FALSE --12-31 0001610520 Q2 2021 30/06/2021 <div>Reflects third-party fee and commission income for the second quarter of 2021 of USD 3,585 million for Global Wealth Management (first quarter of 2021: USD 3,673 million; second quarter of 2020: USD 2,809 million), USD 399 million for Personal & Corporate Banking (first quarter of 2021: USD 389 million; second quarter of 2020: USD 313 million), USD 805 million for Asset Management (first quarter of 2021: USD 815 million; second quarter of 2020: USD 700 million), USD 1,243 million for the Investment Bank (first quarter of 2021: USD 1,278 million; second quarter of 2020: USD 872 million) and USD 9 million for Group Functions (first quarter of 2021: USD 15 million; second quarter of 2020: USD 36 million).</div> <div>Financial advisor compensation consists of grid-based compensation based directly on compensable revenues generated by financial advisors and supplemental compensation calculated on the basis of financial advisor productivity, firm tenure, assets and other variables. It also includes expenses related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements</div> <div>Debt with an original contractual maturity of less than one year</div> <div>Based on original contractual maturity without considering any early redemption features. As of 30 June 2021, 100% of the balance was unsecured (31 March 2021: 100%; 31 December 2020: 100%).</div> <div>Debt with an original contractual maturity greater than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features.</div> <div>Includes liabilities for payroll taxes and untaken vacation.</div> <div>Provisions, if any, for matters described in this Note are recorded in Global Wealth Management (item 3 and item 4) and Group Functions (item 2). Provisions, if any, for the matters described in items 1 and 6 of this Note are allocated between Global Wealth Management and Personal & Corporate Banking, and provisions, if any, for the matters described in this Note in item 5 are allocated between the Investment Bank and Group Functions.</div> <div>Includes investment fund unit-linked instruments issued</div> <div>Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously</div> <div>Reflects the netting potential in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.</div> <div>In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. Notional amounts of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed, as they have a significantly different risk profile</div> <div>Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented.</div> <div>Comprises provisions for losses resulting from legal, liability and compliance risks</div> <div>Amounts do not include reserves against defaulted counterparties.</div> <div>Excludes lease liabilities.</div> <div>The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.</div> <div>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)</div> <div>Weighted averages are provided for 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 derivative contracts, as this would not be meaningful.</div> <div>The range of inputs is not disclosed, as there is a dispersion of values given the diverse nature of the investments.</div> <div>Debt issued designated at fair value is composed primarily of UBS structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, rates-linked and credit-linked notes, all of which have embedded derivative parameters that are considered to be unobservable. The equivalent derivative instrument parameters are presented in the respective derivative financial instruments lines in this table.</div> <div>Reflects the payment of an ordinary cash dividend of USD 0.37 per dividend-bearing share in April 2021 (first half of 2020: USD 0.365 per dividend-bearing share paid in May 2020; a second tranche of the 2020 dividend of USD 0.365 per dividend-bearing share was paid in November 2020). From 2020 onward, Swiss tax law effective 1 January 2020 requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange pay no more than 50% of dividends from capital contribution reserves, with the remainder required to be paid from retained earnings.</div> <div>Includes treasury shares acquired and disposed of by the Investment Bank in its capacity as a market maker with regard to UBS shares and related derivatives, and to hedge certain issued structured debt instruments. These acquisitions and disposals are reported based on the sum of the net monthly movements.</div> <div>Mainly includes provisions related to real estate, employee benefits and operational risks.</div> <div>Includes personnel-related restructuring provisions of USD 135 million as of 30 June 2021 (31 March 2021: USD 12 million; 31 December 2020: USD 18 million) and provisions for onerous contracts of USD 40 million as of 30 June 2021 (31 March 2021: USD 44 million; 31 December 2020: USD 49 million).</div> <div>Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of three month-end rates, weighted according to the income and expense volumes of all operations of the Group with the same functional currency for each month. Weighted average rates for individual business divisions may deviate from the weighted average rates for the Group.</div> <div>Total Level 3 assets as of 30 June 2021 were USD 8.1 billion (31 December 2020: USD 8.3 billion). Total Level 3 liabilities as of 30 June 2021 were USD 18.4 billion (31 December 2020: USD 15.2 billion).</div> <div>In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. Notional amounts of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed, as they have a significantly different risk profile</div> <div>Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented.</div> <div>Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments.</div> <div>Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.</div> <div>Includes personnel-related restructuring provisions of USD 135 million as of 30 June 2021 (31 March 2021: USD 12 million; 31 December 2020: USD 18 million) and provisions for onerous contracts of USD 40 million as of 30 June 2021 (31 March 2021: USD 44 million; 31 December 2020: USD 49 million).</div> <div>Total Level 3 assets as of 30 June 2021 were USD 8.1 billion (31 December 2020: USD 8.3 billion). Total Level 3 liabilities as of 30 June 2021 were USD 18.4 billion (31 December 2020: USD 15.2 billion).</div> <div>Net of bifurcated embedded derivatives, the fair value of which was not material for the periods presented.</div> <div>Contracts have been disclosed without regard to early termination rights. Instead, it is assumed that such contracts will transition away from IBORs without such rights being exercised</div> <div>Includes primarily EUR LIBOR positions.</div> <div>Includes loans related to revolving multi-currency credit lines.</div> <div>Includes cross-currency swaps where either leg or both legs are indexed to an IBOR.</div> <div>Includes loan commitments that can be drawn in different currencies at the client‘s discretion.</div> <div>Includes Loans and advances to customers of USD 391,076 million and Loans to financial advisors of USD 2,518 million, which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Excludes Forward starting reverse repurchase and securities borrowing agreements.</div> <div>Includes Loans and advances to customers of USD 377,791 million and Loans to financial advisors of USD 2,578 million, which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Includes Loans and advances to customers of USD 380,589 million and Loans to financial advisors of USD 2,677 million, which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Reflects the cancelation of 156,632,400 shares purchased under our 2018–2021 share repurchase program as approved by shareholders at the 2021 Annual General Meeting. For shares repurchased from 2020 onward, Swiss tax law effective 1 January 2020 requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to reduce capital contribution reserves by at least 50% of the total capital reduction amount exceeding the nominal value upon cancelation of the shares.</div> <div>Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings</div> <div>Reflects the net increase in / (release of) provisions for litigation, regulatory and similar matters recognized in the income statement. Refer to Note 14 for more information</div> <div>Includes charitable donations.</div> <div>Consists of interest income from cash and balances at central banks, loans and advances to banks and customers, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks, customer deposits, and cash collateral payables on derivative instruments</div> <div>Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from securities financing transactions.</div> <div>Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances at central banks, loans and advances to banks, and cash collateral receivables on derivative instruments.</div> <div>Includes interest expense on payables from securities financing transactions and negative interest, including fees, on receivables from securities financing transactions.</div> <div>Includes interest expense on securities financing transactions designated at fair value.</div> <div>USD 3,432 million and USD 5,393 million of cash and cash equivalents (mainly reflected in Loans and advances to banks) were restricted as of 30 June 2021 and 30 June 2020, respectively. Refer to “Note 23 Restricted and transferred financial assets” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.</div> <div>Includes cash proceeds from the sale of UBS’s minority investment in Clearstream Fund Centre for the period ended 30 June 2021, and dividends received from associates in both periods. 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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: July 20, 2021
UBS Group AG
Commission File Number: 1-36764
UBS AG
Commission File Number: 1-15060
(Registrants' Name)
Bahnhofstrasse 45, Zurich, Switzerland
Aeschenvorstadt 1, Basel, Switzerland
(Address of principal executive offices)
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
Second
Quarter
2021
Report
of
UBS
Group
AG,
which
appears
immediately following this page.
Our financial results
Second
quarter 2021
report
Corporate calendar UBS Group AG
P
ublication of the
third
quarter 2021 report:
Tuesday,
26 October 2021
P
ublication of the
fourth
quarter 2021 report:
Tuesday
,
1
February
2022
Corporate calendar UBS AG
Publication of the
second quarter 2021
report:
Friday
, 23 July
202
1
Publication dates of future quarterly and annual reports
and results are made available as
part of the corporate calendar of UBS AG at ubs.com/investors
Contacts
Switchboards
For all general inquiries
ubs.com/contact
Zurich +41-44-234 1111
London +44-207-567
8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000
Investor Relations
Institutional, professional and retail
investors are supported by UBS’s Investor
Relations team.
UBS Group AG, Investor Relations
P.O.
Box, CH-8098 Zurich, Switzerland
ubs.com/investors
Zurich +41-44-234 4100
New York +1-212-882 5734
Media Relations
Global media and journalists are supported
by UBS’s Media Relations team.
ubs.com/media
Zurich +41-44-234 8500
mediarelations@ubs.com
London +44-20-7567 4714
ubs-media-relations@ubs.com
New York +1-212-882 5858
mediarelations@ubs.com
Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com
Office of the Group Company Secretary
The Group Company Secretary receives
inquiries on compensation and related
issues addressed to members of the
Board of Directors.
UBS Group AG, Office of the Group
Company Secretary
P.O.
Box, CH-8098 Zurich, Switzerland
sh-company-secretary@ubs.com
+41-44-235 6652
Shareholder Services
UBS’s Shareholder Services team, a unit
of the Group Company Secretary’s office,
is responsible for the registration of UBS
Group AG registered shares.
UBS Group AG, Shareholder Services
P.O.
Box, CH-8098 Zurich, Switzerland
sh-shareholder-services@ubs.com
+41-44-235 6652
US Transfer Agent
For global registered share-related
inquiries in the US.
Computershare Trust Company NA
P.O.
Box 505000
Louisville, KY 40233-5000, USA
Shareholder online inquiries:
www-us.computershare.com/
investor/Contact
Shareholder website:
computershare.com/investor
Calls from the US
+1-866-305-9566
Calls from outside the US
+1-781-575-2623
TDD for hearing impaired
+1-800-231-5469
TDD for foreign shareholders
+1-201-680-6610
Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2021. The key symbol and UBS are among
the registered and unregistered
trademarks of UBS. All rights reserved.
1.
UBS
Group
4
Recent developments
6
Group performance
2.
UBS business divisions and
Group Functions
14
Global Wealth Management
17
Personal & Corporate Banking
20
Asset Management
22
Investment Bank
25
Group Functions
26
Selected financial information of our
business divisions and Group Functions
3.
Risk, capital, liquidity and funding,
and balance sheet
29
Risk management and control
35
Capital management
46
Liquidity and funding management
47
Balance sheet and off-balance sheet
50
Share information and earnings per share
4.
Consolidated
financial statements
53
UBS Group AG interim consolidated
financial statements (unaudited)
95
UBS AG interim consolidated financial
information (unaudited)
5.
Significant regulated subsidiary and
sub-group information
100
Financial and regulatory key figures for
our significant regulated subsidiaries and
sub-groups
Appendix
102
Alternative performance measures
105
Abbreviations frequently used in
our financial reports
107
Information sources
108
Cautionary statement
Second quarter 2021 report
2
Our key figures
As of or for the quarter ended
As of or year-to-date
USD million, except where indicated
30.6.21
31.3.21
31.12.20
30.6.20
30.6.21
30.6.20
Group results
Operating income
8,976
8,705
8,117
7,403
17,681
15,337
Operating expenses
6,384
6,407
6,132
5,821
12,790
11,747
Operating profit / (loss) before tax
2,593
2,298
1,985
1,582
4,891
3,591
Net profit / (loss) attributable to shareholders
2,006
1,824
1,636
1,232
3,830
2,827
Diluted earnings per share (USD)
1
0.55
0.49
0.44
0.33
1.04
0.76
Profitability and growth
2
Return on equity (%)
13.7
12.4
11.0
8.6
13.1
9.9
Return on tangible equity (%)
15.4
14.0
12.4
9.7
14.7
11.2
Return on common equity tier 1 capital (%)
19.3
18.2
16.8
13.2
18.8
15.4
Return on risk-weighted assets, gross (%)
12.2
12.0
11.4
10.7
12.1
11.4
Return on leverage ratio denominator, gross (%)
3
3.4
3.3
3.2
3.2
3.4
3.3
Cost / income ratio (%)
71.8
73.8
74.9
75.8
72.8
74.0
Effective tax rate (%)
22.4
20.5
17.2
21.9
21.5
21.1
Net profit growth (%)
62.8
14.3
126.7
(11.5)
35.5
11.6
Resources
2
Total assets
1,086,519
1,107,712
1,125,765
1,063,849
1,086,519
1,063,849
Equity attributable to shareholders
58,765
58,026
59,445
57,003
58,765
57,003
Common equity tier 1 capital
4
42,583
40,426
39,890
38,114
42,583
38,114
Risk-weighted assets
4
293,277
287,828
289,101
286,436
293,277
286,436
Common equity tier 1 capital ratio (%)
4
14.5
14.0
13.8
13.3
14.5
13.3
Going concern capital ratio (%)
4
20.2
19.6
19.4
18.7
20.2
18.7
Total loss-absorbing capacity ratio (%)
4
35.6
35.0
35.2
32.7
35.6
32.7
Leverage ratio denominator
3,4
1,039,939
1,038,225
1,037,150
974,359
1,039,939
974,359
Common equity tier 1 leverage ratio (%)
3,4
4.09
3.89
3.85
3.91
4.09
3.91
Going concern leverage ratio (%)
3,4
5.7
5.4
5.4
5.5
5.7
5.5
Total loss-absorbing capacity leverage ratio (%)
4
10.0
9.7
9.8
9.6
10.0
9.6
Liquidity coverage ratio (%)
5
156
151
152
155
156
155
Other
Invested assets (USD billion)
6
4,485
4,306
4,187
3,588
4,485
3,588
Personnel (full-time equivalents)
71,304
71,779
71,551
69,931
71,304
69,931
Market capitalization
1
53,218
54,536
50,013
41,303
53,218
41,303
Total book value per share (USD)
1
16.90
16.47
16.74
15.89
16.90
15.89
Total book value per share (CHF)
1
15.64
15.57
14.82
15.05
15.64
15.05
Tangible book value per share (USD)
1
15.05
14.65
14.91
14.10
15.05
14.10
Tangible book value per share (CHF)
1
13.92
13.85
13.21
13.36
13.92
13.36
1 Refer to the
“Share information and
earnings per
share” section of
this report for
more information.
2 Refer to
the “Performance
targets and capital
guidance” section of
our Annual Report
2020 for
more
information about our performance targets.
3 Leverage ratio denominators and leverage
ratios for the respective periods in 2020
do not reflect the effects of the
temporary exemption that applied from 25
March
2020 until 1 January
2021 and was granted
by FINMA in connection with
COVID-19. Refer to the
“Regulatory and legal developments” section
of our Annual Report 2020
for more information.
4 Based on the
Swiss systemically relevant bank
framework as of 1
January 2020. Refer to
the “Capital management”
section of this report for
more information.
5 Refer to the “Liquidity
and funding management” section
of
this report for more information.
6 Consists of invested assets for
Global Wealth Management, Asset
Management and Personal &
Corporate Banking. Refer to
“Note 32 Invested assets and
net new money” in
the “Consolidated financial statements” section of our Annual Report 2020 for more information.
Alternative performance measures
An alternative performance
measure (an
APM) is a
financial measure
of historical
or future
financial performance,
financial position
or
cash
flows
other
than
a
financial
measure
defined
or
specified
in
the
applicable
recognized
accounting
standards
or
in
other
applicable regulations. We
report a number of APMs
in the discussion of the
financial and operating performance of
the Group, our
business divisions and our
Group Functions. We
use APMs to provide
a more complete picture
of our operating performance and
to
reflect
management’s
view
of
the
fundamental
drivers
of
our
business
results.
A
definition
of
each
APM,
the
method
used
to
calculate
it and
the information
content are
presented
under “Alternative
performance measures”
in
the appendix
to
this report.
Our APMs may qualify as non-GAAP measures as defined by US Securities and Exchange Commission (SEC) regulations.
3
UBS Group
Management report
Terms used in this report, unless the context requires otherwise
“UBS,” “UBS Group,” “UBS Group AG consolidated,” “Group,”
“the Group,” “we,” “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“UBS Group AG” and “UBS Group AG standalone”
UBS Group AG on a standalone basis
“UBS AG” and “UBS AG standalone”
UBS AG on a standalone basis
“UBS Switzerland AG” and “UBS Switzerland AG standalone”
UBS Switzerland AG on a standalone basis
“UBS Europe SE consolidated”
UBS Europe SE and its consolidated subsidiaries
“UBS Americas Holding LLC” and
“UBS Americas Holding LLC consolidated”
UBS Americas Holding LLC and its consolidated subsidiaries
Recent developments
4
Recent developments
Our response to COVID-19
While
vaccination
campaigns
are
progressing
and
many
economies
are
recovering,
localized
outbreaks,
the
spread
of
new
variants
of
COVID-19,
and
uneven
vaccination
rates
are
causing uncertainty around a sustainable recovery.
We
monitor
country-
and
location-specific
developments,
as
well
as
the
gradual
lifting
of
lockdowns
and
similar
measures
imposed to control the pandemic, and are adapting our plans for
the
return
of
employees
to
our
offices
accordingly,
while
continuing
to
prioritize
the
health and
safety of
our employees
and clients.
Following
earlier
donations
to
various
COVID-19-related
aid
projects
that
support
communities
across
regions
in
which
we
operate,
we
committed
a
further
USD 1.5
million
to
support
a
range of
relief programs
in India
in the
second quarter
of 2021,
with
the
first
tranche
focusing
on
the
delivery
of
oxygen
and
other
medical
supplies
to
those
most
in
need.
Additionally,
we
have
provided
support
to
employees
in
India
in
the
event
of
significant
medical
expenditures
and
helped
ensure
their
well-
being
through
various
tele
-
healthcare
,
emergency
-
and
community-support measures.
The
program
established
by
the
Swiss
Federal
Council
in
March
2020 to
support small
and medium-sized
entities (SMEs)
by
granting
loans
closed
on
31
July
2020.
Outstanding
commitments
under
the
program
amounted
to
CHF 2.6
billion
on 30 June 2021, with a total amount drawn of CHF 1.7 billion.
Regulatory and legal developments
Swiss Federal Council report on systemically important banks
In June
2021, the
Swiss Federal
Council issued
the results
of its
bi-annual
review
of
the
Swiss
too-big-to-fail
regulatory
framework. The
report
concludes that
no fundamental
changes
to
the
framework
are
needed.
Potential
areas
for
adjustment
identified
include
the
further
tightening
of
the
liquidity
requirements
for
systemically
important
banks
and
the
alignment of incentive systems to support a bank’s resolvability.
F
urther
details
on
potential
changes
to
the
regulatory
framework are expected by the end of 2021.
The Swiss Responsible Business Initiative counterproposal
After the Responsible
Business Initiative (the
RBI) was
rejected in
the
November
2020
public
vote,
the
Swiss
Federal
Office
of
Justice
issued
a
consultation
on
the
implementation
of
the
RBI
counterproposal in April 2021. The counterproposal
consists of a
non-financial reporting obligation
covering environmental, social
and governance topics based
on the EU
Non-Financial Reporting
Directive
and
also
includes
new
due
diligence
requirements
in
the areas
of child labor
and conflict minerals.
The ordinance will
apply
to
firms
that
are
headquartered
in
Switzerland
and
are
considered
large public-interest
companies
with more
than 500
employees.
Given
UBS’s
existing
due
diligence
and
reporting
procedures,
the
impact
is
expected
to
be
limited.
The
RBI
counterproposal
will
be
subject
to
parliamentary
discussion
in
Switzerland.
Swiss stamp duty and withholding tax
In June 2021, the Swiss Parliament approved
an extension of the
current
withholding
tax
exemption
for
total
loss
-
absorbing
capacity instruments, including
additional tier 1, from
2021 until
the
end
of
2026.
It
also
decided
to
abolish
the
stamp
duty
on
the
issuance
o
f
equity
capital
.
The
decision
s
of
the
Swiss
Parliament are still subject to an optional referendum.
The
Swiss
Federal
Council
also
adopted
a
dispatch
on
the
Withholding
Tax Act
reform, which,
if also
passed by
the Swiss
Parliament, would
maintain the withholding
tax on interest
paid
on
bank
deposits
of
natural
persons
with
tax
domicile
in
Switzerland
,
abolish
the
withholding
tax
on
bond
interest
payments and discontinue
the turnover stamp
duty on domestic
bonds.
Planned privatization of PostFinance AG
In June
2021, the
Swiss Federal
Council submitted
to the
Swiss
Parliament a
dispatch on
the privatization
of PostFinance
AG, a
Swiss
systemically
important
bank
.
If
the
revision
passes
the
legislative
process,
which
is
expected
to
start
later
this
year,
reform could further intensify competition in the Swiss mortgage
market.
The Institutional Framework Agreement with the EU
In May
2021, the
Swiss Federal
Council terminated
negotiations
on
the
Institutional
Framework
Agreement
(the
IFA)
between
Switzerland and the EU
due to substantial differences
of opinion
with
regard
to
key
aspects
of
the
agreement.
The
IFA
would
have formed
a mutually
agreed basis
to consolidate
and further
develop Switzerland’s
bilateral market
access approach
with the
EU. As
a result,
the EU
is unlikely
to be
ready to
conclude new
market access agreements with Switzerland in the near future.
5
Federal Reserve Board stress test results
In
June 2021,
the
Federal Reserve
Board
(the
FRB)
released
the
results of the 2021 Dodd–Frank Act Stress
Test
(DFAST), which is
complementary
to the
Federal Reserve’s
Comprehensive
Capital
Adequacy
Review
(CCAR)
process.
UBS’s
intermediate
holding
company,
UBS
Americas
Holding
LLC,
exceeded
minimum
capital
requirements
under
the
severely
adverse
scenario.
The
FRB
also lifted
the temporary
limitations on
capital distributions
imposed
during
the
pandemic.
As
a
result,
UBS
Americas
Holding LLC is
permitted to make
capital distributions as long
as
it
maintains
compliance
with
its
total
capital
requirements,
including its stress capital buffer.
Registration under the US security-based swaps regulations
UBS
AG
will
be
required
to
register
as
a
security-based
swap
dealer
with
the
US
Securities
and
Exchange
Commission
(the
SEC)
by
1 November
2021.
UBS
AG
has
made
a
substituted
compliance
application
that
would
permit
it
to
comply
with
comparable provisions of Swiss law instead
of the corresponding
SEC
regulations.
FINMA
has
entered
into
negotiations
with
the
SEC
to
agree
a
memorandum
of
understanding,
which
is
a
condition
to
SEC
approval
of
substituted
compliance
and
to
permanent
registration.
A
failure
to
obtain
substituted
compliance
may
require
UBS
to
restructure
its
operations
and
would
likely
result
in
substantial
costs
to
implement
additional
SEC requirements.
OECD corporate tax reform
In
June
2021,
the
G7
agreed
to
continue
to
work
on
the
Organisation
for
Economic Co-operation
and Development
(the
OECD)
blueprint
for
the
international
tax
reform,
which
was
subsequently
endorsed
by
the
G20
at
their
July
2021
meeting.
Specific details concerning the OECD blueprint will
be developed
and released
in advance of
the OECD meeting
in October 2021.
UBS
is
monitoring
the
developments
closely
and
will
be
in
a
position to evaluate the
potential impact on UBS once
a detailed
framework has been released.
Environmental, social and governance (ESG) matters and
climate-related risks
In
May
2021,
FINMA
published
the
revised
Circular
2016/01
“Disclosure
–
banks,”
which
will
require
disclosure
of
climate-
related financial risk information
for Swiss systemically important
banks, including
UBS. The
disclosure requirements
are based
on
the
recommendations
of
the
Financial
Stability
Board
(the
FSB)
Task
Force
on
Climate-related
Financial
Disclosures
(the
TCFD)
and cover governance, strategy and risk
management, as well as
quantitative information regarding
climate-related financial risks.
The
requirements
will
be
applicable
for
our
2021
annual
reporting.
In
July
2021,
the
European
Commission
(the
EC)
adopted
regulations
prescribing
the
content,
methodology
and
presentation
of
climate-related
disclosures
that
are
required
under
Art.
8
of
the
EU
Taxonomy
Regulation.
As
part
of
their
non-financial
reporting,
credit
institutions
will
be
required
to
disclose
a
green
asset
ratio
covering
the
banking
book
and
certain
trading
portfolios,
as
well
as
other
key
performance
indicators
(KPIs),
including
the
proportion
of
green
taxonomy-
aligned
off-balance
sheet
exposures
and
fees
and
commission
income. Starting with
the annual reporting
for 2021, taxonomy-
eligible assets
are required
to be
disclosed; the
remaining set
of
KPIs
is to
be fully
phased in
for our
annual
reporting
for 2025.
These
disclosure
requirements
will
apply
to
UBS
AG
and
UBS
Europe SE.
The
TCFD
has
commenced
a
consultation
with
respect
to
more concrete and
detailed guidance on climate
-related metrics,
targets and
transition plans,
as well
as with
respect to
a related
technical
supplement, aiming
to
improve
existing
guidance and
to
increase
comparability
across
financial
disclosures.
The
TCFD
aims to finalize the guidance in the second half of 2021.
We
published
our
Net
Zero
statement
in
April
2021,
which
outlines our ambitions around climate and sustainability covering
our
company, our
clients, our
communities
and our
employees.
We
also
announced
the
appointment
of
Suni
Harford
as
UBS
Group Executive Board sponsor,
a position that she
has taken on
in
addition
to her
role as
President
Asset Management,
to lead
our
sustainability-related
efforts,
building
on
more
than
two
decades of
our endeavors
in this
field. In
June 2021,
we issued
our
inaugural
green
bonds,
with
a
euro
and
a
Swiss
franc
offering.
›
Refer to
ubs.com/sustainability
for more information
Other developments
Sale of our remaining investment in Clearstream Fund Centre
On 1
June 2021,
we sold
our remaining
minority
investment in
Clearstream
Fund
Centre
to
Deutsche
Börse
AG
for
CHF 390
million. The transaction follows
the sale of a
majority investment
and successful transfer
of control of
Fondcenter AG to
Deutsche
Börse AG
in September
2020. The
sale of
our remaining
48.8%
investment resulted in
a post-tax gain of
USD 37 million in Asset
Management, with
no associated
net tax
expense. The
increase
in UBS’s common
equity tier 1 (CET1)
capital of USD 412
million
was significantly greater
than the gain
in IFRS equity,
due to the
effect
of
goodwill
associated
with
the
investment,
which
had
been
deducted
from
CET1
capital.
Long-term
commercial
cooperation
arrangements
remain
in
place
for
the
provision
of
services by
Clearstream to
UBS, including
jointly servicing
banks
and insurance companies.
Group performance
6
Group performance
Income statement
For the quarter ended
% change from
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Net interest income
1,628
1,613
1,392
1
17
3,241
2,722
Other net income from financial instruments measured
at fair value through profit or loss
1,479
1,309
1,932
13
(23)
2,787
3,738
Credit loss (expense) / release
80
28
(272)
180
108
(540)
Fee and commission income
6,041
6,169
4,729
(2)
28
12,210
10,207
Fee and commission expense
(484)
(478)
(419)
1
16
(962)
(875)
Net fee and commission income
5,557
5,691
4,311
(2)
29
11,248
9,332
Other income
233
64
41
267
471
297
84
Total operating income
8,976
8,705
7,403
3
21
17,681
15,337
Personnel expenses
4,772
4,801
4,283
(1)
11
9,573
8,604
General and administrative expenses
1,103
1,089
1,063
1
4
2,192
2,196
Depreciation and impairment of property, equipment and software
500
508
458
(2)
9
1,009
914
Amortization and impairment of goodwill and intangible
assets
9
8
17
4
(48)
17
32
Total operating expenses
6,384
6,407
5,821
0
10
12,790
11,747
Operating profit / (loss) before tax
2,593
2,298
1,582
13
64
4,891
3,591
Tax expense / (benefit)
581
471
347
23
68
1,053
757
Net profit / (loss)
2,012
1,827
1,236
10
63
3,838
2,833
Net profit / (loss) attributable to non-controlling interests
6
3
3
81
70
9
6
Net profit / (loss) attributable to shareholders
2,006
1,824
1,232
10
63
3,830
2,827
Comprehensive income
Total comprehensive income
2,602
(339)
209
2,263
4,405
Total comprehensive income attributable to non-controlling interests
20
(9)
4
355
10
3
Total comprehensive income attributable to shareholders
2,582
(330)
205
2,252
4,402
7
Results: 2Q21 vs 2Q20
Profit
before
tax
increased
by
USD 1,011
million,
or
64%,
to
USD
2
,
5
93
million,
reflecting
higher
operating
income
,
partly
offset
by
an
increase
in
operating
expenses.
Operating
income
increased
by
USD 1,573 million,
or
21%,
to USD 8,976
million,
mainly
reflecting
USD
1,
2
46
million
higher
net
fee
and
commission
income
.
N
et
credit
loss
releases
were
USD
80
million
,
compared
with
net
credit
loss
expenses
of
USD
272
million
in
the
prior
-
year
quarter
.
In
addition,
other
income
increased by USD 192 million. These effects
were partly offset by
a USD 218 million
decrease in net
interest income and
other net
income
from
financial
instruments
measured
at
fair
value
through profit or loss. Operating expenses
increased by USD 563
million,
or
10
%,
to
USD
6
,
3
8
4
million
,
mainly
reflecting
USD 489 million higher personnel expenses.
Operating income: 2Q21 vs 2Q20
Total
operating income increased by USD 1,573 million,
or 21%,
to USD 8,976 million.
Net interest income and other net income from financial
instruments measured at fair value through profit or loss
Total
combined net
interest income
and other
net
income from
financial instruments
measured at fair value through profit or loss
decreased by USD 218 million
to USD 3,106 million,
mainly driven
by the Investment
Bank and Group
Functions.
The
Investment
Bank
decreased
by
USD
199
million
to
USD
1,
29
7
million
,
mainly
reflecting
USD
1
3
1
million
lower
income
in
the
Derivatives &
Solutions
business,
compared
with
strong revenues in the second quarter of 2020, when
the Foreign
Exchange,
Rates
and
Credit
businesses
benefited
from
higher
client activity levels
driven by
the
COVID-19 pandemic. This
was
partly
offset by higher revenues
in Equity Derivatives. In addition,
an
USD 87 million
loss
was
incurred from
the
exit
of
remaining
exposures
relating
to
the
default
of
a
client
of
our
prime
brokerage business
in the first
quarter of
2021.
Group
Functions
changed
by
USD 88
million,
from
negative
USD 70 million to negative USD 158 million. This was mainly due
to the Group Treasury
result of negative
USD 92 million,
compared
with negative USD 46 million
in the prior-year quarter,
mainly due
to
net
negative
effects
related
to
accounting
asymmetries,
including hedge accounting ineffectiveness,
partly offset by lower
negative
income
related
to
centralized
Group
Treasury
risk
management
.
In
addition
,
Non
-
core
and
Legacy
Portfolio
decreased by
USD 32
million,
mainly
due
to
valuation losses
of
USD 25 million
on auction
rate securities.
›
Refer to “Note 3 Net interest income” in the “Consolidated
financial statements” section of this
report for more information
about net interest income
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Net interest income from financial instruments measured
at amortized cost and fair value
through other comprehensive income
1,270
1,264
1,041
0
22
2,535
2,110
Net interest income from financial instruments measured
at fair value through profit or loss
357
349
351
2
2
706
612
Other net income from financial instruments measured
at fair value through profit or loss
1,479
1,309
1,932
13
(23)
2,787
3,738
Total
3,106
2,922
3,324
6
(7)
6,028
6,461
Global Wealth Management
1,321
1,300
1,291
2
2
2,622
2,622
of which: net interest income
1,026
997
1,023
3
0
2,023
2,054
of which: transaction-based income from foreign exchange and other
intermediary
activity
1
295
303
269
(3)
10
598
569
Personal & Corporate Banking
643
605
608
6
6
1,247
1,217
of which: net interest income
526
513
517
3
2
1,039
1,029
of which: transaction-based income from foreign exchange and other
intermediary
activity
1
117
92
91
27
28
208
188
Asset Management
4
(7)
(3)
(3)
(6)
Investment Bank
2
1,297
1,084
1,496
20
(13)
2,381
3,106
Global Banking
157
143
158
9
(1)
300
270
Global Markets
1,140
941
1,338
21
(15)
2,081
2,836
Group Functions
(158)
(60)
(70)
165
127
(218)
(479)
1 Mainly includes spread-related income in connection with client-driven
transactions, foreign currency translation effects
and income and expenses from precious metals, which
are included in the income statement
line Other net income from financial instruments
measured at fair value through profit
or loss. The amounts
reported on this line are one
component of Transaction
-based income in the management discussion
and
analysis in the “Global Wealth
Management” and “Personal &
Corporate Banking” sections of
this report.
2 Investment Bank information is
provided at the business-line level,
rather than by financial
statement
reporting line, in order to reflect the underlying
business activities, which is consistent with the structure of the management discussion and analysis in the
“Investment Bank” section of this report.
Group performance
8
Net fee and commission income
Net fee
and commission
income increased
by USD 1,246
million
to USD 5,557 million.
Fees for
portfolio management and
related services increased
by
USD
6
13
million
to
USD
2,
4
26
million
,
largely
driven
by
Global
Wealth
Management,
mainly
reflecting
the
effect
of
higher average fee-generating assets.
M&A
and
corporate
finance
fees
increased
by
USD 213
million
to
USD 330
million,
primarily
reflecting
higher
revenues
from
M&A
transactions
in
our
Global
Banking
business
in
the
Investment Bank,
due to
an increase
in the
size and
number of
transactions closed in the second quarter of 2021.
Investment
fund
fees
increased
by
USD
208
million
to
USD
1,405
million,
driven
by
Asset
Management
and
Global
Wealth
Management
.
Higher
m
anagement
fees
in
Asset
Management
reflect
ed
a
higher
average
invested
asset
base,
partly
offset
by
lower
performance-based
fees.
The
increase
in
Global
Weal
th
Management
mainly
reflect
ed
higher
average
fee-generating assets.
Underwriting
fees
increased
by USD
130
million
to
USD 387
million,
driven
by
higher
equity
underwriting
revenues
from
public offerings in the Investment Bank.
›
Refer to “Note 4 Net fee and commission
income” in the
“Consolidated financial statements” section
of this report for
more information
Other income
Other
income
was
USD
2
3
3
million,
compared
with
USD
41
million,
mainly
reflecting
gains
of
USD
101
million
from
properties
held for
sale, largely
driven by
the sale
of a
property
in
Basel
,
and
income
of
USD
4
5
million
related
to
a
legacy
bankruptcy
claim.
In
addition,
a
gain
of
USD 37
million
was
recognized
on
the
sale
of
UBS’s remaining
minority
investment
in Clearstream Fund Centre to Deutsche Börse AG.
›
Refer to the “Recent developments”
section of this report for
more information about the sale of our remaining
investment in
Clearstream Fund Centre
Credit loss expense / release
Total
net
credit
loss
releases
were
USD 80
million,
compared
with net credit loss expenses of USD 272 million in
the prior-year
quarter,
reflecting
net
releases
of
USD
8
8
million
related
to
stage
1
and
2
positions
and
net
expenses
of
USD
8
million
related to credit-impaired
(stage 3) positions. The USD 88 million
stage 1 and
2 net
release included
the partial
release of
a post-
model
adjustment
of
USD 91
million
(representing
one-third
of
the
USD 273
million
scenario-driven
model
output
effects
from
the third quarter of 2020 to
the second quarter of 2021), due to
the
continued
positive
trend
in
macroeconomic
scenario
input
data.
›
Refer to “Note 7 Expected credit loss measurement”
in the
“Consolidated financial statements” section
of this report for
more information
Credit loss (expense) / release
USD million
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
For the quarter ended 30.6.21
Stages 1 and 2
13
51
0
24
(1)
88
Stage 3
0
(5)
0
(3)
0
(8)
Total credit loss (expense) / release
14
46
0
21
(1)
80
For the quarter ended 31.3.21
Stages 1 and 2
4
16
0
5
0
26
Stage 3
(2)
8
0
(4)
0
3
Total credit loss (expense) / release
3
23
0
2
0
28
For the quarter ended 30.6.20
Stages 1 and 2
(45)
(100)
0
(56)
0
(202)
Stage 3
(19)
(10)
0
(22)
(20)
(70)
Total credit loss (expense) / release
(64)
(110)
0
(78)
(20)
(272)
USD million
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
Year-to-date 30.6.21
Stages 1 and 2
18
67
0
30
(1)
114
Stage 3
(1)
2
0
(7)
0
(6)
Total credit loss (expense) / release
16
69
0
23
(1)
108
Year-to-date 30.6.20
Stages 1 and 2
(57)
(116)
0
(118)
0
(291)
Stage 3
(61)
(71)
0
(82)
(35)
(249)
Total credit loss (expense) / release
(117)
(187)
0
(200)
(35)
(540)
9
Operating expenses: 2Q21 vs 2Q20
Operating
expenses
increased
by
USD 563
million,
or
10%,
to
USD 6,384 million.
Personnel expenses
Personnel expenses
increased
by USD 489
million to
USD 4,772
million,
including
net
restructuring
expenses
of
USD 89 million,
compared
with
USD 21
million
in
the
prior-year
quarter.
Total
restructuring
expenses
this
quarter are
net
of
curtailment gains
of
USD 59
million,
which
represent
a
reduction
in
the
defined
benefit
obligation
related
to
the
Swiss
pension
plan
resulting
from
a
decrease
in
headcount
following
restructuring
activities.
Expenses
for
salaries
and
variable
compensation
increased
by
USD
24
9
million
,
primarily
driven
by
higher
restructuring
expenses
and
foreign
currency
translation
effects.
Financial
advisor
compensation increased
by USD
242 million,
as
a
result
of higher compensable revenues.
›
Refer to “Note 5 Personnel expenses”
in the “Consolidated
financial statements” section of this
report for more information
General and
administrative expenses
Gener
al
and
administrative
expenses
in
crease
d
by
USD
40
million
to USD 1,103
million,
driven by
higher net
expenses
for
litigation,
regulatory
and
similar
matters
,
and
increased
IT
expenses,
partly
offset
by
lower
consulting
fees
and
other
general and administrative expenses.
We
believe
that
the
industry
continues
to
operate
in
an
environment
in
which
expenses
associated
with
litigation,
regulatory
and
similar
matters
will
remain
elevated
for
the
foreseeable future
and we
continue to
be exposed
to a
number
of
significant
claims
and
regulatory
matters.
The
outcome
of
many
of
these
matters,
the
timing
of
a
resolution,
and
the
potential
effects of
resolutions on
our
future business,
financial
results or financial condition are extremely difficult to predict.
›
Refer to “Note 6 General and administrative
expenses” in the
“Consolidated financial statements” section
of this report for
more information
›
Refer to “Note 14 Provisions and contingent
liabilities” in the
“Consolidated financial statements” section
of this report and to
the “Regulatory and legal developments”
and “Risk factors”
sections
of our Annual Report 2020 for more information
about
litigation, regulatory and similar matters
Depreciation, amortization and impairment
Depreciation
and
impairment
of
property,
equipment
and
software increased by USD 42 million
to USD 500 million, mainly
related to internally developed software.
Operating expenses
For the quarter ended
% change from
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Personnel expenses
4,772
4,801
4,283
(1)
11
9,573
8,604
of which: salaries and variable compensation
2,945
2,871
2,696
3
9
5,816
5,258
of which: financial advisor compensation
1
1,183
1,170
941
1
26
2,353
2,035
of which: other personnel expenses
2
644
759
645
(15)
0
1,403
1,311
General and administrative expenses
1,103
1,089
1,063
1
4
2,192
2,196
of which: net expenses for litigation, regulatory and similar
matters
63
9
2
626
72
8
of which: other general and administrative expenses
1,039
1,080
1,061
(4)
(2)
2,120
2,188
Depreciation and impairment of property, equipment and software
500
508
458
(2)
9
1,009
914
Amortization and impairment of goodwill and intangible
assets
9
8
17
4
(48)
17
32
Total operating expenses
6,384
6,407
5,821
0
10
12,790
11,747
1 Financial advisor compensation
consists of grid-based
compensation based directly
on compensable revenues
generated by financial
advisors and supplemental
compensation calculated on
the basis of
financial
advisor productivity, firm tenure,
assets and other variables.
It also includes expenses related to
compensation commitments with financial
advisors entered into at the time
of recruitment that are subject
to vesting
requirements.
2 Consists of expenses related to contractors, social security,
and post-employment benefit plans, as well as other personnel expenses.
Tax: 2Q21 vs 2Q20
We recognized
income tax
expenses of
USD 581 million
for the
second
quarter
of
2021,
representing
an
effective
tax
rate
of
22.4%,
compared
with USD 347
million for
the second
quarter
of
2020
and
an
effective
tax
rate
of
21.9%.
Current
tax
expenses
were
USD
362
million,
compared
with
USD
343
million, and related to taxable profits of UBS Switzerland AG and
other
entities.
Deferred
tax
expenses
were
USD
219
million,
compared
with
USD 4
million,
and
primarily
related
to
the
amortization
of
deferred
tax
assets
previously
recognized
in
relation
to
tax
losses
carried
forward
and deductible
temporary
differences of UBS Americas Inc.
We
expect a
tax rate
of around
25%
for the
second half
of
2021,
excluding
any potential
effects
from
the reassessment
of
deferred
tax
assets
in
connection
with
our
business
planning
process
and
any
potential
US
corporate
tax
rate
changes
or
other
jurisdictional
statutory
tax
rate
changes
that
could
be
enacted during the year.
Group performance
10
Total comprehensive income attributable to shareholders
In
the
second
quarter
of
2021,
total
comprehensive
income
attributable
to
shareholders
was
positive
USD
2,582
million
,
reflecting
n
et
profit
of
USD
2,006
million
and
other
comprehensive
income
(OCI),
net
of
tax,
of
positive
USD 576
million.
F
oreign
currency
translation
OCI
was
positive
USD
255
million,
mainly
resulting
from
the
strengthening
of
the
Swiss
franc (2%) against the US dollar.
OCI
related
to
cas
h
flow
hedges
was
positive
USD
222
million,
mainly
reflecting
an
increase
in
unrealized
gains
on
US
dollar
hedging
derivatives
resulting
from
decreases
in
the
relevant US dollar long-term interest rates.
OCI related
to own credit
on financial liabilities
designated at
fair
value
was
positive
USD
118
million,
primarily
due
to
a
widening of our own credit spreads.
Defined benefit
plan OCI
was negative
USD 17 million
in the
second
quarter
of
2021,
mainly
related
to
our
Swiss
pension
plan
,
which
recorded
negati
ve
n
et
pre
-
tax
OCI
of
USD
58
million.
This was
primarily driven
by a
pension plan
curtailment
of
USD 59
million
that
reduced
the
defined
benefit
obligation
against profit
or loss
but led
to an
offsetting OCI
loss as
no net
pension
asset
could
be
recognized
on
the
balance
sheet
as
of
30 June 2021 due to the asset ceiling.
Net pre-tax OCI related to
our non-Swiss pension plans was positive USD 37 million.
›
Refer to “Statement of comprehensive income”
in the
“Consolidated financial statements” section
of this report for
more information
›
Refer to “Note 8 Fair value measurement”
in the “Consolidated
financial statements” section of this
report for more information
about own credit on financial liabilities designated
at fair value
›
Refer to “Note 26 Post-employment benefit
plans” in the
“Consolidated financial statements” section
of our Annual
Report 2020 for more information about OCI
related to defined
benefit plans
Sensitivity to interest rate movements
As
of
30 June
2021,
we
estimate
that
a
parallel
shift
in
yield
curves by +100 basis points could lead to a combined increase
in
annual
net
interest
income
of
approximately
USD 1.5
billion
in
Global Wealth
Management and Personal
& Corporate Banking.
A parallel shift
in yield curves
by –100 basis
points could lead
to
a
combined
reduction
in
annual
net
interest
income
of
approximately USD 0.2 billion.
These
estimates
are
based
on
a
hypothetical
scenario
of
an
immediate
change
in
interest
rates,
equal
across
all
currencies
and relative to
implied forward rates
as of 30 June
2021 applied
to our banking book. These
estimates further assume no change
to
balance
sheet
size
and
structure,
constant
foreign
exchange
rates and no specific management action.
›
Refer to
the “Risk
management
and control”
section
of this
report
for information
about interest
rate risk
in the banking
book
Key figures and personnel
Below
we
provide
an
overview
of
selected
key
figures
of
the
Group.
For
further
information
about
key
figures
related
to
capital
management,
refer
to
the
“Capital
management”
section of this report.
Cost / income ratio: 2Q21 vs 2Q20
The
cost
/
income
ratio
was
71.8%,
compared
with
75.8%,
reflecting
an
increase
in
income,
partly offset
by an
increase
in
expenses. The
cost /
income ratio
is measured
based on
income
before credit loss expenses or releases.
Common equity tier 1 capital: 2Q21 vs 1Q21
During
the
second
quarter
of
2021,
our
common
equity
tier 1
(CET1)
capital
increased
by
USD 2.2
billion
to
USD 42.6
billion,
mainly reflecting operating profit
before tax of USD 2.6
billion, a
USD 0.4
billion
lower
deduction
of
goodwill
resulting
from
the
sale
of
our
remaining
minority
investment
in
Clearstream
Fund
Centre,
positive
foreign
currency
translation
effects
of
USD 0.3
billion and
USD 0.2 billion
higher eligible
deferred tax
assets on
temporary
differences,
partly offset
by compensation
-
and
own
share-related
capital components
of USD 0.4
billion, current
tax
expenses
of
USD 0.4
billion,
and
accruals
for
capital
returns
to
shareholders
of
USD 0.3
billion.
Our
share
repurchases
in
the
second quarter of
2021 did not affect
our CET1 capital position,
as
there
was
an
equivalent
reduction
in
the
capital
reserve
for
potential share repurchases.
Return on CET1 capital: 2Q21 vs 2Q20
The
annualized
return
on
CET1
capital
(RoCET1)
was
19.3%,
compared
with
13.2%,
driven
by
an
increase
in
net
profit
attributable
to
shareholders,
partly
offset
by
higher
average
CET1 capital.
Risk-weighted assets: 2Q21 vs 1Q21
Risk
-
weighted
assets
(RWA)
increased
by
USD
5.4
billion
to
USD 293.3
billion,
driven
by
increases
from
model
updates
of
USD 2.6 billion, currency effects of USD 1.8
billion, methodology
and policy changes of USD 1.0 billion, and
regulatory add-ons of
USD 0.3 billion,
partly offset
by a
reduction from
asset size
and
other movements of USD 0.2 billion.
11
Common equity tier 1 capital ratio: 2Q21 vs 1Q21
Our
CET1
capital
ratio
increased
0.5
percentage
points
to
14.5%, reflecting
an increase
in CET1 capital
of USD 2.2 billion,
partly offset by a USD 5.4 billion increase in RWA.
