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: March 17, 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
audited
standalone
financial
statements
for
the
year
ended
31 December 2024, which appear immediately following this page.
UBS Switzerland AG
Standalone financial statements and regulatory
information for the year ended
31 December 2024
Table of contents
1
Report of the statutory auditor
5
UBS Switzerland AG standalone financial statements
5
6
7
7
Statement of changes in equity
8
1
Name, legal form and registered office
8
2
Accounting Policies, Change in Organization and Risk
11
3a
Net trading income by business
11
3b
Net trading income by underlying risk category
11
4
11
5
General and administrative expenses
12
6
12
7
12
8
Securities financing transactions
13
9a
Collateral for loans and off-balance sheet transactions
13
9b
Impaired financial instruments
14
10a
14
10b
15
10c
Development of allowances and provisions for credit
16
10d
Balance sheet and off-balance sheet positions subject to
17
10e
Financial assets subject to credit risk, by rating category
19
11
Trading portfolio and other financial instruments
20
12
21
13a
Financial investments by instrument type
21
13b
Financial investments by counterparty rating – debt
22
14
Investments in subsidiaries and other participations
22
15
Companies in which the bank holds a permanent direct
or indirect significant participation
23
16
Property, equipment and software
23
17a
23
17b
24
18
24
19
Maturity structure of financial instruments
25
20
Assets and liabilities by domestic and foreign origin in
accordance with the domicile principle
25
21
Total assets by geographical location
26
22
27
23
Assets and liabilities by the most significant currencies for
28
24
Bonds issued and loans from central mortgage
28
25a
28
25b
29
26
29
27
30
28
30
29a
Invested assets and net new money
30
29b
Development of invested assets
31
Statement of proposed appropriation of total profit
32
UBS Switzerland AG standalone regulatory
32
Key metrics for the fourth quarter of 2024
34
Swiss systemically relevant bank going and gone concern
36
42
43
UBS Switzerland AG standalone
1
UBS Switzerland AG standalone
2
UBS Switzerland AG standalone
3
UBS Switzerland AG standalone
4
UBS Switzerland AG standalone financial
statements (audited)
5
UBS Switzerland AG standalone financial statements
(audited)
Income statement
For the year ended
CHF m
Note
31.12.24
31.12.23
Interest and discount income
10,715
6,873
Interest and dividend income from trading portfolio
0
2
Interest and dividend income from financial investments
561
261
Interest expense
(6,185)
(2,691)
Gross interest income
5,091
4,445
Credit loss (expense) / release
10
(292)
(40)
Net interest income
4,799
4,404
Fee and commission income from securities and investment business
4,458
3,481
Credit-related fees and commissions
283
206
Other fee and commission income
1,290
861
Fee and commission expense
(937)
(409)
Net fee and commission income
5,094
4,139
Net trading income
3
1,268
900
Net income from disposal of financial investments
45
0
Dividend income from investments in subsidiaries and other
participations
127
15
Income from real estate holdings
1
0
Sundry ordinary income
619
233
Sundry ordinary expenses
(47)
(36)
Other income from ordinary activities
745
212
Total operating income
11,906
9,655
Personnel expenses
4
2,988
2,019
General and administrative expenses
5
5,487
3,565
Subtotal operating expenses
8,476
5,584
Impairment of investments in subsidiaries and other participations
17
0
Depreciation and impairment of property, equipment and software
16
349
224
Changes in provisions for litigation, regulatory and similar
matters, and other provisions
10
89
8
Total operating expenses
8,931
5,816
Operating profit
2,975
3,839
Extraordinary expenses
6
91
0
Tax expense / (benefit)
7
513
706
Net profit / (loss) for the period
2,371
3,133
UBS Switzerland AG standalone financial
statements (audited)
6
Balance sheet
CHF m
Note
31.12.24
31.12.23
Assets
Cash and balances at central banks
103,477
73,264
Due from banks
10
9,217
2,905
Receivables from securities financing transactions
8
11,229
53
Due from customers
9, 10
77,552
50,543
Mortgage loans
9, 10
282,382
168,682
Trading portfolio assets
11
2,011
1,507
Derivative financial instruments
12
4,275
1,666
Financial investments
13
22,478
13,553
Accrued income and prepaid expenses
732
565
Investments in subsidiaries and other participations
14, 15
1,101
107
Property, equipment and software
16
1,078
992
Other assets
17
694
392
Total assets
516,228
314,231
of which: subordinated assets
105
1
of which: subject to mandatory conversion and / or debt waiver
105
0
Liabilities
Due to banks
84,123
37,136
of which: total loss-absorbing capacity eligible
27,374
16,176
Payables from securities financing transactions
8
9,202
283
Due to customers
359,045
246,756
Trading portfolio liabilities
11
258
209
Derivative financial instruments
12
1,478
1,537
Bonds issued and loans from central mortgage institutions
24
31,574
9,183
Accrued expenses and deferred income
1,962
1,338
Other liabilities
17
2,541
1,688
Provisions
10
447
175
Total liabilities
490,631
298,305
Equity
Share capital
25
10
10
Statutory capital reserve
21,837
11,354
of which: capital contribution reserve
20,675
11,354
of which: other statutory capital reserve
1,161
0
Voluntary earnings reserve
1,378
1,430
Net profit / (loss) for the period
2,371
3,133
Total equity
25,596
15,926
Total liabilities and equity
516,228
314,231
of which: subordinated liabilities
27,409
16,212
of which: subject to mandatory conversion and / or debt waiver
27,409
16,212
UBS Switzerland AG standalone financial
statements (audited)
7
Balance sheet (continued)
CHF m
31.12.24
31.12.23
Off-balance sheet items
Contingent liabilities, gross
16,009
7,967
Sub-participations
(1,013)
(686)
Contingent liabilities, net
14,996
7,281
of which: guarantees to third parties related to subsidiaries
23
17
of which: credit guarantees and similar instruments
7,090
2,957
of which: performance guarantees and similar instruments
5,025
2,308
of which: documentary credits
2,858
1,999
Irrevocable commitments, gross
28,241
15,658
Sub-participations
(30)
(7)
Irrevocable commitments, net
28,211
15,651
of which: loan commitments
26,663
14,458
of which: payment commitment related to deposit insurance
1,549
1,193
Forward starting transactions
1
2,800
0
of which: reverse repurchase agreements
2,800
0
Liabilities for calls on shares and other equity instruments
168
55
1 Cash to be paid in the future by either UBS or the counterparty.
Off-balance sheet items
UBS Switzerland
AG is
jointly
and severally
liable for
the
combined value
-added tax
(VAT)
liability of
UBS entities
that
belong to the VAT
group of UBS in Switzerland. This contingent liability
is not included in the table above.
Swiss deposit insurance
Swiss
banking
law
and
the
deposit
insurance
system
require
Swiss
banks
and
securities
dealers
to
jointly
guarantee
privileged client deposits in the event
that a Swiss bank or securities dealer
becomes insolvent. The payment obligations
for all banks
corresponds to
the value
specified in applicable
law of
1.6% of all
protected deposits
in Switzerland.
The
share of UBS Switzerland AG in
the table above increased to CHF 1,549m as of
1 July 2024, compared with CHF 1,193m
as of 31 December 2023, mainly due to the merger with
Credit Suisse (Schweiz) AG.
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
31 December
2024, the
joint and
several liability
of UBS
Switzerland
AG for
contractual
obligations of
UBS AG
amounted to CHF 2bn, compared with CHF 3bn as of 31 December
2023.
Furthermore, as of
31 December 2024,
UBS Switzerland
AG is also
jointly and severally
liable for UBS
AG’s liabilities of
CHF 538m under
the international
covered bond
program originally
issued by
former Credit
Suisse AG,
for which
UBS
Switzerland
AG
has
pledged
assets
with
a
carrying
value
of
CHF 911m.
UBS
AG
has
provided
cash
deposits
to
UBS
Switzerland AG to fully collateralize this contingent liability.
As of 31 December 2024, 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 2024
10
11,354
1,430
3,133
15,926
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
0
10,483
700
1
11,183
Dividend distribution
(3,133)
(3,133)
Dividend distribution of Credit Suisse (Schweiz) AG
(700)
(700)
Dividend out of voluntary earnings reserve
(51)
0
(51)
Net profit / (loss) for the period
2,371
2,371
Balance as of 31 December 2024
10
21,837
1,378
2,371
25,596
1
CHF 700m profit carried forward and subsequently distributed as dividend, as approved by the Annual General Meeting of Credit
Suisse (Schweiz) AG on 23 April 2024.
UBS Switzerland AG standalone financial
statements (audited)
8
Note 1
Name, legal form and registered office
UBS Switzerland AG is incorporated and domiciled in Switzerland and operates under Art. 620 et seq. of the Swiss Code
of Obligations and Swiss banking
law as an
Aktiengesellschaft
, a corporation limited by shares.
Its registered office
is at
Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland AG
is 100% owned by UBS
AG.
Note 2
Accounting Policies, Change in Organization and Risk
Management
a) Significant accounting policies
The
UBS
Switzerland AG
standalone
financial
statements
are
prepared
in
accordance
with
Swiss
GAAP
(the
FINMA
Accounting
Ordinance,
FINMA
Circular
2020/1
“Accounting
–
banks”
and
the
Banking
Ordinance)
and
represent
“reliable assessment
statutory standalone
financial statements”.
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.
Major
differences
between
the
Swiss
GAAP
requirements and
IFRS Accounting
Standards are
described in
Note 33 to the
consolidated financial
statements of
UBS
Group AG. The functional currency of UBS Switzerland
AG is the Swiss franc. The significant accounting policies applied
for the standalone financial statements of UBS Switzerland
AG are discussed below.
›
Refer to the UBS Group Annual Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
Compensation policy
The
compensation
structure
and
processes
of
UBS
Switzerland AG
conform
to
the
compensation
principles
and
framework of UBS Group AG.
›
Refer to the UBS Group AG Compensation Report 2024,
available under “Annual reporting” at
ubs.com/investors
, for more
information
Deferred compensation
UBS Group AG is the grantor of the majority of UBS’s deferred
compensation plans. Expenses for awards granted under
such plans to UBS Switzerland AG employees are
charged by UBS Group AG to UBS Switzerland
AG.
›
Refer to “Note 27 Employee benefits: variable
compensation”
in the “Consolidated financial statements” section
of the UBS Group
Annual Report 2024, available under “Annual
reporting” at
ubs.com/investors
, for more information
Foreign currency translation
Transactions
denominated in foreign
currency are
translated into Swiss
francs at the
spot exchange rate
on the date
of
the transaction.
At the
balance sheet
date, all
monetary assets
and liabilities,
as well
as equity
instruments recorded
in
Trading portfolio assets
and
Financial investments,
denominated in foreign currency are translated
into Swiss francs using
the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot
exchange rate on the
date of the transaction. All currency translation effects
are recognized in the income statement.
The main
currency translation
rates used
by UBS
Switzerland AG are
provided in
Note 32 to
the consolidated
financial
statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2024, available
under “Annual reporting” at
ubs.com/investors
,
for more information
Group-internal funding
UBS Switzerland
AG obtains
funding from
UBS AG
in the
form of
loans that
qualify as
going concern
additional tier
1
(AT1)
capital
and
as
gone
concern loss-absorbing
capacity
at
the
UBS
Switzerland
AG
standalone
level.
A
portion
of
Group-internal funding obtained is further on lent to a subsidiary
in the form of loans.
Where such
Group-internal funding
is eligible
to meet
the requirements
for total
loss-absorbing capacity
(TLAC) at
the
level of UBS
Switzerland AG, the
aggregate amount of
the respective obligations
is separately
disclosed on the
balance
sheet. For those TLAC instruments that are eligible
to meet the going concern capital requirements (i.e. are subordinated
and subject to
mandatory conversion
and / or
debt waiver,
as explained below),
the aggregate
corresponding amounts
are disclosed on the balance sheet.
Obligations of
UBS Switzerland
AG arising
from Group-internal
funding it
has received
are presented
as
Due to
banks
and measured
at
amortized
cost.
UBS Switzerland
AG
claims arising
from
Group-internal
funding
it has
provided
are
presented as
Due from banks
and are measured at amortized cost less any allowance
for expected credit losses.
