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:
February 28, 2020
UBS
Group AG
Commission
File Number: 1-36764
UBS
AG
Commission
File Number: 1-15060
(Registrants' Name)
Bahnhofstrasse 45, Zurich, Switzerland and
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.
This Form 6-K consists of the UBS Switzerland AG audited
standalone financial statements for the year ended 31 December 2019, which
appear immediately following this page.
UBS Switzerland AG
Standalone financial
statements and regulatory information
for the year ended 31 December 2019
UBS Switzerland AG standalone
financial statements (audited)
UBS Switzerland AG standalone financial statements (audited)
Income statement
|
|
|
|
|
|
|
|
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For the year ended
|
CHF million
|
|
Note
|
|
31.12.19
|
|
31.12.18
|
Interest and discount income1
|
|
|
|
3,301
|
|
3,450
|
Interest and dividend income from financial investments
|
|
|
|
159
|
|
133
|
Interest expense2
|
|
|
|
(405)
|
|
(307)
|
Gross interest income
|
|
|
|
3,055
|
|
3,276
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Credit loss (expense) / recovery
|
|
|
|
(18)
|
|
(56)
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Net interest income
|
|
|
|
3,038
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|
3,221
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Fee and commission income from securities and investment
business
|
|
|
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3,347
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|
3,444
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Credit-related fees and commissions
|
|
|
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164
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169
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Other fee and commission income
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|
|
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804
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757
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Fee and commission expense
|
|
|
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(817)
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(382)
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Net fee and commission income
|
|
|
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3,498
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3,989
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Net trading income
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|
3
|
|
864
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869
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Net income from disposal of financial investments
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|
|
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25
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|
1
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Dividend income from investments in subsidiaries and other participations
|
|
|
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15
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20
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Income from real estate holdings
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|
|
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(1)
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(1)
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Sundry ordinary income
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|
|
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264
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|
191
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Sundry ordinary expenses
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(15)
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(33)
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Other income from ordinary activities
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|
|
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289
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|
179
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Total operating income
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|
|
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7,688
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|
8,257
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Personnel expenses
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|
4
|
|
1,940
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|
2,000
|
General and administrative expenses
|
|
5
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3,257
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|
3,360
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Subtotal operating expenses
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|
|
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5,197
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5,361
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Depreciation and impairment of property, equipment and software
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38
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20
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Amortization and impairment of goodwill and other intangible
assets
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1,050
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1,050
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Changes in provisions and other allowances and losses
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66
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9
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Total operating expenses
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6,351
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6,439
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Operating profit
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|
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1,337
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1,818
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Tax expense / (benefit)
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|
6
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|
299
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417
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Net profit / (loss) for the period
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|
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1,0393
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1,401
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1 Interest and
discount income includes negative interest income on financial assets of CHF
140 million and CHF 102 million for the years ended 31 December 2019 and 31
December 2018, respectively. 2 Interest expense includes negative interest
expense on financial liabilities of CHF 209 million and CHF 198 million for
the years ended 31 December 2019 and 31 December 2018,
respectively. 3 Net profit 2019 does not include the share of profit of a
portion of Global Wealth Management international business, see Note 2b.
|
Balance sheet
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CHF million
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Note
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31.12.19
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31.12.18
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Assets
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Cash and balances at central banks
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58,984
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52,593
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Due from banks
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9
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4,466
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3,949
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Receivables from securities financing transactions
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7
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12,136
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28,157
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Due from customers
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8, 9
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39,575
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39,152
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Mortgage loans
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8, 9
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152,591
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150,208
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Trading portfolio assets
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10
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1,679
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1,601
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Derivative financial instruments
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|
11
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2,085
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1,662
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Financial investments
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|
12
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|
11,928
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13,057
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Accrued income and prepaid expenses
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189
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259
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Investments in subsidiaries and other participations
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13, 14
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68
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60
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Property, equipment and software
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15
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372
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238
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Goodwill and other intangible assets
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16
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263
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1,313
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Other assets
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17
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678
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786
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Total assets
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285,014
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293,034
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of which: subordinated assets
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1
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0
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Liabilities
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Due to banks
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27,344
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24,382
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of which: total loss-absorbing capacity eligible
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15,626
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15,174
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Payables from securities financing transactions
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7
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547
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1,147
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Due to customers
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231,693
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241,347
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Trading portfolio liabilities
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10
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371
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485
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Derivative financial instruments
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11
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1,092
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915
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Loans from central mortgage institutions
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24
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8,308
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8,434
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Accrued expenses and deferred income
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748
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885
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Other liabilities
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17
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2,099
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1,444
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Provisions
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9
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|
139
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161
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Total liabilities
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272,341
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279,200
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Equity
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Share capital
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25
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|
10
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10
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General reserve
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11,624
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12,139
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of which: statutory capital reserve
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11,624
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12,139
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of which: capital contribution reserve
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11,624
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12,139
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Voluntary earnings reserve
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0
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284
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Net profit / (loss) for the period
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1,039
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1,401
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Total equity
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12,673
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13,834
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Total liabilities and equity
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285,014
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293,034
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of which: subordinated liabilities
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4,729
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4,260
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of which: subject to mandatory conversion and/or debt waiver
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4,729
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4,260
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UBS
Switzerland AG standalone financial statements (audited)
Balance sheet (continued)
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CHF million
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31.12.19
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31.12.18
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Off-balance sheet items
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Contingent liabilities, gross
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12,338
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11,900
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Sub-participations
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(1,120)
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(1,110)
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Contingent liabilities, net
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11,218
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10,791
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of which: guarantees to third parties related to subsidiaries
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10
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6
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of which: credit guarantees and similar instruments
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5,023
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4,805
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of which: performance guarantees and similar instruments
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2,302
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2,385
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of which: documentary credits
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3,882
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3,595
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Irrevocable commitments, gross
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10,580
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10,047
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Sub-participations
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(4)
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(4)
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Irrevocable commitments, net
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10,576
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10,043
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of which: loan commitments
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9,700
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9,173
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of which: payment commitment related to deposit insurance
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876
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|
870
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Forward starting transactions1
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0
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12
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of which: reverse repurchase agreements
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|
0
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12
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Liabilities for calls on shares and other equity instruments
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43
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|
43
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1 Cash to be
paid in the future by either UBS or the counterparty.
|
Off-balance sheet items
UBS Switzerland AG is jointly and severally liable for
the combined value added tax (VAT) liability of UBS entities that belong to the
VAT group of UBS in Switzerland. This contingent liability is not included in
the table above.
Swiss deposit insurance
Swiss banking law and the deposit insurance system
require Swiss banks and securities dealers to jointly guarantee an amount of up
to CHF 6 billion for privileged client deposits in the event that a Swiss bank
or securities dealer becomes insolvent. The Swiss Financial Market Supervisory
Authority (FINMA) estimates the share of UBS Switzerland AG from
1 July 2019 to 30 June 2020 to be CHF 876 million, which is reflected
in the table above.
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, 14 June 2015, that were
transferred to UBS Switzerland AG.
Similarly, under the terms of the asset transfer agreement, UBS
Switzerland AG assumed joint liability for approximately CHF 325 billion 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 31 December 2019, the joint liability of UBS Switzerland
AG for contractual obligations of UBS AG amounted to CHF 17 billion compared
with CHF 26 billion as of 31 December 2018. Under certain circumstances,
the Swiss Banking Act and the Bank Insolvency Ordinance of FINMA authorize
FINMA to modify, extinguish or convert to common equity liabilities of a bank
in connection with a resolution or insolvency of such bank. As of 31 December
2019, the probability of an outflow under this joint and several liability was
assessed to be remote, and as a result, the table above does not include any
exposures arising under this joint and several liability.
® Refer
to “Establishment of UBS Switzerland AG” in the “Legal entity financial and
regulatory information” section of the UBS Group AG Annual Report 2015 for more
information
Statement of changes in equity
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|
|
|
|
|
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|
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|
|
CHF million
|
|
Share capital
|
|
Statutory capital reserve
|
|
Voluntary earnings reserve
|
|
Net profit / (loss) for the period
|
|
Total equity
|
Balance as of 1 January 2018
|
|
10
|
|
12,139
|
|
1,122
|
|
1,513
|
|
14,785
|
Dividends and other distributions
|
|
|
|
|
|
(838)
|
|
(1,513)
|
|
(2,351)
|
Net profit / (loss) for the period
|
|
|
|
|
|
|
|
1,401
|
|
1,401
|
Balance as of 31 December 2018
|
|
10
|
|
12,139
|
|
284
|
|
1,401
|
|
13,834
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 1 January 2019
|
|
10
|
|
12,139
|
|
284
|
|
1,401
|
|
13,834
|
Dividends and other distributions
|
|
|
|
(515)
|
|
(284)
|
|
(1,401)
|
|
(2,200)1
|
Net profit / (loss) for the period
|
|
|
|
|
|
|
|
1,039
|
|
1,039
|
Balance as of 31 December 2019
|
|
10
|
|
11,624
|
|
0
|
|
1,039
|
|
12,673
|
1 Includes CHF
2,100 million of dividend in kind. Refer to Note 2 for more information.
|
Statement of proposed appropriation of total profit
and dividend distribution out of total profit and capital contribution reserve
The Board of Directors proposes that the Annual
General Meeting of Shareholders (AGM) on 24 April 2020 approve the
appropriation of total profit and an ordinary dividend distribution of CHF
1,250 million (gross) out of the total profit and capital contribution reserve
as follows:
Proposed appropriation of
total profit and dividend distribution out of total profit
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
Net profit for the period
|
|
1,039
|
Profit / (loss) carried forward
|
|
0
|
Total profit available for appropriation
|
|
1,039
|
|
|
|
Appropriation of total profit
|
|
|
Dividend distribution
|
|
(1,039)
|
Profit / (loss) carried forward
|
|
0
|
|
|
|
Proposed dividend
distribution out of capital contribution reserve
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
Total capital contribution reserve before distribution
|
|
11,624
|
Dividend distribution
|
|
(211)
|
Total capital contribution reserve after distribution
|
|
11,413
|
UBS
Switzerland AG standalone financial statements (audited)
Note 1
Name, legal form and registered office
UBS Switzerland AG is incorporated and domiciled in
Switzerland and operates under art. 620ff. of the Swiss Code of Obligations as
an Aktiengesellschaft, a corporation limited by shares. Its registered office
is at Bahnhofstrasse 45, CH-8001 Zurich,
Switzerland. UBS Switzerland AG is 100% owned by UBS AG.
Note 2 Accounting policies
a) Significant accounting policies
UBS Switzerland AG standalone financial statements are
prepared in accordance with Swiss GAAP (FINMA Circular 2015/1 and the Banking
Ordinance) and represent “reliable assessment statutory single-entity financial
statements.” The accounting policies are principally the same as for the
consolidated financial statements of UBS Group AG outlined in Note 1 to the
consolidated financial statements of UBS Group AG included in the UBS Group AG
Annual Report 2019. Major differences between the Swiss GAAP requirements and
International Financial Reporting Standards are described in Note 38 of the
consolidated financial statements of UBS Group AG. The functional currency of
UBS Switzerland AG is the Swiss franc. The significant accounting policies
applied for the standalone financial statements of UBS Switzerland AG are
discussed below.
® Refer
to the UBS Group AG Annual Report 2019 for more information
Risk management
UBS Switzerland AG is fully integrated into the
Group-wide risk management process described in the audited part of the “Risk
management and control” section of the UBS Group AG Annual Report 2019.
Further information on the use of derivative instruments and
hedge accounting is provided in Notes 1 and 11 to the consolidated financial
statements of UBS Group AG.
® Refer
to the UBS Group AG Annual Report 2019 for more information
Compensation policy
The compensation structure and processes of UBS
Switzerland AG conform to the compensation principles and framework of UBS
Group AG. For detailed information refer to the Compensation Report of UBS
Group AG.