Leverage ratio denominator: 2Q21 vs 1Q21
The leverage
ratio denominator
(LRD) increased
by USD 2 billion
to USD 1,040 billion. The increase was
driven by currency effects
of
USD 9
billion,
partly
offset
by
a
decrease
in
asset
size
and
other movements of USD 7 billion.
Common equity tier 1 leverage ratio: 2Q21 vs 1Q21
Our CET1 leverage ratio increased from 3.89% to 4.09%, due
to the aforementioned increase in CET1 capital, partly offset by
a USD 2 billion increase in LRD.
Going concern leverage ratio: 2Q21 vs 1Q21
Our going
concern leverage ratio
increased from
5.4% to
5.7%
in
the
second
quarter
of
2021,
reflecting
an
increase
in
going
concern
capital
of
USD 2.9
billion,
partly
offset
by
a
USD 2
billion increase in LRD.
Personnel: 2Q21 vs 1Q21
We
employed
71,304
personnel
(full-time
equivalents)
as
of
30 June 2021,
a
net decrease
of
475 compared
with 31 March
2021.
This
was
mainly
driven
by
attrition
and
restructuring
effect
s
,
partly
offset
by
the
ongoing
insourcing
of
certain
activities
from
third-party
vendors
to
our
Business
Solutions
Centers.
Return on equity and CET1 capital
As of or for the quarter ended
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Net profit
Net profit / (loss) attributable to shareholders
2,006
1,824
1,232
3,830
2,827
Equity
Equity attributable to shareholders
58,765
58,026
57,003
58,765
57,003
Less: goodwill and intangible assets
6,452
6,427
6,414
6,452
6,414
Tangible equity attributable to shareholders
52,313
51,599
50,588
52,313
50,588
Less: other CET1 deductions
9,730
11,173
12,474
9,730
12,474
CET1 capital
42,583
40,426
38,114
42,583
38,114
Returns
Return on equity (%)
13.7
12.4
8.6
13.1
9.9
Return on tangible equity (%)
15.4
14.0
9.7
14.7
11.2
Return on CET1 capital (%)
19.3
18.2
13.2
18.8
15.4
Results: 6M21 vs 6M20
Profit
before
tax
increased
by
USD 1,300
million,
or
36%,
to
USD 4,891 million.
Operating
income
increased
by
USD 2,344
million,
or
15%,
to USD 17,681 million,
driven by higher
net fee and
commission
income
and
other
income,
as
well
as
net
credit
loss
releases
in
this period
compared with
net credit
loss expenses
in the
prior-
year
period. This
was partly
offset by
a
decrease
in net
interest
income
and
other
net
income
from
financial
instruments
measured at fair value through profit
or loss.
Net
fee
and
commission
income
increased
by
USD 1,916
million
to
USD 11,248
million.
Fees
for
portfolio
management
and
related
services
were
USD
8
3
8
million
higher
,
mainly
reflecting
the
effect
of
higher
average
fee-generating
assets
in
Global Wealth
Management. Investment
fund fees
increased by
USD
3
50
million
,
driven
by
Asset
Management
and
Global
Wealth
Management,
mainly
reflecting
the
effects
of
a
higher
average
invested
asset
base
and
higher
average
fee-generating
assets,
respectively
.
Underwriting
fees
increased
by
USD 324
million,
driven
by
higher
equity
underwriting
revenues
from
public
offerings
in
the
Investment
Bank.
M&A
and
corporate
finance
fees
increased
by
USD 233
million,
primarily
reflecting
higher
revenues
from
M&A
transactions
in
our
Global
Banking
business in
the Investment
Bank,
due to
an increase
in the
size
and number
of transactions
closed in
the period.
Net brokerage
fees
increased
by
USD 198
million,
reflecting
higher
levels
of
client
activity
in
Global
Wealth
Management
and
in
the
Cash
Equities business of the Investment
Bank.
Net credit loss
releases were USD 108
million, compared with
net
credit
loss
expenses
of
USD 540
million
in
the
prior-year
period.
Group performance
12
Total
combined
net
interest
income
and
other
net
income
from financial
instruments measured
at fair
value through
profit
or
loss
de
creased
by
USD
43
3
million
to
USD
6
,
0
2
8
million.
Income
was
USD
72
5
million
lower
in
the
Investment
Bank,
mainly
reflecting
a
loss
of
USD 861
million
on
a
default
by
a
client
of
our
prime
brokerage
business.
Execution
Services
reflected lower
revenues from
foreign exchange
products, partly
offset by higher revenues in
the Derivatives & Solutions business.
These
decreases
in
income
were
partly
offset
by
a
USD 261
million
in
crease
in
Group
Functions
.
Non
-
core
a
nd
Legacy
Portfolio
recognized
valuation
gains
of
USD
3
6
million
on
auction
rate
securities,
compared
with
valuation
losses
of
USD 143
million
in
the
prior-year
period.
The
Group
Treasury
result
was
negative
USD 151
million,
compared
with
negative
USD
261
million
,
reflecting
lower
negative
income
related
to
centralized Group Treasury risk management, partly
offset by net
negative
effects
related
to
accounting
asymmetries,
including
hedge accounting ineffectiveness.
Other
income
was
USD 297
million,
compared
with
USD 84
million, mainly
driven by
USD 100 million
of gains
on properties
held
for
sale
and
income
of
USD 45
million
related
to
a
legacy
bankruptcy
claim.
In
addition,
a
gain
of
USD 37
million
was
recognized
on
the
sale
of
UBS’s
remaining
minority
investment
in
Clearstream
Fund
Centre
and
a
valuation
gain
of
USD 37
million was
recognized in
relation to
UBS’s equity
ownership of
SIX Group.
Operating
expenses
increased
by
USD 1,043
million,
or
9%,
to
USD
1
2
,
7
9
0
million,
driven
by
USD
9
6
9
million
higher
personnel
expenses,
including
net
restructuring
expenses
of
USD 89 million compared
with USD 106 million
in the prior-year
period.
Expenses
for
salaries
and
variable
compensation
increased
by
USD
55
8
million
,
primarily
driven
by
higher
expenses
for
variable
compensation
and
foreign
currency
translation
effects.
Financial
advisor
compensation
increased
by
USD 318 million as a result of higher compensable revenues.
Depreciation
and
impairment
of
property,
equipment
and
software
increased
by
USD
9
5
million,
mainly
related
to
internally developed software.
Outlook
Investor
sentiment
remained
positive
in
the
second
quarter
of
2021, helped by the continued rebound in economic activity and
greater
optimism
regarding
further
recovery,
which
was
supported by mass COVID-19
vaccination campaigns around the
globe and the
gradual lifting of
lockdowns and similar
measures
imposed
to
control
the
pandemic.
Significant
fiscal
stimulus,
notably
in
the
US,
along
with
continued
accommodative
monetary
policy
and
strong
economic
data,
contributed
to
generally
more
positive
views
on
the
timing
and
extent
of
a
sustainable economic recovery.
However, economic,
social, and
geopolitical tensions
remain,
raising
questions
around
the
sustainability
and
shape
of
the
recovery.
Continued localized
outbreaks of
COVID-19
infections
and
the spread
of
new variants,
along
with uneven
vaccination
rates, add
to these
existing concerns.
The severity
and duration
of
the effects
of the
pandemic in
certain economic
sectors also
remain
uncertain.
The
potential
for
rising
inflation
that
could
lead
to
more
restrictive
monetary
policy
has
become
an
additional concern for the market.
Our clients value
strength and expert guidance,
particularly in
these
uncertain
times,
and
we
remain
focused
on
supporting
them with
advice and
solutions. We
expect our
revenues in
the
third quarter
of 2021
to be
influenced by
seasonal factors,
such
as lower
client activity
levels compared
with the
second quarter
of
2021.
Higher
asset
prices
should
have
a
positive
effect
on
recurring fee income in our asset gathering businesses. However,
the continued uncertainty
about the environment
and economic
recovery could affect both asset prices and client activity levels.
UBS business
divisions
and Group
Functions
Management report
Global Wealth Management
14
Global Wealth Management
Global Wealth Management
1
As of or for the quarter ended
% change from
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Net interest income
1,026
997
1,023
3
0
2,023
2,054
Recurring net fee income
2
2,774
2,629
2,128
5
30
5,403
4,562
Transaction-based income
3
953
1,183
824
(19)
16
2,136
1,937
Other income
8
37
32
(79)
(76)
44
53
Income
4,760
4,845
4,006
(2)
19
9,606
8,606
Credit loss (expense) / release
14
3
(64)
370
16
(117)
Total operating income
4,774
4,848
3,942
(2)
21
9,622
8,489
Total operating expenses
3,479
3,439
3,062
1
14
6,918
6,391
Business division operating profit / (loss) before tax
1,294
1,409
880
(8)
47
2,704
2,098
Performance measures and other information
Financial advisor variable compensation
4,5
1,065
1,048
813
2
31
2,112
1,777
Compensation commitments with recruited financial advisors
4,6
118
123
128
(4)
(8)
241
258
Pre-tax profit growth (%)
47.1
15.7
0.7
28.9
20.8
Cost / income ratio (%)
73.1
71.0
76.4
72.0
74.3
Average attributed equity (USD billion)
7
18.5
18.3
16.7
1
11
18.4
16.6
Return on attributed equity (%)
7
27.9
30.8
21.1
29.3
25.3
Risk-weighted assets (USD billion)
7
92.0
88.2
82.8
4
11
92.0
82.8
Leverage ratio denominator (USD billion)
7,8
379.2
380.6
330.7
0
15
379.2
330.7
Goodwill and intangible assets (USD billion)
5.1
5.1
5.1
0
0
5.1
5.1
Net new fee-generating assets (USD billion)
25.0
36.2
12.2
61.2
17.7
Fee-generating assets (USD billion)
1,416
1,328
1,104
7
28
1,416
1,104
Fee-generating asset margin (bps)
9
82.3
86.0
86.8
84.1
88.6
Invested assets (USD billion)
3,230
3,108
2,590
4
25
3,230
2,590
Client assets (USD billion)
10
3,658
3,530
2,881
4
27
3,658
2,881
Loans, gross (USD billion)
11
228.1
219.4
188.6
4
21
228.1
188.6
Customer deposits (USD billion)
11
344.2
336.7
314.8
2
9
344.2
314.8
Recruitment loans to financial advisors
4
1,821
1,867
1,930
(2)
(6)
1,821
1,930
Other loans to financial advisors
4
594
607
743
(2)
(20)
594
743
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
12,13
0.3
0.3
0.5
0.3
0.5
Advisors (full-time equivalents)
9,480
9,582
9,786
(1)
(3)
9,480
9,786
1 Comparatives may
differ as a
result of adjustments
following organizational changes,
restatements due to
the retrospective adoption
of new accounting
standards or changes
in accounting policies,
and events
after the reporting period.
2 Recurring net fee income consists of
fees for services provided on an ongoing
basis, such as portfolio management
fees, asset-based investment fund fees
and custody fees, which are
generated on client assets,
as well as credit card
fees and administrative fees for
accounts.
3 Transaction-based income
consists of the non-recurring portion
of net fee and commission
income, mainly composed
of brokerage and
transaction-based investment fund
fees, as well as
fees for payment and
foreign exchange transactions,
together with other net
income from financial instruments
measured at fair value
through
profit or loss.
4 Relates to licensed
professionals with the
ability to provide
investment advice to
clients in
the Americas.
5 Financial advisor
variable compensation
consists of formulaic
compensation based
directly
on
compensable
revenues
generated
by
financial
advisors
and
supplemental
compensation
calculated
on
the
basis
of
financial
advisor
productivity,
firm
tenure,
new
assets
and
other
variables.
6 Compensation
commitments
with
recruited
financial
advisors
represent
expenses
related
to compensation
commitments
granted
to financial
advisors
at the
time
of recruitment
that are
subject
to
vesting
requirements.
7 Refer to the “Capital management”
section of this report for more
information.
8 The leverage ratio
denominator calculated as of the
respective date in 2020 does
not reflect the effects of the
temporary exemption
that applied from
25 March 2020
until 1 January
2021 and
was granted
by FINMA in
connection with COVID
-19. Refer to
the “Regulatory
and legal developments”
section of our
Annual
Report 2020 for
more information.
9 Calculated as
revenues from fee-generating
assets (a portion
of which is
included in recurring
fee income and
a portion of
which is included
in transaction-based
income,
annualized as applicable) divided by
average
fee-generating assets for the relevant
mandate fee billing period. For
the US, fees have
been billed on daily balances
since the fourth quarter of
2020 and average fee-
generating assets are
calculated as the
average of the
monthly average balances.
Prior to the
fourth quarter of 2020,
billing was based
on prior quarter-end
balances, and the
average fee-generating
assets were
thus the
prior quarter-end
balance.
For
balances outside
of the
US,
billing is
based on
prior month
-end balances
and average
fee-generating
assets were
thus the
average
of the
prior month
-end balances.
10 Client assets are composed of invested assets
and other assets held purely for transactional
purposes or custody only.
11 Loans and Customer deposits in
this table include customer brokerage
receivables and
payables, respectively,
which are presented
in a separate
reporting line on the
balance sheet.
12 Refer to the
“Risk management and
control” section of this
report for more information
about (credit-)impaired
exposures.
13 Excludes loans to financial advisors.
15
Results: 2Q21 vs 2Q20
Profit
before
tax
increased
by
USD 414
million,
or
47%,
to
USD 1,294
million,
reflecting
higher
operating
income,
partly
offset by higher operating expenses.
Operating income
Total
operating
income
increased
by
USD 832
million,
or
21%,
to
USD 4,774 million,
mainly driven
by higher
recurring net
fee
and transaction-based
income, as well
as net
credit loss
releases
compared with net
credit loss expenses
in the second
quarter of
2020.
Net interest
income increased by
USD 3 million
to USD 1,026
million,
resulting
from
higher
loan
revenues
on
higher
loan
volumes
and
margins
that
compensated
for
lower
deposit
revenues,
which
were
mainly
the
result
of
lower
US
dollar
interest rates.
Recurring
net
fee
income
increased
by
USD 646
million,
or
30%,
to
USD 2,774
million,
primarily
driven
by
higher
average
fee-generating
assets,
reflecting
positive
market
performance,
and higher net new fee-generating assets.
Transaction-based
income
increased
by
USD 129
million,
or
16%,
to
USD 953
million,
driven
by
continued
high
levels
of
client activity in a constructive market environment.
Net
credit
loss
releases
were USD 14
million,
compared
with
net
expenses
of
USD 64
million,
with
net
credit
loss
releases
primarily
related to stage 1 and 2 positions.
Operating expenses
Total
operating expenses increased
by USD 417 million, or
14%,
to USD 3,479
million. The
increase was
mostly driven
by higher
financial advisor
variable compensation,
reflecting an
increase in
compensable revenues, as well as higher restructuring expenses.
Fee-generating assets: 2Q21 vs 1Q21
Fee-generating
assets
increased
by
USD 88
billion,
or
7%,
to
USD 1,416
billion,
driven
by
net
positive
effects
from
market
performance
and
foreign
currency
translation
of
USD 63.2
billion,
as
well
as
net
new
fee
-
generating
as
set
inflows
of
USD 25.0 billion, which included net inflows in all regions.
Loans: 2Q21 vs 1Q21
Loans increased by
USD 8.7 billion, or
4%, to USD 228.1
billion,
driven
by
net
new
loans
of
USD 7.3
billion
and
USD 1.3
billion
from
foreign
exchange
translation.
Net
new
loans
were
largely
driven
by
an
increase
in
Lombard
loans.
Loan
penetration
was
stable at 7.1%.
›
Refer to the “Risk management and control”
section of this
report for more information
Results: 6M21 vs 6M20
Profit
before
tax
increased
by
USD 606
million,
or
29%,
to
USD 2,704
million,
reflecting
higher
operating
income,
partly
offset by higher operating expenses.
Total
operating
income
increased
by
USD 1,133
million,
or
13%,
to
USD 9,622
million,
mainly
driven
by
higher
recurring
net fee
and transaction-based
income, as
well as
net credit
loss
releases compared
with net
credit loss
expenses in
the first
half
of 2020.
Net
interest
income
decreased
by
USD 31
million
to
USD 2,023 million, mostly
due to lower
deposit revenues, driven
by
a
decrease
in
margins,
mainly
as
a
result
of
lower
US
dollar
interest
rates,
and
despite
higher
deposit
volumes.
This
was
largely offset
by higher
loan revenues
from higher
loan volumes
and margins.
Recurring
net
fee
income
increased
by
USD 841
million
to
USD 5,403
million,
primarily
driven
by
higher
average
fee-
generating
assets,
reflecting
positive
market
performance,
and
higher net new fee-generating assets.
Transaction-based
income
increased
by
USD 199
million
to
USD 2,136 million, reflecting higher levels of client activity.
Net
credit
loss
releases
were USD 16
million,
compared
with
net
expenses
of
USD 117
million,
with
net
credit
loss
releases
primarily related to stage 1 and 2 positions.
Total
operating
expenses
increased
by
USD 527
million,
or
8%,
to
USD 6,918
million,
mostly
driven
by
higher
financial
advisor variable
compensation and
higher technology
expenses.
These
effects
were
partly
offset
by
lower
expenses
for
professional fees, travel and marketing.
Global Wealth Management
16
Regional breakdown of performance measures
As of or for the quarter ended 30.6.21
USD billion, except where indicated
Americas
1
Switzerland
EMEA
2
Asia Pacific
Global Wealth
Management
3
Total operating income (USD million)
2,615
471
974
711
4,774
Total operating expenses (USD million)
2,110
267
666
428
3,479
Operating profit / (loss) before tax (USD million)
505
204
308
283
1,294
Cost / income ratio (%)
80.9
57.5
68.5
60.2
73.1
Loans, gross
83.1
4
41.8
49.2
53.0
228.1
Net new loans
5.3
0.7
1.1
0.2
7.3
Loan penetration (%)
5
4.8
14.4
7.8
9.1
7.1
Fee-generating assets
845
123
329
119
1,416
Net new fee-generating assets
13.5
2.8
4.9
3.8
25.0
Invested assets
1,722
290
632
583
3,230
Advisors (full-time equivalents)
6,274
690
1,537
892
9,480
1 Including the following business units: United States and Canada; and Latin America.
2 Including the following business units: Europe; Central and Eastern Europe,
Greece and Israel; and Middle East and Africa.
3 Including minor functions,
which are not included in
the four regions individually presented
in this table, with
USD 3 million of total
operating income, USD 8
million of total operating
expenses, USD 5 million
of
operating loss before tax, USD 0.9 billion of loans,
USD 0.1 billion of net new loan inflows,
USD 1 billion of fee-generating assets,
USD 0.1 billion of net new fee-generating
asset outflows, USD 3 billion of
invested
assets and 88 advisors in the
second quarter of 2021.
4 Loans include customer brokerage
receivables, which are
presented in a separate rep
orting line on the balance sheet.
5 Loans, gross as a
percentage of
invested assets.
Regional comments 2Q21 vs 2Q20, except where indicated
Americas
Profit
before
tax
increased
by
USD 278
million
to
USD 505
million.
Opera
ting
income
increased
by
USD
598
million
,
or
30%,
to
USD 2,615
million,
mainly
driven
by
higher
recurring
net
fee
and
transaction-based
income.
The
cost
/
income
ratio
decreased
from
86.5%
to
80.9%.
Loans
increased
7%
compared
with
the
first
quarter
of
2021,
to
USD 83
billion,
reflecting
USD 5.3
billion
of
net new
loans,
which
were
mostly
Lombard loans.
Fee-generating assets increased
7% sequentially
to
USD
845
billion,
mainly
driven
by
positive
market
performance
of
USD 38.1
billion
and
net
new
fee-generating
assets of USD 13.5 billion.
Switzerland
Profit
before tax increased by USD 55 million to USD 204 million.
Oper
ating
income
increased
by
USD
75
million
,
or
19
%,
to
USD 471
million, mainly
driven
by
higher
recurring
net fee
and
transaction-based
income,
as
well
as
net
credit
loss
releases
compared with net
credit loss expenses
in the second
quarter of
2020. The cost
/ income ratio
decreased from
61.0% to 57.5%.
Loans
increased
3%
sequentially
to
USD 42
billion,
largely
reflecting USD 0.7
billion of
net new
loans and
foreign currency
effects.
Fee-generating
assets
increased
10%
sequentially
to
USD 123
billion,
mainly
driven
by
net
effects
from
positive
market
performance
and
foreign
currency
translation
effects
of
USD
8.0
billion
,
as
well
as
net
new
fee
-
generating
assets
of
USD 2.8 billion.
EMEA
Profit
before tax increased by USD 41 million to USD 308 million.
Operating
income
increased
by
USD 115
million,
or
13%,
to
USD
974
million,
mainly
driven
by
recurring
net
fee
and
transaction-based
income.
The
cost
/
income
ratio
decreased
from 68.7%
to 68.5%.
Loans increased
3% compared
with the
first
quarter
of
2021,
to
USD 49
billion,
largely
reflecting
USD 1.1
billion
of
net
new
loans
and
foreign
currency
effects.
Fee-generating
assets
increased
6%
sequentially
to
USD 329
billion,
mainly
driven
by
net
effects
from
positive
market
performance and foreign
currency effects of
USD 13.7 billion, as
well as net new fee-generating assets of USD 4.9 billion.
Asia Pacific
Profit
before tax increased by USD 50 million to USD 283 million.
Operating
income
increased
by
USD
53
million
,
or
8
%,
to
USD 711
million,
mainly
driven
by
recurring
net
fee
and
transaction-based
income.
The
cost
/
income
ratio
decreased
from
64.6%
to
60.2%.
Loans
increased
1%
sequentially
to
USD 53 billion,
driven by
net new
loans of
USD 0.2 billion.
Fee-
generating assets
increased 6%
sequentially to
USD 119 billion,
mainly
driven
by
USD 3.8
billion
of
net
new
fee-generating
assets,
as
well as
net effects
from
positive
market performance
and foreign currency effects of USD 3.3 billion.
17
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
1
As of or for the quarter ended
% change from
Year-to-date
CHF million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Net interest income
480
470
496
2
(3)
950
989
Recurring net fee income
2
187
182
159
3
18
369
329
Transaction-based income
3
288
239
227
20
27
527
491
Other income
40
38
12
5
227
78
31
Income
995
929
894
7
11
1,924
1,840
Credit loss (expense) / release
42
22
(104)
93
64
(179)
Total operating income
1,037
950
790
9
31
1,987
1,661
Total operating expenses
581
593
561
(2)
4
1,174
1,110
Business division operating profit / (loss) before tax
456
358
229
28
100
814
551
Performance measures and other information
Average attributed equity (CHF billion)
4
8.4
8.3
8.4
1
0
8.3
8.4
Return on attributed equity (%)
4
21.8
17.3
10.9
19.6
13.1
Pre-tax profit growth (%)
99.5
11.0
(41.3)
47.7
(28.9)
Cost / income ratio (%)
58.4
63.8
62.8
61.0
60.3
Net interest margin (bps)
139
137
148
138
148
Risk-weighted assets (CHF billion)
4
66.3
64.7
65.5
2
1
66.3
65.5
Leverage ratio denominator (CHF billion)
4,5
220.8
224.8
213.7
(2)
3
220.8
213.7
Business volume for Personal Banking (CHF billion)
183
182
173
0
6
183
173
Net new business volume for Personal Banking (CHF billion)
0.6
3.4
3.8
3.9
7.0
Net new business volume growth for Personal Banking (%)
6
1.2
7.6
9.2
4.4
8.4
Active Digital Banking clients in Personal Banking (%)
7
69.8
69.4
65.6
69.6
65.1
Active Digital Banking clients in Corporate & Institutional
Clients (%)
8
79.1
79.3
77.5
79.2
77.6
Mobile Banking log-in share in Personal Banking (%)
9
72.6
70.2
66.6
71.4
65.6
Client assets (CHF billion)
10
742
727
666
2
11
742
666
Loans, gross (CHF billion)
138.6
138.1
135.8
0
2
138.6
135.8
Customer deposits (CHF billion)
159.7
162.5
155.2
(2)
3
159.7
155.2
Secured loan portfolio as a percentage of total loan portfolio, gross (%)
92.6
92.6
91.7
92.6
91.7
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
11
1.0
1.1
1.1
1.0
1.1
1 Comparatives may
differ as a
result of adjustments
following organizational changes,
restatements due to
the retrospective adoption
of new accounting
standards or changes
in accounting policies,
and events
after the reporting period.
2 Recurring net fee income consists of
fees for services provided on an ongoing
basis, such as portfolio management
fees, asset-based investment fund fees
and custody fees, which are
generated on client
assets, as
well as administrative
fees for accounts.
3 Transaction-based
income consists of
the non-recurring portion
of net fee
and commission income,
mainly composed of
brokerage and
transaction-based investment
fund fees,
and credit
card fees,
as well
as fees
for payment
and foreign
exchange transactions,
together with
other net
income from
financial instruments
measured at
fair value
through profit or loss.
4 Refer to the “Capital management” section of this report for more
information.
5 The leverage ratio denominator calculated as
of the respective date in 2020 does not
reflect the effects
of the temporary
exemption that
applied from
25 March
2020 until
1 January
2021 and
was granted
by FINMA
in connection
with COVID-19.
Refer to
the “Regulatory
and legal
developments” section
of our
Annual Report 2020 for more information.
6 Calculated as net new business volume for the period (annualized
as applicable) divided by business volume at the
beginning of the period.
7 “Clients” refers to the
number of unique business relationships
operated by Personal
Banking and “active” means at
least one log-in within
the past month (log-in time
stamp is allocated to all
business relationship numbers in a
digital
banking contract).
Excluded are persons
under the
age of 15,
clients who do
not have a
private account,
clients domiciled outside
Switzerland, and clients
who have defaulted
on loans or
credit facilities.
In the
second quarter of 2021, 86.7% of
clients of Personal Banking
were “activated users” of Digital
Banking (i.e., clients who
had logged into Digital Banking
at least once in the course
of their relationship with UBS).
8 “Clients” refers to
the number of
unique business relationships
or legal entities
operated by Corporate
& Institutional Clients
and “active” means
at least one
log-in within the
past month (log-in
time stamp is
allocated to all
business relationship numbers
or per legal
entity in a
digital banking contract).
Excluded are clients
that do not
have an account,
mono-product clients and
clients that have
defaulted on loans
or
credit facilities.
9 Mobile Banking app log-ins as
a percentage of total log-ins
via E-Banking and Mobile
Banking app in Personal
Banking (if a digital banking
contract is linked
to multiple business relationships,
the log-in is attributed to the business relationship with the most banking products in use).
10 Client assets are composed of invested assets and other assets held purely for transactional
purposes or custody only.
Net new money is not measured for Personal & Corporate Banking.
11 Refer to the “Risk management and control” section of this report for more information about (credit-)impaired exposures.
Personal & Corporate Banking
18
Results
:
2Q21 vs 2Q20
Profit
before
tax
increased
by
CHF 227
million,
or
100%,
to
CHF 456
million,
reflecting
net
credit
loss
releases
compared
with net
credit loss
expenses in
the second
quarter of
2020, as
well
as
higher
income,
partly
offset
by
higher
operating
expenses.
Operating income
Total
operating
income
increased
by
CHF 247
million,
or
31%,
to
CHF 1,037
million,
predominantly
reflecting
net
credit
loss
releases
compared
with
net
credit
loss
expenses
in
the
second
quarter of 2020 and higher transaction-based income.
Net interest
income decreased
by CHF 16
million to
CHF 480
million,
mainly
driven
by
lower
deposit
revenues,
reflecting
a
decrease
in
margins
,
mostly
as
a
result
of
lower
US
dollar
interest rates.
Recurring
net
fee
income
increased
by
CHF
28
million
to
CHF 187
million,
primarily
reflecting
higher
custody,
mandate
and investment fund fees.
Transaction-based
income
increased
by
CHF 61
million
to
CHF 288
million,
mainly
driven
by
higher
revenues
from
credit
card
and
foreign
exchange
transactions,
reflecting
a
gradual
increase in spending on travel and leisure by clients following the
easing of COVID-19-related restrictions in certain countries.
Other income
increased by
CHF 28 million
to CHF 40
million,
mostly
driven
by
a
gain
of
CHF 26
million
from
the
sale
of
several small properties across Switzerland.
Net credit
loss releases
for the
second quarter
of 2021
were
CHF 42 million, compared with net expenses of CHF 104
million,
with
net
credit
loss
releases
primarily
related
to
stage 1
and
2
positions.
Operating expenses
Total
operating expenses increased by
CHF 20 million, or 4%,
to
CHF 581 million,
largely driven
by higher
variable compensation
and
increased
investments in
technology,
partly offset
by lower
real
estate
expenses
for
our
branch
network
following
the
branch closures
over the last twelve months.
Results: 6M21 vs 6M20
Profit
before
tax
increased
by
CHF
26
3
million,
or
48%,
to
CHF
814
million,
reflecting
net
credit
loss
releases
compared
with net
credit loss
expenses in
the first
half of
2020, as
well as
higher income, partly offset by higher operating expenses.
Total
operating
income
increased
by
CHF
326
million,
or
20%,
to
CHF 1,987
million,
predominantly
reflecting
net
credit
loss releases
compared with
net credit
loss expenses
in the
first
half of 2020.
Net interest
income decreased
by CHF 39
million to
CHF 950
million,
mainly
driven
by
lower
deposit
revenues,
reflecting
a
decrease
in
margins,
mostly
as
a
result
of
lower
US
dollar
interest rates.
Recurring
net
fee
income
increased
by
CHF
40
million
to
CHF 369
million,
primarily
reflecting
higher
custody,
mandate
and investment fund fees.
Transaction
-
based
income
increased
by
CHF
36
million
to
CHF 527
million,
mainly
driven
by
higher
revenues
from
credit
card
and
foreign
exchange
transactions,
reflecting
a
gradual
increase
in
spending
on
travel
and
leisure
by
clients
following
the
easing
of
COVID-19-related
restrictions
in
certain
countries
in the second quarter of 2021.
Other income
increased by
CHF
47 million
to CHF 78
million,
mostly
driven
by
the
aforementioned
gain
of
CHF 26
million
from
the
sale
of
several small
properties,
as
well
as
a
valuation
gain of
CHF 26 million on
our equity ownership
of SIX
Group in
the first quarter of 2021.
Net
credit
loss
releases
were
CHF 64
million,
compared
with
net
expenses
of
CHF 179
million,
with
net
credit
loss
releases
primarily related to stage 1 and 2 positions.
Total
operating expenses increased by CHF 64
million, or 6%,
to CHF 1,174
million, largely
driven by
increased investments
in
technology,
as
well
as
real
estate
expenses
due
to
accelerated
depreciation
resulting
from
the
closure
of
44
branches
in
the
first
quarter
of
2021.
There
was
also
an
increase
in
variable
compensation.
19
Personal & Corporate Banking – in US dollars
1
As of or for the quarter ended
% change from
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Net interest income
526
513
517
3
2
1,039
1,029
Recurring net fee income
2
205
198
166
3
23
403
342
Transaction-based income
3
315
261
237
21
33
576
511
Other income
44
41
13
7
241
85
32
Income
1,089
1,013
933
7
17
2,102
1,914
Credit loss (expense) / release
46
23
(110)
95
69
(187)
Total operating income
1,135
1,037
823
9
38
2,171
1,727
Total operating expenses
636
647
586
(2)
9
1,284
1,155
Business division operating profit / (loss) before tax
498
389
238
28
110
888
572
Performance measures and other information
Average attributed equity (USD billion)
4
9.1
9.1
8.7
0
5
9.1
8.7
Return on attributed equity (%)
4
21.8
17.1
10.9
19.5
13.1
Pre-tax profit growth (%)
109.8
16.5
(39.1)
55.2
(26.4)
Cost / income ratio (%)
58.4
63.9
62.8
61.1
60.3
Net interest margin (bps)
142
137
147
140
148
Risk-weighted assets (USD billion)
4
71.7
68.4
69.2
5
4
71.7
69.2
Leverage ratio denominator (USD billion)
4,5
238.7
237.8
225.6
0
6
238.7
225.6
Business volume for Personal Banking (USD billion)
198
193
183
3
9
198
183
Net new business volume for Personal Banking (USD billion)
0.6
3.7
4.0
4.3
7.3
Net new business volume growth for Personal Banking (%)
6
1.3
7.4
9.2
4.3
8.4
Active Digital Banking clients in Personal Banking (%)
7
69.8
69.4
65.6
69.6
65.1
Active Digital Banking clients in Corporate & Institutional
Clients (%)
8
79.1
79.3
77.5
79.2
77.6
Mobile Banking log-in share in Personal Banking (%)
9
72.6
70.2
66.6
71.4
65.6
Client assets (USD billion)
10
802
769
704
4
14
802
704
Loans, gross (USD billion)
149.8
146.0
143.4
3
4
149.8
143.4
Customer deposits (USD billion)
172.6
171.9
163.9
0
5
172.6
163.9
Secured loan portfolio as a percentage of total loan portfolio, gross (%)
92.6
92.6
91.7
92.6
91.7
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
11
1.0
1.1
1.1
1.0
1.1
1 Comparatives may
differ as a
result of adjustments
following organizational changes,
restatements due to
the retrospective adoption
of new accounting
standards or changes
in accounting policies,
and events
after the reporting period.
2 Recurring net fee income consists of
fees for services provided on an ongoing
basis, such as portfolio management fees,
asset-based investment fund fees and custody
fees, which are
generated on client
assets, as
well as administrative
fees for accounts.
3 Transaction-based
income consists of
the non-recurring portion
of net fee
and commission income,
mainly composed of
brokerage and
transaction-based investment
fund fees,
and credit
card fees,
as well
as fees
for payment
and foreign
exchange transactions,
together with
other net
income from
financial instruments
measured at
fair value
through profit or loss.
4 Refer to the “Capital management” section of this report for
more information.
5 The leverage ratio denominator calculated as
of the respective date in 2020 does not
reflect the effects
of the temporary
exemption that
applied from
25 March
2020 until
1 January
2021 and
was granted
by FINMA
in connection
with COVID-19.
Refer to
the “Regulatory
and legal
developments” section
of our
Annual Report 2020 for more information.
6 Calculated as net new business volume for the period (annualized
as applicable) divided by business volume at the
beginning of the period.
7 “Clients” refers to the
number of unique business relationships
operated by Personal
Banking and “active” means at
least one log-in within the
past month (log-in time stamp
is allocated to all business
relationship numbers in a digital
banking contract).
Excluded are persons
under the
age of 15,
clients who do
not have a
private account,
clients domiciled outside
Switzerland, and clients
who have defaulted
on loans or
credit facilities.
In the
second quarter of 2021, 86.7% of
clients of Personal Banking
were “activated users” of Digital
Banking (i.e., clients who
had logged into Digital Banking
at least once in the course
of their relationship with UBS).
8 “Clients” refers to
the number of
unique business relationships
or legal entities
operated by Corporate
& Institutional Clients
and “active” means
at least one
log-in within the
past month (log-in
time stamp is
allocated to all
business relationship numbers
or per legal
entity in a
digital banking contract).
Excluded are clients
that do not
have an account,
mono-product clients and
clients that have
defaulted on loans
or
credit facilities.
9 Mobile Banking app log-ins as
a percentage of total log-ins
via E-Banking and Mobile
Banking app in Personal
Banking (if a digital banking
contract is linked
to multiple business relationships,
the log-in is attributed to the business relationship with the most banking products in use).
10 Client assets are composed of invested assets and other assets held purely for transactional
purposes or custody only.
Net new money is not measured for Personal & Corporate Banking.
11 Refer to the “Risk management and control” section of this report for more information about (credit-)impaired exposures.
Asset Management
20
Asset Management
Asset Management
1
As of or for the quarter ended
% change from
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Net management fees
2
588
545
449
8
31
1,133
926
Performance fees
40
92
75
(56)
(46)
133
112
Net gain from disposal of an associate
37
37
Credit loss (expense) / release
0
0
0
0
0
Total operating income
666
637
524
4
27
1,303
1,038
Total operating expenses
410
410
367
0
12
820
724
Business division operating profit / (loss) before tax
255
227
157
12
62
482
314
Performance measures and other information
Average attributed equity (USD billion)
3
2.1
2.2
1.9
(6)
12
2.2
1.8
Return on attributed equity (%)
3
49.0
40.8
33.7
44.7
34.1
Pre-tax profit growth (%)
62.0
44.7
26.7
53.4
38.1
Cost / income ratio (%)
61.7
64.4
70.0
63.0
69.7
Risk-weighted assets (USD billion)
3
7.9
8.0
5.9
(1)
33
7.9
5.9
Leverage ratio denominator (USD billion)
3,4
6.0
5.4
6.7
9
(11)
6.0
6.7
Goodwill and intangible assets (USD billion)
1.2
1.2
1.3
0
(9)
1.2
1.3
Net margin on invested assets (bps)
5
9
8
7
8
24
9
7
Gross margin on invested assets (bps)
23
23
24
1
(3)
23
24
Information by business line / asset
class
Net new money (USD billion)
Equities
(2.4)
6.4
5.1
4.0
20.1
Fixed Income
(1.3)
13.5
14.0
12.2
32.6
of which: money market
(6.7)
4.3
10.4
(2.4)
20.3
Multi-asset & Solutions
3.7
3.7
0.3
7.5
0.3
Hedge Fund Businesses
1.5
2.0
(0.6)
3.5
(2.8)
Real Estate & Private Markets
0.6
0.6
0.4
1.2
1.7
Total net new money
2.1
26.2
19.2
28.3
51.9
of which: net new money excluding money market
8.8
21.9
8.8
30.7
31.6
Invested assets (USD billion)
Equities
559
526
372
6
50
559
372
Fixed Income
280
279
287
0
(2)
280
287
of which: money market
94
101
123
(7)
(24)
94
123
Multi-asset & Solutions
187
175
141
7
32
187
141
Hedge Fund Businesses
53
50
40
5
33
53
40
Real Estate & Private Markets
95
92
88
4
8
95
88
Total invested assets
1,174
1,121
928
5
26
1,174
928
of which: passive strategies
501
469
363
7
38
501
363
Information by region
Invested assets (USD billion)
Americas
277
267
239
4
16
277
239
Asia Pacific
189
185
158
2
20
189
158
Europe, Middle East and Africa (excluding Switzerland)
320
305
223
5
44
320
223
Switzerland
388
364
309
7
25
388
309
Total invested assets
1,174
1,121
928
5
26
1,174
928
Information by channel
Invested assets (USD billion)
Third-party institutional
686
656
549
5
25
686
549
Third-party wholesale
141
133
100
6
41
141
100
UBS’s wealth management businesses
346
332
279
4
24
346
279
Total invested assets
1,174
1,121
928
5
26
1,174
928
1 Comparatives may
differ as a
result of adjustments
following organizational changes,
restatements due to
the retrospective adoption
of new accounting
standards or changes
in accounting policies,
and events
after the reporting period.
2 Net management fees include transaction fees, fund admin
istration revenues (including net interest and trading income from
lending activities and foreign exchange hedging as part of
the fund services
offering), distribution
fees, incremental
fund-related expenses,
gains or losses
from seed
money and co-investme
nts, funding
costs, the
negative pass-through impact
of third-party performance
fees, and other items that are not Asset Management’s
performance fees.
3 Refer to the “Capital management” section of this report for more
information.
4 The leverage ratio denominator calculated as
of the
respective date
in 2020
does not
reflect the
effects of
the temporary
exemption that
applied from
25 March
2020 until
1 January
2021 and
was granted
by FINMA
in connection
with COVID-19.
Refer to
the
“Regulatory and legal developments” section of our Annual Report 2020 for more information.
5 Calculated as operating profit before tax (annualized as applicable) divided by average invested
assets.
21
Results: 2Q21 vs 2Q20
Profit
before
tax
increased
by
USD 98
million,
or
62%,
to
USD 255 million,
reflecting
continued growth
in invested
assets
and positive
operating leverage. This
included a
post-tax gain of
USD 37
million
related
to
the
sale
of
our
remaining
minority
investment
in
Clearstream
Fund
Centre
(previously
Fondcenter
AG) to Deutsche Börse AG.
›
Refer to the “Recent developments” section
of this report for
more information about the sale of our remaining
investment in
Clearstream Fund Centre
Operating income
Total
operating
income
increased
by
USD 142
million,
or
27%,
to
USD 666
million.
This
included
the
aforementioned
gain
of
USD 37 million.
Net management fees increased by
USD 139 million, or 31%,
to
USD 588
million,
on
a
higher
average
invested
asset
base,
reflecting
a
combination
of
a
constructive
market
backdrop,
continued
strong
net
new
money
generation,
and
positive
currency translation effects.
Performance
fees
decreased
by
USD 35
million
to
USD 40
million,
mainly
in
our
Hedge
Fund
Businesses,
partly
offset
by
higher performance fees in our Equities business.
Operating expenses
Total
operating expenses
increased
by USD 43
million, or
12%,
to
USD 410
million,
predominantly
driven
by
personnel
expenses, reflecting higher compensable revenues.
Invested assets: 2Q21 vs 1Q21
Invested assets increased
by USD 53 billion
to USD 1,174 billion,
reflecting positive market performance of USD
43 billion, foreign
currency translation effects of USD 7 billion,
and net new money
inflows of USD 2 billion.
Excluding money
market flows, net
new money inflows
were
USD 9 billion.
Results: 6M21 vs 6M20
Profit
before
tax
increased
by
USD 168
million,
or
53%,
to
USD 482
million, reflecting
continued growth
in invested
assets
and
positive
operating
leverage
.
This
included
the
aforementioned gain of USD 37 million related
to the sale of our
remaining
minority
investment
in
Clearstream
Fund
Centre
(previously Fondcenter AG) to Deutsche Börse AG.
Total
operating
income
increased
by
USD 265
million,
or
25%,
to
USD 1,303
million.
This
included
the
aforementioned
gain of USD 37 million.
Net management fees increased by
USD 207 million, or 22%,
to
USD 1,133
million,
on
a
higher
average
invested
asset
base,
reflecting
a
combination
of
a
constructive
market
backdrop,
continued
strong
net
new
money
generation,
and
positive
currency translation effects.
Performance
fees
increased
by
USD 21
million
to
USD 133
million,
mainly
in
our
Hedge
Fund
Businesses,
partly
offset
by
lower performance fees in our Equities business.
Total
operating
expenses
increased
by
USD
96
million,
or
13%,
to
USD
820
million,
primarily
driven
by
personnel
expenses, reflecting higher variable compensation.
Investment Bank
22
Investment Bank
Investment Bank
1,2
As of or for the quarter ended
% change from
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Advisory
300
223
93
35
223
523
292
Capital Markets
581
565
432
3
35
1,147
766
Global Banking
881
788
525
12
68
1,670
1,058
Execution Services
3
443
555
422
(20)
5
998
1,012
Derivatives & Solutions
773
1,246
948
(38)
(18)
2,020
1,932
Financing
352
(319)
452
(22)
33
916
Global Markets
1,567
1,483
1,821
6
(14)
3,051
3,859
of which: Equities
1,194
920
974
30
23
2,114
2,122
of which: Foreign Exchange, Rates and Credit
373
563
847
(34)
(56)
937
1,737
Income
2,449
2,271
2,346
8
4
4,720
4,917
Credit loss (expense) / release
21
2
(78)
992
23
(200)
Total operating income
2,470
2,273
2,268
9
9
4,743
4,718
Total operating expenses
1,802
1,862
1,656
(3)
9
3,663
3,396
Business division operating profit / (loss) before tax
668
412
612
62
9
1,080
1,321
Performance measures and other information
Pre-tax profit growth (%)
9.1
(41.9)
43.5
(18.2)
108.3
Average attributed equity (USD billion)
4
13.0
13.0
12.6
0
3
13.0
12.5
Return on attributed equity (%)
4
20.6
12.7
19.4
16.7
21.1
Cost / income ratio (%)
73.6
82.0
70.6
77.6
69.1
Risk-weighted assets (USD billion)
4
92.3
95.0
97.8
(3)
(6)
92.3
97.8
Return on risk-weighted assets, gross (%)
10.5
9.6
9.4
10.0
10.2
Leverage ratio denominator (USD billion)
4,5
324.9
329.7
303.4
(1)
7
324.9
303.4
Return on leverage ratio denominator, gross (%)
5
3.0
2.8
3.1
2.9
3.3
Goodwill and intangible assets (USD billion)
0.2
0.1
0.0
11
0.2
0.0
Average VaR (1-day, 95% confidence, 5 years of historical data)
11
11
13
5
(16)
11
13
1 Comparative figures in
this table have been restated
to reflect the new structure
of the Investment Bank, split
into Global Banking and
Global Markets. Global
Banking has two product verticals:
Capital Markets
and Advisory.
Global Markets
combines Equities
and Foreign
Exchange, Rates
and Credit
(FRC), with
three product
verticals: Execution
Services, Derivatives
& Solutions,
and Financing.
2 Comparatives
may
additionally differ as
a result of
adjustments following organizational
changes, restatements
due to the
retrospective adoption of
new accounting standards
or changes in
accounting policies, and
events after the
reporting period.
3 Execution
& Platform,
which was
disclosed in
previous periods,
has been
renamed Execution
Services.
4 Refer
to the
“Capital management”
section of
this report
for more
information.
5 The leverage
ratio denominators calculated
as of the
respective dates in
2020 do not
reflect the effects
of the temporary
exemption that applied
from 25 March
2020 until 1
January 2021
and was granted
by
FINMA in connection with COVID-19. Refer to the “Regulatory and legal developments” section of our Annual Report 2020 for more
information.
23
Results: 2Q21 vs 2Q20
Profit
before
tax
increased
by
USD
56
million,
or
9
%,
to
USD
668
million,
driven
by
higher
operating
income,
part
ly
offset by higher operating expenses.
Operating income
Total
operating income increased
by USD 202 million,
or 9%, to
USD 2,470 million,
reflecting higher
revenues in
Global Banking
and
net
credit
loss
releases,
offset
by
lower
revenues
in
Global
Markets.
Global Banking
Global Banking revenues
increased by USD 356
million, or 68%,
to
USD
881
million,
driven
by
Advisory
and
Capital
Market
revenues, which outperformed
the global fee
pool in all
regions,
most notably in Mergers & Acquisitions.
Advisory revenues increased
by USD 207 million, or 223%,
to
USD
300
million,
due
to
higher
revenues
fro
m
M&A
transactions,
compared
with
a
71%
increase
in
the
global
fee
pool.
Capital
Markets
revenues
increased
by
USD 149
million,
or
35%, to USD 581
million, primarily reflecting a
USD 131 million,
or 87%,
increase in
Equity Capital
Markets revenues,
compared
with an
increase in
the global
fee pool
of 8%,
driven by
higher
levels of Equity Capital Markets issuances,
with elevated levels of
IPO and follow-on activity.
Global Markets
Global Markets revenues decreased by USD 254 million, or 14%,
to
USD
1,567
mill
ion,
driven
by
lower
revenues
in
Foreign
Exchange, Rates
and Credit
and a
loss incurred
in our
Financing
business resulting from
the default of
a client in
the first quarter
of
2021.
This
was
partly
offset
by
higher
revenues
in
equity
derivatives and cash equities products.