UBS Switzerland AG standalone financial
statements (audited)
9
Note 2
Accounting Policies, Change in Organization and Risk
Management (continued)
Subordinated assets and liabilities
Subordinated assets are composed of
claims that, based on
an irrevocable written declaration, in
the event of liquidation,
bankruptcy
or
composition
concerning
the
debtor,
rank
after
the
claims of
all
other
creditors
and
may
not
be
offset
against
amounts
payable
to
the
debtor
nor
be
secured
by
its
assets.
Subordinated
liabilities
are
composed
of
corresponding obligations.
Subordinated liabilities that
contain a point-of-non-viability
clause in
accordance with Swiss
capital requirements pursuant
to Art.
29 and 30
of the
Capital Adequacy
Ordinance are
disclosed as being
Subject to
mandatory conversion
and / or
debt waiver
and provide for
the claim or
the obligation
to be written
off or converted
into equity in
the event that
the
issuing bank reaches a point of non-viability.
Services received from and provided to Group entities
UBS Switzerland AG receives services from UBS Business Solutions AG, the main Group service company,
mainly relating
to
Group
Technology,
Group
Operations
and
Group
Corporate
Services,
as
well
as
certain
other
services
from
other
Group entities. UBS Switzerland AG provides services to Group entities,
mainly relating to the distribution of security and
investment products. Services
received from
and provided
to Group entities
are settled
in cash as
hard cost transfers
or
hard revenue transfers paid or receiv
ed.
When the
nature of
the underlying
transaction
between UBS
Switzerland
AG and
the Group
entity contains
a
single,
clearly identifiable
service element,
related income
and expenses
are presented
in the respective
income statement
line
item, e.g.
Fee and commission income
from securities and
investment business, Other
fee and commission income,
Fee
and commission
expense, Net
trading income
or
General and
administrative expenses.
To the
extent the
nature of
the
underlying transaction contains
various service elements
and is not clearly
attributable to a
particular income statement
line item, related income and expenses are presented in
Sundry ordinary income
and
Sundry ordinary expenses.
›
Refer to Note 5 for more information
Post-employment benefit plans
Swiss GAAP
permit the
use of
IFRS Accounting
Standards
or Swiss
accounting standards
for post-employment
benefit
plans, with the election made on a plan-by-plan basis.
UBS Switzerland AG has elected to apply Swiss GAAP (FER 16) for
its pension plan. The requirements of Swiss GAAP are
better aligned with the specific nature
of Swiss pension plans, which
are hybrid in that they combine
elements of defined
contribution and defined benefit
plans but are treated
as defined benefit plans
under IFRS Accounting
Standards.
Swiss
GAAP (FER 16) require that the employer contributions
to the pension fund are recognized as
Personnel expenses
in the
income statement.
The employer contributions to the
Swiss pension fund are determined as
a percentage of contributory
compensation. Furthermore, Swiss
GAAP (FER 16) require
an assessment as
to whether, based
on the financial
statements
of
the
pension
fund
prepared
in
accordance
with
Swiss
accounting
standards
(FER 26),
an
economic
benefit
to,
or
obligation of, UBS Switzerland AG arises from the
pension fund and is recognized in the balance sheet
when conditions
are met.
Conditions
for
recording
a pension
asset
or liability
would
be met
if, for
example, an
employer
contribution
reserve is available,
or UBS Switzerland AG
is required to
contribute to the
reduction of a
pension deficit (on
an FER 26
basis).
›
Refer to Note 26 for more information
Deferred taxes
Deferred tax assets
are not recognized
in UBS Switzerland AG’s
standalone financial statements.
However,
deferred tax
liabilities
may
be
recognized
for
taxable
temporary
differences.
Changes
in
the
deferred
tax
liability
balance
are
recognized in the income statement.
Allowances and provisions for expected credit losses
UBS Switzerland AG
is required
to apply an
expected credit
loss (ECL) approach
for non-impaired
financial instruments
in its standalone financial statements in addition to the approach
for impaired financial instruments.
For non-impaired
exposures within
the scope
of the
Swiss GAAP
ECL requirements,
UBS Switzerland AG
has generally
chosen to apply the IFRS Accounting Standards ECL approach that is
applied in the UBS Group AG consolidated financial
statements
for its
standalone
financial statements.
These exposures
include all
financial assets
measured at
amortized
cost
under
both
Swiss
GAAP
and
IFRS
Accounting
Standards,
fee
and
lease
receivables,
guarantees,
irrevocable
loan
commitments,
revolving
revocable
credit
lines,
and
forward
starting
reverse
repurchase
and
securities
borrowing
agreements. Further information about
the ECL approach under
IFRS Accounting Standards is provided
in Note 1 to the
consolidated financial statements of UBS Group AG.
UBS Switzerland AG standalone financial
statements (audited)
10
Note 2
Accounting Policies, Change in Organization and Risk
Management (continued)
UBS
applies
a
single
definition
of
default
for
credit
risk
management
purposes,
regulatory
reporting
and
ECL,
with
a
counterparty classified as defaulted based on quantitative
and qualitative criteria.
›
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
An allowance
for credit
losses is
reported as
a decrease
in the
carrying amount
of a
financial asset.
For an
off-balance
sheet
item,
such
as a
commitment,
a
provision
for
credit
losses
is reported
in
Provisions
.
Changes
to
allowances
and
provisions for credit losses are recognized in
Credit loss (expense) / release
.
›
Refer to Note 10 for more information
Dispensations in the standalone financial statements
As UBS
Switzerland
AG
has
no
listed
shares
outstanding
and
is within
the
scope
of
the
UBS Group
AG consolidated
financial statements prepared in
accordance with IFRS Accounting
Standards, UBS Switzerland AG
is exempt from
various
disclosures in the standalone financial statements. The dispensations
include the management report and the statement
of cash flows. As the UBS Group
AG consolidated financial statements
are presented in US
dollars, UBS Switzerland AG
provides certain Notes disclosures that would otherwise be covered by the disclosure
dispensation,
i.e. Notes 14, 15, 16,
19, 20, 21, 23 and 24.
Covered bonds issued
UBS Switzerland
AG
issues
bonds collateralized
with pledged
mortgage
loans. These
covered
bonds are
presented
as
Bonds issued and loans from central mortgage institutions
and are measured at amortized cost.
Issued and repurchased covered bonds
are deemed extinguished for accounting purposes
and are derecognized from the
balance sheet. Such covered bonds
may serve as collateral
in securities financing transactions. In
these cases, the pledged
mortgage loans covering the repurchased bonds are disclosed
as collateral for the securities financing transaction.
›
Refer to Note 24 and Note 18 for more information
b) Changes in accounting policies
There were no significant changes in accounting
policies during 2024.
c) Change in organization
The Board of
Directors of UBS
Group AG approved
the merger of
UBS Switzerland AG and
Credit Suisse (Schweiz)
AG.
Following approvals from
their respective boards
and FINMA, both entities
signed a final merger
agreement on 25 June
- On 1 July 2024, UBS Switzerland AG formally completed the merger by absorption of Credit
Suisse (Schweiz) AG.
In the standalone financial statements of UBS Switzerland AG,
the acquisition has been applied retroactively as of 1 April
2024 at
the previous
book values
of Credit
Suisse (Schweiz)
AG. Accordingly,
the merger
balance sheet
with assets
of
CHF 220,174m
and
liabilities
of
CHF
208,991m
was
initially
recognized,
with
a
corresponding
increase
of
Statutory
capital reserves
in equity of
CHF 10,483m, of
which CHF 9,322m was
attributed to
Statutory capital contribution
reserves
and CHF 1,161m to
Other statutory capital reserves
. An amount of CHF 700m was retained in
Profit carried forward
and
subsequently
distributed
as
dividend,
as
approved
by
the
Annual
General
Meeting
of
Credit
Suisse
(Schweiz)
AG
on
23 April 2024, before the merger was legally effective.
Similarly, UBS Switzerland
AG’s accounting policies were applied
retroactively as of 1 April 2024, which resulted in a measurement loss of CHF 91m, which was recorded as
Extraordinary
expense
.
d) Events after the reporting period
There were no significant events after the reporting period.
e) Risk management
UBS Switzerland AG
is fully
integrated into
the Group-wide
risk management
process described
in the
audited part
of
the “Risk management and control” section of the
UBS Group AG Annual Report 2024.
More information
about the
use of
derivative instruments
and hedge
accounting is
provided in
Notes 1 and
11 to
the
consolidated financial statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
UBS Switzerland AG standalone financial
statements (audited)
11
Note 3a
Net trading income by business
For the year ended
CHF m
31.12.24
31.12.23
Global Wealth Management
555
433
Personal & Corporate Banking
625
456
Other business divisions and Group Items
88
11
Total net trading income
1,268
900
Note 3b
Net trading income by underlying risk category
For the year ended
CHF m
31.12.24
31.12.23
Interest rate instruments (including funds)
71
60
Foreign exchange instruments
1,166
815
Equity instruments (including funds)
3
(1)
Credit instruments
(18)
0
Precious metals / commodities
48
26
Total net trading income
1,268
900
Note 4
Personnel expenses
For the year ended
CHF m
31.12.24
31.12.23
Salaries
1,835
1,202
Variable compensation – performance awards
540
427
Variable compensation – other
60
15
Contractors
7
2
Social security
167
114
Post-employment benefit plans
307
211
Other personnel expenses
72
47
Total personnel expenses
2,988
2,019
As of
31 December 2024,
UBS Switzerland
AG employed
15,181 personnel
(31 December 2023:
8,895) on
a full-time
equivalent basis.
Note 5
General and administrative expenses
CHF m
31.12.24
31.12.23
Real estate
145
3
Technology costs
30
4
Market data services
52
33
Marketing and communication
132
85
Travel and entertainment
54
36
Fees to audit firms
14
7
of which: financial and regulatory audits
12
7
of which: audit-related services
2
0
Other professional fees
304
171
Outsourcing costs
92
159
Other general and administrative expenses
4,665
3,066
of which: shared services costs charged by UBS Group AG and subsidiaries
in the UBS Group
4,449
2,926
Total general and administrative expenses
5,487
3,565
UBS Switzerland AG standalone financial
statements (audited)
12
Note 6
Extraordinary expenses
Extraordinary expenses of CHF 91m for 2024 relate to the accounting for the merger with Credit Suisse (Schweiz)
AG as
of 1 April 2024,
as UBS Switzerland
AG’s accounting policies
and practices were
initially applied to
the merger balance
sheet. This effect mainly consists of CHF 109m related to immediate expensing of certain loan origination costs and fees
previously deferred
and recognized
over time,
as well
as CHF
10m for
employee benefit
and retirement
benefit plans,
and was partly reduced by CHF 26m related to lower
allowances and provisions for expected credit losses.
Note 7
Taxes
For the year ended
CHF m
31.12.24
31.12.23
Income tax expense / (benefit)
483
691
of which: current
483
691
Capital tax
29
16
Total tax expense / (benefit)
513
706
For 2024, the average tax
rate, defined as income tax
expense divided by the sum
of operating profit and
extraordinary
income minus extraordinary expenses and capital tax,
was 16.9% (2023: 18.1%).
Note 8
Securities financing transactions
CHF bn
31.12.24
31.12.23
On-balance sheet
Receivables from securities financing transactions, gross
12.1
2.4
Netting of securities financing transactions
(0.8)
(2.4)
Receivables from securities financing transactions, net
11.2
0.1
Payables from securities financing transactions, gross
10.0
2.7
Netting of securities financing transactions
(0.8)
(2.4)
Payables from securities financing transactions, net
9.2
0.3
Assets pledged as collateral in connection with securities financing
transactions
13.0
7.2
of which: financial investments
13.0
7.2
of which: assets that may be sold or repledged by counterparties
1.6
2.3
Off-balance sheet
Fair value of assets received as collateral in connection with securities financing
transactions
96.2
64.3
of which: repledged
83.3
62.1
of which: sold in connection with short sale transactions
0.3
0.2
UBS Switzerland AG standalone financial
statements (audited)
13
Note 9a
Collateral for loans and off-balance sheet transactions
31.12.24
31.12.23
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
other credit
enhancements
2
Secured by collateral
Secured by
other credit
enhancements
2
CHF m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
2,149
47,721
4,530
24,471
78,870
2,021
32,524
2,265
14,248
51,058
Mortgage loans, gross
282,600
0
0
0
282,600
168,804
168,804
of which: residential mortgages
241,166
0
0
0
241,166
145,779
145,779
of which: office and business
premises mortgages
18,637
0
0
0
18,637
9,559
9,559
of which: industrial premises
mortgages
10,454
0
0
0
10,454
2,825
2,825
of which: other mortgages
12,342
0
0
0
12,342
10,641
10,641
Total on-balance sheet, gross
284,748
47,721
4,530
24,471
361,470
170,825
32,524
2,265
14,248
219,861
Allowances
(198)
(54)
(29)
(1,257)
(1,538)
(122)
(25)
0
(488)
(636)
Total on-balance sheet, net
284,550
47,666
4,501
23,214
359,932
170,702
32,499
2,265
13,760
219,226
Off-balance sheet
Contingent liabilities, gross
319
3,742
2,662
9,287
16,009
156
2,118
934
4,760
7,967
Irrevocable commitments, gross
723
921
1,499
25,099
28,241
802
512
743
13,600
15,658
Forward starting reverse
repurchase and securities
borrowing transactions
0
2,800
0
0
2,800
0
0
0
0
0
Liabilities for calls on shares and
other equities
0
0
0
168
168
55
55
Total off-balance sheet
1,041
7,462
4,161
34,554
47,218
958
2,630
1,677
18,415
23,680
1 Includes but is not limited to deposits, securities, life insurance contracts,
inventory, accounts receivable, patents
and copyrights.
