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: May 8, 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 UBS supplementary information
for significant regulated subsidiaries and sub-groups
for
the first quarter of 2025, which appear immediately following this page.
UBS Group significant
regulated subsidiary
and sub-group information
First quarter
2025
Significant regulated subsidiary and sub-group
information
3
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
31.3.25
31.12.24
31.3.25
31.12.24
31.3.25
31.12.24
31.3.25
31.12.24
1
31.3.25
31.12.24
2
Financial information
3
Income statement
Total operating income
4
12,040
11,076
3,956
4,884
3,215
2,941
347
316
4,567
4,392
Total operating expenses
10,701
11,017
3,521
3,823
2,419
2,478
310
289
4,348
4,205
Operating profit / (loss) before tax
1,339
59
434
1,060
796
464
37
27
219
187
Net profit / (loss)
1,035
(254)
409
1,025
663
372
30
21
331
249
Balance sheet
Total assets
1,547,489
1,568,060
938,573
966,697
518,544
526,521
54,463
55,344
210,803
211,893
Total liabilities
1,450,367
1,473,394
848,944
878,365
491,592
500,273
49,858
50,966
183,825
185,168
Total equity
97,123
94,666
89,629
88,332
26,952
26,249
4,605
4,377
26,978
26,725
Capital
5
Common equity tier 1 capital
70,756
73,792
70,980
75,051
21,596
21,659
3,424
3,239
16,236
16,123
Additional tier 1 capital
18,325
15,830
18,325
15,830
7,995
7,994
600
600
2,817
2,818
Total going concern capital / Tier 1 capital
89,081
89,623
89,305
90,881
29,590
29,652
4,024
3,839
19,053
18,941
Tier 2 capital
205
207
204
204
205
240
Total capital
4,024
3,839
19,258
19,181
Total gone concern loss-absorbing capacity
93,705
92,177
93,703
92,174
19,248
19,274
2,527
6
2,540
6
7,800
7
7,800
7
Total loss-absorbing capacity
182,786
181,800
183,009
183,055
48,838
48,926
6,551
6,379
26,853
7
26,741
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
481,539
495,110
514,897
507,964
174,610
186,265
14,474
14,079
79,345
78,585
Leverage ratio denominator
1,565,845
1,523,277
935,496
899,348
551,716
556,053
55,593
55,676
204,960
197,487
Supplementary leverage ratio denominator
234,346
227,973
Capital and leverage ratios (%)
5
Common equity tier 1 capital ratio
14.7
14.9
13.8
14.8
12.4
11.6
23.7
23.0
20.5
20.5
Going concern capital ratio / Tier 1 capital ratio
18.5
18.1
17.3
17.9
16.9
15.9
27.8
27.3
24.0
24.1
Total capital ratio
27.8
27.3
24.3
24.4
Total loss-absorbing capacity ratio
38.0
36.7
28.0
26.3
45.3
45.3
33.8
34.0
Tier 1 leverage ratio
7.2
6.9
9.3
9.6
Supplementary tier 1 leverage ratio
8.1
8.3
Going concern leverage ratio
5.7
5.9
9.5
10.1
5.4
5.3
Total loss-absorbing capacity leverage ratio
11.7
11.9
8.9
8.8
11.8
11.5
13.1
13.5
Gone concern capital coverage ratio
125.1
122.3
Liquidity coverage ratio
5
High-quality liquid assets (bn)
318.9
331.6
150.5
142.7
111.2
125.0
18.7
17.3
28.2
26.8
Net cash outflows (bn)
176.9
178.2
66.0
58.6
81.2
87.2
13.4
12.5
21.2
20.1
Liquidity coverage ratio (%)
180.3
186.1
229.2
8
244.0
137.1
9
143.5
140.4
138.9
132.9
133.6
Net stable funding ratio
5
Total available stable funding (bn)
853.7
847.0
410.5
410.2
355.0
359.2
18.6
17.1
107.9
109.3
Total required stable funding (bn)
695.2
682.5
418.7
421.8
276.3
271.7
13.2
13.7
80.5
80.5
Net stable funding ratio (%)
122.8
124.1
98.1
10
97.3
128.5
10
132.2
140.5
125.5
134.0
135.8
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
11
3
3
1 Comparative figures have been restated to align
with the regulatory reports as submitted to the European
Central Bank (the ECB).
