consists of Loans and advances to customers and Amounts due from banks.
2 Consists of Financial assets at fair value not held for trading and Financial assets measured at fair
value through other comprehensive
income.
Balance sheet liabilities (30 September
2025 vs 30 June 2025)
Total liabilities were USD 1,542.0bn as of 30 September 2025,
a decrease of USD 38.3bn compared with 30 June
2025.
Derivatives and cash collateral payables on derivative instruments decreased by USD 19.3bn, predominantly in the
Investment Bank,
reflecting the
same drivers
as on
the asset
side. Customer
deposits decreased
by USD 16.9bn,
mainly
driven
by
net
new
deposit
outflows
in
Global Wealth
Management and
Personal
&
Corporate Banking.
Short-term
borrowings
decreased
by
USD 10.1bn,
largely
reflecting
net
maturities
of
commercial
paper
and
certificates of deposit, as well as lower amounts
due to banks, mainly in Group Treasury.
These decreases
were partly
offset by
a USD 4.1bn
increase in
Brokerage payables,
mostly resulting
from higher
client activity levels.
The “Liabilities,
by product
and currency”
table
in this
section provides
more information
about the
Group’s funding
sources.
›
Refer to “Bondholder information” at
ubs.com/investors
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial statements” section of this report for more information
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Balance sheet and off-balance
sheet
54
Liabilities and equity
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
Short-term borrowings
1,2
57.1
67.2
(15)
Securities financing transactions at amortized cost
18.7
16.3
14
Customer deposits
783.1
800.0
(2)
Debt issued designated at fair value and long-term debt issued measured
at amortized cost
2
303.6
302.9
0
Trading liabilities
53.8
52.3
3
Derivatives and cash collateral payables on derivative instruments
197.5
216.8
(9)
Brokerage payables
62.1
58.0
7
Other financial liabilities measured at amortized cost
17.0
18.4
(8)
Other financial liabilities designated at fair value
30.5
29.4
4
Non-financial liabilities
18.8
18.9
(1)
Total liabilities
1,542.0
1,580.3
(2)
Share capital
0.3
0.3
0
Share premium
8.9
8.6
4
Treasury shares
(6.6)
(4.8)
37
Retained earnings
81.7
79.7
2
Other comprehensive income
3
5.6
5.5
2
Total equity attributable to shareholders
89.9
89.3
1
Equity attributable to non-controlling interests
0.3
0.4
(28)
Total equity
90.2
89.7
1
Total liabilities and equity
1,632.3
1,670.0
(2)
1 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central 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 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.
Equity (30 September 2025 vs 30 June 2025)
Equity attributable to shareholders increased
by USD 622m to USD 89,899m as of 30
September 2025.
The
net
increase
of
USD 622m
was
mainly
driven
by
positive
total
comprehensive
income
attributable
to
shareholders of
USD 2,067m, reflecting
a
net
profit of
USD 2,481m
and
negative other
comprehensive income
(OCI) of USD 414m.
OCI mainly included
negative OCI
related to own
credit on
financial liabilities
designated at
fair
value of USD 567m,
negative OCI related
to foreign currency
translation of USD 116m
and cash flow
hedge OCI of
USD 178m. In
addition, deferred share-based
compensation awards
of USD 300m
were expensed
in the
income
statement, increasing share premium.
These increases were
partly offset by
net treasury share
activity that reduced
equity by USD 1,771m,
predominantly
due to the repurchasing
of USD 1,096m
of shares under our 2025
share repurchase program and the purchasing
of USD 707m
of shares in relation to employee share-based
compensation plans.
›
Refer to the “Group performance” and “Consolidated financial statements” sections of this report for more
information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to the “Share information and earnings per share”
section of this report for more information about our
share repurchase programs
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Balance sheet and off-balance
sheet
55
Liabilities, by product and currency
USD equivalent
All currencies
of which: USD
of which: CHF
of which: EUR
USD bn
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
Short-term borrowings
57.1
67.2
22.7
28.6
8.1
9.0
12.8
15.3
of which: amounts due to banks
28.2
31.9
8.5
10.9
7.5
8.5
3.9
4.2
of which: short-term debt issued
1,2
28.9
35.3
14.2
17.8
0.6
0.5
8.9
11.1
Securities financing transactions at amortized cost
18.7
16.3
9.6
8.0
5.1
4.0
2.2
2.8
Customer deposits
783.1
800.0
296.3
307.8
339.8
343.4
75.0
76.7
of which: demand deposits
261.6
266.5
51.3
59.0
142.1
139.9
37.4
37.6
of which: retail savings / deposits
221.1
215.5
35.8
35.5
180.6
175.4
4.6
4.6
of which: sweep deposits
38.5
38.2
38.5
38.2
0.0
0.0
0.0
0.0
of which: time deposits
261.9
279.9
170.7
175.2
17.1
28.1
33.0
34.5
Debt issued designated at fair value and long-term debt issued measured
at amortized
cost
2
303.6
302.9
161.4
163.3
44.7
44.6
74.5
70.8
Trading liabilities
53.8
52.3
22.4
19.9
1.3
1.1
17.5
18.3
Derivatives and cash collateral payables on derivative instruments
197.5
216.8
169.0
183.5
2.9
5.1
16.4
17.6
Brokerage payables
62.1
58.0
50.1
44.4
0.8
0.9
3.4
4.0
Other financial liabilities measured at amortized cost
17.0
18.4
7.4
8.8
4.0
4.1
1.8
2.4
Other financial liabilities designated at fair value
30.5
29.4
6.3
5.9
0.0
0.1
2.8
2.1
Non-financial liabilities
18.8
18.9
9.1
9.4
3.9
3.8
2.7
3.0
Total liabilities
1,542.0
1,580.3
754.4
779.7
410.7
416.1
209.1
213.0
1 Short-term debt issued consists of
certificates of deposit, commercial paper,
acceptances and promissory notes, and
other money market paper.
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.
Off-balance sheet (30 September 2025
vs 30 June 2025)
Committed unconditionally revocable credit
lines decreased by USD 14.5bn, mainly driven
by decreases
in facilities
provided to clients in Personal & Corporate Banking
and Global Wealth Management.
Off-balance sheet
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
Guarantees
1,2
42.9
42.3
2
Irrevocable loan commitments
1
79.6
82.0
(3)
Committed unconditionally revocable credit lines
136.3
150.8
(10)
Forward starting reverse repurchase and securities borrowing agreements
18.5
20.1
(8)
1 Guarantees and irrevocable loan commitments are shown net of sub-participations.
2 Includes guarantees measured at fair value through profit or loss.
Share information and earnings per share
UBS Group AG
shares
are
listed
on
the
SIX
Swiss
Exchange
(SIX).
They
are
also
listed
on
the
New
York
Stock
Exchange (the NYSE) as global registered shares. Each share has
a nominal value of USD 0.10. Shares issued were
unchanged in the third quarter of 2025 compared
with the second quarter of 2025.
We held
218 million
shares as
of 30 September
2025, of
which 93
million shares
had been
acquired under
our
2024 and
2025 share
repurchase programs
for cancellation
purposes. The
remaining
124 million
shares are
primarily
held to
hedge our
share delivery
obligations related
to employee
share-based compensation
and participation
plans.
Treasury shares held increased by 45 million
shares in the third quarter of 2025.
This largely reflected 29.4 million
shares being
repurchased
under our
2025 program
and the
purchasing of
17.3 million
shares in
relation
to employee
share-based compensation plans.
Shares acquired under our
2025 program totaled 29
million as of
30 September 2025 for a
total acquisition cost
of USD 1,096m (CHF 879m). As previously announced, we
plan to complete the repurchase
of up to USD 2bn
of
shares in the
second half
of 2025.
We will
communicate our
2026 capital
returns ambitions
with our
fourth-quarter
and full-year
financial results for
- Our
share repurchases will
be subject to
maintaining our common
equity
tier 1 capital ratio target of around 14%
and achieving our financial targets.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and
balance sheet | Share information and earnings
per share
56
Shares acquired under our
2024 program totaled 64
million as of
30 September 2025 for a
total acquisition cost
of USD 2,000m (CHF 1,739m).
This program concluded
on 23 May
2025, and the
64 million shares
repurchased
under this program will be canceled by
means of a capital reduction, subject to
approval by the shareholders at a
future Annual General Meeting.
›
Refer to the “Equity, CET1 capital and returns” table in the “Group performance” section of this report
for more
information about equity attributable to shareholders and tangible equity attributable to shareholders
Share information and earnings per share
As of or for the quarter ended
As of or year-to-date
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Basic and diluted earnings (USD m)
Net profit / (loss) attributable to shareholders for basic
EPS
2,481
2,395
1,425
6,568
4,315
less: (profit) / loss on own equity derivative contracts
0
(1)
0
0
0
Net profit / (loss) attributable to shareholders for diluted
EPS
2,481
2,394
1,424
6,568
4,315
.
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
3,144,628,677
3,179,288,753
3,196,573,895
3,166,974,365
3,204,826,901
Effect of dilutive potential shares resulting from notional
employee shares, in-the-money
options and warrants outstanding
2
132,586,726
127,256,011
147,480,584
138,233,562
151,321,464
Weighted average shares outstanding for diluted EPS
3,277,215,403
3,306,544,764
3,344,054,479
3,305,207,927
3,356,148,365
.
Earnings per share (USD)
Basic
0.79
0.75
0.45
2.07
1.35
Diluted
0.76
0.72
0.43
1.99
1.29
.
Shares outstanding and potentially dilutive instruments
Shares issued
3,341,581,714
3,341,581,714
3,462,087,722
3,341,581,714
3,462,087,722
Treasury shares
3
217,617,094
172,405,597
276,381,209
217,617,094
276,381,209
of which: related to the 2022 share repurchase program
120,506,008
120,506,008
of which: related to the 2024 share repurchase program
63,776,550
63,776,550
23,479,400
63,776,550
23,479,400
of which: related to the 2025 share repurchase program
29,383,799
29,383,799
Shares outstanding
3,123,964,620
3,169,176,117
3,185,706,513
3,123,964,620
3,185,706,513
Potentially dilutive instruments
4
31,302,067
27,891,906
13,561,823
31,302,067
13,600,262
.
Other key figures
Total book value per share (USD)
28.78
28.17
27.32
28.78
27.32
Tangible book value per share (USD)
26.54
25.95
25.10
26.54
25.10
Share price (USD)
5
40.82
33.83
30.77
40.82
30.77
Market capitalization (USD m)
6
136,416
113,036
106,528
136,416
106,528
1 The weighted average shares outstanding for basic earnings per share (EPS) are calculated by taking the number of shares at the beginning of the period, adjusted by the number of shares acquired or issued during
the period, multiplied by a time-weighted factor for the period outstanding. As a
result, balances are affected by the timing of acquisitions and issuances during the period.
2 The weighted average number of shares
for notional employee awards with performance conditions
reflects all potentially dilutive shares that are
expected to vest under the terms of the awards.
3 Based on a settlement date view.
4 Reflects potential
shares that could dilute basic EPS in the future
but were not dilutive for any of the periods
presented. Mainly includes equity-based awards subject to absolute and relative performance conditions and
equity derivative
contracts.
5 Represents the share price as
listed on the SIX Swiss
Exchange, translated to
US dollars using the closing exchange
rate as of the respective
date.
6 The calculation of
market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
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
UBS Group third quarter 2025 report |
Consolidated financial statements
57
Consolidated financial
statements
Unaudited
Table of contents
UBS Group AG interim consolidated financial
statements (unaudited)
58
Income statement
59
Statement of comprehensive income
60
Balance sheet
61
Statement of changes in equity
62
Statement of cash flows
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
63
1
Basis of accounting
64
2
Segment reporting
64
3
Net interest income
65
4
Net fee and commission income
65
5
Other income
65
6
Personnel expenses
66
7
General and administrative expenses
66
8
Expected credit loss measurement
74
9
Fair value measurement
80
10
Derivative instruments
81
11
Other assets and liabilities
82
12
Debt issued designated at fair value
82
13
Debt issued measured at amortized cost
82
14
Provisions and contingent liabilities
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS
Group AG interim consolidated financial
statements (unaudited)
58
UBS Group AG interim consolidated financial
statements (unaudited)
Income statement
For the quarter ended
Year-to-date
USD m
Note
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Interest income from financial instruments measured at
amortized cost and fair value through
other comprehensive income
3
6,913
7,283
8,766
21,176
28,165
Interest expense from financial instruments measured at
amortized cost
3
(6,584)
(6,817)
(9,022)
(20,349)
(28,064)
Net interest income from financial instruments measured
at fair value through profit or loss and other
3
1,652
1,500
2,050
4,748
5,168
Net interest income
3
1,981
1,965
1,794
5,575
5,270
Other net income from financial instruments measured
at fair value through profit or loss
3,502
3,408
3,681
10,848
11,547
Fee and commission income
4
7,878
7,361
7,170
22,665
21,461
Fee and commission expense
4
(674)
(653)
(653)
(1,976)
(1,921)
Net fee and commission income
4
7,204
6,708
6,517
20,689
19,540
Other income
5
73
30
341
317
619
Total revenues
12,760
12,112
12,334
37,429
36,976
Credit loss expense / (release)
8
102
163
121
365
322
Personnel expenses
6
7,172
6,976
6,889
21,180
20,957
General and administrative expenses
7
1,755
1,881
2,389
6,067
7,120
Depreciation, amortization and impairment of non-financial
assets
904
898
1,006
2,663
2,804
Operating expenses
9,831
9,756
10,283
29,911
30,880
Operating profit / (loss) before tax
2,828
2,193
1,929
7,153
5,773
Tax expense / (benefit)
341
(209)
502
561
1,407
Net profit / (loss)
2,487
2,402
1,428
6,592
4,366
Net profit / (loss) attributable to non-controlling interests
6
7
3
24
51
Net profit / (loss) attributable to shareholders
2,481
2,395
1,425
6,568
4,315
Earnings per share (USD)
Basic
0.79
0.75
0.45
2.07
1.35
Diluted
0.76
0.72
0.43
1.99
1.29
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS
Group AG interim consolidated financial
statements (unaudited)
59
Statement of comprehensive income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Comprehensive income attributable to shareholders
Net profit / (loss)
2,481
2,395
1,425
6,568
4,315
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
(281)
4,420
2,404
5,457
(1,337)
Effective portion of changes in fair value of hedging instruments
designated as net investment hedges, before tax
165
(1,879)
(1,081)
(2,263)
1,392
Foreign currency translation differences on foreign operations reclassified to the
income statement
1
(1)
2
3
4
Effective portion of changes in fair value of hedging instruments
designated as net investment hedges reclassified
to
the income statement
(2)
0
0
(3)
1
Income tax relating to foreign currency translations, including the effect of
net investment hedges
1
(4)
9
(5)
22
Subtotal foreign currency translation, net of tax
(116)
2,536
1,333
3,189
81
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
16
(4)
2
9
2
Net realized (gains) / losses reclassified to the income statement
from equity
0
0
0
0
0
Income tax relating to net unrealized gains / (losses)
0
0
0
0
0
Subtotal financial assets measured at fair value through other comprehensive
income, net of tax
16
(4)
2
9
2
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated
as cash flow hedges, before tax
(65)
398
1,579
681
(84)
Net (gains) / losses reclassified to the income statement from
equity
286
296
388
903
1,600
Income tax relating to cash flow hedges
(43)
(131)
(374)
(299)
(250)
Subtotal cash flow hedges, net of tax
178
562
1,593
1,285
1,266
Cost of hedging
Cost of hedging, before tax
50
10
(19)
91
(47)
Income tax relating to cost of hedging
0
0
0
0
0
Subtotal cost of hedging, net of tax
50
10
(19)
91
(47)
Total other comprehensive income that may be reclassified to the income statement, net
of tax
127
3,105
2,910
4,573
1,302
Other comprehensive income that will not be reclassified to the income
statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
51
(36)
(138)
20
(238)
Income tax relating to defined benefit plans
(26)
(4)
10
(27)
23
Subtotal defined benefit plans, net of tax
26
(40)
(128)
(6)
(215)
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated
at fair value, before tax
(568)
(126)
(317)
(414)
(156)
Income tax relating to own credit on financial liabilities designated
at fair value
1
2
(6)
2
(7)
Subtotal own credit on financial liabilities designated at
fair value, net of tax
(567)
(124)
(323)
(413)
(163)
Total other comprehensive income that will not be reclassified to the income statement,
net of tax
(541)
(164)
(451)
(419)
(378)
Total other comprehensive income
(414)
2,941
2,459
4,154
924
Total comprehensive income attributable to shareholders
2,067
5,335
3,883
10,722
5,239
Comprehensive income attributable to non-controlling
interests
Net profit / (loss)
6
7
3
24
51
Total other comprehensive income that will not be reclassified to the income statement,
net of tax
(1)
15
24
30
(11)
Total comprehensive income attributable to non-controlling interests
5
22
27
53
40
Total comprehensive income
Net profit / (loss)
2,487
2,402
1,428
6,592
4,366
Other comprehensive income
(414)
2,955
2,482
4,184
913
of which: other comprehensive income that may be reclassified
to the income statement
127
3,105
2,910
4,573
1,302
of which: other comprehensive income that will not be reclassified
to the income statement
(542)
(149)
(428)
(389)
(389)
Total comprehensive income
2,073
5,357
3,910
10,776
5,279
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS
Group AG interim consolidated financial
statements (unaudited)
60
Balance sheet
USD m
Note
30.9.25
30.6.25
31.12.24
Assets
Cash and balances at central banks
218,738
236,193
223,329
Amounts due from banks
19,230
21,527
18,903
Receivables from securities financing transactions measured at amortized
cost
95,343
110,161
118,301
Cash collateral receivables on derivative instruments
10
43,538
45,478
43,959
Loans and advances to customers
8
646,651
646,048
579,967
Other financial assets measured at amortized cost
11
72,703
72,211
58,835
Total financial assets measured at amortized cost
1,096,203
1,131,618
1,043,293
Financial assets at fair value held for trading
9
178,492
169,195
159,065
of which: assets pledged as collateral that may be sold or repledged
by counterparties
45,062
46,336
38,532
Derivative financial instruments
9, 10
154,113
169,996
185,551
Brokerage receivables
9
30,633
29,068
25,858
Financial assets at fair value not held for trading
9
105,827
107,755
95,472
Total financial assets measured at fair value through profit or loss
469,065
476,014
465,947
Financial assets measured at fair value through other comprehensive income
9
9,801
6,872
2,195
Investments in associates
2,260
2,629
2,306
Property, equipment and software
16,153
16,376
15,498
Goodwill and intangible assets
6,982
7,023
6,887
Deferred tax assets
11,610
11,631
11,134
Other non-financial assets
11
20,177
17,829
17,766
Total assets
1,632,251
1,669,991
1,565,028
Liabilities
Amounts due to banks
28,182
31,928
23,347
Payables from securities financing transactions measured at amortized cost
18,653
16,314
14,833
Cash collateral payables on derivative instruments
10
33,943
32,980
35,490
Customer deposits
783,115
800,045
745,777
Debt issued measured at amortized cost
13
220,386
224,709
214,219
Other financial liabilities measured at amortized cost
11
16,955
18,358
21,033
Total financial liabilities measured at amortized cost
1,101,234
1,124,334
1,054,698
Financial liabilities at fair value held for trading
9
53,796
52,330
35,247
Derivative financial instruments
9, 10
163,508
183,814
180,636
Brokerage payables designated at fair value
9
62,067
57,951
49,023
Debt issued designated at fair value
9, 12
112,137
113,522
107,909
Other financial liabilities designated at fair value
9, 11
30,506
29,410
28,699
Total financial liabilities measured at fair value through profit or loss
422,013
437,027
401,514
Provisions and contingent liabilities
14
6,162
7,466
8,409
Other non-financial liabilities
11
12,638
11,465
14,834
Total liabilities
1,542,047
1,580,292
1,479,454
Equity
Share capital
334
334
346
Share premium
8,879
8,562
12,012
Treasury shares
(6,592)
(4,830)
(6,402)
Retained earnings
81,666
79,726
78,035
Other comprehensive income recognized directly in equity, net of tax
5,612
5,485
1,088
Equity attributable to shareholders
89,899
89,277
85,079
Equity attributable to non-controlling interests
305
422
494
Total equity
90,204
89,699
85,574
Total liabilities and equity
1,632,251
1,669,991
1,565,028
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS
Group AG interim consolidated financial
statements (unaudited)
61
Statement of changes in equity
USD m
Share
capital and
share
premium
Treasury
shares
Retained
earnings
OCI
recognized
directly in
equity,
net of tax
1
of which:
foreign
currency
translation
of which:
cash flow
hedges
Total equity
attributable to
shareholders
Balance as of 1 January 2025
2
12,359
(6,402)
78,035
1,088
3,830
(2,585)
85,079
Acquisition of treasury shares
(4,067)
3
(4,067)
Delivery of treasury shares under share-based compensation
plans
(1,361)
1,511
150
Other disposal of treasury shares
(1)
88
3
87
Cancellation of treasury shares related to the 2022
share repurchase program
4
(1,145)
2,277
(1,133)
0
Share-based compensation expensed in the income statement
921
921
Tax (expense) / benefit
37
37
Dividends
(1,433)
5
(1,433)
5
(2,866)
Equity classified as obligation to purchase own shares
(71)
(71)
Translation effects recognized directly in retained earnings
50
(50)
(50)
0
Share of changes in retained earnings of associates and
joint ventures
(2)
(2)
New consolidations / (deconsolidations) and other increases
/ (decreases)
(93)
0
(93)
Total comprehensive income for the period
6,149
4,573
3,189
1,285
10,722
of which: net profit / (loss)
6,568
6,568
of which: OCI, net of tax
(419)
4,573
3,189
1,285
4,154
Balance as of 30 September 2025
2
9,213
(6,592)
81,666
5,612
7,019
(1,349)
89,899
Non-controlling interests as of 30 September 2025
305
Total equity as of 30 September 2025
90,204
Balance as of 1 January 2024
2
13,562
(4,796)
74,397
2,462
5,584
(3,109)
85,624
Acquisition of treasury shares
(2,693)
3
(2,693)
Delivery of treasury shares under share-based compensation
plans
(1,282)
1,335
53
Other disposal of treasury shares
2
102
3
104
Share-based compensation expensed in the income statement
883
883
Tax (expense) / benefit
15
15
Dividends
(1,128)
5
(1,128)
5
(2,256)
Equity classified as obligation to purchase own shares
(42)
(42)
Translation effects recognized directly in retained earnings
(14)
14
14
0
Share of changes in retained earnings of associates and
joint ventures
(3)
(3)
New consolidations / (deconsolidations) and other increases
/ (decreases)
92
7
99
Total comprehensive income for the period
3,937
1,302
81
1,266
5,239
of which: net profit / (loss)
4,315
4,315
of which: OCI, net of tax
(378)
1,302
81
1,266
924
Balance as of 30 September 2024
2
12,101
(6,051)
77,197
3,777
5,666
(1,830)
87,025
Non-controlling interests as of 30 September 2024
564
Total equity as of 30 September 2024
87,589
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings.