2 Includes credit default swaps and guarantees.
Note 9b
Impaired financial instruments
31.12.24
31.12.23
CHF m
Gross impaired
financial
instruments
Allowances and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Gross impaired
financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Amounts due from banks
0
0
0
0
0
0
0
0
Amounts due from customers
2,345
1,140
848
357
1,079
406
397
276
Accrued income and prepaid
expenses
7
0
0
7
Mortgage loans
1,569
84
1,485
0
603
0
603
0
Guarantees and loan commitments
446
29
215
202
177
14
82
81
Total impaired financial instruments
4,367
1,253
2,547
566
1,859
420
1,082
358
UBS Switzerland AG standalone financial
statements (audited)
14
Note 10a
Allowances
CHF m
Balance as of
31.12.23
Balance
recognized
upon the
merger with
Credit Suisse
(Schweiz) AG
as of 1.4.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Write-offs
Recoveries
and past due
interest
Reclassifications
Foreign
currency
translation
Balance as of
31.12.24
Default risk relating to on-balance
sheet exposures
643
667
534
(238)
(132)
55
(3)
18
1,545
of which: incurred credit losses
406
505
534
(158)
(132)
55
(3)
17
1,224
of which: expected credit losses
237
162
0
(80)
1
0
0
0
2
321
Other
10
0
0
0
0
0
0
(1)
9
Total value adjustments for default
and country risks
653
667
534
(238)
(132)
55
(3)
17
1,554
1 Includes CHF
26m related
to expected
credit loss
measurement differences
due to
UBS accounting
policy adoption
of Credit
Suisse (Schweiz)
AG upon
the merger
with UBS
Switzerland AG,
recognized under
extraordinary expense.
Note 10b
Provisions
CHF m
Balance as of
31.12.23
Balance
recognized
upon the
merger with
Credit Suisse
(Schweiz) AG
as of 1.4.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Provisions
used in
conformity
with
designated
purpose
Recoveries
Reclassifications
Foreign
currency
translation
Balance as of
31.12.24
Default risk related to off-balance sheet
items and credit lines
101
100
3
(33)
0
0
3
1
174
of which: incurred credit losses
14
24
3
(15)
0
0
3
0
29
of which: expected credit losses
87
76
0
(19)
0
0
0
1
145
Operational risks
4
0
7
(1)
(3)
0
0
0
8
Litigation, regulatory and similar matters
1
27
0
14
(9)
(6)
1
0
0
29
Real Estate
10
65
0
(2)
0
0
2
76
Restructuring
4
15
128
(10)
(42)
0
0
0
95
Employee benefits
18
8
27
(17)
0
0
0
0
37
Other
21
4
10
(4)
(1)
0
0
0
29
Total provisions
175
138
255
(74)
(55)
1
3
4
447
1 Includes provisions for litigation resulting from security risks.
UBS Switzerland AG standalone financial
statements (audited)
15
Note 10c
Development of allowances and provisions
for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2023
(744)
(159)
(165)
(420)
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
(767)
(162)
(76)
(529)
Net movement from new and derecognized transactions
1
17
0
17
0
of which: Private clients with mortgages
1
(6)
7
0
of which: Real estate financing
4
3
1
0
of which: Large corporate clients
3
2
1
0
of which: SME clients
7
1
6
0
of which: Financial intermediaries and hedge funds
(2)
(1)
(1)
0
of which: Other
3
0
3
0
Remeasurements with stage transfers
2
(254)
3
(11)
(245)
of which: Private clients with mortgages
(1)
0
(1)
0
of which: Real estate financing
1
0
1
0
of which: Large corporate clients
(36)
0
(4)
(32)
of which: SME clients
(218)
3
(7)
(213)
of which: Financial intermediaries and hedge funds
0
0
0
0
of which: Other
0
1
0
0
Remeasurements without stage transfers
3
(55)
53
12
(119)
of which: Private clients with mortgages
34
18
15
0
of which: Real estate financing
13
7
5
1
of which: Large corporate clients
(17)
2
3
(22)
of which: SME clients
(103)
9
(18)
(93)
of which: Financial intermediaries and hedge funds
16
11
5
0
of which: Other
1
6
1
(5)
Model changes
4
0
0
0
0
Movements recognized in credit loss (expense) / release
5
(292)
55
17
(365)
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
83
25
(1)
60
Balance as of 31 December 2024
(1,719)
(241)
(225)
(1,253)
1 Represents the increase
and decrease in allowances
and provisions resulting from
financial instruments (including guarantees
and facilities) that were
newly originated, purchased or
renewed and from the
final
derecognition of loans
or facilities on
their maturity date
or earlier.
2 Represents the
remeasurement between 12-month
and lifetime ECL
due to stage
transfers.
3 Represents the change
in allowances
and
provisions related to
changes in model
inputs or assumptions,
including changes in
forward-looking macroeconomic
conditions, changes
in the exposure
profile, PD and
LGD changes, and
unwinding of the
time
value.
4 Represents the change in the allowances and provisions related to changes in models and
methodologies.
5 Includes ECL movements from new and derecognized transactions,
remeasurement changes,
model and methodology changes.
6 Represents the decrease in allowances
and provisions resulting from write-offs
of the ECL allowance against
the gross carrying amount when
all or part of a financial
asset is
deemed uncollectible or forgiven and movements
in foreign exchange rates as well
as net gain of CHF 26m related
to expected credit loss measurement differences
due to UBS accounting policy adoption of
Credit
Suisse (Schweiz) AG upon the merger with UBS Switzerland AG, recognized under extraordinary
expense.
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2022
(722)
(142)
(176)
(403)
Net movement from new and derecognized transactions
1
(9)
(15)
6
0
of which: Private clients with mortgages
(3)
(5)
2
0
of which: Real estate financing
(1)
(4)
3
0
of which: Large corporate clients
(1)
(2)
1
0
of which: SME clients
(2)
(3)
0
0
of which: Financial intermediaries and hedge funds
0
0
0
0
of which: Other
(2)
(2)
(1)
0
Remeasurements with stage transfers
2
(83)
6
(9)
(80)
of which: Private clients with mortgages
(1)
2
(3)
0
of which: Real estate financing
(1)
2
(2)
0
of which: Large corporate clients
(21)
3
(3)
(21)
of which: SME clients
(50)
0
(1)
(49)
of which: Financial intermediaries and hedge funds
0
0
0
0
of which: Other
(11)
0
0
(10)
Remeasurements without stage transfers
3
63
(2)
17
48
of which: Private clients with mortgages
8
(3)
11
0
of which: Real estate financing
4
1
3
0
of which: Large corporate clients
3
0
0
3
of which: SME clients
40
(1)
1
41
of which: Financial intermediaries and hedge funds
2
1
1
0
of which: Other
5
1
1
4
Model changes
4
(11)
(7)
(4)
0
Movements recognized in credit loss (expense) / release
5
(40)
(18)
10
(32)
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
18
1
1
16
Balance as of 31 December 2023
(744)
(159)
(165)
(420)
1 Represents the increase
and decrease in allowances
and provisions resulting from
financial instruments (including
guarantees and facilities)
that were newly originated,
purchased or renewed and
from the final
derecognition of loans
or facilities on
their maturity date
or earlier.
2 Represents the
remeasurement between 12-month
and lifetime ECL
due to stage
transfers.
3 Represents the change
in allowances
and
provisions related to
changes in model
inputs or assumptions,
including changes in
forward-looking macroeconomic
conditions, changes
in the exposure
profile, PD and
LGD changes, and
unwinding of the
time
value.
4 Represents the change in the allowances and provisions related to changes in models and
methodologies.
5 Includes ECL movements from new and derecognized transactions,
remeasurement changes,
model and methodology changes.
6 Represents the decrease in
allowances and provisions resulting
from write-offs of the ECL allowance
against the gross carrying amount
when all or part of a
financial asset is
deemed uncollectible or forgiven and movements in foreign exchange rates.
UBS Switzerland AG standalone financial
statements (audited)
16
Note 10d
Balance sheet and off-balance sheet positions
subject to ECL
CHF m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
103,477
103,477
0
0
0
0
0
0
Due from banks
9,217
9,109
108
0
(4)
0
(4)
0
Receivables from securities financing transactions
11,229
11,229
0
0
0
0
0
0
Due from customers
77,552
71,915
4,432
1,205
(1,319)
(94)
(85)
(1,140)
Mortgage loans
282,382
269,792
11,106
1,485
(219)
(54)
(81)
(84)
Accrued income and prepaid expenses
702
685
10
7
(1)
0
0
0
Other assets
2
625
625
0
0
(3)
(3)
0
0
Total on-balance sheet financial assets within the scope of ECL
485,185
466,832
15,656
2,697
(1,545)
(151)
(170)
(1,224)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
16,009
14,869
1,006
133
(53)
(11)
(22)
(20)
Irrevocable commitments, gross
28,241
27,531
613
97
(60)
(32)
(18)
(9)
Forward starting transactions (securities financing transactions)
2,800
2,800
0
0
0
0
0
0
Other credit lines
88,531
86,254
2,063
214
(59)
(44)
(15)
0
Irrevocable committed prolongation of existing loans
4,185
4,179
4
2
(3)
(3)
0
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
139,766
135,634
3,686
446
(174)
(90)
(55)
(29)
Total allowances and provisions
(1,719)
(241)
(225)
(1,253)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
2 Includes Settlement and clearing accounts and Other. Refer to Note
17a for more information.
CHF m
31.12.23
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
73,264
73,264
0
0
0
0
0
0
Due from banks
2,905
2,893
12
0
(5)
(4)
(1)
0
Receivables from securities financing transactions
53
53
0
0
0
0
0
0
Due from customers
50,543
47,218
2,653
673
(515)
(63)
(46)
(406)
Mortgage loans
168,682
156,990
11,089
603
(121)
(31)
(90)
0
Accrued income and prepaid expenses
565
558
4
3
0
0
0
0
Other assets
2
252
252
0
0
(2)
(2)
0
0
Total on-balance sheet financial assets within the scope of ECL
296,266
281,229
13,758
1,279
(643)
(100)
(137)
(406)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
7,967
7,339
532
96
(30)
(10)
(5)
(14)
Irrevocable commitments, gross
15,658
15,278
345
35
(31)
(17)
(14)
0
Forward starting transactions (securities financing transactions)
0
0
0
0
0
0
0
0
Other credit lines
24,581
23,296
1,242
43
(36)
(28)
(8)
0
Irrevocable committed prolongation of existing loans
3,520
3,508
9
3
(3)
(3)
0
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
51,726
49,421
2,128
177
(101)
(59)
(28)
(14)
Total allowances and provisions
(744)
(159)
(165)
(420)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
2 Includes Settlement and clearing accounts and Other. Refer to Note
17a for more information.
