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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: March 28, 2024
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form This Form 6-K consists of the UBS Switzerland AG audited standalone financial statements for the year ended 31
40-
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
 
December 2023, which appear immediately following this page.
 
ar23ubsswitzerlandagsp3i0
 
UBS Switzerland AG
 
Standalone financial statements and regulatory
 
information for the year ended
31 December 2023
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
1
UBS Switzerland AG standalone financial statements
(audited)
Income statement
For the year ended
CHF m
Note
31.12.23
31.12.22
Interest and discount income
1
 
6,873
 
3,874
Interest and dividend income from trading portfolio
 
2
 
0
Interest and dividend income from financial investments
 
261
 
92
Interest expense
2
 
(2,691)
 
(439)
Gross interest income
 
4,445
 
3,526
Credit loss (expense) / release
 
9
 
(40)
 
(35)
Net interest income
 
4,404
 
3,491
Fee and commission income from securities and investment business
 
3,481
 
3,602
Credit-related fees and commissions
 
206
 
199
Other fee and commission income
 
861
 
830
Fee and commission expense
 
(409)
 
(442)
Net fee and commission income
 
4,139
 
4,189
Net trading income
 
3
 
900
 
930
Net income from disposal of financial investments
 
0
 
7
Dividend income from investments in subsidiaries and other
 
participations
 
15
 
13
Sundry ordinary income
 
233
 
197
Sundry ordinary expenses
 
(36)
 
(67)
Other income from ordinary activities
 
212
 
150
Total operating income
 
9,655
 
8,760
Personnel expenses
 
4
 
2,019
 
2,033
General and administrative expenses
 
5
 
3,565
 
3,267
Subtotal operating expenses
 
5,584
 
5,300
Depreciation and impairment of property, equipment and software
 
15
 
224
 
166
Changes in provisions for litigation, regulatory and similar
 
matters, and other provisions
 
8
 
(9)
Total operating expenses
 
5,816
 
5,458
Operating profit
 
3,839
 
3,302
Tax expense / (benefit)
 
6
 
706
 
595
Net profit / (loss) for the period
 
3,133
 
2,707
1 Interest and discount income includes negative interest income on
 
financial assets of CHF 5m and CHF 40m for
 
the years ended 31 December 2023 and 31
 
December 2022, respectively.
 
2 Interest expense includes
negative interest expense on financial liabilities of CHF 7m and CHF 275m for the years ended 31 December 2023 and 31 December 2022, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
2
Balance sheet
CHF m
Note
31.12.23
31.12.22
Assets
Cash and balances at central banks
 
73,264
 
78,071
Due from banks
 
9
 
2,905
 
3,431
Receivables from securities financing transactions
 
 
7
 
53
 
835
Due from customers
8, 9
 
50,543
 
53,292
Mortgage loans
8, 9
 
168,682
 
164,136
Trading portfolio assets
 
10
 
1,507
 
1,744
Derivative financial instruments
 
11
 
1,666
 
1,404
Financial investments
 
12
 
13,553
 
9,728
Accrued income and prepaid expenses
 
565
 
436
Investments in subsidiaries and other participations
13, 14
 
107
 
106
Property, equipment and software
 
15
 
992
 
960
Other assets
 
16
 
392
 
1,516
Total assets
 
314,231
 
315,657
of which: subordinated assets
 
1
 
1
Liabilities
Due to banks
 
37,136
 
34,522
of which: total loss-absorbing capacity eligible
 
16,176
 
16,660
Payables from securities financing transactions
 
 
7
 
283
 
229
Due to customers
 
246,756
 
252,638
Trading portfolio liabilities
 
10
 
209
 
170
Derivative financial instruments
 
11
 
1,537
 
1,752
Bonds issued and loans from central mortgage institutions
 
23
 
9,183
 
8,305
Accrued expenses and deferred income
 
1,338
 
943
Other liabilities
 
16
 
1,688
 
1,384
Provisions
 
9
 
175
 
221
Total liabilities
 
298,305
 
300,164
Equity
Share capital
 
24
 
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
 
3,133
 
2,707
Total equity
 
 
15,926
 
15,493
Total liabilities and equity
 
314,231
 
315,657
of which: subordinated liabilities
 
16,212
 
16,689
of which: subject to mandatory conversion and / or debt waiver of which: guarantees to third parties related to subsidiaries
 
16,212
 
16,689
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
3
Balance sheet (continued)
CHF m
31.12.23
31.12.22
Off-balance sheet items
Contingent liabilities, gross
 
7,967
 
9,510
Sub-participations
 
(686)
 
(657)
Contingent liabilities, net
 
7,281
 
8,852
 
17
 
17
of which: credit guarantees and similar instruments
 
2,957
 
4,057
of which: performance guarantees and similar instruments
 
2,308
 
2,539
of which: documentary credits
 
1,999
 
2,239
Irrevocable commitments, gross
 
15,658
 
16,625
Sub-participations
 
(7)
 
(3)
Irrevocable commitments, net
 
15,651
 
16,622
of which: loan commitments
 
14,458
 
15,740
of which: payment commitment related to deposit insurance
 
1,193
 
883
Liabilities for calls on shares and other equity instruments
 
55
 
55
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
privileged client deposits
 
in the event
 
that a Swiss
 
bank or securities
 
dealer becomes insolvent.
 
With the revision
 
of the
Swiss Banking
 
Act and
 
the Banking
 
Ordinance with
 
regard
 
to deposit
 
protection as
 
of 1 January
 
2023, the
 
amount of
payment obligations
 
for all
 
banks increased
 
from the
 
previous CHF 6bn
 
to approximately
 
CHF 8bn, which
 
corresponds
to the value
 
specified in applicable law
 
of 1.6% of
 
all protected deposits in
 
Switzerland. The share of UBS
 
Switzerland AG
increased
 
to
 
CHF 1,193m
 
as
 
of
 
31 December
 
2023,
 
compared
 
with
 
CHF 883m
 
as
 
of
 
31 December
 
2022,
 
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.
 