® Refer
to the UBS Group AG Annual Report 2019 for more information
Deferred compensation
UBS Group AG is the grantor
of the majority of UBS’s deferred compensation plans. Expenses for awards
granted under such plans to UBS Switzerland AG employees are charged by UBS
Group AG to UBS Switzerland AG.
®
Refer to Note 30 of the UBS Group AG
consolidated financial statements in the UBS Group AG Annual Report 2019 for
more information
Foreign
currency translation
Transactions denominated in foreign currency are
translated into Swiss francs at the spot exchange rate on the date of the
transaction. At the balance sheet date, all monetary assets and liabilities, as
well as equity instruments recorded in Trading portfolio
assets and Financial investments denominated
in foreign currency, are translated into Swiss francs using the closing
exchange rate. Non-monetary items measured at historic cost are translated at
the spot exchange rate on the date of the transaction. All currency translation
effects are recognized in the income statement.
The main currency translation rates used by UBS Switzerland AG
are provided in Note 37 of the consolidated financial statements of UBS Group
AG.
® Refer
to the UBS Group AG Annual Report 2019 for more information
Note 2
Accounting policies (continued)
Group-internal funding
UBS Switzerland AG obtains funding from UBS AG in the
form of loans that qualify as going concern additional tier 1 capital and as
gone concern loss-absorbing capacity at the UBS Switzerland AG standalone
level.
Where such Group-internal funding is eligible to meet the
requirements for total loss-absorbing capacity (TLAC) at the level of UBS
Switzerland AG, the aggregate amount of the respective obligations is
separately disclosed on the balance sheet. For those TLAC instruments that are
eligible to meet the going concern capital requirements (i.e., are subordinated
and subject to mandatory conversion and / or debt waiver, as explained below),
the aggregate corresponding amounts are disclosed on the balance sheet.
Obligations of UBS Switzerland AG arising from Group-internal
funding it has received are presented as Due to banks and measured at
amortized cost.
Subordinated assets and liabilities
Subordinated assets are comprised of claims that,
based on an irrevocable written declaration, in the event of liquidation,
bankruptcy or composition concerning the debtor, rank after the claims of all
other creditors and may not be offset against amounts payable to the debtor nor
be secured by its assets. Subordinated liabilities are comprised of
corresponding obligations.
Subordinated assets and liabilities that contain a
point-of-non-viability clause in accordance with Swiss capital requirements per
articles 29 and 30 of the Capital Adequacy Ordinance are disclosed as being Subject
to mandatory conversion and / or debt waiver and provide for the claim or
the obligation to be written off or converted into equity in the event that the
issuing bank reaches a point of non-viability.
Services received from and provided to Group entities
UBS Switzerland AG receives services from UBS Business
Solutions AG, the main Group service company, mainly relating to Group
Technology, Group Operations and Group Corporate Services, as well as certain
other services from other Group entities. UBS Switzerland AG provides services
to Group entities mainly relating to the distribution of security and
investment products. Services received from and provided to Group entities are
settled in cash as hard cost transfers or hard revenue transfers paid or
received.
When the nature of the underlying transaction between UBS Switzerland
AG and the Group entity contains a single, clearly identifiable service
element, related income and expenses are presented in the respective income
statement line item, e.g., Fee and commission income from
securities and investment business, Other fee and commission income, Fee and
commission expense, Net trading income or General and administrative expenses. To the extent the
nature of the underlying transaction contains various service elements and is
not clearly attributable to a particular income statement line item, related
income and expenses are presented in Sundry ordinary income and Sundry ordinary expenses.
® Refer
to Note 5 for more information
Pension and other post-employment benefit plans
Swiss GAAP permits the use of IFRS or Swiss accounting
standards for pension and other post-employment benefit plans, with the election
made on a plan-by-plan basis.
UBS Switzerland AG has elected to apply Swiss GAAP (FER 16)
for its pension plan. The requirements of Swiss GAAP are better aligned with
the specific nature of Swiss pension plans, which are hybrid in that they
combine elements of defined contribution and defined benefit plans but are
treated as defined benefit plans under IFRS. Swiss GAAP requires that the
employer contributions to the pension fund are recognized as Personnel expenses in the income statement. The employer
contributions to the Swiss pension fund are determined as a percentage of
contributory compensation. Furthermore, Swiss GAAP requires an assessment as to
whether, based on the financial statements of the pension fund prepared in
accordance with Swiss accounting standards (FER 26), an economic benefit to, or
obligation of, UBS Switzerland AG arises from the pension fund and is
recognized in the balance sheet when conditions are met. Conditions for
recording a pension asset or liability would be met if, for example, an
employer contribution reserve is available or UBS Switzerland AG is required to
contribute to the reduction of a pension deficit (on a FER 26 basis).
® Refer
to Note 26 for more information
Goodwill
As part of the business transfer to UBS Switzerland
AG, mainly of the Personal & Corporate Banking and Wealth Management
businesses booked in Switzerland, from UBS AG effective 1 April 2015, UBS
Switzerland AG recognized goodwill of CHF 5,250 million. This goodwill is
amortized on a straight-line basis over five years and assessed for impairment
annually.
Deferred taxes
Deferred tax assets are not recognized in UBS
Switzerland AG’s standalone financial statements. However, deferred tax
liabilities may be recognized for taxable temporary differences. Changes in the
deferred tax liability balance are recognized in the income statement.
UBS
Switzerland AG standalone financial statements (audited)
Note 2
Accounting policies (continued)
Refinement of the credit loss
calculation
As of 1 January 2018, UBS Switzerland AG made
enhancements to its valuation methodology to calculate incurred losses for
Swiss mortgage loans measured at amortized cost under Swiss GAAP resulting in
approximately CHF 20 million additional credit loss expense for UBS
Switzerland AG.
From the first quarter of 2018
onwards, the incurred loss calculation takes into account forward-looking
macroeconomic information. In addition, an appropriate selection of a range of
scenarios was developed to capture material non-linearity and asymmetries
between different possible forward-looking scenarios and associated credit
losses and adequate weights to reflect a likelihood of their occurrence were
determined. Dispensations in the standalone
financial statements
As UBS Switzerland AG has no listed shares outstanding
and is within the scope of the UBS Group AG consolidated financial statements
prepared in accordance with IFRS, UBS Switzerland AG is exempt from various
disclosures in the standalone financial statements. The dispensations include
the management report and the statement of cash flows. As the UBS Group AG
consolidated financial statements are presented in USD, UBS Switzerland AG
provides certain notes disclosures starting from the end of 2018 that would
otherwise be covered by the disclosure dispensation; i.e., notes 13, 14, 15, 16,
19, 20, 21, 23 and 24.
b) Other events affecting
comparability
Transfer of Global Wealth
Management international business from UBS Switzerland AG to UBS AG
In the second quarter of 2019, the
beneficial ownership of a portion of Global Wealth Management international
business booked in Switzerland was transferred from UBS Switzerland AG to UBS
AG to further optimize Group legal and operational structures. The transfer was
made in the form of a dividend in kind in the amount of CHF 2.1 billion.
UBS Switzerland AG expects full legal transfer to take place before the end of
2022. The compensation of UBS AG for its share of the profits for the full year
of CHF 442 million is reflected in Fee and commission expense. Invested
assets are reported in UBS Switzerland AG until the full legal transfer is
completed; no double counting is applied.
c) Accounting policies to be adopted in the future
Amendment of accounting standards
applicable to banks and security dealers
On 14 November 2019, FINMA published amended
accounting standards applicable to banks and security dealers in Switzerland.
UBS Switzerland AG will be required to apply an expected credit loss (ECL)
approach in its standalone financial statements under Swiss GAAP and may
substantially apply the ECL approach which is applied in UBS Group’s consolidated financial statements under IFRS.
UBS Switzerland AG will adopt the new ECL requirements
on 1 January 2021. A transition period is granted until 31 December
2025, during which allowances and provisions for ECL can be phased-in on a
straight-line basis.
Apart from these amendments, the
existing guidance in FINMA Circular 2015/1 Accounting – banks remains
materially unchanged and was incorporated into the new FINMA Accounting
Ordinance and the new FINMA Circular 2020/1 Accounting – banks.
Note 3a Net trading income by business
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Global Wealth Management
|
|
413
|
431
|
Personal & Corporate Banking
|
|
427
|
396
|
Other business divisions and Corporate Center
|
|
24
|
42
|
Total net trading income
|
|
864
|
869
|
Note 3b Net
trading income by underlying risk category
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Interest rate instruments (including funds)
|
|
23
|
33
|
Foreign exchange instruments
|
|
810
|
818
|
Equity instruments (including funds)
|
|
(2)
|
(4)
|
Credit instruments
|
|
4
|
0
|
Precious metals / commodities
|
|
29
|
23
|
Total net trading income
|
|
864
|
869
|
Note 4
Personnel expenses
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Salaries
|
|
1,199
|
1,230
|
Variable compensation – performance awards
|
|
377
|
372
|
Variable compensation – other
|
|
8
|
19
|
Contractors
|
|
2
|
2
|
Social security
|
|
100
|
96
|
Pension and other post-employment benefit plans
|
|
208
|
232
|
Other personnel expenses
|
|
45
|
49
|
Total personnel expenses
|
|
1,940
|
2,000
|
As of 31 December 2019, UBS Switzerland AG employed
9,226 personnel (31 December 2018: 9,503) on a full-time equivalent basis.
UBS
Switzerland AG standalone financial statements (audited)
Note 5 General and administrative expenses
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Occupancy
|
|
1
|
3
|
Rent and maintenance of IT equipment
|
|
2
|
2
|
Communication and market data services
|
|
48
|
52
|
Administration
|
|
2,793
|
2,849
|
of which: hard cost transfers paid1
|
|
2,712
|
2,765
|
Marketing and public relations
|
|
105
|
122
|
Travel and entertainment
|
|
84
|
93
|
Fees to audit firms
|
|
9
|
7
|
of which: financial and regulatory audits
|
|
8
|
7
|
of which: audit-related services
|
|
0
|
0
|
Other professional fees
|
|
70
|
84
|
Outsourcing of IT and other services
|
|
145
|
148
|
Total general and administrative expenses
|
|
3,257
|
3,360
|
1 Represents
expenses for services provided by UBS Group AG and subsidiaries in the UBS
Group to UBS Switzerland AG.
|
|
|
For the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Income tax expense / (benefit)
|
|
278
|
393
|
of which: current
|
|
278
|
393
|
of which: deferred
|
|
0
|
0
|
Capital tax
|
|
20
|
24
|
Total tax expense / (benefit)
|
|
299
|
417
|
For the year ended 31 December 2019 the average tax
rate, defined as income tax expense divided by the sum of operating profit and
extraordinary income minus extraordinary expenses and capital tax, was 21.1%
(2018: 21.9%).