2 Excludes non-controlling interests.
3 Includes treasury shares acquired and
disposed of by the Investment Bank in its capacity as a market-maker
with regard to UBS shares and related derivatives,
and to hedge certain issued structured debt instruments. These
acquisitions and disposals are
reported based on the sum of the net monthly
movements.
4 Reflects the cancellation of 120,506,008 shares purchased
under UBS’s 2022 share repurchase
program as approved by the shareholders at the
2025
Annual General Meeting. Swiss
tax law requires Switzerland-domiciled
companies with shares listed
on a Swiss stock exchange
to reduce capital contribution
reserves by at least 50%
of the total capital
reduction
amount exceeding the
nominal value upon
cancellation of the
shares.
5 Reflects the payment
of an ordinary
cash dividend of
USD 0.90 per dividend-bearing
share in April
2025 (2024: USD 0.70
per dividend-
bearing share paid in May 2024). Swiss tax law requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to pay no more than
50% of dividends from capital contribution reserves, with
the remainder required to be paid from retained earnings.
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS
Group AG interim consolidated financial
statements (unaudited)
62
Statement of cash flows
Year-to-date
USD m
30.9.25
30.9.24
Cash flow from / (used in) operating activities
Net profit / (loss)
6,592
4,366
Non-cash items included in net profit and other adjustments
Depreciation, amortization and impairment of non-financial
assets
2,663
2,804
Credit loss expense / (release)
365
322
Share of net (profit) / loss of associates and joint ventures
and impairment related to associates
(97)
(177)
Deferred tax expense / (benefit)
(601)
252
Net loss / (gain) from investing activities
(330)
(178)
Net loss / (gain) from financing activities
15,911
4,287
Other net adjustments
1
(29,316)
2,213
Net change in operating assets and liabilities
1
Amounts due from banks and amounts due to banks
3,497
1,416
Receivables from securities financing transactions measured at amortized
cost
29,198
6,392
Payables from securities financing transactions measured at amortized cost
2,723
169
Cash collateral on derivative instruments
(652)
(4,578)
Loans and advances to customers
(10,061)
21,557
Customer deposits
(16,789)
(15,220)
Financial assets and liabilities at fair value held for trading and derivative financial
instruments
22,371
1,882
Brokerage receivables and payables
7,866
6,498
Financial assets at fair value not held for trading and other financial assets
and liabilities
(9,927)
(12,866)
Provisions and other non-financial assets and liabilities
(4,519)
(1,495)
Income taxes paid, net of refunds
(1,918)
(1,682)
Net cash flow from / (used in) operating activities
2
16,976
15,961
Cash flow from / (used in) investing activities
Purchase of subsidiaries, business, associates and intangible assets
(17)
Disposal of subsidiaries, business, associates and intangible assets
3
624
4
188
Purchase of property, equipment and software
(1,698)
(1,470)
Disposal of property, equipment and software
95
46
Purchase of financial assets measured at fair value
5
(11,103)
(3,951)
Disposal and redemption of financial assets measured at
fair value
5
3,652
3,978
Purchase of debt securities measured at amortized cost
(18,617)
(3,841)
Disposal and redemption of debt securities measured at amortized
cost
8,696
6,857
Net cash flow from / (used in) investing activities
(18,367)
1,807
Cash flow from / (used in) financing activities
Repayment of Swiss National Bank funding
6
(42,587)
Net issuance (repayment) of short-term debt measured at amortized
cost
(3,267)
(5,127)
Net movements in treasury shares and own equity derivative
activity
(3,854)
(2,570)
Distributions paid on UBS shares
(2,866)
(2,256)
Issuance of debt designated at fair value and long-term debt measured
at amortized cost
97,867
81,200
Repayment of debt designated at fair value and long-term debt measured
at amortized cost
(109,675)
(109,952)
Inflows from securities financing transactions measured at amortized
cost
7
1,688
4,979
Outflows from securities financing transactions measured at amortized
cost
7
(1,561)
(3,165)
Net cash flows from other financing activities
(737)
(595)
Net cash flow from / (used in) financing activities
(22,403)
(80,073)
Total cash flow
Cash and cash equivalents at the beginning of the period
244,090
340,207
Net cash flow from / (used in) operating, investing and financing
activities
(23,795)
(62,305)
Effects of exchange rate differences on cash and cash equivalents
1
19,407
(2,492)
Cash and cash equivalents at the end of the period
8
239,703
275,410
of which: cash and balances at central banks
8
218,738
243,261
of which: amounts due from banks
8
17,664
20,031
of which: money market paper
8,9
3,301
11,917
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
32,306
41,643
Interest paid in cash
29,369
37,323
Dividends on equity investments, investment funds and associates
received in cash
3
2,542
2,260
1 Foreign currency
translation and foreign
exchange effects on
operating assets and
liabilities and on
cash and cash
equivalents are presented
within the Other
net adjustments line,
with the exception
of foreign
currency hedge effects related to foreign
exchange swaps, which
are presented on the line Financial
assets and liabilities at fair value
held for trading and derivative
financial instruments.
2 Includes cash receipts
from the sale of loans and loan commitments of
USD 697m and USD 11,957m within Non-core and Legacy for
the nine-month periods ended 30 September 2025 and
30 September 2024, respectively.
3 Includes
dividends received from associates.
4 Includes cash proceeds net
of cash and cash equivalents
disposed from the sale of
the US mortgage servicing
business of Credit Suisse,
Select Portfolio Servicing, which
was
managed in Non-core
and Legacy.
Refer to “Note
29 Changes in
organization and acquisitions
and disposals of
subsidiaries and businesses”
in the “Consolidated
financial statements” section
of the UBS
Group
Annual Report 2024 for more information. Also includes cash proceeds,
net of cash and cash equivalents disposed of,
from the sale of a stake in a subsidiary
in China and the sale of a wealth management business
in India.
5 Includes cash flows in relation to financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit or loss.
6 Reflects the repayment
of the Emergency Liquidity Assistance facility to the Swiss National Bank,
which was recognized in the balance sheet line Amounts due to banks.
7 Reflects cash flows from securities financing transactions measured
at amortized cost that use UBS debt instruments as the
underlying.
8 Includes only balances with an original maturity of three months
or less.
9 Money market paper is included in the balance sheet under Financial
assets at fair value
not held for trading
(30 September 2025: USD 2,776m;
30 September 2024:
USD 11,130m), Other financial
assets measured at amortized
cost (30 September 2025:
USD 346m; 30 September
2024: USD 457m) and Financial assets at fair value held for trading (30 September 2025: USD 179m; 30 September 2024: USD
331m).
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
63
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
Note 1
Basis of accounting
Basis of preparation
The consolidated
financial statements
(the financial
statements) of
UBS Group AG and
its subsidiaries
(together,
UBS
or
the
Group)
are
prepared
in
accordance
with
IFRS
Accounting
Standards, as
issued
by
the
International
Accounting Standards
Board (the
IASB), and
are
presented in
US
dollars. These
interim
financial statements
are
prepared in accordance with IAS 34,
Interim Financial Reporting
.
In preparing
these interim financial
statements, the same
accounting policies and
methods of
computation have
been applied as in the
UBS Group AG consolidated annual
financial statements for
the period ended 31 December
2024.
These
interim
financial
statements
are
unaudited
and
should
be
read
in
conjunction
with:
the
audited
consolidated financial
statements in
the UBS Group
Annual Report
2024; the
“Management report”
sections of
this report, specifically the disclosures in the
“Recent developments” section of this report regarding the
sale of a
36.01% stake
in Credit
Suisse Securities (China)
Limited and
in the
“UBS Group
performance, business divisions
and Group Items” section of this report regarding the sale of Select Portfolio Servicing (the US mortgage servicing
business of Credit
Suisse),
the transactions related
to Swisscard and
the sale of
UBS’s wealth management
business
in India;
and the
information about significant
transactions disclosed in
the UBS
Group first
quarter 2025
report
and the
UBS Group
second quarter
2025 report.
In the
opinion of
management, all necessary
adjustments have
been made for a fair presentation of the
Group’s financial position, results of operations
and cash flows.
Preparation of
these interim financial
statements requires management
to make
estimates and
assumptions that
affect
the
reported
amounts
of
assets,
liabilities,
income,
expenses
and
disclosures
of
contingent
assets
and
liabilities. These estimates
and assumptions are based
on the best available
information. Actual results
in the future
could differ
from such
estimates and
differences may
be material
to the
financial statements.
Revisions to
estimates,
based on regular
reviews, are recognized
in the period
in which they
occur. For more
information about areas of
estimation
uncertainty
that
are
considered
to
require
critical
judgment,
refer
to
“Note 1a
Material
accounting
policies” in the “Consolidated financial statements”
section of the UBS Group Annual Report
2024.
Currency translation rates
The
following table
shows the
rates of
the main
currencies used
to translate
the financial
information of
UBS’s
operations with a functional currency other
than the US dollar into US dollars.
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
1 CHF
1.26
1.26
1.10
1.18
1.25
1.23
1.17
1.20
1.13
1 EUR
1.17
1.18
1.04
1.11
1.16
1.15
1.10
1.12
1.08
1 GBP
1.34
1.37
1.25
1.34
1.34
1.35
1.31
1.32
1.28
100 JPY
0.68
0.69
0.63
0.69
0.67
0.70
0.68
0.68
0.66
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of
three month-end rates,
weighted according
to the
income and expense
volumes of
all operations
of the
Group with the
same functional
currency for each
month. Weighted-average
rates for
individual business
divisions may deviate from the weighted-average rates for the Group.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
64
Note 2
Segment reporting
UBS’s business divisions
are organized globally into
five business divisions:
Global Wealth Management,
Personal &
Corporate Banking, Asset Management, the
Investment Bank,
and Non-core and Legacy. All five business
divisions
are supported by Group Items and qualify as reportable segments for the purpose of segment reporting. Together
with Group Items they reflect the management
structure of the Group.
›
Refer to the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more
information about the Group’s reporting segments
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the nine months ended 30 September 2025
Net interest income
5,186
4,001
(53)
(2,300)
(54)
(1,204)
5,575
Non-interest income
14,079
2,867
2,409
11,693
216
590
31,853
Total revenues
19,265
6,868
2,355
9,393
162
(614)
37,429
Credit loss expense / (release)
16
239
0
100
11
(1)
365
Operating expenses
15,332
4,697
1,848
7,115
894
25
29,911
Operating profit / (loss) before tax
3,917
1,932
507
2,179
(744)
(638)
7,153
Tax expense / (benefit)
561
Net profit / (loss)
6,592
As of 30 September 2025
Total assets
579,347
478,538
26,378
498,736
32,649
16,603
1,632,251
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the nine months ended 30 September 2024
Net interest income
5,509
4,288
(45)
(2,786)
88
(1,783)
5,270
Non-interest income
12,887
2,801
2,461
10,985
1,575
997
31,706
Total revenues
18,395
7,089
2,416
8,199
1,664
(786)
36,976
Credit loss expense / (release)
(2)
229
0
34
63
(2)
322
Operating expenses
15,340
4,265
2,025
6,728
2,655
(132)
30,880
Operating profit / (loss) before tax
3,057
2,594
392
1,437
(1,054)
(652)
5,773
Tax expense / (benefit)
1,407
Net profit / (loss)
4,366
As of 31 December 2024
Total assets
559,601
447,068
22,702
453,422
68,260
13,975
1,565,028
Note 3
Net interest income
Net interest income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Interest income from loans and deposits
1
5,850
6,240
8,051
18,195
25,543
Interest income from securities financing transactions measured
at amortized cost
2
850
915
898
2,604
3,252
Interest income from other financial instruments measured
at amortized cost
428
406
346
1,194
1,021
Interest income from debt instruments measured at fair
value through other comprehensive income
94
44
26
164
80
Interest income from derivative instruments designated as cash
flow hedges
(308)
(322)
(556)
(981)
(1,731)
Total interest income from financial instruments measured at amortized cost and fair
value through other comprehensive income
6,913
7,283
8,766
21,176
28,165
Interest expense on loans and deposits
3
3,426
3,582
4,887
10,705
15,400
Interest expense on securities financing transactions measured
at amortized cost
4
562
552
558
1,529
1,594
Interest expense on debt issued
2,560
2,639
3,531
7,993
10,926
Interest expense on lease liabilities
37
43
46
122
145
Total interest expense from financial instruments measured at amortized cost
6,584
6,817
9,022
20,349
28,064
Total net interest income from financial instruments measured at amortized cost and fair
value through other comprehensive
income
329
466
(256)
827
101
Net interest income from financial instruments measured at fair value through profit
or loss and other
1,652
1,500
2,050
4,748
5,168
Total net interest income
1,981
1,965
1,794
5,575
5,270
1 Consists of interest income from
cash and balances at central banks, amounts due
from banks, and cash collateral receivables on derivative instruments, as well as
negative interest on amounts due to banks, customer
deposits, and cash
collateral payables
on derivative
instruments.
2 Includes interest
income on receivables
from securities financing
transactions and
negative interest, including
fees, on
payables from
securities
financing transactions.
3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances at central
banks, amounts due
from banks,
and cash collateral
receivables on derivative
instruments.
4 Includes interest
expense on payables
from securities financing
transactions and negative
interest, including fees,
on
receivables from securities financing transactions.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
65
Note 4
Net fee and commission income
Net fee and commission income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Underwriting fees
256
246
153
689
579
M&A and corporate finance fees
343
225
242
813
772
Brokerage fees
1,363
1,261
1,122
3,999
3,417
Investment fund fees
1,740
1,601
1,530
4,883
4,188
Portfolio management and related services
3,302
3,165
3,117
9,571
9,238
Other
874
864
1,008
2,710
3,267
Total fee and commission income
1
7,878
7,361
7,170
22,665
21,461
of which: recurring
4,966
4,762
4,679
14,338
13,570
of which: transaction-based
2,824
2,560
2,447
8,167
7,785
of which: performance-based
87
39
44
160
106
Fee and commission expense
674
653
653
1,976
1,921
of which: brokerage expense
71
72
80
240
273
Net fee and commission income
7,204
6,708
6,517
20,689
19,540
1 Reflects third-party fee and commission income for the third quarter of 2025 of USD 4,559m for Global Wealth Management (second quarter of 2025: USD 4,328m; third quarter of 2024: USD 4,155m),
USD 805m
for Personal & Corporate Banking (second quarter of 2025: USD 789m; third quarter of 2024: USD 726m), USD 1,092m for Asset Management (second quarter of
2025: USD 984m; third quarter of 2024: USD 928m),
USD 1,396m for the Investment Bank
(second quarter of 2025: USD 1,250m; third
quarter of 2024: USD 1,297m), USD 4m for
Non-core and Legacy (second quarter of
2025: USD 7m; third quarter of 2024:
USD 102m)
and USD 22m for Group Items (second quarter of 2025: USD 3m; third quarter of 2024: negative USD 37m).
Note 5
Other income
Other income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of
subsidiaries
1
133
2
4
(14)
230
2,3
(17)
Net gains / (losses) from disposals of investments in associates
and joint ventures
0
0
132
3
132
Share of net profit / (loss) of associates and joint ventures
(60)
21
67
97
4
177
Total
73
25
185
330
292
Income from properties
5
10
9
14
22
44
Net gains / (losses) from properties held for sale
15
(5)
(14)
18
(18)
Other
6
(25)
7
2
156
8
(54)
7
301
8
Total other income
73
30
341
317
619
1 Includes foreign
exchange gains /
(losses) reclassified
from other comprehensive
income related
to the disposal
or closure
of foreign operations.
2 Includes a gain
of USD 128m
from the sale
of a stake
in a
subsidiary, Credit Suisse Securities (China) Limited.
3 Includes a gain of USD 97m recognized upon completion of the sale of the US mortgage servicing business of
Credit Suisse, Select Portfolio Servicing, which was
managed in Non-core
and Legacy.
Refer to “Note
29 Changes in
organization and acquisitions
and disposals of
subsidiaries and businesses”
in the “Consolidated
financial statements” section
of the UBS
Group
Annual Report 2024
for more information.
4 Includes a
gain of USD 64m
related to UBS’s
share of the
income recorded by
Swisscard for the
sale of the
Credit Suisse card
portfolios to UBS.
Refer to “Note
29
Changes in organization and acquisitions and
disposals of subsidiaries and businesses” in
the “Consolidated financial statements” section
of the UBS Group Annual Report
2024 for more
information.
5 Includes
rent received from third parties.
6 Includes losses of USD 43m for the third quarter of
2025 related to the repurchasing of UBS’s
own debt instruments (second quarter of 2025: losses of
USD 27m; third quarter of
2024: gains of USD 4m).
7 Includes a USD 33m gain from the sale of UBS’s wealth management business in India.
8 Includes a USD 72m net gain in Asset Management from the sale of UBS’s Brazilian real estate
fund management business and from the sale of UBS’s shareholding in Credit Suisse Insurance
Linked Strategies Ltd (nine-month period ended 30 September 2024: USD 100m).
Note 6
Personnel expenses
Personnel expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Salaries and variable compensation
1
5,906
5,900
5,805
17,773
17,726
of which: variable compensation – financial advisors
2
1,419
1,335
1,335
4,163
3,893
Contractors
77
79
82
228
250
Social security
440
416
409
1,262
1,236
Post-employment benefit plans
505
321
338
1,176
1,014
Other personnel expenses
244
260
255
741
731
Total personnel expenses
7,172
6,976
6,889
21,180
20,957
1 Includes role-based
allowances.
2 Financial advisor
compensation consists of
cash compensation, determined
using a formulaic
approach based on
production, and deferred
awards. It
also includes expenses
related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
66
Note 7
General and administrative expenses
General and administrative expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Outsourcing costs
393
381
455
1,153
1,341
Technology costs
590
592
580
1,756
1,734
Consulting, legal and audit fees
341
317
349
945
1,146
Real estate and logistics costs
272
284
311
795
902
Market data services
168
178
178
514
565
Marketing and communication
137
145
130
405
381
Travel and entertainment
83
89
69
245
228
Litigation, regulatory and similar matters
1
(668)
(412)
(69)
(966)
(227)
Other
439
306
384
1,220
2
1,049
Total general and administrative expenses
1,755
1,881
2,389
6,067
7,120
1 Reflects the net increase
/ (decrease) in provisions
for litigation, regulatory and
similar matters recognized in
the income statement, as
well as decreases in
acquisition-related contingent liabilities measured
under
IFRS 3. Refer to Note 14b for more information.
2 Includes a USD 180m expense related to the payment to Swisscard for the sale of the
Credit Suisse card portfolios to UBS. Refer to “Note 29 Changes in organization
and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024
for more information.
Note 8
Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss
expenses in the third
quarter of 2025
were USD 102m, reflecting
USD 5m net expenses
related
to performing positions and USD 97m net expenses
on credit-impaired positions.
Net expected
credit loss
expenses on
the performing
portfolio were
primarily driven
by net
expenses in
the corporate
lending portfolios of Personal
& Corporate Banking and
the Investment Bank.
These expenses were partly
offset by
releases in the
real estate portfolios.
UBS has updated
several expected credit
loss models within
the real estate
and
corporate lending portfolios to enhance risk
differentiation and incorporate the latest
default history.
Credit
loss
expenses of
USD 97m for
credit-impaired positions
primarily related
to a
small
number of
corporate
counterparties in Personal & Corporate Banking
and the Investment Bank.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.9.25
Global Wealth Management
(4)
10
1
7
Personal & Corporate Banking
2
69
0
72
Asset Management
0
0
0
0
Investment Bank
6
11
0
17
Non-core and Legacy
0
2
4
6
Group Items
0
0
0
0
Total
5
93
4
102
For the quarter ended 30.6.25
Global Wealth Management
(3)
6
0
3
Personal & Corporate Banking
22
91
1
114
Asset Management
0
0
0
0
Investment Bank
19
29
0
48
Non-core and Legacy
0
0
(2)
(2)
Group Items
0
0
0
0
Total
38
126
(1)
163
For the quarter ended 30.9.24
Global Wealth Management
(11)
12
1
2
Personal & Corporate Banking
(10)
94
0
83
Asset Management
0
0
0
0
Investment Bank
9
0
0
9
Non-core and Legacy
(2)
0
30
28
Group Items
0
0
0
0
Total
(15)
106
30
121
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
67
Note 8
Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios and
scenario weights
Scenarios and scenario weights
The expected
credit loss
(ECL) scenarios,
along with
their related
macroeconomic factors and
market data,
were
reviewed in light of
the economic and political
conditions prevailing in the third
quarter of 2025 through
a series
of governance meetings, with input and feedback from UBS Risk and Finance
experts across the business divisions
and regions.
