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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE
 
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: August 31, 2023
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
 
Indicate by check mark whether the registrants file or will file annual reports under
 
cover of
 
Form 20-F or Form 40-This Form 6-K consists of the UBS Switzerland AG standalone interim financial information for the six
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
months ended 30 June 2023,
 
which appears immediately following this page.
 
edgarq23standalonefsup3i0
UBS Switzerland AG
 
Standalone interim financial information
 
for the six months ended
30 June 2023
 
 
 
Table of contents
UBS Switzerland AG standalone
interim financial information
1
2
3
3
Appendix
4
Contacts
Switchboards
For all general inquiries
ubs.com/contact
Zurich +41-44-234 1111
London +44-207-567 8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000
Investor Relations
Institutional, professional and retail
 
investors are supported by UBS’s Investor
Relations team.
UBS Group AG, Investor Relations
P.O.
 
Box, CH-8098 Zurich, Switzerland
ubs.com/investors
Zurich +41-44-234 4100
New York +1-212-882 5734
Media Relations
Global media and journalists are supported
by UBS’s Media Relations team.
ubs.com/media
Zurich +41-44-234 8500
mediarelations@ubs.com
London +44-20-7567 4714
 
ubs-media-relations@ubs.com
New York +1-212-882 5858
 
mediarelations@ubs.com
Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com
© UBS 2023. The key symbol and UBS are among
 
the registered and
unregistered trademarks of UBS. All rights reserved.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone interim financial
 
information
 
1
UBS Switzerland AG standalone interim financial
 
information
Income statement
Year-to-date
CHF m
30.6.23
30.6.22
Interest and discount income
1
 
3,137
 
1,656
Interest and dividend income from trading portfolio
 
3
 
0
Interest and dividend income from financial investments
 
115
 
30
Interest expense
2
 
(971)
 
(13)
Gross interest income
 
2,284
 
1,673
Credit loss (expense) / release
 
(14)
 
(46)
Net interest income
 
2,270
 
1,627
Fee and commission income from securities and investment business
 
1,789
 
1,929
Credit-related fees and commissions
 
116
 
111
Other fee and commission income
 
426
 
413
Fee and commission expense
 
(212)
 
(232)
Net fee and commission income
 
2,119
 
2,221
Net trading income
 
479
 
497
Net income from disposal of financial investments
 
5
 
1
Dividend income from investments in subsidiaries and other
 
participations
 
15
 
13
Sundry ordinary income
 
100
 
94
Sundry ordinary expenses
 
(27)
 
(47)
Other income from ordinary activities
 
93
 
60
Total operating income
 
4,960
 
4,404
Personnel expenses
 
1,016
 
1,077
General and administrative expenses
 
1,633
 
1,661
Subtotal operating expenses
 
2,649
 
2,738
Depreciation and impairment of property, equipment and software
 
108
 
69
Changes in provisions for litigation, regulatory and similar
 
matters, and other provisions
 
15
 
3
Total operating expenses
 
2,772
 
2,810
Operating profit
 
2,188
 
1,593
Tax expense / (benefit)
 
404
 
295
Net profit / (loss) for the period
 
1,784
 
1,298
1 Interest and discount income includes negative
 
interest income on financial assets of CHF 2m
 
and CHF 32m for the periods ended 30
 
June 2023 and 30 June 2022, respectively.
 
2 Interest expense includes negative
interest expense on financial liabilities of CHF 4m and CHF 215m for the periods ended 30 June 2023 and 30 June 2022, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone interim financial
 
information
 
2
Balance sheet
 
CHF m
30.6.23
31.12.22
Assets
Cash and balances at central banks
 
75,848
 
78,071
Due from banks
 
3,900
 
3,431
Receivables from securities financing transactions
 
 
741
 
835
Due from customers
 
51,420
 
53,292
Mortgage loans
 
167,285
 
164,136
Trading portfolio assets
 
1,566
 
1,744
Derivative financial instruments
 
1,124
 
1,404
Financial investments
 
9,242
 
9,728
Accrued income and prepaid expenses
 
504
 
436
Investments in subsidiaries and other participations
 
106
 
106
Property, equipment and software
 
981
 
960
Other assets
 
849
 
1,516
Total assets
 
313,565
 
315,657
of which: subordinated assets
 
2
 
1
Liabilities
Due to banks
 
37,901
 
34,522
of which: total loss-absorbing capacity eligible
 
16,616
 
16,660
Payables from securities financing transactions
 
 
393
 
229
Due to customers
 
247,712
 
252,638
Trading portfolio liabilities
 
314
 
170
Derivative financial instruments
 
1,240
 
1,752
Loans from central mortgage institutions
 
8,151
 
8,305
Accrued expenses and deferred income
 
1,088
 
943
Other liabilities
 
1,995
 
1,384
Provisions
 
193
 
221
Total liabilities
 
298,987
 
300,164
Equity
Share capital
 
10
 
10
Statutory capital reserve
 
11,354
 
11,354
of which: capital contribution reserve
 
11,354
 
11,354
Voluntary earnings reserve
 
1,430
 
1,423
Net profit / (loss) for the period
 
1,784
 
2,707
Total equity
 
 
14,578
 
15,493
Total liabilities and equity
 
313,565
 
315,657
of which: subordinated liabilities
 
16,652
 
16,689
of which: subject to mandatory conversion and / or debt waiver
 
 
16,652
 
16,689
Off-balance sheet items
Contingent liabilities, gross
 
8,859
 
9,510
Sub-participations
 
(541)
 