Note 7
Securities financing transactions
CHF billion
|
|
31.12.19
|
31.12.18
|
|
|
|
|
On-balance sheet
|
|
|
|
Receivables from securities financing transactions, gross
|
|
14.1
|
30.6
|
Netting of securities financing transactions
|
|
(1.9)
|
(2.5)
|
Receivables from securities financing transactions, net
|
|
12.1
|
28.2
|
Payables from securities financing transactions, gross
|
|
2.5
|
3.6
|
Netting of securities financing transactions
|
|
(1.9)
|
(2.5)
|
Payables from securities financing transactions, net
|
|
0.5
|
1.1
|
Assets pledged as collateral in connection with securities
financing transactions
|
|
6.6
|
0.0
|
of which: financial investments
|
|
6.6
|
0.0
|
of which: assets that may be sold or repledged by counterparties
|
|
2.9
|
0.0
|
|
|
|
|
Off-balance sheet
|
|
|
|
Fair value of assets received as collateral in connection with
securities financing transactions
|
|
107.7
|
139.6
|
of which: repledged
|
|
87.9
|
108.4
|
of which: sold in connection with short sale transactions
|
|
0.4
|
0.5
|
Note 8a Collateral for loans and off-balance sheet transactions
|
|
31.12.19
|
|
31.12.18
|
|
|
Secured
|
|
Unsecured
|
|
Total
|
|
Secured
|
|
Unsecured
|
|
Total
|
|
|
Secured by collateral
|
|
Secured by
other credit
enhancements2
|
|
|
|
|
|
Secured by collateral
|
|
Secured by
other credit
enhancements2
|
|
|
|
|
CHF million
|
|
Real estate
|
|
Other
collateral1
|
|
|
|
|
|
|
Real estate
|
|
Other
collateral1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On-balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from customers, gross
|
|
1,294
|
|
26,604
|
|
987
|
|
11,145
|
|
40,030
|
|
1,267
|
|
25,560
|
|
1,075
|
|
11,707
|
|
39,609
|
Mortgage loans, gross
|
|
152,591
|
|
|
|
|
|
|
|
152,591
|
|
150,208
|
|
|
|
|
|
|
|
150,208
|
of which: residential mortgages
|
|
130,502
|
|
|
|
|
|
|
|
130,502
|
|
128,053
|
|
|
|
|
|
|
|
128,053
|
of which: office and business premises mortgages
|
|
9,804
|
|
|
|
|
|
|
|
9,804
|
|
9,659
|
|
|
|
|
|
|
|
9,659
|
of which: industrial premises mortgages
|
|
2,722
|
|
|
|
|
|
|
|
2,722
|
|
2,876
|
|
|
|
|
|
|
|
2,876
|
of which: other mortgages
|
|
9,563
|
|
|
|
|
|
|
|
9,563
|
|
9,620
|
|
|
|
|
|
|
|
9,620
|
Total on-balance sheet, gross
|
|
153,885
|
|
26,604
|
|
987
|
|
11,145
|
|
192,621
|
|
151,475
|
|
25,560
|
|
1,075
|
|
11,707
|
|
189,817
|
Allowances
|
|
0
|
|
0
|
|
0
|
|
(454)
|
|
(454)
|
|
0
|
|
(8)
|
|
0
|
|
(449)
|
|
(458)
|
Total on-balance sheet, net
|
|
153,885
|
|
26,604
|
|
987
|
|
10,690
|
|
192,166
|
|
151,475
|
|
25,552
|
|
1,075
|
|
11,258
|
|
189,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent liabilities, gross
|
|
169
|
|
2,533
|
|
1,259
|
|
8,377
|
|
12,338
|
|
158
|
|
2,140
|
|
1,232
|
|
8,370
|
|
11,900
|
Irrevocable commitments, gross
|
|
833
|
|
525
|
|
223
|
|
9,000
|
|
10,580
|
|
793
|
|
592
|
|
24
|
|
8,638
|
|
10,047
|
Forward starting reverse repurchase and securities borrowing
transactions
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
10
|
|
0
|
|
2
|
|
12
|
Liabilities for calls on shares and other equities
|
|
|
|
|
|
|
|
43
|
|
43
|
|
|
|
|
|
|
|
43
|
|
43
|
Total off-balance sheet
|
|
1,002
|
|
3,057
|
|
1,482
|
|
17,420
|
|
22,961
|
|
951
|
|
2,742
|
|
1,256
|
|
17,053
|
|
22,002
|
1 Includes but
is not limited to deposits, securities, life insurance contracts, inventory,
accounts receivable, patents and copyrights. 2 Includes credit default
swaps and guarantees.
|
Note 8b
Impaired financial instruments
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
Gross impaired financial instruments
|
Allowances and
provisions
|
Estimated liquidation
proceeds of collateral
|
Net impaired financial instruments
|
|
Gross impaired financial instruments
|
Allowances and
provisions
|
Estimated liquidation
proceeds of collateral
|
Net impaired financial instruments
|
Amounts due from banks
|
|
1
|
1
|
0
|
0
|
|
3
|
3
|
0
|
0
|
Amounts due from customers
|
|
851
|
454
|
355
|
41
|
|
1,016
|
458
|
490
|
69
|
Mortgage loans
|
|
769
|
0
|
769
|
0
|
|
806
|
0
|
806
|
0
|
Guarantees and loan commitments
|
|
161
|
31
|
15
|
115
|
|
363
|
32
|
86
|
244
|
Total impaired financial instruments1
|
|
1,782
|
487
|
1,139
|
156
|
|
2,188
|
493
|
1,382
|
314
|
1 Under Swiss
GAAP, in line with the adoption of IFRS 9 as of 1 January 2018, an instrument
is classified as credit-impaired if the counterparty is defaulted. Total
impaired financial instruments include credit-impaired exposures for which no
loss has occurred or no allowance has been recognized (e.g., because they are
expected to be fully recoverable through the collateral held). Refer to Note
2 for more information on refinement of the credit loss calculation.
|
UBS
Switzerland AG standalone financial statements (audited)
CHF million
|
Balance as of 31 December 2018
|
Increase recognized in the income statement
|
Release recognized in the income statement
|
Write-offs
|
Recoveries and past due interest
|
Reclassifications / other
|
Foreign currency translation
|
Balance as of 31 December 2019
|
Specific allowances for amounts due from customers and mortgage
loans
|
458
|
159
|
(137)
|
(51)
|
33
|
(3)
|
(4)
|
454
|
Specific allowances for amounts due from banks
|
3
|
0
|
0
|
(1)
|
0
|
0
|
0
|
1
|
Total allowances
|
460
|
159
|
(137)
|
(53)
|
33
|
(3)
|
(4)
|
456
|
|
CHF million
|
Balance as of 31 December 2018
|
Increase recognized in the income statement
|
Release recognized in the income statement
|
Provisions used in conformity with designated purpose
|
Recoveries
|
Reclassifications / other
|
Foreign currency translation
|
Balance as of 31 December 2019
|
Default risk related to loan commitments and guarantees
|
32
|
4
|
(8)
|
0
|
0
|
3
|
0
|
31
|
Operational risks
|
4
|
0
|
0
|
(2)
|
0
|
0
|
0
|
2
|
Litigation, regulatory and similar matters1
|
74
|
64
|
(2)
|
(68)
|
1
|
0
|
0
|
68
|
Restructuring
|
17
|
3
|
(3)
|
(17)
|
0
|
0
|
0
|
0
|
Employee benefits
|
18
|
1
|
0
|
0
|
0
|
0
|
0
|
18
|
Other
|
15
|
5
|
0
|
(1)
|
0
|
0
|
0
|
19
|
Total provisions
|
161
|
76
|
(13)
|
(88)
|
1
|
3
|
0
|
139
|
1 Includes
provisions for litigation resulting from security risks.
|
Note 10 Trading
portfolio and other financial instruments measured at fair value
CHF million
|
|
31.12.19
|
|
31.12.18
|
|
|
|
|
|
Assets
|
|
|
|
|
Trading portfolio assets
|
|
1,679
|
|
1,601
|
of which: debt instruments1
|
|
14
|
|
32
|
of which: listed
|
|
8
|
|
4
|
of which: equity instruments
|
|
37
|
|
29
|
of which: precious metals and other physical commodities
|
|
1,628
|
|
1,540
|
Total assets measured at fair value
|
|
1,679
|
|
1,601
|
of which: fair value derived using a valuation model
|
|
39
|
|
47
|
of which: securities eligible for repurchase transactions in
accordance with liquidity regulations2
|
|
2
|
|
13
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trading portfolio liabilities
|
|
371
|
|
485
|
of which: debt instruments1
|
|
125
|
|
108
|
of which: listed
|
|
102
|
|
101
|
of which: equity instruments
|
|
246
|
|
377
|
Total liabilities measured at fair value
|
|
371
|
|
485
|
of which: fair value derived using a valuation model
|
|
325
|
|
214
|
1 Includes money
market paper. 2 Consists of high-quality liquid debt securities that are
eligible for repurchase transactions at the Swiss National Bank or other
central banks.
|
Note 11 Derivative instruments
|
|
31.12.19
|
|
31.12.18
|
CHF million, except where indicated
|
|
Derivative financial assets
|
|
Derivative financial liabilities
|
|
Total notional values
(CHF billion)
|
|
Derivative financial assets
|
|
Derivative financial liabilities
|
|
Total notional values
(CHF billion)
|
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Forwards1
|
|
34
|
|
27
|
|
17
|
|
33
|
|
37
|
|
8
|
Swaps
|
|
1,910
|
|
1,579
|
|
139
|
|
1,959
|
|
1,648
|
|
149
|
of which: designated in hedge accounting relationships
|
|
422
|
|
193
|
|
23
|
|
440
|
|
328
|
|
34
|
Over-the-counter (OTC) options
|
|
64
|
|
74
|
|
8
|
|
51
|
|
51
|
|
5
|
Total
|
|
2,009
|
|
1,679
|
|
164
|
|
2,044
|
|
1,737
|
|
162
|
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Forwards
|
|
324
|
|
312
|
|
34
|
|
311
|
|
296
|
|
29
|
Interest and currency swaps
|
|
599
|
|
745
|
|
100
|
|
408
|
|
406
|
|
72
|
Over-the-counter (OTC) options
|
|
110
|
|
109
|
|
27
|
|
180
|
|
179
|
|
30
|
Total
|
|
1,033
|
|
1,166
|
|
160
|
|
898
|
|
881
|
|
132
|
Equity / index contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Forwards
|
|
31
|
|
22
|
|
3
|
|
32
|
|
38
|
|
4
|
Swaps
|
|
29
|
|
29
|
|
1
|
|
28
|
|
28
|
|
1
|
Over-the-counter (OTC) options
|
|
91
|
|
91
|
|
3
|
|
97
|
|
97
|
|
1
|
Exchange-traded options
|
|
332
|
|
332
|
|
0
|
|
382
|
|
382
|
|
0
|
Total
|
|
483
|
|
474
|
|
8
|
|
539
|
|
545
|
|
6
|
Credit derivative contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit default swaps
|
|
1
|
|
8
|
|
0
|
|
2
|
|
3
|
|
0
|
Total
|
|
1
|
|
8
|
|
0
|
|
2
|
|
3
|
|
0
|
Commodity, precious metals and other contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Forwards
|
|
7
|
|
7
|
|
1
|
|
18
|
|
18
|
|
1
|
Swaps
|
|
25
|
|
24
|
|
1
|
|
18
|
|
18
|
|
1
|
Over-the-counter (OTC) options
|
|
558
|
|
558
|
|
22
|
|
251
|
|
250
|
|
17
|
Total
|
|
590
|
|
589
|
|
24
|
|
287
|
|
286
|
|
19
|
Total before netting
|
|
4,115
|
|
3,917
|
|
357
|
|
3,770
|
|
3,451
|
|
319
|
of which: trading derivatives
|
|
3,694
|
|
3,724
|
|
|
|
3,330
|
|
3,123
|
|
|
of which: fair value derived using a valuation model
|
|
3,643
|
|
3,684
|
|
|
|
3,275
|
|
3,066
|
|
|
of which: derivatives designated in hedge accounting
relationships
|
|
422
|
|
193
|
|
|
|
440
|
|
328
|
|
|
of which: fair value derived using a valuation model
|
|
422
|
|
193
|
|
|
|
440
|
|
328
|
|
|
Netting with cash collateral payables / receivables
|
|
0
|
|
(795)
|
|
|
|
0
|
|
(428)
|
|
|
Replacement value netting
|
|
(2,030)
|
|
(2,030)
|
|
|
|
(2,108)
|
|
(2,108)
|
|
|
Total after netting
|
|
2,085
|
|
1,092
|
|
|
|
1,662
|
|
915
|
|
|
of which: with bank and broker-dealer counterparties
|
|
120
|
|
444
|
|
|
|
113
|
|
388
|
|
|
of which: other client counterparties
|
|
1,965
|
|
648
|
|
|
|
1,549
|
|
526
|
|
|
1 Includes
forward rate agreements.