Execution
Services
revenues
increased
by
USD 21
million,
or
5%,
to
USD 443
million.
Higher
cash
equities
revenues
were
partly offset
by lower
revenues from
foreign exchange
products
that are traded over electronic platforms, as spreads tightened.
Derivatives
&
Solutions
revenues
decreased
by
USD 175
million,
or
1
8
%,
to
USD
773
million,
compared
with
strong
revenues in the second quarter of 2020. This was partly offset by
higher revenues in Equity Derivatives.
Financing revenues decreased by USD 100 million, or 22%, to
USD 352 million, driven
by an USD 87
million loss resulting
from
the exit of remaining exposures
relating to the default of
a client
of our prime brokerage business in the first quarter of 2021.
Equitie
s
Global Markets
Equities revenues
increased by
USD 220 million,
or
23%,
to
USD 1,194
million,
mostly
driven
by
increases
in
equity
derivatives
and
cash
equities products,
partly
offset
by a
decrease in Financing revenues.
Foreign Exchange, Rates and Credit
Global
Markets
Foreign
Exchange,
Rates
and
Credit
revenues
decreased
by
USD
474
mil
lion,
or
56%,
to
USD
373
million,
compared
with strong
revenues in
the second
quarter of
2020.
Spread
compression
and
lower
foreign
exchange
volatility
adversely
impacted
Foreign
Exchange
revenues
in
the
second
quarter of 2021.
Credit loss expense / release
Net credit
loss releases
were USD 21
million, compared
with net
expenses
of
USD 78
million,
with
net
credit
loss
releases
primarily related to stage 1 and 2 positions.
Operating expenses
Total
operating expenses
increased
by USD 146
million, or
9%,
to
USD
1,802
million.
The
increase
was
driven
by
foreign
currency
translation
effects,
higher
expenses
for
provisions
for
litigation,
regulat
ory
and
similar
matters
,
and
restructuring
expenses.
Risk-weighted assets and leverage ratio denominator:
2Q21 vs 1Q21
Risk-weighted assets
Total
risk-weighted assets
(RWA)
decreased by
USD 3 billion,
or
3%, to USD 92 billion.
›
Refer to the “Capital management” section
of this report for
more information
Leverage ratio denominator
The
leverage
ratio
denominator
decreased
by
USD 5
billion,
or
1%,
to
USD 325
billion,
reflecting
a
USD 9
billion
decrease
in
derivative
and
securities
financing
transaction
exposures,
partly
offset by a USD 5 billion increase in on-balance sheet exposures.
›
Refer to the “Capital management” section
of this report for
more information
Investment Bank
24
Results: 6M21 vs 6M20
Pro
fit
before
tax
decreased
by
USD
2
41
million,
or
18%,
to
USD
1,08
0
million,
primarily
driven
by
a
loss
related
to
the
default of
a client,
reported within
Financing in
Global Markets,
and
higher
operating
expenses.
This
was
partly
offset
by
increased operating
income in Global
Banking and
Derivatives &
Solutions within Global Markets.
›
Refer to the “Group performance” section
of our first quarter
2021 report for more information about the loss
in the prime
brokerage business
Total
operating
income
increased
by
USD 25
million,
or
1%,
to
USD
4,7
43
million,
reflecting
higher
revenues
in
Global
Banking and
net credit
loss releases,
offset by
lower revenues
in
Global Markets.
Global
Banking
revenues
increased
by
USD 612
million,
or
58%, to USD 1,670 million,
reflecting higher revenues in
Capital
Markets and
Advisory, which
outperformed the
global fee
pool,
most
notably
in
Mergers
&
Acquisitions
and
Equity
Capital
Markets.
Advisory revenues
increased
by USD 231
million, or
79%, to
USD
5
23
million,
largely
due
to
higher
revenues
from
M&A
transactions,
compared
with
a
46%
increase
in
the
global
fee
pool.
Capital
Markets
revenues
increased
by
USD 381
million,
or
50%, to USD 1,147
million, mainly reflecting a
USD 314 million,
or 123%,
increase in Equity Capital Markets revenues, compared
with
an
increase
in
the
global
fee
pool
of
111%,
driven
by
elevated levels of IPO activity.
Global
Markets
revenues
decreased
by
USD 808
million,
or
21%,
to
USD 3,051
million,
driven
by
lower
revenues
in
our
Financing
business,
partly
offset
by
higher
revenues
in
equity
derivatives and cash equities products.
Execution
Services
revenues
decreased
by
USD 14
million,
or
1%,
to
USD 998
million,
mainly
driven
by
higher
client
activity
levels in
cash equities,
more than
offset by
lower revenues
from
foreign
exchange
products
that
are
traded
over
electronic
platforms.
Derivatives & Solutions
revenues increased by
USD 88 million,
or
5%,
to
USD 2,020
million,
reflecting
a
constructive
market
environment
for
equity
derivatives
products.
This
increase
was
partly
offset
by
a
decrease
in
revenues
from
foreign
exchange,
rates
and credit
products,
reflecting strong
revenues in
the first
half of 2020.
Financing revenues decreased by USD 883 million, or 96%,
to
USD 33
million,
predominantly
due
to
an
USD 861
million
loss
on the default of a client of our prime brokerage business.
›
Refer to the “Group performance” section
of our first quarter
2021 report for more information about the loss
in the prime
brokerage business
Global
Markets
Equities
revenues
were
stable
at
USD 2,114
million.
Equity
derivatives
and
cash
equities
products
revenues
increased,
while
Financing
revenues
included
the
aforementioned loss in our prime brokerage business.
Global Markets
Foreign Exchange,
Rates and
Credit revenues
decreased
by
USD
80
0
million,
or
46%,
to
USD
9
37
million,
compared with strong revenues in the first half of 2020.
Net
credit
loss
releases
were USD 23
million,
compared
with
net
expenses
of
USD 200
million,
with
net
credit
loss
releases
primarily related to stage 1 and 2 positions.
Total
operating
expenses
increased
by
USD 267
million,
or
8%,
to
USD 3,663
million,
largely
driven
by
foreign
currency
translation
effects,
higher
expenses
for
provisions
for
litigation,
regulatory and similar matters, and higher personnel expenses.
25
Group Functions
Group Functions
1
As of or for the quarter ended
% change from
Year-to-date
USD million, except where indicated
30.6.21
31.3.21
30.6.20
1Q21
2Q20
30.6.21
30.6.20
Results
Total operating income
(68)
(90)
(155)
(24)
(56)
(158)
(635)
Total operating expenses
56
49
151
14
(63)
105
80
Operating profit / (loss) before tax
(124)
(139)
(305)
(11)
(59)
(263)
(715)
of which: Group Treasury
(125)
(104)
(192)
20
(35)
(229)
(323)
of which: Non-core and Legacy Portfolio
(24)
5
(69)
(66)
(19)
(289)
of which: Group Services
25
(39)
(44)
(14)
(103)
Additional information
Risk-weighted assets (USD billion)
2
29.4
28.3
30.8
4
(4)
29.4
30.8
Leverage ratio denominator (USD billion)
2,3
91.2
84.7
108.0
8
(16)
91.2
108.0
1 Comparatives may
differ as a
result of adjustments
following organizational changes,
restatements due to
the retrospective adoption
of new accounting
standards or changes
in accounting policies,
and events
after the reporting period.
2 Refer to the “Capital
management” section of this
report for more information.
3 The leverage
ratio denominator calculated
as of the respective
date in 2020 does
not reflect the
effects of the temporary exemption that applied from 25 March 2020 until 1 January 2021 and was granted
by FINMA in connection with COVID-19. Refer to the “Regulatory and legal developments” section of our
Annual Report 2020 for more information.
Results: 2Q21 vs 2Q20
Group Functions
recorded
a loss
before
tax of
USD 124 million,
compared with a loss of USD 305 million.
Group Treasury
The
Group
Treasury
result
was
negative
USD 125
million,
compared with negative USD 192 million.
This
included
income
related
to
centralized
Group
Treasury
risk
management
of
negative
USD 33
million,
compared
with
negative USD 120
million in
the second
quarter of
2020, which
included
additional
liquidity
costs
related
to
COVID-19
market
stress.
Income
from
accounting
asymmetries,
including
hedge
accounting
ineffectiveness
,
was
net
negative
US
D
84
million,
compared with net positive income of USD 48 million.
Operating
expenses
decreased
by
USD 112
million
to
USD 7
million, mainly due to
the reversal in the second
quarter of 2020
of a previously booked reduction in variable compensation.
Non-core
and Legacy Portfolio
The
Non-core
and
Legacy
Portfolio
result
was
negative
USD 24
million,
compared
with
negative
USD 69
million,
and
included
income of
USD 45 million
related
to a
legacy bankruptcy
claim.
This
was
partly
offset
by
valuation
losses
of
USD 25
million
on
our USD 1.6 billion portfolio
of auction rate securities
(ARS). Our
remaining
exposures
to ARS
were all
rated investment
grade as
of 30 June 2021.
The second quarter
of 2020 included
net credit loss
expenses
of USD 20 million.
Group Services
The Group Services result was positive USD 25 million, compared
with
negative
USD
44
million
,
mainly
due
to
a
gain
on
a
property
held for sale.
Results: 6M21 vs 6M20
Group Functions
recorded
a loss
before
tax of
USD 263 million,
compared with a loss of USD 715 million.
The
Group
Treasury
result
was
negative
USD 229
million,
compared
with negative
USD 323 million.
This included
income
related
to
centralized
Group
Treasury
risk
management
of
negative
USD
35
million,
compared
with
negative
USD
196
million
in
the
first
half
of
2020
,
which
included
additional
liquidity
costs
related
to
COVID-19
market
stress.
Income
from
accounting
asymmetries,
including
hedge
accounting
ineffectiveness
,
was
net
negative
USD
174
million,
compared
with
net
negative
income
of
USD
102
million.
Operating
expenses decreased by USD 4 million to USD 20 million.
The
Non
-
core
and
Legacy
Portfolio
result
was
negative
USD 19
million,
compared
with
negative
USD 289
million.
This
result
was
mainly
due
to
valuation
gains
of
USD 36
million
on
our
USD 1.6
billion
portfolio
of
ARS,
compared
with
valuation
losses
of
USD
143
million
in
the
same
period
last
year
.
In
addition,
the
first
half
of
2021
included
income
of
USD
45
million
related
to
a
legacy
bankruptcy
claim.
The
first
half
of
2020
included
a
credit
loss
expense
of
USD 35
million
on
an
energy-related exposure.
The
Group
Services
result
was
negative
USD 14
million,
compared
with negative
USD 103 million,
mainly due
to a
gain
on
a
property
held
for
sale
and
lower
funding
costs
related
to
deferred tax assets.
Selected financial information of our business divisions and Group Functions
26
Selected financial information of our
business divisions and Group Functions
Selected financial information of our business divisions and Group Functions
1
For the quarter ended 30.6.21
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Group
Functions
Total
Operating income
4,774
1,135
666
2,470
(68)
8,976
Operating expenses
3,479
636
410
1,802
56
6,384
of which: net restructuring expenses
2
43
5
6
33
2
90
Operating profit / (loss) before tax
1,294
498
255
668
(124)
2,593
For the quarter ended 31.3.21
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Group
Functions
Total
Operating income
4,848
1,037
637
2,273
(90)
8,705
Operating expenses
3,439
647
410
1,862
49
6,407
Operating profit / (loss) before tax
1,409
389
227
412
(139)
2,298
For the quarter ended 30.6.20
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Group
Functions
Total
Operating income
3,942
823
524
2,268
(155)
7,403
Operating expenses
3,062
586
367
1,656
151
5,821
of which: net restructuring expenses
11
4
1
5
0
21
Operating profit / (loss) before tax
880
238
157
612
(305)
1,582
1 The
“of which”
components of
operating income
and operating
expenses disclosed
in this
table are
items that
are not
recurring or
necessarily representative
of the
underlying business
performance for
the
reporting period specified.
2 Includes curtailment
gains of USD 59 million,
which represent a reduction
in the defined benefit
obligation related to the
Swiss pension plan resulting
from a decrease in
headcount
following restructuring
activities.
Risk, capital,
liquidity and
funding, and
balance sheet
Management report
28
Table of contents
29
Risk management and control
29
Credit risk
32
Market risk
33
Country risk
33
Operational risk
35
Capital management
36
Swiss SRB requirements and information
37
Total loss-absorbing capacity
41
Risk-weighted assets
43
Leverage ratio denominator
45
Equity attribution and return on attributed equity
46
Liquidity and funding management
46
Strategy, objectives and governance
46
Liquidity coverage ratio
46
Net stable funding ratio
47
Balance sheet and off-balance sheet
47
Strategy, objectives and governance
47
Balance sheet assets
47
Balance sheet liabilities
48
Equity
49
Off-balance sheet
50
Share information and earnings per share
29
Risk management and control
This
section
provides
information
about
key
developments
during
the
reporting
period
and
should
be
read
in
conjunction
with the
“Risk management
and control”
section of our
Annual
Report
2020.
While
vaccination campaigns
are
progressing
and
many economies
are recovering,
localized outbreaks,
the spread
of new
variants of
COVID-19, and
uneven vaccination
rates are
causing uncertainty around a sustainable recovery.
The related effects on
credit, market, country and
operational
risk in
the second quarter
of 2021
are reflected
in the
following
sections.
›
Refer to the “Recent developments” section
of this report for
more information about our response to COVID-19
Credit risk
Credit loss expense / release
Total net
credit loss
releases were
USD 80 million,
reflecting net
releases of USD 88 million related to
stage 1 and 2 positions and
net
expenses
of
USD
8
million
related
to
credit
-
impaired
(stage 3) positions. The USD 88
million stage 1 and 2
net release
included
the
partial
release
of
a
post-model
adjustment
of
USD 91
million
(representing
one-third
of
the
USD 273
million
scenario-driven
model
output
effects
from
the
third
quarter
of
2020
to
the
second
quarter
of
2021),
due
to
the
continued
positive trend in macroeconomic scenario input data.
›
Refer to “Note 7 Expected credit loss measurement”
in the
“Consolidated financial statements” section
of this report for
more information about credit loss expense / release
›
Refer to “Note 1 Summary of significant accounting
policies,”
“Note 9 Financial assets at amortized cost
and other positions in
scope of expected credit loss measurement” and “Note
20
Expected credit loss measurement”
in the “Consolidated
financial statements” section of our Annual
Report 2020 for
more information about the scenario updates
Credit loss (expense) / release
USD million
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
For the quarter ended 30.6.21
Stages 1 and 2
13
51
0
24
(1)
88
Stage 3
0
(5)
0
(3)
0
(8)
Total credit loss (expense) / release
14
46
0
21
(1)
80
For the quarter ended 31.3.21
Stages 1 and 2
4
16
0
5
0
26
Stage 3
(2)
8
0
(4)
0
3
Total credit loss (expense) / release
3
23
0
2
0
28
Risk, capital, liquidity and funding, and balance sheet | Risk management and control
30
Overall banking products exposures
Overall
banking
products
exposure
increased
by USD 13
billion,
to USD 650 billion as of 30 June 2021.
The
credit-impaired
gross
exposure
decreased
marginally
by
USD 135
million to
USD 3,318 million
,
mainly in
Global Wealth
Management.
In
Personal
&
Corporate
Banking,
loans
and
advances
to
customers
increased
by
USD 3.8
billion,
mainly
driven
by
the
effects of the US dollar
depreciating against the Swiss franc
on a
mostly
Swiss
franc
-
denominated
portfolio
.
In
Global
Wealth
Management, the USD 8.7 billion increase in loans
and advances
to
customers
was
mainly driven
by
higher
volumes
of
Lombard
loans
and
mortgages
on
residential
real
estate
in
the
US
and
Switzerland.
In
t
he
Investment
Bank,
loans
and
advances
to
customers increased
by USD 1.0 billion.
In
aggregate, exposure
related to
traded
products decreased
by
USD 2.5
billion
during
the
second
quarter
of
2021,
mainly
due
to
lower
levels
of
market
volatility
impacting
existing
portfolios in the Investment Bank.
Committed credit facilities
We did
not observe
an increase
in drawing
of committed
credit
facilities
by
clients
in
the
second
quarter
of
2021.
We
manage
our
credit
risk
on
the
aggregate
of
drawn
and
committed
undrawn
credit
facilities
and
model
full
drawing
of
committed
facilities in our stress testing framework.
Loan underwriting
In
the
Investment
Bank,
new
loan
underwriting
activity
and
distributions
continued
to
be
robust
during
the
second
quarter
of
2021.
As
of
30
June
2021
,
mandated
loan
underwriting
commitments
totaled
USD
3.6
billion
on
a
notional
basis
(compared
with
USD 4.5
billion
as
of
31 March
2021).
As
of
30 June 2021, USD 0.9 billion of commitments had
not yet been
distributed as originally planned.
Loan
underwriting
exposures
are
held
for
trading,
with
fair
values reflecting the market conditions at
the end of the quarter.
Credit
hedges
are
in
place
to
help
protect
against
fair
value
movements in the portfolio.
Swiss mortgage portfolio
Of our USD 163
billion total Swiss real
estate portfolio, USD 148
billion
relate
d
to
residential
real
estate
,
USD
6
billion
to
commercial
retail
and
office
real
estate,
and
USD 8
billion
to
industrial and other real estate.
The residential portfolio consists of
USD 123 billion for single-
family houses
and apartments
(average loan-to-value
(LTV) ratio
of 53%)
and USD 25
billion in residential
income-producing real
estate
(average
LTV
of
52%).
We
are
also
carefully
monitoring
the
level
of
risk
in
our
Swiss
commercial
retail
and
office
real
estate
portfolio
(average
LTV
of
46%)
and
its
resilience
to
the
economic impact of COVID-19.
›
Refer to the “Risk management and control”
section of our
Annual Report 2020 for more information about
our Swiss
mortgage portfolio
Exposure to the Swiss economy and Swiss corporates
Within
Personal
&
Corporate
Banking,
certain
industry
sectors
continue
to
exhibit
higher
risk
due
to
COVID-19
and
the
associated
containment
measures
.
Industries
with
a
negative
outlook
include
tourism
and
media
,
as
well
as
,
to
a
lesser
degree
,
culture,
sports
and
education.
Our
exposure
to
the
tourism
sector
(including
hotels,
restaurants
and
transport)
total
ed
USD
2
.
0
billion
as
of
30
June
20
2
1
,
with
hotel
s
accounting
for
USD
1.0
billion
of
this
exposure.
Our
other
exposures
included
USD 1.0
billion
to
the
culture,
sports
and
education sector,
and USD 0.1 billion
to the media
sector.
Apart
from
a
few
large
counterparties,
our
exposure
s
within
the
se
sectors are highly diversified across Switzerland.
31
Banking and traded products exposure in our business divisions and Group Functions
30.6.21
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
Banking products
1
Gross exposure
315,902
219,372
3,329
60,923
50,531
650,057
of which: loans and advances to customers (on-balance sheet)
223,082
149,806
1
13,809
4,378
391,076
of which: guarantees and loan commitments (off-balance sheet)
10,382
26,984
0
15,053
2,789
55,208
Traded products
2,3
Gross exposure
11,516
732
0
41,762
54,009
of which: over-the-counter derivatives
8,435
706
0
12,506
21,647
of which: securities financing transactions
0
0
0
22,198
22,198
of which: exchange-traded derivatives
3,081
25
0
7,058
10,164
Other credit lines, gross
4
11,269
24,350
0
3,147
30
38,796
Total credit-impaired exposure, gross (stage 3)
1,002
1,875
0
441
0
3,318
Total allowances and provisions for expected credit losses (stages 1 to 3)
288
734
1
266
4
1,294
of which: stage 1
92
117
0
64
4
277
of which: stage 2
46
149
0
38
0
233
of which: stage 3 (allowances and provisions for credit-impaired
exposures)
150
469
1
164
0
784
31.3.21
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
Banking products
1
Gross exposure
312,061
216,848
3,033
58,459
46,637
637,037
of which: loans and advances to customers (on-balance sheet)
214,417
146,027
1
12,799
4,547
377,791
of which: guarantees and loan commitments (off-balance sheet)
9,787
26,969
0
15,747
3,128
55,630
Traded products
2,3
Gross exposure
11,746
812
0
43,944
56,502
of which: over-the-counter derivatives
8,956
795
0
14,413
24,164
of which: securities financing transactions
0
0
0
21,273
21,273
of which: exchange-traded derivatives
2,790
17
0
8,258
11,065
Other credit lines, gross
4
11,322
23,925
0
4,148
29
39,424
Total credit-impaired exposure, gross (stage 3)
1,105
1,899
0
443
7
3,453
Total allowances and provisions for expected credit losses (stages 1 to 3)
304
769
1
295
9
1,378
of which: stage 1
99
125
0
74
3
301
of which: stage 2
51
186
0
53
0
290
of which: stage 3 (allowances and provisions for credit-impaired
exposures)
153
458
1
169
6
787
1 IFRS 9 gross exposure including other
financial assets at amortized cost, but
excluding cash, receivables from securities
financing transactions, cash
collateral receivables on derivative
instruments, financial assets
at FVOCI,
irrevocable committed
prolongation of
existing loans
and unconditionally
revocable committed
credit lines,
and forward
starting reverse
repurchase and
securities borrowing
agreements.
2 Internal
management view of credit risk, which differs
in certain respects from IFRS.
3 As counterparty risk for
traded products is managed at counterparty
level, no further split between exposures
in the Investment Bank
and Group Functions is provided.
4 Unconditionally revocable committed credit lines.
Global Wealth Management and Personal & Corporate Banking loans and advances to customers, gross
Global Wealth Management
Personal & Corporate Banking
USD million
30.6.21
31.3.21
30.6.21
31.3.21
Secured by residential property
61,895
59,114
108,167
105,205
Secured by commercial / industrial property
1
3,483
3,243
19,042
18,694
Secured by cash
22,358
22,155
2,625
2,594
Secured by securities
117,802
112,359
1,899
1,783
Secured by guarantees and other collateral
15,266
15,564
7,017
7,011
Unsecured loans and advances to customers
2,277
1,980
11,056
10,739
Total loans and advances to customers, gross
223,082
214,417
149,806
146,027
Allowances
(173)
(186)
(601)
(616)
Total loans and advances to customers, net of allowances
222,908
214,231
149,205
145,411
1 Includes exposures with mixed collateral as security, where the primary purpose of the loan is not to finance
a specific property.
Risk, capital, liquidity and funding, and balance sheet | Risk management and control
32
Market risk
We
continued to
maintain
generally
low
levels
of
management
value-at-risk
(VaR).
Average
management
VaR
(1-day,
95%
confidence
level)
was unchanged,
at
USD 12 million,
compared
with the first quarter of 2021.
There
were
two
new
Group
VaR
negative
backtesting
exceptions
at
the
beginning
of
the
second
quarter
of
2021,
bringing
the
total
number
of
negative
backtesting
exceptions
within
the
most
recent
250
-
business
-
day
window
to
3
.
The
Swiss
Financial
Market
Supervisory
Authority
(
FINMA
)
VaR
multiplier
derived
from
backtesting
exceptions
for
market
risk
risk-weighted
assets
remained
unchanged
compared
with
the
prior quarter, at 3.0.
Management value-at-risk (1-day, 95% confidence, 5 years of historical data) of our business divisions and
Group Functions by general market risk type
1
Average by risk type
USD million
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
1
2
1
1
0
1
2
0
0
Personal & Corporate Banking
0
0
0
0
0
0
0
0
0
Asset Management
0
0
0
0
0
0
0
0
0
Investment Bank
3
32
10
11
9
8
6
3
3
Group Functions
5
8
6
6
0
4
4
1
0
Diversification effect
2,3
(6)
(6)
0
(5)
(5)
(1)
0
Total as of 30.6.21
4
32
10
12
9
9
7
3
3
Total as of 31.3.21
4
36
36
12
8
9
8
3
3
1 Statistics at individual levels may
not be summed to deduce the
corresponding aggregate figures. The
minima and maxima for each level
may occur on different days,
and, likewise, the
VaR for each business
line
or risk type, being
driven by the extreme loss
tail of the corresponding distribution
of simulated profits and
losses for that business
line or risk type,
may well be driven by
different days in the
historical time series,
rendering invalid the
simple summation of
figures to arrive
at the aggregate
total.
2 The difference
between the sum
of the standalone
VaR for
the business divisions
and Group Functions
and the VaR
for the
Group as a whole.
3 As the minima and maxima for different business divisions and Group Functions occur on different days, it
is not meaningful to calculate a portfolio diversification effect.
As of
30 June
2021,
the interest
rate
sensitivity of
our banking
book
to
a
+1-basis-point
parallel
shift
in
yield
curves
was
negative
USD 31.3
million,
compared
with
negative
USD 31.4
million
as
of
31
March
202
1
.
The
reported
interest
rate
sensitivity excludes AT1 capital instruments, as per FINMA Pillar 3
disclosure requirements
,
with a sensitivity
of USD 5.3 million
per
basis
point,
and
our
equity,
goodwill
and
real
estate,
with
a
modeled sensitivity of USD 22.2 million
per basis point, of
which
USD 5.5
million
and
USD 15.9
million
are
attributable
to
the
Swiss franc and the US dollar portfolios, respectively.
The most adverse of the six
FINMA interest rate scenarios was
the
“Parallel
up”
scenario,
which
resulted
in
a
change
in
the
economic
value
of
equity
of
negative
USD
6
.3
billion,
representing
a
pro
forma
reduction
of
10.7%
of
tier 1
capital,
which is
well below
the regulatory
outlier test
of 15%
of tier 1
capital.
The
immediate
effect
of
the
“Parallel
up”
scenario
on
tier 1 capital as of 30 June 2021 would have been a reduction of
1.8%,
or
USD 1.0
billion,
arising
from
the
part
of
our
banking
book
that
is
measured
at
fair
value
through
profit
or
loss
and
from
the
financial
assets
measured
at
fair
value
through
other
comprehensive
income.
This
scenario
would,
however,
have
a
positive effect on net interest income.
›
Refer to “Interest rate risk in the banking book”
in the “Market
risk” section of our Annual Report 2020 for
more information
about the management of interest rate risk in
the banking book
›
Refer to “Sensitivity to interest rate movements”
in the “Group
performance” section of this report for more information
about
the effects of increases in interest rates on the equity, capital
and net interest income of Global Wealth Management
and
Personal & Corporate Banking
Interest rate risk – banking book
USD million
+1 bp
Parallel up
1
Parallel down
1
Steepener
2
Flattener
3
Short-term up
4
Short-term down
5
CHF
(5.2)
(737.1)
828.6
(338.8)
195.6
(99.1)
103.6
EUR
(1.3)
(245.7)
282.7
(56.8)
16.8
(58.2)
61.8
GBP
0.1
28.7
(26.8)
(23.3)
28.3
38.3
(30.2)
USD
(24.6)
(5,256.2)
4,486.4
(1,076.9)
(170.4)
(2,059.8)
2,314.5
Other
(0.4)
(97.6)
(43.7)
(2.4)
(40.4)
(69.4)
(26.3)
Total effect on economic value of equity as per Pillar 3 requirement as of 30.6.21
(31.3)
(6,307.9)
5,527.2
(1,498.3)
29.9
(2,248.3)
2,423.5
Additional tier 1 (AT1) capital instruments
5.3
1,011.2
(1,104.3)
20.0
201.6
600.3
(626.0)
Total including AT1 capital instruments as of 30.6.21
(26.0)
(5,296.8)
4,423.0
(1,478.3)
231.4
(1,648.0)
1,797.4
Total effect on economic value of equity as per Pillar 3 requirement as of 31.3.21
(31.4)
(6,179.0)
5,607.0
(1,616.6)
204.5
(2,129.3)
2,304.7
Total including AT1 capital instruments as of 31.3.21
(26.2)
(5,183.2)
4,518.4
(1,594.4)
399.3
(1,542.0)
1,692.1
1 Rates across
all tenors move
by ±150 bps
for Swiss franc,
±200 bps for
euro and US
dollar, and
±250 bps for
pound sterling.
2 Short-term rates
decrease and long-term
rates increase.
3 Short-term rates
increase and long-term rates decrease.
4 Short-term rates increase more than long-term rates.
5 Short-term rates decrease more than long-term rates.
33
Country risk
The
COVID
-
1
9
pandemic
,
and
its
impact
on
growth,
employment,
debt
dynamics
and
supply
chains,
remains
an
important
driver
of
country
risk,
and
we
expect
this
to
be
the
case for at least the near future.
While
vaccination
campaigns
are
progressing
and
many
economies
are
recovering,
localized
outbreaks,
the
spread
of
new
variants
of
COVID-19,
and
uneven
vaccination
rates
are
causing uncertainty around a sustainable recovery.
Concerns have
grown about
a resurgence
in global
inflation,
but key
central banks
expect recent
price spikes
(such as
in the
US
and
the
Eurozone)
to
be
transitory
.
We
expect
measures
taken
by
governments
and
central
banks
that
are
intended
to
support their economies to give rise to increased sovereign risk.
We remain
watchful of
developments in
Europe and
political
changes
in
a
number
of
countries.
Our
direct
exposure
to
peripheral
European
countries
is
limited,
although
we
have
significant
country
risk
exposure
to
the
major
European
economies, including the UK, Germany and France.
We
continue
to
monitor
potential
trade
policy
disputes,
as
well
as
economic
and
political
developments,
notably
in
Hong
Kong.
A number of
emerging markets are
facing economic, political
and
market
pressures,
particularly
in
light
of
challenges
related
to
the
COVID-19
pandemic.
Our
exposure
to
emerging
market
countries is well diversified.
›
Refer to the “Risk management and control”
section of our
Annual Report 2020 for more information
Exposures to Eurozone countries rated lower than AAA / Aaa by at least one major rating agency
USD million
30.6.21
31.3.21
Banking products, gross
1
Traded products
Trading
inventory
Total
Total
Before
hedges
Net of
hedges
Before
hedges
Net of
hedges
Net long
per issuer
Net of
hedges
Net of
hedges
France
1,473
1,470
1,725
1,599
4,526
7,724
7,595
8,507
8,381
Austria
198
197
298
298
746
1,242
1,241
1,097
1,096
Italy
834
798
295
295
49
1,178
1,142
1,513
1,475
Monaco
2
1,040
1,040
21
21
12
1,073
1,073
899
898
Ireland
516
487
46
46
152
714
685
712
684
Spain
415
322
112
112
204
731
638
758
664
Belgium
145
145
160
160
28
333
333
401
401
Finland
6
6
67
67
151
224
224
305
305
Portugal
43
43
9
9
10
62
62
51
51
Cyprus
28
13
0
0
20
48
33
46
21
Other
3
18
13
20
20
20
58
53
39
36
Total
4,716
4,533
2,753
2,626
5,919
13,388
13,079
14,328
14,013
1 Before deduction
of IFRS 9
ECL allowances
and provisions.
2 Internally rated
below AAA /
Aaa equivalent. Monaco
is not rated
by any major
rating agency.
3 Represents aggregate
exposures to
Andorra,
Estonia, Greece, Latvia, Lithuania, Malta, Montenegro, San Marino,
Slovakia and Slovenia.
Operational risk
Operational
resilience,
conduct
and
financial
crime
remain
the
key
non-financial risk
themes for
UBS and
the financial
services
industry. Operational resilience
also continues
to be a
focus area
for
regulators
globally,
with
a
particular
emphasis
on
measures
taken to respond to the ongoing COVID-19 pandemic.
Our
global
program
to
enhance
our
current
operational
resilience
capabilities
is
in
progress
and
includes
addressing
continuously developing regulatory requirements in this regard.
The
existing
resilience
built
into
our
operations
and
the
effectiveness
of
our
business
continuity
management
and
operational
risk
procedures
(including
those
which
apply
to
third-party
service
providers)
have
been
critical
in
handling
the
ongoing
COVID-19 pandemic
and
have enabled
us to
continue
to
serve
our
clients
without
material
impact.
We
have
maintained
stable
operations
while
complying
with
governmental
requirements
regarding
containment
that
have
been imposed in many
of our principal locations,
and we remain
focused
on
the
safety
and
well-being
of
our
staff,
with
a
particular
focus
on
countries
severely
impacted
by
COVID-19
outbreaks.
›
Refer to the “Recent developments” section
of this report for
more information
Increases
in
the
sophistication
of
cyberattacks
and
related
frauds are
being seen
worldwide. To
date, our
security controls,
regular communications to
help employees to
stay alert to
cyber
threats
while
working
remotely,
and
enhanced
monitoring
of
cyber
threats
have
been
effective,
with
cybersecurity
incidents
that occurred during the second
quarter of 2021 not having had
any significant residual risk impact.
UBS
maintains
its
focus
on
innovation
and
digitalization
to
create
value
for
our
clients.
As
part
of
the
resulting
transformation,
we
focus
on
timely
changes
to
frameworks,
including
consideration
of
new
or
revised
controls,
working
practices and oversight, with the
aim of mitigating any new
risks
introduced.
Achieving
fair
outcomes
for
our
clients,
upholding
market
integrity
and
cultivating
the
highest
standards
of
employee
conduct
are
of
critical
importance
to
the
firm.
As
such,
management
of
conduct
risks
is
an
integral
part
of
our
risk
framework. We
continue to
focus on
effectively embedding
the
conduct
risk
framework
across
our
activities,
enhancing
management
information,
and
maintaining
momentum
on
fostering a strong culture.
Risk, capital, liquidity and funding, and balance sheet | Risk management and control
34
Remote
working
arrangements
can
also
lead
to
increased
conduct
risk,
inherent
risk
of
fraudulent
activities,
potential
increases in the number of suspicious transactions, and increased
information
security
risks
(in
particular
regarding
client
identifying
data
and
unpublished
price-sensitive
information).
Our
increased
monitoring
and
supervision
remain
in
place
for
remote
working,
including
programs
to
educate
clients
and
employees
on fraud
risk, where
our protocols
for interaction
to
mitigate this
risk have
been updated.
We are
staying abreast
of
emerging trends
in order
to deploy
further mitigating
activity as
necessary.
In
addition
to
the effects
of
COVID-19,
financial
crime (e.g.,
money laundering, terrorist financing, sanctions violations, fraud,
bribery
and
corruption)
continues
to
present
a
major
risk,
as
technological innovation
and geopolitical
developments increase
the
complexity
of
doing
business
and
heightened
regulatory
attention continues.
An
effective
financial
crime
prevention
program
remains
essential
for
UBS.
Money
laundering
and
financial
fraud
techniques
are
becoming
increasingly
sophisticated,
while
geopolitical
volatility
makes
the
sanctions
landscape
more
complex,
and
new
risks
emerge,
such
as
virtual
currencies
and
related activities or investments.
The Office of
the Comptroller of
the Currency issued
a Cease
and Desist Order against
the firm in May
2018 related to our
US
branch
know-your-customer
(KYC)
and
anti-money-laundering
(AML) programs.
In response, we
initiated an
extensive program
for
the
purpose
of
ensuring
sustainable
remediation
of
US-
relevant
Bank
Secrecy
Act
/
AML
issues
across
all
US
legal
entities.
We
introduced
significant
improvements
to
the
framework in
2019 and
2020, and are
continuing to implement
these
improvements,
which
we
believe
will
yield
the
planned
enhancements to our AML controls.
We
continue
to
focus
on
strategic
enhancements
for
AML
/
KYC
and
sanctions
programs
on
a
global
scale
to
cope
with
evolving
risk
profiles
and
regulatory
expectations,
including
the
exploration
of
new
technologies
and
more
sophisticated
rules-
based
monitoring,
using
self-learning
systems
to
identify
potentially suspicious transactions and behavior.
35
Capital management
The disclosures in this section are provided for UBS Group AG on
a consolidated
basis and
focus on
key developments
during the
reporting period and information
in accordance with the
Basel III
framework,
as
applicable
to
Swiss
systemically
relevant
banks
(SRBs).
They
should
be
read
in
conjunction
with
“Capital
management”
in
the
“Capital,
liquidity
and
funding,
and
balance
sheet”
section
of
our
Annual
Report
2020
,
which
provides
more
information
about
our
capital
management
objectives, planning
and activities, as
well as
the Swiss SRB
total
loss-absorbing capacity framework.
Additional
regulatory
disclosures
for
UBS
Group
AG
on
a
consolidated
basis will
be provided
in our
30 June 2021
Pillar 3
report. The Pillar 3 report will also include information relating to
our
significant
regulated
subsidiaries
and
sub-groups
(UBS AG
standalone,
UBS Switzerland AG
standalone,
UBS Europe SE
consolidated
and UBS Americas Holding
LLC consolidated)
as of
30 June 2021
and will
be available
as of
20 August 2021
under
“Pillar 3 disclosures” at
ubs.com/investors
.
Capital
and
other
regulatory
information
for
UBS AG
consolidated
in
accordance
with
the
Basel III
framework,
as
applicable to Swiss
SRBs, will be
provided in the
UBS AG second
quarter
2021 report,
which will
be available
as of
23 July 2021
under “Quarterly reporting” at
ubs.com/investors.
UBS
Group
AG
is
a
holding
company
and
conducts
substantia
lly
all
of
its
operations
through
UBS
AG
and
subsidiaries
thereof.
UBS Group AG
and
UBS AG
have
contributed
a
significant
portion
of
their
respective
capital
to,
and
provide
substantial
liquidity
to,
such
subsidiaries.
Many
of
these subsidiaries are subject to regulations requiring compliance
with minimum capital, liquidity and similar requirements.
Risk, capital, liquidity and funding, and balance sheet | Capital management
36
Swiss SRB requirements and information
We are
subject to
the going
and gone
concern requirements
of
the
Swiss
Capital
Adequacy
Ordinance
(the
CAO)
that
include
the
too-big-to-fail
provisions
applicable
to
Swiss
SRBs.
Information
about
the Swiss
SRB capital
framework, and
about
Swiss
SRB
going
and
gone
concern
requirements,
is
provided
under
“Capital
management”
in
the
“Capital,
liquidity
and
funding, and balance sheet” section of our Annual Report 2020
.
The
aforementioned
requirements
are
also
applicable
to
UBS
AG
consolidated.
UBS
Switzerland
AG
and
UBS
AG
ar
e
subject
to
going
and
gone
concern
requirements
on
a
standalone basis, as
detailed in our
30 June 2021 Pillar 3
report,
which
will
be
available
as
of
20 August
2021
under
“Pillar 3
disclosures” at
ubs.com/investors.
The table below provides the risk-weighted assets
(RWA)- and
leverage
ratio
denominator
(LRD)-based
requirements
and
information as of 30 June 2021.
Swiss SRB going and gone concern requirements and information
As of 30.6.21
RWA
LRD
USD million, except where indicated
in %
in %
Required going concern capital
Total going concern capital
13.96
1
40,943
4.88
1
50,697
Common equity tier 1 capital
9.66
28,332
3.38
2
35,098
of which: minimum capital
4.50
13,197
1.50
15,599
of which: buffer capital
5.14
15,074
1.88
19,499
of which: countercyclical buffer
0.02
61
Maximum additional tier 1 capital
4.30
12,611
1.50
15,599
of which: additional tier 1 capital
3.50
10,265
1.50
15,599
of which: additional tier 1 buffer capital
0.80
2,346
Eligible going concern capital
Total going concern capital
20.18
59,188
5.69
59,188
Common equity tier 1 capital
14.52
42,583
4.09
42,583
Total loss-absorbing additional tier 1 capital
5.66
16,605
1.60
16,605
of which: high-trigger loss-absorbing additional tier 1 capital
3
4.81
14,096
1.36
14,096
of which: low-trigger loss-absorbing additional tier 1 capital
0.86
2,509
0.24
2,509
Required gone concern capital
Total gone concern loss-absorbing capacity
4
10.60
31,101
3.76
39,092
of which: base requirement
5
12.86
37,715
4.50
46,797
of which: additional requirement for market share and LRD
1.08
3,167
0.38
3,900
of which: applicable reduction on requirements
(3.34)
(9,782)
(1.12)
(11,605)
of which: rebate granted (equivalent to 47.5% of maximum rebate)
6
(2.54)
(7,439)
(0.89)
(9,262)
of which: reduction for usage of low-trigger tier 2 capital instruments
(0.80)
(2,343)
(0.23)
(2,343)
Eligible gone concern capital
Total gone concern loss-absorbing capacity
15.38
45,110
4.34
45,110
Total tier 2 capital
1.78
5,232
0.50
5,232
of which: low-trigger loss-absorbing tier 2 capital
1.60
4,686
0.45
4,686
of which: non-Basel III-compliant tier 2 capital
0.19
547
0.05
547
TLAC-eligible senior unsecured debt
13.60
39,878
3.83
39,878
Total loss-absorbing capacity
Required total loss-absorbing capacity
24.57
72,044
8.63
89,789
Eligible total loss-absorbing capacity
35.56
104,298
10.03
104,298
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
293,277
Leverage ratio denominator
1,039,939
1 Includes applicable add-ons
of 1.08% for RWA
and 0.375% for LRD.
2 Our minimum CET1 leverage
ratio requirement of 3.375%
consists of a 1.5%
base requirement, a 1.5%
base buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.125% market
share add-on requirement based on our Swiss
credit business.
3 Includes outstanding low-trigger loss-absorbing additional tier 1
(AT1) capital instruments,
which are available under
the Swiss SRB framework
to meet the going concern
requirements until their first
call date. As of
their first call date,
these instruments are eligible to
meet the gone concern requirements.
4 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.
5 The gone concern
requirement after the application
of the rebate for resolvability
measures and the reduction
for the use of higher
quality capital instruments is
floored at 8.6% and 3%
for the
RWA-
and LRD-based requirements,
respectively. This
means that the
combined reduction may
not exceed 5.34
percentage points for
the RWA-based
requirement of 13.94%
and 1.875 percentage
points for the
LRD-based requirement of
4.875%.
6 Based on
the actions we
completed up to
December 2020 to
improve resolvability,
FINMA granted an
increase of rebate
on the gone
concern requirement
from 47.5% to
55.0% of the maximum rebate, effective from 1 July 2021.
37
Total loss-absorbing capacity
The table below provides
Swiss SRB going and
gone concern information based on
the Swiss SRB framework
and requirements that
are discussed under
“Capital management” in the
“Capital, liquidity and funding,
and balance sheet” section
of our Annual Report
2020.
Swiss SRB going and gone concern information
USD million, except where indicated
30.6.21
31.3.21
31.12.20
Eligible going concern capital
Total going concern capital
59,188
56,288
56,178
Total tier 1 capital
59,188
56,288
56,178
Common equity tier 1 capital
42,583
40,426
39,890
Total loss-absorbing additional tier 1 capital
16,605
15,862
16,288
of which: high-trigger loss-absorbing additional tier 1 capital
14,096
13,361
13,711
of which: low-trigger loss-absorbing additional tier 1 capital
2,509
2,501
2,577
Eligible gone concern capital
Total gone concern loss-absorbing capacity
45,110
44,381
45,545
Total tier 2 capital
5,232
5,253
7,744
of which: low-trigger loss-absorbing tier 2 capital
4,686
4,709
7,201
of which: non-Basel III-compliant tier 2 capital
547
544
543
TLAC-eligible senior unsecured debt
39,878
39,129
37,801
Total loss-absorbing capacity
Total loss-absorbing capacity
104,298
100,669
101,722
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
293,277
287,828
289,101
Leverage ratio denominator
1,039,939
1,038,225
1,037,150
1
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
20.2
19.6
19.4
of which: common equity tier 1 capital ratio
14.5
14.0
13.8
Gone concern loss-absorbing capacity ratio
15.4
15.4
15.8
Total loss-absorbing capacity ratio
35.6
35.0
35.2
Leverage ratios (%)
1
Going concern leverage ratio
5.7
5.4
5.4
of which: common equity tier 1 leverage ratio
4.09
3.89
3.85
Gone concern leverage ratio
4.3
4.3
4.4
Total loss-absorbing capacity leverage ratio
10.0
9.7
9.8
1 The leverage ratio denominator
(LRD) and leverage ratios for
31 December 2020 do not
reflect the effects of the temporary
exemption that applied from 25
March 2020 until 1 January
2021 and was granted
by
FINMA in connection
with COVID-19.
Refer to the
“Regulatory and legal
developments” section
and to
“Application
of the temporary
COVID-19-related FINMA
exemption of central
bank sight deposits”
in the
“Capital, liquidity and funding, and balance sheet” section of our Annual Report 2020, available under “Annual
reporting” at ubs.com/investors, for more information.
Risk, capital, liquidity and funding, and balance sheet | Capital management
38
Total loss-absorbing capacity and movement
Our
total
loss-absorbing
capacity
(TLAC)
increased
by
USD 3.6
billion to USD 104.3 billion in the second quarter of 2021.
Going concern capital and movement
During
the
second
quarter
of
2021,
our
going
concern
capital
increased
by
USD 2.9
billion
to
USD 59.2
billion.
Our
common
equity
tier
1
(
CET1)
capital
increased
by
USD
2.
2
billion
to
USD 42.6 billion, mainly
reflecting operating profit
before tax
of
USD 2.6
billion,
a
USD 0.4
billion
lower
deduction
of
goodwill
resulting
from
the sale
of
our remaining
minority investment
in
Clearstream
Fund
Centre,
positive
foreign
currency
translation
effects
of
USD
0.3
billion
and
USD
0.2
billion
higher
eligible
deferred
tax
assets
on
temporary
differences,
partly
offset
by
compensation
-
and
own
share
-
related
capital
components
of
USD
0.4
billion,
current
tax
expen
ses
of
USD
0.4
billion
and
accruals
for
capital
returns
to
shareholders
of
USD 0.3
billion.
Our
share
repurchases
in
the
second
quarter
of
2021
did
not
affect
our
CET1
capital
position,
as
there
was
an
equivalent
reduction in the capital reserve for potential share repurchases.
Our additional tier 1 (AT1) capital increased
by USD 0.7 billion
to
USD 16.6
billion,
mainly
reflecting
the
issuance
of
an
AT1
instrument
with
a
nominal
value
of
USD 750
million.
On 6
July
2021
,
we
announced
that
we
will
redeem
an
AT1
capital
instrument
on
10
August
2021
(ISIN
CH0331455318
with
a
nominal amount
of USD 1.1
billion, issued
on 10 August
2016).
This
instrument
remained
eligible
as
AT1
capital
as
of
30 June
2021.
Gone concern loss-absorbing capacity and movement
Our
total
gone
concern
loss-absorbing
capacity
increased
by
USD
0.
7
billion
to
USD
4
5
.
1
billion,
mainly
reflecting
the
issuance
of
USD 265
million
of
TLAC-eligible
senior
unsecured
debt,
as well as effects from interest rate risk hedges and foreign
currency translation.
›
Refer to “Bondholder information” at
ubs.com/investors
for
more information about the eligibility of capital
and senior
unsecured debt instruments and about key features
and terms
and conditions of capital instruments
Loss-absorbing capacity and leverage ratios
Our
CET1
capital
ratio
increased
0.5
percentage
points
to
14.5%, reflecting
an increase
in CET1 capital
of USD 2.2 billion,
partly offset by a USD 5.4 billion increase in RWA.