As of
 
31 December
 
2023, the
 
joint
 
and several
 
liability
 
of UBS
 
Switzerland AG
 
for
 
contractual
 
obligations
 
of UBS
 
AG
amounted to CHF 3bn,
 
compared with CHF 4bn
 
as of 31 December
 
2022. As of
 
31 December 2023, 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.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2023
 
10
 
11,354
 
1,423
 
2,707
 
15,493
Dividend distribution
 
(2,700)
 
(2,700)
Appropriation to voluntary earnings reserve Statement of proposed appropriation of total profit and dividend distribution
 
7
 
(7)
 
0
Net profit / (loss) for the period
 
3,133
 
3,133
Balance as of 31 December 2023
 
10
 
11,354
 
1,430
 
3,133
 
15,926
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
4
The
 
Board
 
of
 
Directors
 
proposes
 
that
 
the
 
Annual
 
General
 
Meeting
 
of
 
Shareholders
 
on
 
23 April
 
2024
 
approve
 
the
appropriation of
 
total profit
 
and an
 
ordinary dividend
 
distribution of
 
CHF 3,184m out
 
of the
 
total profit
 
(CHF 3,133m)
and
Voluntary earnings reserve
 
(CHF 51m) as follows:
For the year ended
CHF m
31.12.23
Net profit for the period
 
3,133
Profit / (loss) carried forward
 
0
Total profit available for appropriation
 
3,133
Appropriation of total profit
Dividend distribution
 
(3,133)
Profit / (loss) carried forward
 
0
Proposed dividend out of voluntary earnings reserve
Total voluntary earnings reserve before distribution
 
 
1,430
Dividend distribution
 
(51)
Total voluntary earnings reserve after distribution Note 1 Name, legal form and registered office
 
1,378
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
5
UBS Switzerland AG is incorporated and domiciled in Switzerland and operates under Art. 620 et seq. of the Swiss Code
of Obligations and Swiss banking
 
law 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 and Risk Management
a) Significant accounting policies
The
 
UBS
 
Switzerland AG
 
standalone
 
financial
 
statements
 
are
 
prepared
 
in
 
accordance
 
with
 
Swiss
 
GAAP
 
(the
 
FINMA
Accounting
 
Ordinance,
 
FINMA
 
Circular
 
2020/1
 
“Accounting
 
–
 
banks”
 
and
 
the
 
Banking
 
Ordinance)
 
and
 
represent
“reliable assessment
 
statutory standalone
 
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
 
2023.
 
Major
 
differences
 
between
 
the
 
Swiss
 
GAAP
requirements and
 
IFRS Accounting
 
Standards are
 
described in
 
Note 34 to 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 2023
 
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 2023
 
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 27 of the UBS Group AG consolidated
 
financial statements in the UBS Group AG Annual
 
Report 2023 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 33 to
 
the consolidated
 
financial
statements of UBS Group AG.
›
Refer to the UBS Group AG Annual Report 2023
 
for more information
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.
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
6
Note 2
 
Accounting Policies and Risk Management (continued)
Subordinated assets and liabilities
Subordinated assets are composed 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
 
composed
 
of
corresponding obligations.
Subordinated liabilities that
 
contain a point-of-non-viability
 
clause in
 
accordance with Swiss
 
capital requirements pursuant
to Art.
 
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 receiv
 
ed.
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
Post-employment benefit plans
Swiss GAAP
 
permit the
 
use of
 
IFRS Accounting
 
Standards
 
or Swiss
 
accounting standards
 
for 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 Accounting
 
Standards.
 
Swiss
GAAP (FER 16) require 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 (FER 16) require
 
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
 
an FER 26
basis).
›
Refer to Note 25 for more information
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.
Allowances and provisions for expected credit losses
UBS Switzerland AG
 
is required
 
to apply an
 
expected credit
 
loss (ECL) approach
 
for non-impaired
 
financial instruments
in its standalone financial statements in addition to the approach
 
for impaired financial instruments.
For non-impaired
 
exposures within
 
the scope
 
of the
 
Swiss GAAP
 
ECL requirements,
 
UBS Switzerland AG
 
has generally
chosen to apply the IFRS Accounting Standards ECL approach that is
 
applied in the UBS Group AG consolidated financial
statements
 
for its
 
standalone
 
financial statements.
 
These exposures
 
include all
 
financial assets
 
measured at
 
amortized
cost
 
under
 
both
 
Swiss
 
GAAP
 
and
 
IFRS
 
Accounting
 
Standards,
 
fee
 
and
 
lease
 
receivables,
 
guarantees,
 
irrevocable
 
loan
commitments,
 
revolving
 
revocable
 
credit
 
lines
 
and
 
forward
 
starting
 
reverse
 
repurchase
 
and
 
securities
 
borrowing
agreements. Further information about the ECL approach under IFRS Accounting Standards is provided in Note 1 to the counterparty classified as defaulted based on quantitative and qualitative criteria.
consolidated financial statements of UBS Group AG.
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
7
Note 2
 
Accounting Policies and Risk Management (continued)
UBS
 
applies
 
a
 
single
 
definition
 
of
 
default
 
for
 
credit
 
risk
 
management
 
purposes,
 
regulatory
 
reporting
 
and
 
ECL,
 
with
 
a
›
Refer to ‘’Credit policies for distressed assets’’ in the ‘’Risk management and control’’ section of the UBS Group AG Annual
 
Report
2023 for more information
An allowance
 
for credit
 
losses is
 
reported as
 
a decrease
 
in the
 
carrying amount
 
of a
 
financial asset.
 
For an
 
off-balance
sheet
 
item,
 
such
 
as a
 
commitment,
 
a
 
provision
 
for
 
credit
 
losses
 
is reported
 
in
Provisions
.
 
Changes
 
to
 
allowances
 
and
provisions for credit losses are recognized in
Credit loss (expense) / release
.
›
Refer to Note 9 for more information
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 Accounting
 
Standards, 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 US
 
dollars, UBS Switzerland AG
provides certain Notes disclosures that would otherwise be covered by the disclosure dispensation,
 
i.e., Notes 13, 14, 15,
18, 19,
 
20, 22 and 23.
Covered bonds issued
UBS Switzerland
 
AG
 
issues
 
bonds collateralized
 
with pledged
 
mortgage
 
loans. These
 
covered
 
bonds are
 
presented
 
as
Bonds issued and loans from central mortgage institutions
 
and are measured at amortized cost.
 
›
Refer to “Note 23 Bonds issued and loans from central
 
mortgage institutions”
 
for more information
b) Changes in accounting policies
There were no significant changes in accounting
 
policies during 2023.
c) Events after the reporting period
The Board
 
of Directors
 
of UBS Group
 
AG has approved
 
the merger of
 
UBS Switzerland AG
 
and Credit
 
Suisse (Schweiz)
AG.
 