|
UBS
Switzerland AG standalone financial statements (audited)
Note 12a Financial investments by instrument type
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
Carrying amount
|
Fair value
|
|
Carrying amount
|
Fair value
|
Debt instruments
|
|
11,874
|
11,911
|
|
12,988
|
12,829
|
of which: held to maturity
|
|
5,620
|
5,634
|
|
6,144
|
5,970
|
of which: available for sale
|
|
6,255
|
6,277
|
|
6,845
|
6,859
|
Equity instruments
|
|
21
|
47
|
|
21
|
33
|
Property
|
|
33
|
33
|
|
47
|
47
|
Total financial investments
|
|
11,928
|
11,991
|
|
13,057
|
12,909
|
of which: securities eligible for repurchase transactions in
accordance with liquidity regulations1
|
|
10,458
|
10,493
|
|
12,656
|
12,496
|
1 Consists of
high-quality liquid debt securities that are eligible for repurchase
transactions at the Swiss National Bank (SNB) or other central banks.
|
Note 12b Financial investments by counterparty rating – debt
instruments
CHF million
|
|
31.12.19
|
|
31.12.18
|
Internal UBS rating1
|
|
|
|
|
0–1
|
|
10,270
|
|
11,340
|
2–3
|
|
1,604
|
|
1,649
|
4–5
|
|
0
|
|
0
|
6–8
|
|
0
|
|
0
|
9–13
|
|
0
|
|
0
|
Non-rated
|
|
0
|
|
0
|
Total financial investments
|
|
11,874
|
|
12,988
|
1 Refer to Note
22 for more information.
|
Note 13 Investments in subsidiaries and other participations
CHF million
|
31.12.19
|
31.12.18
|
Historical cost
|
|
|
Balance at the beginning of the year
|
69
|
65
|
Additions
|
8
|
4
|
Balance at the end of the year
|
77
|
69
|
Accumulated value adjustments and changes in book value
|
|
|
Balance at the beginning of the year
|
(9)
|
(9)
|
Value adjustments
|
0
|
0
|
Balance at the end of the year
|
(9)
|
(9)
|
Net book value
|
|
|
Book value at the beginning of the year
|
60
|
56
|
Book value at the end of the year
|
68
|
60
|
of which: without market value
|
68
|
60
|
of which: other participations
|
53
|
53
|
of which: Pfandbriefbank
|
47
|
47
|
of which: Twint AG
|
6
|
6
|
of which: subsidiaries
|
15
|
7
|
|
Note 14 Companies in which the bank holds a permanent direct or
indirect significant participation
|
|
|
|
31.12.19
|
|
Company name
|
Domicile
|
Primary business division
|
|
Share capital in thousand
|
Share of capital
(in %)
|
Share of votes
(in %)
|
Held directly
in thousand
|
Held
indirectly
|
UBS Card Center AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
100
|
100
|
100
|
100
|
–
|
UBS Hypotheken AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
100
|
98
|
98
|
98
|
–
|
TopCard Service AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
150
|
100
|
100
|
150
|
–
|
TWINT AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
12,750
|
11
|
11
|
1,462
|
–
|
Pfandbriefbank schweizerischer Hypothekarinstitute AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
900,000
|
9
|
9
|
76,801
|
–
|
SwissSign Group AG
|
Switzerland
|
Personal & Corporate Banking
|
|
CHF
|
12,500
|
6
|
6
|
766
|
–
|
|
|
Note 15 Property, equipment and software
At historical cost less accumulated depreciation
|
|
|
|
|
CHF million
|
|
IT hardware and communication
|
|
Internally generated software
|
|
Other machines and equipment
|
|
Projects in progress1
|
|
31.12.19
|
|
31.12.18
|
Historical cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year
|
|
9
|
|
113
|
|
94
|
|
117
|
|
333
|
|
169
|
Additions
|
|
4
|
|
0
|
|
2
|
|
166
|
|
172
|
|
167
|
Disposals / write-offs2
|
|
(2)
|
|
0
|
|
(1)
|
|
0
|
|
(3)
|
|
(4)
|
Reclassifications
|
|
(2)
|
|
184
|
|
2
|
|
(184)
|
|
0
|
|
0
|
Balance at the end of the year
|
|
8
|
|
297
|
|
97
|
|
99
|
|
501
|
|
333
|
Accumulated depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year
|
|
4
|
|
11
|
|
79
|
|
|
|
94
|
|
78
|
Depreciation
|
|
2
|
|
28
|
|
7
|
|
|
|
38
|
|
20
|
Disposals / write-offs2
|
|
(2)
|
|
0
|
|
(1)
|
|
|
|
(3)
|
|
(4)
|
Balance at the end of the year
|
|
4
|
|
39
|
|
85
|
|
|
|
129
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value at the beginning of the year
|
|
5
|
|
101
|
|
15
|
|
117
|
|
238
|
|
92
|
Net book value at the end of the year
|
|
4
|
|
257
|
|
12
|
|
99
|
|
372
|
|
238
|
1 Entirely
related to Internally generated software. 2 Includes write-offs of fully
depreciated assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million
|
|
|
|
|
|
|
|
|
|
|
|
31.12.19
|
Expenses for operating leases to be recognized in:
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
183
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
176
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
160
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
69
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
35
|
2025 and thereafter
|
|
|
|
|
|
|
|
|
|
|
|
138
|
Total commitments for minimum payments under operating leases
|
|
|
|
|
|
|
|
|
|
|
|
760
|
|
Property, equipment and software are
depreciated on a straight-line basis over their useful life, which is between 3
and 10 years.
UBS
Switzerland AG standalone financial statements (audited)
At historical cost less accumulated amortization
|
|
|
|
CHF million
|
|
31.12.19
|
31.12.18
|
Historical cost
|
|
|
|
Balance at the beginning of the year
|
|
5,250
|
5,250
|
Balance at the end of the year
|
|
5,250
|
5,250
|
Accumulated amortization
|
|
|
|
Balance at the beginning of the year
|
|
3,938
|
2,888
|
Amortization
|
|
1,050
|
1,050
|
Balance at the end of the year
|
|
4,988
|
3,938
|
|
|
|
|
Net book value
|
|
|
|
Net book value at the beginning of the year
|
|
1,313
|
2,363
|
Net book value at the end of the year
|
|
263
|
1,313
|
Refer to Note 2
for more information regarding goodwill.
|
CHF million
|
|
31.12.19
|
|
31.12.18
|
Deferral position for hedging instruments
|
|
0
|
|
42
|
Settlement and clearing accounts
|
|
466
|
|
496
|
VAT and other indirect tax receivables
|
|
16
|
|
13
|
Other
|
|
195
|
|
235
|
of which: other receivables due from UBS Group AG and
subsidiaries in the UBS Group
|
|
179
|
|
206
|
Total other assets
|
|
678
|
|
786
|
Note 17b Other liabilities
CHF million
|
|
31.12.19
|
|
31.12.18
|
Deferral position for hedging instruments
|
|
133
|
|
0
|
Settlement and clearing accounts
|
|
1,054
|
|
588
|
VAT and other indirect tax payables
|
|
130
|
|
147
|
Other
|
|
782
|
|
710
|
of which: other payables due to UBS Group AG and subsidiaries in
the UBS Group
|
|
519
|
|
380
|
Total other liabilities
|
|
2,099
|
|
1,444
|
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
Carrying amount of pledged assets
|
|
Effective
commitment
|
|
Carrying amount of pledged assets
|
|
Effective
commitment
|
Mortgage loans2
|
|
17,193
|
|
10,737
|
|
17,219
|
|
12,294
|
Securities
|
|
0
|
|
0
|
|
21
|
|
0
|
Total pledged assets
|
|
17,193
|
|
10,737
|
|
17,240
|
|
12,294
|
1 Excluding
securities financing transactions. Refer to Note 7 for more information on
securities financing transactions. 2 These pledged mortgage loans serve as
collateral for existing liabilities against Swiss central mortgage
institutions and for existing covered bond issuances. Of these pledged
mortgage loans, approximately CHF 5.4 billion as of
31 December 2019 (approximately CHF 1.9 billion as of
31 December 2018) could be withdrawn or used for future liabilities
or covered bond issuances without breaching existing collateral requirements.
|
Note 19 Maturity structure of financial instruments
CHF million
|
|
At sight
|
Cancellable
|
Due within
1 month
|
Due between
1 and 3
months
|
Due between
3 and 12 months
|
Due between
1 and 5
years
|
Due after
5 years
|
Perpetual / Not applicable
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
|
58,984
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
58,984
|
Due from banks
|
|
3,323
|
0
|
256
|
423
|
437
|
12
|
15
|
0
|
4,466
|
Receivables from securities financing transactions
|
|
0
|
3,744
|
7,901
|
432
|
59
|
0
|
0
|
0
|
12,136
|
Due from customers
|
|
160
|
8,383
|
11,836
|
4,359
|
5,904
|
7,130
|
1,803
|
0
|
39,575
|
Mortgage loans
|
|
0
|
29,138
|
5,521
|
6,569
|
13,675
|
66,332
|
31,357
|
0
|
152,591
|
Trading portfolio assets
|
|
1,679
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,679
|
Derivative financial instruments
|
|
2,085
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2,085
|
Financial investments
|
|
0
|
0
|
1,304
|
1,420
|
2,040
|
5,344
|
1,765
|
54
|
11,928
|
Total assets / financial instruments
as of 31 December 2019
|
|
66,230
|
41,266
|
26,818
|
13,203
|
22,114
|
78,818
|
34,941
|
54
|
283,444
|
Total assets / financial instruments
as of 31 December 20181
|
|
58,351
|
46,471
|
23,145
|
20,022
|
28,928
|
78,740
|
34,653
|
68
|
290,377
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Due to banks2
|
|
5,443
|
62
|
6,091
|
111
|
11
|
4,265
|
6,650
|
4,711
|
27,344
|
Payables from securities financing transactions
|
|
0
|
545
|
1
|
2
|
0
|
0
|
0
|
0
|
547
|
Due to customers
|
|
123,161
|
106,789
|
1,030
|
468
|
178
|
50
|
17
|
0
|
231,693
|
Trading portfolio liabilities
|
|
371
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
371
|
Derivative financial instruments
|
|
1,092
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,092
|
Loans from central mortgage institutions
|
|
0
|
0
|
9
|
67
|
656
|
3,718
|
3,858
|
0
|
8,308
|
Total liabilities / financial instruments
as of 31 December 2019
|
|
130,067
|
107,395
|
7,131
|
647
|
845
|
8,034
|
10,525
|
4,711
|
269,356
|
Total liabilities / financial instruments
as of 31 December 20181
|
|
145,441
|
103,462
|
3,349
|
604
|
901
|
6,318
|
12,393
|
4,243
|
276,710
|
1 Comparative
data for “At sight” has been adjusted to align with the presentation of the
new column “Due within 1 month”. 2 Due to banks with maturity above one
year and Perpetual mainly relates to loss-absorbing capacity-eligible
positions.