UBS Switzerland AG standalone financial
statements (audited)
17
Note 10e
Financial assets subject to credit risk, by rating category
Financial assets subject to credit risk, by rating
category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
103,477
0
0
0
0
0
103,477
0
103,477
of which: stage 1
103,477
0
0
0
0
0
103,477
0
103,477
Due from banks
22
7,606
968
511
116
0
9,222
(4)
9,217
of which: stage 1
22
7,577
913
497
101
0
9,110
0
9,109
of which: stage 2
0
29
54
14
15
0
112
(4)
108
of which: stage 3
0
0
0
0
0
0
0
0
0
Receivables from securities financing transactions
5,897
129
0
5,203
0
0
11,229
0
11,229
of which: stage 1
5,897
129
0
5,203
0
0
11,229
0
11,229
Due from customers
447
38,752
15,367
14,013
7,946
2,345
78,871
(1,319)
77,552
of which: stage 1
447
38,089
14,662
12,637
6,176
0
72,009
(94)
71,915
of which: stage 2
0
663
706
1,377
1,771
0
4,517
(85)
4,432
of which: stage 3
0
0
0
0
0
2,345
2,345
(1,140)
1,205
Mortgage loans
1,261
107,317
104,418
50,788
17,249
1,569
282,601
(219)
282,382
of which: stage 1
1,261
106,664
102,802
46,272
12,847
0
269,846
(54)
269,792
of which: stage 2
0
654
1,616
4,515
4,402
0
11,187
(81)
11,106
of which: stage 3
0
0
0
0
0
1,569
1,569
(84)
1,485
Accrued income and prepaid expenses
97
153
19
365
61
7
702
(1)
702
of which: stage 1
97
153
19
363
53
0
686
0
685
of which: stage 2
0
0
0
2
8
0
10
0
10
of which: stage 3
0
0
0
0
0
7
7
0
7
Other assets
18
431
29
149
1
0
628
(3)
625
of which: stage 1
18
431
29
149
1
0
628
(3)
625
of which: stage 2
0
0
0
0
0
0
0
0
0
of which: stage 3
0
0
0
0
0
0
0
0
0
Total in scope of ECL assets / ECL amounts by stages
111,219
154,388
120,802
71,030
25,373
3,920
486,731
(1,545)
485,185
Off-balance sheet positions and other credit lines
subject to expected credit loss, by rating
category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
124
4,266
5,843
4,389
1,253
133
16,009
(53)
of which: stage 1
124
4,255
5,833
3,719
939
0
14,869
(11)
of which: stage 2
0
11
11
670
315
0
1,006
(22)
of which: stage 3
0
0
0
0
0
133
133
(20)
Irrevocable commitments, gross
301
9,262
8,983
7,045
2,553
97
28,241
(59)
of which: stage 1
301
9,259
8,782
6,828
2,361
0
27,531
(32)
of which: stage 2
0
3
201
217
191
0
613
(18)
of which: stage 3
0
0
0
0
0
97
97
(9)
Forward starting transactions (securities financing transactions)
0
0
0
2,800
0
0
2,800
0
of which: stage 1
0
0
0
2,800
0
0
2,800
0
Credit lines
1,916
53,133
18,539
10,461
4,268
214
88,531
(59)
of which: stage 1
1,916
52,648
18,042
9,833
3,815
0
86,254
(44)
of which: stage 2
0
486
497
629
452
0
2,063
(15)
of which: stage 3
0
0
0
0
0
214
214
0
Irrevocable committed prolongation of existing loans
5
1,814
859
671
833
2
4,185
(3)
of which: stage 1
5
1,814
859
671
830
0
4,179
(3)
of which: stage 2
0
0
0
0
3
0
4
0
of which: stage 3
0
0
0
0
0
2
2
0
Total off-balance sheet financial instruments and credit lines
704
56,160
23,821
20,881
37,746
454
139,766
(174)
›
Refer to “Note 10 Financial assets at amortized
cost and other positions in scope of expected
credit loss 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 ECL in accordance with IFRS
Accounting Standards
UBS Switzerland AG standalone financial
statements (audited)
18
Note 10e
Financial assets subject to credit risk, by rating category
(continued)
Financial assets subject to credit risk, by rating
category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
73,264
0
0
0
0
0
73,264
0
73,264
of which: stage 1
73,264
0
0
0
0
0
73,264
0
73,264
Due from banks
1
1,548
608
357
397
0
2,910
(5)
2,905
of which: stage 1
1
1,548
604
356
390
0
2,898
(4)
2,893
of which: stage 2
0
0
4
1
7
0
13
(1)
12
of which: stage 3
0
0
0
0
0
0
0
0
0
Receivables from securities financing transactions
47
7
0
0
0
0
53
0
53
of which: stage 1
47
7
0
0
0
0
53
0
53
Due from customers
453
27,245
8,552
8,524
5,206
1,079
51,058
(515)
50,543
of which: stage 1
453
26,954
8,271
7,660
3,942
0
47,281
(63)
47,218
of which: stage 2
0
290
281
864
1,263
0
2,699
(46)
2,653
of which: stage 3
0
0
0
0
0
1,079
1,079
(406)
673
Mortgage loans
942
65,528
43,650
42,683
15,397
603
168,804
(121)
168,682
of which: stage 1
942
64,981
42,245
38,116
10,737
0
157,021
(31)
156,990
of which: stage 2
0
547
1,405
4,567
4,661
0
11,180
(90)
11,089
of which: stage 3
0
0
0
0
0
603
603
0
603
Accrued income and prepaid expenses
136
62
22
303
40
3
565
0
565
of which: stage 1
136
62
21
302
37
0
558
0
558
of which: stage 2
0
0
0
1
3
0
4
0
4
of which: stage 3
0
0
0
0
0
3
3
0
3
Other assets
5
167
18
62
4
0
254
(2)
252
of which: stage 1
5
167
18
62
4
0
254
(2)
252
of which: stage 2
0
0
0
0
0
0
0
0
0
of which: stage 3
0
0
0
0
0
0
0
0
0
Total in scope of ECL assets / ECL amounts by stages
74,847
94,556
52,849
51,928
21,043
1,685
296,909
(643)
296,266
Off-balance sheet positions and other credit lines
subject to expected credit loss, by rating
category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
69
2,164
2,563
2,463
611
96
7,967
(30)
of which: stage 1
69
2,156
2,538
2,051
525
0
7,339
(10)
of which: stage 2
0
8
25
412
87
0
532
(5)
of which: stage 3
0
0
0
0
0
96
96
(14)
Irrevocable commitments, gross
346
6,029
4,221
3,894
1,132
35
15,658
(31)
of which: stage 1
346
6,029
4,187
3,736
980
0
15,278
(17)
of which: stage 2
0
0
35
158
153
0
345
(14)
of which: stage 3
0
0
0
0
0
35
35
0
Forward starting transactions (securities financing transactions)
0
0
0
0
0
0
0
0
of which: stage 1
0
0
0
0
0
0
0
0
Credit lines
2,147
6,653
7,924
6,420
1,395
43
24,581
(36)
of which: stage 1
2,147
6,348
7,688
6,013
1,101
0
23,296
(28)
of which: stage 2
0
305
236
407
294
0
1,242
(8)
of which: stage 3
0
0
0
0
0
43
43
0
Irrevocable committed prolongation of existing loans
4
1,517
880
694
422
3
3,520
(3)
of which: stage 1
4
1,517
880
692
415
0
3,508
(3)
of which: stage 2
0
0
0
2
7
0
9
0
of which: stage 3
0
0
0
0
0
3
3
0
Total off-balance sheet financial instruments and credit lines
2,566
16,363
15,588
13,471
3,561
177
51,726
(101)
UBS Switzerland AG standalone financial
statements (audited)
19
Note 11
Trading portfolio and other financial instruments
measured at fair value
CHF m
31.12.24
31.12.23
Assets
Trading portfolio assets
2,011
1,507
of which: debt instruments
1
37
36
of which: listed
30
24
of which: equity instruments
23
48
of which: precious metals and other physical commodities
1,951
1,423
Total assets measured at fair value
2,011
1,507
of which: fair value derived using a valuation model
42
63
of which: securities eligible for repurchase transactions in accordance
with liquidity regulations
2
11
16
Liabilities
Trading portfolio liabilities
258
209
of which: debt instruments
1
122
75
of which: listed
111
65
of which: equity instruments
136
133
Total liabilities measured at fair value
258
209
of which: fair value derived using a valuation model
177
134
1 Includes money market paper.
2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank
or other central banks.
UBS Switzerland AG standalone financial
statements (audited)
20
Note 12
Derivative instruments
31.12.24
31.12.23
CHF m, except where indicated
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Interest rate contracts
Forwards
1
32
22
7
25
23
9
Swaps
3,096
3,725
379
1,897
1,761
131
of which: designated in hedge accounting relationships
1,098
1,228
91
1,015
1,086
42
Over-the-counter (OTC) options
67
65
6
66
66
5
Total
3,195
3,813
392
1,989
1,849
144
Foreign exchange contracts
Forwards
1,836
1,816
159
492
470
43
Interest and currency swaps
2,265
1,436
136
1,497
1,964
105
of which: designated in hedge accounting relationships
121
197
7
Over-the-counter (OTC) options
168
178
17
307
306
28
Total
4,270
3,430
313
2,295
2,740
175
Equity / index contracts
Forwards
19
18
3
37
46
6
Swaps
7
7
0
19
19
1
Over-the-counter (OTC) options
68
68
2
20
20
1
Exchange-traded options
984
984
0
348
348
0
Total
1,078
1,077
5
425
434
8
Credit derivative contracts
Credit default swaps
40
16
1
12
16
1
Total
40
16
1
12
16
1
Commodity, precious metals and other contracts
Forwards
293
292
17
5
5
0
Swaps
190
189
3
59
59
3
Over-the-counter (OTC) options
247
247
8
135
135
8
Exchange-traded options
1
1
0
Total
732
730
28
200
199
12
Total before netting
9,314
9,066
739
4,920
5,238
339
of which: trading derivatives
8,094
7,640
3,905
4,152
of which: fair value derived using a valuation model
8,049
7,601
3,851
4,087
of which: derivatives designated in hedge accounting relationships
1,219
1,426
1,015
1,086
of which: fair value derived using a valuation model
1,219
1,426
1,015
1,086
Netting with cash collateral payables / receivables
(166)
(2,714)
(1)
(447)
Replacement value netting
(4,874)
(4,874)
(3,253)
(3,253)
Total after netting
4,275
1,478
1,666
1,537
of which: with central clearing counterparties
0
0
1
4
of which: with bank and broker-dealer counterparties
239
329
52
458
of which: other client counterparties
4,035
1,149
1,613
1,075
1 Includes forward rate agreements.
UBS Switzerland AG standalone financial
statements (audited)
21
Note 13a
Financial investments by instrument type
31.12.24
31.12.23
CHF m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
22,453
22,512
13,536
13,457
of which: held to maturity
5,404
5,383
5,762
5,656
of which: available for sale
17,049
17,129
7,774
7,800
Equity instruments
2
10
4
13
Property
23
23
13
13
Total financial investments
22,478
22,545
13,553
13,483
of which: securities eligible for repurchase transactions in accordance
with liquidity regulations
1
21,118
21,352
11,302
11,392
1 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central
banks.