Following
 
approvals
 
from
 
their
 
respective
 
boards,
 
both
 
entities
 
entered
 
into
 
a
 
definitive
 
merger
 
agreement
 
on
9 February 2024. The
 
completion of the
 
merger is, inter
 
alia, subject to regulatory
 
approvals and the
 
completion of the
merger between Credit Suisse AG and UBS AG. The merger
 
is expected to be completed in the third quarter
 
of 2024.
d) 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 2023.
Further information about 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 2023 for more information Note 3a Net trading income by business
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
8
For the year ended
CHF m
31.12.23
31.12.22
Global Wealth Management
 
433
 
453
Personal & Corporate Banking
 
456
 
469
Other business divisions and Group Items
 
11
 
8
Total net trading income
 
900
 
930
Note 3b
 
Net trading income by underlying risk category
For the year ended
CHF m
31.12.23
31.12.22
Interest rate instruments (including funds)
 
60
 
44
Foreign exchange instruments
 
815
 
857
Equity instruments (including funds)
 
(1)
 
(1)
Credit instruments
 
0
 
1
Precious metals / commodities
 
26
 
28
Total net trading income
 
900
 
930
Note 4
 
Personnel expenses
For the year ended
CHF m
31.12.23
31.12.22
Salaries
 
1,202
 
1,176
Variable compensation – performance awards
 
427
 
381
Variable compensation – other
 
15
 
28
Contractors
 
2
 
2
Social security
 
114
 
104
Post-employment benefit plans
 
211
 
299
Other personnel expenses
 
47
 
43
Total personnel expenses
 
2,019
 
2,033
As of
 
31 December
 
2023,
 
UBS Switzerland
 
AG employed
 
8,895
 
personnel
 
(31 December
 
2022:
 
8,838) on
 
a full-time
equivalent basis.
Note 5
 
General and administrative expenses
For the year ended
CHF m
31.12.23
31.12.22
Real estate
 
3
 
2
Technology costs
 
4
 
4
Market data services
 
33
 
33
Marketing and communication
 
85
 
78
Travel and entertainment
 
36
 
27
Fees to audit firms
 
7
 
8
 
of which: financial and regulatory audits
 
7
 
7
 
of which: audit-related services
 
0
 
1
Other professional fees
 
171
 
44
Outsourcing costs
 
159
 
152
Other general and administrative expenses
 
3,066
 
2,919
 
of which: shared services costs charged by UBS Group AG and subsidiaries
 
in the UBS Group
 
2,926
 
2,781
Total general and administrative expenses Income tax expense / (benefit)
 
3,565
 
3,267
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
9
Note 6
 
Taxes
For the year ended
CHF m
31.12.23
31.12.22
 
691
 
590
of which: current
 
691
 
590
Capital tax
 
16
 
5
Total tax expense / (benefit)
 
706
 
595
For 2023, 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 18.1% (2022: 17.9%).
Note 7
 
Securities financing transactions
CHF bn
31.12.23
31.12.22
On-balance sheet
Receivables from securities financing transactions, gross
 
2.4
 
2.9
Netting of securities financing transactions
 
(2.4)
 
(2.0)
Receivables from securities financing transactions, net
 
0.1
 
0.8
Payables from securities financing transactions, gross
 
2.7
 
2.2
Netting of securities financing transactions
 
(2.4)
 
(2.0)
Payables from securities financing transactions, net
 
0.3
 
0.2
Assets pledged as collateral in connection with securities financing
 
transactions
 
7.2
 
6.9
of which: financial investments
 
7.2
 
6.9
of which: assets that may be sold or repledged by counterparties
 
2.3
 
1.9
Off-balance sheet
Fair value of assets received as collateral in connection with securities financing
 
transactions
 
64.3
 
69.2
of which: repledged
 
62.1
 
66.8
of which: sold in connection with short sale transactions
 
0.2
 
0.2
Note 8a
 
Collateral for loans and off-balance sheet transactions
31.12.23
31.12.22
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
 
other credit
 
enhancements
2
Secured by collateral
Secured by
 
other credit
 
enhancements
2
CHF m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
 
2,021
 
32,524
 
2,265
 
14,248
 
51,058
 
1,515
 
36,446
 
2,462
 
13,346
 
53,768
Mortgage loans, gross
 
168,804
 
168,804
 
164,263
 
164,263
of which: residential mortgages
 
145,779
 
145,779
 
141,733
 
141,733
of which: office and business
premises mortgages
 
9,559
 
9,559
 
9,652
 
9,652
of which: industrial premises
mortgages
 
2,825
 
2,825
 
2,758
 
2,758
of which: other mortgages
 
10,641
 
10,641
 
10,120
 
10,120
Total on-balance sheet, gross
 
 
170,825
 
32,524
 
2,265
 
14,248
 
219,861
 
165,778
 
36,446
 
2,462
 
13,346
 
218,031
Allowances
 
(122)
 
(25)
 
0
 
(488)
 
(636)
 
(128)
 
(20)
 
0
 
(456)
 
(603)
Total on-balance sheet, net
 
 
170,702
 
32,499
 
2,265
 
13,760
 
219,226
 
165,650
 
36,426
 
2,462
 
12,890
 
217,428
Off-balance sheet
 
 
 
 
 
 
 
 
 
 
Contingent liabilities, gross
 
156
 
2,118
 
934
 
4,760
 
7,967
 
140
 
2,635
 
830
 
5,905
 
9,510
Irrevocable commitments, gross
 
802
 
512
 
743
 
13,600
 
15,658
 
852
 
482
 
838
 
14,453
 
16,625
Liabilities for calls on shares and
other equities
 
55
 
55
 
55
 
55
Total off-balance sheet
 
 
958
 
2,630
 
1,677
 
18,415
 
23,680
 
992
 
3,116
 
1,668
 
20,414
 
26,190
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
10
Note 8b
 
Impaired financial instruments
31.12.23
31.12.22
CHF m
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 customers
 
