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 31, 2023
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 interim financial information for the six
months ended 30 June 2023, which appears immediately following this page.
UBS Switzerland AG
30 June 2023
Table of contents
UBS Switzerland AG standalone
interim financial information
1
2
3
3
Appendix
4
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UBS Switzerland AG standalone interim financial information
UBS Switzerland AG standalone interim financial
information
Income statement
Year-to-date
CHF m
30.6.23
30.6.22
Interest and discount income
1
Interest and dividend income from trading portfolio
Interest and dividend income from financial investments
Interest expense
2
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
1 Interest and discount income includes negative interest income on financial assets of CHF 2m and CHF 32m for the periods ended 30 June 2023 and 30 June 2022, respectively. 2 Interest expense includes negative
interest expense on financial liabilities of CHF 4m and CHF 215m for the periods ended 30 June 2023 and 30 June 2022, respectively.
UBS Switzerland AG standalone interim financial information
Balance sheet
CHF m
30.6.23
31.12.22
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
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
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: reverse repurchase agreements
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.
UBS Switzerland AG standalone interim financial information
Basis of accounting
The UBS Switzerland AG standalone financial statements are prepared in accordance with the interim reporting
requirements of Swiss GAAP (the FINMA Accounting Ordinance, FINMA Circular 2020/1 ”Accounting – banks” and
the Banking Ordinance).
The accounting policies are principally the same as for the consolidated financial statements of UBS Group AG
outlined in Note 1 to the consolidated financial statements of UBS Group AG included in the UBS Group AG Annual
Report 2022. Major differences between Swiss GAAP requirements and International Financial Reporting Standards
are described in Note 33 to the consolidated financial statements of UBS Group AG. Further information about the
accounting policies applied for the standalone financial statements of UBS Switzerland AG is provided in Note 2 to
the UBS Switzerland AG standalone financial statements as of 31 December 2022.
In preparing the interim financial information for UBS Switzerland AG, the same accounting policies and methods
of computation have been applied as in the annual standalone financial statements as of 31 December 2022, except
that the previous equity line item General reserves was replaced by its sole component, Statutory capital reserves,
in line with the amendment of the Swiss Code of Obligations effective from 1 January 2023.
The interim financial information is unaudited and should be read in conjunction with the audited 2022 standalone
financial statements of UBS Switzerland AG, available under “Holding company and significant regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
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. Under the Swiss Merger Act, UBS AG assumed joint liability for obligations existing on the asset transfer date,
i.e., 14 June 2015, which were transferred to UBS Switzerland AG.
Similarly, under the terms of the asset transfer agreement, UBS Switzerland AG assumed joint liability for
approximately CHF 325bn of contractual obligations of UBS AG existing on the asset transfer date, excluding the
collateralized portion of secured contractual obligations and covered bonds. UBS Switzerland AG has no liability for
new obligations incurred by UBS AG after the asset transfer date. The joint liability amount declines as obligations
mature, terminate or are novated following the asset transfer date.
As of 30 June 2023, the joint liability of UBS Switzerland AG for contractual obligations of UBS AG amounted to
approximately CHF 3bn, compared with CHF 4bn as of 31 December 2022. As of 30 June 2023, 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.
UBS Switzerland AG standalone interim financial information
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 Annual Report 2022 on Form
20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission 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.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ Steffen Henrich
_
Name: Steffen Henrich
Title: Group Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
UBS AG
By: /s/ Steffen Henrich
_
Name: Steffen Henrich
Title: Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
Date: August 31, 2023