Note 13b
Financial investments by counterparty rating
– debt instruments
CHF m
31.12.24
31.12.23
Internal UBS rating
1
0–1
13,862
11,206
2–3
8,590
2,330
4–5
0
0
6–8
0
0
9–13
0
0
Non-rated
2
0
Total financial investments
22,453
13,536
1 Refer to Note 22 for more information.
UBS Switzerland AG standalone financial
statements (audited)
22
Note 14
Investments in subsidiaries and other participations
CHF m
31.12.24
31.12.23
Historical cost
Balance at the beginning of the year
116
115
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
1,071
0
Additions
0
1
Reductions
0
0
Balance at the end of the year
1,187
116
Accumulated value adjustments and changes in book value
Balance at the beginning of the year
(9)
(9)
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
(77)
0
Balance at the end of the year
(87)
(9)
Net book value
Book value at the beginning of the year
107
106
Book value at the end of the year
1,101
107
of which: without market value
1,101
107
of which: subsidiaries
214
18
of which: Bank-now AG
191
0
of which: TopCard Service AG
11
11
of which: UBS Card Center AG
7
7
of which: other participations
887
88
of which: Credit Suisse Asset Management & Investor Services
(Schweiz) Holding AG
332
0
of which: SIX Group AG
229
0
of which: Pfandbriefbank schweizerischer Hypothekarinstitute
AG
214
74
of which: Swisscard AECS GmbH
70
0
of which: Taurus SA
18
0
of which: TWINT AG
8
8
of which: Houzy AG
6
6
of which: CLS Group Holdings AG
5
0
Note 15
Companies in which the bank holds a permanent direct
or indirect significant participation
1
31.12.24
Company name
Domicile
Primary business division
Share capital,
in thousands
Share of
capital,
in %
Share of
votes,
in %
Held directly,
in thousands
Held indirectly,
in thousands
Bank-now AG
2
Switzerland
Personal & Corporate Banking
CHF
30,000
100
100
30,000
–
Credit Suisse Entrepreneur Capital AG
2
Switzerland
Personal & Corporate Banking
CHF
15,000
100
100
15,000
–
FIDES Treasury Services AG
2
Switzerland
Personal & Corporate Banking
CHF
2,000
100
100
2,000
–
TopCard Service AG
Switzerland
Personal & Corporate Banking
CHF
150
100
100
150
–
UBS Card Center AG
Switzerland
Personal & Corporate Banking
CHF
100
100
100
100
–
UBS Hypotheken Schweiz AG
Switzerland
Personal & Corporate Banking
CHF
100
98
98
98
–
Credit Suisse (Schweiz) Hypotheken AG
2
Switzerland
Personal & Corporate Banking
CHF
100
98
98
98
–
UBS Hypotheken AG
Switzerland
Personal & Corporate Banking
CHF
100
98
98
98
–
Auto lease-now 2023-1 AG
2
Switzerland
Personal & Corporate Banking
CHF
100
98
98
–
98
Auto lease-now 2023-2 AG
2
Switzerland
Personal & Corporate Banking
CHF
100
98
98
–
98
Swisscard AECS GmbH
2
Switzerland
Personal & Corporate Banking
CHF
100
50
50
50
–
Credit Suisse Asset Management & Investor Services
(Schweiz) Holding AG
2
Switzerland
Asset Management
CHF
200
49
49
98
–
MultiConcept Fund Management S.A.
2
Luxembourg
Personal & Corporate Banking
CHF
3,336
49
49
–
1,635
Houzy AG
Switzerland
Personal & Corporate Banking
CHF
598
45
45
267
–
Pfandbriefbank schweizerischer Hypothekarinstitute
AG
3
Switzerland
Personal & Corporate Banking
CHF
1,200,000
25
20
299,998
–
SIX Group AG
2
Switzerland
Personal & Corporate Banking
CHF
19,522
17
18
3,354
–
TWINT AG
Switzerland
Personal & Corporate Banking
CHF
12,750
15
15
1,972
–
Taurus SA
2
Switzerland
Personal & Corporate Banking
CHF
5,673
8
8
455
–
1 Includes all subsidiaries and participations
with voting rights above 5% and
book value above CHF 5m.
2 Investment added upon the
merger with Credit Suisse (Schweiz) AG
as of 1 April 2024.
3 Increase in
investment recognized upon the merger with Credit Suisse (Schweiz) AG as of 1 April 2024 as well as participation in capital increase of CHF 100m.
UBS Switzerland AG standalone financial
statements (audited)
23
Note 16
Property, equipment and software
At historical cost less accumulated depreciation
CHF m
Own-used
properties
Leasehold
improvements
IT hardware
and
communication
Internally
generated
software
Other
machines and
equipment
Projects in
progress
1
31.12.24
31.12.23
Historical cost
Balance at the beginning of the year
0
0
10
1,452
87
42
1,591
1,392
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
21
244
0
419
13
3
701
Additions
0
2
5
0
7
256
271
257
Disposals / write-offs
2
0
(49)
(2)
(43)
(6)
0
(102)
(58)
Reclassifications
0
0
0
229
0
(228)
0
0
Foreign currency translation
0
0
0
0
0
0
0
0
Balance at the end of the year
21
197
12
2,056
101
73
2,461
1,591
Accumulated depreciation
Balance at the beginning of the year
0
0
9
511
79
0
598
432
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
11
221
0
293
12
0
537
Additions
0
0
0
0
0
0
0
Depreciation
2
14
3
324
6
0
348
224
Disposals / write-offs
2
0
(49)
(2)
(43)
(6)
0
(101)
(58)
Reclassifications
0
0
0
0
0
0
0
0
Balance at the end of the year
13
186
9
1,085
89
0
1,383
598
Net book value
Net book value at the beginning of the year
0
0
1
941
9
42
992
960
Net book value at the end of the year
8
11
3
971
12
73
1,078
992
1 Mainly related to Internally generated software.
2 Includes write-offs of fully depreciated assets.
Operating lease commitments
CHF m
31.12.24
Expenses for operating leases to be recognized in:
2025
180
2026
159
2027
141
2028
72
2029
42
2030 and thereafter
111
Total commitments for minimum payments under operating
leases
706
Property, equipment and software
are depreciated on a
straight-line basis over
their useful life, which
is between 3 and
10 years.
Note 17a
Other assets
CHF m
31.12.24
31.12.23
Deferral position for hedging instruments
0
113
Settlement and clearing accounts
146
168
VAT and other indirect tax receivables
59
13
Other
489
98
of which: other receivables due from UBS Group AG and subsidiaries in
the UBS Group
302
62
Total other assets
1
694
392
1 Includes components of Settlement and clearing accounts and Other of CHF 625m within the scope of ECL as of 31 December 2024 (CHF 252m as of 31
December 2023). Refer to Note 10d for more information.
Note 17b
Other liabilities
CHF m
31.12.24
31.12.23
Deferral position for hedging instruments
45
0
Settlement and clearing accounts
664
720
VAT and other indirect tax payables
562
319
Other
1,270
649
of which: other payables due to UBS Group AG and subsidiaries in the UBS Group
740
387
Total other liabilities
2,541
1,688
UBS Switzerland AG standalone financial
statements (audited)
24
Note 18
Pledged assets
1
31.12.24
31.12.23
CHF m
Carrying amount of
pledged assets
Effective
commitment
Carrying amount of
pledged assets
Effective
commitment
Cash and balances at central banks
2
774
1,549
596
1,193
Due from customers
3
954
895
708
660
Mortgage loans
4
58,152
31,972
17,392
9,182
Total pledged assets
59,880
34,416
18,697
11,034
1 Excluding securities financing transactions. Refer to Note 8 for more information on securities financing transactions.
2 Related to the collateral account with the Swiss National Bank pledged in favor of Esisuisse
to cover the required 50% of the payment commitment related to
deposit insurance. Refer to the “Off-balance sheet items” section for more information about Swiss deposit insurance.
3 Related to COVID-19 loans
granted under the program established
by the Swiss Federal
Council pledged to the Swiss
National Bank.
4 These pledged mortgage
loans serve as collateral
for existing liabilities against Swiss
central mortgage
institutions and for
existing covered bond
issuances (including repurchased
covered bonds). Of
these pledged mortgage
loans, approximately
CHF 7.2bn as
of 31 December 2024
(approximately CHF 6.4bn
as of
31 December 2023) could be withdrawn or used for future liabilities without breaching existing collateral requirements.
Note 19
Maturity structure of financial instruments
CHF m
At sight
Cancellable
Due within
1 month
Due between
1 and 3
months
Due between
3 and 12
months
Due between
1 and 5
years
Due after
5 years
Perpetual /
Not
applicable
Total
Assets
Cash and balances at central banks
1
102,703
774
0
0
0
0
0
0
103,477
Due from banks
3,625
0
396
473
1,486
3,131
107
0
9,217
Receivables from securities financing transactions
162
47
11,019
0
0
0
0
0
11,229
Due from customers
1,376
11,795
23,313
11,267
11,550
15,117
3,134
0
77,552
Mortgage loans
0
68,114
8,458
10,301
33,140
101,906
60,464
0
282,382
Trading portfolio assets
2,011
0
0
0
0
0
0
0
2,011
Derivative financial instruments
4,275
0
0
0
0
0
0
0
4,275
Financial investments
2
0
229
1,012
6,274
14,382
557
23
22,478
Total assets / financial instruments
as of 31.12.24
114,154
80,730
43,416
23,052
52,449
134,535
64,262
23
512,623
Total assets / financial instruments
as of 31.12.23
77,721
86,658
18,812
9,009
19,068
63,971
36,923
13
312,175
Liabilities
Due to banks
2
9,486
979
6,098
4,116
20,412
27,058
7,874
8,100
84,123
Payables from securities financing transactions
826
180
464
1,173
235
6,323
0
0
9,202
Due to customers
211,932
92,747
18,656
16,247
15,772
3,685
6
0
359,045
Trading portfolio liabilities
258
0
0
0
0
0
0
0
258
Derivative financial instruments
1,478
0
0
0
0
0
0
0
1,478
Bonds issued and loans from central mortgage
institutions
0
0
311
209
2,809
12,019
16,227
0
31,574
Total liabilities / financial instruments
as of 31.12.24
223,980
93,906
25,528
21,745
39,228
49,085
24,106
8,100
485,680
Total liabilities / financial instruments
as of 31.12.23
153,812
60,573
20,470
15,629
10,093
21,507
8,020
5,000
295,104
1 Cash and balances at central banks cancellable relates to the collateral account with the Swiss National Bank pledged in favor of Esisuisse to cover the required 50% of the payment commitment related to deposit
insurance.
2 Due to banks with maturity above one year and Perpetual mainly relates to loss-absorbing capacity-eligible positions.
UBS Switzerland AG standalone financial
statements (audited)
25
Note 20
Assets and liabilities by domestic and foreign
origin in accordance with the domicile principle
31.12.24
31.12.23
CHF m
Domestic
Foreign
Domestic
Foreign
Assets
Cash and balances at central banks
103,477
0
73,264
0
Due from banks
5,212
4,005
592
2,313
Receivables from securities financing transactions
5,928
5,301
0
53
Due from customers
41,878
35,675
25,275
25,268
Mortgage loans
281,918
464
168,681
1
Trading portfolio assets
1,956
55
1,436
72
Derivative financial instruments
2,913
1,361
1,109
557
Financial investments
3,458
19,021
2,645
10,909
Accrued income and prepaid expenses
357
375
295
270
Investments in subsidiaries and other participations
1,101
0
107
0
Property, equipment and software
1,078
0
992
0
Other assets
639
55
257
135
Total assets
449,915
66,312
274,652
39,578
Liabilities
Due to banks
78,755
5,368
33,331
3,805
Payables from securities financing transactions
260
8,942
20
263
Due to customers
304,416
54,629
202,770
43,986
Trading portfolio liabilities
82
176
29
180
Derivative financial instruments
669
809
1,095
443
Bonds issued and loans from central mortgage institutions
31,574
0
9,183
0
Accrued expenses and deferred income
1,655
307
1,129
209
Other liabilities
2,378
163
1,601
87
Provisions
432
16
166
9
Total liabilities
420,222
70,410
249,325
48,980
Equity
Share capital
10
0
10
0
Statutory capital reserve
21,837
0
11,354
0
Voluntary earnings reserve
1,378
0
1,430
0
Net profit / (loss) for the period
2,371
0
3,133
0
Total equity
25,596
0
15,926
0
Total liabilities and equity
445,818
70,410
265,251
48,980
Note 21
Total assets by geographical location
31.12.24
31.12.23
CHF m
%
CHF m
%
Assets
Switzerland
449,915
87
274,652
87
Europe, Middle East and Africa
40,261
8
25,878
8
of which: Luxembourg
5,288
1
2,266
1
of which: Germany
4,371
1
2,134
1
of which: France
4,159
1
2,408
1
of which: Qatar
4,047
1
3,933
1
of which: United Kingdom
2,768
1
1,878
1
Americas
22,397
4
10,753
3
of which: United States
12,829
2
3,564
1
of which: British Virgin Islands
3,339
1
2,147
1
of which: Cayman Islands
1,940
0
1,235
0
Asia Pacific
3,654
1
2,947
1
of which: Singapore
1,210
0
739
0
of which: Australia
616
0
442
0
of which: Hong Kong SAR
377
0
333
0
of which: China
306
0
356
0
Total assets
516,228
100
314,231
100
UBS Switzerland AG standalone financial
statements (audited)
26
Note 22
Country risk of total assets
The table below
provides a breakdown of total
non-Swiss assets by credit
rating. These credit ratings
reflect the sovereign
credit rating of
the country to which
the ultimate risk
of the underlying asset
is related. The
ultimate country of
risk for
unsecured loan positions
is the domicile of
the immediate borrower
or,
in the case of
a legal entity,
the domicile of the
ultimate
parent
entity.
