UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: August 14, 2024
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of
Form 20-F or Form 40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the UBS Switzerland AG standalone financial information for the six months ended
30 June 2024, which appears immediately following this page.
UBS Switzerland AG
30 June 2024
Table of contents
UBS Switzerland AG standalone
interim financial information
1
2
3
3
Notes to the UBS Switzerland AG standalone interim
financial information
4
4
Appendix
5
Contacts
Switchboards
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Hong Kong +852-2971 8888
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UBS’s Investor Relations team manages
relationships with institutional investors,
research analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234 4100
New York +1-212-882 5734
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UBS’s Media Relations team manages
relationships with global media and
journalists.
ubs.com/media
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
© UBS 2024. The key symbol and UBS are among the registered and
unregistered trademarks of UBS. All rights reserved.
UBS Switzerland AG standalone
UBS Switzerland AG standalone interim financial information
Income statement
Year-to-date
CHF m
30.6.24
30.6.23
Interest and discount income
Interest and dividend income from trading portfolio
Interest and dividend income from financial investments
Interest expense
Gross interest income
Credit loss (expense) / release
Net interest income
Fee and commission income from securities and investment business
Credit-related fees and commissions
Other fee and commission income
Fee and commission expense
Net fee and commission income
Net trading income
Net income from disposal of financial investments
Dividend income from investments in subsidiaries and other participations
Sundry ordinary income
Sundry ordinary expenses
Other income from ordinary activities
Total operating income
Personnel expenses
General and administrative expenses
Subtotal operating expenses
Depreciation and impairment of property, equipment and software
Changes in provisions for litigation, regulatory and similar matters, and other provisions
Total operating expenses
Operating profit
Tax expense / (benefit)
Net profit / (loss) for the period
UBS Switzerland AG standalone
Balance sheet
CHF m
30.6.24
31.12.23
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
Property, equipment and software
Other assets
Total assets
of which: subordinated assets
Liabilities
Due to banks
of which: total loss-absorbing capacity eligible
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities
Equity
Share capital
Statutory capital reserve
of which: capital contribution reserve
Voluntary earnings reserve
Net profit / (loss) for the period
Total equity
Total liabilities and equity
of which: subordinated liabilities
of which: subject to mandatory conversion and / or debt waiver
UBS Switzerland AG standalone
Balance sheet (continued)
CHF m
30.6.24
31.12.23
Off-balance sheet items
Contingent liabilities, gross
Sub-participations
Contingent liabilities, net
of which: guarantees to third parties related to subsidiaries
of which: credit guarantees and similar instruments
of which: performance guarantees and similar instruments
of which: documentary credits
Irrevocable commitments, gross
Sub-participations
Irrevocable commitments, net
of which: loan commitments
of which: payment commitment related to deposit insurance
Forward starting transactions
1
of which: repurchase agreements
Liabilities for calls on shares and other equity instruments
1 Cash to be paid in the future by either UBS or the counterparty.
Joint and several liability
In June 2015, the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland were
transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger
Act.
As of 30 June 2024, the joint liability of UBS Switzerland AG for contractual obligations of UBS AG amounted to
CHF 3bn, compared with CHF 3bn as of 31 December 2023. As of 30 June 2024, the probability of an outflow
under this joint and several liability was assessed to be remote, and as a result the balance sheet and off-balance
sheet information does not include any exposure arising under this joint and several liability.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2024
Dividend distribution
Net profit / (loss) for the period
Balance as of 30 June 2024
UBS Switzerland AG standalone
Notes to the UBS Switzerland AG standalone interim financial information
Basis of accounting
The UBS Switzerland AG standalone interim financial statements are prepared in accordance with the interim
reporting requirements of Swiss GAAP (the FINMA Accounting Ordinance, FINMA Circular 2020/1 ”Accounting –
banks” and the Banking Ordinance).
The accounting policies are principally the same as for the consolidated financial statements of UBS Group AG
outlined in Note 1 to the consolidated financial statements of UBS Group AG included in the UBS Group Annual
Report 2023, available under “Annual reporting” at
ubs.com/investors
. Major differences between Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 35 to the consolidated financial statements of
UBS Group AG. Further information about the accounting policies applied for the standalone financial statements
of UBS Switzerland AG is provided in Note 2 to the UBS Switzerland AG standalone financial statements as of
31 December 2023, available under “Holding company and significant regulated subsidiaries and sub-groups” at
ubs.com/investors
.
In preparing the interim financial information for UBS Switzerland AG, the same accounting policies and methods
of computation have been applied as in the UBS Switzerland AG standalone financial statements as of and for year
ended 31 December 2023.
The interim financial information is unaudited and should be read in conjunction with the audited 2023 standalone
financial statements of UBS Switzerland AG, available under “Holding company and significant regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
Events after the reporting period
The Board of Directors of UBS Group AG has approved the execution of the merger between UBS Switzerland AG
and Credit Suisse (Schweiz) AG. Following approvals from their respective boards, both entities have entered into a
merger agreement dated 9 February 2024 as amended and restated on 25 June 2024. The merger between
UBS Switzerland AG and Credit Suisse (Schweiz) AG became legally effective by virtue of its registration with the
commercial register in Switzerland on 1 July 2024. In accordance with the Swiss Merger Act, and for the tax and
inter partes relationship only, UBS Switzerland AG and Credit Suisse (Schweiz) AG stipulated in the merger
agreement a retroactive effect of the merger as of 1 April 2024. Assets and liabilities of CHF 220,174m and
CHF 208,991m, respectively, have been taken over as of 1 April 2024. Interim financial information as of 30 June
2024 is still reported separately for UBS Switzerland AG and Credit Suisse (Schweiz) AG.
As part of the ongoing restructuring and integration of the Credit Suisse legal entities into the UBS structure,
following the legal merger of Credit Suisse (Schweiz) AG with UBS Switzerland AG on 1 July 2024, the participations
in Credit Suisse Asset Management (Schweiz) AG and Credit Suisse Fund Management (Luxembourg) SA, which
were previously indirectly held by Credit Suisse (Schweiz) AG via its 49% shareholding in Credit Suisse Asset
Management & Investor Services (Schweiz) Holding AG, were transferred to UBS Asset Management AG on 19 July
2024. The transaction was carried out at book value.
UBS Switzerland AG standalone
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
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 |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ Steffen Henrich
_
Name: Steffen Henrich
Title: Group Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
UBS AG
By: /s/ Steffen Henrich
_
Name: Steffen Henrich
Title: Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
Date: August 14, 2024