1,079
 
406
 
397
 
276
 
819
 
380
 
300
 
139
Mortgage loans
 
603
 
0
 
603
 
0
 
497
 
0
 
497
 
0
Guarantees and loan commitments
 
177
 
14
 
82
 
81
 
178
 
23
 
66
 
89
Total impaired financial instruments
 
1,859
 
420
 
1,082
 
358
 
1,495
 
403
 
863
 
228
Note 9a
 
Allowances
CHF m
Balance as of
31.12.22
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Write-offs
Recoveries and
past due
interest
Reclassifications
Foreign
currency
translation
Balance as of
31.12.23
Default risk relating to on-balance sheet
exposures
 
609
 
151
 
(109)
 
(33)
 
30
 
10
 
(14)
 
643
of which: incurred credit losses
 
380
 
141
 
(109)
 
(33)
 
30
 
10
 
(13)
 
406
of which: expected credit losses
 
229
 
10
 
0
 
0
 
0
 
0
 
(1)
 
237
Other
 
0
 
10
 
0
 
0
 
0
 
0
 
0
 
10
Total allowances
 
609
 
161
 
(109)
 
(33)
 
30
 
10
 
(15)
 
653
Note 9b
 
Provisions
CHF m
Balance as of
31.12.22
Increase
recognized in the
income statement
Release
recognized in the
income
statement
Provisions used
in conformity
with designated
purpose
Reclassifications
Foreign currency
translation
Balance as of
31.12.23
Default risk related to off-balance sheet items
and credit lines
 
113
 
2
 
(4)
 
0
 
(10)
 
(1)
 
101
of which: incurred credit losses
 
23
 
2
 
(2)
 
0
 
(10)
 
0
 
14
of which: expected credit losses
 
89
 
0
 
(2)
 
0
 
0
 
(1)
 
87
Operational risks
 
4
 
1
 
0
 
0
 
0
 
0
 
4
Litigation, regulatory and similar matters
1
 
40
 
6
 
(10)
 
(9)
 
0
 
0
 
27
Restructuring
 
 
28
 
10
 
(2)
 
(31)
 
0
 
0
 
4
Employee benefits
 
17
 
1
 
0
 
0
 
0
 
0
 
18
Other
 
20
 
2
 
(1)
 
0
 
0
 
0
 
21
Total provisions
 
221
 
23
 
(18)
 
(40)
 
(10)
 
(2)
 
175
1 Includes provisions for litigation resulting from security risks.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
11
Note 9c
 
Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2022
(722)
(142)
(176)
(403)
Net movement from new and derecognized transactions
1
 
(9)
 
(15)
 
6
 
0
of which: Private clients with mortgages
 
(3)
 
(5)
 
2
 
0
of which: Real estate financing
 
(1)
 
(4)
 
3
 
0
of which: Large corporate clients
 
(1)
 
(2)
 
1
 
0
of which: SME clients
 
(2)
 
(3)
 
0
 
0
of which: Financial intermediaries and hedge funds
 
0
 
0
 
0
 
0
of which: Other
 
(2)
 
(2)
 
(1)
 
0
Remeasurements with stage transfers
2
 
(83)
 
6
 
(9)
 
(80)
of which: Private clients with mortgages
 
(1)
 
2
 
(3)
 
0
of which: Real estate financing
 
(1)
 
2
 
(2)
 
0
of which: Large corporate clients
 
(21)
 
3
 
(3)
 
(21)
of which: SME clients
 
(50)
 
0
 
(1)
 
(49)
of which: Financial intermediaries and hedge funds
 
0
 
0
 
0
 
0
of which: Other
 
(11)
 
0
 
0
 
(10)
Remeasurements without stage transfers
3
 
63
 
(2)
 
17
 
48
of which: Private clients with mortgages
 
8
 
(3)
 
11
 
0
of which: Real estate financing
 
4
 
1
 
3
 
0
of which: Large corporate clients
 
3
 
0
 
0
 
3
of which: SME clients
 
40
 
(1)
 
1
 
41
of which: Financial intermediaries and hedge funds
 
2
 
1
 
1
 
0
of which: Other
 
5
 
1
 
1
 
4
Model changes
4
 
(11)
 
(7)
 
(4)
 
0
Movements with profit or loss impact
5
(40)
(18)
10
(32)
Movements without profit or loss impact (write-off, FX and other)
6
 
18
 
1
 
1
 
16
Balance as of 31 December 2023
 
(744)
 
(159)
 
(165)
 
(420)
1 Represents the increase
 
and decrease in allowances
 
and provisions resulting from
 
financial instruments (including guarantees
 
and facilities) that were
 
newly originated, purchased or
 
renewed and from the
 
final
derecognition of loans
 
or facilities on
 
their maturity date
 
or earlier.
 
2 Represents the
 
remeasurement between 12-month
 
and lifetime ECL
 
due to stage
 
transfers.
 
3 Represents the change
 
in allowances
 
and
provisions related to
 
changes in model
 
inputs or assumptions,
 
including changes in
 
forward-looking macroeconomic
 
conditions, changes
 
in the exposure
 
profile, PD and
 
LGD changes, and
 
unwinding of the
 
time
value.
 
4 Represents the change in the allowances and provisions related to changes in models and
 
methodologies.
 
5 Includes ECL movements from new and derecognized transactions,
 
remeasurement changes,
model and methodology changes.
 
6 Represents the decrease in allowances
 
and provisions resulting from write-offs
 
of the ECL allowance against
 
the gross carrying amount when
 
all or part of a financial
 
asset is
deemed uncollectible or forgiven and movements in foreign exchange rates.
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2021
(715)
(127)
(154)
(434)
Net movement from new and derecognized transactions
1
 
(10)
 
(15)
 
5
 
0
of which: Private clients with mortgages
 
(1)
 
(1)
 
0
 
0
of which: Real estate financing
 
(1)
 
(3)
 
2
 
0
of which: Large corporate clients
 
(4)
 
(4)
 
0
 
0
of which: SME clients
 
(2)
 
(2)
 
0
 
0
of which: Financial intermediaries and hedge funds
 
0
 
(2)
 
2
 
0
of which: Other
 
(3)
 
(3)
 
0
 
0
Remeasurements with stage transfers
2
 
(24)
 
5
 
(1)
 
(28)
of which: Private clients with mortgages
 
(2)
 
3
 
(5)
 
0
of which: Real estate financing
 
7
 
(1)
 
8
 
0
of which: Large corporate clients
 
(7)
 
2
 
(2)
 
(6)
of which: SME clients
 
(22)
 
2
 
(2)
 
(21)
of which: Financial intermediaries and hedge funds
 
0
 
0
 
0
 
0
of which: Other
 
0
 
0
 
0
 
0
Remeasurements without stage transfers
3
 
(11)
 