The
baseline
scenario
was
updated
with
the
latest
macroeconomic
forecasts
as
of
30 September
2025.
The
assumptions on a calendar-year basis are included in
the table below. The scenario assumes growth in Switzerland
will remain muted in 2025 and slow in the second half
of the year, reflecting a subdued outlook due to tariffs
and
the appreciation of
the Swiss franc in
the second quarter of
- For the
US, the outlook
has improved slightly,
but the
scenario still assumes
a slowdown
in the
second half of
2025, reflecting a
cooling labor
market and the
impact
of
tariffs
on
domestic
demand.
Expectations for
long-term
interest
rates
in
the
US
and
Switzerland
are
slightly lower than in the previous quarter.
At the beginning of the first quarter of
2025, UBS replaced the stagflationary geopolitical
crisis scenario applied at
the end of 2024 with the
global crisis scenario, as the severe downside scenario. It targets
risks such as sovereign
defaults, low
interest rates,
a crisis
in the
Eurozone and
significant emerging-market
stress. The
moderate stagflation
crisis scenario
replaced the
mild debt
crisis scenario
as the
mild downside
scenario. In
the moderate
stagflation crisis
scenario, interest rates
are assumed to
rise rather than
decline, as in
the previously
applied mild debt
crisis scenario.
However, the declines in gross domestic product
and equities are similar.
UBS kept
the scenarios
and scenario
weights in
line with
those applied
in the
UBS Group
second quarter
2025
report. All of
the scenarios, including the
asset price appreciation and
the baseline scenarios, have
been updated
based on the latest macroeconomic forecasts as of 30 September 2025. The assumptions on a calendar-year basis
are included in the table below.
Comparison of shock factors
Baseline
Key parameters
2024
2025
2026
Real GDP growth (annual percentage change)
US
2.8
1.9
1.7
Eurozone
0.8
1.1
0.9
Switzerland
1.4
0.9
1.3
Unemployment rate (%, annual average)
US
4.0
4.3
4.7
Eurozone
6.4
6.4
6.6
Switzerland
2.4
2.9
3.2
Fixed income: 10-year government bonds (%, Q4)
USD
4.6
4.2
4.3
EUR
2.4
2.7
2.9
CHF
0.3
0.2
0.4
Real estate (annual percentage change, Q4)
US
3.8
0.5
1.7
Eurozone
4.2
3.8
3.9
Switzerland
0.9
3.0
2.5
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.9.25
30.6.25
30.9.24
Asset price appreciation
5.0
5.0
–
Baseline
50.0
50.0
60.0
Mild debt crisis
–
–
15.0
Stagflationary geopolitical crisis
–
–
25.0
Moderate stagflation crisis
30.0
30.0
–
Global crisis
15.0
15.0
–
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
68
Note 8
Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance
sheet positions including ECL allowances
and provisions
The following tables
provide information
about financial
instruments and
certain non-financial
instruments that
are
subject
to
ECL
requirements.
For
amortized-cost
instruments,
the
carrying
amount
represents
the
maximum
exposure to credit risk, taking
into account the allowance for
credit losses. Financial assets measured at
fair value
through other comprehensive
income (FVOCI) are
also subject to ECL;
however, unlike amortized-cost
instruments,
the allowance
for credit
losses for
FVOCI instruments
does not
reduce the
carrying amount
of these financial
assets.
Instead, the
carrying amount
of financial
assets measured
at FVOCI
represents the
maximum exposure
to credit
risk.
In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are
also subject to ECL.
The maximum exposure to
credit risk for off-balance
sheet financial instruments is calculated
based on the maximum contractual amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.9.25
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
218,738
218,507
19
0
212
(77)
0
(28)
0
(49)
Amounts due from banks
19,230
19,112
117
0
0
(10)
(5)
(5)
0
0
Receivables from securities financing transactions measured at
amortized cost
95,343
95,343
0
0
0
(2)
(2)
0
0
0
Cash collateral receivables on derivative instruments
43,538
43,538
0
0
0
0
0
0
0
0
Loans and advances to customers
646,651
620,660
21,468
3,834
690
(2,402)
(344)
(283)
(1,450)
(324)
of which: Private clients with mortgages
286,209
276,165
8,788
1,213
43
(120)
(39)
(24)
(51)
(6)
of which: Real estate financing
92,280
88,299
3,707
265
8
(73)
(24)
(35)
(14)
0
of which: Large corporate clients
27,219
23,633
2,828
561
197
(725)
(108)
(98)
(362)
(157)
of which: SME clients
23,889
20,638
2,072
1,023
156
(1,000)
(81)
(82)
(799)
(37)
of which: Lombard
162,687
162,404
185
44
53
(56)
(9)
0
(19)
(28)
of which: Credit cards
2,326
1,784
497
45
0
(47)
(7)
(12)
(29)
0
of which: Commodity trade finance
3,935
3,182
716
22
15
(98)
(9)
(1)
(84)
(5)
of which: Ship / aircraft financing
8,462
7,111
1,232
118
0
(19)
(14)
(5)
0
0
of which: Consumer financing
2,962
2,681
133
85
63
(116)
(19)
(23)
(79)
5
Other financial assets measured at amortized cost
72,703
71,917
598
181
7
(121)
(27)
(9)
(85)
0
of which: Loans to financial advisors
2,712
2,509
105
99
0
(34)
(4)
(1)
(29)
0
Total financial assets measured at amortized cost
1,096,203
1,069,077
22,203
4,015
909
(2,612)
(379)
(324)
(1,535)
(373)
Financial assets measured at fair value through other comprehensive
income
9,801
9,801
0
0
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,106,004
1,078,878
22,203
4,015
909
(2,612)
(379)
(324)
(1,535)
(373)
Total exposure
ECL provisions
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Guarantees
44,990
43,195
1,583
175
37
(72)
(16)
(22)
(34)
0
of which: Large corporate clients
7,486
6,366
1,031
66
23
(21)
(7)
(6)
(8)
0
of which: SME clients
3,062
2,730
251
75
7
(38)
(5)
(15)
(18)
0
of which: Financial intermediaries and hedge funds
27,000
26,832
167
0
0
(1)
(1)
0
0
0
of which: Lombard
3,891
3,857
1
32
0
(6)
0
0
(5)
0
of which: Commodity trade finance
2,126
2,027
99
0
0
(1)
(1)
0
0
0
Irrevocable loan commitments
79,592
74,709
4,593
245
45
(250)
(124)
(93)
(33)
0
of which: Large corporate clients
48,848
44,679
3,984
140
45
(206)
(95)
(82)
(30)
0
Forward starting reverse repurchase and securities borrowing
agreements
18,463
18,463
0
0
0
0
0
0
0
0
Unconditionally revocable loan commitments
136,304
132,630
3,451
224
0
(68)
(52)
(16)
0
0
of which: Real estate financing
8,164
7,866
297
1
0
(3)
(5)
2
0
0
of which: Large corporate clients
13,349
11,922
1,419
8
0
(18)
(9)
(7)
(2)
0
of which: SME clients
12,208
11,350
691
166
0
(31)
(23)
(8)
0
0
of which: Lombard
68,793
68,710
70
12
0
0
0
0
0
0
of which: Credit cards
11,758
11,214
541
3
0
(10)
(8)
(2)
0
0
Irrevocable committed prolongation of existing loans
6,143
6,135
5
3
0
(4)
(3)
0
0
0
Total off-balance sheet financial instruments and other credit lines
285,492
275,131
9,632
647
82
(393)
(195)
(132)
(67)
0
Total allowances and provisions
(3,005)
(574)
(456)
(1,602)
(373)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective
ECL allowances.
2 Negative balances are representative of a net improvement in
credit quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
69
Note 8
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.25
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
236,193
236,007
20
0
167
(72)
0
(29)
0
(43)
Amounts due from banks
21,527
21,425
102
0
0
(10)
(5)
(5)
0
0
Receivables from securities financing transactions measured at
amortized cost
110,161
110,161
0
0
0
(3)
(3)
0
0
0
Cash collateral receivables on derivative instruments
45,478
45,478
0
0
0
0
0
0
0
0
Loans and advances to customers
646,048
616,026
25,488
3,861
673
(2,343)
(343)
(311)
(1,395)
(293)
of which: Private clients with mortgages
285,106
272,055
11,620
1,391
41
(142)
(43)
(49)
(38)
(12)
of which: Real estate financing
92,450
86,557
5,572
313
8
(69)
(25)
(36)
(8)
0
of which: Large corporate clients
26,647
22,894
3,098
418
237
(647)
(116)
(97)
(298)
(136)
of which: SME clients
24,689
20,887
2,496
1,210
95
(1,018)
(74)
(85)
(823)
(35)
of which: Lombard
161,022
160,775
147
47
53
(64)
(11)
0
(27)
(26)
of which: Credit cards
2,315
1,791
479
45
0
(48)
(7)
(12)
(29)
0
of which: Commodity trade finance
4,273
4,236
25
12
0
(91)
(8)
0
(82)
0
of which: Ship / aircraft financing
8,708
7,903
727
78
0
(20)
(15)
(5)
0
0
of which: Consumer financing
2,973
2,684
131
89
69
(110)
(19)
(23)
(74)
5
Other financial assets measured at amortized cost
72,211
71,415
620
171
5
(131)
(25)
(11)
(94)
(1)
of which: Loans to financial advisors
2,682
2,495
97
90
0
(39)
(3)
(1)
(35)
0
Total financial assets measured at amortized cost
1,131,618
1,100,512
26,229
4,032
844
(2,559)
(378)
(356)
(1,489)
(337)
Financial assets measured at fair value through other comprehensive
income
6,872
6,872
0
0
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,138,490
1,107,384
26,229
4,032
844
(2,559)
(378)
(356)
(1,489)
(337)
Total exposure
ECL provisions
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Guarantees
44,446
43,444
819
144
40
(96)
(14)
(21)
(61)
0
of which: Large corporate clients
7,728
7,154
480
67
26
(54)
(6)
(5)
(42)
0
of which: SME clients
3,280
3,007
219
48
7
(31)
(5)
(15)
(11)
0
of which: Financial intermediaries and hedge funds
26,604
26,516
87
0
0
(1)
(1)
0
0
0
of which: Lombard
3,958
3,933
1
24
0
(6)
0
0
(5)
0
of which: Commodity trade finance
1,874
1,873
1
0
0
(1)
(1)
0
0
0
Irrevocable loan commitments
82,046
77,132
4,688
199
27
(247)
(139)
(83)
(24)
(2)
of which: Large corporate clients
49,093
44,806
4,094
166
27
(195)
(101)
(74)
(18)
(1)
Forward starting reverse repurchase and securities borrowing
agreements
20,143
20,143
0
0
0
0
0
0
0
0
Unconditionally revocable loan commitments
150,771
147,962
2,582
227
0
(62)
(47)
(15)
0
0
of which: Real estate financing
8,237
7,929
309
0
0
(3)
(4)
1
0
0
of which: Large corporate clients
14,601
13,752
817
32
0
(15)
(8)
(5)
(2)
0
of which: SME clients
12,030
11,420
454
156
0
(26)
(20)
(6)
0
0
of which: Lombard
75,099
75,013
74
12
0
0
0
0
0
0
of which: Credit cards
11,566
11,045
518
3
0
(9)
(7)
(2)
0
0
Irrevocable committed prolongation of existing loans
5,201
5,182
19
0
0
(2)
(2)
0
0
0
Total off-balance sheet financial instruments and other credit lines
302,608
293,863
8,108
570
67
(406)
(201)
(118)
(85)
(2)
Total allowances and provisions
(2,966)
(579)
(474)
(1,574)
(338)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
2 Negative balances are representative of a net improvement in credit
quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
70
Note 8
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.24
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
223,329
223,201
13
0
114
(47)
0
(21)
0
(25)
Amounts due from banks
18,903
18,704
198
0
0
(36)
(1)
(5)
0
(30)
Receivables from securities financing transactions measured at
amortized cost
118,301
118,301
0
0
0
(2)
(2)
0
0
0
Cash collateral receivables on derivative instruments
43,959
43,959
0
0
0
0
0
0
0
0
Loans and advances to customers
579,967
553,532
22,049
3,565
820
(1,978)
(276)
(323)
(1,134)
(244)
of which: Private clients with mortgages
249,756
239,540
8,987
1,146
84
(160)
(46)
(70)
(30)
(14)
of which: Real estate financing
82,602
78,410
3,976
195
20
(58)
(24)
(27)
(7)
0
of which: Large corporate clients
25,286
20,816
3,462
707
301
(573)
(72)
(123)
(277)
(100)
of which: SME clients
20,768
17,403
2,265
952
148
(742)
(55)
(47)
(613)
(26)
of which: Lombard
147,504
147,136
260
48
61
(42)
(6)
0
(18)
(18)
of which: Credit cards
1,978
1,533
406
39
0
(41)
(6)
(11)
(25)
0
of which: Commodity trade finance
4,203
4,089
106
8
0
(81)
(9)
0
(71)
0
of which: Ship / aircraft financing
7,848
6,974
874
0
0
(31)
(14)
(16)
0
0
of which: Consumer financing
2,820
2,480
114
159
67
(93)
(15)
(19)
(62)
4
Other financial assets measured at amortized cost
58,835
58,209
436
178
12
(125)
(25)
(7)
(84)
(8)
of which: Loans to financial advisors
2,723
2,568
59
95
0
(41)
(4)
(1)
(37)
0
Total financial assets measured at amortized cost
1,043,293
1,015,906
22,697
3,743
946
(2,187)
(304)
(357)
(1,218)
(307)
Financial assets measured at fair value through other comprehensive
income
2,195
2,195
0
0
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,045,488
1,018,102
22,697
3,743
946
(2,187)
(304)
(357)
(1,218)
(307)
Total exposure
ECL provisions
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Guarantees
40,279
38,858
1,242
151
27
(64)
(16)
(24)
(24)
0
of which: Large corporate clients
7,817
7,096
635
78
8
(17)
(7)
(9)
(2)
0
of which: SME clients
2,524
2,074
393
41
15
(26)
(5)
(15)
(7)
0
of which: Financial intermediaries and hedge funds
21,590
21,449
141
0
0
(1)
(1)
0
0
0
of which: Lombard
3,709
3,652
24
29
4
(6)
(1)
0
(5)
0
of which: Commodity trade finance
2,678
2,676
2
0
0
(1)
(1)
0
0
0
Irrevocable loan commitments
79,579
75,158
4,178
187
56
(177)
(105)
(61)
(10)
(2)
of which: Large corporate clients
47,381
43,820
3,393
125
43
(155)
(91)
(54)
(8)
(2)
Forward starting reverse repurchase and securities borrowing
agreements
24,896
24,896
0
0
0
0
0
0
0
0
Unconditionally revocable loan commitments
145,665
143,262
2,149
250
5
(76)
(59)
(17)
0
0
of which: Real estate financing
7,674
7,329
345
0
0
(6)
(4)
(2)
0
0
of which: Large corporate clients
14,690
14,089
584
14
3
(22)
(14)
(7)
(2)
0
of which: SME clients
9,812
9,289
333
190
0
(34)
(28)
(6)
0
0
of which: Lombard
73,267
73,181
84
0
1
0
0
0
0
0
of which: Credit cards
10,074
9,604
467
3
0
(8)
(6)
(2)
0
0
Irrevocable committed prolongation of existing loans
4,608
4,602
4
2
0
(3)
(3)
0
0
0
Total off-balance sheet financial instruments and other credit lines
295,027
286,776
7,572
590
89
(320)
(183)
(102)
(34)
(2)
Total allowances and provisions
(2,507)
(487)
(459)
(1,253)
(309)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
2 Negative balances are representative of a net improvement in credit
quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
71
Note 8
Expected credit loss measurement (continued)
The table
below provides information
about the
gross carrying amount
of exposures subject
to ECL
and the
ECL
coverage ratio for UBS’s core
loan portfolios (i.e.
Loans and advances to customers
and
Loans to financial advisors
)
and
relevant
off-balance
sheet
exposures.
Cash
and
balances
at
central
banks
,
Amounts
due
from
banks
,
Receivables from
securities
financing transactions
,
Cash collateral
receivables
on derivative
instruments
and
Financial
assets measured
at fair value
through other
comprehensive income
are not
included in the
table below,
due to
their
lower sensitivity to ECL.
ECL coverage ratios are calculated by dividing ECL
allowances and provisions by the gross carrying amount of the
related exposures.
The overall
coverage ratio for
performing positions was
unchanged at 11 basis
points as of
30 September 2025.
Compared
with
30 June
2025,
the
coverage
ratios
for
performing
positions
related
to
real
estate
lending
(on-
balance sheet) decreased
by 1 basis point to
3 basis points, and the
coverage ratio for performing
positions related
to corporate lending (on-balance sheet) was
unchanged at 75 basis points.
Coverage ratios for core loan portfolio
30.9.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
286,329
276,204
8,812
1,264
49
4
1
27
2
403
1,233
Real estate financing
92,353
88,323
3,742
279
9
8
3
93
6
496
447
Total real estate lending
378,682
364,527
12,554
1,543
58
5
2
47
3
420
1,115
Large corporate clients
27,944
23,741
2,926
922
354
259
46
335
77
3,921
4,431
SME clients
24,889
20,720
2,154
1,823
193
402
39
380
71
4,385
1,935
Total corporate lending
52,833
44,461
5,080
2,745
547
326
43
354
75
4,230
3,550
Lombard
162,742
162,413
185
63
81
3
1
0
1
2,956
3,459
Credit cards
2,373
1,791
509
74
0
199
38
234
81
3,881
0
Commodity trade finance
4,033
3,191
716
106
20
243
27
7
23
7,899
2,603
Ship / aircraft financing
8,481
7,126
1,237
118
0
23
20
40
23
0
0
Consumer financing
3,078
2,700
157
164
57
376
70
1,482
147
4,802
0
Other loans and advances to customers
36,829
34,795
1,312
471
250
40
10
30
10
313
3,813
Loans to financial advisors
2,747
2,512
106
128
0
124
14
120
19
2,280
0
Total other lending
220,284
214,528
4,223
1,125
408
24
4
108
6
2,258
3,018
Total
1
651,799
623,516
21,857
5,413
1,014
37
6
130
10
2,734
3,196
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
11,414
11,183
229
2
0
3
3
24
3
0
0
Real estate financing
9,935
9,602
315
18
0
6
9
0
6
53
0
Total real estate lending
21,349
20,785
544
21
0
4
6
0
4
47
0
Large corporate clients
69,733
63,017
6,433
214
68
35
18
146
30
1,864
0
SME clients
17,056
15,701
1,022
327
7
51
24
291
40
628
3
Total corporate lending
86,789
78,718
7,455
541
75
38
19
166
32
1,118
0
Lombard
76,371
76,256
72
44
0
1
1
0
1
1,217
0
Credit cards
11,758
11,214
541
3
0
8
7
36
8
0
0
Commodity trade finance
2,195
2,093
101
0
0
6
5
21
6
0
0
Ship / aircraft financing
2,024
2,001
23
0
0
0
0
0
0
0
0
Consumer financing
258
258
0
0
0
3
3
0
3
0
0
Financial intermediaries and hedge funds
27,026
26,454
572
0
0
2
1
8
2
0
0
Other off-balance sheet commitments
39,259
38,891
325
37
7
7
5
235
7
265
0
Total other lending
158,891
157,166
1,634
85
7
3
2
63
3
747
0
Total
2
267,029
256,668
9,632
647
82
15
8
137
12
1,035
0
Total on- and off-balance sheet
3
918,828
880,184
31,489
6,059
1,096
31
6
132
11
2,552
2,955
1 Includes Loans and advances
to customers and Loans
to financial advisors,
which are presented on
the balance sheet line Other
financial assets measured
at amortized cost.
2 Excludes Forward
starting reverse
repurchase and securities borrowing agreements.
3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related
ECL coverage ratio (bps).
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
72
Note 8
Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
30.6.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
285,249
272,098
11,669
1,429
53
5
2
42
3
266
2,234
Real estate financing
92,519
86,582
5,608
320
9
7
3
64
7
235
376
Total real estate lending
377,768
358,680
17,277
1,749
61
6
2
49
4
260
1,970
Large corporate clients
27,294
23,011
3,194
716
373
237
51
302
81
4,164
3,651
SME clients
25,706
20,961
2,581
2,033
131
396
35
331
68
4,048
2,710
Total corporate lending
53,001
43,972
5,776
2,749
504
314
43
315
75
4,078
3,406
Lombard
161,086
160,787
147
73
78
4
1
0
1
3,643
3,294
Credit cards
2,363
1,798
491
74
0
201
36
250
82
3,898
0
Commodity trade finance
4,364
4,244
25
94
0
208
19
0
19
8,714
0
Ship / aircraft financing
8,728
7,917
732
78
0
23
18
70
23
0
0
Consumer financing
3,083
2,703
154
163
64
356
71
1,466
146
4,531
15
Other loans and advances to customers
37,999
36,269
1,197
275
259
35
7
32
8
625
3,425
Loans to financial advisors
2,721
2,498
99
125
0
145
13
140
18
2,777
0
Total other lending
220,344
216,216
2,845
882
401
23
4
159
6
2,984
2,727
Total
1
651,112
618,868
25,898
5,381
966
37
6
121
10
2,658
3,034
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
11,178
10,950
222
6
0
4
3
25
4
0
0
Real estate financing
9,734
9,401
333
0
0
8
9
0
8
0
0
Total real estate lending
20,912
20,351
555
6
0
6
6
0
6
0
0
Large corporate clients
71,511
65,801
5,392
265
53
37
17
156
28
2,359
271
SME clients
17,371
16,346
780
237
7
46
22
358
37
718
425
Total corporate lending
88,882
82,148
6,172
503
60
39
18
182
30
1,584
289
Lombard
82,536
82,424
75
36
0
1
1
0
1
1,508
0
Credit cards
11,566
11,045
518
3
0
8
6
36
8
0
0
Commodity trade finance
2,230
2,223
6
0
0
3
3
46
3
0
0
Ship / aircraft financing
2,430
2,390
41
0
0
0
0
0
0
0
0
Consumer financing
327
327
0
0
0
2
2
0
2
0
0
Financial intermediaries and hedge funds
28,287
27,748
539
0
0
2
2
7
2
0
0
Other off-balance sheet commitments
45,295
45,064
203
22
7
6
5
207
6
46
0
Total other lending
172,671
171,221
1,381
61
7
3
2
47
3
903
0
Total
2
282,465
273,720
8,108
570
67
14
7
146
11
1,494
229
Total on- and off-balance sheet
3
933,577
892,588
34,006
5,950
1,033
30
6
127
11
2,546
2,852
1 Includes Loans and advances to customers
and Loans to financial advisors,
which are presented on the balance
sheet line Other financial assets
measured at amortized cost.
