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Fair value measurement | 6 Months Ended
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Jun. 30, 2023
Disclosure Of Fair Value Measurement [Line Items] |
Disclosure Of Fair Value Measurement Explanatory | Note 9 Fair value measurement a) Fair value hierarchy The fair value hierarchy classification of financial and non-financial assets and liabilities measured at fair value is summarized in the table below. During the first six months of 2023, and for Credit Suisse for the period between the acquisition date and 30 June 2023, assets and liabilities that were transferred from Level 2 to Level 1, or from Level 1 to Level 2, and were held for the entire reporting period were not material. Determination of fair values from quoted market prices or valuation techniques 1 30.6.23 31.3.23 31.12.22 USD m Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Financial assets at fair value held for trading 117,863 30,122 3,113 151,098 104,793 11,865 1,099 117,757 96,241 10,138 1,488 107,866 of which: Equity instruments 96,546 1,330 454 98,329 87,723 295 177 88,194 83,074 789 126 83,988 of which: Government bills / bonds 13,586 11,865 67 25,518 8,902 1,534 23 10,460 5,496 950 18 6,464 of which: Investment fund units 6,123 773 146 7,043 7,187 536 10 7,733 6,673 596 61 7,330 of which: Corporate and municipal bonds 1,592 11,310 995 13,897 977 7,449 442 8,867 976 6,363 541 7,880 of which: Loans 0 2,854 1,045 3,899 0 1,812 329 2,141 0 1,179 628 1,807 of which: Asset-backed securities 15 1,970 406 2,391 4 239 118 360 22 261 114 397 Derivative financial instruments 1,072 181,900 2,978 185,949 879 112,064 1,309 114,251 769 147,875 1,464 150,108 of which: Foreign exchange 576 73,686 425 74,686 515 51,731 3 52,249 575 84,881 2 85,458 of which: Interest rate 0 62,950 761 63,711 0 36,339 398 36,737 0 39,345 460 39,805 of which: Equity / index 1 38,544 1,108 39,652 1 21,180 578 21,759 1 21,542 653 22,195 of which: Credit 0 4,802 580 5,382 0 944 309 1,253 0 719 318 1,038 of which: Commodities 7 1,686 28 1,720 0 1,780 20 1,800 0 1,334 30 1,365 Brokerage receivables 0 21,537 0 21,537 0 21,025 0 21,025 0 17,576 0 17,576 Financial assets at fair value not held for trading 31,358 71,889 15,358 118,605 32,279 30,713 3,834 66,826 26,572 29,498 3,725 59,796 of which: Financial assets for unit-linked investment contracts 14,802 171 0 14,973 14,004 97 0 14,101 13,071 1 0 13,072 of which: Corporate and municipal bonds 61 12,673 359 13,093 86 13,601 241 13,928 35 14,101 230 14,366 of which: Government bills / bonds 16,144 3,976 0 20,120 17,824 3,140 0 20,965 13,103 3,638 0 16,741 of which: Loans 0 10,395 7,861 18,256 0 3,706 810 4,516 0 3,602 736 4,337 of which: Securities financing transactions 0 43,798 109 43,907 0 9,670 108 9,779 0 7,590 114 7,704 of which: Auction rate securities 0 0 1,321 1,321 0 0 1,321 1,321 0 0 1,326 1,326 of which: Investment fund units 321 516 683 1,519 295 498 288 1,081 307 566 190 1,063 of which: Equity instruments 29 227 3,092 3,348 70 0 879 949 57 0 792 849 Financial assets measured at fair value through other comprehensive income on a recurring basis Financial assets measured at fair value through other comprehensive income 65 2,152 0 2,217 60 2,181 0 2,241 57 2,182 0 2,239 of which: Commercial paper and certificates of deposit 0 1,926 0 1,926 0 1,921 0 1,921 0 1,878 0 1,878 of which: Corporate and municipal bonds 65 217 0 282 60 233 0 293 57 278 0 335 Non-financial assets measured at fair value on a recurring basis Precious metals and other physical commodities 5,794 0 0 5,794 4,506 0 0 4,506 4,471 0 0 4,471 Non-financial assets measured at fair value on a non-recurring basis Other non-financial assets 2 0 1 89 90 0 0 109 109 0 0 110 110 Total assets measured at fair value 156,152 307,601 21,538 485,291 142,516 177,847 6,351 326,714 128,110 207,269 6,788 342,166 of which: Credit Suisse 3 15,168 121,363 14,769 151,301 Determination of fair values from quoted market prices or valuation techniques (continued) 1 30.6.23 31.3.23 31.12.22 USD m Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial liabilities measured at fair value on a recurring basis Financial liabilities at fair value held for trading 33,231 6,983 