(15)
 
(25)
 
29
of which: Private clients with mortgages
 
(26)
 
(1)
 
(25)
 
0
of which: Real estate financing
 
12
 
2
 
9
 
0
of which: Large corporate clients
 
3
 
(6)
 
1
 
8
of which: SME clients
 
(2)
 
(10)
 
(8)
 
16
of which: Financial intermediaries and hedge funds
 
(2)
 
(2)
 
0
 
0
of which: Other
 
4
 
1
 
(2)
 
5
Model changes
4
 
10
 
10
 
0
 
0
Movements with profit or loss impact
5
(35)
15
(22)
1
Movements without profit or loss impact (write-off, FX and other)
6
 
29
 
0
 
0
 
29
Balance as of 31 December 2022
 
(722)
 
(142)
 
(176)
 
(403)
1 Represents the increase
 
and decrease in allowances
 
and provisions resulting from
 
financial instruments (including guarantee
 
s
 
and facilities) that were
 
newly originated, purchased or
 
renewed and from the
 
final
derecognition of loans
 
or facilities on
 
their maturity date
 
or earlier.
 
2 Represents the
 
remeasurement between 12-month
 
and lifetime ECL
 
due to stage
 
transfers.
 
3 Represents the change
 
in allowances
 
and
provisions related to
 
changes in model
 
inputs or assumptions,
 
including changes in
 
forward-looking macroeconomic
 
conditions, changes
 
in the exposure
 
profile, PD and
 
LGD changes, and
 
unwinding of the
 
time
value.
 
4 Represents the change in the allowances and provisions related to changes in models and
 
methodologies.
 
5 Includes ECL movements from new and derecognized transactions,
 
remeasurement changes,
model and methodology changes. 6 Represents the decrease in allowa nces and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is Note 9d Balance sheet and off-balance sheet positions subject to ECL
deemed uncollectible or forgiven and movements in foreign exchange rates.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
12
CHF m
31.12.23
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
 
73,264
 
73,264
 
0
 
0
 
0
 
0
 
0
 
0
Due from banks
 
2,905
 
2,893
 
12
 
0
 
(5)
 
(4)
 
(1)
 
0
Receivables from securities financing transactions
 
53
 
53
 
0
 
0
 
0
 
0
 
0
 
0
Due from customers
 
50,543
 
47,218
 
2,653
 
673
 
(515)
 
(63)
 
(46)
 
(406)
Mortgage loans
 
168,682
 
156,990
 
11,089
 
603
 
(121)
 
(31)
 
(90)
 
0
Accrued income and prepaid expenses
 
565
 
558
 
4
 
3
 
0
 
0
 
0
 
0
Other assets
2
 
252
 
252
 
0
 
0
 
(2)
 
(2)
 
0
 
0
Total on-balance sheet financial assets within the scope of ECL
 
296,266
 
281,229
 
13,758
 
1,279
 
(643)
 
(100)
 
(137)
 
(406)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
 
7,967
 
7,339
 
532
 
96
 
(30)
 
(10)
 
(5)
 
(14)
Irrevocable commitments, gross
 
15,658
 
15,278
 
345
 
35
 
(31)
 
(17)
 
(14)
 
0
Forward starting transactions (SFT)
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Other Credit Lines
 
24,581
 
23,296
 
1,242
 
43
 
(36)
 
(28)
 
(8)
 
0
Irrevocable committed prolongation of existing loans
 
3,520
 
3,508
 
9
 
3
 
(3)
 
(3)
 
0
 
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
 
51,726
 
49,421
 
2,128
 
177
 
(101)
 
(59)
 
(28)
 
(14)
Total allowances and provisions
 
(744)
 
(159)
 
(165)
 
(420)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
 
2 Includes Settlement and clearing accounts and Other. Refer to Note
16a for more information.
 
CHF m
31.12.22
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
 
78,071
 
78,071
 
0
 
0
 
0
 
0
 
0
 
0
Due from banks
 
3,431
 
3,430
 
0
 
0
 
(5)
 
(4)
 
0
 
0
Receivables from securities financing transactions
 
835
 
835
 
0
 
0
 
0
 
0
 
0
 
0
Due from customers
 
53,292
 
50,493
 
2,360
 
439
 
(476)
 
(57)
 
(39)
 
(380)
Mortgage loans
 
164,136
 
153,693
 
9,946
 
497
 
(127)
 
(19)
 
(109)
 
0
Accrued income and prepaid expenses
 
436
 
433
 
1
 
2
 
0
 
0
 
0
 
0
Other assets
2
 
953
 
953
 
0
 
0
 
(1)
 
(1)
 
0
 
0
Total on-balance sheet financial assets within the scope of ECL
 
301,153
 
287,907
 
12,308
 
938
 
(609)
 
(81)
 
(148)
 
(380)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
 
9,510
 
8,342
 
1,075
 
92
 
(41)
 
(11)
 
(7)
 
(23)
Irrevocable commitments, gross
 
16,625
 
16,012
 
557
 
55
 
(35)
 
(21)
 
(14)
 
0
Forward starting transactions (SFT)
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Other Credit Lines
 
22,891
 
21,595
 
1,267
 
29
 
(34)
 
(27)
 
(7)
 
0
Irrevocable committed prolongation of existing loans
 
4,341
 
4,252
 
87
 
2
 
(2)
 
(2)
 
0
 
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
 
53,367
 
50,202
 
2,986
 
178
 
(113)
 
(61)
 
(28)
 
(23)
Total allowances and provisions
 
(722)
 
(142)
 
(176)
 
(403)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes Settlement and clearing accounts and Other. Refer to Note Note 9e Financial assets subject to credit risk by rating category
16a for more information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
13
Financial assets subject to credit risk by rating
 
category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
 
73,264
 
0
 
0
 
0
 
0
 
0
 
73,264
 
0
 
73,264
of which: stage 1
 
73,264
 
0
 
0
 
0
 
0
 
0
 
73,264
 
0
 
73,264
Due from banks
 
1
 
1,548
 
608
 
357
 
397
 
0
 
2,910
 
(5)
 
2,905
of which: stage 1
 
1
 
1,548
 
604
 
356
 
390
 
0
 
2,898
 
(4)
 
2,893
of which: stage 2
 
0
 
0
 
4
 
1
 
7
 
0
 
13
 
(1)
 