|
UBS
Switzerland AG standalone financial statements (audited)
Note 20 Assets and liabilities by domestic and foreign origin in
accordance with the domicile principle
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
Domestic
|
Foreign
|
|
Domestic
|
Foreign
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and balances at central banks
|
|
58,984
|
0
|
|
52,593
|
0
|
Due from banks
|
|
1,563
|
2,902
|
|
887
|
3,062
|
Receivables from securities financing transactions
|
|
1,099
|
11,037
|
|
4,957
|
23,200
|
Due from customers
|
|
19,352
|
20,223
|
|
19,177
|
19,974
|
Mortgage loans
|
|
152,572
|
19
|
|
150,184
|
24
|
Trading portfolio assets
|
|
1,639
|
39
|
|
1,582
|
19
|
Derivative financial instruments
|
|
1,144
|
941
|
|
1,035
|
627
|
Financial investments
|
|
1,202
|
10,727
|
|
1,582
|
11,475
|
Accrued income and prepaid expenses
|
|
89
|
100
|
|
102
|
157
|
Investments in subsidiaries and other participations
|
|
68
|
0
|
|
60
|
0
|
Property, equipment and software
|
|
372
|
0
|
|
238
|
0
|
Goodwill and other intangible assets
|
|
263
|
0
|
|
1,313
|
0
|
Other assets
|
|
604
|
73
|
|
721
|
65
|
Total assets
|
|
238,952
|
46,062
|
|
234,432
|
58,602
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Due to banks
|
|
24,160
|
3,185
|
|
19,275
|
5,107
|
Payables from securities financing transactions
|
|
139
|
408
|
|
220
|
927
|
Due to customers
|
|
182,880
|
48,812
|
|
186,676
|
54,671
|
Trading portfolio liabilities
|
|
43
|
327
|
|
48
|
437
|
Derivative financial instruments
|
|
505
|
587
|
|
348
|
566
|
Loans from central mortgage institutions
|
|
8,308
|
0
|
|
8,434
|
0
|
Accrued expenses and deferred income
|
|
728
|
19
|
|
861
|
24
|
Other liabilities
|
|
1,899
|
200
|
|
1,370
|
74
|
Provisions
|
|
138
|
1
|
|
159
|
1
|
Total liabilities
|
|
218,802
|
53,540
|
|
217,391
|
61,808
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital
|
|
10
|
0
|
|
10
|
0
|
General reserve
|
|
11,624
|
0
|
|
12,139
|
0
|
Voluntary earnings reserve
|
|
0
|
0
|
|
284
|
0
|
Net profit / (loss) for the period
|
|
1,039
|
0
|
|
1,401
|
0
|
Total equity
|
|
12,673
|
0
|
|
13,834
|
0
|
Total liabilities and equity
|
|
231,475
|
53,540
|
|
231,226
|
61,808
|
|
Note 21 Total assets by geographic location
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
CHF million
|
%
|
|
CHF million
|
%
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Switzerland
|
|
238,952
|
84
|
|
234,432
|
80
|
Europe, Middle East and Africa
|
|
30,264
|
11
|
|
40,801
|
14
|
of which: United Kingdom
|
|
11,649
|
4
|
|
22,723
|
8
|
of which: Germany
|
|
3,804
|
1
|
|
4,857
|
2
|
Americas
|
|
13,237
|
5
|
|
14,500
|
5
|
of which: United States
|
|
5,236
|
2
|
|
6,527
|
2
|
of which: British Virgin Islands
|
|
2,834
|
1
|
|
3,067
|
1
|
Asia Pacific
|
|
2,561
|
1
|
|
3,302
|
1
|
Total assets
|
|
285,014
|
100
|
|
293,034
|
100
|
Note 22
Country risk of total assets
The table below provides a breakdown of total
non-Swiss assets by credit rating. These credit ratings reflect the sovereign
credit rating of the country to which the ultimate risk of the underlying asset
is related. The ultimate country of risk for unsecured loan positions is the
domicile of the immediate borrower or, in the case of a legal entity, the
domicile of the ultimate parent entity. For collateralized or guaranteed
positions, the ultimate country of risk is the domicile of the provider of the
collateral or guarantor or, if applicable, the domicile of the ultimate parent
entity of the provider of the collateral or guarantor. For mortgage loans, the
ultimate country of risk is the country where the real estate is located.
Similarly, the ultimate country of risk for property and equipment is the
country where the property and equipment is located. Assets for which
Switzerland is the ultimate country of risk are provided separately in order to
reconcile them to total balance sheet assets.
® Refer
to the “Risk management and control” section of the UBS Group AG
Annual Report 2019 for more information
|
|
|
|
|
|
|
31.12.19
|
|
31.12.18
|
Classification
|
Internal UBS rating
|
Description
|
Moody’s Investors
Service
|
Standard & Poor’s
|
Fitch
|
|
CHF million
|
%
|
|
CHF million
|
%
|
|
0 and 1
|
Investment grade
|
Aaa
|
AAA
|
AAA
|
|
23,331
|
8
|
|
27,988
|
10
|
Low risk
|
2
|
|
Aa1 to Aa3
|
AA+ to AA–
|
AA+ to AA–
|
|
11,960
|
4
|
|
18,523
|
6
|
3
|
|
A1 to A3
|
A+ to A–
|
A+ to AA–
|
|
2,027
|
1
|
|
2,452
|
1
|
Medium risk
|
4
|
|
Baa1 to Baa2
|
BBB+ to BBB
|
BBB+ to BBB
|
|
3,479
|
1
|
|
3,661
|
1
|
5
|
|
Baa3
|
BBB–
|
BBB–
|
|
928
|
0
|
|
1,674
|
1
|
High risk
|
6
|
Sub-investment grade
|
Ba1
|
BB+
|
BB+
|
|
544
|
0
|
|
416
|
0
|
7
|
|
Ba2
|
BB
|
BB
|
|
372
|
0
|
|
1,043
|
0
|
8
|
|
Ba3
|
BB–
|
BB–
|
|
37
|
0
|
|
52
|
0
|
9
|
|
B1
|
B+
|
B+
|
|
578
|
0
|
|
1,208
|
0
|
Very high risk
|
10
|
|
B2
|
B
|
B
|
|
97
|
0
|
|
271
|
0
|
11
|
|
B3
|
B–
|
B–
|
|
23
|
0
|
|
451
|
0
|
12
|
|
Caa
|
CCC
|
CCC
|
|
102
|
0
|
|
12
|
0
|
13
|
|
Ca to C
|
CC to C
|
CC to C
|
|
46
|
0
|
|
7
|
0
|
Distressed
|
Default
|
Defaulted
|
D
|
D
|
D
|
|
6
|
0
|
|
12
|
0
|
Subtotal
|
|
|
|
|
|
|
43,530
|
15
|
|
57,771
|
20
|
Switzerland
|
|
|
|
|
|
|
241,483
|
85
|
|
235,263
|
80
|
Total assets
|
|
|
|
|
|
|
285,014
|
100
|
|
293,034
|
100
|
UBS Switzerland
AG standalone financial statements (audited)
Note 23 Assets and liabilities by the most significant currencies
for the bank
|
|
31.12.19
|
CHF million
|
|
CHF
|
USD
|
EUR
|
GBP
|
other
|
Total
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
|
58,752
|
16
|
203
|
6
|
8
|
58,984
|
Due from banks
|
|
534
|
2,232
|
914
|
308
|
478
|
4,466
|
Receivables from securities financing transactions
|
|
1,494
|
356
|
9,019
|
1,267
|
0
|
12,136
|
Due from customers
|
|
14,136
|
15,068
|
8,501
|
1,111
|
759
|
39,575
|
Mortgage loans
|
|
150,927
|
1,604
|
58
|
0
|
1
|
152,591
|
Trading portfolio assets
|
|
10
|
21
|
20
|
0
|
1,628
|
1,679
|
Derivative financial instruments
|
|
2,085
|
0
|
0
|
0
|
0
|
2,085
|
Financial investments
|
|
1,202
|
9,044
|
1,372
|
218
|
93
|
11,928
|
Accrued income and prepaid expenses
|
|
83
|
82
|
20
|
3
|
2
|
189
|
Investments in subsidiaries and other participations
|
|
68
|
0
|
0
|
0
|
0
|
68
|
Property, equipment and software
|
|
372
|
0
|
0
|
0
|
0
|
372
|
Goodwill and other intangible assets
|
|
263
|
0
|
0
|
0
|
0
|
263
|
Other assets
|
|
409
|
233
|
22
|
6
|
7
|
678
|
Total assets shown on the balance sheet
|
|
230,335
|
28,655
|
20,128
|
2,919
|
2,976
|
285,014
|
Delivery entitlements from spot exchange, forward forex and
forex options transactions
|
|
11,274
|
22,215
|
15,447
|
4,642
|
6,967
|
60,545
|
Total assets
|
|
241,609
|
50,871
|
35,576
|
7,561
|
9,943
|
345,559
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Due to banks
|
|
22,833
|
2,955
|
515
|
133
|
908
|
27,344
|
Payables from securities financing transactions
|
|
29
|
499
|
18
|
1
|
0
|
547
|
Due to customers
|
|
172,679
|
23,506
|
25,963
|
3,742
|
5,803
|
231,693
|
Trading portfolio liabilities
|
|
50
|
128
|
65
|
115
|
13
|
371
|
Derivative financial instruments
|
|
1,092
|
0
|
0
|
0
|
0
|
1,092
|
Loans from central mortgage institutions
|
|
8,304
|
3
|
1
|
0
|
0
|
8,308
|
Accrued expenses and deferred income
|
|
706
|
32
|
9
|
0
|
0
|
748
|
Other liabilities
|
|
1,411
|
533
|
131
|
14
|
9
|
2,099
|
Provisions
|
|
124
|
9
|
7
|
0
|
0
|
139
|
Total liabilities shown on the balance sheet
|
|
207,229
|
27,665
|
26,710
|
4,005
|
6,733
|
272,341
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Share capital
|
|
10
|
0
|
0
|
0
|
0
|
10
|
General reserve
|
|
11,624
|
0
|
0
|
0
|
0
|
11,624
|
Net profit / (loss) for the period
|
|
1,039
|
0
|
0
|
0
|
0
|
1,039
|
Total equity shown in balance sheet
|
|
12,673
|
0
|
0
|
0
|
0
|
12,673
|
Total liabilities and equity shown on the balance sheet
|
|
219,902
|
27,665
|
26,710
|
4,005
|
6,733
|
285,014
|
Delivery obligations from spot exchange, forward forex and forex
options transactions
|
|
11,217
|
22,903
|
15,070
|
4,541
|
6,798
|
60,529
|
Total equity and liabilities
|
|
231,119
|
50,568
|
41,779
|
8,546
|
13,531
|
345,543
|
Net position per currency as of 31 December 2019
|
|
10,490
|
303
|
(6,204)
|
(984)
|
(3,588)
|
16
|
Net position per currency as of 31 December 2018
|
|
6,080
|
11,098
|
(13,833)
|
(1,005)
|
(2,327)
|
13
|
|
|
Note 24 Loans from central mortgage institutions
Contractual maturity of carrying amount
|
|
|
|
CHF million
|
|
2020
|
2021
|
2022
|
2023
|
2024
|
Thereafter
|
Total 31.12.19
|
Total 31.12.18
|
Non-subordinated debt
|
|
|
|
|
|
|
|
|
|
Fixed-rate
|
|
732
|
995
|
823
|
920
|
981
|
3,858
|
8,308
|
8,434
|
Interest rates (range in %)
|
|
0.0–2.8
|
0.1–2.4
|
0.1–3.4
|
0.1–2.2
|
0.1–2.4
|
0.1–2.8
|
|
|
Total
|
|
732
|
995
|
823
|
920
|
981
|
3,858
|
8,308
|
8,434
|
|
|
|
31.12.19
|
|
31.12.18
|
|
|
Par value in CHF
|
Number of shares
|
of which: dividend bearing
|
|
Par value in CHF
|
Number of shares
|
of which: dividend bearing
|
Share capital1
|
|
10,000,000
|
100,000,000
|
100,000,000
|
|
10,000,000
|
100,000,000
|
100,000,000
|
of which: shares outstanding
|
|
10,000,000
|
100,000,000
|
100,000,000
|
|
10,000,000
|
100,000,000
|
100,000,000
|
1 Registered
shares issued.
|
UBS Switzerland AG’s share capital is fully paid up.