Our
CET1
leverage
ratio
increased
from
3.89%
to
4.09%,
due to the aforementioned increase
in CET1 capital, partly offset
by a USD 2 billion increase in LRD.
Our gone
concern loss-absorbing
capacity ratio
was stable
at
15.4%,
as
the
aforementioned
increase
in
gone
concern
loss-
absorbing capacity was offset
by the aforementioned increase of
RWA.
Our gone
concern leverage
ratio
was stable
at
4.3%, as
the
aforementioned
increase
in
gone
concern
loss-absorbing
capacity was offset by the aforementioned increase of LRD.
Reconciliation of IFRS equity to Swiss SRB common equity tier 1 capital
USD million
30.6.21
31.3.21
31.12.20
Total IFRS equity
59,050
58,333
59,765
Equity attributable to non-controlling interests
(284)
(307)
(319)
Defined benefit plans, net of tax
(144)
(104)
(41)
Deferred tax assets recognized for tax loss carry-forwards
(5,183)
(5,582)
(5,617)
Deferred tax assets on temporary differences, excess over threshold
(5)
Goodwill, net of tax
1
(5,883)
(6,243)
(6,319)
Intangible assets, net of tax
(200)
(265)
(296)
Compensation-related components (not recognized in net
profit)
(1,680)
(1,420)
(1,349)
Expected losses on advanced internal ratings-based portfolio less provisions
(463)
(342)
(330)
Unrealized (gains) / losses from cash flow hedges, net of tax
(1,365)
(1,138)
(2,321)
Own credit related to gains / losses on financial liabilities
measured at fair value that existed at the balance sheet date
279
401
382
Own credit related to gains / losses on derivative financial instruments
that existed at the balance sheet date
(50)
(48)
(45)
Unrealized gains related to debt instruments at fair value through
OCI, net of tax
(89)
(96)
(152)
Prudential valuation adjustments
(146)
(152)
(150)
Accruals for dividends to shareholders for 2020
(1,314)
(1,314)
Capital reserve for potential share repurchases
(587)
(949)
(2,000)
Other
2
(670)
(349)
0
Total common equity tier 1 capital
42,583
40,426
39,890
1 Includes goodwill related to significant investments in financial institutions of USD 21 million
as of 30 June 2021 (31 March 2021: USD 388 million; 31 December 2020: USD 413
million) presented on the balance
sheet line Investments in associates.
2 Includes accruals for dividends to shareholders for the current year and other items.
39
Swiss SRB total loss-absorbing capacity movement
USD million
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 31.3.21
40,426
Operating profit before tax
2,593
Current tax (expense) / benefit
(362)
Foreign currency translation effects
259
Share repurchase program
1
(361)
Capital reserve for potential share repurchases
361
Compensation-
and own share-related capital components
(373)
Other
2
40
Common equity tier 1 capital as of 30.6.21
42,583
Loss-absorbing additional tier 1 capital as of 31.3.21
15,862
Issuance of a high-trigger loss-absorbing additional tier
1 capital instrument
750
Interest rate risk hedge, foreign currency translation and other effects
(7)
Loss-absorbing additional tier 1 capital as of 30.6.21
16,605
Total going concern capital as of 31.3.21
56,288
Total going concern capital as of 30.6.21
59,188
Gone concern loss-absorbing capacity
Tier 2 capital as of 31.3.21
5,253
Interest rate risk hedge, foreign currency translation and other effects
(20)
Tier 2 capital as of 30.6.21
5,232
TLAC-eligible senior unsecured debt as of 31.3.21
39,129
Issuance of TLAC-eligible senior unsecured debt instruments
265
Interest rate risk hedge, foreign currency translation and other effects
484
TLAC-eligible senior unsecured debt as of 30.6.21
39,878
Total gone concern loss-absorbing capacity as of 31.3.21
44,381
Total gone concern loss-absorbing capacity as of 30.6.21
45,110
Total loss-absorbing capacity
Total loss-absorbing capacity as of 31.3.21
100,669
Total loss-absorbing capacity as of 30.6.21
104,298
1 Includes share purchases
of USD 300 million
after the publication of
our first quarter 2021
report (from 28 April
2021 to 30 June
2021).
2 Includes movements related
to accruals for dividends
for the current
year and other items.
Risk, capital, liquidity and funding, and balance sheet | Capital management
40
Additional information
Sensitivity to currency movements
Risk-weighted
assets
We
estimate
that
a 10%
depreciation
of
the
US dollar
against
other
currencies
would
have
increased
our
RWA
by
USD 13
billion
and
our
CET1
capital
by
USD 1.3
billion
as
of
30 June
2021
(
31
March
20
2
1
:
USD
1
2
billion
and
USD
1.
3
billion,
respectively)
and
decreased
our
CET1
capital
ratio
16 basis
points
(
31
March
20
2
1
:
15
basis
points).
Conversely,
we
estimate
that
a
10%
appreciation
of
the
US
dollar
against
other
currencies
would
have
decreased
our
RWA
by
USD 11
billion
and
our
CET1
capital
by
USD
1.
2
bil
lion
(
31
March
20
2
1
:
USD
1
1
billion
and
USD
1.
2
billion,
respectively)
and
increased
our
CET1
capital
ratio
16 basis
points
(31 March
2021:
15 basis points).
Leverage ratio denominator
We
estimate
that
a
10%
depreciation
of
the
US
dollar
against
other currencies would have increased
our LRD by USD 63 billion
as
of
3
0
June
2021
(
31
March
202
1
:
USD
6
3
billion)
and
decreased
our
Swiss
SRB
going
concern
leverage
ratio
17 basis
points
(
31
March
20
2
1
:
16
basis
points)
.
Conversely,
we
estimate that
a 10%
appreciation of
the US dollar
against other
currencies
would
have
decreased
our
LRD
by
USD
57
billion
(31 March
2021:
USD 57
billion)
and
increased
our
Swiss
SRB
going
concern
leverage
ratio
17 basis
points
(31 March
2021:
16 basis points)
.
The
aforementioned
sensitivities
do
not
consider
foreign
currency translation effects related to defined benefit plans other
than
those related
to
the currency
translation
of
the net
equity
of foreign operations.
›
Refer to “Active management of sensitivity
to currency
movements” under “Capital management”
in the “Capital,
liquidity and funding, and balance sheet”
section of our Annual
Report
2020 for more information
Estimated effect on capital from litigation, regulatory and similar
matters subject to provisions and contingent liabilities
We
have estimated
the
loss
in
capital
that
we could
incur
as
a
result
of
the
risks
associated
with
the
matters
described
in
“
Note
14
Provisions
and
contingent
liabilities”
in
the
“Consolidated
financial
statements”
section
of
this
report.
We
have used for this purpose the advanced measurement approach
(AMA) methodology that we apply when determining the capital
requirements
associated
with
operational
risks,
based
on
a
99.9%
confidence
level
over
a
12-month
horizon.
The
methodology
takes
into
consideration
UBS
and
industry
experience
for
the
AMA
operational
risk
categories
to
which
those
matters
correspond,
as
well
as
the
external
environment
affecting
risks
of
these
types,
in
isolation
from
other
areas.
On
this
standalone
basis,
we estimate
the
maximum
loss
in
capital
that
we
could
incur
over
a
12-month
period
as
a
result
of
our
risks associated with these operational risk
categories at USD 4.0
billion
as
of
30 June
2021.
This
estimate
is
not
related
to
and
does not
take into
account any provisions
recognized for
any of
these matters and does not constitute a subjective assessment of
our actual exposure in any of these matters.
›
Refer to “Operational risk” in the “Risk
management and
control” section of our Annual Report 2020 for
more information
›
Refer to “Note 14 Provisions and contingent
liabilities” in the
“Consolidated financial statements” section
of this report for
more information
41
Risk-weighted assets
During the second quarter
of 2021, RWA
increased by USD 5.4 billion
to USD 293.3 billion, driven
by increases from
model updates
of USD 2.6 billion, currency effects of USD 1.8 billion, methodology and policy changes of USD 1.0 billion, and regulatory add-ons of
USD 0.3 billion, partly offset by a reduction from asset size and other movements of USD 0.2 billion.
Movement in risk-weighted assets by key driver
USD billion
RWA as of
31.3.21
Currency
effects
Methodology
and policy
changes
Model
updates /
changes
Regulatory
add-ons
Asset size
and other
1
RWA as of
30.6.21
Credit and counterparty credit risk
2
178.9
1.7
1.0
2.5
0.3
2.0
186.4
Non-counterparty-related risk
3
22.8
0.1
0.4
23.3
Market risk
10.4
0.1
0.0
(2.6)
7.8
Operational risk
75.8
75.8
Total
287.8
1.8
1.0
2.6
0.3
(0.2)
293.3
1 Includes the Pillar 3 categories
“Asset size,”
“Credit quality of counterparties,”
“Acquisitions and
disposals” and “Other.”
For more information, refer
to our 31 December 2020 Pillar
3 report, which is available
under “Pillar 3 disclosures” at
ubs.com/investors.
2 Includes settlement risk, credit
valuation adjustments, equity
exposures in the banking
book, investments in funds
and securitization exposures in
the banking
book.
3 Non-counterparty-related risk includes deferred tax assets recognized for temporary differences,
property, equipment, software and other items.
Credit and counterparty credit risk
Credit
and
counterparty
credit
risk
RWA
increased
by
USD 7.5
billion
to
USD 186.4
billion
as
of
30 June
2021.
The
increase
included USD 1.7 billion of currency effects.
Asset size
and other
movements resulted
in a
USD 2.0 billion
increase in RWA.
–
Global
Wealth
Management
RWA
increased
by
USD
2.
3
billion,
mainly
driven
by
increase
s
in
Lombard
and
other
loans.
–
Personal
&
Corporate
Banking
RWA
increased
by
USD 0.6
billion,
mainly
driven
by
increase
s
in
loans
and
loan
commitments
to
corporate
clients
and
loans
secured
by
income-producing real estate.
–
Investment
Bank
RWA
decreased
by
USD 1.0
billion,
mainly
driven by a decrease in derivatives.
–
Group Functions RWA increased by USD 0.2 billion.
–
Asset Management RWA decreased by USD 0.1 billion.
Changes
to
credit
ratings
and
loss
given
default
(LGD),
excluding
model
updates,
did
not
result
in
an
increase
in
RWA
during the second quarter of 2021.
Model
updates
resulted
in
an
RWA
increase
of
USD 2.5
billion, primarily due to
USD 0.9 billion from updates
to the LGD
model for
mortgages in
Switzerland, the
USD 0.7 billion
phase-
in
impact
of
an
RWA
increase
related
to
a
new
model
for
structured
margin
loans
and
sophisticated
lending,
and
the
USD 0.5
billion
phase-in
impact
of
new
probability
of
default
(PD) and LGD models for the mortgage portfolio in the US.
RWA
increased
by
USD 1.0
billion
due
to
methodology
and
policy
changes,
primarily
due
to
the
application
of
t
he
standardized approach to covered bonds.
The second quarter of 2021 also included an RWA increase
of
USD 0.3
billion
from
regulatory
add-ons,
mainly
for
credit
card
exposures in Switzerland.
We
currently
expect
that
further
methodology
changes
and
model
updates
will
increase
credit
and
counterparty
credit
risk
RWA
by around
USD 3
billion
in
the
third
quarter
of
2021 and
an
additional
amount
of
around
USD 3
billion
in
the
fourth
quarter
of
2021.
The
extent
and
timing
of
RWA
changes
may
vary as methodology changes
and model updates are
completed
and
receive
regulatory
approval.
In
addition,
changes
in
the
composition
of the
relevant portfolios
and other
market factors
will affect RWA.
›
Refer to the “Risk management and control”
section of this
report and our 30 June 2021 Pillar 3 report, which
will be
available as of 20 August 2021 under “Pillar
3 disclosures” at
ubs.com/investors
, for more information
›
Refer to “Credit risk models” in the “Risk
management and
control” section of our Annual Report 2020 for
more information
Market
risk
Market risk RWA
decreased by USD 2.5 billion
to USD 7.8 billion
in the second quarter
of 2021, driven primarily by
lower average
value
-
at
-
risk
(
VaR
)
levels
in
the
Investment
Bank
’
s
Global
Markets business.
Ongoing discussions
regarding
our regulatory
VaR
model
with
FINMA,
which
started
prior
to
the
COVID-19
pandemic,
may
lead
to
VaR
model
updates
that
would
likely
result
in
an
increase
in
market
risk
RWA
in
the
second
half
of
2021.
›
Refer to the “Risk management and control”
section of this
report and our 30 June 2021 Pillar
3 report, which will be
available as of 20 August 2021 under “Pillar
3 disclosures” at
ubs.com/investors,
for more information
›
Refer to ”Market risk” in the “Risk management
and control”
section of our Annual
Report 2020 for more information
Operational risk
Operational risk RWA
were USD 75.8 billion as
of 30 June 2021,
unchanged from 31 March 2021.
›
Refer to “Operational risk” in the “Risk
management and
control” section of our Annual Report 2020 for
information
about the advanced measurement approach model
Risk, capital, liquidity and funding, and balance sheet | Capital management
42
Risk-weighted assets by business division and Group Functions
USD billion
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Group
Functions
Total
RWA
30.6.21
Credit and counterparty credit risk
1
51.9
62.4
4.0
60.0
8.1
186.4
Non-counterparty-related risk
2
6.2
2.1
0.6
3.4
10.9
23.3
Market risk
1.1
0.0
0.0
5.7
1.0
7.8
Operational risk
32.8
7.2
3.3
23.2
9.3
75.8
Total
92.0
71.7
7.9
92.3
29.4
293.3
31.3.21
Credit and counterparty credit risk
1
47.9
59.2
4.0
60.7
7.0
178.9
Non-counterparty-related risk
2
6.2
2.0
0.6
3.4
10.6
22.8
Market risk
1.3
0.0
0.0
7.7
1.3
10.4
Operational risk
32.8
7.2
3.3
23.2
9.3
75.8
Total
88.2
68.4
8.0
95.0
28.3
287.8
30.6.21 vs 31.3.21
Credit and counterparty credit risk
1
4.0
3.2
(0.1)
(0.7)
1.0
7.5
Non-counterparty-related risk
2
0.1
0.0
0.0
0.0
0.3
0.5
Market risk
(0.3)
0.0
0.0
(2.0)
(0.3)
(2.5)
Operational risk
0.0
0.0
0.0
0.0
0.0
0.0
Total
3.8
3.2
0.0
(2.6)
1.1
5.4
1 Includes settlement
risk, credit valuation
adjustments, equity
exposures in the
banking book,
investments in
funds and securitization
exposures in
the banking
book.
2 Non-counterparty-related risk
includes
deferred tax
assets recognized
for temporary
differences
(30 June
2021:
USD 10.4 billion;
31 March
2021:
USD 9.9 billion),
property,
equipment,
software
and other
items
(30 June
2021:
USD 12.9
billion;
31 March 2021: USD 12.9 billion).
43
Leverage ratio denominator
During the second quarter of 202
1, LRD increased by USD 2
billion to USD 1,040 billion. The increase
was driven by currency effects
of USD 9 billion, partly offset by a decrease in asset size and other movements of USD 7 billion.
Movement in leverage ratio denominator by key driver
USD billion
LRD as of
31.3.21
Currency
effects
Asset size and
other
LRD as of
30.6.21
On-balance sheet exposures (excluding derivative exposures
and SFTs)
1
790.2
7.7
3.6
801.5
Derivative exposures
106.2
0.4
(8.8)
97.7
Securities financing transactions
123.2
0.4
(2.1)
121.5
Off-balance sheet items
31.2
0.3
(0.3)
31.1
Deduction items
(12.6)
0.0
0.7
(12.0)
Total
1,038.2
8.7
(7.0)
1,039.9
1 Excludes derivative financial instruments, cash collateral receivables
on derivative instruments, cash collateral on securities
borrowed, reverse repurchase agreements, margin loans and prime
brokerage receivables
related to securities financing transactions, which are presented separately under Derivative
exposures and Securities financing transactions in this table.
The LRD movements described below exclude currency effects.
On
-
balance
sheet
exposures
in
creased
by
USD
4
billion,
mainly
driven
by
higher
lending
assets
largely
in
Global
Wealth
Management,
partly
offset
by
lower
high-quality
liquid
asset
(HQLA) securities.
Derivative
exposures
decreased
by
USD
9
billion,
mainly
driven by foreign exchange
contracts, as a result
of roll-offs, and
lower
collateral
placed
with
counterparties
and
exchanges,
as
well as
an increase
in the
exemption of
exposures
to qualifying
exchanges.
Securities
financing
transactions
(SFTs)
decreased
by
USD 2
billion,
mainly reflecting
lower brokerage
receivables, trade
roll-
offs
and
a
reduction
in
collateral
sourcing
requirements,
partly
offset by excess cash re-investment.
›
Refer to the “Balance sheet and off-balance sheet”
section of
this report for more information about balance sheet
movements
Risk, capital, liquidity and funding, and balance sheet | Capital management
44
Leverage ratio denominator by business division and Group Functions
USD billion
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
30.6.21
Total IFRS assets
375.1
222.0
29.5
343.9
116.1
1,086.5
Difference in scope of consolidation
1
(0.1)
0.0
(22.3)
0.0
0.1
(22.3)
Less: derivative exposures and SFTs
2
(29.3)
(15.1)
(0.7)
(162.7)
(54.9)
(262.7)
On-balance sheet exposures
345.6
206.9
6.5
181.3
61.3
801.5
Derivative exposures
6.7
2.5
0.0
82.4
6.1
97.7
Securities financing transactions
25.4
13.4
0.7
53.5
28.5
121.5
Off-balance sheet items
6.8
16.0
0.0
8.0
0.3
31.1
Items deducted from Swiss SRB tier 1 capital
(5.3)
(0.2)
(1.3)
(0.2)
(5.0)
(12.0)
Total
379.2
238.7
6.0
324.9
91.2
1,039.9
31.3.21
Total IFRS assets
377.0
221.4
28.6
370.8
109.9
1,107.7
Difference in scope of consolidation
1
(0.2)
0.0
(21.5)
0.0
0.1
(21.5)
Less: derivative exposures and SFTs
2
(29.7)
(15.1)
(0.6)
(194.5)
(56.1)
(295.9)
On-balance sheet exposures
347.2
206.3
6.5
176.3
53.9
790.2
Derivative exposures
6.7
3.2
0.0
89.7
6.6
106.2
Securities financing transactions
25.6
12.6
0.6
55.6
28.9
123.2
Off-balance sheet items
6.4
15.8
0.0
8.3
0.7
31.2
Items deducted from Swiss SRB tier 1 capital
(5.3)
(0.1)
(1.6)
(0.2)
(5.4)
(12.6)
Total
380.6
237.8
5.4
329.7
84.7
1,038.2
30.6.21 vs 31.3.21
Total IFRS assets
(1.9)
0.6
0.9
(27.0)
6.2
(21.2)
Difference in scope of consolidation
1
0.0
0.0
(0.8)
0.0
0.0
(0.7)
Less: derivative exposures and SFTs
2
0.3
0.0
(0.2)
31.8
1.2
33.2
On-balance sheet exposures
(1.6)
0.6
0.0
4.9
7.4
11.3
Derivative exposures
0.0
(0.7)
0.0
(7.3)
(0.6)
(8.5)
Securities financing transactions
(0.2)
0.8
0.2
(2.1)
(0.4)
(1.7)
Off-balance sheet items
0.4
0.2
0.0
(0.3)
(0.4)
(0.1)
Items deducted from Swiss SRB tier 1 capital
(0.1)
0.0
0.4
0.0
0.4
0.7
Total
(1.4)
0.9
0.5
(4.7)
6.4
1.7
1 Represents the
difference between
the IFRS
and the
regulatory scope
of consolidation,
which is
the applicable
scope for
the LRD
calculation.
2 Consists
of derivative
financial instruments,
cash collateral
receivables on derivative instruments,
receivables from securities financing
transactions, and margin
loans, as well
as prime brokerage
receivables and financial assets
at fair value not
held for trading, both
related
to securities financing transactions, in accordance with the regulatory scope of consolidation, which are
presented separately under Derivative exposures and Securities financing transactions.
45
Equity attribution and return on attributed equity
Under
our
equity
attribution
framework,
tangible
equity
is
attributed
based on
a weighting
of 50%
each for
average risk-
weighted assets
(RWA)
and average
leverage ratio
denominator
(LRD),
which
both
include
resource
allocations
from
Group
Functions to
the business
divisions (the
BDs). Average
RWA
and
LRD
are
converted
to
common
equity
tier
1
(CET1)
capital
equivalents
using
capital
ratios
of
12.5%
and
3.75%,
respectively.
If
the
attributed
tangible
equity
calculated
under
the
weighted-driver
approach
is
less
than
the
CET1
capital
equivalent
of
risk-based
capital
(RBC)
for
any
BD,
the
CET1
capital equivalent of RBC is used as a floor for that BD.
In addition to tangible equity, we allocate equity to the BDs to
support goodwill and intangible assets.
Furthermore, we
allocate to
the BDs
attributed equity
related
to
certain
CET1
deduction
items, such
as
compensation-related
components
and
expected
losses
on
the
advanced
internal
ratings-based portfolio, less general provisions.
We attribute
all remaining
Basel III capital
deduction items
to
Group Functions.
These items
include deferred
tax assets
(DTAs)
recognized
for
tax
loss
carry-forwards,
DTAs
on
temporary
differences
in
excess
of
the
threshold,
accruals
for
shareholder
returns,
and unrealized gains from cash flow hedges.
›
Refer to the “Capital, liquidity and funding,
and balance sheet”
section of our Annual Report 2020 for
more information about
the equity attribution framework
›
Refer to the “Balance sheet and off-balance sheet”
section of
this report for more information about movements
in equity
attributable to shareholders
Average attributed equity
For the quarter ended
Year-to-date
USD billion
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Global Wealth Management
18.5
18.3
16.7
18.4
16.6
Personal & Corporate Banking
9.1
9.1
8.7
9.1
8.7
Asset Management
2.1
2.2
1.9
2.2
1.8
Investment Bank
13.0
13.0
12.6
13.0
12.5
Group Functions
15.7
16.1
17.6
15.9
17.2
of which: deferred tax assets
1
6.1
6.3
6.8
6.2
6.9
of which: related to retained RWA and LRD
2,3
3.1
3.3
3.9
3.2
3.3
of which: accruals for shareholder returns and others
4
6.4
6.5
6.9
6.5
6.9
Average equity attributed to business divisions and Group Functions
58.4
58.7
57.5
58.6
56.8
1 Includes average attributed equity related to the Basel
III capital deduction items for deferred tax assets (deferred tax
assets recognized for tax loss carry-forwards and deferred
tax assets on temporary differences,
excess over threshold), as
well as retained
RWA and LRD related
to deferred tax assets.
2 Excludes average
attributed equity related
to retained RWA
and LRD related to
deferred tax assets.
3 The temporary
exemption that
applied from
25 March
2020 until
1 January
2021 and
that was
granted by
FINMA in
connection with
COVID-19 was
not applied
when calculating
average attributed
equity for
the respective
periods in 2020.
Refer to the
“Regulatory and legal
developments” section of
our Annual
Report 2020
for more information.
4 Attributed equity
related to
others primarily includes
remaining Basel
III capital
deduction items, such as unrealized gains from cash flow hedges.
Return on attributed equity
1
For the quarter ended
Year-to-date
USD billion
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Global Wealth Management
27.9
30.8
21.1
29.3
25.3
Personal & Corporate Banking
21.8
17.1
10.9
19.5
13.1
Asset Management
49.0
40.8
33.7
44.7
34.1
Investment Bank
20.6
12.7
19.4
16.7
21.1
1 Return on attributed equity for Group Functions is not shown, as it is not meaningful.
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management
46
Liquidity and funding management
Strategy, objectives and governance
This section provides
liquidity and
funding management information and should be
read in
conjunction with “Liquidity and
funding
management” in the
“Capital, liquidity and
funding, and
balance sheet” section
of
our
Annual Report
2020, which
provides more
information
about
the
Group’s
strategy,
objectives
and
governance
in
connection
with
liquidity
and
funding
management.
Liquidity coverage ratio
USD billion, except where indicated
Average 2Q21
1
Average 1Q21
1
High-quality liquid assets
232
221
Net cash outflows
149
146
Liquidity coverage ratio (%)
2
156
151
1 Calculated based on an
average of 64 data
points in the second quarter
of 2021 and 63
data points in the first
quarter of 2021.
2 Calculated after the application
of haircuts and inflow and
outflow rates, as
well as, where applicable, caps on Level 2 assets and cash inflows.
Liquidity coverage ratio
The
UBS
Group
quarterly
average
liquidity
coverage
ratio
(LCR)
increased
5 percentage
points
to
156%,
remaining
above
the
prudential
requirement
communicated
by
the
Swiss
Financial
Market Supervisory Authority (FINMA). The average
LCR increase
was driven
by an
USD 11 billion increase
in average
high-quality
liquid assets (HQLA) to USD 232 billion, driven
by higher average
cash
balances,
due
to
a
decrease
in
assets
subject
to
local
transfer
restrictions
,
lower
funding
consumption
by
the
Investment Bank and net deposit
growth. Average total net
cash
outflows
increased
by
USD 3
billion
to
USD 149
billion,
mainly
due to decreases in inflows from secured financing transactions.
›
Refer to our 30 June 2021 Pillar 3 report, which
will be available
from 20 August 2021 under “Pillar 3 disclosures” at
ubs.com/investors, for more information about
the liquidity
coverage ratio
Net stable funding ratio
As of 30 June 2021,
our estimated pro
forma net stable funding
ratio
(NSFR)
was
115%,
an
increase
of
1 percentage
point
compared
with
31 March
2021.
This
reflected
an
USD 8
billion
increase
in
available
stable
funding,
predominantly
driven
by
debt
issued
and
customer
deposits.
Required
stable
funding
increased by
USD 3 billion,
mainly driven
by Lombard
loans and
residential
mortgages,
partly
offset
by
a
decrease
in
net
derivative assets.
The Swiss
NSFR regulation was
finalized in the
fourth quarter
of
2020
with
the
release
of
the revised
FINMA
Circular
2015/2
“Liquidity risks – banks.” Our pro forma NSFR
disclosure is based
on the final regulation, which became effective on 1 July 2021.
›
Refer to “Liquidity and funding management”
in the “Capital,
liquidity and funding, and balance sheet”
section of our Annual
Report 2020 for more information about
the LCR and the NSFR
Pro forma net stable funding ratio
USD billion, except where indicated
30.6.21
31.3.21
Available stable funding
556
548
Required stable funding
482
479
Pro forma net stable funding ratio (%)
115
114
47
Balance sheet and off-balance sheet
Strategy, objectives and governance
This
section
provides
balance
sheet
and
off
-
balance
sheet
information
and should
be read in conjunction
with “Balance
sheet
and off-balance sheet”
in the
“Capital, liquidity
and funding, and
balance sheet”
section of our
Annual Report
2020, which
provides
more information
about the
Group’s
balance
sheet and
off-balance
sheet
positions.
Balances
disclosed
in
this
report
represent
quarter-end
positions,
unless
indicated
otherwise.
Intra-quarter
balances
fluctuate in
the ordinary
course of business
and may differ
from
quarter-end positions.
Balance sheet assets (30 June 2021 vs 31 March 2021)
Total assets decreased
by USD 21 billion
to USD 1,087 billion
as of
30
June
2021,
despite
an
increase
from
currency
effects
of
approximately
USD 9
billion.
Derivatives
and
cash
collateral
receivables
on
derivative
instruments
decreased
by
USD
32
billion,
mainly
in
our
Derivatives & Solutions
business
in
the
Investment
Bank,
predominantly
reflecting
net
roll
-
offs
of
foreign
exchang
e
contracts during
the quarter.
Other financial
assets measured
at
amortized cost
and fair value
decreased by USD 5
billion, mainly
driven by disposals and
maturities in the high-quality
liquid asset
(HQLA)
portfolio
.
Brokerage
receivables
decreased
by
USD
1
billio
n
,
with
growth
in
lending
more
than
offset
by
a
corresponding increase in netting effects.
These
decreases
were
partly
offset
by
an
USD
1
1
billion
increase
in
Lending
assets,
largely
reflecting
a
USD 9
billion
increase in Global
Wealth Management, mainly
driven by higher
Lombard
and
mortgage
lending
in
the
Americas,
and
a
USD 4
billion
increase in
Personal &
Corporate Banking,
mainly due
to
currency effects
and higher
mortgage lending.
Trading portfolio
assets increased by USD 2
billion, mainly due to
higher inventory
levels
held
in
the
Investment
Bank
to
hedge
client
positions.
Cash
and
balances
at
central
banks
increased
by
USD 2
billion,
mainly driven by currency
effects,
with net funding
consumption
across
the
business
divisions
remai
n
ing
broadly
unchanged.
Securities
financing
transactions
at
amortized
cost
increased
by
USD 1
billion,
driven
by
re-investment
of
excess
cash
by
Group
Treasury,
partly offset by lower collateral requirements.
›
Refer to the “Consolidated financial statements”
section of this
report for more information
Assets
As of
% change from
USD billion
30.6.21
31.3.21
31.3.21
Cash and balances at central banks
160.7
158.9
1
Lending
1
406.6
395.2
3
Securities financing transactions at amortized cost
83.5
82.4
1
Trading portfolio
2
122.5
120.6
2
Derivatives and cash collateral receivables on derivative instruments
151.4
183.3
(17)
Brokerage receivables
23.0
24.2
(5)
Other financial assets measured at amortized cost and fair
value
3
78.3
82.9
(6)
Non-financial assets and financial assets for unit-linked investment contracts
60.5
60.2
1
Total assets
1,086.5
1,107.7
(2)
1 Consists of loans and advances to customers
and banks.
2 Consists of financial assets at fair value
held for trading.
3 Consists of financial assets at fair value
not held for trading, financial assets measured
at
fair value through other comprehensive income and other financial assets measured at amortized cost, but excludes financial assets for unit-linked
investment contracts.
Balance sheet liabilities (30 June 2021 vs 31 March 2021)
Total
liabilities decreased
by USD 22
billion to
USD 1,027 billion
as of
30 June 2021,
despite an increase from currency effects
of
approximately USD 7 billion.
Derivatives
and
cash
collateral
payables
on
derivative
instruments decreased
by USD 29
billion, largely
in line
with the
aforementioned
movement
on
the
asset
side
.
Brokerage
payables
decreased
by
USD 6
billion,
mainly
in
the
Financing
business
of
the
Inves
tme
nt
Bank,
with
growth
in
lending
increasing
netting
effects.
Trading
portfolio
liabilities
decreased
by
USD
4
billion,
driven
by
the
Inve
stment
Bank,
mainly
reflecting
a
reduction
in
short
positions
after
the
end
of
the
European dividend
season. Short-term
borrowings decreased
by
USD 3
billion,
mainly
driven
by
net
maturities
of
certificates
of
deposit
and
commercial
papers
in
Group
Treasury,
partly
offset
by higher amounts due to banks in the Investment Bank.
These
decreases
were
partly
offset
by
a
n
USD
8
billion
increase
in
debt
issued
designated
at
fair
value
and
long-term
debt issued
measured at
amortized cost.
This reflected
net new
issuances
,
as
well
as
market
-
driven
movements
on
debt
measured at
fair value
in our
Derivatives &
Solutions business
in
the
Investment
Bank.
Customer
deposits
increased
by
USD
8
billion,
largely reflecting currency
effects, as well
as higher levels
of cash held
by clients, in
Global Wealth Management
Americas
and APAC,
partly offset
by client-driven
decreases in
Personal &
Corporate
Banking.
Other
financial
liabilities
at
amortized
cost
and
fair
value
in
creased
by
USD
2
billion,
mainly
in
Group
Treasury due to lower netting on securities financing transactions
measured
at
fair
value
following
maturities
on
the
asset
side.
Non-financial
liabilities
and
financial
liabilities
related
to
unit-
linked
investment
contracts
increased
by
USD 2
billion,
mainly
reflecting an increase in compensation-related liabilities.
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet
48
The “Liabilities
by product
and currency”
table in
this section
provides more information about our funding sources.
›
Refer to “Bondholder information” at
ubs.com/investors
for
more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial statements”
section of this
report for more information
Equity (30 June 2021 vs 31 March 2021)
Equity attributable to
shareholders increased
by USD 739 million
to
USD 58,765
million
as
of
30 June
2021,
from
USD 58,026
million as of 31 March 2021.
The
increase
of
USD 739
million
was
mainly
driven
by
total
comprehensive
income
attributable
to
shareholders
of
positive
USD 2,582 million, reflecting net profit of USD 2,006
million and
positive
other
comprehensive
income
(OCI)
of
USD 576
million.
OCI
mainly
included
positive
OCI
related
to
foreign
currency
translation of
USD 255 million,
positive cash
flow hedge
OCI of
USD
222
million
and
positive
OCI
related
to
own
credit
of
USD 118
million.
In
addition,
amortization
of
deferred
share-
based
compensation
awards
increased
equity
by
USD 180
million.
These
increases
were
partly
offset
by
distributions
to
shareholders
of
USD
1,301
million,
reflecting
a
dividend
payment
of
USD 0.37 per
share. In
addition,
net
treasury
share
activity
decreased
equity
by
USD 687
million.
This
was
largely
due
to
repurchases
of
USD 361
million
of
shares
under
our
2021–2024
share
repurchase
program
and
the
purchase
of
USD 325
million
of
shares
from
the
market
to
hedge
future
share
delivery
obligations
related
to
employee
share-based
compensation awards.
In
the
second
quarter
of
2021,
we
canceled
156,632,400
shares
purchased
under
our
2018–2021
share
repurchase
program,
as
approved
by
shareholders
at
the
2021
Annual
General
Meeting.
The
cancelation
of
shares
resulted
in
reclassifications within
equity but
had no
net effect
on our
total
equity attributable to shareholders.
›
Refer to the “Consolidated financial statements”
and “Group
performance” sections of this report for more information
›
Refer to the “Share information and earnings
per share” section
of this report for more information about the share repurchase
programs
Liabilities and equity
As of
% change from
USD billion
30.6.21
31.3.21
31.3.21
Short-term borrowings
1
57.3
60.0
(4)
Securities financing transactions at amortized cost
6.0
6.7
(10)
Customer deposits
513.3
505.4
2
Debt issued designated at fair value and long-term debt issued measured
at amortized cost
2
172.3
163.8
5
Trading portfolio
3
33.3
37.1
(10)
Derivatives and cash collateral payables on derivative instruments
153.9
182.6
(16)
Brokerage payables
39.1
45.6
(14)
Other financial liabilities measured at amortized cost and fair
value
4
18.6
16.8
11
Non-financial liabilities and financial liabilities related
to unit-linked investment contracts
33.6
31.5
7
Total liabilities
1,027.5
1,049.4
(2)
Share capital
0.3
0.3
(5)
Share premium
15.5
16.2
(4)
Treasury shares
(3.3)
(4.6)
(28)
Retained earnings
40.1
40.5
(1)
Other comprehensive income
5
6.1
5.6
9
Total equity attributable to shareholders
58.8
58.0
1
Equity attributable to non-controlling interests
0.3
0.3
(7)
Total equity
59.0
58.3
1
Total liabilities and equity
1,086.5
1,107.7
(2)
1 Consists of
short-term debt issued
measured at amortized
cost and amounts
due to banks.
2 The
classification of debt
issued measured at
amortized cost
into short-term and
long-term is based
on original
contractual maturity
and therefore
long-term debt
also includes debt
with a remaining
time to
maturity of
less than one
year.
This classification
does not
consider any
early redemption
features.
3 Consists of
financial liabilities at fair value
held for trading.
4 Consists of other financial
liabilities measured at amortized
cost and other financial
liabilities designated at fair
value, but excludes
financial liabilities related to
unit-linked investment contracts.
5 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in retained earnings.
49
Liabilities by product and currency
USD billion
As a percentage of total liabilities
All currencies
All currencies
USD
CHF
EUR
Other
30.6.21
31.3.21
30.6.21
31.3.21
30.6.21
31.3.21
30.6.21
31.3.21
30.6.21
31.3.21
30.6.21
31.3.21
Short-term borrowings
57.3
60.0
5.6
5.7
3.0
2.8
0.6
0.5
0.8
1.0
1.3
1.4
of which: due to banks
14.6
12.6
1.4
1.2
0.4
0.4
0.5
0.5
0.1
0.1
0.4
0.3
of which: short-term debt issued
1
42.7
47.4
4.2
4.5
2.6
2.5
0.0
0.0
0.7
0.9
0.9
1.1
Securities financing transactions at
amortized cost
6.0
6.7
0.6
0.6
0.5
0.5
0.0
0.0
0.0
0.0
0.0
0.1
Customer deposits
513.3
505.4
50.0
48.2
21.2
19.9
18.8
19.0
5.3
5.1
4.6
4.2
of which: demand deposits
244.2
232.1
23.8
22.1
8.5
7.4
7.0
7.0
4.5
4.2
3.8
3.5
of which: retail savings / deposits
220.7
219.2
21.5
20.9
9.4
8.9
11.6
11.4
0.5
0.5
0.0
0.0
of which: time deposits
32.9
36.1
3.2
3.4
2.2
2.5
0.2
0.2
0.0
0.1
0.8
0.7
of which: fiduciary deposits
15.5
18.0
1.5
1.7
1.1
1.0
0.1
0.4
0.2
0.3
0.1
0.1
Debt issued designated at fair value
and long-term debt issued measured
at amortized cost
2
172.3
163.8
16.8
15.6
9.5
8.4
1.7
1.6
3.9
3.9
1.7
1.6
Trading portfolio
33.3
37.1
3.2
3.5
1.4
1.5
0.1
0.1
0.8
0.8
0.9
1.2
Derivatives and cash collateral
payables on derivative instruments
153.9
182.6
15.0
17.4
12.2
14.2
0.2
0.3
1.6
1.8
1.0
1.1
Brokerage payables
39.1
45.6
3.8
4.3
2.8
3.3
0.0
0.0
0.2
0.3
0.7
0.7
Other financial liabilities measured at
amortized cost and fair value
3
18.6
16.8
1.8
1.6
1.0
0.8
0.2
0.2
0.3
0.3
0.3
0.3
Non-financial liabilities and financial
liabilities related to unit-linked
investment contracts
33.6
31.5
3.3
3.0
0.5
0.5
0.2
0.1
0.2
0.1
2.4
2.2
Total liabilities
1,027.5
1,049.4
100.0
100.0
52.2
52.0
21.9
21.9
13.1
13.2
12.9
12.9
1 Short-term debt
issued consists of
certificates of deposit,
commercial paper,
acceptances and promissory
notes, and other
money market paper.
2 The classification
of debt issued
measured at amortized
cost
into short-term and long-term is
based on original contractual
maturity and therefore long-term debt
also includes debt with a
remaining time to maturity of
less than one year.
This classification does not
consider
any early
redemption features.
3 Consists
of other
financial liabilities
measured at
amortized cost
and other
financial liabilities
designated at
fair value,
but excludes
financial liabilities
related to
unit-linked
investment contracts.
Off-balance sheet (30 June 2021 vs 31 March 2021)
Guarantees,
loan commitments,
committed unconditionally revocable
credit lines and
forward starting repurchase
agreements were
broadly unchanged
as of
30 June 2021
compared with
31 March 2021.
Forward starting
reverse repurchase
agreements increased
by USD
2
billion, primarily
in
Group
Treasury,
reflecting
fluctuations in
business division
activity in
short-dated
securities
financing
transactions.
Off-balance sheet
As of
% change from
USD billion
30.6.21
31.3.21
31.3.21
Guarantees
1,2
15.6
15.5
1
Loan commitments
1,3
37.8
38.1
(1)
Committed unconditionally revocable credit lines
38.8
39.4
(2)
Forward starting reverse repurchase agreements
3
8.2
6.0
38
Forward starting repurchase agreements
3
1.8
2.1
(14)
1 Guarantees
and loan
commitments are
shown net
of sub-participations.
2 Includes
guarantees measured
at fair
value through
profit or
loss.
3 Derivative
loan commitments,
as well
as forward
starting
repurchase and reverse
repurchase agreements,
measured at fair
value through profit
or loss are
not included. Refer
to “Note 9
Derivative instruments”
in the “Consolidated
financial statements” section
of this
report for more information.
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share
50
Share information and earnings per share
UBS Group AG shares
are listed on the SIX
Swiss Exchange (SIX).
They are also
listed on the
New York Stock
Exchange (the NYSE)
as
global
registered
shares.
Each
share
has
a
nominal
value
of
CHF 0.10
per
share.
Shares
issued
decreased
by
157
million
in
the second quarter of 2021, as the
156,632,400 shares acquired
under the
2018–2021 share
repurchase program
were canceled
by means
of a capital
reduction,
as approved
by shareholders
at
the 2021 Annual General Meeting.
We held 226 million shares
as of 30 June 2021, of which
143
million
shares
are
primarily
held
to
hedge
our
share
delivery
obligations
related
to
employee
share-based
compensation
and
participation
plans
.
The
remaining
83
million
sha
res
were
acquired
under
our
2021–2024
share
repurchase
program
for
cancelation purposes.
Treasury
shares
held
decreased
by
110
million
shares
in
the
second
quarter
of
2021.
This
largely
reflected
the
aforementioned
cancelation
of
157
million
shares,
partly
offset
by
repurchases
of
26.8
million
shares
under
our
2021
–
2024
share repurchase program
and the purchase
of 20 million
shares
from
the
market
to
hedge
future
share
delivery
obligations
related to employee share-based compensation awards.
Shares
acquired
under
our
2021
–
2024
program
totaled
83 million
as
of
30 June
2021
for
a
total
acquisition
cost
of
CHF 1,192
million
(USD 1,300 million).
Under this
program, we
intend
to
repurchase
USD 0.6
billion
of
shares
during
the
third
quarter of 2021.
›
Refer to the “Return on equity and
CET1 capital” table in the
“Group performance” section of this report for more information
about equity attributable to shareholders and
tangible equity
attributable to shareholders
As of or for the quarter ended
As of or year-to-date
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Basic and diluted earnings (USD million)
Net profit / (loss) attributable to shareholders for basic
EPS
2,006
1,824
1,232
3,830
2,827
Less: (profit) / loss on own equity derivative contracts
(1)
(1)
0
(2)
0
Net profit / (loss) attributable to shareholders for diluted
EPS
2,005
1,823
1,232
3,828
2,827
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
3,502,478,236
3,538,422,488
3,584,522,015
3,520,450,363
3,588,187,534
Effect of dilutive potential shares resulting from notional
employee shares, in-the-
money options and warrants outstanding
2
138,873,741
150,824,304
106,543,728
144,776,805
110,717,626
Weighted average shares outstanding for diluted EPS
3,641,351,977
3,689,246,792
3,691,065,743
3,665,227,168
3,698,905,160
Earnings per share
Basic earnings per share (USD)
0.57
0.52
0.34
1.09
0.79
Basic earnings per share (CHF)
3
0.52
0.47
0.33
0.99
0.76
Diluted earnings per share (USD)
0.55
0.49
0.33
1.04
0.76
Diluted earnings per share (CHF)
3
0.50
0.45
0.32
0.95
0.74
Shares outstanding and potentially dilutive instruments
Shares issued
3,702,422,995
3,859,055,395
3,859,055,395
3,702,422,995
3,859,055,395
Treasury shares
4
225,877,281
335,907,722
271,876,346
225,877,281
271,876,346
of which: related to share repurchase program 2018–2021
156,632,400
148,975,800
148,975,800
of which: related to share repurchase program 2021–2024
83,090,525
56,269,500
83,090,525
Shares outstanding
3,476,545,714
3,523,147,673
3,587,179,049
3,476,545,714
3,587,179,049
Potentially dilutive instruments
5
10,459,279
11,605,954
27,456,453
12,229,370
26,911,953
Other key figures
Total book value per share (USD)
16.90
16.47
15.89
16.90
15.89
Tangible book value per share (USD)
15.05
14.65
14.10
15.05
14.10
Share price (USD)
6
15.31
15.48
11.51
15.31
11.51
Market capitalization (USD million)
53,218
54,536
41,303
53,218
41,303
1 The
weighted average
shares outstanding
for basic
EPS are
calculated by
taking the
number of
shares at
the beginning
of the
period, adjusted
by the
number of
shares acquired
or issued
during the
period,
multiplied by a
time-weighted factor for
the period
outstanding. As a
result, balances are
affected by the
timing of acquisitions
and issuances during
the period.
2 The
weighted average
number of shares
for
notional employee awards
with performance conditions
reflects all potentially
dilutive shares that
are expected to
vest under the
terms of the
awards.
3 Basic and
diluted earnings per
share in Swiss
francs are
calculated based on a translation
of net profit / (loss)
under our US dollar presentation
currency.
4 Based on a settlement
date view.
5 Reflects potential shares that
could dilute basic earnings per
share in the
future, but were
not dilutive for
the periods presented.
It mainly includes
equity derivative contracts.
6 Represents the
share price as
listed on the
SIX Swiss Exchange,
translated to US
dollars using the
closing
exchange rate as of the respective date.