150 40,364 28,332 5,941 101 34,374 23,578 5,823 114 29,515 of which: Equity instruments 22,984 311 83 23,378 19,411 370 58 19,839 16,521 352 78 16,951 of which: Corporate and municipal bonds 32 5,639 61 5,731 33 4,610 38 4,681 36 4,643 27 4,707 of which: Government bills / bonds 9,159 957 0 10,115 7,919 728 0 8,647 5,880 706 1 6,587 of which: Investment fund units 1,057 46 3 1,106 969 204 3 1,176 1,141 84 3 1,229 Derivative financial instruments 1,007 186,797 5,343 193,147 967 113,051 2,095 116,113 640 152,582 1,684 154,906 of which: Foreign exchange 591 75,856 132 76,580 529 52,706 33 53,267 587 87,897 24 88,508 of which: Interest rate 0 61,690 355 62,045 0 34,317 360 34,677 0 37,429 116 37,545 of which: Equity / index 0 41,569 3,714 45,284 1 23,207 1,365 24,573 0 24,963 1,184 26,148 of which: Credit 2 5,629 605 6,235 0 1,057 286 1,343 0 920 279 1,199 of which: Commodities 6 1,685 37 1,728 0 1,592 33 1,625 0 1,309 52 1,361 Financial liabilities designated at fair value on a recurring basis Brokerage payables designated at fair value 0 43,852 0 43,852 0 43,911 0 43,911 0 45,085 0 45,085 Debt issued designated at fair value 0 105,951 19,099 125,050 0 66,748 10,485 77,233 0 63,111 10,527 73,638 Other financial liabilities designated at fair value 0 33,097 3,025 36,122 0 25,180 579 25,758 0 29,547 691 30,237 of which: Financial liabilities related to unit- linked investment contracts 0 15,124 0 15,124 0 14,243 0 14,243 0 13,221 0 13,221 of which: Securities financing transactions 0 13,295 0 13,295 0 9,707 0 9,707 0 15,333 0 15,333 of which: Over-the-counter debt instruments and others 0 4,678 3,025 7,703 0 1,230 579 1,809 0 993 691 1,684 Total liabilities measured at fair value 34,238 376,680 27,616 438,534 29,299 254,831 13,260 297,390 24,219 296,148 13,015 333,381 of which: Credit Suisse 3 4,442 103,921 13,284 121,646 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented. 2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell. 3 Refer to Note 2 for more information about the acquisition of the Credit Suisse Group. b) Valuation adjustments The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period. Deferred day-1 profit or loss is generally released into Other net income from financial instruments measured at fair value through profit or loss when the pricing of equivalent products or the underlying parameters become observable or when the transaction is closed out. In accordance with IFRS, no day-1 profit or loss reserves were recognized on positions acquired with the Credit Suisse Group and no significant new positions were originated between the acquisition date and 30 June 2023. Deferred day-1 profit or loss reserves For the quarter ended Year-to-date USD m 30.6.23 31.3.23 30.6.22 30.6.23 30.6.22 Reserve balance at the beginning of the period 399 422 425 422 418 Profit / (loss) deferred on new transactions 78 91 86 169 161 (Profit) / loss recognized in the income statement (75) (113) (58) (188) (127) Foreign currency translation (1) 0 (1) (1) (1) Reserve balance at the end of the period 402 399 451 402 451 The table below summarizes other valuation adjustment reserves recognized on the balance sheet. Other valuation adjustment reserves on the balance sheet As of USD m 30.6.23 31.3.23 31.12.22 Own credit adjustments on financial liabilities designated at fair value 1 142 624 556 of which: debt issued designated at fair value 46 495 453 of which: other financial liabilities designated at fair value 96 129 103 Credit valuation adjustments 2 (151) (33) (33) Funding / Debit valuation adjustments 3 (172) (101) (46) Other valuation adjustments (2,911) (801) (839) of which: liquidity (1,905) (299) (311) of which: model uncertainty (1,005) (502) (529) 1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes 2 Amount does not include reserves against defaulted counterparties. 