For
collateralized
or
guaranteed
positions,
the
ultimate
country
of
risk
is
the
domicile
of
the
provider of the
collateral or guarantor
or,
if applicable, the
domicile of the
ultimate parent entity
of the provider
of the
collateral or guarantor.
For mortgage
loans, the
ultimate country
of risk
is the
country where
the real
estate is
located. Similarly,
the ultimate
country
of
risk
for
property
and equipment
is the
country
where
the
property
and
equipment
are
located.
Assets
for
which Switzerland is the ultimate
country of risk are provided
separately,
in order to reconcile them
to total balance sheet
assets.
›
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
31.12.24
31.12.23
Classification
Internal UBS rating
Description
Moody’s Investors
Service
S&P
Fitch
CHF m
%
CHF m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
36,949
7
19,282
6
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
12,100
2
7,491
2
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
11,151
2
7,604
2
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
1,993
0
1,357
0
5
Baa3
BBB–
BBB–
1,205
0
964
0
High risk
6
Sub-investment grade
Ba1
BB+
BB+
236
0
279
0
7
Ba2
BB
BB
309
0
82
0
8
Ba3
BB–
BB–
58
0
332
0
9
B1
B+
B+
623
0
324
0
Very high risk
10
B2
B
B
211
0
262
0
11
B3
B–
B–
165
0
90
0
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
120
0
16
0
13
Caa3 to C
CCC– to C
CCC– to C
385
0
206
0
Distressed
Default
Defaulted
D
D
24
0
11
0
Subtotal
65,528
13
38,298
12
Switzerland
450,700
87
275,933
88
Total assets
516,228
100
314,231
100
UBS Switzerland AG standalone financial
statements (audited)
27
Note 23
Assets and liabilities by the most significant currencies
for the bank
31.12.24
CHF m
CHF
USD
EUR
GBP
Other
Total
Assets
Cash and balances at central banks
103,229
22
192
9
26
103,477
Due from banks
4,903
2,506
707
140
961
9,217
Receivables from securities financing transactions
5,862
5,271
94
2
0
11,229
Due from customers
35,695
20,706
18,338
1,326
1,487
77,552
Mortgage loans
280,180
1,593
80
528
1
282,382
Trading portfolio assets
2
41
11
4
1,954
2,011
Derivative financial instruments
3,923
284
52
7
8
4,275
Financial investments
4,532
8,379
8,974
594
0
22,478
Accrued income and prepaid expenses
301
260
151
13
6
732
Investments in subsidiaries and other participations
1,096
0
0
5
0
1,101
Property, equipment and software
1,078
0
0
0
0
1,078
Other assets
489
171
24
4
7
694
Total assets shown on the balance sheet
441,289
39,233
28,621
2,633
4,450
516,228
Delivery entitlements from spot exchange, forward forex and forex options transactions
61,564
61,071
30,868
6,800
16,068
176,370
Total assets
502,853
100,305
59,489
9,433
20,518
692,598
Liabilities
Due to banks
68,380
10,791
3,173
200
1,580
84,123
Payables from securities financing transactions
3,636
3,201
2,353
12
0
9,202
Due to customers
263,644
53,579
31,053
3,639
7,129
359,044
Trading portfolio liabilities
87
87
58
17
9
258
Derivative financial instruments
1,159
260
45
7
8
1,478
Bonds issued and loans from central mortgage institutions
27,337
3
4,234
0
0
31,574
Accrued expenses and deferred income
1,332
489
132
7
2
1,962
Other liabilities
1,133
886
251
75
196
2,541
Provisions
381
37
28
1
1
447
Total liabilities shown on the balance sheet
367,088
69,333
41,326
3,959
8,926
490,631
Equity
Share capital
10
0
0
0
0
10
Statutory capital reserve
21,837
0
0
0
0
21,837
Voluntary earning reserve
1,378
0
0
0
0
1,378
Net profit / (loss) for the period
2,371
0
0
0
0
2,371
Total equity shown on the balance sheet
25,596
0
0
0
0
25,596
Total liabilities and equity shown on the balance sheet
392,685
69,333
41,326
3,959
8,926
516,228
Delivery obligations from spot exchange, forward forex and forex options transactions
62,434
60,251
30,781
6,752
16,151
176,370
Total equity and liabilities
455,119
129,584
72,107
10,711
25,077
692,598
Net position per currency as of 31.12.24
47,734
(29,279)
(12,617)
(1,278)
(4,559)
0
Net position per currency as of 31.12.23
24,671
(13,728)
(5,068)
(1,493)
(4,383)
0
UBS Switzerland AG standalone financial
statements (audited)
28
Note 24
Bonds issued and loans from central mortgage
institutions
Contractual maturity of carrying amount
CHF m
Due within
1 year
Due
between 1
and 2 years
Due
between 2
and 3 years
Due
between 3
and 4 years
Due
between 4
and 5 years
Due after 5
years
Total
31.12.24
Total
31.12.23
Loans from central mortgage institutions
1
Fixed-rate
2,264
2,058
2,179
2,048
1,492
14,086
24,127
8,363
Interest rates (range in %)
0.05–5.56
0.05–2.80
0.05–2.55
0.05–2.18
0.05–1.8
0.05–2.68
Bonds issued
1
Fixed-rate
1,064
575
1,222
400
1,340
2,141
6,742
820
o.w. in EUR
705
0
941
0
941
941
3,527
820
Interest rates (in %)
3.39
2.58
3.30
3.15
o.w. in CHF
359
575
281
400
400
1,200
3,215
Interest rates (range in %)
0.00–2.46
0.20–1.88
0.00–1.54
0.25
0.00–1.51
0.00–2.04
Floating-rate
0
0
705
0
0
0
705
o.w. in EUR
0
0
705
0
0
0
705
Interest rates (in %)
3.45
Total
3,328
2,633
4,106
2,449
2,832
16,227
31,574
9,183
1 Non-subordinated debt.
Note 25a
Share capital
31.12.24
31.12.23
Nominal value
in CHF
Number of
shares
of which: dividend
bearing
Nominal value
in CHF
Number of shares
of which: dividend
bearing
Share capital
1
10,000,000
100,000,000
100,000,000
10,000,000
100,000,000
100,000,000
of which: shares outstanding
10,000,000
100,000,000
100,000,000
10,000,000
100,000,000
100,000,000
1 Registered shares issued.
UBS Switzerland AG’s
share capital is
fully paid up.
Each share has
a nominal value
of CHF 0.10 and entitles
the holder
to one vote
at the meeting
of the shareholders
of UBS Switzerland
AG, if entered
into the share
register as
having the
right to
vote, as well
as a
proportionate share of distributed
dividends. UBS Switzerland
AG does not
apply any restrictions
or limitations on the transferability of shares.
Non-distributable reserves
Non-distributable reserves were CHF 5m as of
31 December 2024 (CHF 5m as
of 31 December 2023), equivalent to
50%
of the share capital of UBS Switzerland AG.
Note 25b
Significant shareholders
The sole direct shareholder
of UBS Switzerland AG
is UBS AG, which
holds 100% of UBS Switzerland
AG shares. These
shares are entitled to voting rights. Indirect
shareholders of UBS Switzerland AG, who do not have voting rights,
include
UBS Group
AG, which
holds 100%
of UBS
AG shares.
Included in
the table
below are
also direct
shareholders of
UBS
Group AG (acting in their own name or in their capacity
as nominees for other investors or beneficial owners)
that were
registered in the UBS Group AG
share register with 3% or
more of the share capital
of UBS Group AG
as of 31 December
2024 or as of 31 December 2023.
The shares
and share
capital of
UBS Switzerland
AG held
by indirect
shareholders shown
in the
table below
represent
their relative holding of UBS Group AG shares. They do not
have voting rights in UBS Switzerland AG.
31.12.24
31.12.23
CHF m, except where indicated
Share capital held
Shares held (%)
Share capital held
Shares held (%)
Significant direct shareholder of UBS Switzerland AG
UBS AG
10
100
10
100
Significant indirect shareholders of UBS Switzerland AG
UBS Group AG
10
100
10
100
DTC (Cede & Co.), New York
1
1
6
1
7
Nortrust Nominees Ltd., London
0
4
0
4
1 DTC (Cede & Co.), New York, “The
Depository Trust Company”, is a US securities clearing organization.
UBS Switzerland AG standalone financial
statements (audited)
29
Note 26
Swiss pension plans
a) Liabilities related to the Swiss pension
plans
CHF m
31.12.24
31.12.23
Provision for Swiss pension plans
0
0
Bank accounts at UBS and UBS debt instruments held by
Swiss pension funds
516
72
UBS derivative financial instruments held by Swiss pension funds
55
215
Total liabilities related to Swiss pension plans
571
287
b) Swiss pension plans
As of or for the year ended
CHF m
31.12.24
31.12.23
Pension plans surplus
1
3,616
2,159
Economic benefit / (obligation) of UBS Switzerland AG
7
0
Change in economic benefit / (obligation) recognized
in the income statement
0
0
Employer contributions in the period recognized in the income
statement
274
183
Performance awards-related employer contributions accrued
33
27
Total pension expense recognized in the income statement within Personnel expenses
307
211
1 The pension plans surplus
is determined in accordance with
Swiss GAAP (FER 26) and
consists of the reserves for
the fluctuation in asset values
and prepaid contributions. The
reserves for the fluctuation did not
represent an economic benefit for UBS Switzerland AG in accordance with Swiss GAAP (FER 16) as of both 31 December 2024 and 31 December
- Refer to Note 2 for more information.
The Swiss pension plans recognized an economic benefit of CHF 7m as
of 31 December 2024 and nil as of 31 December
2023.
Note 27
Related parties
Transactions
with related
parties are
conducted at
internally agreed
transfer prices,
at arm’s
length or,
with respect
to
loans, fixed
advances and
mortgages to
non-independent
members of
the governing
bodies in
the ordinary
course of
business, on substantially
the same terms
and conditions
that are
available to other
employees, including
interest rates
and collateral, and neither involve more than
the normal risk of collectability nor contain any other unfavorable
features
for the firm. Independent
members of the
governing bodies are granted
loans and mortgages in the
ordinary course of
business at general market conditions.
31.12.24
31.12.23
CHF m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
9,542
78,280
3,257
33,493
of which: due from / to banks
3,654
76,692
3,049
32,470
of which: receivables / payables from securities financing transactions
5,298
230
0
13
of which: due from / to customers
219
571
174
373
of which: accrued income / expenses
15
249
6
75
of which: other assets / liabilities
149
248
16
135
Subsidiaries
2
4,867
601
183
55
of which: due from / to banks
4,532
457
0
0
of which: due from / to customers
238
49
182
54
Affiliated entities
3
535
2,011
174
805
of which: due from / to banks
352
436
120
187
of which: due from / to customers
7
1,037
4
354
of which: other assets / liabilities
171
502
46
251
Members of governing bodies
4
70
125
58
22
External auditors
2
0
0
0
Other related parties
5
545
264
154
82
1 Qualified shareholders of UBS Switzerland AG are UBS Group AG and UBS AG.
2 Subsidiaries of UBS Switzerland AG are UBS Card Center AG, TopCard Service AG, UBS Hypotheken Schweiz AG, UBS Hypotheken
AG, Bank-now AG, FIDES Treasury
Services AG, Credit Suisse Entrepreneur Capital AG and Credit
Suisse (Schweiz) Hypotheken AG.
3 Affiliated entities of UBS Switzerland AG are all direct and indirect subsidiaries
of UBS Group AG, excluding subsidiaries of UBS Switzerland AG. Refer to Note 15 for more information.
4 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board
of UBS Group AG and the members of the Board of Directors and Executive Board of UBS Switzerland AG and the members of the Board of Directors and Executive Board of UBS AG.
5 Includes amounts due from /
to other participations. As of 31 December 2024, CHF 172m of guarantees (31 December 2023:
CHF 7m) and CHF 765m of irrevocable loan commitments (31 December 2023: CHF
0m) are reported off-balance sheet
as contingent liabilities under Credit guarantees and
similar instruments and Irrevocable commitments,
respectively. Additionally, CHF
73m other credit lines were provided to
other participations as of 31 December
2024 (31 December 2023: CHF 71m).