(657)
Contingent liabilities, net
 
8,318
 
8,852
of which: guarantees to third parties related to subsidiaries
 
17
 
17
of which: credit guarantees and similar instruments
 
3,830
 
4,057
of which: performance guarantees and similar instruments
 
2,291
 
2,539
of which: documentary credits
 
2,180
 
2,239
Irrevocable commitments, gross
 
15,606
 
16,625
Sub-participations
 
(7)
 
(3)
Irrevocable commitments, net
 
15,599
 
16,622
of which: loan commitments
 
14,417
 
15,740
of which: payment commitment related to deposit insurance
 
1,182
 
883
Forward starting transactions
1
 
435
 
0
of which: reverse repurchase agreements
 
341
 
0
of which: repurchase agreements
 
94
 
0
Liabilities for calls on shares and other equity instruments
 
55
 
55
1 Cash to be paid in the future by either UBS or the counterparty.
 
 
 
 
UBS Switzerland AG standalone interim financial
 
information
 
3
Basis of accounting
The UBS Switzerland
 
AG standalone
 
financial statements
 
are prepared
 
in
 
accordance with
 
the interim
 
reporting
requirements of
 
Swiss GAAP
 
(the FINMA
 
Accounting Ordinance,
 
FINMA Circular
 
2020/1 ”Accounting
 
– banks”
 
and
the Banking Ordinance).
 
The
 
accounting policies
 
are principally
 
the same
 
as for
 
the consolidated
 
financial statements
 
of UBS
 
Group AG
outlined in
 
Note 1
 
to the
 
consolidated financial
 
statements of
 
UBS Group
 
AG included
 
in the
 
UBS Group
 
AG Annual
Report 2022.
 
Major differences
 
between Swiss
 
GAAP requirements
 
and International
 
Financial Reporting
 
Standards
are described in Note
 
33 to the consolidated
 
financial statements of
 
UBS Group AG. Further
 
information about the
accounting policies applied
 
for the standalone financial
 
statements of UBS Switzerland AG
 
is provided in Note 2
 
to
the UBS Switzerland AG standalone financial
 
statements as of 31 December 2022.
In preparing the interim financial information
 
for UBS Switzerland AG, the same accounting policies and methods
of computation
 
have been
 
applied as
 
in the
 
annual standalone
 
financial
 
statements
 
as of
 
31 December 2022,
 
except
that the previous equity line item General reserves
 
was replaced by its sole component, Statutory capital reserves,
in line with the amendment of the Swiss Code of
 
Obligations effective from 1 January 2023.
 
The interim financial
 
information is unaudited
 
and should be
 
read in conjunction
 
with the audited
 
2022 standalone
financial
 
statements
 
of
 
UBS Switzerland
 
AG,
 
available
 
under
 
“Holding
 
company
 
and
 
significant
 
regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
Joint and several liability
 
In June 2015, the Personal & Corporate
 
Banking and Wealth Management
 
businesses booked in Switzerland
 
were
transferred from UBS
 
AG to
 
UBS Switzerland AG through
 
an asset
 
transfer in accordance
 
with the
 
Swiss Merger
Act. Under the Swiss Merger Act,
 
UBS AG assumed joint liability for
 
obligations existing on the asset transfer
 
date,
i.e., 14 June 2015, which were transferred to
 
UBS Switzerland AG.
 
Similarly,
 
under
 
the
 
terms
 
of
 
the
 
asset
 
transfer
 
agreement,
 
UBS Switzerland
 
AG
 
assumed
 
joint
 
liability
 
for
approximately CHF 325bn of contractual obligations of UBS
 
AG existing on the
 
asset transfer date, excluding the
collateralized portion
 
of secured contractual
 
obligations and
 
covered bonds. UBS
 
Switzerland AG
 
has no liability
 
for
new obligations incurred by UBS AG after the asset transfer date. The joint liability amount declines as obligations
mature, terminate or are novated following
 
the asset transfer date.
 
As of 30 June 2023,
 
the joint liability of
 
UBS Switzerland AG for contractual obligations of
 
UBS AG amounted to
approximately CHF 3bn, compared with CHF 4bn
 
as of 31 December 2022. As of 30 June 2023,
 
the probability of
an outflow under this joint and
 
several liability was assessed to be remote,
 
and as a result, the
 
balance sheet and
off-balance sheet information does not include
 
any exposure arising under this joint and several
 
liability.
 
 
UBS Switzerland AG standalone interim financial
 
information
 
4
Cautionary Statement
 
|
 
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 2022 on Form
20-
F,
quarterly reports and other
 
information furnished to
 
or filed with the US Securities
 
and Exchange Commission on
 
Form 6-K, available at
ubs.com/investors
,
for additional information.
Rounding |
 
Numbers presented throughout this report may not add up
 
precisely to the totals provided in the tables and text.
 
Percentages and percent changes
disclosed in text and tables are
 
calculated on the basis of unrounded
 
figures. Absolute changes between reporting periods disclosed in
 
the text, which can be
derived from numbers presented in related tables, are calculated on
 
a rounded basis.
 
Tables |
 
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on
 
an actual or rounded basis. Values
that are zero on a rounded basis can be either negative
 
or positive on an actual basis.
edgarq23standalonefsup9i0
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
 
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
 
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
 
authorized.
UBS Group AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Group Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
UBS AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
Date:
 
August 31, 2023