3 Amount includes debit valuation adjustments. Own credit adjustments on financial liabilities designated at fair value includes a life-to-date loss of USD 221 m attributable to Credit Suisse. Credit valuation adjustments includes USD 117 m from Credit Suisse Group and Funding / Debit valuation adjustments includes USD 73 m from Credit Suisse Group. Liquidity and model uncertainty adjustments in Credit Suisse amount to USD 1,630 m and USD 555 m respectively. c) Level 3 instruments: valuation techniques and inputs The table below presents material Level 3 assets and liabilities, together with the valuation techniques used to measure fair value, as well as the inputs used in a given valuation technique that are considered significant as of 30 June 2023 and unobservable, and a range of values for those unobservable inputs. The range of values represents the highest- and lowest-level inputs used in the valuation techniques. Therefore, the range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of the Group’s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and liabilities held by the Group. The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 20 Fair value measurement” in the “Consolidated financial statements” section of the Annual Report 2022. Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities Fair value Significant unobservable input(s) 1 Range of inputs Assets Liabilities Valuation technique(s) 30.6.23 31.12.22 USD bn 30.6.23 31.12.22 30.6.23 31.12.22 low high weighted average 2 low high weighted average 2 unit 1 Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading Corporate and municipal bonds 1.4 0.8 0.1 0.0 Relative value to market comparable Bond price equivalent 4 101 94 14 112 85 points Discounted expected cash flows Discount margin 200 391 376 412 412 basis points Traded loans, loans measured at fair value, loan commitments and guarantees 9.2 1.7 0.0 0.0 Relative value to market comparable Loan price equivalent 0 140 87 30 100 97 points Discounted expected cash flows Credit spread 60 3,263 347 200 200 200 basis points Market comparable and securitization model Credit spread 165 1,544 349 145 1,350 322 basis points Option model Gap risk 5 0 2 0 % Auction rate securities 1.3 1.3 Discounted expected cash flows Credit spread 115 209 156 115 196 144 basis points Investment fund units 3 0.8 0.3 0.0 0.0 Relative value to market comparable Net asset value Equity instruments 3 3.5 0.9 0.1 0.1 Relative value to market comparable Price Debt issued designated at fair value 4 19.1 10.5 Other financial liabilities designated at fair value 3.0 0.7 Discounted expected cash flows Funding spread 25 175 23 175 basis points Derivative financial instruments Interest rate 0.8 0.5 0.3 0.1 Option model Volatility of interest rates 55 161 75 143 basis points Volatility of inflation 0 6 % IR-to-IR correlation (1) 100 % Credit 0.6 0.3 0.7 0.3 Discounted expected cash flows Credit spreads 5 538 9 565 basis points Bond price equivalent 3 281 3 277 points Recovery rates 6 1 100 % Option model Credit spreads 17 707 basis points Equity / index 1.1 0.7 3.8 1.2 Option model Equity dividend yields 0 10 0 20 % Volatility of equity stocks, equity and other indices 4 138 4 120 % Equity-to-FX correlation (40) 84 (29) 84 % Equity-to-equity correlation (25) 100 (25) 100 % 1 The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g., 100 points would be 100% of par). 2 Weighted averages are provided for most non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to Other financial liabilities designated at fair value and Derivative financial instruments, as this would not be meaningful. 3 The range of inputs is not disclosed, as there is a dispersion of values given the diverse nature of the investments. 4 Debt issued designated at fair value primarily consists of UBS structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, as well as rates-linked and credit-linked notes, all of which have embedded derivative parameters that are considered to be unobservable. The equivalent derivative instrument parameters for debt issued or embedded derivatives for over-the-counter debt instruments are presented in the respective derivative financial instruments lines in this table. 