Each share has a par value of CHF 0.10 and entitles the holder to one vote at
the UBS Switzerland AG shareholders’ meeting, if entered into the share
register as having the right to vote, as well as a proportionate share of
distributed dividends. UBS Switzerland AG does not apply any restrictions or
limitations on the transferability of shares.
Non-distributable reserves
Non-distributable reserves consist of 50% of the share
capital of UBS Switzerland AG, amounting to CHF 5 million as of
31 December 2019.
Note 25b Significant shareholders
The sole direct shareholder of UBS Switzerland AG is
UBS AG, which holds 100% of UBS Switzerland AG shares. These shares are
entitled to voting rights. Indirect shareholders of UBS Switzerland AG, who do
not have voting rights, include UBS Group AG, which holds 100% of UBS AG
shares. Included in the table below are also direct shareholders of UBS Group
AG (acting in their own name or in their capacity as nominees for other
investors or beneficial owners) that were registered in the UBS Group AG share
register with 3% or more of the share capital of UBS Group AG as of 31 December
2019 or as of 31 December 2018.
The shares and share capital of UBS Switzerland AG held by
indirect shareholders shown in the table below represent their relative holding
of UBS Group AG shares.
® Refer
to Note 23 of the UBS Group AG standalone financial statements in
the UBS Group AG Annual Report 2019 for more information on
significant shareholders of UBS Group AG
|
|
31.12.19
|
|
31.12.18
|
CHF million, except where indicated
|
|
Share capital held
|
Shares held (%)
|
|
Share capital held
|
Shares held (%)
|
Significant direct shareholder of UBS Switzerland AG
|
|
|
|
|
|
|
UBS AG
|
|
10
|
100
|
|
10
|
100
|
Significant indirect shareholders of UBS Switzerland AG
|
|
|
|
|
|
|
UBS Group AG
|
|
10
|
100
|
|
10
|
100
|
Chase Nominees Ltd., London
|
|
1
|
11
|
|
1
|
12
|
DTC (Cede & Co.), New York1
|
|
1
|
8
|
|
1
|
7
|
Nortrust Nominees Ltd., London
|
|
1
|
5
|
|
0
|
4
|
1 DTC (Cede
& Co.), New York, “The Depository Trust Company,” is a US securities
clearing organization.
|
UBS
Switzerland AG standalone financial statements (audited)
Note 26 Swiss pension plan
a) Liabilities related to Swiss pension plan
|
|
|
|
CHF million
|
|
31.12.19
|
31.12.18
|
Provision for Swiss pension plan
|
|
0
|
0
|
Bank accounts at UBS and UBS debt instruments held by Swiss
pension fund
|
|
74
|
68
|
UBS derivative financial instruments held by Swiss pension fund
|
|
13
|
18
|
Total liabilities related to Swiss pension plan
|
|
87
|
86
|
|
|
|
|
b) Swiss pension plan
|
|
|
|
|
|
As of or for the year ended
|
CHF million
|
|
31.12.19
|
31.12.18
|
Pension plan surplus1
|
|
2,675
|
2,385
|
Economic benefit / (obligation) of UBS Switzerland AG
|
|
0
|
0
|
Change in economic benefit / (obligation) recognized in the
income statement
|
|
0
|
0
|
Employer contributions in the period recognized in the income
statement
|
|
183
|
204
|
Performance awards-related employer contributions accrued
|
|
25
|
28
|
Total pension expense recognized in the income statement within
Personnel expenses
|
|
208
|
232
|
1 The pension
plan surplus is determined in accordance with FER 26 and consists of the
reserve for the fluctuation in asset value. The surplus did not represent an
economic benefit for UBS Switzerland AG in accordance with FER 16 both as of
31 December 2019 and 31 December 2018. Refer to Note 2 for more information.
|
The Swiss pension plan had no employer contribution
reserve both as of 31 December 2019 and 31 December 2018.
Transactions with related parties are conducted at
internally agreed transfer prices, at arm’s length or, with respect to loans,
fixed advances and mortgages to non-independent members of the governing bodies
in the ordinary course of business, on substantially the same terms and
conditions that are available to other employees, including interest rates and
collateral, and neither involve more than the normal risk of collectability nor
contain any other unfavorable features for the firm. Independent members of the
governing bodies are granted loans and mortgages in the ordinary course of
business at general market conditions.
|
|
31.12.19
|
|
31.12.18
|
CHF million
|
|
Amounts due from
|
|
Amounts due to
|
|
Amounts due from
|
|
Amounts due to
|
Qualified shareholders1
|
|
16,042
|
|
24,101
|
|
26,578
|
|
19,753
|
of which: due from/to banks
|
|
5,574
|
|
23,148
|
|
4,718
|
|
19,074
|
of which: receivables / payables from securities financing
transactions
|
|
10,256
|
|
0
|
|
21,528
|
|
0
|
of which: due from/to customers
|
|
51
|
|
138
|
|
59
|
|
102
|
Subsidiaries2
|
|
142
|
|
52
|
|
36
|
|
4
|
of which: due from/to customers
|
|
141
|
|
52
|
|
34
|
|
4
|
Affiliated entities3
|
|
385
|
|
978
|
|
407
|
|
1,449
|
of which: due from/to banks
|
|
222
|
|
481
|
|
348
|
|
908
|
of which: due from/to customers
|
|
1
|
|
278
|
|
4
|
|
319
|
Members of governing bodies4
|
|
49
|
|
|
|
52
|
|
|
Other related parties5
|
|
950
|
|
96
|
|
533
|
|
|
1 Qualified
shareholders of UBS Switzerland AG are UBS Group AG and UBS AG. 2
Subsidiaries of UBS Switzerland AG are UBS Card Center AG, TopCard Service AG
and UBS Hypotheken AG. 3 Affiliated entities of UBS Switzerland AG are all
direct and indirect subsidiaries of UBS Group AG including subsidiaries of
UBS AG. 4 Members of governing bodies consist of members of the Board of
Directors and Group Executive Board of UBS Group AG and members of the Board
of Directors and Executive Board of UBS Switzerland AG and UBS AG. 5 As of
31 December 2019, a guarantee of CHF 1,547 million is reported Off-balance
sheet as a Contingent liability under credit guarantees and similar
instruments.
|
Note 28 Fiduciary transactions
CHF million
|
|
31.12.19
|
|
31.12.18
|
Fiduciary deposits
|
|
55,520
|
|
31,280
|
of which: placed with third-party banks
|
|
15,461
|
|
13,035
|
of which: placed with subsidiaries and affiliated entities
|
|
40,059
|
|
18,245
|
Total fiduciary transactions
|
|
55,520
|
|
31,280
|
Fiduciary transactions encompass transactions entered
into or granted by UBS Switzerland AG that result in holding or placing assets
on behalf of individuals, trusts, defined benefit plans and other institutions.
Unless the recognition criteria for the assets are satisfied, these assets and
the related income are excluded from UBS Switzerland AG’s balance sheet and income
statement, but disclosed in this Note as off-balance sheet fiduciary
transactions. Client deposits that are initially placed as fiduciary
transactions with UBS Switzerland AG may be recognized on UBS Switzerland AG’s
balance sheet in situations in which the deposit is subsequently placed within
UBS Switzerland AG. In such cases, these deposits are not reported in the table
above.
Note 29a Invested assets and net new money
|
|
As of or for the year ended
|
CHF billion
|
|
31.12.19
|
|
31.12.18
|
Fund assets managed
|
|
0
|
|
0
|
Discretionary assets
|
|
103
|
|
96
|
Other invested assets
|
|
513
|
|
458
|
Total invested assets (double counts included)
|
|
616
|
|
554
|
of which: double counts
|
|
0
|
|
0
|
Net new money (double counts included)
|
|
18
|
|
8
|
Note 29b Development of invested assets
CHF billion
|
|
31.12.19
|
|
31.12.18
|
Total invested assets (including double counts) at the beginning
of the year
|
|
554
|
|
586
|
Net new money inflows / (outflows)
|
|
18
|
|
8
|
Market movements (including dividends and interests)
|
|
56
|
|
(34)
|
Currency effects
|
|
(7)
|
|
(5)
|
Other effects
|
|
(5)
|
|
0
|
of which: acquisitions / (divestments)
|
|
0
|
|
0
|
Total invested assets (including double counts) at the end of
the year1
|
|
616
|
|
554
|
1 As of 31
December 2019 and 31 December 2018 there were no invested assets double
counts.
|
® Refer
to Note 36 of the UBS Group AG consolidated financial statements in the UBS
Group AG Annual Report 2019 for more information
UBS
Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone
regulatory information
UBS
Switzerland AG standalone regulatory information
UBS Switzerland AG standalone regulatory information
Key
metrics
The table below is based on the Basel
Committee on Banking Supervision (the BCBS) Basel III rules.
During the fourth quarter of 2019, common equity tier 1 (CET1)
capital remained stable. Risk-weighted assets (RWA) increased by CHF 1.7
billion to CHF 99.7 billion, primarily due to an increase in the Basel I
RWA floor. Leverage ratio exposure decreased by CHF 7 billion, mainly due to a
decrease of on-balance sheet exposures from securities financing transactions.
Average high-quality liquid assets increased
by CHF 2.3 billion as a result of greater average cash balances,
reflecting a reduction in secured financing transactions, partly offset by
decreased customer deposits. Average total net cash outflows increased by
CHF 2.3 billion, reflecting greater average outflows from intercompany
transactions.