2 The 2024 financial and regulatory
information for UBS Americas Holding LLC
is inclusive of Credit Suisse Holdings (USA), Inc. following the reparenting
of this entity under UBS Americas Holding LLC on 7 June
2024.
3 The financial information disclosed does not represent a full set of financial
statements under the respective GAAP / IFRS Accounting Standards.
4 The total operating income includes credit loss expense
or release.
5 Refer to the UBS Group and significant regulated subsidiaries and sub-
groups 31 March 2025
Pillar 3 Report, available
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 In the first
quarter of 2025,
the liquidity coverage
ratio (the LCR)
of UBS AG was
229.2%, remaining above
the prudential
requirements communicated by FINMA.
9 In the first quarter of 2025, the LCR of
UBS Switzerland AG, which is a
Swiss SRB, was 137.1%, remaining
above the prudential requirement communicated by FINMA
in
connection with the Swiss Emergency Plan.
10 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.
11 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 31 March
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 2.3bn), 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.
Significant regulated subsidiary and sub-group
information
4
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
to,
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 2024, the Federal Reserve
Board assigned UBS Americas Holding LLC a stress
capital buffer (an SCB) of
9.3%
as
of
1 October
2024
(previously
9.1%)
under
the
Federal
Reserve
Board’s
SCB
rule,
resulting
in
a
total
common equity tier 1 capital
requirement of 13.8%. The
SCB for our
US-based intermediate holding company is
based on the previously
released results of the Federal
Reserve Board’s 2024 Dodd–Frank Act Stress
Test (DFAST),
where UBS Americas
Holding LLC exceeded
the minimum
capital requirements
under the severely
adverse scenario.
Additional information
on the
above entities
is provided
in the
UBS Group
and significant
regulated subsidiaries
and sub-groups 31 March 2025 Pillar 3 Report,
available under “Pillar 3 disclosures” at
ubs.com/investors
.
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
31.3.25
31.12.24
Financial information
1
Income statement
Total operating income
2
44
104
Total operating expenses
152
164
Operating profit / (loss) before tax
(108)
(60)
Net profit / (loss)
(92)
(124)
Balance sheet
Total assets
34,030
51,374
Total liabilities
26,783
44,035
Total equity
7,247
7,339
Capital
3
Common equity tier 1 capital
6,816
6,883
Additional tier 1 capital
0
0
Total going concern capital / Tier 1 capital
6,816
6,883
Tier 2 capital
0
0
Total capital
6,816
6,883
Total gone concern loss-absorbing capacity
0
3,043
Total loss-absorbing capacity
6,816
9,926
Risk-weighted assets and leverage ratio
denominator
3
Risk-weighted assets
9,332
10,951
Leverage ratio denominator
23,341
32,521
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
73.0
62.9
Going concern capital ratio / Tier 1 capital ratio
73.0
62.9
Total capital ratio
73.0
62.9
Total loss-absorbing capacity ratio
73.0
90.6
Tier 1 leverage ratio
29.2
21.2
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
29.2
30.5
Liquidity coverage ratio
3
High-quality liquid assets (bn)
14.0
15.0
Net cash outflows (bn)
4.1
4.3
Liquidity coverage ratio (%)
361.8
363.3
Net stable funding ratio
3
Total available stable funding (bn)
14.0
17.5
Total required stable funding (bn)
6.1
8.7
Net stable funding ratio (%)
241.8
214.8
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 31 March 2025 Pillar 3 Report, available under “Pillar 3 disclosures”
at ubs.com/investors, for more information.
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/ David Kelly_____________
Name:
David Kelly
Title:
Managing Director
By:_/s/ Ella Copetti-Campi_____________
Name:
Ella Copetti-Campi
Title:
Executive Director
UBS AG
By:_/s/ David Kelly_____________
Name:
David Kelly
Title:
Managing Director
By:_/s/ Ella Copetti-Campi_____________
Name:
Ella Copetti-Campi
Title:
Executive Director
Date:
May 8, 2025