5 Gap risk is risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 6 Recovery rate reflects the estimated recovery that will be realized given expected defaults, they may vary significantly depending upon the specific assets and terms of each transaction. d) Level 3 instruments: sensitivity to changes in unobservable input assumptions The table below summarizes those financial assets and liabilities classified as Level 3 for which a change in one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value significantly, and the estimated effect thereof. The sensitivity data shown below presents an estimation of valuation uncertainty based on reasonably possible alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress scenarios. Typically, these financial assets and liabilities are sensitive to a combination of inputs from Levels 1–3. Although well-defined interdependencies may exist between Level 1 / 2 parameters and Level 3 parameters (e.g., between interest rates, which are generally Level 1 or Level 2, and prepayments, which are generally Level 3), these have not been incorporated in the table. Furthermore, direct interrelationships between the Level 3 parameters are not a significant element of the valuation uncertainty. Sensitivity of fair value measurements to changes in unobservable input assumptions 1 30.6.23 31.3.23 31.12.22 USD m Favorable changes Unfavorable changes Favorable changes Unfavorable changes Favorable changes Unfavorable changes Traded loans, loans measured at fair value, loan commitments and guarantees 325 (234) 12 (13) 19 (12) Securities financing transactions 37 (37) 27 (29) 33 (37) Auction rate securities 44 (44) 45 (45) 46 (46) Asset-backed securities 48 (47) 29 (27) 27 (27) Equity instruments 483 (397) 188 (164) 183 (161) Investment fund units 127 (129) 29 (30) 19 (21) Interest rate derivatives, net 221 (111) 20 (13) 18 (12) Credit derivatives, net 75 (67) 3 (5) 3 (4) Foreign exchange derivatives, net 6 (6) 4 (5) 10 (5) Equity / index derivatives, net 646 (614) 371 (338) 361 (330) Other 296 (292) 63 (74) 20 (41) Total 2,308 (1,978) 791 (744) 738 (696) of which: Credit Suisse 2 1,578 (1,312) 1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative or Other. 2 Refer to Note 2 for more information about the acquisition of the Credit Suisse Group. e) Level 3 instruments: movements during the period The table below presents additional information about material Level 3 assets and liabilities measured at fair value on a recurring basis. Level 3 assets and liabilities may be hedged with instruments classified as Level 1 or Level 2 in the fair value hierarchy and, as a result, realized and unrealized gains and losses included in the table may not include the effect of related hedging activity. Furthermore, the realized and unrealized gains and losses presented in the table are not limited solely to those arising from Level 3 inputs, as valuations are generally derived from both observable and unobservable parameters. Assets and liabilities transferred into or out of Level 3 are presented as if those assets or liabilities had been transferred at the beginning of the year. Movements of Level 3 instruments USD bn Balance at the beginning of the period Credit Suisse Level 3 assets and liabilities acquired Net gains / losses included in compre- hensive income 1 of which: related to instruments held at the end of the period Purchases Sales Issuances Settlements Transfers into Level 3 Transfers out of Level 3 Foreign currency translation Balance at the end of the period For the six months ended 30 June 2023 2 Financial assets at fair value held for trading 1.5 2.2 (0.5) (0.5) 0.5 (1.1) 0.7 0.0 0.1 (0.3) 0.0 3.1 of which: Investment fund units 0.1 0.1 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) 0.1 of which: Corporate and municipal bonds 0.5 1.1 (0.4) (0.4) 0.3 (0.6) 0.0 0.0 0.0 (0.0) 0.0 1.0 of which: Loans 0.6 0.2 0.0 0.0 0.0 (0.3) 0.7 0.0 0.0 (0.2) 0.0 1.0 Derivative financial instruments – assets 1.5 1.4 (0.1) (0.1) 0.0 (0.0) 0.5 (0.3) 0.1 (0.2) 0.0 3.0 of which: Interest rate 0.5 0.2 0.1 0.1 0.0 0.0 0.1 (0.0) 0.0 (0.0) (0.0) 0.8 of which: Equity / index 0.7 0.5 (0.1) (0.1) 0.0 (0.0) 0.3 (0.2) 0.0 (0.2) (0.0) 1.1 of which: Credit 0.3 0.2 (0.0) (0.0) 0.0 (0.0) 0.1 (0.0) 0.0 (0.0) 0.0 0.6 Financial assets at fair value not held for trading 3.7 11.6 (0.1) (0.2) 0.7 (0.5) 0.0 (0.0) 0.1 (0.1) 0.0 15.4 of which: Loans 0.7 7.1 (0.1) (0.1) 0.4 (0.1) 0.0 (0.0) 0.0 (0.1) (0.0) 7.9 of which: Auction rate securities 1.3 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 1.3 of which: Equity instruments 0.8 2.1 (0.0) (0.0) 