UBS Switzerland AG standalone financial
statements (audited)
30
Note 28
Fiduciary transactions
CHF m
31.12.24
31.12.23
Fiduciary deposits
69,938
59,247
of which: placed with third-party banks
26,195
24,387
of which: placed with subsidiaries and affiliated entities
43,743
34,860
Fiduciary loans
1,774
809
Total fiduciary transactions
71,712
60,056
Fiduciary transactions encompass
customer deposits and
loans transactions entered
into or granted by
UBS Switzerland
AG that result in
holding or placing assets and
liabilities on behalf of
individuals, trusts, defined benefit
plans and other
institutions. Unless
the recognition
criteria for
the assets
and liabilities
are satisfied,
these assets
and liabilities
and the
related
income
and
expense
are
excluded
from
UBS
Switzerland
AG’s
balance
sheet
and
income
statement
but
are
disclosed
in
this
Note
as
off-balance
sheet
fiduciary
transactions.
Client
deposits
that
are
initially
placed
as
fiduciary
transactions with UBS Switzerland AG
may be recognized on
UBS Switzerland AG’s balance sheet
in situations in which
the deposit is subsequently placed within UBS Switzerland AG. In
such cases, these deposits are not reported in the table
above.
Note 29a
Invested assets and net new money
As of or for the year ended
CHF bn
31.12.24
31.12.23
Discretionary assets
179
111
Other invested assets
870
590
Total invested assets (double counts included)
1,049
701
of which: double counts
1
0
Net new money (double counts included)
18
51
Note 29b
Development of invested assets
For the year ended
CHF bn
31.12.24
31.12.23
Total invested assets (including double counts) at the beginning of the year
701
644
Invested assets recognized upon the merger with
Credit Suisse (Schweiz) AG as of 1.7.24
1
262
Net new money inflows / (outflows)
18
51
Market movements (including dividends and interests)
40
41
Currency effects
28
(30)
Other effects
0
(5)
of which: acquisitions / (divestments)
0
0
Total invested assets (including double counts) at the end of the year
2
1,049
701
1 Invested assets recognized upon the
legal effectiveness date of the merger of
UBS Switzerland AG and Credit Suisse (Schweiz)
AG were measured as of 1 July 2024
and are reported in alignment with UBS
accounting
policies outlined in “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS
Group Annual Report 2024.
2 There were invested assets double counts of CHF 1bn
as of 31 December 2024 and there were no double counts as of 31 December 2023.
›
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
UBS Switzerland AG standalone
31
Statement of proposed appropriation of total profit
and dividend distribution
The Board of
Directors proposes that
the Annual General
Meeting of Shareholders
(AGM) on 9
April 2025 approve
the
appropriation of
total profit
and an
ordinary dividend
distribution of
CHF 4,200m
out of
the total
profit (CHF
2,371m)
and out
of the
voluntary earnings
reserve (CHF
1,378m) and
out of
the other
statutory capital
reserve (CHF
450m) as
follows:
For the year ended
CHF m
31.12.24
Net profit for the period
2,371
Profit / (loss) carried forward
0
Total profit available for appropriation
2,371
Appropriation of total profit
Dividend distribution
(2,371)
Profit / (loss) carried forward
0
Proposed dividend out of voluntary earnings reserve
Voluntary earnings reserve before proposed distribution
1,378
Dividend distribution
(1,378)
Voluntary earnings reserve after proposed distribution
0
Proposed dividend out of other statutory capital reserve
Statutory capital reserve, of which other statutory capital reserve before proposed
distribution
1,161
Dividend distribution
(450)
Statutory capital reserve, of which other statutory capital reserve after proposed distribution
711
UBS Switzerland AG standalone regulatory
information
32
UBS Switzerland AG standalone regulatory
information
Key metrics for the fourth quarter of 2024
The
table
below
is
based
on
Basel
Committee
on
Banking
Supervision
(BCBS)
Basel III
rules
and
IFRS
Accounting
Standards.
During the fourth quarter of 2024, common
equity tier 1 capital decreased by CHF
0.4bn to CHF 21.7bn, mainly due to
the operating profit being more than offset by additional
dividend accruals.
Total
risk-weighted
assets
(RWA)
increased
by
CHF 1.0bn
to
CHF 186.3bn,
mainly
driven
by
higher
credit
risk
RWA,
primarily due to an increase in lending, as well as higher
market risk RWA.
The leverage
ratio denominator
(the LRD)
decreased by
CHF 11.4bn to
CHF 556.1bn, mainly
due to
a reduction
in the
exposure to the Swiss National Bank, driven by treasury activities.
The
quarterly
average
liquidity
coverage
ratio
(the
LCR)
of
UBS
Switzerland AG
decreased
3.2 percentage
points
to
143.5%, remaining above
the prudential requirement
communicated by the
Swiss Financial Market Supervisory
Authority
(FINMA). The movement
in the quarterly
average LCR was
driven by an
increase in net
cash outflows and a
decrease in
high-quality liquid
assets (HQLA).
Net cash outflows
increased by
CHF 1.2bn to CHF
87.2bn, reflecting
higher outflows
from
customer
deposits,
partly
offset
by
lower
net
outflows
from
derivatives.
HQLA
decreased
by
CHF 1.0bn
to
CHF 125.0bn, primarily driven
by lower cash
available from funding
received from UBS
AG, partly offset by
higher cash
available
from
a
reduction
in
lending
assets,
higher
customer
deposits
and
an
issuance
of
EUR-denominated
covered
bonds on 23 September 2024.
As of 31 December 2024, the net stable funding ratio
decreased 2.5 percentage points to 132.2%, remaining above the
prudential requirement
communicated
by FINMA.
Available stable
funding decreased
by CHF 10.0bn
to CHF 359.2bn,
mainly
driven
by
lower
customer
deposits.
Required
stable
funding
decreased
by
CHF 2.3bn
to
CHF 271.7bn,
mainly
driven by lower lending assets.
UBS Switzerland AG standalone regulatory
information
33
KM1: Key metrics
CHF m, except where indicated
31.12.24
30.9.24
30.6.24
31.3.24
31.12.23
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
21,659
22,016
12,601
12,630
12,515
2
Tier 1
29,652
30,009
17,601
17,630
17,515
3
Total capital
29,652
30,009
17,601
17,630
17,515
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
186,265
185,237
110,294
111,292
107,097
4a
Minimum capital requirement
1
14,901
14,819
8,824
8,903
8,568
4b
Total risk-weighted assets (pre-floor)
168,033
167,384
100,623
102,993
99,936
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
11.63
11.89
11.43
11.35
11.69
6
Tier 1 ratio (%)
15.92
16.20
15.96
15.84
16.35
7
Total capital ratio (%)
15.92
16.20
15.96
15.84
16.35
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
2.50
2.50
2.50
2.50
2.50
9
Countercyclical buffer requirement (%)
0.08
0.08
0.07
0.05
0.04
9a
Additional countercyclical buffer for Swiss mortgage loans
(%)
0.88
0.90
0.81
0.81
0.84
10
Bank G-SIB and / or D-SIB additional requirements (%)
2
11
Total of bank CET1 specific buffer requirements (%)
3
2.58
2.58
2.57
2.55
2.54
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
7.13
7.39
6.93
6.85
7.19
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
556,053
567,484
337,149
337,653
330,515
14
Basel III leverage ratio (%)
5.33
5.29
5.22
5.22
5.30
Liquidity coverage ratio (LCR)
5
15
Total high-quality liquid assets (HQLA)
125,007
126,037
78,141
77,489
76,288
16
Total net cash outflow
87,160
85,964
53,601
54,396
53,564
16a
of which: cash outflows
116,768
114,992
74,884
75,050
73,049
16b
of which: cash inflows
29,608
29,027
21,283
20,654
19,485
17
LCR (%)
143.47
146.68
145.89
142.47
142.46
Net stable funding ratio (NSFR)
6
18
Total available stable funding
359,170
369,168
224,953
224,591
222,709
19
Total required stable funding
271,688
274,029
165,291
166,818
166,100
20
NSFR (%)
132.20
134.72
136.10
134.63
134.08
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements.
2 Swiss SRB going and gone concern requirements and information for UBS Switzerland AG are
provided below.
3 Excludes non-BCBS
capital buffer requirements
for risk-weighted positions
that are directly
or indirectly backed
by residential properties
in Switzerland.
4 Represents the
CET1 ratio
that is
available to meet buffer requirements. Calculated as the CET1 ratio
minus the BCBS CET1 capital requirement and, where applicable, minus the BCBS tier
2 capital requirement met with CET1 capital.
5 Calculated
after the application of haircuts, inflow
and outflow rates, as well
as, where applicable, caps on
Level 2 assets and cash inflows.
Calculated based on an average
of 64 data points in the fourth quarter
of 2024 and
65 data points in the
third quarter of 2024. For the prior-quarter
data points, refer to the respective Pillar 3
Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information.
6 UBS Switzerland
AG is required to maintain a minimum NSFR
of at least 100% on an ongoing basis,
as set out in Art. 17h para. 1 of
the Liquidity Ordinance. A portion of the excess
funding is used to fulfill the NSFR requirement of
UBS AG standalone.
UBS Switzerland AG standalone regulatory
information
34
Swiss systemically relevant bank going and gone concern
requirements and information
The
tables
below
provide
details
of
the
Swiss
systemically
relevant
bank
(SRB)
RWA-
and
LRD-based
going
and
gone
concern requirements
and
information
as required
by FINMA;
details
regarding
eligible
gone
concern instruments
are
provided below.
UBS Switzerland AG is considered an
SRB under Swiss banking law
and is subject to capital regulations
on a standalone
basis.
As
of
31 December
2024,
the
going
concern
capital
and
leverage
ratio
requirements
for
UBS Switzerland AG
standalone were 15.26% (including a countercyclical buffer
of 0.96%) and 5.00%, respectively.
The Swiss SRB
framework and
going concern requirements
applicable to
UBS Switzerland AG
standalone are
the same
as those applicable to
UBS Group AG consolidated.
The gone concern requirement
corresponds to 62% of
the Group’s
going
concern
requirements,
excluding
the
countercyclical
buffer
requirements.
Outstanding
total
loss-absorbing
capacity-eligible
unsecured
debt
instruments
are
eligible
to
meet
gone
concern
requirements
until
one
year
before
maturity.
The gone concern
requirements were 8.87%
for the RWA-based
requirement and 3.10%
for the LRD-based
requirement.
›
Refer to “Capital and capital ratios of our
significant regulated subsidiaries” 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 about the joint liability of UBS AG and
UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 31.12.24
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
15.26
1
28,426
5.00
1
27,803
Common equity tier 1 capital
10.96
20,416
3.50
19,462
of which: minimum capital
4.50
8,382
1.50
8,341
of which: buffer capital
5.50
10,245
2.00
11,121
of which: countercyclical buffer
0.96
1,790
Maximum additional tier 1 capital
4.30
8,009
1.50
8,341
of which: additional tier 1 capital
3.50
6,519
1.50
8,341
of which: additional tier 1 buffer capital
0.80
1,490
Eligible going concern capital
Total going concern capital
15.92
29,652
5.33
29,652
Common equity tier 1 capital
11.63
21,659
3.90
21,659
Total loss-absorbing additional tier 1 capital
4.29
7,994
1.44
7,994
of which: high-trigger loss-absorbing additional tier 1 capital
4.29
7,994
1.44
7,994
Required gone concern capital
2
Total gone concern loss-absorbing capacity
8.87
16,514
3.10
17,238
of which: base requirement including add-ons for market share and
LRD
8.87
3
16,514
3.10
3
17,238
Eligible gone concern capital
Total gone concern loss-absorbing capacity
10.35
19,274
3.47
19,274
TLAC-eligible unsecured debt
10.35
19,274
3.47
19,274
Total loss-absorbing capacity
Required total loss-absorbing capacity
24.13
44,940
8.10
45,040
Eligible total loss-absorbing capacity
26.27
48,926
8.80
48,926
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
186,265
Leverage ratio denominator
556,053
1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD).
2 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.
3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.