12
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Receivables from securities financing transactions
 
 
47
 
7
 
0
 
0
 
0
 
0
 
53
 
0
 
53
of which: stage 1
 
47
 
7
 
0
 
0
 
0
 
0
 
53
 
0
 
53
Due from customers
 
453
 
27,245
 
8,552
 
8,524
 
5,206
 
1,079
 
51,058
 
(515)
 
50,543
of which: stage 1
 
453
 
26,954
 
8,271
 
7,660
 
3,942
 
0
 
47,281
 
(63)
 
47,218
of which: stage 2
 
0
 
290
 
281
 
864
 
1,263
 
0
 
2,699
 
(46)
 
2,653
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
1,079
 
1,079
 
(406)
 
673
Mortgage loans
 
942
 
65,528
 
43,650
 
42,683
 
15,397
 
603
 
168,804
 
(121)
 
168,682
of which: stage 1
 
942
 
64,981
 
42,245
 
38,116
 
10,737
 
0
 
157,021
 
(31)
 
156,990
of which: stage 2
 
0
 
547
 
1,405
 
4,567
 
4,661
 
0
 
11,180
 
(90)
 
11,089
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
603
 
603
 
0
 
603
Accrued income and prepaid expenses
 
136
 
62
 
22
 
303
 
40
 
3
 
565
 
0
 
565
of which: stage 1
 
136
 
62
 
21
 
302
 
37
 
0
 
558
 
0
 
558
of which: stage 2
 
0
 
0
 
0
 
1
 
3
 
0
 
4
 
0
 
4
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
3
 
3
 
0
 
3
Other assets
 
5
 
167
 
18
 
62
 
4
 
0
 
254
 
(2)
 
252
of which: stage 1
 
5
 
167
 
18
 
62
 
4
 
0
 
254
 
(2)
 
252
of which: stage 2
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Total in scope of ECL assets / ECL amounts by stages
 
74,847
 
94,556
 
52,849
 
51,928
 
21,043
 
1,685
 
296,909
 
(643)
 
296,266
Off-balance sheet positions and other credit lines
 
subject to expected credit loss by rating category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
 
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
 
69
 
2,164
 
2,563
 
2,463
 
611
 
96
 
7,967
 
(30)
of which: stage 1
 
69
 
2,156
 
2,538
 
2,051
 
525
 
0
 
7,339
 
(10)
of which: stage 2
 
0
 
8
 
25
 
412
 
87
 
0
 
532
 
(5)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
96
 
96
 
(14)
Irrevocable commitments, gross
 
346
 
6,029
 
4,221
 
3,894
 
1,132
 
35
 
15,658
 
(31)
of which: stage 1
 
346
 
6,029
 
4,187
 
3,736
 
980
 
0
 
15,278
 
(17)
of which: stage 2
 
0
 
0
 
35
 
158
 
153
 
0
 
345
 
(14)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
35
 
35
 
0
Forward starting transactions (securities financing transactions)
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
of which: stage 1
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Credit lines
 
2,147
 
6,653
 
7,924
 
6,420
 
1,395
 
43
 
24,581
 
(36)
of which: stage 1
 
2,147
 
6,348
 
7,688
 
6,013
 
1,101
 
0
 
23,296
 
(28)
of which: stage 2
 
0
 
305
 
236
 
407
 
294
 
0
 
1,242
 
(8)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
43
 
43
 
0
Irrevocable committed prolongation of existing loans
 
4
 
1,517
 
880
 
694
 
422
 
3
 
3,520
 
(3)
of which: stage 1
 
4
 
1,517
 
880
 
692
 
415
 
0
 
3,508
 
(3)
of which: stage 2
 
0
 
0
 
0
 
2
 
7
 
0
 
9
 
0
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
3
 
3
 
0
Total off-balance sheet financial instruments and credit lines
 
2,566
 
16,363
 
15,588
 
13,471
 
3,561
 
177
 
51,726
 
(101)
›
Refer to “Note 10 Financial assets at amortized
 
cost and other positions in scope of expected
 
credit loss measurement” in the
“Consolidated financial statements” section of the
 
UBS Group AG Annual Report 2023 for more information
 
about ECL in
accordance with IFRS Accounting Standards Note 9e Financial assets subject to credit risk by rating category (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
14
Financial assets subject to credit risk by rating
 
category
CHF m
31.12.22
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
 
78,071
 
0
 
0
 
0
 
0
 
0
 
78,071
 
0
 
78,071
of which: stage 1
 
78,071
 
0
 
0
 
0
 
0
 
0
 
78,071
 
0
 
78,071
Due from banks
 
5
 
1,986
 
376
 
724
 
344
 
0
 
3,436
 
(5)
 
3,431
of which: stage 1
 
5
 
1,986
 
376
 
724
 
344
 
0
 
3,435
 
(4)
 
3,430
of which: stage 2
 
0
 
0
 
0
 
0
 
1
 
0
 
1
 
0
 
0
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Receivables from securities financing transactions
 
 
218
 
238
 
368
 
11
 
0
 
0
 
835
 
0
 
835
of which: stage 1
 
218
 
238
 
368
 
11
 
0
 
0
 
835
 
0
 
835
Due from customers
 
607
 
35,789
 
7,111
 
5,610
 
3,832
 
819
 
53,768
 
(476)
 
53,292
of which: stage 1
 
607
 
35,458
 
6,807
 
4,635
 
3,044
 
0
 
50,550
 
(57)
 
50,493
of which: stage 2
 
0
 
331
 
304
 
975
 
788
 
0
 
2,399
 
(39)
 
2,360
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
819
 
819
 
(380)
 
439
Mortgage loans
 
1,290
 
65,849
 
43,703
 
40,302
 
12,622
 
497
 
164,263
 
(127)
 
164,136
of which: stage 1
 
1,290
 
65,272
 
42,424
 
35,677
 
9,048
 
0
 
153,711
 
(19)
 
153,693
of which: stage 2
 
0
 
577
 
1,279
 
4,625
 
3,574
 
0
 
10,055
 
(109)
 
9,946
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
497
 
497
 
0
 
497
Accrued income and prepaid expenses
 
80
 
20
 
11
 
240
 
84
 
2
 
436
 
0
 
436
of which: stage 1
 
80
 
19
 
10
 
239
 
83
 
0
 
433
 
0
 
433
of which: stage 2
 
0
 
0
 
0
 
0
 
1
 
0
 
1
 
0
 
1
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
2
 
2
 
0
 
2
Other assets
 
450
 
108
 
8
 
387
 
2
 
0
 
954
 
(1)
 