KM1: Key metrics
|
|
|
|
|
|
|
|
|
|
|
CHF million, except where indicated
|
|
|
|
31.12.19
|
|
30.9.19
|
|
30.6.19
|
|
31.3.19
|
|
31.12.18
|
Available capital (amounts)
|
|
|
|
|
|
|
|
|
|
|
1
|
Common equity tier 1 (CET1)
|
|
10,895
|
|
10,875
|
|
10,654
|
|
10,463
|
|
10,225
|
1a
|
Fully loaded ECL accounting model CET11
|
|
10,890
|
|
10,871
|
|
10,649
|
|
10,457
|
|
10,225
|
2
|
Tier 1
|
|
15,606
|
|
15,124
|
|
14,894
|
|
14,712
|
|
14,468
|
2a
|
Fully loaded ECL accounting model tier 11
|
|
15,601
|
|
15,120
|
|
14,889
|
|
14,706
|
|
14,468
|
3
|
Total capital
|
|
15,606
|
|
15,124
|
|
14,894
|
|
14,712
|
|
14,468
|
3a
|
Fully loaded ECL accounting model total capital1
|
|
15,601
|
|
15,120
|
|
14,889
|
|
14,706
|
|
14,468
|
Risk-weighted assets (amounts)
|
|
|
|
|
|
|
|
|
|
|
4
|
Total risk-weighted assets (RWA)
|
|
99,667
|
|
97,927
|
|
96,640
|
|
96,067
|
|
95,646
|
4a
|
Minimum capital requirement2
|
|
7,973
|
|
7,834
|
|
7,731
|
|
7,685
|
|
7,652
|
4b
|
Total risk-weighted assets (pre-floor)
|
|
89,234
|
|
90,338
|
|
91,013
|
|
90,068
|
|
91,457
|
Risk-based capital ratios as a percentage of RWA
|
|
|
|
|
|
|
|
|
|
|
5
|
Common equity tier 1 ratio (%)
|
|
10.93
|
|
11.10
|
|
11.02
|
|
10.89
|
|
10.69
|
5a
|
Fully loaded ECL accounting model CET1 ratio (%)1
|
|
10.93
|
|
11.10
|
|
11.02
|
|
10.89
|
|
10.69
|
6
|
Tier 1 ratio (%)
|
|
15.66
|
|
15.44
|
|
15.41
|
|
15.31
|
|
15.13
|
6a
|
Fully loaded ECL accounting model tier 1 ratio (%)1
|
|
15.65
|
|
15.44
|
|
15.41
|
|
15.31
|
|
15.13
|
7
|
Total capital ratio (%)
|
|
15.66
|
|
15.44
|
|
15.41
|
|
15.31
|
|
15.13
|
7a
|
Fully loaded ECL accounting model total capital ratio (%)1
|
|
15.65
|
|
15.44
|
|
15.41
|
|
15.31
|
|
15.13
|
Additional CET1 buffer requirements as a percentage of RWA3
|
|
|
|
|
|
|
|
|
|
|
8
|
Capital conservation buffer requirement (2.5% from 2019) (%)
|
|
2.50
|
|
2.50
|
|
2.50
|
|
2.50
|
|
1.88
|
9
|
Countercyclical buffer requirement (%)
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
9a
|
Additional countercyclical buffer for Swiss mortgage loans (%)
|
|
0.57
|
|
0.57
|
|
0.57
|
|
0.58
|
|
0.56
|
10
|
Bank G-SIB and/or D-SIB additional requirements (%)4
|
|
|
|
|
|
|
|
|
|
|
11
|
Total of bank CET1-specific buffer requirements (%)
|
|
2.51
|
|
2.51
|
|
2.51
|
|
2.51
|
|
1.88
|
12
|
CET1 available after meeting the bank’s minimum capital
requirements (%)
|
|
6.43
|
|
6.60
|
|
6.52
|
|
6.39
|
|
6.19
|
Basel III leverage ratio
|
|
|
|
|
|
|
|
|
|
|
13
|
Total Basel III leverage ratio exposure measure
|
|
302,304
|
|
309,750
|
|
311,212
|
|
310,545
|
|
306,487
|
14
|
Basel III leverage ratio (%)
|
|
5.16
|
|
4.88
|
|
4.79
|
|
4.74
|
|
4.72
|
14a
|
Fully loaded ECL accounting model Basel III leverage ratio (%)1
|
|
5.16
|
|
4.88
|
|
4.78
|
|
4.74
|
|
4.72
|
Liquidity coverage ratio5
|
|
|
|
|
|
|
|
|
|
|
15
|
Total HQLA
|
|
67,105
|
|
64,835
|
|
67,160
|
|
71,392
|
|
67,427
|
16
|
Total net cash outflow
|
|
51,561
|
|
49,242
|
|
48,761
|
|
51,945
|
|
52,846
|
17
|
LCR (%)
|
|
130
|
|
132
|
|
138
|
|
137
|
|
128
|
1 The fully
loaded ECL accounting model excludes the transitional relief of recognizing
ECL allowances and provisions in CET1 capital in accordance with FINMA
Circular 2013/1 “Eligible capital – banks.” 2 Calculated as 8% of
total RWA, based on total capital minimum requirements, excluding CET1 buffer
requirements. 3 As Annex 8 of the Swiss Capital Adequacy Ordinance (the
CAO) does not apply to the systemically relevant banks, we can abstain from
disclosing the information required in lines 12a–12e. We nevertheless
provides information about the Swiss sector-specific countercyclical buffer
in row 9a pursuant to Art. 44 CAO. 4 Swiss SRB going concern requirements
and information for UBS Switzerland AG are provided on the next page. 5 Calculated
based on quarterly average. Refer to “Liquidity coverage ratio” in this
section for more information.
|
Swiss SRB
going and gone concern requirements and information
UBS Switzerland AG is considered a systemically relevant bank
(SRB) under Swiss banking law and is subject to capital regulations on a
standalone basis. As of 31 December
2019, the transitional going concern capital and leverage ratio requirements
for UBS Switzerland AG standalone were 13.98%, including a countercyclical
buffer of 0.58%, and 4.5%, respectively. The gone concern requirements under
transitional arrangements were 9.51% for the RWA-based requirement and 3.27% for
the LRD-based requirement.
The Swiss SRB framework and requirements applicable to UBS Switzerland AG
standalone are consistent with those applicable to UBS Group AG consolidated
and are described
in the “Capital management” section of our
Annual Report 2019, available under “Annual reporting” at www.ubs.com/investors.
® Refer
to “Regulatory framework” in the “Capital Management” section of the UBS Group
AG Annual Report 2019 for more information about loss-absorbing capacity,
leverage ratio requirements and gone concern rebate
® Refer
to “Additional information” in the “Capital Management” section of the UBS
Group AG Annual Report 2019 for more information about the joint liability of
UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
|
|
|
Swiss SRB, including transitional arrangements
|
|
Swiss SRB as of 1.1.20
|
As of 31.12.19
|
|
RWA
|
LRD
|
|
RWA
|
LRD
|
CHF million, except where indicated
|
|
in %1
|
|
in %
|
|
|
in %
|
|
in %
|
|
Required going concern capital
|
|
|
|
|
|
|
|
|
|
|
Total going concern capital
|
|
13.98
|
13,937
|
4.50
|
13,604
|
|
14.522
|
14,475
|
4.882
|
14,737
|
Common equity tier 1 capital
|
|
10.08
|
10,050
|
3.20
|
9,674
|
|
10.22
|
10,189
|
3.38
|
10,203
|
of which: minimum capital
|
|
4.90
|
4,884
|
1.70
|
5,139
|
|
4.50
|
4,485
|
1.50
|
4,535
|
of which: buffer capital
|
|
4.60
|
4,585
|
1.50
|
4,535
|
|
5.14
|
5,123
|
1.88
|
5,668
|
of which: countercyclical buffer
|
|
0.58
|
582
|
|
|
|
0.58
|
582
|
|
|
Maximum additional tier 1 capital
|
|
3.90
|
3,887
|
1.30
|
3,930
|
|
4.30
|
4,286
|
1.50
|
4,535
|
of which: additional tier 1 capital
|
|
3.10
|
3,090
|
1.30
|
3,930
|
|
3.50
|
3,488
|
1.50
|
4,535
|
of which: additional tier 1 buffer capital
|
|
0.80
|
797
|
|
|
|
0.80
|
797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eligible going concern capital
|
|
|
|
|
|
|
|
|
|
|
Total going concern capital
|
|
15.66
|
15,606
|
5.16
|
15,606
|
|
15.66
|
15,606
|
5.16
|
15,606
|
Common equity tier 1 capital
|
|
10.93
|
10,895
|
3.60
|
10,895
|
|
10.93
|
10,895
|
3.60
|
10,895
|
Total loss-absorbing additional tier 1 capital
|
|
4.73
|
4,711
|
1.56
|
4,711
|
|
4.73
|
4,711
|
1.56
|
4,711
|
of which: high-trigger loss-absorbing additional tier 1 capital
|
|
4.73
|
4,711
|
1.56
|
4,711
|
|
4.73
|
4,711
|
1.56
|
4,711
|
|
|
|
|
|
|
|
|
|
|
|
Required gone concern capital
|
|
|
|
|
|
|
|
|
|
|
Total gone concern loss-absorbing capacity
|
|
9.51
|
9,483
|
3.27
|
9,882
|
|
8.64
|
8,614
|
3.02
|
9,137
|
of which: base requirement
|
|
10.52
|
10,485
|
3.63
|
10,959
|
|
12.86
|
12,817
|
4.50
|
13,604
|
of which: additional requirement for market share and LRD
|
|
0.81
|
807
|
0.28
|
850
|
|
1.08
|
1,076
|
0.38
|
1,134
|
of which: applicable reduction on requirements3
|
|
(1.82)
|
(1,810)
|
(0.64)
|
(1,927)
|
|
(5.30)
|
(5,280)
|
(1.85)
|
(5,600)
|
|
|
|
|
|
|
|
|
|
|
|
Eligible gone concern capital
|
|
|
|
|
|
|
|
|
|
|
Total gone concern loss-absorbing capacity
|
|
10.95
|
10,915
|
3.61
|
10,915
|
|
10.95
|
10,915
|
3.61
|
10,915
|
TLAC-eligible debt
|
|
10.95
|
10,915
|
3.61
|
10,915
|
|
10.95
|
10,915
|
3.61
|
10,915
|
|
|
|
|
|
|
|
|
|
|
|
Total loss-absorbing capacity
|
|
|
|
|
|
|
|
|
|
|
Required total loss-absorbing capacity
|
|
23.50
|
23,420
|
7.77
|
23,485
|
|
23.17
|
23,089
|
7.90
|
23,874
|
Eligible total loss-absorbing capacity
|
|
26.61
|
26,521
|
8.77
|
26,521
|
|
26.61
|
26,521
|
8.77
|
26,521
|
1 The total
loss-absorbing capacity ratio requirement of 23.50% is the current
requirement based on the transitional rules of the Swiss Capital Adequacy
Ordinance including the rebate on the gone concern requirements. In addition,
FINMA has defined a total capital ratio requirement, which is the sum of
14.4% and the effect of countercyclical buffer (CCyB) requirements of 0.58%,
of which 10% plus the effect of CCyB requirements must be satisfied with CET1
capital. 2 Includes applicable add-ons of 1.08% for RWA and 0.375% for
LRD. 3 The rebate granted for Swiss SRBs including transitional
arrangements was 42.5% of the maximum rebate, whereas the rebate granted for
Swiss SRBs as of 1 January 2020 is 38% of UBS Group AG’s gone concern
requirement before applicable reductions.
|
UBS
Switzerland AG standalone regulatory information
Swiss SRB loss-absorbing
capacity
Swiss SRB going and gone concern information1
|
CHF million, except where indicated
|
|
31.12.19
|
|
30.9.19
|
31.12.18
|
|
|
|
|
|
|
Eligible going concern capital
|
|
|
|
|
|
Total going concern capital
|
|
15,606
|
|
15,124
|
14,468
|
Total tier 1 capital
|
|
15,606
|
|
15,124
|
14,468
|
Common equity tier 1 capital
|
|
10,895
|
|
10,875
|
10,225
|
of which: high-trigger loss-absorbing additional tier 1 capital
|
|
4,711
|
|
4,249
|
4,243
|
|
|
|
|
|
|
Eligible gone concern capital
|
|
|
|
|
|
Total gone concern loss-absorbing capacity
|
|
10,915
|
|
10,948
|
10,932
|
TLAC-eligible debt
|
|
10,915
|
|
10,948
|
10,932
|
|
|
|
|
|
|
Total loss-absorbing capacity
|
|
|
|
|
|
Total loss-absorbing capacity
|
|
26,521
|
|
26,072
|
25,400
|
|
|
|
|
|
|
Risk-weighted assets / leverage ratio denominator
|
|
|
|
|
|
Risk-weighted assets
|
|
99,667
|
|
97,927
|
95,646
|
Leverage ratio denominator
|
|
302,304
|
|
309,750
|
306,487
|
|
|
|
|
|
|
Capital and loss-absorbing capacity ratios (%)
|
|
|
|
|
|
Going concern capital ratio
|
|
15.7
|
|
15.4
|
15.1
|
of which: common equity tier 1 capital ratio
|
|
10.9
|
|
11.1
|
10.7
|
Gone concern loss-absorbing capacity ratio
|
|
11.0
|
|
11.2
|
11.4
|
Total loss-absorbing capacity ratio
|
|
26.6
|
|
26.6
|
26.6
|
|
|
|
|
|
|
Leverage ratios (%)
|
|
|
|
|
|
Going concern leverage ratio
|
|
5.2
|
|
4.9
|
4.7
|
of which: common equity tier 1 leverage ratio
|
|
3.6
|
|
3.5
|
3.3
|
Gone concern leverage ratio
|
|
3.6
|
|
3.5
|
3.6
|
Total loss-absorbing capacity leverage ratio
|
|
8.8
|
|
8.4
|
8.3
|
1 The numbers
disclosed in the table are identical for Swiss SRB (including transitional
arrangement) requirements and Swiss SRB requirements applicable as of 1
January 2020.
