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: August 5, 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
UBS Switzerland
AG standalone
financial information
for
the
six
months
ended 30 June 2025, which appears immediately following this
page.
UBS Switzerland AG
Standalone interim financial information
for the six months ended
30 June 2025
Table of contents
UBS Switzerland AG standalone
interim financial information
1
Income statement
2
Balance sheet
3
Joint and several liability
3
Statement of changes in equity
Notes to the UBS Switzerland AG standalone interim
financial information
4
Basis of accounting
Appendix
5
Cautionary statement
Contacts
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ubs.com/contact
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Hong Kong +852-2971-8888
Singapore +65-6495-8000
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relationships with institutional investors,
research analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234-4100
New York +1-212-882-5734
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UBS’s Media Relations team manages
relationships with global media and
journalists.
ubs.com/media
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New York +1-212-882-5858
Hong Kong +852-2971-8200
© UBS 2025. The key symbol and UBS are among
the registered and
unregistered trademarks of UBS. All rights reserved.
UBS Switzerland AG standalone
1
UBS Switzerland AG standalone interim financial information
Income statement
Year-to-date
CHF m
30.6.25
30.6.24
1
Interest and discount income
4,203
3,710
Interest and dividend income from financial investments
360
229
Interest expense
(2,029)
(1,945)
Gross interest income
2,533
1,995
Credit loss (expense) / release
(109)
(40)
Net interest income
2,424
1,954
Fee and commission income from securities and investment business
2,511
1,901
Credit-related fees and commissions
158
101
Other fee and commission income
610
436
Fee and commission expense
(777)
(238)
Net fee and commission income
2,501
2,200
Net trading income
548
564
Net income from disposal of financial investments
26
0
Dividend income from investments in subsidiaries and other
participations
372
13
Sundry ordinary income
271
140
Sundry ordinary expenses
(8)
(37)
Other income from ordinary activities
661
116
Total operating income
6,134
4,834
Personnel expenses
1,624
1,067
General and administrative expenses
2,713
2,148
Subtotal operating expenses
4,337
3,216
Impairment of investments in subsidiaries and other participations
6
0
Depreciation and impairment of property, equipment and software
178
117
Amortization and impairment of goodwill and other intangible
assets
20
0
Changes in provisions for litigation, regulatory and similar
matters, and other provisions
(2)
(5)
Total operating expenses
4,539
3,327
Operating profit
1,595
1,507
Extraordinary income
4
0
Tax expense / (benefit)
234
260
Net profit / (loss) for the period
1,365
1,247
1 Represents the income statement of UBS Switzerland
AG from before the merger with Credit
Suisse (Schweiz) AG, which took
place on 1 July 2024. For
more information about the merger of UBS Switzerland
AG
with
Credit
Suisse
(Schweiz)
AG,
refer
to
the
2024
standalone
financial
statements
of
UBS
Switzerland
AG,
available
under
“Holding
company
and
significant
regulated
subsidiaries
and
sub-groups”
at
ubs.com/investors.
UBS Switzerland AG standalone
2
Balance sheet
CHF m
30.6.25
31.12.24
Assets
Cash and balances at central banks
100,493
103,477
Due from banks
10,846
9,217
Receivables from securities financing transactions
2,357
11,229
Due from customers
77,184
77,552
Mortgage loans
281,055
282,382
Trading portfolio assets
1,826
2,011
Derivative financial instruments
3,685
4,275
Financial investments
28,064
22,478
Accrued income and prepaid expenses
813
732
Investments in subsidiaries and other participations
747
1,101
Property, equipment and software
1,018
1,078
Goodwill and other intangible assets
180
0
Other assets
682
694
Total assets
508,949
516,228
of which: subordinated assets
106
105
of which: subject to mandatory conversion and / or debt waiver
105
105
Liabilities
Due to banks
87,056
84,123
of which: total loss-absorbing capacity eligible
27,248
27,374
Payables from securities financing transactions
7,080
9,202
Due to customers
351,951
359,045
Trading portfolio liabilities
290
258
Derivative financial instruments
2,666
1,478
Bonds issued and loans from central mortgage institutions
32,081
31,574
Accrued expenses and deferred income
1,540
1,962
Other liabilities
3,278
2,541
Provisions
347
447
Total liabilities
486,288
490,631
Equity
Share capital
10
10
Statutory capital reserve
21,286
21,837
of which: capital contribution reserve
20,575
20,675
of which: other statutory capital reserve
711
1,161
Voluntary earnings reserve
0
1,378
Net profit / (loss) for the period
1,365
2,371
Total equity
22,661
25,596
Total liabilities and equity
508,949
516,228
of which: subordinated liabilities
27,276
27,409
of which: subject to mandatory conversion and / or debt waiver
27,276
27,409
UBS Switzerland AG standalone
3
Balance sheet (continued)
CHF m
30.6.25
31.12.24
Off-balance sheet items
Contingent liabilities, gross
13,144
16,009
Sub-participations
(1,103)
(1,013)
Contingent liabilities, net
12,041
14,996
of which: guarantees to third parties related to subsidiaries
24
23
of which: credit guarantees and similar instruments
5,481
7,090
of which: performance guarantees and similar instruments
4,592
5,025
of which: documentary credits
1,943
2,858
Irrevocable commitments, gross
27,537
28,241
Sub-participations
(68)
(30)