2 Excludes Forward starting
reverse
repurchase and securities borrowing agreements.
3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related
ECL coverage ratio (bps).
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
73
Note 8
Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.24
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
249,916
239,586
9,056
1,176
98
6
2
77
5
257
1,447
Real estate financing
82,660
78,434
4,003
202
20
7
3
67
6
353
2
Total real estate lending
332,576
318,020
13,059
1,378
118
7
2
74
5
271
1,203
Large corporate clients
25,859
20,888
3,585
983
402
222
35
344
80
2,814
2,500
SME clients
21,510
17,459
2,312
1,565
174
345
32
205
52
3,918
1,474
Total corporate lending
47,369
38,347
5,897
2,549
576
278
33
290
67
3,492
2,190
Lombard
147,547
147,141
260
66
79
3
0
8
0
2,719
2,317
Credit cards
2,019
1,539
416
64
0
205
39
256
85
3,857
0
Commodity trade finance
4,284
4,098
106
79
0
189
22
40
23
8,984
4,226
Ship / aircraft financing
7,879
6,988
891
0
0
39
20
184
39
0
0
Consumer financing
2,912
2,495
133
221
63
318
62
1,449
132
2,786
0
Other loans and advances to customers
37,359
35,179
1,610
342
228
42
8
57
10
917
3,909
Loans to financial advisors
2,764
2,571
60
132
0
149
14
159
17
2,785
0
Total other lending
204,764
200,012
3,477
905
370
24
4
164
7
2,691
2,804
Total
1
584,708
556,380
22,433
4,831
1,064
35
5
145
10
2,424
2,294
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
8,473
8,271
176
25
1
4
4
22
4
84
0
Real estate financing
8,694
8,300
394
0
0
7
6
33
7
0
0
Total real estate lending
17,167
16,571
570
25
1
6
5
30
6
84
0
Large corporate clients
69,892
65,009
4,612
217
54
28
17
150
26
588
290
SME clients
13,944
12,788
842
287
27
53
30
324
48
281
0
Total corporate lending
83,837
77,797
5,454
504
81
32
19
177
30
413
186
Lombard
80,390
80,235
120
30
4
1
0
1
0
1,764
0
Credit cards
10,074
9,604
467
3
0
8
6
36
8
0
0
Commodity trade finance
3,487
3,464
23
0
0
3
3
51
3
0
0
Ship / aircraft financing
2,669
2,663
6
0
0
13
13
49
13
0
0
Consumer financing
134
134
0
0
0
6
6
0
6
0
0
Financial intermediaries and hedge funds
19,609
19,145
464
0
0
1
1
8
1
0
0
Other off-balance sheet commitments
52,765
52,268
468
27
2
4
2
28
2
2,903
0
Total other lending
169,127
167,512
1,549
61
6
2
1
23
2
2,171
0
Total
2
270,131
261,880
7,572
590
89
12
7
135
11
580
171
Total on- and off-balance sheet
3
854,839
818,260
30,006
5,421
1,153
27
6
142
10
2,223
2,131
1 Includes Loans and advances
to customers and Loans to financial
advisors, which are presented
on the balance sheet line Other
financial assets measured at amortized
cost.
2 Excludes Forward starting
reverse
repurchase and securities borrowing agreements.
3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related
ECL coverage ratio (bps).
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
74
Note 9
Fair value measurement
a) Fair value hierarchy
The fair
value hierarchy
classification of
financial and
non-financial assets
and liabilities
measured at
fair value
is
summarized in the table below.
During the
first nine months
of 2025,
assets and liabilities
that were transferred
from Level 2
to Level 1, or
from
Level 1 to Level 2, and were held for the entire
reporting period were not material.
Determination of fair values from quoted market prices or valuation techniques
1
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
143,508
31,483
3,500
178,492
134,753
30,988
3,454
169,195
128,393
27,564
3,108
159,065
of which: Equity instruments
126,412
910
157
127,479
117,030
370
155
117,556
116,501
430
91
117,022
of which: Government bills / bonds
8,178
4,401
112
12,692
8,997
3,715
139
12,851
4,443
3,261
41
7,746
of which: Investment fund units
8,499
1,278
147
9,923
7,554
874
96
8,525
6,537
987
151
7,675
of which: Corporate and municipal bonds
420
23,034
885
24,339
1,167
22,710
757
24,634
911
17,462
838
19,211
of which: Loans
0
1,658
2,070
3,728
0
3,145
2,172
5,317
0
5,200
1,799
6,998
of which: Asset-backed securities
0
202
128
330
4
168
134
306
1
219
153
373
Derivative financial instruments
1,521
149,623
2,968
154,113
1,315
165,530
3,151
169,996
795
181,965
2,792
185,551
of which: Foreign exchange
376
47,455
357
48,188
815
77,598
81
78,494
472
100,328
66
100,867
of which: Interest rate
0
34,862
1,055
35,917
0
37,105
884
37,988
0
40,553
878
41,431
of which: Equity / index
0
55,581
1,203
56,783
0
44,112
1,255
45,367
0
35,747
1,129
36,876
of which: Credit
0
3,549
348
3,897
0
2,310
928
3,238
0
2,555
581
3,136
of which: Commodities
3
8,053
4
8,060
2
4,267
2
4,272
1
2,599
17
2,617
Brokerage receivables
0
30,633
0
30,633
0
29,068
0
29,068
0
25,858
0
25,858
Financial assets at fair value not held for trading
43,739
51,964
10,125
105,827
44,849
53,642
9,263
107,755
35,911
50,813
8,748
95,472
of which: Financial assets for unit-linked
investment contracts
20,003
4
1
20,008
19,424
112
1
19,537
17,101
6
0
17,106
of which: Corporate and municipal bonds
30
18,052
95
18,178
31
19,182
91
19,303
31
14,695
133
14,859
of which: Government bills / bonds
23,152
6,761
0
29,913
24,842
6,093
0
30,935
18,264
6,204
0
24,469
of which: Loans
0
5,804
4,524
10,327
0
5,626
3,734
9,360
0
4,427
3,192
7,619
of which: Securities financing transactions
0
19,749
755
20,504
0
21,208
703
21,911
0
24,026
611
24,638
of which: Asset-backed securities
0
1,080
548
1,628
0
864
534
1,399
0
972
597
1,569
of which: Auction rate securities
0
0
191
191
0
0
191
191
0
0
191
191
of which: Investment fund units
457
352
629
1,438
433
386
626
1,445
423
401
681
1,505
of which: Equity instruments
96
2
3,114
3,212
119
0
3,066
3,186
93
0
2,917
3,010
Financial assets measured at fair value through other comprehensive income on
a recurring basis
Financial assets measured at fair value through
other comprehensive income
7,662
2,139
0
9,801
4,716
2,156
0
6,872
59
2,137
0
2,195
of which: Government bills / bonds
7,587
0
0
7,587
4,644
0
0
4,644
0
0
0
0
of which: Commercial paper and certificates
of deposit
0
1,960
0
1,960
0
1,926
0
1,926
0
1,959
0
1,959
of which: Corporate and municipal bonds
76
179
0
255
71
231
0
302
59
178
0
237
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
10,928
0
0
10,928
9,465
0
0
9,465
7,341
0
0
7,341
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
0
63
63
0
0
76
76
0
0
84
84
Total assets measured at fair value
207,358
265,842
16,656
489,856
195,098
281,384
15,944
492,426
172,499
288,337
14,732
475,568
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
75
Note 9
Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
39,359
14,209
228
53,796
38,223
14,057
50
52,330
24,577
10,429
240
35,247
of which: Equity instruments
31,397
241
46
31,684
30,064
215
26
30,305
18,528
257
29
18,814
of which: Corporate and municipal bonds
3
12,099
173
12,275
0
11,953
21
11,974
5
8,771
206
8,982
of which: Government bills / bonds
6,058
1,644
0
7,702
5,614
1,629
0
7,243
4,336
1,174
0
5,510
of which: Investment fund units
1,900
151
8
2,059
2,545
169
1
2,715
1,708
162
3
1,873
Derivative financial instruments
1,579
157,472
4,457
163,508
1,294
178,372
4,148
183,814
829
175,747
4,060
180,636
of which: Foreign exchange
391
50,679
42
51,112
736
87,968
56
88,759
506
94,035
46
94,587
of which: Interest rate
0
31,209
200
31,408
0
33,261
307
33,568
0
36,313
324
36,636
of which: Equity / index
0
64,897
3,873
68,770
0
50,340
3,469
53,810
0
39,597
3,142
42,739
of which: Credit
0
4,014
297
4,311
0
3,192
241
3,433
0
3,280
414
3,694
of which: Commodities
1
6,540
13
6,554
1
3,498
11
3,510
1
2,200
15
2,216
of which: Loan commitments measured at
FVTPL
0
9
31
40
0
12
30
42
0
75
62
137
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
62,067
0
62,067
0
57,951
0
57,951
0
49,023
0
49,023
Debt issued designated at fair value
0
99,785
12,351
112,137
0
100,668
12,854
113,522
0
94,573
13,336
107,909
Other financial liabilities designated at fair value
0
27,940
2,566
30,506
0
27,110
2,300
29,410
0
25,931
2,768
28,699
of which: Financial liabilities related to unit-
linked investment contracts
0
20,143
0
20,143
0
19,669
0
19,669
0
17,203
0
17,203
of which: Securities financing transactions
0
5,330
119
5,448
0
4,580
118
4,699
0
5,798
0
5,798
of which: Over-the-counter debt instruments
and others
0
2,468
2,447
4,915
0
2,861
2,182
5,043
0
2,930
2,768
5,698
Total liabilities measured at fair value
40,937
361,473
19,602
422,013
39,517
378,158
19,351
437,027
25,406
355,703
20,405
401,514
1 Bifurcated embedded derivatives are presented on the same balance sheet
lines as their host contracts and are not included in
this table. The fair value of these derivatives was not material for the periods
presented.
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the
lower of their net carrying amount or fair value less costs to sell.
b) Valuation adjustments
The table below summarizes the changes
in deferred day-1 profit or loss reserves during the
relevant period.
Deferred day-1 profit or loss is generally released into
Other net income from financial instruments measured
at fair
value
through
profit
or
loss
when
the
pricing
of
equivalent
products
or
the
underlying
parameters
become
observable or when the transaction is closed out.
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Reserve balance at the beginning of the period
417
391
388
421
404
Profit / (loss) deferred on new transactions
94
68
85
227
187
(Profit) / loss recognized in the income statement
(72)
(41)
(54)
(207)
(170)
Foreign currency translation
(1)
(1)
(1)
(3)
(2)
Reserve balance at the end of the period
438
417
418
438
418
The table below summarizes other valuation
adjustment reserves recognized on the
balance sheet.
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.9.25
30.6.25
31.12.24
Own credit adjustments on financial liabilities designated at fair value
1
(1,592)
(1,040)
(1,165)
of which: debt issued designated at fair value
(1,617)
(1,080)
(1,188)
of which: other financial liabilities designated at fair value
25
40
23
Credit valuation adjustments
2
(31)
(40)
(125)
Funding and debit valuation adjustments
(78)
(87)
(96)
Other valuation adjustments
(810)
(966)
(1,207)
of which: liquidity
(549)
(586)
(746)
of which: model uncertainty
(261)
(380)
(460)
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes.
2 Amount does not include reserves against defaulted counterparties.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
76
Note 9
Fair value measurement (continued)
c) Level 3 instruments: valuation techniques
and inputs
The
table
below
presents material
Level 3
assets
and
liabilities,
together
with
the
valuation
techniques
used
to
measure fair value,
as well as
the inputs used
in a given
valuation technique that are
considered significant as of
30 September 2025 and unobservable, and a range
of values for those unobservable inputs.
The range of values
represents the highest- and
lowest-level inputs used in the valuation
techniques. Therefore, the
range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of
the Group’s estimates and assumptions, but rather the different underlying characteristics of the relevant
assets and
liabilities held by the Group.
The significant unobservable
inputs disclosed in
the table below
are consistent with
those included in
“Note 21 Fair
value measurement” in the “Consolidated financial
statements” section of the UBS Group
Annual Report 2024.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.9.25
31.12.24
USD bn
30.9.25
31.12.24
30.9.25
31.12.24
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for
trading and Financial assets at fair value not held for
trading
Corporate and municipal
bonds
1.0
1.0
0.2
0.2
Relative value to
market comparable
Bond price equivalent
12
103
84
23
114
98
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
6.7
5.2
0.0
0.0
Relative value to
market comparable
Loan price equivalent
8
100
94
1
173
84
points
Discounted expected
cash flows
Credit spread
17
255
93
16
545
195
basis
points
Market comparable
and securitization
model
Credit spread
85
1,963
261
75
1,899
208
basis
points
Asset-backed securities
0.7
0.7
0.0
0.0
Relative value to
market comparable
Bond price equivalent
7
105
80
0
112
79
points
Investment fund units
4
0.8
0.8
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
4
3.3
3.0
0.0
0.0
Relative value to
market comparable
Price
Debt issued designated at
fair value
3
12.4
13.3
Other financial liabilities
designated at fair value
3
2.6
2.8
Discounted expected
cash flows
Funding spread
95
166
95
201
basis
points
Derivative financial instruments
Interest rate
1.1
0.9
0.2
0.3
Option model
Volatility of interest rates
65
86
50
156
basis
points
Credit
0.3
0.6
0.3
0.4
Discounted expected
cash flows
Credit spreads
4
1,760
2
1,789
basis
points
Credit correlation
50
58
50
66
%
Recovery rates
4
100
0
100
%
Option model
Credit volatility
60
60
59
127
%
Recovery rates
0
40
%
Equity / index
1.2
1.1
3.9
3.1
Option model
Equity dividend yields
0
9
0
16
%
Volatility of equity stocks,
equity and other indices
1
130
4
126
%
Equity-to-FX correlation
(65)
70
(65)
80
%
Equity-to-equity correlation
0
100
0
100
%
Loan commitments
measured at FVTPL
0.0
0.1
Relative value to
market comparable
Loan price equivalent
79
100
60
101
points
1 The ranges of significant unobservable inputs are represented in points,
percentages and basis points. Points are a percentage
of par (e.g. 100 points would be 100% of par).
2 Weighted averages are provided for
most non-derivative financial instruments
and were calculated by weighting inputs
based on the fair values of
the respective instruments. Weighted averages are not provided
for inputs related to Other financial liabilities
designated at fair value and Derivative financial
instruments, as this would not
be meaningful.
3 Debt issued designated at fair value primarily consists of
UBS structured notes, which include variable
maturity notes
with various equity
and foreign exchange
underlying risks,
as well as
rates-linked and
credit-linked notes,
all of which
have embedded derivative
parameters that
are considered to
be unobservable.
The derivative
instrument parameters
for debt issued
designated at
fair value,
embedded derivatives
for over-the-counter
debt instruments reported
under Other financial
liabilities designated at
fair value
and funded derivatives
reported under Loans at fair value (held for
trading and not held for trading) are
presented in the corresponding derivative financial instruments
lines in this table.
4 The range of inputs is not
disclosed, as there is a
dispersion of values given the diverse nature of the investments.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
77
Note 9
Fair value measurement (continued)
d) Level 3 instruments: sensitivity to changes
in unobservable input assumptions
The table below summarizes those financial assets and liabilities classified as Level 3 for
which a change in one or
more of
the unobservable
inputs to
reflect reasonably
possible alternative
assumptions would
change fair
value
significantly, and the estimated effect thereof.
The
sensitivity data
shown below
presents an
estimation of
valuation uncertainty
based
on
reasonably possible
alternative values for Level 3
inputs at the balance sheet
date and does not represent
the estimated effect of stress
scenarios. Typically,
these financial
assets and
liabilities are
sensitive to
a combination
of inputs
from Levels 1–3.
Although well-defined interdependencies
may exist
between Level 1 / 2 parameters
and Level 3
parameters (e.g.
between interest rates,
which are generally
Level 1 or Level 2,
and prepayments,
which are generally
Level 3), these
have not been incorporated
in the table. Furthermore,
direct interrelationships between
the Level 3 parameters are
not a significant element of the valuation uncertainty.
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.9.25
30.6.25
31.12.24
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
87
(84)
141
(112)
185
(143)
Securities financing transactions
21
(11)
25
(14)
30
(24)
Auction rate securities
8
(6)
8
(4)
8
(6)
Asset-backed securities
18
(17)
19
(17)
32
(28)
Equity instruments
411
(399)
387
(370)
333
(308)
Investment fund units
180
(182)
178
(180)
179
(181)
Loan commitments measured at FVTPL
12
(94)
13
(41)
38
(42)
Interest rate derivatives, net
45
(17)
68
(58)
115
(70)
Credit derivatives, net
55
(86)
78
(108)
112
(117)
Foreign exchange derivatives, net
8
(9)
6
(5)
3
(2)
Equity / index derivatives, net
658
(581)
690
(577)
732
(617)
Other
219
(110)
216
(115)
289
(161)
Total
1,722
(1,595)
1,830
(1,601)
2,056
(1,700)
1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative
or Other.
2 Sensitivity of funded derivatives is reported under equivalent derivatives.
e) Level 3 instruments: movements during
the period
The table below presents additional information about material Level 3 assets and liabilities measured at fair value
on a recurring basis. Level 3 assets and liabilities
may be hedged with instruments
classified as Level 1 or Level 2 in
the fair
value hierarchy
and, as
a
result,
realized and
unrealized gains
and losses
included in
the table
may not
include the effect of related hedging
activity. Furthermore, the realized and unrealized gains and
losses presented
in the table are not
limited solely to those
arising from Level 3 inputs,
as valuations are generally
derived from both
observable and unobservable parameters.
Assets
and
liabilities
transferred
into
or
out
of
Level 3
are
presented
as
if
those
assets
or
liabilities
had
been
transferred on 1 January 2025.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
78
Note 9
Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance
at the
beginning
of the
period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance
at the
end
of the
period
For the nine months ended 30 September 2025
2
Financial assets at fair value held for
trading
3.1
(0.1)
(0.2)
0.6
(1.3)
1.1
(0.4)
0.5
(0.1)
0.1
3.5
of which: Equity instruments
0.1
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Corporate and municipal
bonds
0.8
(0.1)
(0.1)
0.5
(0.4)
0.0
(0.0)
0.1
(0.1)
0.0
0.9
of which: Loans
1.8
0.1
(0.0)
0.0
(0.7)
1.1
(0.4)
0.1
(0.0)
0.0
2.1
Derivative financial instruments –
assets
2.8
(0.0)
(0.0)
0.0
(0.0)
1.1
(1.0)
0.4
(0.3)
0.0
3.0
of which: Interest rate
0.9
0.2
0.1
0.0
0.0
0.0
(0.3)
0.3
(0.1)
(0.0)
1.1
of which: Equity / index
1.1
(0.2)
(0.1)
0.0
0.0
0.7
(0.3)
0.1
(0.2)
0.0
1.2
of which: Credit
0.6
(0.1)
(0.0)
0.0
(0.0)
0.1
(0.3)
0.1
(0.0)
0.0
0.3
Financial assets at fair value not held
for trading
8.7
0.9
0.8
0.2
(0.5)
1.5
(0.8)
0.2
(0.3)
0.2
10.1
of which: Loans
3.2
0.9
0.9
0.0
(0.0)
1.2
(0.7)
0.0
(0.2)
0.1
4.5
of which: Auction rate securities
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
of which: Equity instruments
2.9
0.1
(0.0)
0.2
(0.2)
0.0
0.0
0.0
(0.0)
0.1
3.1
of which: Investment fund units
0.7
0.0
0.0
0.0
(0.1)
0.0
(0.0)
0.0
0.0
0.0
0.6
of which: Asset-backed securities
0.6
(0.0)
(0.0)
0.0
(0.1)
0.0
0.0
0.1
(0.0)
0.0
0.5
Derivative financial instruments –
liabilities
4.1
0.4
0.5
0.0
(0.0)
1.7
(1.1)
0.0
(0.7)
0.1
4.5
of which: Interest rate
0.3
0.1
0.0
0.0
(0.0)
0.1
(0.2)
(0.0)
(0.0)
0.0
0.2
of which: Equity / index
3.1
0.4
0.5
0.0
0.0
1.5
(0.7)
0.0
(0.6)
0.0
3.9
of which: Credit
0.4
(0.1)
(0.1)
0.0
0.0
0.1
(0.1)
0.0
(0.0)
0.0
0.3
of which: Loan commitments
measured at FVTPL
0.1
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
Debt issued designated at fair value
13.3
1.0
1.0
0.0
0.0
3.5
(2.9)
0.6
(3.6)
0.4
12.4
Other financial liabilities designated at
fair value
2.8
0.0
0.0
0.0
(0.0)
0.6
(0.9)
0.0
0.0
0.0
2.6
For the nine months ended 30 September 2024
Financial assets at fair value held for
trading
22.6
0.4
(0.3)
1.0
(13.6)
1.3
(7.1)
1.4
(0.9)
(0.0)
5.1
of which: Equity instruments
0.3
(0.0)
(0.0)
0.0
(0.1)
0.0
(0.0)
0.1
(0.1)
(0.0)
0.2
of which: Corporate and municipal
bonds
1.3
(0.2)
(0.1)
0.4
(0.7)
0.0
(0.0)
0.0
(0.1)
0.0
0.9
of which: Loans
19.6
0.7
(0.2)
0.4
(11.6)
1.3
(7.1)
1.2
(0.7)
(0.0)
3.7
Derivative financial instruments –
assets
2.6
(0.0)
(0.1)
0.0
(0.2)
0.9
(1.0)
0.7
(0.4)
(0.0)
2.6
of which: Interest rate
0.4
0.1
0.1
0.0
(0.2)
0.3
(0.2)
0.2
0.0
(0.0)
0.6
of which: Equity / index
1.3
(0.1)
(0.1)
0.0
(0.0)
0.4
(0.4)
0.1
(0.3)
(0.0)
1.0
of which: Credit
0.5
(0.1)
(0.0)
0.0
(0.0)
0.1
(0.2)
0.3
(0.0)
(0.0)
0.6
Financial assets at fair value not held
for trading
8.4
0.1
(0.1)
0.4
(0.6)
1.5
(2.2)
0.8
(0.2)
(0.1)
8.1
of which: Loans
2.3
0.1
0.1
0.2
0.0
0.9
(0.7)
0.0
(0.1)
(0.1)
2.5
of which: Auction rate securities
1.2
0.0
(0.0)
0.0
0.0
0.0
(1.1)
0.0
0.0
0.0
0.2
of which: Equity instruments
3.1
(0.0)
(0.1)
0.1
(0.2)
0.0
0.0
0.1
0.0
(0.0)
3.0
of which: Investment fund units
0.7
0.0
0.0
0.1
(0.2)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.6
of which: Asset-backed securities
0.2
0.0
(0.0)
0.0
(0.1)
0.0
0.0
0.5
(0.1)
(0.0)
0.6
Derivative financial instruments –
liabilities
5.6
(0.0)
0.8
0.0
(0.2)
1.8
(1.8)
0.5
(0.4)
(0.1)
5.4
of which: Interest rate
0.2
0.1
0.3
0.0
(0.0)
0.0
(0.1)
0.1
(0.0)
(0.0)
0.3
of which: Equity / index
3.3
0.8
0.9
0.0
(0.0)
1.6
(1.4)
0.4
(0.4)
(0.0)
4.3
of which: Credit
0.6
(0.1)
(0.1)
0.0
(0.0)
0.1
(0.1)
(0.0)
(0.0)
(0.0)
0.4
of which: Loan commitments
measured at FVTPL
1.0
(0.7)
(0.2)
0.0
(0.1)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.2
Debt issued designated at fair value
15.3
0.2
0.5
0.0
0.0
3.3
(3.0)
1.2
(4.4)
0.0
12.5
Other financial liabilities designated at
fair value
2.6
(0.0)
0.0
0.0
(0.0)
0.8
(1.2)
0.4
(0.1)
(0.0)
2.5
1 Net gains / losses included in
comprehensive income are recognized in Net
interest income and Other net income
from financial instruments measured at
fair value through profit or loss
in the Income statement,
and also in Gains / (losses) from own credit on financial liabilities designated
at fair value, before tax in the Statement of
comprehensive income.