953
of which: stage 1
 
450
 
108
 
8
 
387
 
2
 
0
 
954
 
(1)
 
953
of which: stage 2
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Total in scope of ECL assets / ECL amounts by stages
 
80,721
 
103,990
 
51,576
 
47,274
 
16,884
 
1,318
 
301,762
 
(609)
 
301,153
Off-balance sheet positions and other credit lines
 
subject to expected credit loss by rating category
CHF m
31.12.22
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total off-
balance sheet
exposure
(maximum
exposure to
credit risk)
ECL provisions
Off-balance sheet (within the scope of ECL)
Contingent liabilities, gross
 
109
 
2,656
 
3,323
 
2,564
 
765
 
92
 
9,510
 
(41)
of which: stage 1
 
109
 
2,643
 
3,275
 
1,829
 
487
 
0
 
8,342
 
(11)
of which: stage 2
 
0
 
14
 
48
 
735
 
279
 
0
 
1,075
 
(7)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
92
 
92
 
(23)
Irrevocable commitments, gross
 
378
 
7,400
 
3,717
 
3,943
 
1,132
 
55
 
16,625
 
(35)
of which: stage 1
 
378
 
7,397
 
3,669
 
3,624
 
945
 
0
 
16,012
 
(21)
of which: stage 2
 
0
 
2
 
49
 
319
 
187
 
0
 
557
 
(14)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
55
 
55
 
0
Forward starting transactions (securities financing transactions)
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
of which: stage 1
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
0
Credit lines
 
2,165
 
7,076
 
7,182
 
5,855
 
584
 
29
 
22,891
 
(34)
of which: stage 1
 
2,165
 
6,452
 
6,982
 
5,517
 
480
 
0
 
21,595
 
(27)
of which: stage 2
 
0
 
625
 
201
 
338
 
104
 
0
 
1,267
 
(7)
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
29
 
29
 
0
Irrevocable committed prolongation of existing loans
 
7
 
1,796
 
1,376
 
798
 
362
 
2
 
4,341
 
(2)
of which: stage 1
 
7
 
1,795
 
1,304
 
795
 
352
 
0
 
4,252
 
(2)
of which: stage 2
 
0
 
1
 
72
 
4
 
10
 
0
 
87
 
0
of which: stage 3
 
0
 
0
 
0
 
0
 
0
 
2
 
2
 
0
Total off-balance sheet financial instruments and credit lines
 
2,659
 
18,927
 
15,599
 
13,159
 
2,843
 
178
 
53,367
 
(113)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
15
Note 10
 
Trading portfolio and other financial instruments
 
measured at fair value
CHF m
31.12.23
31.12.22
Assets
Trading portfolio assets
 
1,507
 
1,744
of which: debt instruments
1
 
36
 
82
of which: listed
 
24
 
50
of which: equity instruments
 
48
 
78
of which: precious metals and other physical commodities
 
1,423
 
1,584
Total assets measured at fair value
 
1,507
 
1,744
of which: fair value derived using a valuation model
 
63
 
103
of which: securities eligible for repurchase transactions in accordance
 
with liquidity regulations
2
 
16
 
17
Liabilities
Trading portfolio liabilities
 
209
 
170
of which: debt instruments
1
 
75
 
80
of which: listed
 
65
 
69
of which: equity instruments
 
133
 
90
Total liabilities measured at fair value
 
209
 
170
of which: fair value derived using a valuation model
 
134
 
146
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
31.12.23
31.12.22
CHF m, except where indicated
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Interest rate contracts
Forwards
1
 
25
 
23
 
9
 
35
 
35
 
8
Swaps
 
1,897
 
1,761
 
131
 
2,314
 
2,484
 
129
of which: designated in hedge accounting relationships
 
1,015
 
1,086
 
42
 
1,141
 
1,564
 
32
Over-the-counter (OTC) options
 
66
 
66
 
5
 
96
 
82
 
5
Total
 
 
1,989
 
1,849
 
144
 
2,445
 
2,601
 
142
Foreign exchange contracts
Forwards
 
 
492
 
470
 
43
 
525
 
506
 
40
Interest and currency swaps
 
1,497
 
1,964
 
105
 
1,531
 
1,616
 
136
Over-the-counter (OTC) options
 
307
 
306
 
28
 
268
 
267
 
30
Total
 
 
2,295
 
2,740
 
175
 
2,324
 
2,389
 
205
Equity / index contracts
Forwards
 
 
37
 
46
 
6
 
24
 
36
 
3
Swaps
 
19
 
19
 
1
 
14
 
14
 
1
Over-the-counter (OTC) options
 
20
 
20
 
1
 
70
 
70
 
2
Exchange-traded options
 
348
 
348
 
0
 
451
 
451
 
0
Total
 
 
425
 
434
 
8
 
560
 
572
 
5
Credit derivative contracts
Credit default swaps
 
12
 
16
 
1
 
16
 
17
 
2
Total
 
12
 
16
 
1
 
16
 
17
 
2
Commodity, precious metals and other contracts
Forwards
 
 
5
 
5
 
0
 
6
 
6
 
1
Swaps
 
59
 
59
 
3
 
15
 
14
 
1
Over-the-counter (OTC) options
 
135
 
135
 
8
 
111
 
111
 
8
Total
 
200
 
199
 
12
 
131
 
131
 
9
Total before netting
 
4,920
 
5,238
 
339
 
5,477
 
5,709
 
364
of which: trading derivatives
 
3,905
 
4,152
 
4,336
 
4,146
of which: fair value derived using a valuation model
 
3,851
 
4,087
 
4,294
 
4,093
of which: derivatives designated in hedge accounting relationships
 
1,015
 
1,086
 
1,141
 
1,564
of which: fair value derived using a valuation model
 
1,015
 
1,086
 
1,141
 
1,564
Netting with cash collateral payables / receivables
 
(1)
 
(447)
 
(276)
 
(161)
Replacement value netting
 
(3,253)
 
(3,253)
 
(3,797)
 