UBS Switzerland AG standalone regulatory
information
35
Swiss SRB going and gone concern information
CHF m, except where indicated
31.12.24
30.9.24
31.12.23
Eligible going concern capital
Total going concern capital
29,652
30,009
17,515
Total tier 1 capital
29,652
30,009
17,515
Common equity tier 1 capital
21,659
22,016
12,515
Total loss-absorbing additional tier 1 capital
7,994
7,993
5,000
of which: high-trigger loss-absorbing additional tier 1 capital
7,994
7,993
5,000
Eligible gone concern capital
Total gone concern loss-absorbing capacity
19,274
20,007
11,176
TLAC-eligible unsecured debt
19,274
20,007
11,176
Total loss-absorbing capacity
Total loss-absorbing capacity
48,926
50,016
28,691
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
186,265
185,237
107,097
Leverage ratio denominator
556,053
567,484
330,515
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
15.9
16.2
16.4
of which: common equity tier 1 capital ratio
11.6
11.9
11.7
Gone concern loss-absorbing capacity ratio
10.3
10.8
10.4
Total loss-absorbing capacity ratio
26.3
27.0
26.8
Leverage ratios (%)
Going concern leverage ratio
5.3
5.3
5.3
of which: common equity tier 1 leverage ratio
3.9
3.9
3.8
Gone concern leverage ratio
3.5
3.5
3.4
Total loss-absorbing capacity leverage ratio
8.8
8.8
8.7
UBS Switzerland AG standalone regulatory
information
36
Capital instruments
Capital instruments of UBS Switzerland AG – key features
Presented according to issuance date.
Share capital
Additional tier 1 capital
1
Issuer
UBS Switzerland AG, Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
2
Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for
private placement)
–
–
3
Governing law(s) of the instrument
Swiss
Swiss
3a
Means by which enforceability requirement of Section 13 of
the
TLAC Term Sheet is achieved (for other TLAC-eligible instruments
governed by foreign law)
n/a
n/a
Regulatory treatment
4
Transitional Basel III rules
1
CET1 – going concern capital
Additional tier 1 capital
5
Post-transitional Basel III rules
2
CET1 – going concern capital
Additional tier 1 capital
6
Eligible at solo / group / group and solo
UBS Switzerland AG consolidated and
standalone
UBS Switzerland AG consolidated and standalone
7
Instrument type (types to be specified by each jurisdiction)
Ordinary shares
Loan
3
Loan
3
Loan
3
Loan
3
Loan
3
Loan
3
8
Amount recognized in regulatory capital (currency in million,
as of
most recent reporting date)
1
CHF 10.0
CHF 1,000
CHF 500
CHF 700
CHF 675
CHF 825
CHF 1,325
9
Par value of instrument (currency in million)
CHF 10.0
CHF 1,000
CHF 500
CHF 700
CHF 675
CHF 825
CHF 1,325
10
Accounting classification
4
Equity attributable to UBS Switzerland
AG shareholders
Due to banks held at amortized cost
11
Original date of issuance
–
18 December 2017
29 October 2020
11 March 2021
2 June 2021
2 June 2021
29 November 2024
12
Perpetual or dated
–
Perpetual
13
Original maturity date
–
–
14
Issuer call subject to prior supervisory approval
–
Yes
UBS Switzerland AG standalone regulatory
information
37
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Share capital
Additional tier 1 capital
15
Optional call date, contingent call dates and redemption amount
–
First optional repayment
date:
18 December 2022
5
First optional repayment
date:
29 October 2025
First optional repayment
date:
11 March 2026
First optional repayment
date:
2 June 2026
First optional repayment
date:
2 June 2028
First optional repayment
date:
17 December 2029
Repayable at any time after the first optional repayment date.
Repayment subject to FINMA approval. Optional repayment amount:
principal amount, together with any accrued and unpaid interest
thereon.
Repayable on the first
optional repayment date
or on any of every
second interest payment
date thereafter.
Repayment subject to
FINMA approval.
Optional repayment
amount: principal
amount, together with
any accrued and unpaid
interest thereon.
Repayable on the first optional repayment date or
on any interest payment date thereafter.
Repayment subject to FINMA approval. Optional
repayment amount: principal amount, together
with any accrued and unpaid interest thereon.
16
Subsequent call dates, if applicable
–
Early repayment possible due to a tax or regulatory event.
Repayment due to a tax event subject to FINMA approval.
Repayment amount: principal amount, together with
accrued and unpaid interest.
Early repayment
possible due to a tax or
capital event.
Repayment due to tax
event subject to FINMA
approval.
Repayment amount:
principal amount,
together with accrued
and unpaid interest.
UBS Switzerland AG standalone regulatory
information
38
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Share capital
Additional tier 1 capital
Coupons
17
Fixed or floating dividend / coupon
–
Floating
18
Coupon rate and any related index
–
3-month SARON
Compound
- 250 bps
per annum quarterly
3-month SARON
Compound
- 397 bps
per annum quarterly
3-month SARON
Compound
- 337 bps
per annum quarterly
3-month SARON
Compound
- 307 bps
per annum quarterly
3-month SARON
Compound
- 308 bps
per annum quarterly
3-month SARON
Compound
- 340 bps
per annum quarterly
19
Existence of a dividend stopper
–
No
20
Fully discretionary, partially discretionary or mandatory
Fully discretionary
Fully discretionary
21
Existence of step-up or other incentive to redeem
–
No
22
Non-cumulative or cumulative
Non-cumulative
Non-cumulative
23
Convertible or non-convertible
–
Non-convertible
24
If convertible, conversion trigger(s)
–
–
25
If convertible, fully or partially
–
–
26
If convertible, conversion rate
–
–
27
If convertible, mandatory or optional conversion
–
–
28
If convertible, specify instrument type convertible into
–
–
29
If convertible, specify issuer of instrument it converts into
–
–
30
Write-down feature
–
Yes
31
If write-down, write-down trigger(s)
–
Trigger: CET1 ratio is less than 7%
FINMA determines a write-down necessary to ensure UBS
Switzerland AG’s viability; or UBS Switzerland AG receives a commitment of governmental
support that FINMA determines necessary to ensure
UBS Switzerland AG’s viability. Subject to applicable conditions.
32
If write-down, fully or partially
–
Fully
33
If write-down, permanent or temporary
–
Permanent
34
If temporary write-down, description of write-up mechanism
–
–
34a
Type of subordination
Statutory
Contractual
35
Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument in the
insolvency
creditor hierarchy of the legal entity concerned)
Unless otherwise stated in the articles of
association, once debts are paid back,
the assets of the liquidated company are
divided between the shareholders pro
rata based on their contributions and
considering the preferences attached to
certain categories of shares (Art. 745,
Swiss Code of Obligations)
Subject to any obligations that are mandatorily preferred by
law, each obligation of UBS Switzerland AG that is unsubordinated or is subordinated
and not
ranked junior (such as all classes of share capital) or at par (such as tier 1 instruments)
36
Non-compliant transitioned features
–
–
37
If yes, specify non-compliant features
–
–
1 Based on Swiss SRB (including transitional
arrangement) requirements.
2 Based on Swiss SRB requirements applicable as
of 1 January 2020.
3 Loans granted by UBS AG,
Zurich Branch.
4 As applied in UBS Switzerland AG’s
financial statements under Swiss GAAP.
5 The entity decided not to trigger
the call
option. There is no expected date for the repayment.
UBS Switzerland AG standalone regulatory
information
39
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
1
Issuer
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
2
Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for
private placement)
–
3
Governing law(s) of the instrument
Swiss
3a
Means by which enforceability requirement of Section 13 of
the TLAC Term Sheet is achieved (for other TLAC-eligible
instruments governed by foreign law)
n/a
Regulatory treatment
4
Transitional Basel III rules
1
Additional tier 1 capital
5
Post-transitional Basel III rules
2
Additional tier 1 capital
6
Eligible at solo / group / group and solo
UBS Switzerland AG consolidated and standalone
7
Instrument type (types to be specified by each jurisdiction)
Loan
3
Loan
3
Loan
3
Loan
3
Notes
5
8
Amount recognized in regulatory capital (currency in million,
as of most recent reporting date)
1
CHF 475
CHF 700
CHF 700
CHF 700
CHF 500
9
Par value of instrument (currency in million)
CHF 475
CHF 700
CHF 700
CHF 700
CHF 500
10
Accounting classification
4
Due to banks held at amortized cost
11
Original date of issuance
11 December 2024
17 December 2024
17 December 2024
17 December 2024
31 May 2022
12
Perpetual or dated
Perpetual
13
Original maturity date
–
14
Issuer call subject to prior supervisory approval
Yes
UBS Switzerland AG standalone regulatory
information
40
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
15
Optional call date, contingent call dates and redemption
amount
First optional repayment date:
11 December 2030
First optional repayment date:
17 December 2031
First optional repayment date:
17 December 2032
First optional repayment date:
18 December 2034
First optional repayment date:
17 December 2029
Repayable at any time after the first
optional repayment date.
Repayment subject to FINMA approval.
Optional repayment amount: principal
amount, together with any accrued and
unpaid interest thereon.
Repayable on the first optional repayment date or on any interest
payment date thereafter.
Repayment subject to FINMA approval. Optional repayment amount:
principal amount, together with any accrued and
unpaid interest thereon.
16
Subsequent call dates, if applicable
Early redemption possible due to a Tax
or Regulatory Event. Subject to
satisfaction of Conditions for
Redemption. Redemption amount:
aggregate principal amount, together
with accrued and unpaid interest.
Early repayment possible due to a tax or capital event.
Repayment due to tax event subject to FINMA approval.
Repayment amount: principal amount, together with
accrued and unpaid interest.
UBS Switzerland AG standalone regulatory
information
41
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
Coupons
17
Fixed or floating dividend / coupon
Floating
18
Coupon rate and any related index
3-month SARON Compound
- 339 bps
per annum quarterly
3-month SARON Compound
- 313 bps
per annum quarterly
3-month SARON Compound
- 305 bps
per annum quarterly
3-month SARON Compound
- 288 bps
per annum quarterly
3-month SARON Compound
- 330 bps
per annum quarterly
19
Existence of a dividend stopper
No
20
Fully discretionary, partially discretionary or mandatory
Fully discretionary
21
Existence of step-up or other incentive to redeem
No
22
Non-cumulative or cumulative
Non-cumulative
23
Convertible or non-convertible
Non-convertible
24
If convertible, conversion trigger(s)
–
25
If convertible, fully or partially
–
26
If convertible, conversion rate
–
27
If convertible, mandatory or optional conversion
–
28
If convertible, specify instrument type convertible into
–
29
If convertible, specify issuer of instrument it converts into
–
30
Write-down feature
Yes
31
If write-down, write-down trigger(s)
Trigger: CET1 ratio is less than 7%
FINMA determines a write-down necessary to ensure UBS Switzerland
AG’s viability; or UBS Switzerland AG receives a commitment of governmental support
that FINMA determines necessary to ensure
UBS Switzerland AG’s viability. Subject to applicable conditions.
32
If write-down, fully or partially
Fully
33
If write-down, permanent or temporary
Permanent
34
If temporary write-down, description of write-up mechanism
–
34a
Type of subordination
Contractual
35
Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument in the
insolvency creditor hierarchy of the legal entity concerned)
Subject to any obligations that are mandatorily preferred by
law, each obligation of UBS Switzerland AG that is unsubordinated or is subordinated
and not ranked junior (such as all classes of share
capital) or at par (such as tier 1 instruments)
36
Non-compliant transitioned features
–
37
If yes, specify non-compliant features
–
1 Based on Swiss SRB (including transitional arrangement) requirements.
2 Based on Swiss SRB requirements applicable as of 1 January
2020.
3 Loans granted by UBS AG, Zurich Branch.
4 As applied in UBS Switzerland AG’s
financial statements under Swiss GAAP.
5 Notes subscribed for by UBS AG,
Zurich
Branch.
UBS Switzerland AG standalone regulatory information
42
Climate risk
Our climate
strategy
and governance
are determined
and overseen
at the
UBS Group
level. Similarly,
we identify
and
manage climate
risks, including
climate-related
financial risks,
in our
own operations,
balance sheet,
client assets
and
supply chain at the UBS Group level.
Climate-related metrics for the UBS Switzerland
AG legal entity are presented in the
UBS Group Annual Report 2024.
›
Refer to “Our focus on sustainability” in the “How
we create value for our stakeholders” section and
to “Sustainability and
climate risk” 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
›
Refer to “Our sustainability and impact strategy” in
the “Strategy” section of the UBS Group Sustainability
Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
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 Group AG
P.O. 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:
March 17, 2025