2 Total Level 3 assets as of 30 September 2025 were
USD 16.7bn
(31 December 2024: USD 14.7bn). Total Level 3 liabilities as of 30 September 2025 were USD 19.6bn (31 December 2024:
USD 20.4bn).
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
79
Note 9
Fair value measurement (continued)
f) Financial instruments not measured
at fair value
The table
below reflects
the estimated
fair values
of financial
instruments not
measured at
fair value.
Valuation
principles applied
when determining fair
value estimates for
financial instruments not
measured at
fair value
are
consistent with those described in “Note 21
Fair value measurement” in the “Consolidated financial statements”
section of the UBS Group Annual Report 2024.
Financial instruments not measured at fair value
30.9.25
30.6.25
31.12.24
USD bn
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Assets
Cash and balances at central banks
218.7
218.7
236.2
236.2
223.3
223.3
Amounts due from banks
19.2
19.2
21.5
21.5
18.9
18.9
Receivables from securities financing transactions measured at amortized
cost
95.3
95.3
110.2
110.2
118.3
118.3
Cash collateral receivables on derivative instruments
43.5
43.5
45.5
45.5
44.0
44.0
Loans and advances to customers
646.7
644.7
646.0
646.5
580.0
579.7
Other financial assets measured at amortized cost
72.7
71.7
72.2
71.0
58.8
57.0
Liabilities
Amounts due to banks
28.2
28.2
31.9
32.0
23.3
23.4
Payables from securities financing transactions measured at amortized cost
18.7
18.7
16.3
16.3
14.8
14.8
Cash collateral payables on derivative instruments
33.9
33.9
33.0
33.0
35.5
35.5
Customer deposits
783.1
783.7
800.0
800.8
745.8
746.6
Debt issued measured at amortized cost
220.4
226.1
224.7
229.7
214.2
220.6
Other financial liabilities measured at amortized cost
1
12.6
12.6
13.9
13.9
16.4
16.4
1 Excludes lease liabilities.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
80
Note 10
Derivative instruments
a) Derivative instruments
As of 30.9.25, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional values
related to derivative
financial assets and
liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate
35.9
31.4
3,305
19,689
Credit derivatives
3.9
4.3
158
Foreign exchange
48.2
51.1
8,406
428
Equity / index
56.8
68.8
2,004
107
Commodities
8.1
6.6
230
21
Other
3
1.3
1.4
182
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
154.1
163.5
14,285
20,246
Further netting potential not recognized on the balance
sheet
5
(136.5)
(145.9)
of which: netting of recognized financial liabilities / assets
(115.1)
(115.1)
of which: netting with collateral received / pledged
(21.4)
(30.8)
Total derivative financial instruments, after consideration of further netting potential
17.6
17.6
As of 30.6.25, USD bn
Derivative financial instruments
Interest rate
38.0
33.6
3,680
18,031
Credit derivatives
3.2
3.4
132
Foreign exchange
78.5
88.8
8,214
372
Equity / index
45.4
53.8
1,579
98
Commodities
4.3
3.5
174
19
Other
3
0.6
0.7
168
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
170.0
183.8
13,947
18,519
Further netting potential not recognized on the balance
sheet
5
(152.9)
(161.9)
of which: netting of recognized financial liabilities / assets
(130.4)
(130.4)
of which: netting with collateral received / pledged
(22.5)
(31.5)
Total derivative financial instruments, after consideration of further netting potential
17.1
21.9
As of 31.12.24, USD bn
Derivative financial instruments
Interest rate
41.4
36.6
3,644
16,844
Credit derivatives
3.1
3.7
144
Foreign exchange
100.9
94.6
7,207
269
Equity / index
36.9
42.7
1,365
93
Commodities
2.6
2.2
155
17
Other
3
0.6
0.8
87
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
185.6
180.6
12,602
17,223
Further netting potential not recognized on the balance
sheet
5
(161.7)
(166.3)
of which: netting of recognized financial liabilities / assets
(135.5)
(135.5)
of which: netting with collateral received / pledged
(26.2)
(30.8)
Total derivative financial instruments, after consideration of further netting potential
23.9
14.3
1 In cases where derivative
financial instruments are presented
on a net basis
on the balance sheet,
the respective notional
values of the netted
derivative financial instruments
are still presented on
a gross basis.
Notional amounts of client-cleared ETD and OTC transactions
through central clearing counterparties are not disclosed, as they
have a significantly different risk profile.
2 Other notional values relate to derivatives
that are cleared through either a central counterparty
or an exchange and settled on a daily basis.
The fair value of these derivatives is
presented on the balance sheet within Cash collateral receivables
on derivative
instruments and Cash collateral payables on derivative instruments.
3 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and
sales of non-derivative financial instruments for which the
changes in the fair value
between trade date and settlement
date are recognized as derivative
financial instruments.
4 Financial assets and liabilities are
presented net on the
balance sheet if UBS has
the unconditional
and legally enforceable right to offset the recognized amounts,
both in the normal course of business and in the event of def
ault, bankruptcy or insolvency of UBS or its counterparties,
and intends either to settle on
a net basis
or to realize
the asset and
settle the liability
simultaneously. Refer
to “Note 22
Offsetting financial assets
and financial liabilities”
in the “Consolidated
financial statements” section
of the UBS
Group
Annual Report 2024 for more information.
5 Reflects the netting potential in accordance with enforceable master netting and similar
arrangements where not all criteria for a net presentation on the balance sheet
have been met. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS
Group Annual Report 2024 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.9.25
Payables
30.9.25
Receivables
30.6.25
Payables
30.6.25
Receivables
31.12.24
Payables
31.12.24
Cash collateral on derivative instruments, based on netting under IFRS Accounting
Standards
1
43.5
33.9
45.5
33.0
44.0
35.5
Further netting potential not recognized on the balance
sheet
2
(26.7)
(15.0)
(29.2)
(17.0)
(28.3)
(21.7)
of which: netting of recognized financial liabilities / assets
(24.9)
(13.3)
(27.3)
(15.0)
(25.9)
(19.3)
of which: netting with collateral received / pledged
(1.7)
(1.7)
(2.0)
(2.0)
(2.4)
(2.4)
Cash collateral on derivative instruments, after consideration of further netting potential
16.9
18.9
16.2
16.0
15.7
13.8
1 Financial assets and liabilities are
presented net on the balance
sheet if UBS has the unconditional
and legally enforceable right to
offset the recognized amounts,
both in the normal course of
business and in the
event of default,
bankruptcy or insolvency
of UBS or
its counterparties,
and intends either
to settle on
a net basis
or to realize
the asset and
settle the liability
simultaneously.
2 Reflects the
netting potential in
accordance with enforceable
master netting and
similar arrangements
where not
all criteria for
a net presentation
on the balance
sheet have been
met. Refer to
“Note 22 Offsetting
financial assets and
financial
liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
81
Note
11
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Debt securities
53,310
52,645
41,585
Loans to financial advisors
2,712
2,682
2,723
Fee- and commission-related receivables
2,897
2,732
2,242
Finance lease receivables
6,790
6,770
5,879
Settlement and clearing accounts
376
458
430
Accrued interest income
2,149
2,171
2,115
Other
1
4,468
4,754
3,862
Total other financial assets measured at amortized cost
72,703
72,211
58,835
1 Predominantly includes cash collateral provided to exchanges and clearing houses to secure securities trading activity through
those counterparties.
b) Other non-financial assets
USD m
30.9.25
30.6.25
31.12.24
Precious metals and other physical commodities
10,928
9,465
7,341
Deposits and collateral provided in connection with litigation,
regulatory and similar matters
1
2,298
2,132
1,946
Prepaid expenses
1,802
1,886
1,679
Current tax assets
1,460
1,412
1,546
VAT,
withholding tax and other tax receivables
1,355
1,013
1,233
Properties and other non-current assets held for sale
371
186
196
Assets of disposal groups held for sale
2
1,705
Other
1,964
1,734
2,119
Total other non-financial assets
20,177
17,829
17,766
1 Refer to Note 14 for more information.
2 Refer to Note 5 for more information about the sale of Select Portfolio Servicing.
c) Other financial liabilities measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Other accrued expenses
2,997
3,015
3,140
Accrued interest expenses
4,632
5,378
5,876
Settlement and clearing accounts
1,692
1,919
1,944
Lease liabilities
4,362
4,433
4,597
Other
3,273
3,613
5,476
Total other financial liabilities measured at amortized cost
16,955
18,358
21,033
d) Other financial liabilities designated at fair value
USD m
30.9.25
30.6.25
31.12.24
Financial liabilities related to unit-linked investment contracts
20,143
19,669
17,203
Securities financing transactions
5,448
4,699
5,798
Over-the-counter debt instruments and other
4,915
5,043
5,698
Total other financial liabilities designated at fair value
30,506
29,410
28,699
e) Other non-financial liabilities
USD m
30.9.25
30.6.25
31.12.24
Compensation-related liabilities
9,424
8,228
9,592
of which: net defined benefit liability
754
818
763
Current tax liabilities
907
1,103
1,671
Deferred tax liabilities
437
383
340
VAT,
withholding tax and other tax payables
1,057
1,029
1,156
Deferred income
680
593
555
Liabilities of disposal groups held for sale
1
1,199
Other
133
129
320
Total other non-financial liabilities
12,638
11,465
14,834
1 Refer to Note 5 for more information about the sale of Select Portfolio Servicing.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
82
Note
12
Debt issued designated at fair value
Debt issued designated at fair value
USD m
30.9.25
30.6.25
31.12.24
Equity-linked
1
58,521
59,645
54,069
Rates-linked
23,878
23,607
23,641
Fixed-rate
12,965
14,180
14,250
Credit-linked
4,299
4,197
5,225
Commodity-linked
3,198
3,140
3,592
Other
9,276
8,752
7,131
of which: debt that contributes to total loss-absorbing capacity
6,417
5,751
4,934
Total debt issued designated at fair value
2
112,137
113,522
107,909
1 Includes investment fund unit-linked instruments issued.
2 As of 30 September 2025, 100% of Total debt issued designated at fair value was unsecured
(30 June 2025: 100%; 31 December 2024: 100%).
Note
13
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Short-term debt
1
28,874
35,299
30,509
Senior unsecured debt
131,124
131,022
133,159
of which: contributes to total loss-absorbing capacity
97,962
93,503
92,515
Covered bonds
12,591
11,432
8,762
Subordinated debt
18,335
17,291
15,030
of which: eligible as high-trigger loss-absorbing additional
tier 1 capital instruments
2
17,919
16,608
13,084
of which: eligible as low-trigger loss-absorbing additional
tier 1 capital instruments
1,245
of which: eligible as non-Basel III-compliant tier 2 capital
instruments
196
207
Debt issued through the Swiss central mortgage institutions
28,994
29,190
26,335
Other long-term debt
469
476
424
Long-term debt
3
191,513
189,411
183,709
Total debt issued measured at amortized cost
4,5
220,386
224,709
214,219
1 Debt with
an original
contractual maturity
of less
than one
year,
includes mainly
certificates of
deposit and
commercial paper.
2 For 30 September
2025, includes
USD 13.0bn (30 June
2025: USD 10.2bn;
31 December 2024: USD 6.9bn) that is, upon the occurrence of a trigger event or a viability event,
subject to conversion into ordinary UBS shares.
3 Debt with an original contractual maturity greater than or equal
to one year. The
classification of debt issued into short-term
and long-term does not consider any early
redemption features.
4 Net of bifurcated embedded derivatives,
the fair value of which was
not material for
the periods presented.
5 Except for Covered bonds (100% secured), Debt issued through the Swiss central mortgage institutions (100% secured) and Other long-term debt (94% secured), 100% of the balance was
unsecured as of 30 September 2025.
Note 14
Provisions and contingent liabilities
a) Provisions and contingent liabilities
The table below presents an overview of
total provisions and contingent liabilities.
Overview of total provisions and contingent liabilities
USD m
30.9.25
30.6.25
31.12.24
Provisions related to expected credit losses (IFRS 9,
Financial Instruments
)
1
393
406
320
Provisions related to Credit Suisse loan commitments (IFRS
3,
Business Combinations
)
479
638
997
Provisions related to litigation, regulatory and similar matters
(IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
3,096
3,450
3,602
Acquisition-related contingent liabilities resulting from
litigation, regulatory and similar matters (IFRS 3,
Business Combinations
)
725
1,479
2,122
Restructuring, real-estate and other provisions (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
1,469
1,493
1,368
Total provisions and contingent liabilities
6,162
7,466
8,409
1 Refer to Note 8c for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
83
Note 14
Provisions and contingent liabilities
(continued)
The table below presents additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and
Contingent Assets
.
Additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2024
3,602
813
240
315
4,969
Balance as of 30 June 2025
3,450
889
257
346
4,943
Increase in provisions recognized in the income statement
420
283
8
67
777
Release of provisions recognized in the income statement
(333)
5
(53)
(1)
(19)
(406)
Provisions used in conformity with designated purpose
(435)
6
(277)
(14)
(13)
(739)
Reclassifications
(2)
7
0
0
0
(2)
Foreign currency translation and other movements
(5)
(5)
1
0
(9)
Balance as of 30 September 2025
3,096
837
250
381
4,564
1 Consists of
provisions for
losses resulting
from legal,
liability and
compliance risks.
2 Includes USD
469m of
personnel-related restructuring
provisions as
of 30 September
2025 (30
June 2025:
USD 518m;
31 December 2024: USD 334m), USD 280m of provisions for onerous contracts related to real estate as of 30 September 2025 (30 June 2025: USD 278m; 31 December 2024: USD 383m) and USD 88m of provisions
for onerous contracts related to technology as of 30 September 2025 (30 June 2025:
USD 93m; 31 December 2024: USD 96m).
3 Mainly includes provisions for reinstatement costs with respect to leased properties.
4 Mainly includes provisions related to employee benefits, VAT and operational risks.
5 Primarily includes the release of provisions regarding the resolution of the legacy matter
related to UBS’s cross-border business
activities in France in the third quarter of 2025 as described in item 1 of section b) of this Note.
6 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third quarter of
2025 as described in item 4 of section b) of this Note.
7 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a
class, is
included in
Note 14b. There
are no
material contingent
liabilities associated
with the
other classes
of
provisions.
b) Litigation, regulatory and similar matters
The Group operates in
a legal and regulatory
environment that exposes it to
significant litigation and similar risks
arising from disputes
and regulatory proceedings. As
a result,
UBS (which for
purposes of this
Note may
refer to
UBS
Group
AG
and/or
one
or
more
of
its
subsidiaries,
as
applicable)
is
involved
in
various
disputes
and
legal
proceedings, including litigation, arbitration,
and regulatory and criminal investigations.
Such matters are subject
to many uncertainties,
and the outcome and the
timing of resolution are
often difficult to
predict,
particularly in
the
earlier
stages
of
a
case.
There
are
also
situations
where
the Group
may
enter into
a
settlement
agreement.
This
may
occur
in
order
to
avoid
the
expense,
management
distraction
or
reputational
implications of
continuing to
contest liability,
even
for those
matters for
which
the Group
believes it
should be
exonerated. The uncertainties inherent in all such matters affect the amount and timing of any potential outflows
for both matters
with respect to
which provisions have
been established and
other contingent liabilities.
The Group
makes
provisions
for
such
matters
brought
against
it
when,
in
the
opinion
of
management
after
seeking legal
advice, it
is more
likely than
not that
the Group
has a
present legal
or constructive obligation
as a
result of
past
events, it
is probable
that an
outflow of
resources will
be required,
and the
amount can
be reliably
estimated. Where
these factors
are
otherwise satisfied,
a
provision may
be
established for
claims that
have
not
yet been
asserted
against the
Group, but
are nevertheless
expected to
be, based
on
the Group’s
experience with
similar asserted
claims.
If
any
of
those
conditions
is
not
met,
such
matters
result
in
contingent
liabilities.
If
the
amount
of
an
obligation cannot
be reliably
estimated, a
liability exists
that is
not recognized
even if
an outflow
of resources
is
probable. Accordingly, no
provision is
established even if
the potential
outflow of resources
with respect
to such
matters could be significant. Developments relating to a matter that occur after the relevant reporting period, but
prior
to
the
issuance
of
financial
statements, which
affect
management’s assessment
of
the
provision
for
such
matter
(because,
for
example,
the
developments provide
evidence of
conditions that
existed
at
the
end
of
the
reporting
period),
are
adjusting
events
after
the
reporting period
under
IAS
10
and
must
be
recognized in
the
financial statements for the reporting period.
Specific litigation, regulatory and other matters are
described below, including all such matters that
management
considers to be material and others that management believes to be of significance to the Group due to potential
financial,
reputational
and
other
effects.
The
amount
of
damages
claimed,
the
size
of
a
transaction
or
other
information is
provided where
available and
appropriate in order
to assist
users in
considering the
magnitude of
potential exposures.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
84
Note 14
Provisions and contingent liabilities
(continued)
In the case of certain matters below, we state that we have established a provision, and for the other matters, we
make no such statement. When we
make this statement and we expect
disclosure of the amount of a provision
to
prejudice seriously our
position with other
parties in the
matter because it
would reveal what
UBS believes to
be
the
probable
and
reliably estimable
outflow, we
do
not
disclose
that amount.
In
some
cases we
are
subject to
confidentiality obligations
that preclude
such disclosure.
With respect
to the
matters for
which we
do not
state
whether we have
established a provision,
either: (a) we
have not established
a provision; or
(b) we have
established
a provision
but expect
disclosure of
that fact
to prejudice
seriously our
position with
other parties
in the
matter
because it would reveal the fact that
UBS believes an outflow of resources to be probable
and reliably estimable.
With respect to certain litigation, regulatory
and similar matters for which we
have established provisions, we are
able to
estimate the expected
timing of outflows.
However, the aggregate
amount of the
expected outflows for
those matters for which we
are able to estimate expected
timing is immaterial relative to
our current and expected
levels of liquidity over the relevant time periods.
The
aggregate
amount
provisioned
for
litigation,
regulatory
and
similar
matters
as
a
class
is
disclosed
in
the
“Provisions” table in Note 14 a) above. UBS provides below
an estimate of the aggregate liability for its litigation,
regulatory and
similar matters
as a
class of
contingent liabilities.
Estimates of
contingent liabilities
are inherently
imprecise and
uncertain as
these
estimates require UBS
to
make speculative
legal assessments
as
to claims
and
proceedings that involve
unique fact patterns
or novel legal
theories, that have
not yet been
initiated or are
at early
stages of
adjudication, or
as to
which
alleged damages
have
not been
quantified by
the claimants.