Ticker symbols UBS Group AG
Trading exchange
SIX / NYSE
Bloomberg
Reuters
SIX Swiss Exchange
UBSG
UBSG SW
UBSG.S
New York Stock Exchange
UBS
UBS UN
UBS.N
Security identification codes
ISIN
CH0244767585
Valoren
24 476 758
CUSIP
CINS H42097 10 7
Consolidated
financial
statements
Unaudited
Table of contents
UBS Group AG interim consolidated financial
statements (unaudited)
53
Income statement
54
Statement of comprehensive income
56
Balance sheet
58
Statement of changes in equity
60
Statement of cash flows
62
1
Basis of accounting and other financial reporting
effects
64
2
Segment reporting
65
3
Net interest income
65
4
Net fee and commission income
66
5
Personnel expenses
66
6
General and administrative expenses
66
7
Expected credit loss measurement
72
8
Fair value measurement
81
9
Derivative instruments
82
10
Other assets and liabilities
83
11
Debt issued designated at fair value
84
12
Debt issued measured at amortized cost
85
13
Interest rate benchmark reform
88
14
Provisions and contingent liabilities
94
15
Currency translation rates
UBS AG interim consolidated financial information
(unaudited)
95
Comparison between UBS Group AG consolidated and
UBS AG consolidated
53
UBS Group AG interim consolidated
financial statements (unaudited)
Income statement
For the quarter ended
Year-to-date
USD million
Note
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Interest income from financial instruments measured at
amortized cost and fair value through
other comprehensive income
3
2,106
2,097
2,133
4,203
4,588
Interest expense from financial instruments measured at
amortized cost
3
(836)
(833)
(1,092)
(1,669)
(2,478)
Net interest income from financial instruments measured
at fair value through profit or loss
3
357
349
351
706
612
Net interest income
3
1,628
1,613
1,392
3,241
2,722
Other net income from financial instruments measured
at fair value through profit or loss
1,479
1,309
1,932
2,787
3,738
Credit loss (expense) / release
7
80
28
(272)
108
(540)
Fee and commission income
4
6,041
6,169
4,729
12,210
10,207
Fee and commission expense
4
(484)
(478)
(419)
(962)
(875)
Net fee and commission income
4
5,557
5,691
4,311
11,248
9,332
Other income
233
64
41
297
84
Total operating income
8,976
8,705
7,403
17,681
15,337
Personnel expenses
5
4,772
4,801
4,283
9,573
8,604
General and administrative expenses
6
1,103
1,089
1,063
2,192
2,196
Depreciation and impairment of property, equipment and software
500
508
458
1,009
914
Amortization and impairment of goodwill and intangible
assets
9
8
17
17
32
Total operating expenses
6,384
6,407
5,821
12,790
11,747
Operating profit / (loss) before tax
2,593
2,298
1,582
4,891
3,591
Tax expense / (benefit)
581
471
347
1,053
757
Net profit / (loss)
2,012
1,827
1,236
3,838
2,833
Net profit / (loss) attributable to non-controlling interests
6
3
3
9
6
Net profit / (loss) attributable to shareholders
2,006
1,824
1,232
3,830
2,827
Earnings per share (USD)
Basic
0.57
0.52
0.34
1.09
0.79
Diluted
0.55
0.49
0.33
1.04
0.76
UBS Group AG interim consolidated financial statements (unaudited)
54
Statement of comprehensive income
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Comprehensive income attributable to shareholders
1
Net profit / (loss)
2,006
1,824
1,232
3,830
2,827
Other comprehensive income that may be reclassified to the income
statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
463
(1,463)
458
(999)
178
Effective portion of changes in fair value of hedging instruments
designated as net investment hedges, before tax
(202)
708
(197)
506
(54)
Foreign currency translation differences on foreign operations reclassified to the
income statement
(10)
1
0
(9)
0
Effective portion of changes in fair value of hedging instruments
designated as net investment hedges reclassified
to
the income statement
8
0
2
8
(7)
Income tax relating to foreign currency translations, including the impact of net
investment hedges
(4)
10
(2)
6
(2)
Subtotal foreign currency translation, net of tax
255
(744)
261
(489)
116
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
21
(131)
19
(110)
226
Realized gains reclassified to the income statement from
equity
(3)
(8)
(15)
(11)
(24)
Realized losses reclassified to the income statement from
equity
0
2
0
2
0
Income tax relating to net unrealized gains / (losses)
(4)
35
(3)
31
(54)
Subtotal financial assets measured at fair value through other comprehensive
income, net of tax
14
(102)
1
(88)
149
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated
as cash flow hedges, before tax
542
(1,172)
291
(630)
2,244
Net (gains) / losses reclassified to the income statement from
equity
(268)
(254)
(171)
(522)
(274)
Income tax relating to cash flow hedges
(51)
266
(25)
215
(370)
Subtotal cash flow hedges, net of tax
222
(1,160)
95
(937)
1,600
Cost of hedging
Change in fair value of cost of hedging, before tax
(24)
(13)
(18)
(37)
(12)
Amortization of initial cost of hedging to the income statement
7
7
5
14
7
Income tax relating to cost of hedging
0
0
0
0
0
Subtotal cost of hedging, net of tax
(16)
(6)
(13)
(23)
(4)
Total other comprehensive income that may be reclassified to the income statement, net
of tax
475
(2,012)
345
(1,537)
1,860
Other comprehensive income that will not be reclassified to the income
statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(21)
(136)
(420)
(157)
(410)
Income tax relating to defined benefit plans
4
23
(80)
27
63
Subtotal defined benefit plans, net of tax
(17)
(113)
(500)
(130)
(347)
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated
at fair value, before tax
118
(29)
(1,095)
89
62
Income tax relating to own credit on financial liabilities designated
at fair value
0
0
223
0
0
Subtotal own credit on financial liabilities designated at
fair value, net of tax
118
(29)
(872)
89
62
Total other comprehensive income that will not be reclassified to the income statement,
net of tax
102
(142)
(1,372)
(40)
(286)
Total other comprehensive income
576
(2,154)
(1,027)
(1,577)
1,575
Total comprehensive income attributable to shareholders
2,582
(330)
205
2,252
4,402
55
Statement of comprehensive income (continued)
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Comprehensive income attributable to non-controlling
interests
Net profit / (loss)
6
3
3
9
6
Other comprehensive income that will not be reclassified to the income
statement
Foreign currency translation movements, before tax
14
(12)
1
2
(4)
Income tax relating to foreign currency translation movements
0
0
0
0
0
Subtotal foreign currency translation, net of tax
14
(12)
1
2
(4)
Total other comprehensive income that will not be reclassified to the income statement,
net of tax
14
(12)
1
2
(4)
Total comprehensive income attributable to non-controlling interests
20
(9)
4
10
3
Total comprehensive income
Net profit / (loss)
2,012
1,827
1,236
3,838
2,833
Other comprehensive income
591
(2,166)
(1,026)
(1,576)
1,571
of which: other comprehensive income that may be reclassified
to the income statement
475
(2,012)
345
(1,537)
1,860
of which: other comprehensive income that will not be reclassified
to the income statement
116
(155)
(1,371)
(39)
(289)
Total comprehensive income
2,602
(339)
209
2,263
4,404
1 Refer to the “Group performance” section of this report for more information.
UBS Group AG interim consolidated financial statements (unaudited)
56
Balance sheet
USD million
Note
30.6.21
31.3.21
31.12.20
Assets
Cash and balances at central banks
160,672
158,914
158,231
Loans and advances to banks
16,500
18,448
15,444
Receivables from securities financing transactions
83,494
82,384
74,210
Cash collateral receivables on derivative instruments
9
29,785
35,046
32,737
Loans and advances to customers
7
390,126
376,798
379,528
Other financial assets measured at amortized cost
10
27,143
26,770
27,194
Total financial assets measured at amortized cost
707,720
698,361
687,345
Financial assets at fair value held for trading
8
122,482
120,576
125,397
of which: assets pledged as collateral that may be sold or repledged
by counterparties
44,333
48,385
47,098
Derivative financial instruments
8, 9
121,622
148,282
159,617
Brokerage receivables
8
23,010
24,201
24,659
Financial assets at fair value not held for trading
8
65,393
69,187
80,364
Total financial assets measured at fair value through profit or loss
332,507
362,246
390,037
Financial assets measured at fair value through other comprehensive income
8
7,775
8,100
8,258
Investments in associates
1,198
1,542
1,557
Property, equipment and software
12,895
12,716
13,109
Goodwill and intangible assets
6,452
6,427
6,480
Deferred tax assets
8,988
9,195
9,212
Other non-financial assets
10
8,982
9,125
9,768
Total assets
1,086,519
1,107,712
1,125,765
57
Balance sheet (continued)
USD million
Note
30.6.21
31.3.21
31.12.20
Liabilities
Amounts due to banks
14,615
12,564
11,050
Payables from securities financing transactions
5,972
6,651
6,321
Cash collateral payables on derivative instruments
9
32,193
36,571
37,312
Customer deposits
513,290
505,448
524,605
Debt issued measured at amortized cost
12
139,911
144,682
139,232
Other financial liabilities measured at amortized cost
10
10,189
9,257
9,729
Total financial liabilities measured at amortized cost
716,169
715,174
728,250
Financial liabilities at fair value held for trading
8
33,348
37,062
33,595
Derivative financial instruments
8, 9
121,686
146,036
161,102
Brokerage payables designated at fair value
8
39,129
45,600
38,742
Debt issued designated at fair value
8, 11
75,065
66,535
61,243
Other financial liabilities designated at fair value
8, 10
30,642
28,855
30,387
Total financial liabilities measured at fair value through profit or loss
299,869
324,088
325,069
Provisions
14
2,855
2,726
2,828
Other non-financial liabilities
10
8,576
7,391
9,854
Total liabilities
1,027,469
1,049,379
1,066,000
Equity
Share capital
322
338
338
Share premium
15,531
16,217
16,753
Treasury shares
(3,322)
(4,623)
(4,068)
Retained earnings
40,143
40,482
38,776
Other comprehensive income recognized directly in equity, net of tax
6,091
5,612
7,647
Equity attributable to shareholders
58,765
58,026
59,445
Equity attributable to non-controlling interests
284
307
319
Total equity
59,050
58,333
59,765
Total liabilities and equity
1,086,519
1,107,712
1,125,765
UBS Group AG interim consolidated financial statements (unaudited)
58
Statement of changes in equity
USD million
Share
capital
Share
premium
Treasury
shares
Retained
earnings
Balance as of 1 January 2020
338
18,064
(3,326)
34,122
Acquisition of treasury shares
(1,008)
2
Delivery of treasury shares under share-based compensation
plans
(602)
655
Other disposal of treasury shares
(8)
87
2
Share-based compensation expensed in the income statement
313
Tax (expense) / benefit
13
Dividends
(654)
3
(654)
3
Translation effects recognized directly in retained earnings
(11)
Share of changes in retained earnings of associates and
joint ventures
(40)
New consolidations / (deconsolidations) and other increases
/ (decreases)
0
Total comprehensive income for the period
2,542
of which: net profit / (loss)
2,827
of which: OCI that may be reclassified to the income statement,
net of tax
of which: OCI that will not be reclassified to the income
statement, net of tax – defined benefit plans
(347)
of which: OCI that will not be reclassified to the income
statement, net of tax – own credit
62
of which: OCI that will not be reclassified to the income
statement, net of tax – foreign currency translation
Balance as of 30 June 2020
338
17,125
(3,592)
35,959
Balance as of 1 January 2021
338
16,753
(4,068)
38,776
Acquisition of treasury shares
(2,057)
2
Delivery of treasury shares under share-based compensation
plans
(654)
727
Other disposal of treasury shares
4
32
2
Cancelation of treasury shares related to the 2018–2021
share repurchase program
4
(16)
(236)
2,044
(1,792)
Share-based compensation expensed in the income statement
346
Tax (expense) / benefit
8
Dividends
(651)
3
(651)
3
Translation effects recognized directly in retained earnings
19
Share of changes in retained earnings of associates and
joint ventures
2
New consolidations / (deconsolidations) and other increases
/ (decreases)
(39)
Total comprehensive income for the period
3,789
of which: net profit / (loss)
3,830
of which: OCI that may be reclassified to the income statement,
net of tax
of which: OCI that will not be reclassified to the income
statement, net of tax – defined benefit plans
(130)
of which: OCI that will not be reclassified to the income
statement, net of tax – own credit
89
of which: OCI that will not be reclassified to the income
statement, net of tax – foreign currency translation
Balance as of 30 June 2021
322
15,531
(3,322)
40,143
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained
earnings.
2 Includes treasury shares acquired and disposed of by the Investment Bank in
its capacity as a market maker
with regard to UBS shares and related
derivatives, and to hedge certain
issued structured debt instruments. These
acquisitions and disposals are reported based on
the sum of the net
monthly movements.
3 Reflects the payment
of an ordinary
cash dividend of
USD
0.37
per dividend-bearing
share in April
2021 (first
half of 2020:
USD
0.365
per dividend-bearing
share paid in
May 2020; a
second tranche of the
2020 dividend of USD
0.365
per dividend-bearing share was
paid in November 2020).
From 2020 onward,
Swiss tax law effective
1 January 2020 requires
Switzerland-domiciled companies
with shares listed on
a Swiss stock exchange
pay no more than
50
% of dividends from
capital contribution reserves,
with the remainder required
to be paid from
retained earnings.
4 Reflects the cancelation
of
156,632,400
shares purchased
under our
2018–2021 share
repurchase program
as approved
by shareholders
at the
2021 Annual
General Meeting.
For shares
repurchased from
2020 onward,
Swiss tax
law
effective 1
January 2020
requires Switzerland-domiciled
companies with
shares listed
on a
Swiss stock
exchange to
reduce capital
contribution reserves
by at
least
50
% of
the total
capital reduction
amount
exceeding the nominal value upon cancelation of the shares.
59
Other comprehensive
income recognized
directly in equity,
net of tax
1
of which:
foreign currency
translation
of which:
financial assets
measured at fair value
through OCI
of which:
cash flow hedges
of which:
cost of hedging
Total equity
attributable to
shareholders
Non-controlling
interests
Total equity
5,303
4,028
14
1,260
54,501
174
54,675
(1,008)
(1,008)
52
52
79
79
313
313
13
13
(1,308)
(4)
(1,312)
11
0
11
0
0
(40)
(40)
0
0
0
1,860
116
149
1,600
(4)
4,402
3
4,404
2,827
6
2,833
1,860
116
149
1,600
(4)
1,860
1,860
(347)
(347)
62
62
0
(4)
(4)
7,173
4,144
163
2,871
(4)
57,003
173
57,175
7,647
5,188
151
2,321
(13)
59,445
319
59,765
(2,057)
(2,057)
73
73
36
36
0
0
346
346
8
8
(1,301)
(4)
(1,305)
(19)
0
(19)
0
0
0
2
2
(39)
(42)
(81)
(1,537)
(489)
(88)
(937)
(23)
2,252
10
2,263
3,830
9
3,838
(1,537)
(489)
(88)
(937)
(23)
(1,537)
(1,537)
(130)
(130)
89
89
0
2
2
6,091
4,699
63
1,365
(36)
58,765
284
59,050
UBS Group AG interim consolidated financial statements (unaudited)
60
Statement of cash flows
Year-to-date
USD million
30.6.21
30.6.20
Cash flow from / (used in) operating activities
Net profit / (loss)
3,838
2,833
Non-cash items included in net profit and other adjustments:
Depreciation and impairment of property, equipment and software
1,009
914
Amortization and impairment of goodwill and intangible
assets
17
32
Credit loss expense / (release)
(108)
540
Share of net profits of associates / joint ventures and impairment
of associates
(74)
(29)
Deferred tax expense / (benefit)
285
192
Net loss / (gain) from investing activities
(239)
241
Net loss / (gain) from financing activities
2,070
(7,048)
Other net adjustments
4,747
(579)
Net change in operating assets and liabilities:
Loans and advances to banks / amounts due to banks
3,872
5,585
Securities financing transactions
(10,249)
3,167
Cash collateral on derivative instruments
(2,179)
(2,046)
Loans and advances to customers
(19,882)
(14,222)
Customer deposits
(298)
20,429
Financial assets and liabilities at fair value held for trading and derivative financial
instruments
(1,225)
38,734
Brokerage receivables and payables
2,047
1,140
Financial assets at fair value not held for trading, other financial assets
and liabilities
14,533
(7,168)
Provisions, other non-financial assets and liabilities
87
(1,531)
Income taxes paid, net of refunds
(386)
(403)
Net cash flow from / (used in) operating activities
(2,136)
40,781
Cash flow from / (used in) investing activities
Purchase of subsidiaries, associates and intangible assets
(1)
(1)
Disposal of subsidiaries, associates and intangible assets
1
437
14
Purchase of property, equipment and software
(896)
(831)
Disposal of property, equipment and software
264
6
Purchase of financial assets measured at fair value through other
comprehensive income
(1,950)
(4,132)
Disposal and redemption of financial assets measured at
fair value through other comprehensive income
2,324
1,944
Net (purchase) / redemption of debt securities measured
at amortized cost
116
(4,817)
Net cash flow from / (used in) investing activities
295
(7,817)
61
Statement of cash flows (continued)
Year-to-date
USD million
30.6.21
30.6.20
Cash flow from / (used in) financing activities
Net short-term debt issued / (repaid)
(3,877)
14,912
Net movements in treasury shares and own equity derivative
activity
(1,967)
(882)
Distributions paid on UBS shares
(1,301)
(1,308)
Repayment of lease liabilities
(284)
(273)
Issuance of debt designated at fair value and long-term debt measured
at amortized cost
63,501
46,059
Repayment of debt designated at fair value and long-term debt measured
at amortized cost
(45,274)
(46,137)
Net changes in non-controlling interests
(4)
(4)
Net cash flow from / (used in) financing activities
10,795
12,368
Total cash flow
Cash and cash equivalents at the beginning of the period
173,531
119,873
Net cash flow from / (used in) operating, investing and financing
activities
8,954
45,332
Effects of exchange rate differences on cash and cash equivalents
(5,390)
1,563
Cash and cash equivalents at the end of the period
2
177,095
166,768
of which: cash and balances at central banks
3
160,541
149,430
of which: loans and advances to banks
15,125
14,428
of which: money market paper
1,428
2,911
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
5,469
6,365
Interest paid in cash
2,659
4,200
Dividends on equity investments, investment funds and associates
received in cash
1,263
1,104
1 Includes cash
proceeds from the
sale of UBS’s
minority investment in
Clearstream Fund Centre
for the period
ended 30 June
2021, and dividends
received from associates
in both periods.
Refer to the
“Recent
developments” section of this report for more information.
2 USD
3,432
million and USD
5,393
million of cash and cash equivalents (mainly reflected in Loans and advances
to banks) were restricted as of 30 June
2021 and 30 June 2020, respectively.
Refer to “Note 23 Restricted and transferred financial assets”
in the “Consolidated financial statements” section of the Annual
Report 2020 for more information.
3 Includes
only balances with an original maturity of three months or less.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
62
Notes to the UBS Group AG interim
consolidated financial statements (unaudited)
Note 1
Basis of accounting and other financial reporting effects
Basis of preparation
The
consolidated
financial
statements (the
financial
statements)
of
UBS
Group
AG
and
its
subsidiaries
(together,
“UBS”
or
the
“Group”)
are
prepared
in
accordance
with
International
Financial
Reporting
Standards
(IFRS),
as
issued
by
the
International
Accounting
Standards
Board
(the
IASB),
and
are
presented in US dollars
(USD). These interim financial
statements
are
prepared
in
accordance
with
IAS
34,
Interim
Financial
Reporting
.
In
preparing
these
interim
financial
statements,
the
same
accounting
policies
and
methods
of
computation
have
been
applied
as
in
the
UBS
Group
AG
consolidated
annual
financial
statements for
the period
ended 31 December
2020, except
for
the
changes
described
in
this
Note.
These
interim
financial
statements
are
unaudited
and
should
be
read
in
conjunction
with UBS
Group AG’s
audited consolidated
financial statements
included
in
the
Annual
Report
2020,
and
the
“Management
report”
sections
of
this
report.
In
the
opinion
of
management,
all
necessary
adjustments
were
made
for
a
fair
presentation
of
the
Group’s
financial
position,
results
of
operations
and
cash
flows.
Preparation of these interim financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, income, expenses and
disclosures of contingent assets and liabilities. These estimates
and assumptions are based on the best available information.
Actual results in the future could differ from such estimates and
differences may be material to the financial statements.
Revisions to estimates, based on regular reviews, are recognized
in the period in which they occur. For more information about
areas of estimation uncertainty that are considered to require
critical judgment, refer to “Note 1a Significant accounting
policies” in the “Consolidated financial statements” section of
the Annual Report 2020
.
Amendments to IFRS 9, IAS 39 and IFRS 7
(Interest Rate
Benchmark Reform – Phase 2)
On
1 January
2021,
UBS
adopted
Interest
Rate
Benchmark
Reform – Phase 2,
Amendments to IFRS 9,
IAS 39, IFRS 7,
IFRS 4
and IFRS 16
, addressing a number of issues
in financial reporting
areas
that
arise
when
interbank
offered
rates
(
IBOR
s)
are
reformed or replaced.
The amendments provide
a practical expedient
which permits
certain
changes
in
the
contractual
cash
flows
of
debt
instruments
attributable
to
the
repl
acement
of
IBOR
s
with
alternative
reference
rates
(ARRs)
to
be
accounted
for
prospectively by
updating the instrument’s
effective interest rate
(EIR)
,
provided
(
i
)
the
change
is
necessary
as
a
direct
consequence
of
IBOR
reform
and
(ii)
the
new
basis
for
determining
the
contractual
cash
flows
is
economically
equivalent to the previous basis.
UBS
adopted
the
amendments,
which
provide
a
practical
expedient
with
no
material
effect
on
the
Group’s
financial
statements.
63
Note 1
Basis of accounting and other financial reporting effects (continued)
Furthermore,
the
amendments
provide
various
hedge
accounting reliefs, with the following expected to benefit UBS.
–
Risk components
The
amendments
permit
UBS
to
designate
an
alternative
benchmark
rate
as
a
non-contractually
specified
risk
component, even if it is
not separately identifiable at the
date
when
it
is
designated,
provided
UBS
can
reasonably
expect
that
it
will
meet
the
requirements
within
24
months
of
the
first
designation
and
the
risk
component
is
reliably
measurable.
As
of
30 June
2021,
the
alternative
benchmark
rates that UBS
has designated as the
hedged risk in
fair value
hedges
of
interest
rate
risk
related
to
debt
instruments
and
cash
flow
hedges
of
forecast
transactions
were
the
Secured
Overnight
Financing
Rate
(
SOFR
)
,
the
Swiss
Average
Rate
Overnight (SARON)
and the Sterling
Overnight Index Average
(
SONIA).
The
designated
notionals
were
USD
11
b
illio
n
,
USD
1.1
billion and USD
0.7
billion, respectively.
–
Hedge designation
Following
amendments
to
the
hedge
documentation
to
reflect the change in designation relating to IBOR reform, UBS
will continue its hedge relationships provided the other hedge
accounting
criteria
and
requirements
of
the
p
hase
2
amendment
are
met.
As
of
30 June
2021,
no
such
changes
have been made.
–
Amounts accumulated in the cash flow hedge reserve
Upon changing
the hedge
designation as
set out
above, the
accumulated
amounts
in
the
cash
flow
hedge
reserve
are
assumed to
be based
on the
alternative benchmark
rate. For
discontinued
hedging
relationships,
when
the
interest
rate
benchmark
on
which
the
hedged
future
cash
flows
were
based
is
changed
as
required
by
IBOR
reform,
the
amount
accumulated in
the cash
flow hedge
reserve is
also assumed
to
be
based
on
the
alternative
benchmark
rate
for
the
purpose
of
assessing
whether
the
hedged
future
cash
flows
are
still
expected
to
occur.
As
of
3
0
June
2021,
no
such
changes have been made.
–
Retrospective
effectiveness
assessment
as
applied
to
hedges
designated under IAS 39
U
pon
the
end
of
the
p
hase
1
relief
for
effectiveness
assessment UBS may
elect to reset
to zero the
cumulative fair
value
changes
of
the
hedged
item
and
hedging
instrument
for the purpose of
assessing the retrospective effectiveness
of
a hedging
relationship. As
of 30 June
2021, no
such election
has been made.
›
Refer to “Note 25 Hedge accounting”
in the “Consolidated
financial statements” section of the
Annual Report 2020 for
details about phase 1 accounting reliefs
The
amendments
also
introduced
additional
disclosure
requirements
regarding
the
Group’s
management
of
the
transition
to
alternative
benchmark
rates,
its
progress
at
the
reporting date
and the
risks to
which it
is exposed
arising from
financial instruments because of the transition.
›
Refer to Note 13 for more information
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
64
Note 2
Segment reporting
UBS’s
businesses
are
organized
globally
into
four
business
divisions:
Global
Wealth
Management,
Personal
&
Corporate
Banking,
Asset Management
and the
Investment Bank.
All four
business divisions
are supported
by Group
Functions and
qualify
as
reportable
segments
for
the
purpose
of
segment
reporting.
Together
with
Group
Functions
they
reflect
the
management
structure of the Group.
›
Refer to “Note 2 Segment reporting” in the “Consolidated
financial statements” section of the
Annual Report 2020 for
more information about the Group’s reporting segments
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
UBS
For the six months ended 30 June 2021
Net interest income
2,023
1,039
(7)
244
(58)
3,241
Non-interest income
7,583
1,063
1,310
4,476
(99)
14,333
Income
9,606
2,102
1,303
4,720
(158)
17,574
Credit loss (expense) / release
16
69
0
23
(1)
108
Total operating income
9,622
2,171
1,303
4,743
(158)
17,681
Total operating expenses
6,918
1,284
820
3,663
105
12,790
Operating profit / (loss) before tax
2,704
888
482
1,080
(263)
4,891
Tax expense / (benefit)
1,053
Net profit / (loss)
3,838
As of 30 June 2021
Total assets
375,076
221,958
29,468
343,886
116,130
1,086,519
USD million
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
UBS
For the six months ended 30 June 2020
Net interest income
2,054
1,029
(9)
3
(354)
2,722
Non-interest income
6,553
886
1,048
4,914
(246)
13,155
Income
8,606
1,914
1,038
4,917
(600)
15,877
Credit loss (expense) / release
(117)
(187)
0
(200)
(35)
(540)
Total operating income
8,489
1,727
1,038
4,718
(635)
15,337
Total operating expenses
6,391
1,155
724
3,396
80
11,747
Operating profit / (loss) before tax
2,098
572
314
1,321
(715)
3,591
Tax expense / (benefit)
757
Net profit / (loss)
2,833
As of 31 December 2020
Total assets
367,714
231,657
28,589
369,683
128,122
1,125,765
65
Note 3
Net interest income
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Net interest income from financial instruments measured at amortized
cost and fair value through other comprehensive income
Interest income from loans and deposits
1
1,612
1,584
1,632
3,197
3,500
Interest income from securities financing transactions
2
126
135
202
261
569
Interest income from other financial instruments measured
at amortized cost
68
73
87
141
176
Interest income from debt instruments measured at fair
value through other comprehensive income
16
35
35
51
52
Interest income from derivative instruments designated as cash
flow hedges
284
268
178
553
290
Total interest income from financial instruments measured at amortized cost and fair
value through other comprehensive
income
2,106
2,097
2,133
4,203
4,588
Interest expense on loans and deposits
3
136
137
244
273
707
Interest expense on securities financing transactions
4
293
258
224
551
443
Interest expense on debt issued
381
411
596
792
1,272
Interest expense on lease liabilities
26
27
27
53
56
Total interest expense from financial instruments measured at amortized cost
836
833
1,092
1,669
2,478
Total net interest income from financial instruments measured at amortized cost and fair
value through other comprehensive
income
1,270
1,264
1,041
2,535
2,110
Net interest income from financial instruments measured at fair value through profit
or loss
Net interest income from financial instruments at fair value held for
trading
193
200
242
393
442
Net interest income from brokerage balances
216
197
182
412
318
Net interest income from securities financing transactions at fair
value not held for trading
5
12
12
18
24
51
Interest income from other financial instruments at fair
value not held for trading
75
96
153
170
355
Interest expense on other financial instruments designated
at fair value
(138)
(155)
(244)
(294)
(555)
Total net interest income from financial instruments measured at fair value through profit or loss
357
349
351
706
612
Total net interest income
1,628
1,613
1,392
3,241
2,722
1 Consists of interest income from cash and balances at central
banks, loans and advances to banks and
customers, and cash collateral receivables on
derivative instruments, as well as negative interest
on amounts
due to banks,
customer deposits, and
cash collateral payables
on derivative instruments.
2 Includes interest income
on receivables from
securities financing transactions
and negative interest,
including fees,
on
payables from securities financing transactions.
3 Consists of interest expense on
amounts due to banks,
cash collateral payables on
derivative instruments, and
customer deposits, as well
as negative interest on
cash and balances
at central
banks, loans
and advances
to banks,
and cash
collateral receivables
on derivative
instruments.
4 Includes interest
expense on
payables from
securities financing
transactions and
negative interest, including fees, on receivables from securities financing transactions.
5 Includes interest expense on securities financing transactions designated at fair value.
Note 4
Net fee and commission income
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Fee and commission income
Underwriting fees
387
392
257
780
456
of which: equity underwriting fees
262
275
123
537
230
of which: debt underwriting fees
126
117
133
243
227
M&A and corporate finance fees
330
238
117
568
335
Brokerage fees
1,037
1,358
959
2,395
2,204
Investment fund fees
1,405
1,436
1,197
2,842
2,492
Portfolio management and related services
2,426
2,284
1,813
4,710
3,872
Other
455
461
387
916
848
Total fee and commission income
1
6,041
6,169
4,729
12,210
10,207
of which: recurring
3,823
3,620
2,980
7,443
6,320
of which: transaction-based
2,176
2,454
1,674
4,631
3,773
of which: performance-based
42
94
75
136
114
Fee and commission expense
Brokerage fees paid
74
68
63
142
149
Distribution fees paid
153
132
144
285
300
Other
258
277
212
535
426
Total fee and commission expense
484
478
419
962
875
Net fee and commission income
5,557
5,691
4,311
11,248
9,332
of which: net brokerage fees
963
1,290
896
2,253
2,055
1 Reflects third-party fee and commission income for
the second quarter of 2021 of USD
3,585
million for Global Wealth Management
(first quarter of 2021: USD
3,673
million; second quarter of 2020: USD
2,809
million), USD
399
million for
Personal
& Corporate
Banking (first
quarter of
2021: USD
389
million; second
quarter of
2020: USD
313
million), USD
805
million for
Asset Management
(first quarter
of 2021:
USD
815
million; second quarter
of 2020: USD
700
million), USD
1,243
million for the
Investment Bank (first
quarter of 2021:
USD
1,278
million; second quarter
of 2020: USD
872
million) and USD
9
million for
Group Functions (first quarter of 2021: USD
15
million; second quarter of 2020: USD
36
million).
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
66
Note 5
Personnel expenses
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Salaries and variable compensation
2,945
2,871
2,696
5,816
5,258
Financial advisor compensation
1
1,183
1,170
941
2,353
2,035
Contractors
98
98
91
196
176
Social security
241
268
228
508
439
Post-employment benefit plans
173
2
265
202
439
438
Other personnel expenses
132
128
123
260
258
Total personnel expenses
4,772
4,801
4,283
9,573
8,604
1 Financial advisor
compensation consists of
grid-based compensation based
directly on compensable
revenues generated by
financial advisors and
supplemental compensation calculated
on the basis
of financial
advisor productivity, firm tenure,
assets and other variables.
It also includes expenses related to
compensation commitments with financial advisors
entered into at the time of
recruitment that are subject to vesting
requirements.
2 Includes curtailment
gains of USD
59
million, which represent
a reduction
in the defined
benefit obligation related
to the Swiss
pension plan
resulting from a
decrease in headcount
following
restructuring activities.
Note 6
General and administrative expenses
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Outsourcing costs
206
201
207
407
422
IT expenses
256
266
220
522
452
Consulting, legal and audit fees
130
99
156
229
310
Real estate and logistics costs
151
152
163
302
323
Market data services
105
102
101
206
199
Marketing & communication
52
42
36
94
76
Travel and entertainment
13
9
11
21
60
Litigation, regulatory & similar matters
1
63
9
2
72
8
Other
2
126
210
167
337
346
of which: UK and German bank levies
(11)
41
3
30
17
Total general and administrative expenses
1,103
1,089
1,063
2,192
2,196
1 Reflects the net increase in / (release of) provisions for litigation, regulatory and similar matters recognized in the income statement. Refer to Note 14 for
more information.
2 Includes charitable donations.
Note 7
Expected credit loss measurement
a) Credit loss expense
/ release
Total net
credit loss
releases were
USD
80
million in
the second
quarter
of
2021,
reflecting
an
USD
88
million
net
release
of
credit losses related to stage 1 and 2 positions and
USD
8
million
of
net
credit
loss
expenses
related
to
credit-impaired
(stage 3)
positions.
The
USD
88
million
stage 1
and
2
net
release
included
the
partial
release
of
a
post-model
adjustment
of
USD
91
million
(representing
one-third
of
the
USD
273
million
scenario-driven
model
output
effects
from
the
third
quarter
of
2020
to
the
second quarter
of 2021),
due to
the continued
positive trend
in
macroeconomic scenario input data.
Stage 3 net credit loss expenses were USD
8
million, including
USD
3
million
net
expenses
in
the
Investment
Bank
and
USD
5
million
net
expenses
in
Personal
&
Corporate
Banking,
across
various corporate lending positions.
Credit loss (expense) / release
USD million
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Group
Functions
Total
For the quarter ended 30.6.21
Stages 1 and 2
13
51
0
24
(1)
88
Stage 3
0
(5)
0
(3)
0
(8)
Total credit loss (expense) / release
14
46
0
21
(1)
80
67
Note 7
Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios, scenario weights and key inputs
Scenarios
The
expected credit
loss (ECL)
scenarios,
along with
the related
macroeconomic
factors,
were updated
and
reviewed
in light
of
the
economic
and
political
conditions prevailing
for
the
second
quarter of
2021 through
a series
of governance
meetings, with
input and feedback from
UBS risk and finance experts across
the
business divisions and regions.
Effective from the
second quarter
of
2021,
management
has
included
an
upside
scenario
and
a
mild
downside
scenario
in
the
ECL
calculation
similar
to
the
approach applied before the COVID-19 pandemic, as uncertainty
regarding future
economic developments and the
related effects
on
models
further
d
ecline
and
post
-
model
adjustment
levels
decrease.
The
upside
scenario
assumes
that
positive
developments
regarding
COVID-19 enable
economic activity
to
rebound
more
quickly than expected,
supported by significant
improvements in
business
and
consumer
activity.
Structural
changes
from
the
lockdown
period
and
accelerated
technology
uptake
increase
productivity and help
to keep growth
buoyant beyond the
initial
rebound
in
activity.
Underlying
macroeconomic
conditions
improve, and asset values increase substantially.
The
mild
downside
scenario
assumes
a
shift
in
sentiment
caused
by
higher-than-expected
inflation
and
the
Federal
Reserve’s
intention
to
begin
tapering
its
quantitative
easing
program.
Long
-
term
interest
rates
rise
sharply
and
equities
decline
as
market
volatility
ensues.
Economic
activity
slows
across the globe,
causing a mild recession.
The
baseline and
severe downside
scenarios included
slightly
more optimistic assumptions compared with those
applied in the
first
quarter
of
2021,
reflecting
improvements
in
economic
activity,
greater optimism
regarding the
availability and
effective
distribution
of
COVID-19
vaccines,
and
continued
government
support.
The
baseline
scenario
assumptions
on
a
calendar-year
basis are included in the table below.
Scenario weights and post-model adjustments
Management applied the following scenario weightings effective
from
the
second
quarter
of
2021:
upside
at
5
%,
baseline
at
55
%, mild downside
at
10
% and severe
downside at
30
%. This
compared
with
a
baseline
scenario
weighting
of
60
%
and
a
severe
downside scenario
weighting of
40
% applied
in the
first
quarter
of
2021.
The
incorporation
of
the
two
new
scenarios
and
the
applied
weightings
did
not
have
a
material
effect
on
allowances and provisions.
In
addition,
more
than
one
year
after
the
exceptional
circumstances
of
the
COVID-19 pandemic
began,
management
has
released
one-third
(USD
91
million)
of
the
USD
273
million
post-model adjustment
for scenario-driven
model output
effects
into
profit
or
loss
in
the
second
quarter
of
2021,
following
a
portfolio
level
review,
which
supported
partial
overlay
releases,
particularly
in
real
estate
and
large
corporate
segments.
This
decision
was
made
following
a
continued
positive
trend
in
macroeconomic
scenario
input
data
(from
the
third
quarter
of
2020
to
the
second
quarter
of
2021),
as
well
as
positive
vaccination
developments
and
gradual
lifting
of
lockdowns
in
many
economies.
Two-thirds
of
the
post-model
adjustment
for
scenario
-
driven
model
output
effects
(
USD
183
m
illion
)
w
as
retained,
given the
heightened level
of uncertainty
that remains
with
regard to
the ultimate
effects of
the crisis.
This recognizes
that new
challenges are
frequently arising
in the
context of
the
pandemic, for example, the spread of new variants of COVID-19,
inflationary
pressure
from
supply
chain
disruption
and
surging
demand, and the risk
of potential tail effects as
government and
central bank support winds down.
Baseline
Key parameters
2020
2021
2022
Real GDP growth (annual percentage change)
United States
(3.6)
6.9
5.9
Eurozone
(7.4)
4.3
5.3
Switzerland
(4.5)
3.3
3.0
Unemployment rate (%, annual average)
United States
8.1
5.4
4.4
Eurozone
8.5
8.6
8.1
Switzerland
3.2
3.3
3.1
Real estate (annual percentage change, Q4)
United States
3.4
6.5
2.9
Eurozone
(0.3)
2.9
1.0
Switzerland
4.0
5.0
1.0
Economic scenarios and weights applied
ECL scenario
Assigned weights in %
30.6.21
31.3.21
31.3.20
Upside
5.0
0.0
0.0
Baseline
55.0
60.0
70.0
Mild downside
10.0
0.0
0.0
Severe downside
30.0
40.0
30.0
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
68
Note 7
Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The
tables
below
and
on
the
following
pages
provide
information
about
financial
instruments
and
certain
non-
financial
instruments
that
are
subject
to
ECL
requirements.
For
amortized-cost instruments,
the carrying
amount represents
the
maximum
exposure
to
credit
risk,
taking
into
account
the
allowance
for
credit
losses.
Financial
assets
measured
at
fair
value
through
other
comprehensive
income
(FVOCI)
are
also
subject to
ECL; however,
unlike amortized-cost
instruments, the
allowance
for
credit
losses
for
FVOCI
instruments
does
not
reduce
the
carrying
amount
of
these
financial
assets.
Instead,
the
carrying
amount
of
financial
assets
measured
at
FVOCI
represents the maximum exposure to credit risk.
In
addition
to
on-balance
sheet
financial
assets,
certain
off-
balance sheet
and other
credit lines are
also subject
to ECL. The
maximum exposure
to
credit risk
for
off-balance
sheet financial
instruments
is
calculated
based
on
the
maximum
contractual
amounts.
USD million
30.6.21
Carrying amount¹ / Total exposure
ECL allowances / provisions
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
160,672
160,672
0
0
0
0
0
0
Loans and advances to banks
16,500
16,457
42
0
(8)
(6)
(1)
(1)
Receivables from securities financing transactions
83,494
83,494
0
0
(3)
(3)
0
0
Cash collateral receivables on derivative instruments
29,785
29,785
0
0
0
0
0
0
Loans and advances to customers
390,126
369,810
18,403
1,913
(950)
(124)
(156)
(670)
of which: Private clients with mortgages
147,827
137,851
9,140
836
(139)
(26)
(76)
(37)
of which: Real estate financing
42,627
37,950
4,663
14
(49)
(17)
(32)
0
of which: Large corporate clients
14,294
12,671
1,229
395
(246)
(20)
(19)
(207)
of which: SME clients
14,116
11,753
1,814
549
(291)
(20)
(19)
(253)
of which: Lombard
146,167
146,135
0
32
(35)
(6)
0
(29)
of which: Credit cards
1,611
1,255
327
28
(34)
(9)
(9)
(16)
of which: Commodity trade finance
3,399
3,345
38
16
(103)
(5)
0
(98)
Other financial assets measured at amortized cost
27,143
26,398
436
309
(124)
(30)
(9)
(86)
of which: Loans to financial advisors
2,415
1,924
197
295
(103)
(23)
(6)
(74)
Total financial assets measured at amortized cost
707,720
686,616
18,882
2,222
(1,085)
(163)
(166)
(757)
Financial assets measured at fair value through other comprehensive income
7,775
7,775
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
715,496
694,392
18,882
2,222
(1,085)
(163)
(166)
(757)
Off-balance sheet (in scope of ECL)
Guarantees
17,457
15,719
1,580
158
(52)
(15)
(9)
(27)
of which: Large corporate clients
3,142
1,995
1,035
112
(13)
(3)
(3)
(7)
of which: SME clients
1,269
1,002
222
46
(13)
(1)
(1)
(12)
of which: Financial intermediaries and hedge funds
7,465
7,257
208
0
(16)
(10)
(5)
0
of which: Lombard
2,166
2,166
0
0
(1)
0
0
(1)
of which: Commodity trade finance
2,372
2,342
30
0
(2)
(1)
0
(1)
Irrevocable loan commitments
37,751
34,505
3,064
181
(118)
(69)
(49)
0
of which: Large corporate clients
22,464
19,621
2,718
125
(103)
(61)
(42)
0
Forward starting reverse repurchase and securities borrowing agreements
8,253
8,253
0
0
0
0
0
0
Committed unconditionally revocable credit lines
38,796
35,201
3,526
68
(36)
(28)
(8)
0
of which: Real estate financing
6,542
6,135
407
0
(5)
(4)
(1)
0
of which: Large corporate clients
4,383
2,924
1,434
25
(7)
(4)
(3)
0
of which: SME clients
5,173
4,498
643
32
(14)
(12)
(2)
0
of which: Lombard
8,632
8,632
0
0
0
0
0
0
of which: Credit cards
9,298
8,825
464
9
(6)
(5)
(2)
0
of which: Commodity trade finance
251
251
0
0
0
0
0
0
Irrevocable committed prolongation of existing loans
5,281
5,260
20
1
(3)
(2)
(1)
0
Total off-balance sheet financial instruments and other credit lines
107,537
98,938
8,191
408
(209)
(114)
(67)
(27)
Total allowances and provisions
(1,294)
(277)
(233)
(784)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL
allowances.
69
Note 7
Expected credit loss measurement (continued)
USD million
31.3.21
Carrying amount¹ / Total exposure
ECL allowances / provisions
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
158,914
158,914
0
0
0
0
0
0
Loans and advances to banks
18,448
18,387
61
0
(12)
(8)
(3)
(1)
Receivables from securities financing transactions
82,384
82,385
0
0
(3)
(3)
0
0
Cash collateral receivables on derivative instruments
35,046
35,046
0
0
0
0
0
0
Loans and advances to customers
376,798
355,787
18,995
2,016
(993)
(138)
(184)
(671)
of which: Private clients with mortgages
142,611
132,636
9,118
857
(158)
(37)
(86)
(35)
of which: Real estate financing
41,092
36,099
4,979
15
(56)
(15)
(41)
0
of which: Large corporate clients
13,305
11,155
1,673
477
(271)
(28)
(28)
(216)
of which: SME clients
14,034
11,620
1,886
527
(283)
(19)
(19)
(246)
of which: Lombard
141,139
141,112
0
27
(34)
(5)
0
(30)
of which: Credit cards
1,392
1,063
301
28
(33)
(9)
(8)
(16)
of which: Commodity trade finance
3,695
3,663
16
15
(101)
(5)
0
(96)
Other financial assets measured at amortized cost
26,770
26,036
314
420
(125)
(32)
(7)
(86)
of which: Loans to financial advisors
2,473
1,961
107
405
(104)
(26)
(4)
(75)
Total financial assets measured at amortized cost
698,361
676,554
19,371
2,436
(1,133)
(180)
(195)
(758)
Financial assets measured at fair value through other comprehensive income
8,100
8,100
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
706,460
684,654
19,371
2,436
(1,133)
(180)
(195)
(758)
Off-balance sheet (in scope of ECL)
Guarantees
17,493
15,377
1,952
164
(59)
(15)
(15)
(29)
of which: Large corporate clients
3,425
2,025
1,281
119
(17)
(3)
(5)
(9)
of which: SME clients
1,243
936
262
45
(12)
0
(1)
(11)
of which: Financial intermediaries and hedge funds
7,579
7,304
275
0
(18)
(9)
(9)
0
of which: Lombard
2,136
2,136
0
0
(2)
0
0
(1)
of which: Commodity trade finance
2,057
2,031
26
0
(4)
(1)
0
(3)
Irrevocable loan commitments
38,137
34,312
3,730
95
(138)
(75)
(63)
0
of which: Large corporate clients
22,943
19,600
3,278
65
(121)
(68)
(54)
0
Forward starting reverse repurchase and securities borrowing agreements
5,988
5,988
0
0
0
0
0
0
Committed unconditionally revocable credit lines
39,424
35,311
4,023
89
(45)
(27)
(18)
0
of which: Real estate financing
7,227
6,786
432
9
(11)
(5)
(6)
0
of which: Large corporate clients
4,429
2,713
1,690
25
(9)
(3)
(6)
0
of which: SME clients
5,036
4,120
878
39
(14)
(11)
(3)
0
of which: Lombard
8,566
8,566
0
0
(1)
(1)
0
0
of which: Credit cards
9,175
8,695
469
11
(6)
(5)
(1)
0
of which: Commodity trade finance
322
322
0
0
0
0
0
0
Irrevocable committed prolongation of existing loans
5,824
5,785
34
5
(3)
(3)
0
0
Total off-balance sheet financial instruments and other credit lines
106,865
96,773
9,738
354
(245)
(121)
(95)
(29)
Total allowances and provisions
(1,378)
(301)
(290)
(787)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL
allowances.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
70
Note 7
Expected credit loss measurement (continued)
USD million
31.12.20
Carrying amount¹ / Total exposure
ECL allowances / provisions
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
158,231
158,231
0
0
0
0
0
0
Loans and advances to banks
15,444
15,260
184
0
(16)
(9)
(5)
(1)
Receivables from securities financing transactions
74,210
74,210
0
0
(2)
(2)
0
0
Cash collateral receivables on derivative instruments
32,737
32,737
0
0
0
0
0
0
Loans and advances to customers
379,528
356,948
20,341
2,240
(1,060)
(142)
(215)
(703)
of which: Private clients with mortgages
148,175
138,769
8,448
959
(166)
(35)
(93)
(39)
of which: Real estate financing
43,429
37,568
5,838
23
(63)
(15)
(44)
(4)
of which: Large corporate clients
15,161
12,658
2,029
474
(279)
(27)
(40)
(212)
of which: SME clients
14,872
11,990
2,254
628
(310)
(19)
(23)
(268)
of which: Lombard
133,850
133,795
0
55
(36)
(5)
0
(31)
of which: Credit cards
1,558
1,198
330
30
(38)
(11)
(11)
(16)
of which: Commodity trade finance
3,269
3,214
43
12
(106)
(5)
0
(101)
Other financial assets measured at amortized cost
27,194
26,377
348
469
(133)
(34)
(9)
(90)
of which: Loans to financial advisors
2,569
1,982
137
450
(108)
(27)
(5)
(76)
Total financial assets measured at amortized cost
687,345
663,763
20,873
2,709
(1,211)
(187)
(229)
(795)
Financial assets measured at fair value through other comprehensive income
8,258
8,258
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
695,603
672,021
20,873
2,709
(1,211)
(187)
(229)
(795)
Off-balance sheet (in scope of ECL)
Guarantees
17,081
14,687
2,225
170
(63)
(14)
(15)
(34)
of which: Large corporate clients
3,710
2,048
1,549
113
(20)
(4)
(5)
(12)
of which: SME clients
1,310
936
326
48
(13)
(1)
(1)
(11)
of which: Financial intermediaries and hedge funds
7,637
7,413
224
0
(17)
(7)
(9)
0
of which: Lombard
641
633
0
8
(2)
0
0
(2)
of which: Commodity trade finance
1,441
1,416
25
0
(2)
(1)
0
0
Irrevocable loan commitments
41,372
36,894
4,374
104
(142)
(74)
(68)
0
of which: Large corporate clients
24,209
20,195
3,950
64
(121)
(63)
(58)
0
Forward starting reverse repurchase and securities borrowing agreements
3,247
3,247
0
0
0
0
0
0
Committed unconditionally revocable credit lines
40,134
35,233
4,792
108
(50)
(29)
(21)
0
of which: Real estate financing
6,328
5,811
517
0
(12)
(5)
(7)
0
of which: Large corporate clients
4,909
2,783
2,099
27
(9)
(2)
(7)
0
of which: SME clients
5,827
4,596
1,169
63
(16)
(12)
(4)
0
of which: Lombard
9,671
9,671
0
0
0
(1)
0
0
of which: Credit cards
8,661
8,220
430
11
(8)
(6)
(2)
0
of which: Commodity trade finance
242
242
0
0
0
0
0
0
Irrevocable committed prolongation of existing loans
3,282
3,277
5
0
(2)
(2)
0
0
Total off-balance sheet financial instruments and other credit lines
105,116
93,337
11,396
382
(257)
(119)
(104)
(34)
Total allowances and provisions
(1,468)
(306)
(333)
(829)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective
ECL allowances.