Irrevocable commitments, net
27,470
28,211
of which: loan commitments
25,921
26,663
of which: payment commitment related to deposit insurance
1,549
1,549
Forward starting transactions
1
171
2,800
of which: reverse repurchase agreements
171
2,800
Liabilities for calls on shares and other equity instruments
168
168
1 Cash to be paid in the future by either UBS or the counterparty.
Joint and several liability
In June 2015, the Personal & Corporate
Banking and Wealth Management
businesses booked in Switzerland
were
transferred from UBS
AG to
UBS Switzerland AG through
an asset
transfer in accordance
with the
Swiss Merger
Act.
As of 30
June 2025,
the joint
and several
liability of
UBS Switzerland AG
for contractual
obligations of
UBS AG
amounted to CHF 2.1bn, compared with CHF
2.4bn as of 31 December 2024.
Furthermore, as of
30 June 2025, UBS
Switzerland AG was
also jointly and severally
liable for UBS AG’s
liabilities of
CHF 530m (compared with
CHF 538m as
of 31 December 2024) under
the international covered bond
program,
for which UBS Switzerland AG has pledged assets with a
carrying value of CHF 912m. UBS AG
has provided cash
deposits to UBS Switzerland AG to fully collateralize
this contingent liability.
As of 30 June 2025, the probability of cash outflows
for these matters was assessed to be remote and,
as a result,
no exposures were included in the table above.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2025
10
21,837
1,378
2,371
25,596
Dividends and other distributions
(550)
1
(1,378)
(2,371)
(4,300)
Net profit / (loss) for the period
1,365
1,365
Balance as of 30 June 2025
10
21,286
0
1,365
22,661
1 Includes a CHF 100m dividend in kind. Refer to the “Notes to the UBS Switzerland AG standalone interim financial information” section of this
report for more information.
UBS Switzerland AG standalone
4
Notes to the UBS Switzerland AG standalone interim financial
information
Basis of accounting
The
UBS Switzerland
AG
standalone
interim
financial
statements
are
prepared
in
accordance
with
the
interim
reporting requirements of Swiss GAAP
(the FINMA Accounting Ordinance, FINMA Circular
2020/1 ”Accounting –
banks” and the Banking Ordinance).
The
accounting policies
are principally
the same
as for
the consolidated
financial statements
of UBS
Group AG
outlined in
Note 1
to the
consolidated financial
statements of
UBS Group
AG included
in the
UBS Group
AG Annual
Report 2024,
available under
“Annual reporting”
at
ubs.com/investors
. Major
differences between
Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 33 to the consolidated financial statements of
UBS Group AG. Further information about the accounting policies applied for the standalone financial statements
of
UBS Switzerland AG
is
provided
in
Note
2
to
the
UBS Switzerland AG
standalone
financial
statements as
of
31 December 2024, available under “Holding
company and significant regulated subsidiaries and
sub-groups” at
ubs.com/investors
.
In preparing the interim financial information for UBS Switzerland AG, the same accounting policies and methods
of computation have been applied as in the UBS
Switzerland AG standalone financial statements
as of and for the
year ended 31 December 2024.
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 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 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 CHF
292m for the first half of
2025 is reflected in
Fee and commission
expense
.
This interim financial
information is
unaudited and
should be
read in conjunction
with the audited
2024 standalone
financial
statements
of
UBS Switzerland
AG,
available
under
“Holding
company
and
significant
regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
UBS Switzerland AG standalone
5
Cautionary statement
|
This report
and the
information contained
herein are
provided solely
for information
purposes, and
are not to
be construed
as solicitation
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information
furnished to or filed with
the US Securities and Exchange
Commission (the SEC) on Form
6-K, available at
ubs.com/investors
, for additional information.
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 does not
incorporate
the contents
of any such websites into this report.
UBS Switzerland 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/ Steffen Henrich
_
Name:
Steffen Henrich
Title:
Group Controller
By:
/s/ David Kelly
_
Name:
David Kelly
Title:
Managing Director
UBS AG
By:
/s/ Steffen Henrich
_
Name:
Steffen Henrich
Title:
Controller
By:
/s/ David Kelly
_
Name:
David Kelly
Title:
Managing Director
Date:
August 5, 2025