Taking into
account these uncertainties
and the other factors
described herein, UBS
estimates the future losses
that could arise
from litigation,
regulatory and
similar matters
disclosed below
for which
an estimate
is possible,
that are
not covered
by existing
provisions (including
acquisition-related contingent
liabilities established
under IFRS
3 in connection
with
the acquisition of Credit Suisse), are in the range
of USD 0bn to USD 1.5bn.
Litigation, regulatory
and similar
matters may
also result
in non-monetary
penalties and
consequences. A
guilty plea
to, or conviction of, a crime could have material consequences for UBS. Resolution of regulatory proceedings may
require UBS to obtain waivers of regulatory disqualifications to maintain certain operations, may entitle regulatory
authorities to limit, suspend or terminate
licenses and regulatory authorizations, and may
permit financial market
utilities to
limit, suspend
or terminate
UBS’s participation
in such
utilities. Failure
to obtain
such waivers,
or any
limitation, suspension
or termination
of licenses,
authorizations or
participations, could
have material
consequences
for UBS.
The
amounts
shown
in
the
table
below
reflect
the
provisions
recorded
under
IFRS
Accounting
Standards.
In
connection with
the acquisition
of Credit
Suisse, UBS
Group AG
additionally has
reflected in
its purchase
accounting
under IFRS
3 a
valuation adjustment
reflecting an
estimate of
outflows relating
to contingent
liabilities for
all present
obligations included in
the scope
of the
acquisition at fair
value upon
closing, even
if it
is not
probable that the
contingent
liability
will
result
in
an
outflow
of
resources,
significantly
decreasing
the
recognition
threshold
for
litigation
liabilities
beyond
those
that
generally apply
under
IFRS
Accounting Standards.
The
IFRS
3
acquisition-
related contingent
liabilities of
USD 0.7bn at
30 September
2025 reflect
a decrease
of USD 0.8bn
from 30 June
2025 mainly as a result of releases upon
resolution of the relevant matters.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group Items
UBS Group
Balance as of 31 December 2024
1,271
147
1
266
1,779
139
3,602
Balance as of 30 June 2025
1,415
167
0
308
1,353
207
3,450
Increase in provisions recognized in the income statement
90
0
0
8
321
1
420
Release of provisions recognized in the income statement
(287)
2
(37)
2
0
(3)
(7)
0
(333)
Provisions used in conformity with designated purpose
(17)
0
0
(15)
(393)
3
(10)
(435)
Reclassifications
4
3
0
0
0
(5)
0
(2)
Foreign currency translation and other movements
(4)
(1)
0
(1)
0
0
(5)
Balance as of 30 September 2025
1,201
129
0
298
1,270
198
3,096
1 Provisions, if any, for
the matters described in items 2
and 9 of this Note are recorded
in Global Wealth Management. Provisions,
if any, for the matters
described in items 4, 5, 6, 7,
8, 11 and 12 of this
Note are
recorded in Non-core
and Legacy.
Provisions, if
any, for
the matters described
in item 1
of this Note
are allocated between
Global Wealth
Management, Personal
& Corporate
Banking and Non-core
and Legacy.
Provisions, if any, for the matters described in item 3 of this Note are allocated between the Investment Bank, Non-core
and Legacy and Group Items. Provisions, if any, for the matters described in item 10 of this Note
are allocated between the Investment Bank and Non
-core and Legacy.
2 Primarily includes the release of provisions regarding
the resolution of the legacy matter
related to UBS’s cross-border business
activities in
France in the third quarter of 2025 as described in item 1 of this Note.
3 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third quarter of 2025
as described in item
4 of this Note.
4 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
85
Note 14
Provisions and contingent liabilities
(continued)
- Inquiries regarding cross-border wealth management
businesses
Tax and
regulatory authorities
in a
number of
countries have
made inquiries,
served requests
for information
or
examined
employees
located
in
their
respective
jurisdictions
relating
to
the
cross-border
wealth
management
services provided
by UBS and
other financial institutions.
Credit Suisse offices
in various locations,
including the
UK,
the Netherlands, France and
Belgium, have been contacted
by regulatory and law
enforcement authorities seeking
records and information
concerning investigations
into Credit Suisse’s
historical private banking
services on a
cross-
border basis and
in part through
its local branches
and banks.
The UK and
French aspects
of these issues
have been
closed. UBS is continuing to cooperate with
the authorities.
Since 2013, UBS
(France) S.A., UBS AG
and certain former employees
have been under investigation in
France in
relation to UBS’s cross-border business with French
clients. In connection with this investigation, the investigating
judges ordered UBS AG to provide bail (“
caution
”) of EUR 1.1bn.
In 2019,
the court of
first instance
returned a verdict
finding UBS AG
guilty of
unlawful solicitation of
clients on
French territory and aggravated
laundering of the proceeds
of tax fraud, and UBS
(France) S.A. guilty of aiding
and
abetting unlawful
solicitation and
of laundering
the proceeds
of tax
fraud. The
court imposed
fines aggregating
EUR 3.7bn on UBS AG and UBS (France) S.A. and awarded EUR 800m of civil
damages to the French state. A trial
in the
Paris Court
of Appeal
took place
in March
- In
December 2021,
the Court
of Appeal
found UBS AG
guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud. The court ordered a fine of
EUR
3.75m,
the
confiscation
of
EUR 1bn,
and
awarded
civil
damages
to
the
French
state
of
EUR 800m.
UBS
appealed the decision to the
French Supreme Court. In November
2023, the Supreme Court upheld
the Court of
Appeal’s
decision
regarding
unlawful
solicitation
and
aggravated
laundering
of
the
proceeds
of
tax
fraud,
but
overturned the confiscation of
EUR 1bn, the penalty
of EUR 3.75m and
the EUR 800m of
civil damages awarded
to
the
French
state.
The
case
was
remanded
to
the
Court
of
Appeal
for
a
retrial
regarding
these
overturned
elements. In September 2025, UBS AG resolved the case and agreed to pay a fine of EUR 730m and EUR 105m in
civil damages to the French State.
In May 2014, Credit
Suisse AG entered into
settlement agreements with
the SEC, the Federal
Reserve and the
New
York Department of Financial
Services and agreed with
the US Department of
Justice (the DOJ) to
plead guilty to
conspiring
to
aid
and
assist
US
taxpayers
in
filing
false
tax
returns
(the
2014
Plea
Agreement).
Credit
Suisse
continued to report
to and cooperate
with US authorities
in accordance with its
obligations under the
2014 Plea
Agreement, including by
conducting a review
of cross-border services
provided by Credit
Suisse. In this connection,
Credit Suisse provided
information to US
authorities regarding potentially undeclared US
assets held by
clients at
Credit Suisse
since the
2014 Plea
Agreement. In
May 2025,
Credit Suisse
Services AG
entered into
a plea
agreement
(the 2025 Plea Agreement) with
the DOJ under
which it agreed to
plead guilty to one
count of conspiracy to
aid
and assist in the preparation of false income tax returns relating to legacy Credit Suisse accounts booked
in Credit
Suisse’s Swiss
booking center,
thereby settling
the investigation
into Credit
Suisse’s implementation of
the 2014
Plea Agreement.
In addition,
Credit Suisse
Services AG
entered into
a non-prosecution
agreement with
the DOJ
(the 2025 NPA) relating to
legacy Credit Suisse accounts booked in
Credit Suisse’s Singapore booking center. The
2025
Plea
Agreement
and
the
2025
NPA
provide
for
penalties,
restitution
and
forfeiture
of
USD
511m
in
the
aggregate. The 2025
Plea Agreement
and the 2025
NPA include ongoing
obligations of
UBS to furnish
information
and cooperate with DOJ’s
investigations of legacy Credit
Suisse accounts held by US
persons in its Switzerland and
Singapore booking centers and related accounts
in other booking centers.
Our balance
sheet at
30 September 2025
reflected provisions
in an
amount that
UBS believes
to be
appropriate
under the
applicable accounting
standard. As
in the
case of
other matters
for which
we have
established provisions,
the future outflow of resources in respect of such matters
cannot be determined with certainty based on currently
available information
and accordingly
may ultimately
prove to
be substantially
greater (or
may be
less) than
the
provision that we have recognized.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
86
Note 14
Provisions and contingent liabilities
(continued)
- Madoff
In relation to
the Bernard
L. Madoff Investment
Securities LLC
(BMIS) investment
fraud, UBS AG, UBS
(Luxembourg)
S.A. (now UBS
Europe SE, Luxembourg
branch) and certain
other UBS subsidiaries have
been subject to
inquiries
by a
number of
regulators, including
the Swiss
Financial Market
Supervisory Authority
(FINMA) and
the Luxembourg
Commission de
Surveillance
du Secteur
Financier. Those
inquiries concerned
two third-party
funds established
under
Luxembourg law, substantially all assets of which were with
BMIS, as well as certain funds
established in offshore
jurisdictions with either direct or indirect exposure to BMIS. These funds
faced severe losses, and the Luxembourg
funds are
in liquidation.
The documentation
establishing both
funds identifies
UBS entities
in various
roles, including
custodian,
administrator,
manager,
distributor
and
promoter,
and
indicates
that
UBS
employees
serve
as
board
members.
In 2009 and 2010, the liquidators
of the two Luxembourg funds
filed claims against UBS entities,
non-UBS entities
and
certain
individuals,
including
current
and
former
UBS
employees,
seeking
amounts
totaling
approximately
EUR 2.1bn, which includes
amounts that the
funds may be
held liable to
pay the trustee
for the liquidation
of BMIS
(BMIS Trustee).
A large number of alleged beneficiaries have filed claims
against UBS entities (and non-UBS entities) for purported
losses relating to the Madoff
fraud. The majority of these
cases have been decided in
favor of UBS or dismissed
for
want of prosecution.
In the
US, the
BMIS Trustee
filed claims
against UBS
entities, among
others, in
relation to
the two
Luxembourg
funds and one of
the offshore funds. The
total amount claimed against
all defendants in
these actions was
not less
than USD 2bn. In
2014, the US
Supreme Court rejected
the BMIS Trustee’s
motion for leave
to appeal decisions,
dismissing all
claims against
UBS defendants
except those
for the
recovery of
approximately USD 125m
of payments
alleged to be
fraudulent conveyances
and preference
payments. Similar
claims have
been filed against
Credit Suisse
entities seeking to recover
redemption payments. In
2016, the bankruptcy
court dismissed these
claims against the
UBS entities
and most
of the
Credit Suisse entities.
In 2019, the
Court of Appeals
reversed the dismissal
of the
BMIS
Trustee’s remaining claims. The cases were
remanded to the Bankruptcy Court for further
proceedings.
- Foreign exchange, LIBOR and benchmark rates,
and other trading practices
Foreign-exchange-related regulatory matters:
Beginning in 2013, numerous authorities commenced investigations
concerning possible
manipulation of
foreign exchange
markets and
precious metals
prices. As
a
result
of these
investigations, UBS entered into resolutions with Swiss, US and
UK regulators and the European Commission. UBS
was granted conditional immunity
by the Antitrust Division
of the DOJ
and by authorities
in other jurisdictions
in
connection with potential competition law violations relating to foreign exchange and precious metals
businesses.
In December
2021, the
European Commission
issued a
decision imposing
a fine
of EUR 83.3m
on Credit
Suisse
entities based on findings of anticompetitive practices in the foreign
exchange market. UBS received leniency and
accordingly no fine was assessed.
Credit Suisse appealed the decision to
the European General Court and, in
July
2025, the court issued a judgment reducing
the fine to EUR 28.9m.
The judgment is now final.
Foreign-exchange-related civil litigation:
Putative class actions have been filed since 2013 in US federal courts and
in
other jurisdictions
against UBS,
Credit
Suisse and
other banks
on
behalf of
persons who
engaged in
foreign
currency transactions with any of the defendant banks.
UBS and Credit Suisse have resolved US federal court class
actions relating to foreign currency transactions with the defendant banks and persons who
transacted in foreign
exchange futures
contracts and
options on
such futures.
Certain class
members have
excluded themselves
from
that settlement
and filed
individual actions in
US and
English courts against
UBS, Credit
Suisse and
other banks,
alleging violations of US and European competition laws and unjust enrichment. UBS, Credit Suisse and the other
banks
have
resolved
those individual
matters.
In
addition,
Credit
Suisse
and
UBS,
together
with
other
financial
institutions, were named in
a consolidated putative
class action in
Israel, which made
allegations similar to those
made in
the actions
pursued in
other jurisdictions.
Credit Suisse
and UBS
entered into
agreements to
settle all
claims
in this action in April 2022 and February 2024, respectively. Credit Suisse’s settlement received
court approval and
became final in May 2025. UBS’s settlement
remains subject to court approval.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
87
Note 14
Provisions and contingent liabilities
(continued)
LIBOR and other benchmark-related regulatory
matters:
Numerous government agencies conducted investigations
regarding potential improper attempts by UBS, among others, to manipulate LIBOR and other benchmark rates at
certain
times.
UBS
and
Credit
Suisse
reached
settlements
or
otherwise
concluded
investigations
relating
to
benchmark interest
rates with
the investigating
authorities. UBS
was granted
conditional leniency
or conditional
immunity
from
authorities
in
certain
jurisdictions,
including
the
Antitrust
Division
of
the
DOJ
and
the
Swiss
Competition Commission (WEKO), in
connection with potential
antitrust or competition
law violations related
to
certain rates.
However, UBS
has not
reached a
final settlement
with WEKO,
as the
Secretariat of
WEKO has
asserted
that UBS does not qualify for full immunity.
LIBOR and
other benchmark-related
civil litigation:
A number
of putative
class actions
and other
actions are
pending
in the federal
courts in New
York against UBS
and numerous other banks
on behalf of
parties who transacted in
certain interest rate benchmark-based derivatives. Also
pending in the US
and in other jurisdictions are
a number
of other
actions asserting losses
related to
various products whose
interest rates were
linked to
LIBOR and other
benchmarks, including
adjustable rate
mortgages, preferred
and debt securities,
bonds pledged
as collateral, loans,
depository
accounts,
investments
and
other
interest-bearing
instruments.
The
complaints
allege
manipulation,
through various
means, of
certain benchmark
interest rates,
including USD LIBOR,
Yen LIBOR,
EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory
and other damages under various legal
theories.
USD LIBOR class and individual actions in the
US:
Beginning in 2013, putative class actions
were filed in US federal
district courts
(and subsequently
consolidated in
the US
District Court
for the Southern
District of New
York (SDNY))
by plaintiffs who
engaged in over-the-counter
instruments, exchange-traded
Eurodollar futures and
options, bonds
or
loans
that
referenced
USD LIBOR.
The
complaints
allege
violations
of
antitrust
law
and
the
Commodities
Exchange Act, as well as breach of
contract and unjust enrichment. Following
various rulings by the SDNY and
the
US
Court
of
Appeals
for
the
Second
Circuit
dismissing
certain
of
the
causes
of
action
and
allowing
others
to
proceed, one class action with respect to transactions in over-the-counter
instruments and several actions brought
by individual
plaintiffs proceeded in
the district
court. In
September 2025, the
district court
granted defendants’
motion for
summary judgment
as to all
remaining actions.
UBS and Credit
Suisse previously
entered into
settlement
agreements
in
respect
of
the
class
actions
relating
to
exchange-traded
instruments,
bonds
and
loans.
These
settlements have received final court approval,
and the actions have been dismissed as
to UBS and Credit Suisse.
Other benchmark
class actions
in the
US:
The Yen
LIBOR/Euroyen TIBOR,
EURIBOR and
GBP LIBOR
actions have
been dismissed.
Plaintiffs have
appealed the
dismissals.
In August
2025, the
Second Circuit
affirmed in
part and
reversed in
part the
district court’s dismissal
of the
complaint in
the EURIBOR action,
returning the
action to the
district court.
In
September 2025,
the Second
Circuit affirmed
the dismissal
of the
complaint in
the GBP
LIBOR
action.
In January 2023, defendants
moved to dismiss the
complaint in the CHF
LIBOR action. In 2023,
the court approved
a settlement
by Credit
Suisse of
the claims
against it
in this
matter.
In September
2025, the
court dismissed
the
complaint against the remaining defendants,
including UBS.
Government bonds:
In 2021,
the European
Commission issued
a decision
finding that
UBS and
six other
banks
breached European
Union antitrust
rules between
2007 and
2011 relating
to European
government bonds. The
European Commission
fined UBS
EUR 172m, which
amount was
confirmed on
appeal in
March 2025.
UBS has
appealed to the European Court of Justice.
Credit default
swap auction
litigation –
In June
2021, Credit
Suisse, along
with other
banks and
entities, was
named
in a
putative class action
filed in
federal court in
New Mexico alleging
manipulation of credit default
swap (CDS)
final auction prices.
Defendants filed a
motion to enforce
a previous CDS
class action settlement
in the
SDNY. In
January 2024,
the SDNY
ruled that,
to the
extent claims
in the
New
Mexico action
arise from
conduct prior
to
30 June
2014,
those claims
are
barred
by
the SDNY
settlement.
The
plaintiffs
appealed
and, in
May
2025, the
Second Circuit affirmed the SDNY decision.
With respect
to additional
matters and
jurisdictions not
encompassed by
the settlements
and orders
referred to
above,
UBS’s balance
sheet at
30
September
2025
reflected a
provision
in
an
amount
that
UBS
believes to
be
appropriate under
the applicable
accounting standard.
As in
the case
of other
matters for
which we
have established
provisions, the future outflow
of resources in respect
of such matters
cannot be determined with
certainty based
on currently available information and
accordingly may ultimately prove to be
substantially greater (or may be less)
than the provision that we have recognized.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
88
Note 14
Provisions and contingent liabilities
(continued)
- Mortgage-related matters
Government and
regulatory related
matters
:
DOJ RMBS
settlement
– In January
2017, Credit
Suisse Securities
(USA)
LLC (CSS LLC)
and its current
and former
US subsidiaries
and US affiliates
reached a
settlement with
the DOJ
related
to its
legacy
Residential Mortgage-Backed
Securities (RMBS)
business, a
business conducted
through 2007.
The
settlement resolved potential
civil claims
by the
DOJ related
to certain
of those
Credit Suisse
entities’ packaging,
marketing,
structuring,
arrangement,
underwriting,
issuance
and
sale
of
RMBS.
Pursuant
to
the
terms
of
the
settlement a civil monetary penalty
was paid to the
DOJ in January 2017. The
settlement also required the Credit
Suisse entities
to provide
certain levels
of consumer
relief measures,
including affordable
housing payments
and
loan forgiveness, and the DOJ and
Credit Suisse agreed to the appointment
of an independent monitor to oversee
the completion of
the consumer relief
requirements of the
settlement. In August
2025, CSS
LLC entered into
an
agreement with the DOJ to resolve all of Credit Suisse’s outstanding Consumer Relief Obligations under the 2017
settlement by paying USD 300m.
Civil litigation:
Repurchase litigations
– Credit
Suisse affiliates
are defendants
in various
civil litigation
matters related
to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases currently
include
repurchase
actions
by
RMBS
trusts
and/or
trustees,
in
which
plaintiffs
generally
allege
breached
representations and
warranties
in
respect of
mortgage loans
and
failure
to
repurchase such
mortgage loans
as
required
under
the
applicable
agreements. The
amounts disclosed
below
do
not
reflect
actual
realized
plaintiff
losses to
date. Unless
otherwise stated,
these amounts
reflect
the original
unpaid principal
balance amounts
as
alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant
in New York State court in five actions:
An action brought by Asset
Backed
Securities
Corporation
Home
Equity
Loan
Trust,
Series
2006-HE7
alleges
damages
of
not
less
than
USD 374m.
In
December 2023,
the
court granted
in
part
DLJ’s
motion
to
dismiss, dismissing
with
prejudice all
notice-based
claims;
the
parties
have
appealed.
An
action
by
Home
Equity
Asset
Trust,
Series
2006-8,
alleges
damages of not
less than
USD 436m. An action
by Home
Equity Asset Trust
2007-1 alleges damages
of not
less
than USD 420m. In August 2025, the parties agreed to a settlement to resolve
this litigation for USD 66.39m. The
settlement is subject to court approval. An action by
Home Equity Asset Trust 2007-2 alleges damages of not less
than USD 495m. An action by CSMC Asset-Backed
Trust 2007-NC1 does not allege a damages
amount.
- ATA litigation
Since November 2014, a
series of lawsuits have
been filed against a
number of banks, including
Credit Suisse, in
the US District
Court for the
Eastern District of New
York (EDNY) and the
SDNY alleging claims under
the United
States Anti-Terrorism Act
(ATA) and
the Justice
Against Sponsors
of Terrorism
Act. The
plaintiffs in
each of
these
lawsuits are, or are relatives of, victims of
various terrorist attacks in Iraq and allege
a conspiracy and/or aiding and
abetting based on allegations that various
international financial institutions, including the defendants, agreed to
alter, falsify
or omit
information from payment
messages that involved
Iranian parties for
the express
purpose of
concealing the
Iranian parties’ financial
activities and transactions
from detection
by US
authorities. The lawsuits
allege that
this conduct
has made
it possible
for Iran
to transfer
funds to
Hezbollah and
other terrorist
organizations
actively engaged
in harming
US military
personnel and
civilians. In
January 2023,
the Second
Circuit affirmed
a
September 2019
ruling by
the EDNY
granting defendants’
motion to
dismiss the
first filed
lawsuit. In
October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ
of certiorari, and in September 2025 the EDNY
denied
plaintiffs’
motion
to
vacate
the
judgment.
Of
the
other
seven
cases,
four
are
stayed,
including
one
that
was
dismissed
as
to
Credit
Suisse
and
most
of
the
bank
defendants
prior
to
entry
of
the
stay,
and
in
three
cases
defendants moved to dismiss plaintiffs’ amended
complaints.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
89
Note 14
Provisions and contingent liabilities
(continued)
- Customer account matters
Several
clients
have
claimed
that
a
former
relationship
manager
in
Switzerland
had
exceeded
his
investment
authority
in
the
management of
their
portfolios, resulting
in
excessive
concentrations of
certain
exposures and
investment losses. Credit
Suisse AG has
investigated the claims,
as well as
transactions among the
clients. Credit
Suisse AG filed a criminal complaint against the former relationship manager with
the Geneva Prosecutor’s Office
upon which the
prosecutor initiated
a criminal investigation.