71
Note 7
Expected credit loss measurement (continued)
The
table
below
provides
information
about
the
ECL
gross
exposure and the
ECL coverage ratio for
our core loan
portfolios
(i.e.,
Loans
and
advances
to
customers
and
Loans
to
financial
advisors
)
and
relevant
off-balance
sheet
exposures.
Cash
and
balances
at
central
banks
,
Loans
and
advances
to
banks
,
Receivables from securities financing transactions
,
Cash collateral
receivables
on
derivative
instruments
and
Financial
assets
measured at fair
value through other
comprehensive income
are
not included
in the
table below,
due to
their lower
sensitivity to
ECL.
ECL
coverage
ratios are
calculated by
taking ECL
allowances
and
provisions
divided
by
the
gross
carrying
amount
of
the
exposures
.
Coverage ratios for core loan portfolio
30.6.21
Gross carrying amount (USD million)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
147,966
137,877
9,216
874
9
2
82
427
Real estate financing
42,677
37,967
4,696
14
12
4
69
101
Large corporate clients
14,540
12,691
1,247
602
169
16
151
3,446
SME clients
14,407
11,772
1,833
802
202
17
102
3,152
Lombard
146,202
146,141
0
61
2
0
0
4,698
Credit cards
1,644
1,264
336
44
205
72
261
3,608
Commodity trade finance
3,503
3,350
38
114
295
15
2
8,605
Other loans and advances to customers
20,137
18,871
1,193
73
26
11
13
4,051
Loans to financial advisors
2,518
1,946
202
369
408
116
290
2,016
Total
1
393,594
371,880
18,762
2,952
27
4
86
2,521
Gross exposure (USD million)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
8,063
7,809
251
3
4
4
7
349
Real estate financing
8,048
7,596
452
0
9
7
49
0
Large corporate clients
29,990
24,540
5,187
262
41
27
91
278
SME clients
8,273
7,099
1,040
134
43
20
91
878
Lombard
14,736
14,735
0
0
1
0
0
0
Credit cards
9,298
8,825
464
9
7
5
33
0
Commodity trade finance
2,623
2,593
30
0
8
5
50
0
Financial intermediaries and hedge funds
10,576
10,110
466
0
17
12
120
0
Other off-balance sheet commitments
7,678
7,377
301
0
17
8
21
0
Total
2
99,284
90,685
8,191
408
21
13
82
671
1 Includes Loans and advances
to customers of USD
391,076
million and Loans to
financial advisors of
USD
2,518
million, which are presented
on the balance sheet
line Other assets measured
at amortized cost.
2 Excludes Forward starting reverse repurchase and securities borrowing agreements.
Coverage ratios for core loan portfolio
31.3.21
Gross carrying amount (USD million)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
142,770
132,673
9,204
893
11
3
93
396
Real estate financing
41,148
36,113
5,020
15
14
4
81
78
Large corporate clients
13,577
11,184
1,701
692
200
25
162
3,114
SME clients
14,317
11,639
1,905
773
198
16
98
3,179
Lombard
141,173
141,117
0
56
2
0
0
5,260
Credit cards
1,425
1,073
309
44
233
88
266
3,555
Commodity trade finance
3,796
3,668
16
111
267
14
2
8,620
Other loans and advances to customers
19,585
18,458
1,024
103
28
11
26
3,211
Loans to financial advisors
2,578
1,987
111
480
405
131
337
1,558
Total
1
380,369
357,911
19,290
3,167
29
5
97
2,355
Gross exposure (USD million)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
7,455
7,226
217
13
6
5
16
111
Real estate financing
8,513
8,049
455
9
17
7
192
53
Large corporate clients
30,796
24,339
6,249
209
48
31
102
422
SME clients
8,101
6,626
1,367
108
41
20
70
973
Lombard
14,603
14,603
0
0
2
1
0
0
Credit cards
9,175
8,695
469
11
7
6
30
0
Commodity trade finance
2,379
2,352
26
0
18
5
28
0
Financial intermediaries and hedge funds
11,090
10,468
622
0
19
10
169
0
Other off-balance sheet commitments
8,764
8,428
332
4
14
7
23
0
Total
2
100,877
90,785
9,738
354
24
13
98
831
1 Includes Loans and advances
to customers of USD
377,791
million and Loans to
financial advisors of USD
2,578
million, which are presented
on the balance sheet
line Other assets measured
at amortized cost.
2 Excludes Forward starting reverse repurchase and securities borrowing agreements.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
72
Note 7
Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.20
Gross carrying amount (USD million)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
148,341
138,803
8,540
998
11
2
108
390
Real estate financing
43,492
37,583
5,883
27
15
4
75
1,414
Large corporate clients
15,440
12,684
2,069
686
181
21
192
3,089
SME clients
15,183
12,010
2,277
896
204
16
101
2,991
Lombard
133,886
133,800
0
86
3
0
0
3,592
Credit cards
1,596
1,209
342
46
240
91
333
3,488
Commodity trade finance
3,375
3,219
43
113
315
16
2
8,939
Other loans and advances to customers
19,274
17,781
1,402
91
31
14
25
3,563
Loans to financial advisors
2,677
2,009
142
526
404
135
351
1,446
Total
1
383,266
359,099
20,697
3,470
30
5
106
2,247
Gross exposure (USD million)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Private clients with mortgages
6,285
6,083
198
3
7
6
16
197
Real estate financing
7,056
6,576
481
0
21
9
185
0
Large corporate clients
32,828
25,026
7,598
205
46
27
92
565
SME clients
9,121
7,239
1,734
148
40
19
63
779
Lombard
14,178
14,170
0
8
2
1
0
1,941
Credit cards
8,661
8,220
430
11
9
8
44
0
Commodity trade finance
1,683
1,658
25
0
10
8
15
0
Financial intermediaries and hedge funds
7,690
7,242
448
0
26
13
248
166
Other off-balance sheet commitments
14,366
13,876
482
8
13
7
11
0
Total
2
101,869
90,090
11,396
382
25
13
91
894
1 Includes Loans and advances
to customers of USD
380,589
million and Loans to
financial advisors of USD
2,677
million, which are presented
on the balance sheet
line Other assets measured
at amortized cost.
2 Excludes Forward starting reverse repurchase and securities borrowing agreements.
Note 8
Fair value measurement
This Note
provides fair
value measurement
information for
both
financial
and
non-financial
instruments
and
should
be
read
in
conjunction
with
“Note
21
Fair
value
measurement”
in
the
“Consolidated
financial
statements”
section
of
the
Annual
Report
2020, which
provides more
information about
valuation
principles,
valuation
governance,
fair
value
hierarchy
classification,
valuation
adjustments,
valuation
techniques
and
inputs,
sensitivity
of
fair
value
measurements,
and
methods
applied
to
calculate
fair
values
for
financial
instruments
not
measured at fair value.
›
Refer to the “Balance sheet and off-balance sheet”
section of
this report for more information about quarter-on-quarter
balance sheet movements
All
financial and
non-financial assets
and
liabilities measured
or
disclosed
at
fair
value
are
categorized
into
one
of
three
fair
value
hierarchy
levels.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
within
different
levels
of
the
fair
value hierarchy. For disclosure purposes, the level in the hierarchy
within
which
the
instrument
is
classified
in
its
entirety
is
based
on the
lowest-level input
that is
significant to
the position’s
fair
value measurement:
–
Level 1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical assets and liabilities;
–
Level 2
–
valuation techniques
for which
all significant
inputs
are, or are based on, observable market data; or
–
Level 3
–
valuation techniques for which
significant inputs are
not based on observable market data.
73
Note 8
Fair value measurement (continued)
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.
Determination of fair values from quoted market
prices or valuation techniques
1
30.6.21
31.3.21
31.12.20
USD million
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
103,684
16,675
2,123
122,482
101,898
16,499
2,179
120,576
107,507
15,553
2,337
125,397
of which:
Equity instruments
86,722
1,336
128
88,186
85,242
736
137
86,115
90,307
1,101
171
91,579
Government bills / bonds
8,123
1,776
10
9,910
8,384
1,890
10
10,284
9,028
2,207
10
11,245
Investment fund units
8,048
1,707
18
9,773
7,400
1,602
31
9,033
7,374
1,794
23
9,192
Corporate and municipal bonds
784
8,417
821
10,022
865
9,795
783
11,443
789
8,356
817
9,961
Loans
0
3,115
1,000
4,114
0
2,234
1,052
3,285
0
1,860
1,134
2,995
Asset-backed securities
7
323
147
478
6
242
166
415
8
236
181
425
Derivative financial instruments
795
119,348
1,479
121,622
1,141
145,508
1,633
148,282
795
157,068
1,754
159,617
of which:
Foreign exchange contracts
296
49,154
6
49,456
459
70,221
12
70,692
319
68,424
5
68,749
Interest rate contracts
0
38,104
342
38,446
0
39,529
391
39,920
0
50,353
537
50,890
Equity / index contracts
1
28,383
801
29,185
0
31,369
820
32,189
0
33,990
853
34,842
Credit derivative contracts
0
1,739
303
2,043
0
1,914
395
2,309
0
2,008
350
2,358
Commodity contracts
0
1,832
24
1,856
0
2,187
14
2,201
0
2,211
6
2,217
Brokerage receivables
0
23,010
0
23,010
0
24,201
0
24,201
0
24,659
0
24,659
Financial assets at fair value not held for trading
29,125
31,809
4,459
65,393
31,596
33,385
4,206
69,187
40,986
35,435
3,942
80,364
of which:
Financial assets for unit-linked investment
contracts
21,974
9
8
21,991
21,162
0
3
21,166
20,628
101
2
20,731
Corporate and municipal bonds
88
16,009
333
16,430
98
15,114
334
15,547
290
16,957
372
17,619
Government bills / bonds
6,640
3,331
0
9,971
9,985
3,970
0
13,956
19,704
3,593
0
23,297
Loans
0
5,626
1,087
6,712
0
6,900
1,093
7,993
0
7,699
862
8,561
Securities financing transactions
0
6,203
201
6,404
0
6,811
119
6,930
0
6,629
122
6,751
Auction rate securities
0
0
1,563
1,563
0
0
1,587
1,587
0
0
1,527
1,527
Investment fund units
317
613
120
1,051
263
589
99
951
278
447
105
831
Equity instruments
105
18
594
717
86
0
530
616
86
0
544
631
Other
0
0
554
554
0
0
441
441
0
10
408
418
Financial assets measured at fair value through other comprehensive income on
a recurring basis
Financial assets measured at fair value through
other comprehensive income
2,165
5,611
0
7,775
2,154
5,946
0
8,100
1,144
7,114
0
8,258
of which:
Asset-backed securities
0
5,200
0
5,200
0
5,480
0
5,480
0
6,624
0
6,624
Government bills / bonds
2,121
44
0
2,165
2,115
43
0
2,159
1,103
47
0
1,150
Corporate and municipal bonds
44
367
0
411
38
423
0
461
40
444
0
485
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
5,470
0
0
5,470
5,709
0
0
5,709
6,264
0
0
6,264
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
1
67
68
0
1
247
248
0
1
245
246
Total assets measured at fair value
141,238
196,453
8,129
345,820
142,498
225,540
8,266
376,304
156,696
239,831
8,278
404,805
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
74
Note 8
Fair value measurement (continued)
Determination of fair values from quoted market
prices or valuation techniques (continued)
1
30.6.21
31.3.21
31.12.20
USD million
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
27,038
6,216
94
33,348
30,887
6,114
61
37,062
26,888
6,652
55
33,595
of which:
Equity instruments
20,826
387
75
21,288
26,190
151
50
26,392
22,519
425
40
22,985
Corporate and municipal bonds
37
4,592
13
4,642
32
4,718
7
4,757
31
4,048
9
4,089
Government bills / bonds
5,727
620
0
6,347
4,168
807
0
4,975
3,642
1,036
0
4,678
Investment fund units
442
581
6
1,028
492
397
3
891
696
1,127
5
1,828
Derivative financial instruments
754
117,983
2,950
121,686
1,404
141,518
3,114
146,036
746
156,884
3,471
161,102
of which:
Foreign exchange contracts
280
47,048
59
47,387
541
67,043
54
67,638
316
70,149
61
70,527
Interest rate contracts
0
32,177
526
32,703
0
33,501
546
34,046
0
43,389
527
43,916
Equity / index contracts
9
34,431
1,902
36,342
0
36,614
2,070
38,684
0
38,870
2,306
41,176
Credit derivative contracts
0
2,000
392
2,392
0
2,139
369
2,508
0
2,403
528
2,931
Commodity contracts
0
2,034
51
2,085
0
1,907
59
1,966
0
2,003
24
2,027
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
39,129
0
39,129
0
45,600
0
45,600
0
38,742
0
38,742
Debt issued designated at fair value
0
60,321
14,744
75,065
0
53,900
12,635
66,535
0
50,273
10,970
61,243
Other financial liabilities designated at fair value
0
30,032
610
30,642
0
28,310
545
28,855
0
29,671
716
30,387
of which:
Financial liabilities related to unit-linked
investment contracts
0
22,217
0
22,217
0
21,357
0
21,357
0
20,975
0
20,975
Securities financing transactions
0
6,181
3
6,184
0
5,651
0
5,651
0
7,317
0
7,317
Over-the-counter debt instruments
0
1,550
592
2,142
0
1,261
526
1,787
0
1,363
697
2,060
Total liabilities measured at fair value
27,791
253,679
18,398
299,869
32,291
275,442
16,355
324,088
27,635
282,222
15,212
325,069
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.
b) Valuation adjustments and other items
The
table
below summarizes
the
valuation adjustment
reserves
recognized
on
the
balance sheet.
Details
about
each
category are
provided further below.
Valuation adjustment reserves on the balance sheet
As of
Life-to-date gain / (loss), USD million
30.6.21
31.3.21
31.12.20
Deferred day-1 profit or loss reserves
405
387
269
Own credit adjustments on financial liabilities designated at fair value
(278)
(400)
(381)
CVAs, FVAs,
DVAs and other valuation adjustments
(956)
(977)
(959)
Deferred day-1 profit or loss reserves
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
measur
ed
at
fair
value
through profit or loss
when pricing of
equivalent products or
the
underlying
parameters
become
observable
or
when
the
transaction is closed out.
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Reserve balance at the beginning of the period
387
269
194
269
146
Profit / (loss) deferred on new transactions
97
181
121
278
239
(Profit) / loss recognized in the income statement
(79)
(63)
(72)
(142)
(141)
Foreign currency translation
0
(1)
0
(1)
(1)
Reserve balance at the end of the period
405
387
243
405
243
75
Note 8
Fair value measurement (continued)
Own credit
The
valuation
of
financial
liabilities
designated
at
fair
value
requires
consideration
of
the
own
credit
component
of
fair
value.
Own credit
risk is
reflected
in
the valuation
of
UBS’s fair
value
option
liabilities
where
this
component
is
considered
relevant
for
valuation
purposes
by
UBS’s
counterparties
and
other
market
participants.
However,
own
credit
risk
is
not
reflected
in
the
valuation
of
UBS’s
liabilities
that
are
fully
collateralized
or for
other obligations
for
which it
is established
market practice to not include an own credit component.
A
description
of
UBS’s
methodology
to
estimate
own
credit
and the related accounting principles is included in “Note 21 Fair
value measurement”
in the
“Consolidated financial
statements”
section of the Annual Report 2020.
In the
second quarter
of 2021,
other
comprehensive income
related
to
own
credit
on
financial
liabilities
designated
at
fair
value was
positive USD
118
million, primarily
due to
a widening
of UBS’s credit spreads.
Own credit adjustments on financial liabilities
designated at fair value
Included in Other comprehensive income
For the quarter ended
Year-to-date
USD million
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
Recognized during the period:
Realized gain / (loss)
(5)
(6)
8
(11)
9
Unrealized gain / (loss)
123
(23)
(1,103)
100
53
Total gain / (loss), before tax
118
(29)
(1,095)
89
62
As of
USD million
30.6.21
31.3.21
30.6.20
Recognized on the balance sheet as of the end of the period:
Unrealized life-to-date gain / (loss)
(278)
(400)
(31)
Credit, funding, debit and other valuation adjustments
A
description
of
UBS’s
methodology
for
estimat
ing
credit
valuation
adjustment
s
(CVA
s
),
funding
valuation
adjustments
(FVAs),
debit
valuation
adjustments
(DVAs)
and
other
valuation
adjustments is included
in “Note 21
Fair value measurement”
in
the
“Consolidated
financial
statements”
section
of
the
Annual
Report 2020.
In
the
second
quarter
of
2021,
other
valuation
adjustments
for liquidity
decreased, primarily
due to
lower observed
levels of
risk across portfolios during the quarter.
Valuation adjustments on financial instruments
As of
Life-to-date gain / (loss), USD million
30.6.21
31.3.21
31.12.20
Credit valuation adjustments
1
(51)
(53)
(66)
Funding valuation adjustments
(58)
(58)
(73)
Debit valuation adjustments
1
1
0
Other valuation adjustments
(848)
(867)
(820)
of which: liquidity
(327)
(356)
(340)
of which: model uncertainty
(521)
(511)
(479)
1 Amounts do not include reserves against defaulted counterparties.
c) Transfers between Level 1 and Level 2
During the first six months of 2021, assets and liabilities transferred from Level 2 to Level 1, or from Level 1 to Level 2, that were
held for the entire reporting period, were not material.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
76
Note 8
Fair value measurement (continued)
d) 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,
the inputs used in a given valuation
technique that are considered
significant as of 30 June 2021
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
ranges
will
therefore
vary
from
period
to
period
and
parameter
to
parameter based
on characteristics
of the instruments
held at each
balance
sheet
date.
Further
more
,
the
ranges
of
unobservable
inputs may differ
across other financial institutions,
reflecting the
diversity
of the products
in each firm’s
inventory.
The
significant
unobservable
inputs
disclosed
in
the
table
below are
consistent with
those included
in “Note
21 Fair
value
measurement”
in
the
“Consolidated
financial
statements”
section
of
the
Annual
Report
2020.
A
description
of
the
potential
effect
that
a
change
in
each
unobservable
input
in
isolation
may
have
on
a
fair
value
measurement,
including
information
to
facilitate
an
understanding
of
factors
that
give
rise to the
input ranges shown,
is also provided
in “Note 21
Fair
value measurement”
in the
“Consolidated financial
statements”
section of the Annual Report 2020.
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)
30.6.21
31.12.20
USD billion
30.6.21
31.12.20
30.6.21
31.12.20
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
1.2
1.2
0.0
0.0
Relative value to
market comparable
Bond price equivalent
15
143
100
1
143
100
points
Discounted expected
cash flows
Discount margin
358
358
268
268
basis
points
Traded loans, loans
measured at fair value,
loan commitments and
guarantees
2.6
2.4
0.0
0.0
Relative value to
market comparable
Loan price equivalent
1
101
99
0
101
99
points
Discounted expected
cash flows
Credit spread
180
800
190
800
basis
points
Market comparable
and securitization
model
Credit spread
28
1,558
228
40
1,858
333
basis
points
Auction rate securities
1.6
1.5
Discounted expected
cash flows
Credit spread
115
222
162
100
188
140
basis
points
Investment fund units
3
0.1
0.1
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
3
0.7
0.7
0.1
0.0
Relative value to
market comparable
Price
Debt issued designated at
fair value
4
14.7
11.0
Other financial liabilities
designated at fair value
0.6
0.7
Discounted expected
cash flows
Funding spread
35
175
42
175
basis
points
Derivative financial instruments
Interest rate contracts
0.3
0.5
0.5
0.5
Option model
Volatility of interest rates
49
73
29
69
basis
points
Credit derivative contracts
0.3
0.3
0.4
0.5
Discounted expected
cash flows
Credit spreads
2
496
1
489
basis
points
Bond price equivalent
3
102
0
100
points
Equity / index contracts
0.8
0.9
1.9
2.3
Option model
Equity dividend yields
0
11
0
13
%
Volatility of equity stocks,
equity and other indices
4
99
4
100
%
Equity-to-FX correlation
(30)
70
(34)
65
%
Equity-to-equity
correlation
(25)
99
(16)
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 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
derivative contracts,
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 is
composed primarily
of UBS structured notes, which
include variable maturity notes
with various equity and foreign
exchange underlying risks, rates
-linked and credit-linked
notes, all of which
have embedded derivative parameters
that
are considered to be unobservable. The equivalent
derivative instrument parameters are presented in the respective derivative financial instruments lines in
this table.
77
Note 8
Fair value measurement (continued)
e) 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
table
presents
the
favorable
and
unfavorable
effects
for
each
class
of
financial
assets
and
liabilities
for
which
the
potential
change
in
fair
value
is
considered significant. The
sensitivity of fair value
measurements
for
debt
issued
designated
at
fair
value
and
over-the-counter
debt
instruments
designated
at
fair
value
is
reported
together
with the equivalent derivative or securities financing instrument.
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
interdepend-
encies
may
exist
between
Levels 1–2
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
30.6.21
31.3.21
31.12.20
USD million
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Traded loans, loans designated at fair value, loan commitments and guarantees
22
(13)
26
(21)
29
(28)
Securities financing transactions
69
(68)
71
(51)
40
(52)
Auction rate securities
114
(114)
88
(88)
105
(105)
Asset-backed securities
48
(34)
50
(40)
41
(41)
Equity instruments
150
(120)
127
(99)
129
(96)
Interest rate derivative contracts, net
25
(14)
38
(23)
11
(16)
Credit derivative contracts, net
8
(10)
10
(10)
10
(14)
Foreign exchange derivative contracts, net
15
(9)
17
(11)
20
(15)
Equity / index derivative contracts, net
344
(324)
358
(344)
318
(294)
Other
58
(77)
77
(92)
91
(107)
Total
852
(782)
861
(779)
794
(768)
f) Level 3 instruments: movements during the period
Significant changes in Level 3 instruments
The table on the following pages 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.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
78
Note 8
Fair value measurement (continued)
Movements of Level 3 instruments
Total gains / losses
included in
comprehensive income
USD billion
Balance
as of
31 December
2019
Net gains /
losses
included in
income
1
of which:
related to
Level 3
instruments
held at the
end of the
reporting
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance
as of
30 June
2020
Financial assets at fair value held for
trading
1.8
(0.1)
0.0
0.3
(1.0)
1.4
0.0
0.3
0.0
0.0
2.7
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
Corporate and municipal bonds
0.5
0.0
0.0
0.2
(0.2)
0.0
0.0
0.2
0.0
0.0
0.8
Loans
0.8
(0.1)
0.0
0.0
(0.6)
1.4
0.0
0.0
0.0
0.0
1.6
Other
0.4
0.0
0.0
0.0
(0.2)
0.0
0.0
0.1
0.0
0.0
0.3
Derivative financial instruments –
assets
1.3
0.3
0.4
0.0
0.0
0.5
(0.5)
0.0
(0.1)
0.0
1.5
of which:
Interest rate contracts
0.3
0.2
0.2
0.0
0.0
0.0
(0.2)
0.0
0.0
0.0
0.3
Equity / index contracts
0.6
0.0
0.1
0.0
0.0
0.5
(0.2)
0.0
(0.1)
0.0
0.8
Credit derivative contracts
0.4
0.1
0.1
0.0
0.0
0.0
(0.2)
0.0
0.0
0.0
0.4
Other
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Financial assets at fair value not held
for trading
4.0
(0.1)
(0.1)
0.5
(0.6)
0.0
0.0
0.1
0.0
0.0
3.7
of which:
Loans
1.2
0.0
0.0
0.4
(0.5)
0.0
0.0
0.0
0.0
0.0
1.0
Auction rate securities
1.5
(0.1)
(0.1)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.4
Equity instruments
0.5
0.0
0.0
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.5
Other
0.7
0.0
0.0
0.1
(0.1)
0.0
0.0
0.0
0.0
0.0
0.8
Derivative financial instruments –
liabilities
2.0
1.2
1.1
0.0
0.0
0.5
(0.8)
0.6
(0.3)
0.0
3.3
of which:
Interest rate contracts
0.1
0.7
0.7
0.0
0.0
0.0
(0.3)
0.3
0.0
0.0
0.8
Equity / index contracts
1.3
0.2
0.2
0.0
0.0
0.5
(0.4)
0.0
(0.2)
0.0
1.4
Credit derivative contracts
0.5
0.3
0.3
0.0
0.0
0.1
(0.1)
0.3
(0.1)
0.0
0.9
Other
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
Debt issued designated at fair value
9.9
0.2
0.3
0.0
0.0
3.9
(3.5)
0.4
(1.0)
0.0
9.7
Other financial liabilities designated
at fair value
0.8
0.0
0.0
0.0
0.0
0.6
(0.3)
0.0
0.0
0.0
1.1
1 Net gains / losses included
in comprehensive income
are composed of Net
interest income, Other
net income from financial
instruments measured at fair
value through profit or
loss and Other income.
2 Total
Level 3 assets as of 30 June 2021 were USD
8.1
billion (31 December 2020: USD
8.3
billion). Total Level 3 liabilities as of 30 June 2021 were USD
18.4
billion (31 December 2020: USD
15.2
billion).
79
Note 8
Fair value measurement (continued)
Total gains / losses
included in
comprehensive income
Balance
as of
31 December
2020
2
Net gains /
losses
included in
income
1
of which:
related to
Level 3
instruments
held at the
end of the
reporting
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance
as of
30 June
2021
2
2.3
0.0
0.0
0.3
(0.8)
0.4
0.0
0.2
(0.2)
0.0
2.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
0.0
0.1
(0.1)
0.0
0.0
0.0
(0.1)
0.0
0.8
1.1
0.0
0.0
0.1
(0.5)
0.4
0.0
0.0
(0.2)
0.0
1.0
0.4
(0.1)
(0.1)
0.0
(0.2)
0.0
0.0
0.1
0.0
0.0
0.3
1.8
(0.2)
(0.1)
0.0
0.0
0.5
(0.4)
0.0
(0.1)
0.0
1.5
0.5
(0.1)
(0.1)
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.3
0.9
0.1
0.1
0.0
0.0
0.3
(0.4)
0.0
(0.1)
0.0
0.8
0.3
(0.1)
(0.1)
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.9
0.1
0.1
0.7
(0.3)
0.0
0.0
0.1
0.0
0.0
4.5
0.9
0.0
0.0
0.4
(0.1)
0.0
0.0
0.0
0.0
0.0
1.1
1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.6
0.5
0.1
0.1
0.1
(0.1)
0.0
0.0
0.0
0.0
0.0
0.6
1.0
0.0
0.0
0.2
0.0
0.0
0.0
0.0
0.0
0.0
1.2
3.5
0.2
0.0
0.0
0.0
0.7
(1.2)
0.0
(0.2)
0.0
2.9
0.5
(0.1)
(0.1)
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.5
2.3
0.4
0.2
0.0
0.0
0.5
(1.1)
0.0
(0.2)
0.0
1.9
0.5
(0.2)
(0.2)
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.4
0.1
0.1
0.0
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.1
11.0
0.3
0.2
0.0
0.0
7.2
(2.9)
0.2
(0.8)
(0.2)
14.7
0.7
0.0
0.0
0.0
0.0
0.1
(0.2)
0.0
0.0
0.0
0.6
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
80
Note 8
Fair value measurement (continued)
g) Financial instruments not measured at fair value
The table below reflects the estimated fair values of financial instruments not measured at fair value
.
Financial instruments not measured at fair value
30.6.21
31.3.21
31.12.20
USD billion
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Assets
Cash and balances at central banks
160.7
160.7
158.9
158.9
158.2
158.2
Loans and advances to banks
16.5
16.5
18.4
18.4
15.4
15.4
Receivables from securities financing transactions
83.5
83.5
82.4
82.4
74.2
74.2
Cash collateral receivables on derivative instruments
29.8
29.8
35.0
35.0
32.7
32.7
Loans and advances to customers
390.1
389.8
376.8
376.8
379.5
380.8
Other financial assets measured at amortized cost
27.1
27.6
26.8
27.3
27.2
28.0
Liabilities
Amounts due to banks
14.6
14.6
12.6
12.6
11.0
11.0
Payables from securities financing transactions
6.0
6.0
6.7
6.7
6.3
6.3
Cash collateral payables on derivative instruments
32.2
32.2
36.6
36.6
37.3
37.3
Customer deposits
513.3
513.3
505.4
505.5
524.6
524.7
Debt issued measured at amortized cost
139.9
142.4
144.7
147.0
139.2
141.9
Other financial liabilities measured at amortized cost
1
6.4
6.4
5.5
5.6
5.8
5.8
1 Excludes lease liabilities.
The fair
values included in
the table
above have been
calculated
for
disclosure
purposes
only.
The
valuation
techniques
and
assumptions
relate
only
to
UBS’s
financial
instruments
not
otherwise
measured
at
fair
value.
Other
institutions
may
use
different
methods
and
assumptions
for
their
fair
value
estimation,
and
therefore
such
fair
value
disclosures
cannot
necessarily
be
compared
from
one
financial
institution
to
another
.
81
Note 9
Derivative instruments
a) Derivative instruments
As of 30.6.21, USD billion
Derivative
financial
assets
Notional values
related to derivative
financial assets
1
Derivative
financial
liabilities
Notional values
related to derivative
financial liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate contracts
38.4
995
32.7
912
9,918
Credit derivative contracts
2.0
54
2.4
54
0
Foreign exchange contracts
49.5
3,074
47.4
2,869
2
Equity / index contracts
29.2
458
36.3
615
90
Commodity contracts
1.9
59
2.1
58
15
Loan commitments measured at FVTPL
0.0
1
0.0
11
Unsettled purchases of non-derivative financial instruments
3
0.3
29
0.3
26
Unsettled sales of non-derivative financial instruments
3
0.3
39
0.4
23
Total derivative financial instruments, based on IFRS netting
4
121.6
4,708
121.7
4,569
10,024
Further netting potential not recognized on the balance
sheet
5
(107.5)
(106.8)
of which: netting of recognized financial liabilities / assets
(86.8)
(86.8)
of which: netting with collateral received / pledged
(20.6)
(20.0)
Total derivative financial instruments, after consideration of further
netting potential
14.2
14.9
As of 31.3.21, USD billion
Derivative financial instruments
Interest rate contracts
39.9
991
34.0
901
11,707
Credit derivative contracts
2.3
65
2.5
62
0
Foreign exchange contracts
70.7
3,283
67.6
3,066
2
Equity / index contracts
32.2
468
38.7
599
97
Commodity contracts
2.2
62
2.0
54
12
Loan commitments measured at FVTPL
0.0
1
0.0
9
Unsettled purchases of non-derivative financial instruments
3
0.6
26
0.3
32
Unsettled sales of non-derivative financial instruments
3
0.4
41
0.8
21
Total derivative financial instruments, based on IFRS netting
4
148.3
4,937
146.0
4,745
11,817
Further netting potential not recognized on the balance
sheet
5
(130.1)
(127.5)
of which: netting of recognized financial liabilities / assets
(105.1)
(105.1)
of which: netting with collateral received / pledged
(25.0)
(22.5)
Total derivative financial instruments, after consideration of further
netting potential
18.2
18.5
As of 31.12.20, USD billion
Derivative financial instruments
Interest rate contracts
50.9
928
43.9
880
11,292
Credit derivative contracts
2.4
58
2.9
65
0
Foreign exchange contracts
68.7
2,951
70.5
2,820
1
Equity / index contracts
34.8
450
41.2
581
91
Commodity contracts
2.2
58
2.0
50
10
Loan commitments measured at FVTPL
0.0
10
Unsettled purchases of non-derivative financial instruments
3
0.3
18
0.2
10
Unsettled sales of non-derivative financial instruments
3
0.2
17
0.3
13
Total derivative financial instruments, based on IFRS netting
4
159.6
4,479
161.1
4,430
11,394
Further netting potential not recognized on the balance
sheet
5
(144.4)
(141.2)
of which: netting of recognized financial liabilities / assets
(117.2)
(117.2)
of which: netting with collateral received / pledged
(27.2)
(23.9)
Total derivative financial instruments, after consideration of further
netting potential
15.2
19.9
1 In cases where derivative
financial instruments are presented
on a net basis
on the balance sheet,
the respective notional
values of the netted
derivative financial instruments
are still presented on
a gross basis.
Notional amounts of exchange-traded agency transactions and OTC
-cleared transactions entered into on behalf of clients are
not disclosed, as they have a significantly different risk profile.
2 Other notional values
relate to derivatives
that are cleared
through either a
central counterparty
or an exchange.
The fair
value of these
derivatives is
presented on the
balance sheet net
of the corresponding
cash margin under
Cash
collateral receivables
on derivative
instruments and
Cash collateral
payables on
derivative instruments
and was
not material
for all
periods presented.
3 Changes
in the
fair value
of purchased
and sold
non-
derivative financial instruments between
trade date and
settlement date are recognized
as derivative financial
instruments.
4 Financial assets and
liabilities are presented net
on the balance sheet
if UBS has the
unconditional and legally
enforceable right to
offset the recognized
amounts, both
in the normal
course of business
and in the
event of default,
bankruptcy or insolvency
of UBS or
its counterparties,
and intends
either to settle on
a net basis or
to realize the
asset and settle the
liability simultaneously.
5 Reflects the netting
potential in accordance
with enforceable master
netting and similar arrangements
where not all
criteria for a
net presentation on
the balance sheet
have been met.
Refer to “Note
22 Offsetting financial
assets and financi
al liabilities” in
the “Consolidated financial
statements” section of
the Annual Report
2020 for more information.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
82
Note 9
Derivative instruments (continued)
b) Cash collateral on derivative instruments
USD billion
Receivables
30.6.21
Payables
30.6.21
Receivables
31.3.21
Payables
31.3.21
Receivables
31.12.20
Payables
31.12.20
Cash collateral on derivative instruments, based on IFRS netting
1
29.8
32.2
35.0
36.6
32.7
37.3
Further netting potential not recognized on the balance
sheet
2
(18.3)
(16.9)
(21.1)
(20.7)
(21.1)
(21.6)
of which: netting of recognized financial liabilities / assets
(15.9)
(14.4)
(18.2)
(18.3)
(19.6)
(19.6)
of which: netting with collateral received / pledged
(2.4)
(2.5)
(2.9)
(2.3)
(1.5)
(2.1)
Cash collateral on derivative instruments, after consideration of further netting potential
11.5
15.3
14.0
15.9
11.6
15.7
1 Financial assets and liabilities
are presented net on
the balance sheet if UBS
has the unconditional and
legally enforceable right to offset
the recognized amounts,
both in the normal course
of business and in
the
event of default,
bankruptcy or insolvency
of UBS or
its counterparties,
and intends either
to settle on
a net basis
or to realize
the asset and
settle the
liability simultaneously.
2 Reflects the
netting potential in
accordance with enforceable
master netting
and similar
arrangements where
not all criteria
for a net
presentation on the
balance sheet
have been met.
Refer to “Note
22 Offsetting financial
assets and
financial
liabilities” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.
Note 10
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD million
30.6.21
31.3.21
31.12.20
Debt securities
18,484
18,533
18,801
of which: government bills / bonds
9,531
9,664
9,789
Loans to financial advisors
2,415
2,473
2,569
Fee-
and commission-related receivables
1,982
2,073
2,014
Finance lease receivables
1,363
1,344
1,447
Settlement and clearing accounts
1,228
567
614
Accrued interest income
532
521
591
Other
1,139
1,260
1,158
Total other financial assets measured at amortized cost
27,143
26,770
27,194
b) Other non-financial assets
USD million
30.6.21
31.3.21
31.12.20
Precious metals and other physical commodities
5,470
5,709
6,264
Bail deposit
1
1,382
1,364
1,418
Prepaid expenses
1,083
1,065
1,081
VAT and other tax receivables
435
363
433
Properties and other non-current assets held for sale
68
248
246
Other
545
375
326
Total other non-financial assets
8,982
9,125
9,768
1 Refer to item 1 in Note 14b for more information.
c) Other financial liabilities measured at amortized cost
USD million
30.6.21
31.3.21
31.12.20
Other accrued expenses
1,758
1,756
1,696
Accrued interest expenses
1,015
932
1,355
Settlement and clearing accounts
2,176
1,288
1,199
Lease liabilities
3,754
3,767
3,927
Other
1,487
1,513
1,553
Total other financial liabilities measured at amortized cost
10,189
9,257
9,729
83
Note 10
Other assets and liabilities (continued)
d) Other financial liabilities designated at fair value
USD million
30.6.21
31.3.21
31.12.20
Financial liabilities related to unit-linked investment contracts
22,217
21,357
20,975
Securities financing transactions
6,184
5,651
7,317
Over-the-counter debt instruments
2,142
1,787
2,060
Other
99
61
35
Total other financial liabilities designated at fair value
30,642
28,855
30,387
of which: life-to-date own credit (gain) / loss
(39)
(23)
(36)
e) Other non-financial liabilities
USD million
30.6.21
31.3.21
31.12.20
Compensation-related liabilities
5,959
4,938
7,468
of which: Deferred Contingent Capital Plan
1,500
1,420
1,858
of which: financial advisor compensation plans
1,314
1,203
1,500
of which: other compensation plans
1,830
1,125
2,740
of which: net defined benefit liability
666
654
722
of which: other compensation-related liabilities
1
650
536
648
Deferred tax liabilities
392
329
564
Current tax liabilities
1,250
1,122
1,009
VAT and other tax payables
597
667
523
Deferred income
262
225
228
Other
116
111
61
Total other non-financial liabilities
8,576
7,391
9,854
1 Includes liabilities for payroll taxes and untaken vacation.
Note 11
Debt issued designated at fair value
USD million
30.6.21
31.3.21
31.12.20
Issued debt instruments
Equity-linked
1
49,157
44,615
41,069
Rates-linked
16,397
12,668
11,038
Credit-linked
1,826
1,804
1,933
Fixed-rate
2,883
3,343
3,604
Commodity-linked
1,961
1,564
1,497
Other
2,841
2,540
2,101
of which: debt that contributes to total loss-absorbing capacity
2,112
1,676
1,190
Total debt issued designated at fair value
75,065
66,535
61,243
of which: issued by UBS AG with original maturity greater than one
year
2
51,830
47,348
46,427
of which: life-to-date own credit (gain) / loss
317
424
418
1 Includes investment fund
unit-linked instruments
issued.
2 Based on original
contractual maturity
without considering any
early redemption features.
As of 30 June
2021, more than
99
% of the
balance was
unsecured (31 March 2021:
100
%; 31 December 2020:
100
%).
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
84
Note 12
Debt issued measured at amortized cost
USD million
30.6.21
31.3.21
31.12.20
Certificates of deposit
12,193
14,723
15,680
Commercial paper
25,304
26,591
25,472
Other short-term debt
5,219
6,080
5,515
Short-term debt
1
42,716
47,394
46,666
Senior unsecured debt that contributes to total loss-absorbing
capacity (TLAC)
37,765
37,453
36,611
Senior unsecured debt other than TLAC
28,945
28,990
21,340
of which: issued by UBS AG with original maturity greater than one
year
2
26,109
23,309
18,464
Covered bonds
1,449
2,606
2,796
Subordinated debt
20,072
19,327
22,157
of which: high-trigger loss-absorbing additional tier 1 capital
instruments
12,330
11,573
11,837
of which: low-trigger loss-absorbing additional tier 1 capital
instruments
2,509
2,501
2,577
of which: low-trigger loss-absorbing tier 2 capital instruments
4,686
4,709
7,201
of which: non-Basel III-compliant tier 2 capital instruments
547
544
543
Debt issued through the Swiss central mortgage institutions
8,963
8,911
9,660
Other long-term debt
0
2
3
Long-term debt
3
97,195
97,288
92,566
Total debt issued measured at amortized cost
4
139,911
144,682
139,232
1 Debt with an
original contractual
maturity of less
than one year.
2 Based on
original contractual
maturity without considering
any early redemption
features. As
of 30 June 2021,
100
% of the
balance was
unsecured (31 March 2021:
100
%; 31 December 2020:
100
%).
3 Debt with an original contractual maturity greater than or equal to one year.
The classification of debt issued into short-term and long-term does
not consider any early redemption features.
4 Net of bifurcated embedded derivatives, the fair value of which was
not material for the periods presented.
85
Note 13
Interest rate benchmark reform
Background
A
market-wide
reform
of
major
interest
rate
benchmarks
is
being undertaken globally,
with the Financial
Conduct Authority
(the
FCA)
announcing
in
March
2021
that
the
publication
of
London
Interbank Offered
Rates (LIBORs)
will
cease for
all
non-
US dollar
LIBORs, as
well as
for one-week
and two-month
USD
LIBOR,
after
31 December
2021.
Publication
of
the
remaining
USD LIBOR tenors will cease immediately after 30 June 2023.
The majority of
UBS’s Interbank Offered
Rate (IBOR) exposure
is
to
CHF
LIBOR
and
USD
LIBOR.
The
alternative
reference
rate
(
ARR
)
for
CHF
LIBOR
is
the
Swiss
Average
Rate
Overnight
(SARON).
Th
e
ARR
for
USD
LIBOR
is
the
Secured
Overnight
Financing Rate (SOFR); in addition, there are recommended
ARRs
for GBP LIBOR, JPY LIBOR and EUR LIBOR. For certain
products in
the US,
UBS is
considering the use
of credit-sensitive
rates as an
alternative to SOFR.
As
of
30 June
2021,
transition
uncertainty
with
respect
to
significant interest
rate benchmarks
remains, with
the exception
of
the
Euro
Interbank
O
ffered
Rate
(
Euribor
).
The
reform
of
Euribor
is
now
complete
and
consisted
of
a
change
in
the
underlying calculation method.
The transition
to ARRs includes
a number
of active
steps that
will
also
benefit
from
the
support
of
associated
regulatory
activities. There may be some contracts, known as “tough legacy
contracts,”
that
cannot
be
practically
transitioned
or
amended
from
IBORs
to
ARRs
.
The
FCA
continues
to
consult
market
participants
about
requiring
the
ICE
Benchmark
Administration
to
continue
publishing
certain
LIBOR
settings
(i.e.,
one-,
three-
and
six-month
settings
for
the GBP,
JPY
and
USD
LIBORs)
on
a
“synthetic”
basis, which are not representative
of the underlying
financial
markets,
for
a
certain
duration
after
3
1
December
2021.
However, these
synthetic LIBORs
will
not be
available for
use
in
new
contracts,
given
that
they
are
non-representative,
and
are
instead
intended
to
help
reduce
disruption
where
resolution
has
not
been
agreed
for
certain
tough
legacy
contracts.
Furthermore,
in
February
2021,
the
EU
Benchmarks
Regulation
was
amended
to
enable
the
European
Commission
to designate a statutory replacement rate for tough legacy LIBOR
contracts
that
are
governed
by
the
laws
of
EU
Member
States
and remain
outstanding after
LIBOR cessation.
On 6 April
2021,
New York State LIBOR
legislation was enacted with
the intention
of
minimizing
legal
uncertainty
and
adverse
economic
effects
associated with
USD LIBOR
transition for
tough legacy
contracts
governed
by
New
York
law.
For
USD
LIBOR
contracts
not
governed
by
New
York
law,
a
bill
has
been
introduced
in
Congress with similar objectives.
In
October
2020,
the
International
Swaps
and
Derivatives
Association
(ISDA)
released
the
IBOR
Fallbacks
Supplement
and
IBOR Fallbacks
Protocol, amending
ISDA standard
definitions for
interest-rate
derivatives
to
incorporate
fallbacks
for
derivatives
linked
to
certain
IBORs.
The
changes
came
into
effect
on
25 January 2021 and, from that date, all
newly cleared and non-
cleared derivatives between adhering
parties that reference ISDA
standard definitions now include these fallbacks. UBS adhered to
the protocol in November 2020.
UBS is focused on transitioning existing contracts via
bi-lateral
and multi-lateral
agreements, leveraging industry
solutions (e.g.,
the
use
of
fallback
provisions)
and
through
third-party
actions
(clearing
houses,
agents
,
etc
.
).
Furthermore,
in
line
with
regulatory guidance
UBS has
implemented a
framework to
limit
entry into new contracts referencing IBORs.
Governance over the transition to alternative benchmark rates
UBS
has
established
a
global
cross-divisional,
cross-functional
governance structure
and change
program
to address
the scale
and
complexity
of
the
transition.
This
global
program
is
sponsored
by the
Group
CFO and
led by
senior
representatives
from
the
business
divisions
and
UBS’s
control
and
support
functions.
The
program
includes
governance
and
execution
structures
within
each
business
division,
together
with
cross-
divisional
teams
from
each
control
and
support
function.
Progress is overseen centrally
via a monthly operating committee
and a
monthly steering
committee, as
well as
quarterly updates
to the joint Audit and Risk committees.
Risks
A
core
part
of
UBS’s
change
program
is
the
identification,
management
and
monitoring
of
the
risks
associated
with
IBOR
reform and transition. These
risks include,
but are not limited
to,
the following:
–
economic risks to UBS and its
clients, through the repricing of
existing
contracts,
reduced
transparency
and
/
or
liquidity
of
pricing information, market uncertainty or disruption;
–
accounting
risks, where
the transition
affects the
accounting
treatment,
including
hedge
accounting
and
consequential
income statement volatility;
–
valuation risks arising from the variation between benchmarks
that will cease
and ARRs, affecting
the risk profile of
financial
instruments;
–
operational risks
arising from
changes to
UBS’s front-to-back
processes and systems to accommodate the transition, as well
as
the
revision
of
operational
controls related
to
the
reform;
and
–
legal
and
conduct
risks
relating
to
UBS’s
engagement
with
clients
and
market
counterparties
around
new
benchmark
products
and
amendments
required
for
existing
contracts
referencing benchmarks that will cease.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
86
Note 13
Interest rate benchmark reform (continued)
In
some
cases,
contracts may
contain
provisions intended
to
provide a fallback interest
rate in the event of a brief unavailability
of the relevant
IBOR. These provisions
may not be effective
or may
produce arbitrary results
in the event of a permanent cessation of
the
relevant
IBOR.
While
efforts
to
transition
outstanding
transactions from IBORs to ARRs have
made substantial progress,
including through industry-wide
protocols,
such as the ISDA IBOR
Fallbacks Supplement and
IBOR Fallbacks
Protocol, there
are
still
substantial volumes
of
transactions that
require
modification to
effectively
transition
to ARRs.