|
Reconciliation of Swiss banking law equity to Swiss SRB common
equity tier 1 capital
|
CHF billion
|
31.12.19
|
31.12.18
|
Equity – Swiss banking law1
|
12.7
|
13.8
|
Deferred tax assets
|
0.1
|
0.2
|
Goodwill and intangible assets
|
(0.3)
|
(1.3)
|
Accruals for proposed dividends to shareholders
|
(1.3)
|
(2.2)
|
Other
|
(0.3)
|
(0.3)
|
Common equity tier 1 capital
|
10.9
|
10.2
|
1 Equity under
Swiss banking law is adjusted to derive equity in accordance with IFRS and
then further adjusted to derive common equity tier 1 (CET1) capital in
accordance with Swiss SRB requirements.
|
Leverage
ratio information
Swiss SRB leverage ratio denominator
|
CHF billion
|
|
31.12.19
|
31.12.18
|
Leverage ratio denominator
|
|
|
|
Swiss GAAP total assets
|
|
285.0
|
293.0
|
Difference between Swiss GAAP and IFRS total assets
|
|
3.6
|
1.8
|
Less: derivative exposures and SFTs1
|
|
(17.3)
|
(32.5)
|
On-balance sheet exposures (excluding derivative exposures and
SFTs)
|
|
271.3
|
262.3
|
Derivative exposures
|
|
4.4
|
3.7
|
Securities financing transactions
|
|
12.7
|
28.5
|
Off-balance sheet items
|
|
14.2
|
12.4
|
Items deducted from Swiss SRB tier 1 capital
|
|
(0.3)
|
(0.5)
|
Total exposures (leverage ratio denominator)
|
|
302.3
|
306.5
|
1 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 in this table.
|
BCBS Basel III leverage ratio
|
CHF million, except where indicated
|
|
31.12.19
|
30.9.19
|
30.6.19
|
31.3.19
|
31.12.18
|
Total tier 1 capital
|
|
15,606
|
15,124
|
14,894
|
14,712
|
14,468
|
Total exposures (leverage ratio denominator)
|
|
302,304
|
309,750
|
311,212
|
310,545
|
306,487
|
BCBS Basel III leverage ratio (%)
|
|
5.2
|
4.9
|
4.8
|
4.7
|
4.7
|
Liquidity coverage ratio
UBS Switzerland AG, as a Swiss SRB, is required to
maintain a minimum liquidity coverage ratio of 100%.
Liquidity coverage ratio
|
|
|
|
|
|
Weighted value1
|
CHF billion, except where indicated
|
|
Average 4Q192
|
Average 4Q182
|
High-quality liquid assets
|
|
67
|
67
|
Total net cash outflows
|
|
52
|
53
|
of which: cash outflows
|
|
84
|
86
|
of which: cash inflows
|
|
33
|
34
|
Liquidity coverage ratio (%)
|
|
130
|
128
|
1 Calculated
after the application of haircuts and inflow and outflow rates. 2
Calculated based on an average of 64 data points in the fourth quarter of
2019 and 64 data points in the fourth quarter of 2018.
|
UBS
Switzerland AG standalone regulatory information
Capital instruments
Capital instruments of UBS Switzerland AG – key features
|
|
|
|
Presented according to issuance date.
|
|
|
|
|
Share capital
|
|
Additional tier 1 capital
|
|
1
|
Issuer
|
|
UBS Switzerland AG, Switzerland
|
|
UBS Switzerland AG, Switzerland
|
UBS Switzerland AG, Switzerland
|
UBS Switzerland AG, Switzerland
|
UBS Switzerland AG, Switzerland
|
UBS Switzerland AG, Switzerland
|
UBS Switzerland AG, Switzerland
|
1a
|
Instrument number
|
|
1
|
|
2
|
3
|
4
|
5
|
6
|
7
|
2
|
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
private placement)
|
|
-
|
|
-
|
3
|
Governing law(s) of the instrument
|
|
Swiss
|
|
Swiss
|
3a
|
Means by which enforceability requirement of Section 13 of the
TLAC Term Sheet is achieved (for other TLAC-eligible instruments governed by
foreign law)
|
|
n/a
|
|
n/a
|
|
Regulatory treatment
|
|
|
|
|
|
|
|
|
|
4
|
Transitional Basel III rules1
|
|
CET1 – Going concern capital
|
|
Additional tier 1 capital
|
5
|
Post-transitional Basel III rules2
|
|
CET1 – Going concern capital
|
|
Additional tier 1 capital
|
6
|
Eligible at solo / group / group and solo
|
|
UBS Switzerland AG consolidated and standalone
|
|
UBS Switzerland AG consolidated and standalone
|
7
|
Instrument type (types to be specified by each jurisdiction)
|
|
Ordinary shares
|
|
Loan4
|
8
|
Amount recognized in regulatory capital (currency in millions,
as of most recent reporting date)1
|
|
CHF 10.0
|
|
CHF 1,500
|
CHF 500
|
CHF 1,000
|
CHF 825
|
USD 425
|
CHF 475
|
9
|
Par value of instrument
|
|
CHF 10.0
|
|
CHF 1,500
|
CHF 500
|
CHF 1,000
|
CHF 825
|
USD 425
|
CHF 475
|
10
|
Accounting classification3
|
|
Equity attributable to UBS Switzerland AG shareholders
|
|
Due to banks held at amortized cost
|
11
|
Original date of issuance
|
|
–
|
|
1 April 2015
|
11 March 2016
|
18 December 2017
|
12 December 2018
|
12 December 2018
|
11 December 2019
|
12
|
Perpetual or dated
|
|
–
|
|
Perpetual
|
13
|
Original maturity date
|
|
–
|
|
–
|
14
|
Issuer call subject to prior supervisory approval
|
|
–
|
|
Yes
|
15
|
Optional call date, contingent call dates and redemption amount
|
|
–
|
|
First optional repayment date:
1 April 2020
|
First optional repayment date:
11 March 2021
|
First optional repayment date:
18 December 2022
|
First optional repayment date:
12 December 2023
|
First optional repayment date:
12 December 2023
|
First optional repayment date:
11 December 2024
|
|
Repayable at any time after the first optional repayment date.
Repayment subject to FINMA approval. Optional repayment amount:
principal amount, together with any accrued and unpaid interest thereon
|
16
|
Subsequent call dates, if applicable
|
|
–
|
|
Early repayment possible due to a tax or regulatory event.
Repayment due to tax event subject to FINMA approval.
Repayment amount: principal amount, together with accrued and
unpaid interest
|
Capital instruments of UBS Switzerland AG – key features
(continued)
|
|
|
|
|
Coupons
|
|
|
|
|
|
|
|
|
|
17
|
Fixed or floating dividend / coupon
|
|
–
|
|
Floating
|
18
|
Coupon rate and any related index
|
|
–
|
|
6-month CHF Libor +
370 bps per annum
semiannually
|
3-month CHF Libor
+
459 bps per annum
quarterly
|
3-month CHF Libor +
250 bps per annum
quarterly
|
3-month CHF Libor
+
489 bps per annum
quarterly
|
3-month USD Libor
+
547 bps per annum
quarterly
|
3-month CHF Libor
+
433 bps per annum
quarterly
|
19
|
Existence of a dividend stopper
|
|
–
|
|
No
|
20
|
Fully discretionary, partially discretionary or mandatory
|
|
Fully discretionary
|
|
Fully discretionary
|
21
|
Existence of step-up or other incentive to redeem
|
|
–
|
|
No
|
22
|
Non-cumulative or cumulative
|
|
Non-cumulative
|
|
Non-cumulative
|
23
|
Convertible or non-convertible
|
|
–
|
|
Non-convertible
|
24
|
If convertible, conversion trigger(s)
|
|
–
|
|
–
|
25
|
If convertible, fully or partially
|
|
–
|
|
–
|
26
|
If convertible, conversion rate
|
|
–
|
|
–
|
27
|
If convertible, mandatory or optional conversion
|
|
–
|
|
–
|
28
|
If convertible, specify instrument type convertible into
|
|
–
|
|
–
|
29
|
If convertible, specify issuer of instrument it converts into
|
|
–
|
|
–
|
30
|
Write-down feature
|
|
–
|
|
Yes
|
31
|
If write-down, write-down trigger(s)
|
|
–
|
|
Trigger: CET1 ratio is less than 7%
|
|
|
FINMA determines a write-down necessary to ensure UBS
Switzerland AG’s viability; or UBS Switzerland AG receives a commitment of
governmental support that FINMA determines necessary to ensure UBS
Switzerland AG‘s viability.
Subject to applicable conditions
|
32
|
If write-down, fully or partially
|
|
–
|
|
Fully
|
33
|
If write-down, permanent or temporary
|
|
–
|
|
Permanent
|
34
|
If temporary write-down, description of write-up mechanism
|
|
–
|
|
–
|
34a
|
Type of subordination
|
|
Statutory
|
|
Contractual
|
35
|
Position in subordination hierarchy in liquidation (specify
instrument type immediately
senior to instrument in the insolvency creditor hierarchy of the
legal entity concerned).
|
|
Unless otherwise stated in the articles of association, once
debts are paid back, the assets of the liquidated company are divided between
the shareholders pro rata based on their contributions and considering the
preferences attached to certain categories of shares (Art. 745, Swiss
Code of Obligations)
|
|
Subject to any obligations that are mandatorily preferred by
law, all obligations of UBS Switzerland AG that are unsubordinated or that
are subordinated and do not rank junior, such as all classes of share
capital, or at par, such as tier 1 instruments
|
36
|
Non-compliant transitioned features
|
|
–
|
|
–
|
37
|
If yes, specify non-compliant features
|
|
–
|
|
–
|
1 Based on Swiss
SRB (including transitional arrangement) requirements. 2 Based on Swiss
SRB requirements applicable as of 1 January 2020. 3 As applied in UBS
Switzerland AG‘s financial statements under Swiss GAAP. 4 Loans granted by
UBS AG, Switzerland.
|
UBS
Switzerland AG standalone regulatory information
Notice to investors | This report and the
information contained herein are provided solely for information purposes, and
are not to be construed as solicitation of an offer to buy or sell any
securities or other financial instruments in Switzerland, the United States or
any other jurisdiction. No investment decision relating to securities of or
relating to UBS Group AG, UBS AG or their affiliates should be made on the
basis of this report. Refer to UBS’s Annual Report 2019, available at www.ubs.com/investors,
for additional information.
Rounding | Numbers presented throughout this report may not
add up precisely to the totals provided in the tables and text. Percentages,
percent changes, and adjusted results are calculated on the basis of unrounded
figures. Information about absolute changes between reporting periods, which is
provided in text and which can be derived from figures displayed in the tables,
is calculated on a rounded basis.
Tables |
Within tables, blank fields generally indicate that the field is not applicable
or not 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. Percentage changes are presented
as a mathematical calculation of the change between periods.
UBS Group AG
P.O. Box
CH-8098 Zurich
www.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/ Todd Tuckner___________
Name: Todd Tuckner
Title: Group Controller and
Chief Accounting Officer
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
UBS AG
By: _/s/ Todd Tuckner___________
Name: Todd Tuckner
Title: Group Controller and
Chief Accounting Officer
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
Date: February 28, 2020
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