Several clients of
the former relationship
manager also
filed criminal complaints with the
Geneva Prosecutor’s Office. In February 2018,
the former relationship manager
was sentenced to five years
in prison by the Geneva criminal
court for fraud, forgery
and criminal mismanagement
and ordered
to pay
damages of
approximately USD 130m. On
appeal, the Criminal
Court of
Appeals of
Geneva
and, subsequently, the Swiss Federal Supreme
Court upheld the main findings of the
Geneva criminal court.
Civil lawsuits have
been initiated against Credit
Suisse AG and
/ or certain
affiliates in various jurisdictions,
based
on the findings established in the criminal
proceedings against the former relationship
manager.
In Singapore, in a
now-concluded civil lawsuit,
Credit Suisse Trust
Limited was ordered
to pay USD 461m,
including
interest and costs.
In Bermuda, in the civil
lawsuit brought against Credit Suisse Life
(Bermuda) Ltd., the Supreme Court of Bermuda
issued a judgment awarding damages of USD 607.35m to the plaintiff. Credit Suisse Life (Bermuda)
Ltd. appealed
the
decision.
In
June
2023,
the
Bermuda
Court
of
Appeal
confirmed
the
award
and
the
Supreme
Court
of
Bermuda’s
finding
that
Credit
Suisse
Life
(Bermuda)
Ltd.
breached
its
contractual
and
fiduciary
duties,
but
overturned the finding that Credit Suisse Life (Bermuda) Ltd. made fraudulent misrepresentations. In March 2024,
Credit Suisse Life (Bermuda) Ltd. was granted leave to appeal the judgment to the Judicial Committee of the Privy
Council and a hearing on
the appeal was held in
June 2025. The Bermuda Court of Appeal
also ordered that the
current
stay
continue
pending
determination
of
the
appeal
on
the
condition
that
the
damages
awarded,
plus
interest calculated at the Bermuda statutory
rate of 3.5%, remain in the escrow
account.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG in the
Court of First Instance
of Geneva since March 2023.
- Mozambique matter
Credit
Suisse
was
subject
to
investigations by
regulatory and
enforcement authorities,
as
well
as
civil
litigation,
regarding certain
Credit Suisse
entities’ arrangement
of loan financing
to Mozambique
state enterprises,
Proindicus
S.A. and Empresa Moçambicana de
Atum S.A. (EMATUM), a distribution
to private investors of loan
participation
notes (LPN)
related to
the EMATUM
financing in
September 2013, and
certain Credit
Suisse entities’ subsequent
role in arranging the exchange
of those LPNs for Eurobonds
issued by the Republic of
Mozambique. In 2019,
three
former Credit Suisse employees pleaded guilty in the EDNY to accepting improper personal benefits in connection
with financing transactions carried out with
two Mozambique state enterprises.
In
October 2021,
Credit
Suisse reached
settlements with
the DOJ,
the US
Securities and
Exchange Commission
(SEC), the
UK Financial
Conduct Authority
(FCA) and
FINMA to
resolve inquiries
by these
agencies, including
findings
that Credit
Suisse failed
to appropriately
organize and
conduct its
business with
due skill
and care,
and manage
risks. Credit
Suisse Group
AG entered
into a
three-year Deferred
Prosecution Agreement
(DPA) with
the DOJ
in
connection with the criminal information
charging Credit Suisse Group AG
with conspiracy to commit wire
fraud
and Credit
Suisse Securities
(Europe) Limited
(CSSEL) entered
into a
Plea Agreement
and pleaded
guilty to
one count
of conspiracy to
violate the US
federal wire fraud
statute. Under the
terms of the
DPA, UBS Group
AG (as successor
to Credit Suisse Group
AG) continued compliance enhancement and remediation efforts agreed
by Credit Suisse,
and undertake additional measures as
outlined in the DPA.
In January 2025, as
permitted under the terms of
the
DPA, the DOJ elected to extend the term of
the DPA until January 2026.
- ETN-related litigation
XIV litigation:
Since March 2018, three class action complaints
were filed in the SDNY on behalf of
a putative class
of
purchasers of
VelocityShares Daily
Inverse
VIX Short-Term Exchange
Traded Notes
linked
to
the
S&P
500
VIX
Short-Term Futures
Index (XIV
ETNs). The
complaints have
been consolidated
and asserts
claims against
Credit Suisse
for violations of various anti-fraud and
anti-manipulation provisions of US securities laws arising from
a decline in
the value
of XIV
ETNs in
February 2018. On
appeal from
an order
of the
SDNY dismissing all
claims, the
Second
Circuit issued an order that reinstated a portion of the claims.
In decisions in March 2023 and February 2025, the
court granted class certification for two of the three classes proposed by plaintiffs and denied class certification of
the third proposed class.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
90
Note 14
Provisions and contingent liabilities
(continued)
- Bulgarian former clients matter
In December 2020, the Swiss Office
of the Attorney General brought charges against Credit
Suisse AG and other
parties concerning the diligence and controls applied to a historical relationship with Bulgarian former
clients who
are
alleged to
have laundered
funds through
Credit Suisse
AG accounts.
In
June 2022,
following a
trial, Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certain historical organizational
inadequacies in its
anti-money-laundering framework
and ordered to pay
a fine of CHF 2m. In
addition, the court seized
certain client
assets in the amount of approximately CHF 12m
and ordered Credit Suisse AG to pay a
compensatory claim in the
amount of approximately
CHF 19m. Credit Suisse
AG appealed the decision
to the Swiss Federal
Court of Appeals.
Following the
merger of
UBS AG
and Credit
Suisse AG,
UBS AG
confirmed the
appeal. In
November 2024,
the
court issued a judgment that
acquitted UBS AG and annulled
the fine and compensatory claim
ordered by the first
instance court.
In February
2025, the
court affirmed
the acquittal
of UBS
AG, and
the Office
of the
Attorney General
has appealed
the judgment
to the
Swiss Federal
Supreme Court.
UBS has
also appealed,
limited to
the issue
whether
a successor
entity by
merger can
be criminally
liable for
acts of
the predecessor
entity. In
July 2025,
the Swiss
Federal
Supreme Court
granted the
appeal filed
by the
Office of
the Attorney
General and
ruled that
the Swiss
Federal
Court of
Appeals released
its judgment
without proper
reasoning. The
case was
remanded to
the Swiss
Federal
Court of Appeals to deliver a full and reasoned
judgment.
- Archegos
Credit
Suisse
and
UBS
have
received
requests
for
documents
and
information
in
connection
with
inquiries,
investigations
and/or
actions
relating
to
their
relationships
with
Archegos
Capital
Management
(Archegos),
including from FINMA
(assisted by a
third party appointed
by FINMA), the
DOJ, the SEC,
the US Federal
Reserve,
the
US
Commodity
Futures
Trading
Commission
(CFTC),
the
US
Senate
Banking
Committee,
the
Prudential
Regulation Authority (PRA),
the FCA,
the WEKO,
the Hong
Kong Competition Commission
and other
regulatory
and governmental agencies. UBS is cooperating with the authorities in these matters.
In July 2023, CSI and CSSEL
entered into a settlement agreement with
the PRA providing for the
resolution of the PRA’s investigation. Also
in
July 2023, FINMA
issued a
decree ordering remedial
measures and the
Federal Reserve Board
issued an Order
to
Cease and Desist. Under the terms of the order,
Credit Suisse paid a civil money penalty and agreed to
undertake
certain remedial
measures relating
to counterparty
credit risk
management, liquidity
risk management
and non-
financial risk management, as well as enhancements to board oversight and governance. UBS Group,
as the legal
successor to Credit Suisse Group AG,
is a party to
the FINMA decree and Federal Reserve Board
Cease and Desist
Order.
Civil
actions
relating
to
Credit
Suisse’s
relationship with
Archegos
have
been
filed
against
Credit
Suisse
and/or
certain officers and directors, including
claims for breaches of fiduciary
duties. In one such case, the parties
agreed
in July 2025 to
a settlement of USD 115m.
Because the action was brought by
shareholders on behalf of and
for
the benefit of
Credit Suisse, after deducting
any Court-awarded attorneys’ fees and
expenses and any applicable
taxes, the
cash recovery
for the
settlement will
go to
UBS, as
successor to
Credit Suisse,
and will
result in
a net
recovery for UBS.
- Credit Suisse financial disclosures
Credit Suisse
Group AG
and certain
directors, officers and
executives have
been named
in securities
class action
complaints pending in the SDNY and New Jersey federal court. These complaints, filed on behalf
of purchasers of
Credit Suisse shares, additional
tier 1 capital notes, and other securities in 2023 and 2024, allege that defendants
made
misleading
statements regarding:
(i) customer outflows
in
late
2022
and
early
2023;
(ii) the
adequacy
of
Credit Suisse’s
financial reporting
controls; and
(iii) the adequacy
of Credit
Suisse’s risk
management processes,
and
include
allegations
relating
to
Credit
Suisse
Group AG’s
merger
with
UBS
Group AG.
In
July
2025,
the
SDNY
certified the class
in one case,
and, in another
case, brought
on behalf
of a second
class, granted
in part and
denied
in part a motion to dismiss.
Credit Suisse has received requests for documents and information from regulatory and governmental agencies in
connection with inquiries,
investigations and/or actions
relating to
these matters, as
well as
for other statements
regarding Credit Suisse’s financial condition,
including from the SEC, the DOJ
and FINMA. UBS is cooperating with
the authorities in these matters.
UBS Group third
quarter 2025
report |
Consolidated
financial statements
| Notes to the
UBS Group AG
interim consolidated
financial
statements (unaudited)
91
Note 14
Provisions and contingent liabilities
(continued)
- Merger-related litigation
Certain Credit
Suisse Group AG
affiliates and certain
directors, officers
and executives have
been named in
class
action complaints pending
in the
SDNY. One complaint,
brought on
behalf of Credit
Suisse shareholders, alleges
breaches of fiduciary duty under Swiss law and civil RICO
claims under US federal law. In February 2024,
the court
granted
defendants’
motions
to
dismiss
the
civil
RICO
claims
and
conditionally
dismissed
the
Swiss
law
claims
pending defendants’ acceptance of
jurisdiction in Switzerland. In
March 2024, having
received consents to
Swiss
jurisdiction from all defendants served with the complaint, the court
dismissed the Swiss law claims against those
defendants. Additional
complaints, brought
on behalf
of holders
of Credit
Suisse additional
tier 1 capital
notes (AT1
noteholders) allege breaches of
fiduciary duty under
Swiss law, arising
from a series
of scandals and
misconduct,
which
led
to
Credit
Suisse
Group
AG’s
merger
with
UBS
Group
AG,
causing
losses
to
shareholders
and
AT1
noteholders. Motions to dismiss these complaints were granted in March 2024 and
September 2024 on the basis
that Switzerland
is the
most appropriate
forum for
litigation. Plaintiffs
in two
of these
cases have
appealed the
dismissal.
UBS Group third quarter 2025 report |
Significant regulated subsidiary and
sub-group information
92
Significant regulated subsidiary
and sub-group information
Unaudited
Financial and
regulatory key
figures for our
significant regulated
subsidiaries
and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
USD
CHF
EUR
USD
Financial and regulatory requirements
IFRS Accounting Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
1
30.9.25
30.6.25
Financial information
2
Income statement
Total operating income
3
12,333
11,483
4,218
9,269
4
2,850
2,756
4
355
354
4,435
4,159
Total operating expenses
10,826
10,621
3,356
3,610
2,374
2,236
308
340
3,575
4,126
Operating profit / (loss) before tax
1,507
862
862
5,659
475
520
47
14
860
32
Net profit / (loss)
1,294
1,198
828
5,683
378
441
56
(2)
788
547
Balance sheet
Total assets
1,633,877
1,671,814
960,675
1,003,436
517,385
518,866
53,576
61,063
207,886
205,747
Total liabilities
1,538,283
1,576,960
870,974
914,230
493,711
495,612
49,446
56,975
179,664
178,268
Total equity
95,594
94,854
89,701
89,206
23,674
23,254
4,131
4,088
28,221
27,479
Capital
5
Common equity tier 1 capital
71,460
69,829
73,384
73,178
21,527
21,470
2,973
2,995
17,161
16,152
Additional tier 1 capital
19,964
18,656
19,964
18,656
7,993
7,994
600
600
2,823
2,822
Total going concern capital / Tier 1 capital
91,425
88,485
93,349
91,834
29,520
29,463
3,573
3,595
19,984
18,974
Tier 2 capital
0
196
0
193
201
190
Total capital
3,573
3,595
20,185
19,164
Total gone concern loss-absorbing capacity
98,452
93,502
98,452
93,499
19,151
19,148
2,506
6
2,505
6
7,800
7
7,800
7
Total loss-absorbing capacity
189,876
181,987
191,800
185,333
48,671
48,611
6,079
6,100
27,784
7
26,774
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
502,425
498,327
517,929
516,479
168,223
168,701
15,938
14,625
81,477
77,244
Leverage ratio denominator
1,642,843
1,660,097
952,112
964,000
547,805
549,690
55,776
61,706
195,030
199,196
Supplementary leverage ratio denominator
229,768
231,603
Capital and leverage ratios (%)
5
Common equity tier 1 capital ratio
14.2
14.0
14.2
8
14.2
12.8
12.7
18.7
20.5
21.1
20.9
Going concern capital ratio / Tier 1 capital ratio
18.2
17.8
18.0
17.8
17.5
17.5
22.4
24.6
24.5
24.6
Total capital ratio
22.4
24.6
24.8
24.8
Total loss-absorbing capacity ratio
37.8
36.5
28.9
28.8
38.1
41.7
34.1
34.7
Tier 1 leverage ratio
6.4
5.8
10.2
9.5
Supplementary tier 1 leverage ratio
8.7
8.2
Going concern leverage ratio
5.6
5.3
9.8
9.5
5.4
5.4
Total loss-absorbing capacity leverage ratio
11.6
11.0
8.9
8.8
10.9
9.9
14.2
13.4
Gone concern capital coverage ratio
125.4
118.2
Liquidity coverage ratio
5
High-quality liquid assets (bn)
346.7
358.9
162.5
177.4
116.4
111.9
21.4
20.0
27.5
29.0
Net cash outflows (bn)
193.8
200.1
67.6
75.7
83.0
81.1
15.2
14.5
21.4
22.6
Liquidity coverage ratio (%)
179.0
179.4
240.9
9
235.5
140.4
10
138.1
141.5
138.9
128.7
127.9
Net stable funding ratio
5
Total available stable funding (bn)
887.4
892.4
419.0
421.3
351.3
354.6
19.3
17.8
102.2
104.9
Total required stable funding (bn)
748.3
738.1
435.6
435.5
278.8
275.9
14.2
13.7
79.4
79.0
Net stable funding ratio (%)
118.6
120.9
96.2
11
96.7
126.0
11
128.6
135.8
130.0
128.6
132.8
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
12
2.4
2.6
1 Comparative figures have
been restated to align
with the regulatory reports as
submitted to the European
Central Bank (the ECB).
2 The financial information
disclosed does not represent
a full set of financial
statements under the
respective GAAP /
IFRS Accounting Standards.
3 The total
operating income includes
credit loss expense
or release.
4 UBS decided
to consolidate the
Wealth Management International
business and the Global Financial Intermediaries business booked
in Switzerland in UBS AG to further
optimize Group legal and operational structures and
to address regulatory considerations. In the
second quarter
of 2025, the beneficial
ownership of the respective heritage
UBS businesses booked in
UBS Switzerland AG was
transferred from UBS Switzerland
AG to UBS AG,
with effect from 1 January
- The transfer
was
made in the form of a dividend in
kind amounting to USD 126m (CHF 100m), reflecting
the net asset value of the
business in scope. UBS Switzerland
AG will continue to manage the
businesses under a contractual
relationship with UBS
AG until the
completion of the
legal transfer,
which is expected
to take
place in 2028,
and will continue
to recognize the
underlying Wealth Management
International and Global
Financial
Intermediaries assets and liabilities until then. UBS AG’s
share of the net profits of USD 368m (CHF 292m) for
the first half of 2025 is reflected in Fee
and commission income for UBS AG and in Fee
and commission
expense for UBS Switzerland
AG, both within
Operating income.
5 Refer to the UBS
Group and significant regulated
subsidiaries and sub-groups 30 September
2025 Pillar 3 Report, which
will be available
as of
4 November 2025 under “Pillar
3 disclosures” at ubs.com/investors,
for more information.
6 Consists of positions that
meet the conditions laid down
in Art. 72a–b of the
Capital Requirements Regulation II with
regard to contractual, structural or legal subordination.
7 Consists of eligible long-term debt that meets
the conditions specified in 12 CFR § 252.162 of
the final total loss-absorbing capacity (TLAC)
rules. TLAC is
the sum of tier 1 capital and eligible long-term debt.
8 On a standalone basis as of 30 September 2025, UBS AG’s
phase-in CET1 capital ratio was 14.2%, based
on risk weights of 235% and 340% for Swiss and
foreign participations, respectively. As per current rules, these risk weights will increase to 250% and 400% for Swiss and foreign participations,
respectively, in a phased manner until 1 January 2028, contributing to
UBS AG’s
fully applied CET1
capital ratio of
13.3%.
9 In the third quarter
of 2025, the
liquidity coverage ratio
(the LCR) of
UBS AG was
240.9%, remaining above
the prudential requirement
communicated by
FINMA.
10 In the third
quarter of 2025,
the LCR of UBS Switzerland AG,
which is a
Swiss SRB, was
140.4%, remaining above
the prudential requirement
communicated by FINMA
in connection with
the Swiss
Emergency Plan.
11 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of
UBS Switzerland AG
and 100%
after taking
into account
such excess
funding.
12 Under
certain circumstances,
the Swiss
Banking Act
and FINMA’s
Banking Insolvency
Ordinance authorize
FINMA to
modify,
extinguish or convert to
common equity liabilities of a
bank in connection with
a resolution or insolvency of
such bank. As of 30 September
2025, the amount consists
of a joint and
several liability of UBS Switzerland AG
for contractual obligations
of UBS AG
related to the
establishment of UBS
Switzerland AG
(CHF 1.9bn), and
a joint and
several liability
of UBS Switzerland AG
in connection with
the international covered
bonds
program of UBS AG (CHF 0.5bn) which was fully collateralized through cash deposits from
UBS AG.
UBS Group third quarter 2025 report |
Significant regulated subsidiary and
sub-group information
93
UBS Group AG
is
a
holding
company
and
conducts
substantially
all
of
its
operations
through
UBS AG
and
subsidiaries thereof. UBS Group AG and
UBS AG have contributed a
significant portion of
their respective capital
and provide substantial
liquidity to such
subsidiaries. Many of
these subsidiaries are
subject to regulations
requiring
compliance
with
minimum
capital,
liquidity
and
similar
requirements.
The
tables
in
this
section
summarize
the
regulatory
capital
components
and
capital
ratios
of
our
significant
regulated
subsidiaries
and
sub-groups
determined under the regulatory framework of
each subsidiary’s or sub-group’s home jurisdiction.
Supervisory authorities generally have discretion to impose higher requirements or
to otherwise limit the activities
of subsidiaries. Supervisory
authorities also may
require entities to
measure capital
and leverage ratios
on a stressed
basis and may limit
the ability of
an entity to engage
in new activities or
take capital actions
based on the results
of
those tests.
In August
2025, the
Federal Reserve
Board reduced
the stress
capital buffer
(the SCB)
of UBS
Americas Holding
LLC, our US-based
intermediate holding
company, to
5.2%, from 9.3%,
applicable from
1 October 2025
under the
Federal Reserve Board’s SCB rule, resulting in
a total common equity tier 1
capital requirement of 9.7%. The SCB
is derived from the
results of the Federal
Reserve Board’s 2025
Dodd–Frank Act Stress
Test (DFAST) released
in June
2025.
Additional information
on the
above entities
will be
provided in
the UBS
Group and
significant regulated
subsidiaries
and
sub-groups
30 September
2025
Pillar 3
Report,
which
will
be
available
under
“Pillar 3
disclosures”
at
ubs.com/investors
as of 4 November 2025.
Credit Suisse International
(standalone)
All values in million, except where indicated
USD
Financial and regulatory requirements
IFRS Accounting Standards
UK regulatory rules
As of or for the quarter ended
30.9.25
30.6.25
Financial information
1
Income statement
Total operating income
2
78
56
Total operating expenses
72
107
Operating profit / (loss) before tax
6
(51)
Net profit / (loss)
(66)
(55)
Balance sheet
Total assets
18,785
27,505
Total liabilities
11,992
20,328
Total equity
6,793
7,177
Capital
3
Common equity tier 1 capital
6,768
6,734
Additional tier 1 capital
0
0
Total going concern capital / Tier 1 capital
6,768
6,734
Tier 2 capital
0
0
Total capital
6,768
6,734
Total gone concern loss-absorbing capacity
0
0
Total loss-absorbing capacity
6,768
6,734
Risk-weighted assets and leverage ratio
denominator
3
Risk-weighted assets
5,853
7,046
Leverage ratio denominator
15,386
19,754
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
115.6
95.6
Going concern capital ratio / Tier 1 capital ratio
115.6
95.6
Total capital ratio
115.6
95.6
Total loss-absorbing capacity ratio
115.6
95.6
Tier 1 leverage ratio
44.0
34.1
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
44.0
34.1
Liquidity coverage ratio
3
High-quality liquid assets (bn)
10.3
12.4
Net cash outflows (bn)
3.0
3.5
Liquidity coverage ratio (%)
353.1
361.4
Net stable funding ratio
3
Total available stable funding (bn)
8.0
11.0
Total required stable funding (bn)
2.7
4.2
Net stable funding ratio (%)
310.8
266.1
1 The financial information disclosed does not represent a full set of financial statements under the
respective GAAP / IFRS Accounting Standards.
