UBS 6-K
UBS Group AG (UBS)
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: November 8, 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 second and third quarters of 2024, which appear immediately following
this page.
Significant regulated subsidiary
and sub-group information
Third quarter
2024
Significant regulated subsidiary and sub-group
information
2
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
30.9.24
30.6.24
30.9.24
30.6.24
30.9.24
30.6.24
30.9.24
30.6.24
1
30.9.24
30.6.24
2
Financial information
3
Income statement
Total operating income
4
11,831
9,816
5,170
6,825
3,475
2,374
292
286
4,461
4,357
Total operating expenses
10,640
10,012
3,489
3,382
2,303
1,715
263
257
4,177
4,258
Operating profit / (loss) before tax
1,191
(196)
1,681
3,443
1,172
660
29
29
284
99
Net profit / (loss)
997
(224)
1,815
3,652
1,012
561
24
21
122
28
Balance sheet
Total assets
1,626,893
1,564,664
980,770
948,599
537,000
324,079
46,935
48,946
203,427
211,341
Total liabilities
1,529,071
1,470,417
892,651
863,202
511,044
310,703
42,907
44,946
170,824
178,863
Total equity
97,822
94,247
88,119
85,397
25,956
13,376
4,027
4,000
32,603
32,478
Capital
5
Common equity tier 1 capital
84,423
83,001
83,113
82,329
22,016
12,601
2,701
2,740
23,303
23,036
Additional tier 1 capital
16,250
15,132
16,250
15,132
7,993
5,000
600
600
2,817
2,810
Total going concern capital / Tier 1 capital
100,673
98,133
99,363
97,461
30,009
17,601
3,301
3,340
26,121
25,846
Tier 2 capital
289
536
286
531
257
256
Total capital
3,301
3,340
26,378
26,103
Total gone concern loss-absorbing capacity
96,473
98,833
96,470
98,828
20,007
11,238
2,520
6
2,530
6
7,800
7
7,800
7
Total loss-absorbing capacity
197,146
196,966
195,833
196,288
50,016
28,840
5,821
5,870
33,921
7
33,646
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
515,520
509,953
565,180
554,478
185,237
110,294
12,622
12,423
84,944
84,289
Leverage ratio denominator
1,611,151
1,564,001
944,404
921,796
567,484
337,149
50,053
50,630
197,597
205,699
8
Supplementary leverage ratio denominator
227,490
232,968
8
Capital and leverage ratios (%)
5
Common equity tier 1 capital ratio
16.4
16.3
14.7
9
14.8
11.9
11.4
21.4
22.1
27.4
27.3
Going concern capital ratio / Tier 1 capital ratio
19.5
19.2
17.6
17.6
16.2
16.0
26.2
26.9
30.8
30.7
Total capital ratio
26.2
26.9
31.1
31.0
Total loss-absorbing capacity ratio
38.2
38.6
27.0
26.1
46.1
47.2
39.9
39.9
Tier 1 leverage ratio
6.6
6.6
13.2
12.6
Supplementary tier 1 leverage ratio
11.5
11.1
Going concern leverage ratio
6.2
6.3
10.5
10.6
5.3
5.2
Total loss-absorbing capacity leverage ratio
12.2
12.6
8.8
8.6
11.6
11.6
17.2
16.4
Gone concern capital coverage ratio
120.1
127.5
Liquidity coverage ratio
5
High-quality liquid assets (bn)
360.6
280.3
170.2
137.0
126.0
78.1
16.7
17.3
32.1
29.7
10
Net cash outflows (bn)
183.7
143.6
60.4
50.5
86.0
53.6
11.5
11.7
24.6
20.1
10
Liquidity coverage ratio (%)
196.3
194.1
282.3
11
269.5
146.7
12
145.9
145.2
148.3
130.1
147.7
10
Net stable funding ratio
5
Total available stable funding (bn)
903.4
882.8
446.4
448.0
369.2
225.0
14.6
15.1
112.6
107.8
10
Total required stable funding (bn)
712.7
691.5
444.9
437.3
274.0
165.3
11.5
11.6
82.0
79.7
10
Net stable funding ratio (%)
126.8
127.7
100.4
13
102.5
134.7
13
136.1
127.4
129.6
137.3
135.4
10
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
14
3
15
3
1 Comparative figures have been restated to align with the regulatory reports
as submitted to the European Central Bank.
2 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 30 September 2024 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 TLAC rules. Total loss-absorbing capacity is the sum of tier 1 capital and eligible long-term debt.
8 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.
9 On a standalone basis as
of 30 September 2024, UBS
AG’s phase-in CET1
capital ratio was 14.7%,
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 13.3%.
10 The liquidity coverage ratio and net
stable funding ratio for 30 June 2024 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.
11 In the third quarter of 2024, the liquidity coverage
ratio (the LCR) of UBS AG was 282.3%, remaining above the prudential requirements communicated by FINMA.
12 In the third quarter of 2024, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 146.7%,
remaining above the prudential requirement communicated by FINMA
in connection with the Swiss Emergency Plan.
13 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.
14 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.
15 As of 30 September 2024, 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 2.4bn), and
a
joint and several liability of UBS Switzerland AG
related to the merger with Credit Suisse (Schweiz)
AG in connection with the international covered bonds program
(CHF 0.5bn) which was fully collateralized
through
cash deposits from UBS AG.
Significant regulated subsidiary and sub-group
information
3
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 30 September
2024
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
30.9.24
30.6.24
Financial information
1
Income statement
Total operating income
2
211
297
Total operating expenses
245
348
Operating profit / (loss) before tax
(34)
(51)
Net profit / (loss)
(34)
(51)
Balance sheet
Total assets
77,206
87,943
Total liabilities
62,492
73,146
Total equity
14,714
14,797
Capital
3
Common equity tier 1 capital
12,945
12,814
Additional tier 1 capital
1,200
1,200
Total going concern capital / Tier 1 capital
14,145
14,014
Tier 2 capital
0
0
Total capital
14,145
14,014
Total gone concern loss-absorbing capacity
4,586
4,586
Total loss-absorbing capacity
18,731
18,600
Risk-weighted assets and leverage ratio
denominator
3
Risk-weighted assets
16,983
19,699
Leverage ratio denominator
55,245
58,250
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
76.2
65.1
Going concern capital ratio / Tier 1 capital ratio
83.3
71.1
Total capital ratio
83.3
71.1
Total loss-absorbing capacity ratio
110.3
94.4
Tier 1 leverage ratio
25.6
24.1
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
33.9
31.9
Liquidity coverage ratio
3
High-quality liquid assets (bn)
15.0
14.6
Net cash outflows (bn)
4.2
4.4
Liquidity coverage ratio (%)
367.2
345.3
Net stable funding ratio
3
Total available stable funding (bn)
21.6
23.4
Total required stable funding (bn)
12.9
16.5
Net stable funding ratio (%)
182.9
150.8
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 30 September 2024 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 Numbers
333-263376 and
333-278934), 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 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:
November 8, 2024