UBS remains
confident that
it has
the transparency,
oversight
and
operational
preparedness
to
progress
with
the
IBOR
transition consistent with
market timelines. UBS
does not expect
changes
to
its
risk
management
approach
and
strategy
as
a
result of interest rate benchmark reform.
Progress made during 2020 and the first half of 2021
Approaches to transition vary by product type. During 2020, UBS
transitioned
most
of
its
CHF
LIBOR-linked
deposits
to
SARON
and
launched
SARON
-
based
mortgages
and
corporate
loans
based
on
all
major
ARRs
in
the
Swiss
market,
as
well as
SOFR-
based
mortgages
in
the
US
market.
By
the
end
of
the
second
quarter
of
2021,
UBS
ha
d
successfully
transitioned
its
GBP
LIBOR- and
EUR LIBOR-based
private and
commercial real
estate
mortgages
in
the
UK
and
Monaco
to
the
Sterling
Overnight
Index
Average
(
SONIA
)
and
Euribor
,
respectively.
UBS
has
detailed
plans
in
place
to
deliver
the
required
changes
for
all
other IBOR exposures, predominantly during 2021.
Financial instruments yet to transition to alternative benchmarks
The
amounts
included
in
the
table
below
relate
to
financial
instrument
contracts across
UBS’s business
divisions
where
UBS
has material
exposures subject
to IBOR
reform that
have not
yet
transitioned to ARRs, and that:
–
contractually
reference
an
interest
rate
benchmark
that
will
transition to an alternative benchmark; and
–
have
a
contractual
maturity
date
(including
open-ended
contracts) after the agreed cessation dates.
Contracts
where
penalty
terms
reference
IBORs
,
or
where
exposure to
an IBOR
is not
the primary
purpose of
the contract,
have
not
been
included,
as
these
contracts
do
not
have
a
material impact
on the
transition process.
In addition,
contracts
that have been
changed to incorporate
ARR-based interest rates
before the
relevant cessation
date have
been excluded
from the
table below,
because UBS
expects no
further transition
work to
implement the reform.
In
line
with
information
provided
to
management
and
external
parties
monitoring
UBS’s
transition
progress,
the
table
below
includes
the
following
financial
metrics
for
instruments
subject to interest rate benchmark reform:
–
gross
carrying
value
/
exposure
for
non-derivative
financial
instruments;
and
–
total trade count for derivative financial instruments.
The
exposure
s
included
in
the
table
below
represent
the
maximum
IBOR
exposure,
with
the
actual
IBOR
exposure
being
dependent
upon
client
preferences
and
investment
decisions.
Overall,
the
effort
required
to
transition
is
affected
by
multiple
factors, including
whether negotiations
need to
take place
with
multiple
stakeholders
(as
is
the
case
for
syndicated
loans
or
certain
listed
securities),
market
readiness
–
such
as
liquidity
in
ARR
equivalent
products
–
and
a
client’s
technical
readiness
to
handle ARR market conventions.
As significant IBOR exposures
transition to ARRs during
2021,
the values and trade count disclosed are expected to decrease.
30.6.21
LIBOR benchmark rates
1
Measure
CHF
USD
GBP
EUR
2
JPY
XCCY
Carrying value of non-derivative financial instruments
Total non-derivative financial assets
USD million
31,423
77,502
1,829
6,587
3,070
3,796
3
Total non-derivative financial liabilities
USD million
2,029
9,834
566
1,919
1,060
0
Trade count of derivative financial instruments
Total derivative financial instruments
Trade count
9,519
42,566
12,513
9,626
4,247
5,948
4
Off-balance sheet exposures
Total irrevocable loan commitments
USD million
1
4,433
0
0
0
15,767
5
31.3.21
LIBOR benchmark rates
1
Measure
CHF
USD
GBP
EUR
2
JPY
XCCY
Carrying value of non-derivative financial instruments
Total non-derivative financial assets
USD million
36,046
72,185
5,399
8,253
3,060
4,469
3
Total non-derivative financial liabilities
USD million
2,612
13,142
1,429
2,252
1,460
0
Trade count of derivative financial instruments
Total derivative financial instruments
Trade count
9,749
40,080
13,006
9,613
3,961
5,206
4
Off-balance sheet exposures
Total irrevocable loan commitments
USD million
106
4,656
167
0
0
15,188
5
1 Contracts have been disclosed without
regard to early termination rights.
Instead, it is assumed that such
contracts will transition away
from IBORs without such rights being
exercised.
2 Includes primarily EUR
LIBOR positions.
3 Includes loans related to revolving multi-currency credit lines.
4 Includes cross-currency swaps where either leg or both legs are indexed to an IBOR.
5 Includes loan commitments that can be
drawn in different currencies at the client‘s discretion.
87
Note 13
Interest rate benchmark reform (continued)
Non-derivative instruments
UBS’s
significant
non-derivative
IBOR
exposures
primarily
relate
to
brokerage
receivable
and
payable
balances,
corporate
and
private loans, and mortgages, linked to CHF and USD LIBORs.
In
March
2021,
following
the FCA
announcement
regarding
the
cessation
timelines
for
IBORs,
UBS
started
a
centralized
communication
initiative
for
private
mortgages
linked
to
CHF
LIBOR, with
the objective
of transitioning
these exposures
either
through the activation of existing fallbacks
or the amendment of
contractual terms,
where such fallbacks
do not exist.
During the
second
quarter
of
2021,
mortgages
that
were
linked
to
CHF
LIBOR
have
been
reduced
by
approximately
USD
2
billion
and
the
remaining
USD
3
billion
of
mortgages
linked
to
GBP
LIBOR
as
of
31
March
2021
have
successfully
transitioned
.
US
mortgages
linked
to
USD
LIBOR
are
planned
to
transition
to
SOFR from 2022–2023.
US securities-based lending increased
by
approximately USD
4
billion in the
second quarter of
2021, with
agreements
expected
to
switch
to
an
alternative
benchmark
from the fourth quarter of 2021.
UBS is
also proactively
discussing transition
mechanisms with
many of its brokerage and corporate clients in
order to transition
their
exposures
throughout
2021
from
CHF
LIBOR,
EUR
LIBOR
and
GBP
LIBOR.
During
the
second
quarter
of
2021,
the
gross
carrying amount
of IBOR-indexed
non-derivative financial
assets
and
liabilities
r
elated
to
brokerage
accounts
,
predominantly
linked
to
GBP
and
USD
LIBOR,
was
reduced
by
approximately
USD
8
billion in aggregate as a result of successful transitions.
For
certain
non-derivative
financial
assets
and
financial
liabilities,
in
particular
bonds
issued
by
third
parties,
UBS
is
dependent
on
the
participation
and
engagement
of
others
in
effecting
the
transition
from
IBORs.
UBS
is
actively
monitoring
such exposures and is in discussions with clients.
As
presented
in
the
table
on
the
previous
page,
UBS
had
approximately USD
16
billion (31 March 2021, USD
15
billion) of
irrevocable commitments as
of 30 June
2021 that can
be drawn
down
in
different
currencies
with
IBOR-based
interest
rates,
primarily
USD
LIBOR
and
Euribor,
and
that
expire
after
the
relevant
benchmark
cessation
dates
.
Related
drawn
-
down
amounts
under
these
commitments
were
USD
4
billion
(31 March 2021, USD
4
billion).
In addition,
UBS had
approximately USD
10
billion (31 March
2021
,
USD
16
billion
)
of
committed
revocable
credit
lines
outstanding that
allow clients
to draw down
a number of
IBOR-
linked products. UBS is in
discussions with impacted clients, with
plans
in
place
to
have
all
contracts
amended
by
the
relevant
cessation dates.
Derivative instruments
UBS
holds
derivatives
for
trading
and
hedging
purposes,
including those
designated in
hedge accounting
relationships. A
significant
number
of
interest
rate
and
cross-currency
swaps
have
floating
legs
that
reference
various
benchmarks
that
will
cease.
The
majority
of
derivatives
are
transacted
with
clearing
houses
where
UBS
is
dependent
upon
industry
-
wide
compression
activities
to
reduce
exposure
and
clearing
house
actions to convert any
remaining derivatives nearer the
cessation
dates. London Clearing House (LCH), which is
the clearing house
for a
significant number
of UBS’s
IRS derivatives,
has confirmed
that
a
standardized
transition
will
be
undertaken
in
December
2021
to
transition
IBOR-based
derivatives
to
respective
ARRs.
UBS expects derivative
volumes to fluctuate
in line with
business
activity until such clearing house actions are taken.
For
derivatives
not
transacted
with
clearing
houses,
as
previously
noted,
UBS
adhered
to
the
ISDA
IBOR
Fallback
Protocol in
November 2020,
although its
preferred approach,
in
line
with
regulatory
expectations,
is
to
actively
switch
to
ARRs
before
the
relevant
cessation
dates
or
to
bilaterally
compress
where feasible.
UBS has
begun a
series of
outreach activities
to
understand
counterparties’
intentions
regarding
whether
they
seek to adhere to the protocol or will actively switch.
In
order
to
minimize
the
operational
risk
of
converting
high
volumes of
transactions at
the time
of cessation,
UBS is
making
progress
with
its
preparations
to
convert
derivative
instruments
in bulk to ARR equivalents.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
88
Note 14
Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
USD million
30.6.21
31.3.21
31.12.20
Provisions other than provisions for expected credit losses
2,646
2,481
2,571
Provisions for expected credit losses
209
245
257
Total provisions
2,855
2,726
2,828
The following table presents additional information for provisions other than provisions for expected credit losses.
USD million
Litigation,
regulatory and
similar matters
1
Restructuring
2
Other
3
Total
Balance as of 31 December 2020
2,135
72
363
2,571
Balance as of 31 March 2021
2,072
61
348
2,481
Increase in provisions recognized in the income statement
87
147
33
267
Release of provisions recognized in the income statement
(24)
(6)
(4)
(34)
Provisions used in conformity with designated purpose
(27)
(23)
(31)
(82)
Capitalized reinstatement costs
0
0
(1)
(1)
Reclassifications
0
1
(1)
0
Foreign currency translation / unwind of discount
11
(2)
5
13
Balance as of 30 June 2021
2,119
179
348
2,646
1 Comprises provisions for losses resulting
from legal, liability and compliance
risks.
2 Includes personnel-related restructuring provisions
of USD
135
million as of 30 June 2021
(31 March 2021: USD
12
million;
31 December 2020: USD
18
million) and provisions for onerous contracts of
USD
40
million as of 30 June 2021 (31 March 2021: USD
44
million; 31 December 2020: USD
49
million).
3 Mainly includes provisions
related to real estate, employee benefits and operational risks.
Restructuring
provisions
primarily
relate
to
personnel
-
related
provisions and onerous contracts. Personnel-related restructuring
provisions
are
used
within
a
short
time
period
but
potential
changes in amount may be
triggered when natural staff
attrition
reduces the
number of
people affected
by a
restructuring event
and
therefore
the
estimated
costs.
Onerous
contracts
for
property
are
recognized
when
UBS
is
committed
to
pay
for
non-lease
components,
such
as
utilities,
service
charges,
taxes
and
maintenance,
when
a
property
is
vacated
or
not
fully
recovered from sub-tenants.
Information
about
provisions
and
contingent
liabilities
in
respect of
litigation, regulatory
and similar
matters, as
a class, is
included in Note
14b. There are
no material contingent liabilities
associated with the other classes of provisions.
b) Litigation, regulatory and similar matters
The
Group
operates in
a legal
and regulatory
environment
that
exposes
it
to
significant
litigation
and
similar
risks
arising
from
disputes and regulatory
proceedings. As a
result, UBS (which
for
purposes of this Note
may refer to UBS
Group AG and/or one or
more
of
its
subsidiaries,
as
applicable)
is
involved
in
various
disputes
and
legal
proceedings,
including
litigation,
arbitration,
and regulatory and criminal investigations.
Such matters are subject to many uncertainties, and the
outcome and the timing of resolution are often difficult to
predict, particularly in the earlier stages of a case. There are also
situations where the Group may enter into a settlement
agreement. This may occur in order to avoid the expense,
management distraction or reputational implications of
continuing to contest liability, even for those matters for which
the Group believes it should be exonerated. The uncertainties
inherent in all such matters affect the amount and timing of any
potential outflows for both matters with respect to which
provisions have been established and other contingent liabilities.
The Group
makes provisions
for such
matters brought
against it
when, in the
opinion of management
after seeking legal
advice,
it
is more
likely than
not
that the
Group has
a
present legal
or
constructive
obligation
as
a
result
of
past
events,
it
is
probable
that
an
outflow
of
resources
will
be
required,
and
the
amount
can
be
reliably
estimated.
Where
these
factors
are
otherwise
satisfied, a provision
may be established for
claims that have not
yet
been
asserted
against
the
Group,
but
are
nevertheless
expected
to
be,
based
on
the
Group’s
experience
with
similar
asserted
claims.
If
any
of
those
conditions
is
not
met,
such
matters
result
in
contingent
liabilities.
If
the
amount
of
an
obligation
cannot
be
reliably
estimated,
a
liability
exists
that
is
not
recognized
even
if
an
outflow
of
resources
is
probable.
Accordingly,
no
provision
is
established
even
if
the
potential
outflow
of
resources
with
respect
to
such
matters
could
be
significant.
Developments
relating
to
a
matter
that
occur
after
the
relevant
reporting
period,
but
prior
to
the
issuance
of
financial
statements, which
affect management’s
assessment of
the
provision
for
such
matter
(because,
for
example,
the
developments provide
evidence of
conditions that
existed at
the
end
of
the
reporting
period),
are
adjusting
events
after
the
reporting
period
under
IAS
10
and
must
be
recognized
in
the
financial statements for the reporting period.
89
Note 14
Provisions and contingent liabilities (continued)
Specific litigation,
regulatory and
other matters
are described
below, including
all such
matters that management
considers to
be
material
and
others
that
management
believes
to
be
of
significance
due
to
potential
financial,
reputational
and
other
effects.
The
amount
of
damages
claimed,
the
size
of
a
transaction or other
information is provided
where available and
appropriate in order to
assist users in considering
the magnitude
of potential exposures.
In the case of certain matters below, we state that we have
established a provision, and for the other matters, we make no
such statement. When we make this statement and we expect
disclosure of the amount of a provision to prejudice seriously our
position with other parties in the matter because it would reveal
what UBS believes to be the probable and reliably estimable
outflow, we do not disclose that amount. In some cases we are
subject to confidentiality obligations that preclude such
disclosure. With respect to the matters for which we do not
state whether we have established a provision, either: (a) we
have not established a provision, in which case the matter is
treated as a contingent liability under the applicable accounting
standard; or (b) we have established a provision but expect
disclosure of that fact to prejudice seriously our position with
other parties in the matter because it would reveal the fact that
UBS believes an outflow of resources to be probable and reliably
estimable.
With
respect
to
certain
litigation,
regulatory
and
similar
matters for which we have established
provisions, we are able to
estimate
the
expected
timing
of
outflows.
However,
the
aggregate
amount
of
the
expected
outflows
for
those
matters
for which
we are
able to
estimate expected
timing is
immaterial
relative
to
our
current
and
expected
levels
of
liquidity
over
the
relevant time periods.
The
aggregate
amount
provisioned
for
litigation,
regulatory
and
similar
matters
as
a
class
is
disclosed
in
the
“Provisions”
table
in
Note
14a
above.
It is not practicable to provide an
aggregate estimate of liability for our litigation, regulatory and
similar matters as a class of contingent liabilities. Doing so would
require UBS to provide speculative legal assessments as to claims
and proceedings that involve unique fact patterns or novel legal
theories, that have not yet been initiated or are at early stages of
adjudication, or as to which alleged damages have not been
quantified by the claimants. Although UBS therefore cannot
provide a numerical estimate of the future losses that could arise
from litigation, regulatory and similar matters, UBS believes that
the aggregate amount of possible future losses from this class
that are more than remote substantially exceeds the level of
current provisions.
Litigation, regulatory and similar matters may also result in
non-monetary penalties and consequences. For example, the
non-prosecution agreement UBS entered into with the US
Department of Justice (DOJ), Criminal Division, Fraud Section in
connection with submissions of benchmark interest rates,
including, among others, the British Bankers’ Association
London Interbank Offered Rate (LIBOR), was terminated by the
DOJ based on its determination that UBS had committed a US
crime in relation to foreign exchange matters. As a consequence,
UBS AG pleaded guilty to one count of wire fraud for conduct in
the LIBOR matter, paid a fine and was subject to probation,
which ended in January 2020.
A guilty plea to, or conviction of, a crime could have material
consequences for UBS. Resolution of regulatory proceedings may
require UBS to obtain waivers of regulatory disqualifications to
maintain certain operations, may entitle regulatory authorities to
limit, suspend or terminate licenses and regulatory
authorizations, and may permit financial market utilities to limit,
suspend or terminate UBS’s participation in such utilities. Failure
to obtain such waivers, or any limitation, suspension or
termination of licenses, authorizations or participations, could
have material consequences for UBS.
The
risk
of
loss
associated
with
litigation,
regulatory
and
similar
matters is
a
component
of
operational
risk
for
purposes
of determining capital requirements.
Information concerning our
capital
requirements
and
the
calculation
of
operational
risk
for
this purpose is included in
the “Capital management” section of
this report.
Provisions for litigation, regulatory and similar matters
by business division and in Group Functions
1
USD million
Global Wealth
Manage-
ment
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Group
Functions
Total
Balance as of 31 December 2020
861
115
0
227
932
2,135
Balance as of 31 March 2021
810
109
1
217
935
2,072
Increase in provisions recognized in the income statement
20
0
0
66
1
87
Release of provisions recognized in the income statement
(11)
(11)
0
(2)
0
(24)
Provisions used in conformity with designated purpose
(27)
0
0
0
0
(27)
Foreign currency translation / unwind of discount
8
2
0
1
0
11
Balance as of 30 June 2021
800
100
1
282
936
2,119
1 Provisions, if any,
for matters described in this Note
are recorded in Global Wealth
Management (item 3 and item 4)
and Group Functions (item 2). Provisions,
if any, for the
matters described in items 1 and
6 of
this Note are allocated
between Global Wealth
Management and Personal
& Corporate Banking,
and provisions, if
any, for the
matters described in
this Note in item
5 are allocated between
the Investment Bank
and Group Functions.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
90
Note 14
Provisions and contingent liabilities (continued)
1. Inquiries regarding cross-border wealth management
businesses
Tax
and
regulatory
authorities
in
a
number
of
countries
have
made
inquiries,
served
requests
for
information
or
examined
employees located
in their
respective jurisdictions
relating to
the
cross-border
wealth management
services provided
by UBS
and
other financial institutions.
It is possible
that the implementation
of
automatic
tax
information
exchange
and
other
measures
relating to
cross-border provision
of financial
services could
give
rise to further inquiries in
the future. UBS has
received disclosure
orders
from
the
Swiss
Federal
Tax
Administration
(FTA)
to
transfer
information
based
on
requests
for
international
administrative assistance
in tax
matters. The
requests
concern a
number
of
UBS
account
numbers
pertaining
to
current
and
former clients and
are based on
data from
2006 and 2008.
UBS
has
taken
steps
to
inform
affected
clients
about
the
administrative
assistance
proceedings
and
their
procedural
rights, including
the right
to appeal.
The requests
are
based on
data
received
from
the
German
authorities,
who
seized
certain
data
related
to
UBS
clients
booked
in
Switzerland
during
their
investigations
and
have
apparently
shared
this
data
with
other
European
countries.
UBS
expects
additional
countries
to
file
similar requests.
Since
2013,
UBS
(France)
S.A.,
UBS
AG
and
certain
former
employees
have
been
under
investigation
in
France
for
alleged
complicity
in
unlawful
solicitation
of
clients
on
French
territory,
regarding
the laundering
of proceeds
of tax
fraud, and
banking
and financial solicitation
by unauthorized persons.
In connection
with this
investigation, the investigating
judges ordered
UBS AG
to
provide
bail
(“
caution
”)
of
EUR
1.1
billion
and
UBS
(France)
S.A.
to
post
bail
of
EUR
40
million,
which
was
reduced
on
appeal to EUR
10
million.
A trial in the court
of first instance took place
from 8 October
2018 until
15 November
2018. On
20 February 2019,
the court
announced
a
verdict
finding
UBS
AG
guilty
of
unlawful
solicitation
of
clients
on
French
territory
and
aggravated
laundering
of
the proceeds
of
tax
fraud,
and
UBS
(France) S.A.
guilty of aiding and abetting unlawful solicitation and laundering
the proceeds
of tax
fraud. The
court imposed
fines aggregating
EUR
3.7
billion on
UBS AG
and UBS
(France) S.A.
and awarded
EUR
800
million
of
civil
damages
to
the
French
state.
UBS
has
appealed
the
decision.
Under
French
law,
the
judgment
is
suspended while
the appeal is
pending. The trial
in the Court
of
Appeal took place between 8-24
March 2021. At the conclusion
of
the
trial,
the
prosecutor
asserted
that
the
maximum
penalty
was EUR
2.2
billion and
requested the
court to
award a
penalty
of at least EUR
2
billion. The French state asked for civil damages
of
EUR
1
billion.
The
judgment
on
the
merits
of
the
case
is
currently
set
for
27
September
2021.
A
subsequent
appeal
to
the
Cour
de
Cassation,
France’s
highest
court,
is
possible
with
respect to questions of law.
UBS
believes
that
based
on
both
the
law
and
the
facts
the
judgment of
the court
of first
instance should
be reversed.
UBS
believes it followed its obligations under Swiss and French law as
well
as
the
European
Savings
Tax
Directive.
Even
assuming
liability,
which
it
contests,
UBS
believes
the
penalties
and
damage
amounts
awarded
greatly
exceed
the
amounts
that
could be
supported by
the law
and the
facts. In
particular, UBS
believes
the
court
incorrectly
based
the
penalty
on
the
total
regularized
assets
rather
than
on
any
unpaid
taxes
on
those
assets
for
which
a
fraud
has
been
characterized
and
further
incorrectly
awarded
damages
based
on
costs
that
were
not
proven
by
the
civil
party.
Notwithstanding
that
UBS
believes
it
should
be
acquitted,
our
balance
sheet
at
30 June
2021
reflected provisions
with respect
to this
matter in
an amount
of
EUR
450
million
(USD
534
million
at
30 June
2021).
The
wide
range
of
possible
outcomes
in
this
case
contributes
to
a
high
degree of
estimation uncertainty.
The provision
reflected on
our
balance
sheet
at
30 June
2021
reflects
our
best
estimate
of
possible financial
implications, although
it is
reasonably possible
that
actual
penalties
and
civil
damages
could
exceed
the
provision amount.
In 2016,
UBS was
notified by
the Belgian
investigating judge
that
it
is
under
formal
investigation
(“
inculpé
”)
regarding
the
laundering
of
proceeds
of
tax
fraud,
of
banking
and
financial
solicitation by unauthorized persons, and of serious tax fraud.
Our balance
sheet at
30 June 2021
reflected
provisions
with
respect
to
matters
described
in
this
item
1
in
an
amount
that
UBS believes
to be
appropriate under
the applicable
accounting
standard.
As
in
the
case
of
other
matters
for
which
we
have
established provisions, the
future outflow of resources
in respect
of
such
matters
cannot
be
determined
with
certainty
based
on
currently
available
information
and
accordingly
may
ultimately
prove
to
be
substantially
greater
(or
may
be
less)
than
the
provision that we have recognized.
91
Note 14
Provisions and contingent liabilities (continued)
2. Claims related to sales of residential mortgage-backed
securities and mortgages
From 2002 through
2007, prior to
the crisis in
the US residential
loan market, UBS was
a substantial issuer and
underwriter of US
residential
mortgage-backed
securities
(RMBS)
and
was
a
purchaser and seller of US residential mortgages.
In November
2018,
the
DOJ
filed
a
civil
complaint
in
the
District Court for the Eastern District of New York. The complaint
seeks
unspecified
civil
monetary
penalties
under
the
Financial
Institutions
Reform,
Recovery
and
Enforcement
Act
of
1989
related
to
UBS’s
issuance,
underwriting
and
sale
of
40
RMBS
transactions
in
2006
and
2007.
UBS
moved
to
dismiss
the
civil
complaint
on
6 February
2019.
On
10 December
2019,
the
district court denied UBS’s motion to dismiss.
Our balance
sheet at 30 June
2021 reflected
a provision
with
respect
to
matters
described
in
this
item
2
in
an
amount
that
UBS believes
to be
appropriate under
the applicable
accounting
standard.
As
in
the
case
of
other
matters
for
which
we
have
established provisions, the future
outflow of resources
in respect
of
this
matter
cannot
be
determined
with
certainty
based
on
currently
available
information
and
accordingly
may
ultimately
prove
to
be
substantially
greater
(or
may
be
less)
than
the
provision that we have recognized.
3. Madoff
In
relation
to
the
Bernard
L.
Madoff
Investment
Securities
LLC
(BMIS) investment
fraud, UBS
AG, UBS
(Luxembourg) S.A.
(now
UBS
Europe
SE,
Luxembourg
branch)
and
certain
other
UBS
subsidiaries
have
been
subject
to
inquiries
by
a
number
of
regulators,
including
the
Swiss
Financial
Market
Supervisory
Authority
(FINMA)
and
the
Luxembourg
Commission
de
Surveillance du
Secteur Financier. Those
inquiries concerned
two
third-party
funds
established
under
Luxembourg
law,
substantially
all
assets
of
which
were
with
BMIS,
as
well
as
certain
funds
established
in
offshore
jurisdictions
with
either
direct
or
indirect
exposure
to
BMIS.
These
funds
faced
severe
losses,
and
the
Luxembourg
funds
are
in
liquidation.
The
documentation establishing
both funds
identifies UBS
entities in
various
roles,
including
custodian,
administrator,
manager,
distributor
and
promoter,
and
indicates
that
UBS
employees
serve as board members.
In
2009
and
2010,
the
liquidators
of
the
two
Luxembourg
funds
filed
claims
against
UBS
entities,
non-UBS
entities
and
certain individuals, including current
and former UBS employees,
seeking
amounts
totaling
approximately
EUR
2.1
billion,
which
includes
amounts
that
the
funds
may
be
held
liable
to
pay
the
trustee for the liquidation of BMIS (BMIS Trustee).
A
large
number
of
alleged
beneficiaries
have
filed
claims
against UBS
entities (and
non-UBS entities)
for purported
losses
relating
to
the
Madoff
fraud.
The
majority
of
these
cases
have
been
filed
in
Luxembourg,
where
decisions
that
the
claims
in
eight
test
cases
were
inadmissible
have
been
affirmed
by
the
Luxembourg
Court
of
Appeal,
and
the
Luxembourg
Supreme
Court has dismissed a further appeal in one of the test cases.
In the
US, the
BMIS Trustee
filed claims
against UBS
entities,
among others, in relation to the two Luxembourg funds and
one
of
the
offshore
funds.
The
total
amount
claimed
against
all
defendants
in
these
actions
was
not
less
than
USD
2
billion.
In
2014, the US Supreme
Court rejected the BMIS
Trustee’s motion
for
leave
to
appeal
decisions
dismissing
all
claims
except
those
for
the recovery
of
approximately USD 125
million of
payments
alleged to
be fraudulent
conveyances and
preference payments.
In 2016, the bankruptcy court dismissed
these claims against the
UBS
entities.
In
February
2019,
the
Court
of
Appeals
reversed
the dismissal of
the BMIS Trustee’s remaining
claims, and the US
Supreme Court subsequently denied a
petition seeking review of
the Court
of Appeals’
decision. The
case has
been remanded
to
the Bankruptcy Court for further proceedings.
4. Puerto Rico
Declines
since
2013
in
the
market
prices
of
Puerto
Rico
municipal
bonds and
of
closed-end
funds (funds)
that are
sole-
managed
and
co-managed
by
UBS
Trust
Company
of
Puerto
Rico
and
distributed
by
UBS
Financial
Services
Incorporated
of
Puerto
Rico
(UBS PR)
led to
multiple
regulatory inquiries,
which
in
2014
and
2015,
led
to
settlements
with
the
Office
of
the
Commissioner of Financial Institutions for the Commonwealth of
Puerto
Rico,
the
US
Securities
and
Exchange
Commission
(SEC)
and the Financial Industry Regulatory Authority.
Since
then UBS
clients in
Puerto Rico
who own
the funds
or
Puerto Rico municipal bonds and/or
who used their UBS account
assets
as
collateral
for
UBS
non-purpose
loans
filed
customer
complaints
and
arbitration
demands.
Allegations
include
fraud,
misrepresentation and unsuitability of the funds and
of the loans
seeking
aggregate
damages
of
USD
3.4
billion,
of
which
USD
2.9
billion
have
been
resolved
through
settlements,
arbitration or withdrawal of claims.
A
shareholder
derivative
action
was
filed
in
2014
against
various UBS
entities and
current and
certain former
directors of
the funds, alleging hundreds
of millions of US
dollars in losses in
the funds. In 2015, defendants’ motion to dismiss was denied.
In 2011,
a purported
derivative action
was filed
on behalf
of
the
Employee
Retirement
System
of
the
Commonwealth
of
Puerto Rico
(System) against
over 40
defendants, including
UBS
PR,
which
was
named
in
connection
with
its
underwriting
and
consulting
services.
Plaintiffs
alleged
that
defendants
violated
their
purported
fiduciary
duties
and
contractual
obligations
in
connection
with the
issuance and
underwriting
of USD
3
billion
of
bonds
by
the
System
in
2008
and
sought
damages
of
over
USD
800
million.
In
2016,
the
court
granted
the
System’s
request to join the action as a plaintiff. In 2017, the court denied
defendants’ motion to
dismiss the complaint.
In 2020, the
court
denied plaintiffs’ motion for summary judgment.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
92
Note 14
Provisions and contingent liabilities (continued)
Beginning
in
2015,
certain
agencies
and
public
corporations
of
the
Commonwealth
of
Puerto
Rico
(Commonwealth)
defaulted on
certain interest
payments on
Puerto Rico
bonds. In
2016,
US
federal
legislation
created
an
oversight
board
with
power
to
oversee
Puerto
Rico’s
finances
and
to
restructure
its
debt. The
oversight board has
imposed a stay
on the exercise
of
certain
creditors’
rights.
In
2017,
the
oversight
board
placed
certain of the bonds into a bankruptcy-like proceeding under the
supervision of a Federal District Judge.
In
May
2019,
the
oversight
board
filed
complaints in
Puerto
Rico federal
district court
bringing claims
against financial,
legal
and
accounting
firms
that
had
participated
in
Puerto
Rico
municipal
bond
offerings,
including
UBS,
seeking
a
return
of
underwriting
and
swap
fees
paid
in
connection
with
those
offerings. UBS
estimates that
it received
approximately USD
125
million in fees in the relevant offerings.
In August
2019, and
February and
November 2020,
four US
insurance companies that insured issues of Puerto Rico municipal
bonds
sued
UBS
and
several
other
underwriters
of
Puerto
Rico
municipal bonds
in three
separate cases.
The actions
collectively
seek
recovery
of
an
aggregate
of
USD
955
million
in
damages
from
the
defendants.
The
plaintiffs
in
these
cases
claim
that
defendants
failed
to
reasonably investigate
financial
statements
in the offering materials for the insured Puerto Rico bonds issued
between 2002 and 2007, which plaintiffs argue they relied
upon
in
agreeing
to
insure
the
bonds
notwithstanding
that
they
had
no contractual
relationship with
the underwriters.
In June
2021
the
court
in
the
first
of
the
three
cases
denied
defendants’
motion
to
dismiss;
defendants are
seeking
leave
to
appeal
that
decision.
In
July
2021,
the
court
in
another
of
these
cases
granted
defendants’
motion
to
dismiss.
A
motion
to
dismiss
is
pending in the remaining case.
Our balance
sheet at
30 June 2021
reflected
provisions
with
respect to
matters described
in this
item 4
in amounts
that UBS
believes
to
be
appropriate
under
the
applicable
accounting
standard.
As
in
the
case
of
other
matters
for
which
we
have
established provisions, the future
outflow of resources
in respect
of
such
matters
cannot
be
determined
with
certainty
based
on
currently
available
information
and
accordingly
may
ultimately
prove
to
be
substantially
greater
(or
may
be
less)
than
the
provisions that we have recognized.
5. Foreign exchange, LIBOR and benchmark rates, and other
trading practices
Foreign exchange-related regulatory matters:
Beginning in 2013,
numerous
authorities
commenced
investigations
concerning
possible manipulation of foreign
exchange markets and precious
metals
prices.
As
a
result
of
these
investigations,
UBS
entered
into resolutions
with the
UK Financial
Conduct Authority
(FCA),
the US
Commodity Futures
Trading
Commission (CFTC), FINMA,
the
Board
of
Governors of
the
Federal
Reserve
System
(Federal
Reserve Board) and the
Connecticut Department of Banking, the
DOJ’s Criminal
Division and
the European
Commission. UBS
has
ongoing
obligations
under
the
Cease
and
Desist
Order
of
the
Federal Reserve
Board and
the Office
of the
Comptroller of
the
Currency
(as
successor
to
the
Connecticut
Department
of
Banking),
and
to
cooperate
with
relevant
authorities
and
to
undertake
certain
remediation
measures.
UBS
has
also
been
granted
conditional
immunity
by
the
Antitrust
Division
of
the
DOJ and
by authorities
in other
jurisdictions in
connection with
potential competition law violations relating
to foreign exchange
and precious metals businesses.
Investigations relating to foreign
exchange
matters
by
certain
authorities
remain
ongoing
notwithstanding these resolutions.
Foreign exchange-related
civil litigation:
Putative class
actions
have
been
filed
since
2013
in
US
federal
courts
and
in
other
jurisdictions against
UBS and
other banks
on behalf
of putative
classes of persons
who engaged in
foreign currency transactions
with
any
of
the
defendant
banks.
UBS
has
resolved
US
federal
court class
actions relating
to foreign
currency transactions
with
the
defendant
banks
and
persons
who
transacted
in
foreign
exchange futures
contracts and options
on such futures
under a
settlement agreement that provides for UBS
to pay an aggregate
of
USD
141
million
and
provide
cooperation
to
the
settlement
classes.
Certain
class
members
have
excluded
themselves
from
that
settlement
and
have
filed
individual
actions
in
US
and
English
courts
against
UBS
and
other
banks,
alleging
violations
of US and European competition laws and unjust enrichment.
In
2015,
a
putative
class
action
was
filed
in
federal
court
against
UBS
and
numerous
other
banks
on
behalf
of
persons
and
businesses
in
the
US
who
directly
purchased
foreign
currency
from
the
defendants
and
alleged
co-conspirators
for
their own end use. In
March 2017, the court
granted UBS’s (and
the other banks’) motions to dismiss the complaint. The plaintiffs
filed an amended complaint in August 2017. In March 2018,
the
court
denied
the
defendants’
motions
to
dismiss
the
amended
complaint.
LIBOR
and
other
benchmark-related
regulatory
matters:
Numerous
government
agencies,
including
the
SEC,
the
CFTC,
the
DOJ,
the
FCA,
the
UK
Serious
Fraud
Office,
the
Monetary
Authority
of
Singapore,
the
Hong
Kong
Monetary
Authority,
FINMA, various state attorneys general
in the US and competition
authorities in
various jurisdictions, have
conducted investigations
regarding potential improper attempts by UBS,
among others, to
manipulate
LIBOR
and
other
benchmark
rates
at
certain
times.
UBS
reached
settlements
or
otherwise
concluded
investigations
relating
to
benchmark
interest
rates
with
the
investigating
authorities. UBS
has
ongoing obligations
to
cooperate with
the
authorities
with
whom
we
have
reached
resolutions
and
to
undertake
certain
remediation
measures
with
respect
to
benchmark
interest
rate
submissions.
UBS
has
been
granted
conditional leniency
or
conditional immunity
from
authorities in
certain
jurisdictions, including
the
Antitrust
Division
of
the
DOJ
and
the
Swiss
Competition Commission
(WEKO),
in
connection
with
potential antitrust
or
competition law
violations related
to
certain
rates.
However,
UBS
has
not
reached
a
final
settlement
with
WEKO,
as
the
Secretariat of
WEKO
has
asserted
that
UBS
does not qualify for
full immunity.
93
Note 14
Provisions and contingent liabilities (continued)
LIBOR and
other benchmark-related
civil litigation:
A number
of
putative
class
actions
and
other
actions
are
pending
in
the
federal
courts
in
New
York
against
UBS
and
numerous
other
banks on behalf of parties who transacted in certain interest
rate
benchmark-based
derivatives.
Also
pending
in
the
US
and
in
other jurisdictions are
a number of
other actions asserting
losses
related
to
various
products
whose
interest
rates
were
linked
to
LIBOR
and
other
benchmarks,
including
adjustable
rate
mortgages,
preferred
and
debt
securities,
bonds
pledged
as
collateral,
loans,
depository
accounts,
investments
and
other
interest-bearing
instruments.
The
complaints
allege
manipulation,
through
various
means,
of
certain
benchmark
interest
rates,
including
USD LIBOR,
Euroyen
TIBOR,
Yen
LIBOR,
EURIBOR,
CHF LIBOR,
GBP
LIBOR,
SGD
SIBOR
and
SOR
and
Australian BBSW,
and seek
unspecified compensatory
and other
damages under varying legal theories.
USD LIBOR class and individual actions
in the US:
In 2013 and
2015,
the
district
court
in
the
USD LIBOR
actions
dismissed,
in
whole
or
in
part,
certain
plaintiffs’
antitrust
claims,
federal
racketeering
claims, CEA
claims, and
state common
law claims.
Although
the
Second
Circuit
vacated
the
district
court’s
judgment
dismissing
antitrust
claims,
the
district
court
again
dismissed antitrust
claims against UBS
in 2016.
Certain plaintiffs
have appealed that
decision to the
Second Circuit. Separately,
in
2018,
the
Second
Circuit
reversed
in
part
the
district
court’s
2015 decision
dismissing certain
individual plaintiffs’
claims and
certain
of
these
actions
are
now
proceeding.
UBS
entered
into
an
agreement
in
2016
with
representatives
of
a
class
of
bondholders
to
settle
their
USD LIBOR
class
action.
The
agreement has received final court
approval. In 2018, the district
court
denied
plaintiffs’
motions
for
class
certification
in
the
USD class actions
for claims
pending against
UBS, and
plaintiffs
sought permission to appeal
that ruling to the
Second Circuit. In
July
2018,
the
Second
Circuit
denied
the
petition
to
appeal
of
the
class
of
USD lenders
and
in
November
2018
denied
the
petition
of
the
USD exchange
class.
In
December
2019,
UBS
entered
into
an
agreement
with
representatives
of
the
class
of
USD lenders
to
settle
their
USD LIBOR
class
action.
The
agreement has
received final
court approval.
In January
2019, a
putative
class
action
was
filed
in
the
District
Court
for
the
Southern District
of New
York against
UBS and
numerous other
banks
on
behalf
of
US
residents
who,
since
1 February
2014,
directly
transacted
with
a
defendant
bank
in
USD LIBOR
instruments.
The
complaint
asserts
antitrust
claims.
The
defendants moved to
dismiss the complaint
in August 2019.
On
26 March 2020 the
court granted defendants’ motion to
dismiss
the
complaint
in
its
entirety.
Plaintiffs
have
appealed
the
dismissal.
In
August
2020,
an
individual
action
was
filed
in
the
Northern District
of California
against UBS
and numerous
other
banks
alleging that
the defendants
conspired to
fix the
interest
rate
used
as
the
basis
for
loans
to
consumers
by
jointly
setting
the
USD LIBOR
rate
and
monopolized
the
market
for
LIBOR-
based consumer loans and credit cards.
Other benchmark
class actions
in the
US:
In 2014,
2015 and
2017, the
court in
one of
the Euroyen
TIBOR lawsuits
dismissed
certain
of
the
plaintiffs’
claims,
including
plaintiffs’
federal
antitrust
and
racketeering
claims.
In
August
2020,
the
court
granted defendants’
motion for
judgment on
the pleadings
and
dismissed the lone remaining claim in the action as impermissibly
extraterritorial.
Plaintiffs
have
appealed.
In
2017,
the
court
dismissed
the
other
Yen
LIBOR
/
Euroyen
TIBOR
action
in
its
entirety
on
standing
grounds.
In
April
2020,
the
appeals
court
reversed
the
dismissal
and
in
August
2020
plaintiffs
in
that
action
filed
an
amended
complaint.
Defendants
moved
to
dismiss
the
amended
complaint
in
October
2020.
In
2017,
the
court dismissed
the CHF LIBOR
action on
standing grounds
and
failure
to
state
a
claim.
Plaintiffs
filed
an
amended
complaint
following
the
dismissal,
and
the
court
granted
a
renewed
motion
to
dismiss in
September 2019.
Plaintiffs have
appealed.
Also
in
2017,
the
court
in
the
EURIBOR
lawsuit
dismissed
the
case as
to UBS
and certain
other foreign
defendants for
lack of
personal
jurisdiction.
Plaintiffs have
appealed.
In October
2018,
the
court
in
the
SIBOR
/
SOR
action
dismissed
all
but
one
of
plaintiffs’
claims
against
UBS.
Plaintiffs
filed
an
amended
complaint
following
the
dismissal,
and
the
court
granted
a
renewed
motion
to
dismiss
in
July
2019.
Plaintiffs
appealed.
In
March
2021,
the
Second
Circuit
reversed
the
dismissal.
In
November
2018,
the
court
in
the
BBSW
lawsuit
dismissed
the
case as
to UBS
and certain
other foreign
defendants for
lack of
personal
jurisdiction.
Following
that
dismissal,
plaintiffs
filed
an
amended
complaint
in
April
2019,
which
UBS
and
other
defendants named in
the amended complaint
moved to dismiss.
In February
2020, the
court in
the BBSW
action granted
in part
and denied in
part defendants’ motions
to dismiss the
amended
complaint.
In
August
2020,
UBS
and
other
BBSW
defendants
joined
a
motion
for
judgment
on
the
pleadings.
The
court
dismissed
the GBP
LIBOR action
in August
2019. Plaintiffs
have
appealed.
Government bonds:
Putative class actions
have been filed since
2015 in US federal courts against UBS and other banks on behalf
of persons who
participated in markets for US
Treasury securities
since 2007. A consolidated complaint was filed
in 2017 in the US
District Court for the
Southern District of New
York alleging that
the banks colluded with
respect to, and manipulated
prices of, US
Treasury securities
sold
at
auction
and
in
the
secondary market
and
asserting
claims
under
the
antitrust
laws
and
for
unjust
enrichment.
Defendants’
motions
to
dismiss
the
consolidated
complaint
was
granted
on
31
March
2021.
Plaintiffs
filed
an
amended complaint, which defendants moved to
dismiss in June
2021. Similar
class actions
have been
filed concerning European
government
bonds and other
government
bonds.
In
May
2021,
the
European
Commission
issued
a
decision
finding that
UBS
and
six other
banks breached
European Union
antitrust
rules
in
2007-2011
relating
to
European
government
bonds. The European
Commission
fined UBS EUR
172
million. UBS
is appealing
the amount
of the fine.
With
respect
to
additional
matters
and
jurisdictions
not
encompassed
by
the
settlements
and
orders
referred
to
above,
our
balance
sheet
at
30 June
2021
reflected
a
provision
in
an
amount that UBS believes to be appropriate under the applicable
accounting
standard. As
in the
case of
other matters
for which
we have
established provisions,
the future
outflow of
resources
in respect
of such
matters cannot
be determined
with certainty
based
on
currently
available
information
and
accordingly
may
ultimately prove to
be substantially greater
(or may be
less) than
the provision that we have recognized.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
94
Note 14
Provisions and contingent liabilities (continued)
6. Swiss retrocessions
The
Federal
Supreme
Court
of
Switzerland
ruled
in
2012,
in
a
test
case
against
UBS,
that
distribution
fees
paid
to
a
firm
for
distributing
third-party
and
intra-group
investment
funds
and
structured products must be
disclosed and surrendered to clients
who have
entered into
a discretionary
mandate agreement
with
the firm,
absent a
valid waiver. FINMA
issued a
supervisory note
to
all
Swiss
banks
in
response
to
the
Supreme
Court
decision.
UBS
has
met
the
FINMA
requirements
and
has
notified
all
potentially affected clients.
The
Supreme Court
decision has
resulted, and
may continue
to result,
in a
number of
client requests
for UBS
to disclose
and
potentially
surrender
retrocessions.
Client
requests
are
assessed
on a case-by-case basis. Considerations taken into account when
assessing these cases
include, among other
things, the existence
of
a
discretionary
mandate
and
whether
or
not
the
client
documentation
contained
a
valid
waiver
with
respect
to
distribution fees.
Our balance
sheet at 30
June 2021 reflected
a provision
with
respect
to
matters
described
in
this
item
6
in
an
amount
that
UBS believes
to be
appropriate under
the applicable
accounting
standard.
The
ultimate
exposure
will
depend
on
client
requests
and
the
resolution
thereof,
factors
that
are
difficult
to
predict
and assess.
Hence, as in
the case of
other matters for
which we
have
established
provisions,
the
future
outflow
of
resources
in
respect
of
such
matters
cannot
be
determined
with
certainty
based
on
currently
available
information
and
accordingly
may
ultimately prove to
be substantially greater
(or may be
less) than
the provision that we have recognized.
Note 15
Currency translation rates
The
following table
shows the
rates of
the main
currencies
used to
translate the
financial information
of UBS’s
operations with
a
functional currency other than the US dollar into US dollars.
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.6.21
31.3.21
31.12.20
30.6.20
30.6.21
31.3.21
30.6.20
30.6.21
30.6.20
1 CHF
1.08
1.06
1.13
1.06
1.10
1.09
1.04
1.09
1.04
1 EUR
1.19
1.17
1.22
1.12
1.20
1.20
1.11
1.20
1.11
1 GBP
1.38
1.38
1.37
1.24
1.39
1.38
1.24
1.39
1.26
100 JPY
0.90
0.90
0.97
0.93
0.91
0.93
0.93
0.92
0.93
1 Monthly income statement items of operations with a functional currency
other than the US dollar are translated into US dollars
using month-end rates. Disclosed average rates
for a quarter represent an average
of three month-end rates,
weighted according to the income
and expense volumes of all
operations of the Group with
the same functional currency for
each month. Weighted average
rates for individual business
divisions may deviate from the weighted average rates for the Group.
95
UBS AG interim consolidated financial
information (unaudited)
This
section
contains
a
comparison
of
selected
financial
and
capital
information
between
UBS
Group
AG
consolidated
and
UBS AG consolidated. Refer to the
UBS AG second quarter 2021
report,
which
will
be
available
as
of
23
July
2021
under
“Quarterly
reporting”
at
ubs.com/investors
,
for
the
interim
consolidated financial statements of UBS AG.
Comparison between UBS Group AG consolidated and
UBS AG consolidated
The
accounting
policies
applied
under
International
Financial
Reporting
Standards
(IFRS)
to both
the UBS
Group
AG and
the
UBS
AG
consolidated
financial
statements
are
identical.