2 The total operating income includes credit loss expense or release.
3 Refer to the UBS Group and significant
regulated subsidiaries and sub-groups 30 September 2025
Pillar 3 Report, which will be available
as of 4 November 2025 under
“Pillar 3 disclosures” at ubs.com/investors,
for more information.
UBS Group third quarter 2025 report |
Appendix
94
Appendix
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or
future financial performance,
financial position
or cash
flows other
than a
financial measure
defined or
specified in
the applicable
recognized
accounting standards or in
other applicable regulations. A
number of APMs
are reported in
the discussion of
the
financial and operating performance of
the external reports (annual, quarterly
and other reports). APMs
are used
to provide
a more
complete
picture of
operating
performance and
to reflect
management’s
view of
the fundamental
drivers
of
the
business
results. A
definition
of
each
APM,
the
method
used
to
calculate
it
and
the
information
content are presented in alphabetical order
in the table below. These APMs may
qualify as non-GAAP measures as
defined by US Securities and Exchange Commission
(SEC) regulations.
APM label
Calculation
Information content
Cost / income ratio (%)
Calculated as operating expenses divided by
total
revenues.
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance
of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts
of
Amounts due from banks and Loans and advances
to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes
the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided
by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and
nondiscretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as
are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by
average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
Integration-related expenses (USD)
Generally include costs of internal staff
and
contractors substantially dedicated to integration
activities, retention awards, redundancy costs,
incremental expenses from the shortening of useful
lives of property, equipment and software, and
impairment charges relating to these assets.
Classification as integration-related expenses does
not
affect the timing of recognition and measurement of
those expenses or the presentation thereof in the
income statement. Integration-related expenses
incurred by Credit Suisse also included expenses
associated with restructuring programs that existed
prior to the acquisition.
This measure provides information about expenses
that are temporary, incremental and directly related to
the integration of Credit Suisse into UBS.
UBS Group third quarter 2025 report |
Appendix
95
APM label
Calculation
Information content
Invested assets (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management
Calculated as the sum of managed fund
assets,
managed institutional assets, discretionary and
advisory wealth management portfolios, fiduciary
deposits, time deposits, savings accounts,
and wealth
management securities or brokerage accounts.
This measure provides information about the volume
of client assets managed by or deposited with
UBS for
investment purposes.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the price charged for lending and
the cost of funding, relative to loan value.
Net new assets (USD)
– Global Wealth Management
Calculated as the net amount of inflows and
outflows
of invested assets (as defined in UBS policy) recorded
during a specific period, plus interest and dividends.
Excluded from the calculation are movements due to
market performance, foreign exchange translation,
fees, and the effects on invested assets of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of invested assets during a
specific
period as a result of net new asset flows, plus the
effect of interest and dividends.
Net new assets growth rate (%)
– Global Wealth Management
Calculated as the net amount of inflows and
outflows
of invested assets (as defined in UBS policy) recorded
during a specific period (annualized for reporting
periods shorter than 12 months), plus
interest and
dividends, divided by total invested assets
at the
beginning of the period.
This measure provides information about the growth
of invested assets during a specific period
as a result
of net new asset flows.
Net new deposits (USD)
– Global Wealth Management
Calculated as the net amount of inflows and
outflows
of deposits recorded during a specific period. Deposits
include customer deposits and customer brokerage
payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees,
as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of deposits during a specific period
as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating
asset
inflows and outflows, including dividend
and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period.
Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit
markets or
services.
This measure provides information about the
development of fee-generating assets during
a
specific period as a result of net flows, excluding
movements due to market performance and
foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS
to exit
markets or services.
Net new loans (USD)
– Global Wealth Management
Calculated as the net amount of originations,
drawdowns and repayments of loans recorded during
a specific period. Loans include loans and
advances to
customers and customer brokerage receivables.
Excluded from the calculation are allowances,
movements due to fair value measurement and
foreign exchange translation, as well as the
effects on
loans and advances to customers of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of loans during a specific period
as a
result of net new loan flows.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and
outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees,
as
well as the effects on invested assets of strategic
decisions by UBS to exit markets
or services. Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a
specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable
to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying)
(USD)
Calculated by adjusting operating expenses
as
reported in accordance with IFRS Accounting
Standards for items that management believes
are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items
that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes
are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
UBS Group third quarter 2025 report |
Appendix
96
APM label
Calculation
Information content
Pre-tax profit growth (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in net profit before tax
attributable to shareholders from continuing
operations between current and comparison periods
divided by net profit before tax attributable to
shareholders from continuing operations of the
comparison period.
This measure provides information about pre-tax
profit growth since the comparison period.
Pre-tax profit growth (underlying) (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in underlying net
profit
before tax attributable to shareholders from
continuing operations between current and
comparison periods divided by underlying net
profit
before tax attributable to shareholders from
continuing operations of the comparison period.
Underlying net profit before tax attributable to
shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about pre-tax
profit growth since the comparison period, while
excluding items that management believes
are not
representative of the underlying performance of the
businesses.
Recurring net fee income
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as the total of fees for services provided
on
an ongoing basis, such as portfolio management
fees,
asset-based investment fund fees and custody
fees,
which are generated on client assets, and
administrative fees for accounts.
This measure provides information about the amount
of recurring net fee income.
Return on attributed equity (%)
Calculated as business division operating profit before
tax (annualized for reporting periods shorter than
12 months) divided by average attributed
equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity.
Return on common equity tier 1
capital (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity
tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable
to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on tangible equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable
to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
Revenues over leverage ratio
denominator, gross (%)
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by the
average leverage ratio denominator.
This measure provides information about the revenues
of the business in relation to the leverage ratio
denominator.
Tangible book value per share
(USD)
Calculated as equity attributable to shareholders less
goodwill and intangible assets divided by the
number
of shares outstanding.
This measure provides information about tangible net
assets on a per-share basis.
Total book value per share
(USD)
Calculated as equity attributable to shareholders
divided by the number of shares outstanding.
This measure provides information about net assets
on a per-share basis.
Total revenues (underlying)
(USD)
Calculated by adjusting total revenues as reported in
accordance with IFRS Accounting Standards for items
that management believes are not representative of
the underlying performance of the businesses.
This measure provides information about the amount
of total revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Transaction-based income
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as the total of the non-recurring portion
of
net fee and commission income, mainly composed
of
brokerage and transaction-based investment fund
fees, and credit card fees, as well as fees for payment
and foreign-exchange transactions, together with
other net income from financial instruments
measured at fair value through profit or loss.
This measure provides information about the amount
of the non-recurring portion of net fee and
commission income, together with other net
income
from financial instruments measured at fair value
through profit or loss.
Underlying cost / income ratio (%)
Calculated as underlying operating expenses
(as
defined above) divided by underlying total
revenues
(as defined above).
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
Underlying net interest income
(USD)
– Global Wealth Management,
Personal & Corporate Banking
Calculated by adjusting net interest income
as
reported in accordance with IFRS Accounting
Standards for items that management believes
are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
UBS Group third quarter 2025 report |
Appendix
97
APM label
Calculation
Information content
Underlying net profit growth (%)
Calculated as the change in underlying net
profit
attributable to shareholders from continuing
operations between current and comparison periods
divided by underlying net profit attributable to
shareholders from continuing operations of the
comparison period. Underlying net profit attributable
to shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about profit
growth since the comparison period, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Underlying return on attributed equity
(%)
Calculated as underlying business division
operating
profit before tax (annualized for reporting periods
shorter than 12 months) (as defined above)
divided by
average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Underlying return on common equity
tier 1 capital (%)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average common
equity
tier 1 capital. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Underlying return on tangible equity
(%)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average equity
attributable to shareholders less average goodwill
and
intangible assets. Underlying net profit attributable
to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to tangible
equity, while excluding items that management
believes are not representative of the underlying
performance of the businesses.
This is
a general list
of the APMs
used in our
financial reporting. Not
all of
the APMs listed
above may appear
in
this particular report.
Information related to underlying return on common equity tier 1 capital (RoCET1) and underlying return on tangible
equity (%)
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.9.24
Underlying operating profit / (loss) before tax
3,590
2,683
1,768
2,386
8,858
7,063
Underlying tax expense / (benefit)
576
(45)
456
619
1,118
1,706
Net profit / (loss) attributable to non-controlling interests
6
7
9
3
24
51
Underlying net profit / (loss) attributable to shareholders
3,008
2,720
1,303
1,763
7,717
5,306
Underlying net profit / (loss) attributable to shareholders
1
12,032
10,880
5,211
7,054
10,289
7,075
Tangible equity
82,916
82,254
78,192
79,976
82,916
79,976
Average tangible equity
82,585
81,265
79,084
78,173
81,028
77,602
CET1 capital
74,655
72,709
71,367
74,213
74,655
74,213
Average CET1 capital
73,682
70,931
72,790
75,158
71,624
76,625
Underlying return on tangible equity (%)
1
14.6
13.4
6.6
9.0
12.7
9.1
Underlying return on common equity tier 1 capital (%)
1
16.3
15.3
7.2
9.4
14.4
9.2
1 Annualized for reporting periods shorter than 12 months.
UBS Group third quarter 2025 report |
Appendix
98
Abbreviations frequently used in our financial reports
A
ABS
asset-backed securities
AG
Aktiengesellschaft
AGM
Annual General Meeting of
shareholders
AI
artificial intelligence
A-IRB
advanced internal ratings-
based
ALCO
Asset and Liability
Committee
AMA
advanced measurement
approach
AML
anti-money laundering
AoA
Articles of Association
APM
alternative performance
measure
ARR
alternative reference rate
ARS
auction rate securities
ASF
available stable funding
AT1
additional tier 1
AuM
assets under management
B
BCBS
Basel Committee on
Banking Supervision
BIS
Bank for International
Settlements
BoD
Board of Directors
C
CAO
Capital Adequacy
Ordinance
CCAR
Comprehensive Capital
Analysis and Review
CCF
credit conversion factor
CCP
central counterparty
CCR
counterparty credit risk
CCRC
Corporate Culture and
Responsibility Committee
CDS
credit default swap
CEO
Chief Executive Officer
CET1
common equity tier 1
CFO
Chief Financial Officer
CGU
cash-generating unit
CHF
Swiss franc
CIO
Chief Investment Office
C&ORC
Compliance & Operational
Risk Control
CRM
credit risk mitigation
CRO
Chief Risk Officer
CST
combined stress test
CUSIP
Committee on Uniform
Security Identification
Procedures
CVA
credit valuation adjustment
D
DBO
defined benefit obligation
DCCP
Deferred Contingent
Capital Plan
DFAST
Dodd–Frank Act Stress Test
DisO-FINMA
FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM
discount margin
DOJ
US Department of Justice
DTA
deferred tax asset
DVA
debit valuation adjustment
E
EAD
exposure at default
EB
Executive Board
EC
European Commission
ECB
European Central Bank
ECL
expected credit loss
EGM
Extraordinary General
Meeting of shareholders
EIR
effective interest rate
EL
expected loss
EMEA
Europe, Middle East and
Africa
EOP
Equity Ownership Plan
EPS
earnings per share
ESG
environmental, social and
governance
ETD
exchange-traded derivatives
ETF
exchange-traded fund
EU
European Union
EUR
euro
EURIBOR
Euro Interbank Offered Rate
EVE
economic value of equity
EY
Ernst & Young Ltd
F
FCA
UK Financial Conduct
Authority
FDIC
Federal Deposit Insurance
Corporation
FINMA
Swiss Financial Market
Supervisory Authority
FMIA
Swiss Financial Market
Infrastructure Act
FRTB
Fundamental Review of the
Trading Book
FSB
Financial Stability Board
FTA
Swiss Federal Tax
Administration
FVA
funding valuation
adjustment
FVOCI
fair value through other
comprehensive income
FVTPL
fair value through profit or
loss
FX
foreign exchange
G
GAAP
generally accepted
accounting principles
GBP
pound sterling
GCRG
Group Compliance,
Regulatory and Governance
GDP
gross domestic product
GEB
Group Executive Board
GHG
greenhouse gas
GIA
Group Internal Audit
GRI
Global Reporting Initiative
G-SIB
global systemically
important bank
H
HQLA
high-quality liquid assets
I
IA
Internal Audit
IAS
International Accounting
Standards
IASB
International Accounting
Standards Board
IBOR
interbank offered rate
IFRIC
International Financial
Reporting Interpretations
Committee
IFRS
accounting standards
Accounting
issued by the IASB
Standards
IRB
internal ratings-based
IRRBB
interest rate risk in the
banking book
ISDA
International Swaps and
Derivatives Association
ISIN
International Securities
Identification Number
UBS Group third quarter 2025 report |
Appendix
99
Abbreviations frequently used in our financial reports (continued)
K
KRT
Key Risk Taker
L
LAS
liquidity-adjusted stress
LCR
liquidity coverage ratio
LGD
loss given default
LIBOR
London Interbank Offered
Rate
LLC
limited liability company
LoD
lines of defense
LRD
leverage ratio denominator
LTIP
Long-Term
Incentive Plan
LTV
loan-to-value
M
M&A
mergers and acquisitions
MRT
Material Risk Taker
N
NII
net interest income
NSFR
net stable funding ratio
NYSE
New York Stock Exchange
O
OCA
own credit adjustment
OCI
other comprehensive
income
OECD
Organisation for Economic
Co-operation and
Development
OTC
over-the-counter
P
PCI
purchased credit impaired
PD
probability of default
PIT
point in time
PPA
purchase price allocation
Q
QCCP
qualifying central
counterparty
R
RBC
risk-based capital
RbM
risk-based monitoring
REIT
real estate investment trust
RMBS
residential mortgage-
backed securities
RniV
risks not in VaR
RoCET1
return on CET1 capital
RoU
right-of-use
rTSR
relative total shareholder
return
RWA
risk-weighted assets
S
SA
standardized approach or
société anonyme
SA-CCR
standardized approach for
counterparty credit risk
SAR
Special Administrative
Region of the People’s
Republic of China
SDG
Sustainable Development
Goal
SEC
US Securities and Exchange
Commission
SFT
securities financing
transaction
SIBOR
Singapore Interbank
Offered Rate
SICR
significant increase in credit
risk
SIX
SIX Swiss Exchange
SME
small and medium-sized
entities
SMF
Senior Management
Function
SNB
Swiss National Bank
SOR
Singapore Swap Offer Rate
SPPI
solely payments of principal
and interest
SRB
systemically relevant bank
SVaR
stressed value-at-risk
T
TBTF
too big to fail
TCFD
Task
Force on Climate-
related Financial Disclosures
TIBOR
Tokyo
Interbank Offered
Rate
TLAC
total loss-absorbing capacity
TTC
through the cycle
U
USD
US dollar
V
VaR
value-at-risk
VAT
value added tax
This is a
general list of
the abbreviations
frequently used
in our financial
reporting. Not
all of the
listed abbreviations
may appear in this particular report.
UBS Group third quarter 2025 report |
Appendix
100
Information sources
Reporting publications
Annual publications
UBS
Group
Annual
Report
:
Published
in
English,
this
report
provides
descriptions
of:
the
Group
strategy
and
performance; the
strategy and
performance of
the business divisions
and Group functions;
risk, treasury
and capital
management; corporate
governance;
the compensation
framework, including
information about
compensation for
the Board of Directors and the Group Executive Board members; and financial information, including the financial
statements.
“Auszug aus
dem Geschäftsbericht
”: This publication
provides a German
translation of
selected sections
of the UBS
Group Annual Report.
Compensation
Report
:
This
report
discusses
the
compensation
framework
and
provides
information
about
compensation for
the Board
of Directors
and the
Group Executive
Board members.
It is
available in
English and
German (
“Vergütungsbericht
”) and represents a component of the UBS
Group Annual Report.
Sustainability Report
: Published
in English,
the Sustainability Report
provides disclosures on
environmental, social
and governance topics related to the UBS Group.
It also provides certain disclosures related to diversity,
equity and
inclusion.
Quarterly publications
Quarterly financial report
: This report provides an
update on performance and strategy (where
applicable) for the
respective quarter. It is available in English.
The annual
and quarterly
publications
are available
in .pdf and
online formats
at
ubs.com/investors
, under
“Financial
information”.
Printed copies, in any language, of the aforementioned
annual publications are no longer provided.
Other information
Website
The “Investor
Relations” website
at
ubs.com/investors
provides the
following information
about UBS:
results-related
news
releases;
financial
information,
including
results-related
filings
with
the
US
Securities
and
Exchange
Commission
(the
SEC);
information
for
shareholders,
including
UBS
dividend
and
share
repurchase
program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly
results
presentations
are
webcast
live.
Recordings
of
most
presentations
can
be
downloaded
from
ubs.com/presentations
.
Messaging service
alerts
to
news
about
UBS
can
be
subscribed
for
under
“UBS
News
Alert”
at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US
Securities and Exchange Commission
UBS files periodic
reports with
and submits
other information
to the
SEC. Principal
among these
filings is the
annual
report on Form 20-F,
filed pursuant to
the US Securities
Exchange Act of 1934.
The filing of
Form 20-F is structured
as a wraparound document. Most sections of the filing can be
satisfied by referring to the UBS Group AG Annual
Report. However, there is
a small amount
of additional information in
Form 20-F that is
not presented elsewhere
and is particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with
the SEC is available on the
SEC’s website:
sec.gov
. Refer to
ubs.com/investors
for more
information.
UBS Group third quarter 2025 report |
Appendix
101
Cautionary statement
regarding forward-looking statements
|
This report 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.
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,
the global
economy may
suffer
significant adverse
effects from
increasing political
tensions between
world powers,
changes to
international trade policies, including
those related
to tariffs and
trade barriers, and
evolving conditions in
the Middle East,
as well as
the continuing Russia–
Ukraine war. 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 continue through 2026 and presents
significant operational and execution
risk,
including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction,
that it may incur higher costs
to execute the integration
of Credit Suisse and that
the acquired business may
have greater risks or liabilities,
including those related to
litigation, than expected.
Following the failure of
Credit Suisse, Switzerland is
considering significant changes to its
capital, resolution and regulatory
regime, which, if adopted,
would
significantly increase our capital requirements or impose other costs on UBS. These factors create 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 any potential changes to banking examination and oversight practices
and standards as a result of
executive branch orders
or staff interpretations
of law in
the US; (iii) 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,
residential
and
commercial
real
estate
markets,
general
economic
conditions,
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, as
well as
availability and
cost of
funding,
including as
affected by the
marketability
of a
current additional tier
one debt instrument,
to meet requirements
for debt eligible
for total loss-absorbing capacity
(TLAC); (vi) changes in
and potential
divergence between 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
including heightened
requirements and expectations
due to its
acquisition of the
Credit Suisse Group; (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
the 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,
including litigation
it has
inherited by
virtue of
the acquisition
of Credit
Suisse, 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; (xiii) 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; (xiv) 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; (xv) UBS’s
ability to
implement new technologies
and business methods,
including digital
services, artificial intelligence and other 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; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and
modeling, and
of
financial models
generally; (xvii) 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 persistently high levels of cyberattack threats;
(xviii) restrictions on the ability
of UBS Group AG, UBS AG and regulated
subsidiaries of 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;
(xix) 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; (xx) 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 increasing divergence
among regulatory regimes;
(xxi) the ability
of UBS to
access capital
markets; (xxii) 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, pandemic, security
breach, cyberattack, power
loss, telecommunications
failure or other
natural or man-made
event; and (xxiii) 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
- UBS is not under any obligation to (and expressly disclaims any obligation to) update or
alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
Rounding |
Numbers presented throughout this report may not add up
precisely to the totals provided in the tables and text.
Percentages and percent changes
disclosed in text and tables are
calculated on the basis of unrounded
figures. Absolute changes between reporting periods disclosed in
the text, which can be
derived from numbers presented in related tables, are calculated on
a rounded basis.
Tables |
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis.
Values
that are zero on a rounded basis can be either negative
or positive on an actual basis.
Websites |
In this report, any
website addresses are provided
solely for information
and are not intended
to be active links.
UBS is not incorporating
the contents
of any such websites into this report.
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
This
Form
6-K
is
hereby
incorporated
by
reference
into
(1)
each
of
the
registration
statements
on
Form
F-3
(Registration Number
333-283672), and
on Form
S-8 (Registration
Numbers 333-200634;
333-200635; 333-200641;
333-200665;
333-215254;
333-215255;
333-228653;
333-230312;
333-249143
and
333-272975),
and
into
each
prospectus outstanding
under any
of the
foregoing registration
statements, (2)
any outstanding
offering circular
or
similar document issued
or authorized by
UBS AG that
incorporates by reference
any Forms 6-K
of UBS AG
that
are incorporated into
its registration statements filed
with the SEC,
and (3) the
base prospectus of
Corporate Asset
Backed Corporation (“CABCO”)
dated June 23, 2004
(Registration Number 333-111572), the Form
8-K of CABCO
filed and
dated June
23, 2004
(SEC File
Number 001-13444),
and the
Prospectus Supplements
relating to
the CABCO
Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration
Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
authorized.
UBS Group AG
By:
/s/
Sergio Ermotti
___
Name:
Sergio Ermotti
Title:
Group Chief Executive Officer
By:
/s/ Todd Tuckner
_
Name:
Todd Tuckner
Title:
Group Chief Financial Officer
By:
/s/ Steffen Henrich
____________
Name:
Steffen Henrich
Title:
Group Controller
UBS AG
By:
/s/
Sergio Ermotti
_
Name:
Sergio Ermotti
Title:
President of the Executive Board
By:
/s/ Todd Tuckner
_
Name:
Todd Tuckner
Title:
Chief Financial Officer
By:
/s/ Steffen Henrich
_____________
Name:
Steffen Henrich
Title:
Controller
Date:
October 29, 2025