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: August 23, 2024
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 and second quarters of 2024, which appear immediately following
this page.
Significant regulated subsidiary
and sub-group information
Second quarter
2024
Significant regulated subsidiary and sub-group
information
4
Significant regulated subsidiary
and sub-group information
Unaudited
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
Regulatory requirements
Swiss SRB rules
Swiss SRB rules
Swiss SRB rules
EU regulatory rules
US Basel III rules
As of or for the quarter ended
30.6.24
31.3.24
30.6.24
31.3.24
30.6.24
31.3.24
30.6.24
31.3.24
1
30.6.24
2
31.3.24
Capital
3
Common equity tier 1 capital
83,001
43,863
82,329
51,971
12,601
12,630
2,740
2,619
23,036
14,136
Additional tier 1 capital
15,132
14,204
15,132
14,204
5,000
5,000
600
600
2,810
2,838
Total going concern capital / Tier 1 capital
98,133
58,067
97,461
66,175
17,601
17,630
3,340
3,219
25,846
16,975
Tier 2 capital
536
537
531
532
256
199
Total capital
3,340
3,219
26,103
17,174
Total gone concern loss-absorbing capacity
98,833
54,773
98,828
54,768
11,238
11,243
2,530
4
2,528
4
7,800
5
7,400
5
Total loss-absorbing capacity
196,966
112,840
196,288
120,943
28,840
28,872
5,870
5,747
33,646
5
24,375
5
Risk-weighted assets and leverage
ratio denominator
3
Risk-weighted assets
509,953
328,732
554,478
356,821
110,294
111,292
12,440
12,645
84,289
75,897
Leverage ratio denominator
1,564,001
1,078,591
921,796
641,315
337,149
337,653
50,630
48,797
205,699
6
183,701
Supplementary leverage ratio denominator
232,968
6
209,750
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
16.3
13.3
14.8
7
14.6
11.4
11.3
22.0
20.7
27.3
18.6
Going concern capital ratio / Tier 1 capital ratio
19.2
17.7
17.6
18.5
16.0
15.8
26.8
25.5
30.7
22.4
Total capital ratio
26.8
25.5
31.0
22.6
Total loss-absorbing capacity ratio
38.6
34.3
26.1
25.9
47.2
45.5
39.9
32.1
Tier 1 leverage ratio
6.6
6.6
12.6
9.2
Supplementary tier 1 leverage ratio
11.1
8.1
Going concern leverage ratio
6.3
5.4
10.6
10.3
5.2
5.2
Total loss-absorbing capacity leverage ratio
12.6
10.5
8.6
8.6
11.6
11.8
16.4
13.3
Gone concern capital coverage ratio
127.5
105.9
Liquidity coverage ratio
3
High-quality liquid assets (bn)
280.3
251.0
137.0
123.7
78.1
77.5
17.3
18.3
29.7
8
28.4
Net cash outflows (bn)
143.6
131.3
50.5
46.1
53.6
54.4
11.7
12.4
20.1
8
18.9
Liquidity coverage ratio (%)
194.1
191.4
269.5
9
268.7
145.9
10
142.5
148.3
147.9
147.7
8
149.9
Net stable funding ratio
3
Total available stable funding (bn)
882.8
589.3
448.0
274.6
225.0
224.6
15.1
13.6
107.8
8
107.4
Total required stable funding (bn)
691.5
484.7
437.3
288.3
165.3
166.8
11.6
11.1
79.7
8
80.3
Net stable funding ratio (%)
127.7
121.6
102.5
11
95.2
136.1
11
134.6
129.6
122.6
135.4
8
133.7
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
12
3
3
1 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank.
2 Regulatory information for 30 June 2024 is inclusive of Credit Suisse Holdings (USA), Inc.
following the reparenting of this entity under UBS Americas Holding LLC
on 7 June 2024. Prior periods have not been restated.
3 Refer to the 30 June 2024 Pillar 3 Report, available under
“Pillar 3 disclosures” at
ubs.com/investors, for more information.
4 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.
5 Consists of eligible long-term debt that meets the conditions specified in 12 CFR § 252.162 of the final TLAC rules. Total loss-absorbing capacity is the sum of tier 1 capital and eligible long-term debt.
6 Leverage
exposure for 30 June 2024 has
been calculated as if the reparenting
of Credit Suisse Holdings (USA), Inc.
occurred on the first day of
the calendar quarter.
7 On a standalone basis as
of 30 June 2024, UBS
AG’s
phase-in CET1
capital ratio
was 14.8%,
based on
risk-weights of
230% and
320% for
Swiss and
foreign participations,
respectively.
These risk-weights
will increase
to 250%
and 400%
for Swiss
and foreign
participations in a phased manner until 1 January 2028, contributing to UBS AG’s fully applied CET1 capital ratio of 13.5%.