0.2 (0.1) 0.0 0.0 0.0 0.0 0.0 3.1 Derivative financial instruments – liabilities 1.7 2.8 0.6 0.5 0.0 (0.0) 0.8 (0.4) 0.1 (0.3) 0.0 5.3 of which: Interest rate 0.1 0.2 0.0 0.0 0.0 0.0 0.1 (0.1) 0.0 0.0 0.0 0.4 of which: Equity / index 1.2 1.7 0.5 0.5 0.0 (0.0) 0.6 (0.3) 0.0 (0.1) 0.0 3.7 of which: Credit 0.3 0.3 0.0 0.0 0.0 (0.0) 0.1 (0.0) 0.1 (0.2) (0.0) 0.6 Debt issued designated at fair value 10.5 8.5 0.4 0.4 0.0 0.0 2.4 (2.5) 0.6 (0.8) (0.0) 19.1 Other financial liabilities designated at fair value 0.7 2.1 0.0 0.0 0.0 0.0 0.2 (0.1) 0.0 (0.0) (0.0) 3.0 For the six months ended 30 June 2022 Financial assets at fair value held for trading 2.3 (0.1) (0.2) 0.3 (1.3) 1.0 0.0 0.1 (0.3) (0.0) 1.9 of which: Investment fund units 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) 0.0 of which: Corporate and municipal bonds 0.6 (0.0) (0.0) 0.2 (0.1) 0.0 0.0 0.0 (0.0) (0.0) 0.7 of which: Loans 1.4 (0.1) (0.1) 0.0 (1.2) 1.0 0.0 0.0 (0.2) (0.0) 1.0 Derivative financial instruments – assets 1.1 0.5 0.6 0.0 0.0 0.5 (0.4) 0.2 (0.2) (0.0) 1.8 of which: Interest rate 0.5 0.1 0.1 0.0 0.0 0.0 (0.1) 0.1 (0.1) (0.0) 0.4 of which: Equity / index 0.4 0.3 0.3 0.0 0.0 0.2 (0.2) 0.0 (0.0) (0.0) 0.7 of which: Credit 0.2 0.1 0.1 0.0 0.0 0.2 (0.0) 0.1 0.0 0.0 0.6 Financial assets at fair value not held for trading 4.2 0.1 0.1 0.6 (0.6) 0.0 (0.0) 0.0 (0.1) (0.1) 4.2 of which: Loans 0.9 (0.0) (0.0) 0.5 (0.2) 0.0 0.0 0.0 (0.1) (0.0) 1.0 of which: Auction rate securities 1.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 of which: Equity instruments 0.7 0.0 0.0 0.0 (0.1) 0.0 0.0 0.0 0.0 (0.0) 0.7 Derivative financial instruments – liabilities 2.2 (0.6) (0.6) 0.0 0.0 0.9 (0.8) 0.1 (0.1) (0.1) 1.7 of which: Interest rate 0.3 (0.2) (0.2) 0.0 0.0 0.1 (0.0) 0.0 0.0 (0.0) 0.1 of which: Equity / index 1.5 (0.3) (0.3) 0.0 0.0 0.6 (0.7) 0.0 (0.1) (0.0) 1.1 of which: Credit 0.3 (0.1) (0.1) 0.0 0.0 0.1 0.0 0.1 (0.0) (0.0) 0.4 Debt issued designated at fair value 14.2 (2.5) (2.3) 0.0 0.0 4.2 (2.7) 0.7 (1.5) (0.4) 12.0 Other financial liabilities designated at fair value 0.8 (0.0) (0.0) 0.0 0.0 0.2 (0.1) 0.0 (0.0) (0.0) 0.9 1 Net gains / losses included in comprehensive income are recognized in Net interest income and Other net income from financial instruments measured at fair value through profit or loss in the Income statement, and also in Gains / (losses) from own credit on financial liabilities designated at fair value, before tax in the Statement of comprehensive income. 2 Total Level 3 assets as of 30 June 2023 were USD 21.5 bn (31 December 2022: USD 6.8 bn). Total Level 3 liabilities as of 30 June 2023 were USD 27.6 bn (31 December 2022: USD 13.0 bn). f) Financial instruments not measured at fair value The table below reflects the estimated fair values of financial instruments not measured at fair value. Valuation principles applied when determining fair value estimates for financial instruments not measured at fair value are consistent with those described in “Note 20 Fair Value measurement” in the “Consolidated financial statements” section of the Annual Report 2022. Financial instruments not measured at fair value 30.6.23 31.3.23 31.12.22 USD bn Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Assets Cash and balances at central banks 261.6 261.6 144.2 144.2 169.4 169.4 Amounts due from banks 24.4 24.3 14.9 15.0 14.8 14.8 Receivables from securities financing transactions measured at amortized cost 86.5 86.6 60.0 60.0 67.8 67.8 Cash collateral receivables on derivative instruments 54.3 54.3 32.7 32.6 35.0 35.0 Loans and advances to customers 651.8 639.3 390.1 378.5 387.2 374.9 Other financial assets measured at amortized cost 64.9 62.5 49.2 47.2 53.3 50.8 Liabilities Amounts due to banks 99.2 99.2 13.6 13.6 11.6 11.6 Payables from securities financing transactions measured at amortized cost 22.3 22.3 9.9 9.9 4.2 4.2 Cash collateral payables on derivative instruments 41.4 41.4 32.2 32.2 36.4 36.4 Customer deposits 712.5 712.3 505.6 504.9 525.1 524.8 Debt issued measured at amortized cost 230.9 229.9 116.3 113.7 114.6 113.5 Other financial liabilities measured at amortized cost 1 13.6 13.7 7.0 7.0 6.2 6.2 1 Excludes lease liabilities.

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