However, there
are certain scope and presentation differences as
noted below.
–
Assets,
liabilities,
operating
income,
operating
expenses
and
operating profit
before tax
relating to
UBS Group
AG and
its
directly
held
subsidiaries,
including
UBS
Business
Solutions
AG, are
reflected
in
the consolidated
financial
statements of
UBS Group AG
but not in
those of UBS
AG. UBS AG’s assets,
liabilities, operating income and operating expenses related to
transactions
with
UBS
Group
AG
and
its
directly
held
subsidiaries,
including
UBS
Business
Solutions
AG
and
other
shared
services
subsidiaries, are
not
subject to
elimination
in
the
consolidated
financial
statements
of
UBS
AG,
but
are
eliminated
in
the
consolidated
financial
statements
of
UBS
Group
AG.
UBS
Business
Solutions
AG
and
other
shared
services
subsidiaries
of
UBS
Group
AG
charge
other
legal
entities
within
the
UBS
AG
consolidation
scope
for
services
provided, including a markup on costs incurred.
–
The
equity
of
UBS
Group
AG
consolidated
was
USD 3.4
billion
higher
than
the
equity
of
UBS
AG
consolidated
as
of
30 June
2021.
This
difference
was
mainly
driven
by
higher
dividends paid
by UBS
AG to
UBS Group
AG compared
with
the dividend distributions of UBS
Group AG, as well as
higher
retained earnings
in
the consolidated
financial statements
of
UBS Group AG, largely related to the aforementioned markup
charged
by shared
services
subsidiaries
of
UBS Group
AG to
other legal
entities in
the UBS
AG scope
of consolidation.
In
addition, UBS Group
AG is
the grantor
of the
majority of
the
compensation
plans
of
the
Group
and
recognizes
share
premium
for
equity-settled
awards
granted.
These
effects
were partly offset by treasury shares acquired
and canceled as
part
of
our
share
repurchase
programs
and
those
held
to
hedge
share
delivery
obligations
associated
with
Group
compensation
plans,
as
well
as
additional
share
premium
recognized
at
the
UBS AG
consolidated
level
related
to
the
establishment
of
UBS Group
AG and
UBS Business
Solutions
AG, a wholly owned subsidiary of UBS Group AG.
–
The
going
concern
capital
of
UBS
Group
AG
consolidated
was USD 3.8
billion higher
than the
going concern
capital of
UBS AG
consolidated
as
of
30 June
2021,
reflecting
higher
common
equity
tier 1
(CET1)
capital
of
USD 2.4
billion
and
going concern loss-absorbing additional
tier 1 (AT1) capital of
USD 1.4 billion.
–
The CET1 capital of UBS Group AG consolidated
was USD 2.4
billion higher than that of
UBS AG consolidated as of
30 June
2021.
The higher CET1 capital of UBS Group AG consolidated
was primarily
due to higher
UBS Group AG
consolidated IFRS
equity of
USD 3.4 billion,
as described
above, and
lower UBS
Group AG
accruals for
future capital
returns to
shareholders,
partly
offset
by
compensation
-
related
regulatory
capital
accruals and
a capital
reserve for
potential share
repurchases
at the UBS Group AG level.
–
The
going
concern
loss-absorbing
AT1
capital
of
UBS
Group
AG
co
nsolidated
was
USD
1.
4
billion
higher
than
that
of
UBS AG
consolidated
as
of
30 June
2021,
mainly
reflecting
deferred contingent capital plan awards granted at
the Group
level to eligible
employees for the
performance years 2016 to
2020,
partly
offset
by
two
loss-absorbing
AT1
capital
instruments on-lent by UBS Group AG to UBS AG.
Notes to the UBS Group AG interim consolidated financial statements (unaudited)
96
Comparison between UBS Group AG consolidated and UBS AG consolidated
As of or for the quarter ended 30.6.21
USD million, except where indicated
UBS Group AG
consolidated
UBS AG
consolidated
Difference
(absolute)
Income statement
Operating income
8,976
9,071
(94)
Operating expenses
6,384
6,589
(206)
Operating profit / (loss) before tax
2,593
2,481
111
of which: Global Wealth Management
1,294
1,273
21
of which: Personal & Corporate Banking
498
496
2
of which: Asset Management
255
254
1
of which: Investment Bank
668
655
14
of which: Group Functions
(124)
(197)
73
Net profit / (loss)
2,012
1,919
93
of which: net profit / (loss) attributable to shareholders
2,006
1,913
93
of which: net profit / (loss) attributable to non-controlling interests
6
6
0
Statement of comprehensive income
Other comprehensive income
591
592
(1)
of which: attributable to shareholders
576
578
(1)
of which: attributable to non-controlling interests
14
14
0
Total comprehensive income
2,602
2,510
92
of which: attributable to shareholders
2,582
2,491
92
of which: attributable to non-controlling interests
20
20
0
Balance sheet
Total assets
1,086,519
1,085,861
658
Total liabilities
1,027,469
1,030,216
(2,746)
Total equity
59,050
55,645
3,405
of which: equity attributable to shareholders
58,765
55,361
3,405
of which: equity attributable to non-controlling interests
284
284
0
Capital information
Common equity tier 1 capital
42,583
40,190
2,393
Going concern capital
59,188
55,398
3,790
Risk-weighted assets
293,277
290,470
2,807
Common equity tier 1 capital ratio (%)
14.5
13.8
0.7
Going concern capital ratio (%)
20.2
19.1
1.1
Total loss-absorbing capacity ratio (%)
35.6
34.6
1.0
Leverage ratio denominator
1
1,039,939
1,039,375
564
Common equity tier 1 leverage ratio (%)
1
4.09
3.87
0.23
Going concern leverage ratio (%)
1
5.7
5.3
0.4
Total loss-absorbing capacity leverage ratio (%)
10.0
9.7
0.4
1 Leverage ratio denominators and leverage ratios
for 31 December 2020 do not reflect
the effects of the temporary exemption that applied from
25 March 2020 until 1 January
2021 and was granted by FINMA in
connection with COVID-19. Refer to the “Regulatory and legal developments” section of our Annual Report 2020 for more information.
97
As of or for the quarter ended 31.3.21
As of or for the quarter ended 31.12.20
UBS Group AG
consolidated
UBS AG
consolidated
Difference
(absolute)
UBS Group AG
consolidated
UBS AG
consolidated
Difference
(absolute)
8,705
8,836
(130)
8,117
8,220
(103)
6,407
6,684
(277)
6,132
6,324
(192)
2,298
2,151
147
1,985
1,896
89
1,409
1,391
18
864
855
9
389
390
0
353
353
(1)
227
227
0
401
401
0
412
394
17
529
528
1
(139)
(251)
112
(161)
(241)
79
1,827
1,713
114
1,645
1,572
73
1,824
1,710
114
1,636
1,563
73
3
3
0
9
9
0
(2,166)
(2,032)
(135)
83
54
29
(2,154)
(2,019)
(135)
65
36
29
(12)
(12)
0
18
18
0
(339)
(319)
(21)
1,728
1,626
102
(330)
(309)
(21)
1,701
1,599
102
(9)
(9)
0
27
27
0
1,107,712
1,109,234
(1,522)
1,125,765
1,125,327
438
1,049,379
1,051,481
(2,102)
1,066,000
1,067,254
(1,254)
58,333
57,753
580
59,765
58,073
1,691
58,026
57,446
580
59,445
57,754
1,691
307
307
0
319
319
0
40,426
38,826
1,600
39,890
38,181
1,709
56,288
53,255
3,033
56,178
52,610
3,567
287,828
285,119
2,710
289,101
286,743
2,358
14.0
13.6
0.4
13.8
13.3
0.5
19.6
18.7
0.9
19.4
18.3
1.1
35.0
34.2
0.7
35.2
34.2
1.0
1,038,225
1,039,736
(1,511)
1,037,150
1,036,771
379
3.89
3.73
0.16
3.85
3.68
0.16
5.4
5.1
0.3
5.4
5.1
0.3
9.7
9.4
0.3
9.8
9.5
0.3
Significant
regulated
subsidiary and
sub-group
information
Unaudited
100
Financial and regulatory key figures for our significant regulated
subsidiaries and sub-groups
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas Holding LLC
(consolidated)
All values in millions, except where indicated
USD
CHF
EUR
USD
Financial and regulatory requirements
Swiss GAAP
Swiss SRB rules
Swiss GAAP
Swiss SRB rules
IFRS
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
30.6.21
31.3.21
30.6.21
31.3.21
30.6.21
31.3.21
1
30.6.21
31.3.21
Financial information
2
Income statement
Total operating income
4,473
2,811
2,135
2,089
277
260
3,423
3,721
Total operating expenses
2,030
2,143
1,352
1,489
205
233
2,930
2,905
Operating profit / (loss) before tax
2,443
669
783
600
72
27
493
816
Net profit / (loss)
2,479
566
636
484
50
11
299
716
Balance sheet
Total assets
511,973
517,606
323,291
325,921
47,426
49,246
183,777
182,786
Total liabilities
461,071
464,645
309,886
312,802
42,675
44,540
155,939
154,419
Total equity
50,902
52,962
13,405
13,119
4,751
4,706
27,838
28,367
Capital
3
Common equity tier 1 capital
51,279
50,223
12,312
12,417
3,921
3,721
14,477
14,716
Additional tier 1 capital
15,208
14,429
5,393
5,402
290
290
3,047
3,047
Tier 1 capital
66,487
64,652
17,705
17,819
4,211
4,011
17,523
17,763
Total going concern capital
66,487
64,652
17,705
17,819
4,211
4,011
Tier
2 capital
620
736
Total capital
4,211
4,011
18,143
18,498
Total gone concern loss-absorbing capacity
45,091
44,365
10,868
10,890
2,179
2,184
6,300
6,300
Total loss-absorbing capacity
111,578
109,017
28,572
28,709
6,390
6,195
23,823
24,063
Risk-weighted assets and leverage ratio
denominator
3
Risk-weighted assets
319,195
317,824
109,602
110,194
13,171
14,022
69,139
69,481
Leverage ratio denominator
606,536
611,022
341,991
344,925
49,797
43,620
170,985
169,386
Supplementary leverage ratio denominator
4
195,617
159,587
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
16.1
15.8
11.2
11.3
29.8
26.5
20.9
21.2
Tier 1 capital ratio
32.0
28.6
25.3
25.6
Going concern capital ratio
20.8
20.3
16.2
16.2
Total capital ratio
32.0
28.6
26.2
26.6
Total loss-absorbing capacity ratio
26.1
26.1
48.5
44.2
34.5
34.6
Tier 1 leverage ratio
8.5
9.2
10.2
10.5
Supplementary tier 1 leverage ratio
4
9.0
11.1
Going concern leverage ratio
11.0
10.6
5.2
5.2
Total loss-absorbing capacity leverage ratio
8.4
8.3
12.8
14.2
13.9
14.2
Gone concern capital coverage ratio
120.6
118.1
Liquidity
3
High-quality liquid assets (billion)
89
82
98
96
17
17
29,029
Net cash outflows (billion)
51
48
65
66
11
11
17,509
Liquidity coverage ratio (%)
5,6
176
172
150
146
161
157
166
Net stable funding ratio
3
Total available stable funding
15,756
Total required stable funding
9,465
Net stable funding ratio (%)
167
7
Other
Joint and several liability between UBS AG and UBS Switzerland AG
(billion)
8
7
9
1 Comparative figures have
been restated to
align with the
regulatory reports as
submitted to the
European Central
Bank (the ECB).
2 The financial
information disclosed does
not represent interim
financial
statements under the respective
GAAP / IFRS.
3 Refer to the 30 June
2021 Pillar 3 report, which
will be available as
of 20 August 2021 under
“Pillar 3 disclosures” at ubs.com/investors,
for more information.
4 US regulatory authorities temporarily eased the requirements for the supplementary leverage
ratio (SLR), permitting the exclusion of US Treasury
securities and deposits at the Federal Reserve Banks from the
SLR
denominator through
March 2021.
This exclusion
resulted in
an increase
in the
SLR of
187 bps on
31 March 2021.
5 In the
second quarter
of 2021,
the UBS AG
liquidity coverage
ratio (LCR)
was 176%,
remaining above
the prudential
requirements communicated
by FINMA.
6 In the
second quarter
of 2021,
the LCR
of UBS Switzerland AG,
which is
a Swiss SRB,
was 150%,
remaining above
the prudential
requirement communicated by FINMA in connection
with the Swiss Emergency Plan.
7 The local disclosure requirement
for the net stable funding ratio
of UBS Europe SE came into force in June
2021.
8 Refer
to the “Capital,
liquidity and funding,
and balance sheet”
section of our
Annual Report 2020
for more information
about the joint
and several
liability. Under
certain circumstances,
the Swiss Banking
Act and
FINMA’s Banking Insolvency Ordinance
authorize FINMA to modify, extinguish or convert to common equity liabilities of a bank in connection with a
resolution or insolvency of such bank.
101
UBS Group
AG is a
holding company and
conducts substantially
all
of
its
operations
through
UBS AG
and
subsidiaries
thereof.
UBS Group
AG
and
UBS AG
have
contributed
a
significant
portion
of
their
respective
capital
to,
and
provide
substantial
liquidity
to,
such
subsidiaries.
Many
of
these
subsidiaries
are
subject
to
regulations
requiring
compliance
with
minimum
capital,
liquidity
and
similar
requirements.
The
tables
in
this
section
summarize
the
regulatory
capital
components
and
capital
ratios
of
our
significant
regulated
subsidiaries
and
sub-
groups
determined
under
the
regulatory
framework
of
each
subsidiary’s or sub-group’s home jurisdiction.
Supervisory
authorities
generally
have
discretion
to
impose
higher
requirements
or
to
otherwise
limit
the
activities
of
subsidiaries.
Supervisory
authorities
also
may
require
entities
to
measure capital
and leverage
ratios on
a stressed
basis and
may
limit
the ability
of
an entity
to engage
in new
activities
or take
capital actions based on the results of those tests.
In
June
2021,
the
Federal
Reserve
Board
(the
FRB)
released
the
results
of
the
2021
Dodd–Frank
Act
Stress
Test
(DFAST),
which is complementary to
the Federal Reserve’s Comprehensive
Capital
Adequacy
Review
(CCAR)
process.
UBS’s
intermediate
holding
company,
UBS
Americas
Holding
LLC,
exceeded
minimum
capital
requirements
under
the
severely
adverse
scenario. The FRB
also lifted the
temporary limitations on
capital
distributions
imposed
during
the
pandemic.
As
a
result,
UBS
Americas Holding
LLC is
permitted to
make capital
distributions
as
long
as
it
maintains
compliance
with
its
total
capital
requirements, including its stress capital buffer.
Standalone financial
information for
UBS AG, UBS Group
AG
and
UBS Switzerland
AG
will
be
available
as
of
23 July
2021
under
“Complementary
financial
information”
at
ubs.com/investors
.
Standalone
regulatory
information
for
UBS AG
and
UBS Switzerland
AG,
as
well
as
consolidated
regulatory
information
for
UBS Europe
SE
and
UBS Americas
Holding
LLC,
is
provided
in
the
30 June
2021
Pillar 3
report,
which
will
be
available
as
of
20 August
2021
under
“Pillar 3
disclosures”
at
ubs.com/investors
.
Selected
financial
and
regulatory
information
for
UBS
AG
consolidated
is
included
in
the
key
figures
table
below.
Refer
also
to
the
UBS AG
second
quarter
2021
report,
which
will
be
available
as
of
23
July
2021
under
“Quarterly
reporting”
at
ubs.com/investors
.
UBS AG consolidated key figures
As of or for the quarter ended
As of or year-to-date
USD million, except where indicated
30.6.21
31.3.21
31.12.20
30.6.20
30.6.21
30.6.20
Results
Operating income
9,071
8,836
8,220
7,512
17,906
15,521
Operating expenses
6,589
6,684
6,324
5,987
13,274
12,197
Operating profit / (loss) before tax
2,481
2,151
1,896
1,525
4,632
3,324
Net profit / (loss) attributable to shareholders
1,913
1,710
1,563
1,194
3,623
2,615
Profitability and growth
1
Return on equity (%)
13.6
11.9
10.9
8.4
12.7
9.3
Return on tangible equity (%)
15.3
13.4
12.2
9.5
14.3
10.5
Return on common equity tier 1 capital (%)
19.4
17.8
16.3
13.0
18.6
14.4
Return on risk-weighted assets, gross (%)
12.5
12.3
11.7
10.9
12.4
11.6
Return on leverage ratio denominator, gross (%)
2
3.5
3.4
3.3
3.2
3.4
3.4
Cost / income ratio (%)
73.3
75.9
76.3
76.9
74.6
75.9
Net profit growth (%)
60.3
20.3
151.3
(8.7)
38.5
10.1
Resources
1
Total assets
1,085,861
1,109,234
1,125,327
1,063,446
1,085,861
1,063,446
Equity attributable to shareholders
55,361
57,446
57,754
55,384
55,361
55,384
Common equity tier 1 capital
3
40,190
38,826
38,181
37,403
40,190
37,403
Risk-weighted assets
3
290,470
285,119
286,743
284,798
290,470
284,798
Common equity tier 1 capital ratio (%)
3
13.8
13.6
13.3
13.1
13.8
13.1
Going concern capital ratio (%)
3
19.1
18.7
18.3
17.9
19.1
17.9
Total loss-absorbing capacity ratio (%)
3
34.6
34.2
34.2
31.9
34.6
31.9
Leverage ratio denominator
2,3
1,039,375
1,039,736
1,036,771
974,135
1,039,375
974,135
Common equity tier 1 leverage ratio (%)
2,3
3.87
3.73
3.68
3.84
3.87
3.84
Going concern leverage ratio (%)
2,3
5.3
5.1
5.1
5.2
5.3
5.2
Total loss-absorbing capacity leverage ratio (%)
3
9.7
9.4
9.5
9.3
9.7
9.3
Other
Invested assets (USD billion)
4
4,485
4,306
4,187
3,588
4,485
3,588
Personnel (full-time equivalents)
47,227
47,592
47,546
47,120
47,227
47,120
1 Refer to the “Performance
targets and capital
guidance” section of our
Annual Report 2020
for more information
about our performance
measurement.
2 Leverage ratio denominators
and leverage ratios
for
the respective periods in
2020 do not reflect
the effects of the
temporary exemption that
applied from 25 March
2020 until 1 January
2021 and was
granted by FINMA in
connection with COVID-19. Refer
to the
“Regulatory and
legal developments”
section
of
our Annual
Report 2020
for
more information.
3 Based
on the
Swiss systemically
relevant
bank
framework
as of
1 January
2020.
Refer to
the
“Capital
management” section of this report for more
information.
4 Consists of invested assets for Global
Wealth Management, Asset Management and Personal
& Corporate Banking. Refer to “Note
32 Invested assets
and net new money” in the “Consolidated financial statements” section of our Annual Report 2020 for more information.
Appendix
102
Alternative performance measures
Alternative performance measures
An alternative performance
measure (an
APM) is a
financial measure
of historical or
future financial
performance, financial position
or
cash
flows
other
than
a
financial
measure
defined
or
specified
in
the
applicable
recognized
accounting
standards
or
in
other
applicable regulations. We
report a number of APMs
in the discussion of the
financial and operating performance of
the Group,
our
business divisions and our
Group Functions. We
use APMs to provide
a more complete picture
of our operating performance and
to
reflect
management’s
view
of
the
fundamental
drivers
of
our
business
results.
A
definition
of
each
APM,
the
method
used
to
calculate it and the
information content are
presented in the
table below.
Our APMs may qualify
as non-GAAP measures
as defined
by US Securities and Exchange Commission (SEC) regulations.
APM label
Calculation
Information content
Invested assets (USD and CHF)
– GWM, P&C, AM
Calculated as the sum of managed fund
assets,
managed institutional assets, discretionary and
advisory
wealth management portfolios, fiduciary deposits,
time
deposits, savings accounts,
and wealth management
securities or brokerage accounts.
This measure provides information about
the volume
of client assets managed by or deposited with
UBS for
investment purposes.
Client assets (USD and CHF)
– GWM, P&C
Calculated as the sum of invested assets
and other
assets held purely for transactional purposes or
custody
only.
This measure provides information about the volume
of client assets managed by or deposited with
UBS for
investment purposes,
including other assets held
purely for transactional purposes or custody only.
Recurring net fee income
(USD and CHF)
– GWM, P&C
Calculated as the total of fees for services provided
on
an ongoing basis, such as portfolio management
fees,
asset-based investment fund fees and custody
fees,
which are generated on client assets, and
administrative fees for accounts (as well as
credit card
fees for GWM).
This measure provides information about the amount
of recurring net fee income.
Transaction-based income
(USD and CHF)
– GWM, P&C
Calculated as the total of the non-recurring portion
of
net fee and commission income, mainly composed
of
brokerage and transaction-based investment fund fees,
as well as fees for payment and foreign exchange
transactions (and credit card fees for P&C), together
with other net income from financial instruments
measured at fair value through profit or loss.
This measure provides information about the amount
of the non-recurring portion of net fee and
commission income.
Cost / income ratio (%)
Calculated as operating expenses divided by
operating
income before credit loss expense or release.
This measure provides information about the
efficiency of the business by comparing operating
expenses with gross income.
Gross margin on invested assets (bps)
– AM
Calculated as operating income before credit loss
expense or release (annualized as applicable) divided
by
average invested assets.
This measure provides information about the
operating income before credit loss expense or release
of the business in relation to invested assets.
Net interest margin (bps)
– P&C
Calculated as net interest income (annualized
as
applicable) divided by average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the price charged for lending and
the cost of funding, relative to loan value.
Net margin on invested assets (bps)
– AM
Calculated as operating profit before tax (annualized
as
applicable) divided by average invested
assets.
This measure provides information about the
operating profit before tax of the business in relation
to invested assets.
Business volume for Personal
Banking (CHF and USD)
– P&C
Calculated as the sum of client assets and loans.
This measure provides information about the volume
of client assets and loans.
Net new business volume for Personal
Banking (CHF and USD)
– P&C
Calculated as the sum of net inflows and outflows
of
client assets and loans during a specific period
(annualized as applicable).
This measure provides information about the business
volume as a result of net new business volume flows
during a specific period.
Net new business volume growth for
Personal Banking (%)
– P&C
Calculated as the sum of net inflows and outflows
of
client assets and loans during a specific period
(annualized as applicable) divided by total business
volume / client assets at the beginning of the
period.
This measure provides information about the growth
of the business volume as a result of net new business
volume flows during a specific period.
103
APM label
Calculation
Information content
Net profit growth (%)
Calculated as the change in net profit attributable
to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth in comparison with the prior period.
Pre-tax profit growth (%)
Calculated as the change in net profit before tax
attributable to shareholders from continuing
operations between current and comparison periods
divided by net profit before tax attributable to
shareholders from continuing operations of the
comparison period.
This measure provides information about pre-tax
profit growth in comparison with the prior period.
Return on
common equity
tier 1
capital (%)
Calculated as annualized net profit attributable to
shareholders divided by average common equity
tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on equity (%)
Calculated as annualized net profit attributable to
shareholders divided by average equity attributable
to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on attributed equity (%)
Calculated as annualized business division operating
profit before tax divided by average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity.
Return on leverage ratio denominator,
gross (%)
Calculated as annualized operating income
before
credit loss expense or release divided by average
leverage ratio denominator.
This measure provides information about the revenues
of the business in relation to leverage ratio
denominator.
Return on risk-weighted
assets, gross (%)
Calculated as annualized operating income
before
credit loss expense or release divided by average risk-
weighted assets.
This measure provides information about the revenues
of the business in relation to risk-weighted assets.
Return on tangible equity (%)
Calculated as annualized net profit attributable to
shareholders divided by average equity attributable
to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
Total book value per share
(USD and CHF
1
)
Calculated as equity attributable to shareholders
divided by the number of shares outstanding.
This measure provides information about net assets
on a per-share basis.
Tangible book value per share
(USD and CHF
1
)
Calculated as equity attributable to shareholders less
goodwill and intangible assets divided by the
number
of shares outstanding.
This measure provides information about tangible net
assets on a per-share basis.
Loan penetration (%)
– GWM
Calculated as loans divided by invested
assets.
This measure provides information about the loan
volume in relation to invested assets.
Net new money (USD)
– AM
Calculated as the sum of the net amount of inflows
and outflows of invested assets (as defined
in UBS
policy) recorded during a specific period.
This measure provides information about the
development of invested assets during a
specific
period as a result of net new money flows and
excludes movements due to market performance,
foreign exchange translation, dividends, interest and
fees.
Impaired loan portfolio as a percentage
of total loan portfolio, gross (%)
– GWM, P&C
Calculated as impaired loan portfolio divided by
total
gross loan portfolio.
This measure provides information about the
proportion of impaired loan portfolio in the total gross
loan portfolio.
Secured loan portfolio as a percentage
of total loan portfolio, gross (%)
– P&C
Calculated as secured loan portfolio divided by
total
gross loan portfolio.
This measure provides information about the
proportion of secured loan portfolio in the total gross
loan portfolio.
Active Digital Banking clients in
Personal Banking (%)
– P&C
Calculated as the number of clients (within the
meaning of numbers of unique business relationships
operated by Personal Banking), excluding persons
under the age of 15, clients who do not have
a
private account, clients domiciled outside Switzerland,
and clients who have defaulted on loans or
credit
facilities,
who have logged on at least once within
the
past month divided by the total number of clients
(within the aforementioned meaning).
This measure provides information about the
proportion of active Digital Banking clients in the total
number of UBS clients (within the aforementioned
meaning)
who are serviced by Personal Banking.
Appendix
104
APM label
Calculation
Information content
Active Digital Banking clients in
Corporate & Institutional Clients (%)
– P&C
Calculated as the number of clients (within the
meaning of numbers of unique business relationships
or legal entities operated by Corporate & Institutional
Clients), excluding clients that do not have
an
account, mono-product clients and clients that
have
defaulted on loans or credit facilities,
which have
logged on at least once within the past
month divided
by the total number of clients (within the
aforementioned meaning).
This measure provides information about the
proportion of active Digital Banking clients in the total
number of UBS clients (within the aforementioned
meaning)
which are serviced by Corporate &
Institutional Clients.
Mobile Banking log-in share in Personal
Banking (%)
– P&C
Calculated as the number of Mobile Banking
app
log-ins divided by total log-ins via E-Banking
and the
Mobile Banking app in Personal Banking.
This measure provides information about the
proportion of Mobile Banking app log-ins in the total
number of log-ins via E-Banking and the
Mobile
Banking app in Personal Banking.
Fee-generating assets (USD)
– GWM
Calculated as the sum of discretionary and non-
discretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.,
mainly investment and mutual funds, including
hedge
funds and private markets, where we have a
distribution agreement.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream.
Net new fee-generating assets (USD)
– GWM
Calculated as the sum of the net amount of
fee-
generating assets inflows and outflows, including
dividend and interest inflows into mandates and
outflows from mandate fees paid by clients, during
a
specific period.
This measure provides information about the
development of fee-generating assets during
a
specific period as a result of net flows and excludes
movements due to market performance and
foreign
exchange translation.
Fee-generating asset margin (bps)
– GWM
Calculated as revenues from fee-generating assets (a
portion of which is included in recurring fee income
and a portion of which is included in transaction-
based income, annualized as applicable) divided
by
average fee-generating assets for the relevant
mandate fee billing period.
This measure provides information about the revenues
from fee-generating assets in relation to their average
volume during the relevant mandate fee billing
period.
1
Total book value per share and tangible book value per share in Swiss francs are calculated based
on a translation of equity under our US dollar presentation currency.
105
Abbreviations frequently used in our financial reports
A
ABS
asset
-
bac
k
ed securities
AEI
automatic exchange of
information
AGM
Annual G
eneral
M
eeting of
shareholders
A
-
I
RB
advanced internal
ratings-based
AIV
alternative investment
vehicle
ALCO
Asset and Liability
Committee
AMA
advanced measurement
approach
AML
anti
-
money laundering
AoA
Articles of Association
APAC
Asia Pacific
APM
alternative performance
measure
ARR
alternative reference rate
ARS
auction rate securities
ASF
available stable funding
AT1
additional tier 1
AuM
assets under management
B
BCBS
Basel Committee on
Banking Supervision
BEAT
base erosion and anti
-
abuse
tax
BIS
Bank for
International
Settlements
BoD
Board of Directors
BVG
Swiss occupational
pension plan
C
CAO
Capital Adequacy
Ordinance
CCAR
Comprehensive Capital
Analysis and Review
CCF
credit conversion factor
CCP
central counterparty
CCR
counterparty credit risk
CCRC
Corporate Culture and
Responsibility Committee
CCyB
countercyclical buffer
CDO
collateralized debt
obligation
CDS
credit default swap
CEA
Commodity Exchange Act
CEM
current exposure method
CEO
Chief Executive Officer
CET1
common equity tier 1
CFO
Chief Financial Officer
CFTC
US Commodity Futures
Trading Commission
CHF
Swiss franc
CIC
Corporate & Institutional
Clients
CIO
Chief Investment Office
CLS
C
ontinuous
Linked
Settlement
CMBS
commercial mortgage
-
backed security
C&ORC
Compliance &
Operational
Risk Control
CRD IV
EU Capital Requirements
Directive of 2013
CRM
credit risk mitigation (credit
risk) or comprehensive risk
measure (market risk)
CRR
Capital Requirements
Regulation
CST
combined stress test
CVA
credit valuation adjustment
D
D
BO
defined benefit obligation
DCCP
Deferred Contingent
Capital Plan
DJSI
Dow Jones Sustainability
Indices
DM
discount margin
DOJ
US Department of Justice
D
-
SIB
domestic systemically
important bank
DTA
deferred tax asset
DVA
debit valuation adjustment
E
EAD
exposure at default
EB
Executive Board
EBA
European Banking Authority
EC
European Commission
ECB
European Central Bank
ECL
expected credit loss
EIR
effective interest rate
EL
expected loss
EMEA
Europe, Middle East and
Africa
EOP
Equity Ownership Plan
EPE
expected positive exposure
EPS
earnings per share
ESG
environmental, social and
governance
ETD
exchange
-
traded derivative
s
ETF
exchange
-
traded fund
EU
European Union
EUR
euro
Euribor
Euro Interbank Offered Rate
EVE
economic value of equity
EY
Ernst & Young (Ltd)
F
FA
financial advisor
FCA
UK Financial Conduct
Authority
FCT
foreign currency translation
FINMA
Swiss Financial Market
Supervisory Authority
FMIA
Swiss
Financial Market
Infrastructure Act
FSB
Financial Stability Board
FTA
Swiss
Federal Tax
Administration
FVA
funding valuation
adjustment
FVOCI
fair value through other
comprehensive income
FVTPL
fair value through profit or
loss
FX
foreign exchange
G
GAAP
generally accepted
accounting principles
GBP
pound sterling
GDP
gross domes
tic product
GEB
Group Executive Board
GIA
Group Internal Audit
GIIPS
Greece, Italy,
Ireland,
Portugal and Spain
GMD
Group Managing Director
GRI
Global Reporting Initiative
GSE
government sponsored
entities
G
-
SIB
global systemically
important bank
H
HQLA
high-quality liquid assets
HR
human resources
Appendix
106
Abbreviations frequently used in our financial reports (continued)
I
IAA
internal assessment
approach
IAS
International Accounting
Standards
IASB
International Accounting
Standards Board
IBOR
Interbank Offered Rate
IFRIC
International
Financial
Reporting Interpretations
Committee
IFRS
International Financial
Reporting Standards
IHC
intermediate holding
company
IMA
internal models approach
IMM
internal model method
IRB
internal ratings
-
based
IRC
incremental risk charge
IRRBB
interest ra
te
risk
in the
banking book
ISDA
International Swaps and
Derivatives Association
K
KRT
Key Risk Taker
L
LAS
liquidity
-
adjusted stress
LCR
liquidity coverage ratio
LGD
loss given default
LIBOR
London Interbank Offered
Rate
LLC
limited liability company
LRD
leverage ratio denominator
LTIP
Long
-
Term Incentive Plan
LTV
loan
-
to
-
value
M
M&A
mergers and acquisitions
MiFID II
Markets in Financial
Instruments Directive II
MRT
Material Risk Taker
N
NAV
net asset value
NCL
Non
-
core and Legacy
Portfolio
NII
net interest income
NRV
negative replacement value
NSFR
net stable funding ratio
NYSE
New York Stock Exchange
O
OCA
own credit adjustment
OCI
other comprehensive
income
OTC
over
-
the
-
counter
P
PD
probability of default
PFE
potential future
exposure
PIT
point in time
P&L
profit or loss
POCI
purchased or originated
credit-impaired
PRA
UK Prudential Regulation
Authority
PRV
positive replacement value
Q
QCCP
qualifying central
counterparty
QRRE
qualifying revolving retail
exposures
R
RBA
rol
e
-
based allowances
RBC
risk
-
based capital
RbM
risk
-
based monitoring
RMBS
residential mortgage
-
backed securities
RniV
risks not in VaR
RoAE
return on attributed equity
RoCET1
return on CET1 capital
RoTE
return on tangible equity
RoU
right
-
of
-
use
RV
replace
ment value
RW
risk weight
RWA
risk
-
weighted assets
S
SA
standardized approach
SA
-
CCR
standardized approach for
counterparty credit risk
SAR
stock appreciation right or
Special Administrative
Region
SBC
Swiss Bank Corporation
SDG
Sustainable
Development
Goal
SE
structured entity
SEC
US Securities and Exchange
Commission
SEEOP
Senior Executive Equity
Ownership Plan
SFT
securities financing
transaction
SI
sustainable investing
SICR
significant increase in credit
risk
SIX
SIX Swiss Exchange
SME
small and medium
-
sized
entity
SMF
Senior Management
Function
SNB
Swiss National Bank
SPPI
solely payments of principal
and interest
SRB
systemically relevant bank
SRM
specific risk measure
SVaR
stressed value
-
at
-
risk
T
TBTF
too big to fail
TCJA
US Tax
Cu
ts and Jobs Act
TLAC
total loss
-
absorbing capacity
TTC
through
-
the
-
cycle
U
UBS RESI
UBS Real Estate Securities
Inc.
UoM
units of measure
USD
US dollar
V
VaR
value
-
at
-
risk
VAT
value added tax
W
WEKO
Swiss Competition
Commission
This is a
general list of
the abbreviations
frequently used
in our financial
reporting. Not all
of the listed
abbreviations may
appear in
this particular report.
107
Information sources
Reporting publications
Annual publications
Annual Report (SAP No. 80531):
Published in English, this single-
volume
report
provides
descriptions of:
our
Group strategy
and
performance;
the
strategy
and
performance
of
the
business
divisions
and
Group
Functions
;
risk,
treasury
and
capital
management;
corporate
governance,
corporate
responsibility
and
our compensation
framework,
including information
about
compensation
for
the
Board
of
Directors
and
the
Group
Executive
Board
members;
and
financial
information,
including
the financial statements.
Geschäftsbericht
(SAP
No.
80531):
This
publication
provides
a
German translation of selected sections of our Annual Report.
Annual
Review
(SAP
No.
80530):
This
booklet
contains
key
information
about
our
strategy
and
performance,
with
a
focus
on
corporate
responsibility
at
UBS.
It
is
published
in
English,
German, French and Italian.
Compensation Report (SAP No. 82307):
This report discusses our
compensation
framework
and
provides
information
about
compensation
for
the
Board
of
Directors
and
the
Group
Executive Board members. It is available in English and German.
Quarterly publications
The quarterly financial report provides
an update on our strategy
and
performance
for
the
respective
quarter.
It
is
available
in
English.
How to order publications
The
annual
and
quarterly
publications
are
available
in
.pdf
format at
ubs.com/investors
, under “Financial
information,” and
printed
copies
can
be
requested
from
UBS
free
of
charge.
For
annual
publications,
refer
to
the
“Investor
services”
section
at
ubs.com/investors.
Alternatively, they
can be ordered
by quoting
the SAP number and the language preference,
where applicable,
from
UBS
AG,
F4UK–AUL,
P.O.
Box,
CH-8098
Zurich,
Switzerland.
Other information
Website
The
“Investor
Relations”
website
at
ubs.com/investors
provides
the
following
information
about
UBS:
news
releases;
financial
information,
including
results-related
filings
with
the
US
Securities
and
Exchange
Commission;
information
for
shareholders,
including
UBS
share
price
charts,
as
well
as
data
and
dividend
information,
and
for
bondholders;
the
UBS
corporate
calendar;
and
presentations
by
management
for
investors and financial
analysts. Information is
available online in
English, with some information also available in German.
Results presentations
Our quarterly
results
presentations
are
webcast live.
Recordings
of
most
presentations
can
be
download
ed
from
ubs.com/presentations
.
Messaging
service
Email alerts to news
about UBS can be subscribed
for under “UBS
News
Alert”
at
ubs.com/global/en/investor-relations/contact/
investor-services.html
.
Messages
are
sent
in
English,
German,
French or
Italian, with an
option to
select theme preferences
for
such alerts.
Form 20-F
and other
submissions to
the US
Securities and
Exchange Commission
We file periodic reports and submit other
information about UBS
to
the
US
Securities
and
Exchange
Commission
(the
SEC).
Principal among
these filings
is the
annual report
on Form
20-F,
filed
pursuant
to
the
US
Securities
Exchange
Act
of
1934.
The
filing
of
Form
20-F
is
structured
as
a
wrap-around
document.
Most
sections
of
the
filing
can
be
satisfied
by
referring
to
the
combined UBS
Group AG
and UBS
AG annual
report. However,
there
is a
small
amount
of
additional
information in
Form 20-F
that
is
not
presented
elsewhere
and
is
particularly
targeted
at
readers
in
the
US.
Readers
are
encouraged
to
refer
to
this
additional disclosure.
Any document that
we file with
the SEC is
available
on
the
SEC’s
website:
sec.gov
.
Refer
to
ubs.com/investors
for more information.
Appendix
108
Cautionary Statement Regarding Forward-Looking Statements |
This report contains statements that constitute “forward-looking statements,” including
but not limited to management’s outlook for
UBS’s financial performance,
statements relating to the anticipated effect
of transactions and strategic initiatives
on UBS’s
business and future
development and goals
or intentions to
achieve climate, sustainability
and other social
objectives. While these
forward-looking
statements represent
UBS’s judgments,
expectations and
objectives concerning the
matters described,
a number
of risks,
uncertainties and
other important
factors
could
cause
actual
developments
and
results
to
differ
materially
from
UBS’s
expectations. The
outbreak
of
COVID-19
and
the
measures
taken
in
response to
the pandemic
have had
and may
continue to
have a
significant adverse effect
on global
economic activity,
and an
adverse effect
on the
credit
profile of some of our clients and other market
participants, which has resulted in and may continue to increase credit loss
expense and credit impairments. In
addition,
we
face
heightened
operational
risks
due
to
remote
working
arrangements,
including
risks
to
supervisory
and
surveillance
controls,
as
well
as
increased fraud
and data
security risks. The
unprecedented scale
of the
measures taken
to respond
to the
pandemic as
well as
the uncertainty
surrounding
vaccine supply,
distribution, and efficacy
against mutated virus
strains create
significantly greater uncertainty
about forward-looking statements.
Factors that
may affect our
performance and ability to
achieve our plans,
outlook and other
objectives also include, but
are not limited
to: (i) the
degree to which
UBS is
successful
in
the
ongoing execution
of
its
strategic
plans,
including its
cost
reduction
and
efficiency
initiatives and
its
ability
to
manage
its
levels of
risk-
weighted assets
(RWA)
and leverage
ratio denominator
(LRD), liquidity
coverage ratio
and
other financial
resources, including
changes in
RWA
assets and
liabilities arising from
higher market volatility;
(ii) the
degree to which
UBS is successful
in implementing changes to
its businesses to
meet changing market,
regulatory
and
other
conditions;
(iii) the
continuing
low
or
negative
interest
rate
environment
in
Switzerland
and
other
jurisdictions;
(iv)
developments
(including as a result of the COVID-19 pandemic) in the macroeconomic
climate and in the markets in which UBS operates or to
which it is exposed, including
movements in
securities prices
or liquidity,
credit spreads,
and currency
exchange rates,
and the
effects of
economic conditions, market
developments, and
geopolitical tensions,
and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties
as well as on client
sentiment
and levels
of activity;
(v) changes in
the availability
of capital
and funding,
including any
changes in
UBS’s credit
spreads and
ratings, as
well as
availability and cost of funding to meet requirements for debt
eligible for total loss-absorbing capacity (TLAC);
(vi) changes in or the implementation of financial
legislation and regulation in Switzerland, the US, the UK, the European Union
and other financial centers that have imposed, or resulted in, or may
do so in the
future,
more
stringent or
entity-specific capital,
TLAC,
leverage ratio,
net stable
funding ratio,
liquidity and
funding requirements,
heightened operational
resilience requirements, incremental tax requirements, additional levies, limitations on permitted
activities, constraints on remuneration, constraints on transfers
of
capital and
liquidity and
sharing of
operational costs
across
the Group
or
other measures,
and
the
effect
these
will
or
would
have
on
UBS’s business
activities; (vii) UBS’s ability
to successfully implement resolvability
and related regulatory
requirements and the
potential need to make
further changes to
the
legal
structure
or
booking
model
of
UBS
Group
in
response
to
legal
and
regulatory
requirements,
proposals
in
Switzerland
and
other
jurisdictions
for
mandatory structural reform
of banks
or systemically important
institutions or to
other external developments;
(viii) UBS’s
ability to maintain
and improve
its
systems and
controls for
the detection
and prevention
of money
laundering and
compliance with
sanctions to
meet evolving
regulatory
requirements and
expectations, in particular
in the US;
(ix) the uncertainty
arising from the
UK’s exit from
the EU; (x)
changes in UBS’s
competitive position, including whether
differences
in regulatory
capital and
other requirements
among the
major financial
centers will
adversely affect
UBS’s ability
to compete
in certain
lines of
business; (xi)
changes in the standards of conduct applicable to our businesses that may result from new regulations
or new enforcement of existing standards,
including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the
liability to which UBS may be exposed, or possible
constraints or sanctions that regulatory authorities
might impose on UBS, due to litigation, contractual
claims
and regulatory
investigations, including the
potential for
disqualification from
certain businesses, potentially
large fines
or monetary
penalties, or
the loss
of
licenses or privileges as
a result of
regulatory or other governmental sanctions, as
well as the effect
that litigation, regulatory and similar
matters have on the
operational risk component of
our RWA
as well as
the amount of
capital available for
return to shareholders; (xiii)
the effects on
UBS’s cross-border banking
business of
tax or
regulatory developments and
of possible
changes in
UBS’s policies
and practices
relating to
this business;
(xiv) UBS’s
ability to
retain and
attract
the
employees necessary
to
generate revenues
and
to
manage, support
and
control
its
businesses, which
may
be
affected
by
competitive factors;
(xv) changes
in
accounting
or
tax
standards
or
policies,
and
determinations
or
interpretations
affecting
the
recognition
of
gain
or
loss,
the
valuation
of
goodwill, the recognition
of deferred tax
assets and other
matters; (xvi)
UBS’s ability to
implement new technologies and
business methods, including digital
services and technologies,
and ability to
successfully compete with both
existing and new
financial service providers, some
of which may
not be regulated
to
the
same
extent;
(xvii)
limitations on
the effectiveness
of
UBS’s
internal processes
for
risk
management, risk
control,
measurement and
modeling, and
of
financial models
generally; (xviii)
the occurrence
of
operational failures,
such as
fraud, misconduct,
unauthorized trading,
financial crime,
cyberattacks and
systems failures,
the risk
of which
is increased
while COVID-19
control measures
require large
portions of
the staff
of both
UBS and
its service
providers to
work remotely;
(xix) restrictions on the ability of UBS Group AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries
to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in
other countries of their broad statutory powers in relation
to protective measures, restructuring and liquidation proceedings; (xx) the degree
to which changes
in regulation, capital or
legal structure, financial results or
other factors may affect UBS’s
ability to maintain its stated
capital return objective; (xxi) uncertainty
over the scope of actions that
may be required by UBS,
governments and others to achieve goals relating to climate, environmental
and social matters as well
as the evolving nature of
underlying science and industry and governmental standards; and (xxii) the
effect that these or other
factors or unanticipated events
may have on our
reputation and the additional consequences that
this may have on
our business and performance. The sequence
in which the factors
above
are
presented is
not indicative
of their
likelihood of
occurrence or
the potential
magnitude of
their consequences.
Our business
and financial
performance
could be
affected by
other factors
identified in
our past
and future
filings and
reports, including
those filed
with the
SEC. More
detailed information about
those factors is set forth in documents furnished
by UBS and filings made by UBS with the
SEC, including UBS’s Annual Report on Form 20-F
for the year ended
31 December 2020 and UBS’s First Quarter
2021
Report on Form 6K. UBS is
not under any obligation to (and
expressly disclaims any obligation to) update
or
alter its forward-looking statements, whether as
a result of new information, future events, or otherwise.
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.
UBS Group AG
P.O.
Box
CH-8098 Zurich
ubs.com
This Form 6-K is hereby incorporated
by reference into (1) each of
the registration statements of UBS
AG
on
Form
F-3
(Registration
Number
333-253432),
and
of
UBS
Group
AG
on
Form
S-8
(Registration
Numbers
333-200634;
333-200635;
333-200641;
333-200665;
333-215254;
333-
215255; 333-228653; 333-230312;
and 333-249143), and
into each
prospectus outstanding under
any
of
the
foregoing
registration
statements,
(2)
any
outstanding
offering
circular
or
similar
document
issued or
authorized by
UBS AG
that incorporates
by reference
any Form
6-K’s
of UBS
AG that
are
incorporated
into
its
registration
statements
filed
with
the
SEC,
and
(3)
the
base
prospectus
of
Corporate
Asset
Backed
Corporation
(“CABCO”)
dated
June
23,
2004
(Registration
Number
333-
111572),
the Form 8-K of
CABCO filed and dated
June 23, 2004 (SEC
File Number 001-13444), and
the
Prospectus Supplements
relating
to
the
CABCO Series
2004-101
Trust
dated May
10,
2004
and
May 17, 2004 (Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly
caused this report to be signed on their behalf by the undersigned, thereunto
duly authorized.
UBS Group AG
By: _/s/
Ralph Hamers _______________
Name:
Ralph Hamers
Title:
Group Chief Executive Officer
By: _/s/ Kirt Gardner__________________
Name:
Kirt Gardner
Title:
Group Chief Financial Officer
By: _/s/ Christopher Castello
___________
Name: Christopher Castello
Title: Group Controller and
Chief Acc
ounting Officer
UBS AG
By:
/s/ Ralph Hamers ________________
Name:
Ralph Hamers
Title:
President of the Executive Board
By:
/s/ Kirt Gardner
_________________
Name:
Kirt Gardner
Title:
Chief Financial Officer
By:
/s/ Christopher Castello
_____
Name:
Christopher Castello
Title:
Controller and Chief Accounting Officer
Date:
July 20, 2021