8 The liquidity coverage ratio and net stable funding ratio have been calculated based on
a simple daily average of the quarter
which included the business activity of Credit
Suisse Holdings (USA), Inc. beginning on
7 June 2024.
9 In the second quarter of 2024,
the liquidity coverage ratio (the
LCR) of
UBS AG was 269.5%,
remaining above the
prudential requirements communicated
by FINMA.
10 In the second
quarter of 2024,
the LCR of UBS Switzerland AG,
which is a
Swiss SRB, was
145.9%, 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 Refer to the “Capital, liquidity and
funding,
and balance sheet” section of
the UBS Group Annual Report
2023, available under "Annual
reporting" at ubs.com/investors,
for more information about
the joint and several
liability. 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.
Significant regulated subsidiary and sub-group
information
5
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 table in
this section summarizes
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 June 2024, the Federal Reserve Board released
the results of its 2024
Dodd–Frank Act Stress Test (DFAST).
UBS’s
US intermediate holding company,
UBS Americas Holding LLC,
exceeded the minimum capital requirements under
the severely adverse scenario.
Additional information
on the
above entities
is provided
in the
30 June 2024
Pillar 3 Report,
available under
“Pillar 3
disclosures” at
ubs.com/investors
.
Credit Suisse (Schweiz) AG
(consolidated)
Credit Suisse (Schweiz) AG
(standalone)
Credit Suisse International
(standalone)
All values in million, except where indicated
CHF
CHF
USD
Regulatory requirements
Swiss SRB rules
Swiss SRB rules
UK regulatory rules
As of or for the quarter ended
30.6.24
31.3.24
30.6.24
31.3.24
30.6.24
31.3.24
Capital
1
Common equity tier 1 capital
11,025
11,016
10,370
10,397
12,814
12,896
Additional tier 1 capital
3,100
3,100
3,100
3,100
1,200
1,200
Total going concern capital / Tier 1 capital
14,125
14,116
13,470
13,497
14,014
14,096
Tier 2 capital
0
0
Total capital
14,014
14,096
Total gone concern loss-absorbing capacity
8,825
8,846
8,825
8,882
4,586
4,586
Total loss-absorbing capacity
22,950
22,962
22,295
22,379
18,600
18,682
Risk-weighted assets and leverage ratio
denominator
1
Risk-weighted assets
76,688
82,172
77,359
81,504
19,699
28,068
Leverage ratio denominator
236,215
246,156
234,605
243,924
58,250
67,069
Capital and leverage ratios (%)
1
Common equity tier 1 capital ratio
14.4
13.4
13.4
12.8
65.1
45.9
Going concern capital ratio / Tier 1 capital ratio
18.4
17.2
17.4
16.6
71.1
50.2
Total capital ratio
71.1
50.2
Total loss-absorbing capacity ratio
29.9
27.9
28.8
27.5
94.4
66.6
Tier 1 leverage ratio
24.1
21.0
Going concern leverage ratio
6.0
5.7
5.7
5.5
Total loss-absorbing capacity leverage ratio
9.7
9.3
9.5
9.2
31.9
27.9
Liquidity coverage ratio
1
High-quality liquid assets (bn)
55.0
56.9
54.9
56.9
14.6
14.6
Net cash outflows (bn)
36.5
37.6
36.8
38.0
4.4
4.5
Liquidity coverage ratio (%)
150.8
2
151.3
149.1
3
149.6
345.3
340.3
Net stable funding ratio
1
Total available stable funding (bn)
148.9
133.5
148.0
131.8
23.4
26.7
Total required stable funding (bn)
113.3
116.9
112.7
115.4
16.5
20.0
Net stable funding ratio (%)
131.4
114.2
131.4
4
114.2
4
150.8
136.7
Other
Joint and several liability between UBS AG and Credit Suisse (Schweiz)
AG (bn)
5
0.6
0.6
1 Refer to the 30 June 2024
Pillar 3 Report, available under
“Pillar 3 disclosures” at ubs.com/investors,
for more information.
2 In the second quarter of 2024,
the LCR of Credit Suisse (Schweiz)
AG consolidated
was 150.8%, remaining above the prudential requirements communicated
by FINMA.
3 In the second quarter of 2024, the
LCR of Credit Suisse (Schweiz) AG standalone was 149.1%,
remaining above the prudential
requirements communicated by FINMA.
4 Credit Suisse (Schweiz) AG must
always maintain an NSFR of
at least 100% on a standalone basis.
5 The contingent liabilities of Credit
Suisse (Schweiz) AG under this
joint and several liability were fully collateralized through cash deposits from UBS AG.
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
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 Campi_____________
Name:
Ella Campi
Title:
Executive Director
UBS AG
By:_/s/ David Kelly_____________
Name:
David Kelly
Title:
Managing Director
By:_/s/ Ella Campi_____________
Name:
Ella Campi
Title:
Executive Director
Date:
August 23, 2024