(3,797)
Total after netting
 
1,666
 
1,537
 
1,404
 
1,752
of which: with central clearing counterparties
 
1
 
4
 
3
 
3
of which: with bank and broker-dealer counterparties
 
52
 
458
 
134
 
323
of which: other client counterparties
 
1,613
 
1,075
 
1,267
 
1,426
1 Includes forward rate agreements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
16
Note 12a
 
Financial investments by instrument type
31.12.23
31.12.22
CHF m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
 
 
13,536
 
13,457
 
9,709
 
9,431
of which: held to maturity
 
5,762
 
5,656
 
6,312
 
6,033
of which: available for sale
 
7,774
 
7,800
 
3,397
 
3,397
Equity instruments
 
4
 
13
 
4
 
12
Property
 
13
 
13
 
14
 
14
Total financial investments
 
13,553
 
13,483
 
9,728
 
9,457
of which: securities eligible for repurchase transactions in accordance
 
with liquidity regulations
1
 
11,302
 
11,392
 
9,037
 
8,898
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 m
31.12.23
31.12.22
Internal UBS rating
1
0–1
 
11,206
 
8,331
2–3
 
2,330
 
1,378
4–5
 
0
 
0
6–8
 
0
 
0
9–13
 
0
 
0
Non-rated
 
0
 
0
Total financial investments
 
13,536
 
9,709
1 Refer to Note 21 for more information.
Note 13
 
Investments in subsidiaries and other participations
CHF m
31.12.23
31.12.22
Historical cost
 
Balance at the beginning of the year
 
115
 
105
Additions
 
1
 
15
Reductions
 
0
 
(5)
Balance at the end of the year
 
116
 
115
Accumulated value adjustments and changes in book value
Balance at the beginning of the year
 
(9)
 
(9)
Balance at the end of the year
 
(9)
 
(9)
Net book value
Book value at the beginning of the year
 
106
 
96
Book value at the end of the year
 
107
 
106
of which: without market value
 
107
 
106
of which: other participations
 
88
 
87
of which: Pfandbriefbank
 
74
 
74
of which: TWINT AG
 
8
 
8
of which: Houzy AG
 
6
 
5
of which: subsidiaries
 
18
 
18
Note 14
 
Companies in which the bank holds a permanent direct
 
or indirect significant participation
31.12.23
Company name
Domicile
Primary business division
Share capital, in thousands
Share of capital
 
(in %)
Share of votes
 
(in %)
Held directly,
 
in thousands
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
–
UBS Hypotheken Schweiz 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
–
Houzy AG
Switzerland
Personal & Corporate Banking
CHF
 
598
 
43
 
43
 
254
–
Pfandbriefbank schweizerischer
Hypothekarinstitute AG
Switzerland
Personal & Corporate Banking
CHF
 
1,100,000
 
9
 
9
 
98,267
–
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
17
Note 15
 
Property, equipment and software
At historical cost less accumulated depreciation
CHF m
IT hardware and
communication
Internally
generated
software
Other machines
and equipment
Projects in
progress
1
31.12.23
31.12.22
Historical cost
Balance at the beginning of the year
 
9
 
1,181
 
113
 
88
 
1,392
 
968
Additions
 
2
 
0
 
2
 
253
 
257
 
427
Disposals / write-offs
2
 
(1)
 
(28)
 
(28)
 
0
 
(58)
 
(3)
Reclassifications
 
0
 
299
 
0
 
(299)
 
0
 
0
Balance at the end of the year
 
10
 
1,452
 
87
 
42
 
1,591
 
1,392
Accumulated depreciation
Balance at the beginning of the year
 
8
 
322
 
102
 
432
 
269
Depreciation
 
2
 
218
 
4
 
224
 
166
Disposals / write-offs
2
 
(1)
 
(28)
 
(28)
 
(58)
 
(3)
Balance at the end of the year
 
9
 
511
 
79
 
598
 
432
Net book value
Net book value at the beginning of the year
 
1
 
860
 
11
 
88
 
960
 
699
Net book value at the end of the year
 
1
 
941
 
9
 
42
 
992
 
960
1 Entirely related to Internally generated software.
 
2 Includes write-offs of fully depreciated assets.
Operating lease commitments
CHF m
31.12.23
Expenses for operating leases to be recognized in:
2024
145
2025
134
2026
123
2027
50
2028
26
2029 and thereafter
75
Total commitments for minimum payments under operating leases
554
Property, equipment and software
 
are depreciated on a
 
straight-line basis over
 
their useful life, which
 
is between 3 and
10 years.
Note 16a
 
Other assets
CHF m
31.12.23
31.12.22
Deferral position for hedging instruments
 
113
 
531
Settlement and clearing accounts
 
168
 
886
VAT and other indirect tax receivables
 
13
 
12
Other
 
98
 
88
of which: other receivables due from UBS Group AG and subsidiaries in
 
the UBS Group
 
62
 
67
Total other assets
1
 
392
 
1,516
1 Includes components of Settlement and clearing accounts and Other of CHF 252m within the scope of ECL as of 31 December 2023 (CHF 953m as of 31
 
December 2022). Refer to Note 9d for more information.
Note 16b
 
Other liabilities
CHF m
31.12.23
31.12.22
Settlement and clearing accounts
 
720
 
526
VAT and other indirect tax payables
 
319
 
155
Other
 
 
649
 
704
of which: other payables due to UBS Group AG and subsidiaries in the UBS Group
 
387
 
325
Total other liabilities
 
1,688
 
1,384
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
18
Note 17
 
Pledged assets
1
31.12.23
31.12.22
CHF m
Carrying amount of
pledged assets
Effective
commitment
Carrying amount of
pledged assets
Effective
commitment
Cash and balances at central banks
2
 
596
 
1,193
 
0
 
0
Due from customers
3
 
708
 
660
 
1,109
 
1,125
Mortgage loans
4
 
17,392
 
9,182
 
12,035
 
8,388
Total pledged assets
 
18,697
 
11,034
 
13,144
 
9,513
1 Excluding securities financing transactions. Refer to Note 7 for more information on securities financing transactions.
 
2 Related to the collateral account with the Swiss National Bank pledged in favor of Esisuisse,
to cover the required 50% of the payment commitment related to deposit insurance. Refer to the "Off-balance sheet items" section for further information on Swiss deposit insurance.
 
3 Related to COVID-19 loans
granted under the program
 
established by the Swiss Federal
 
Council pledged to the Swiss
 
National Bank.
 
4 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 6.4bn as of 31 December 2023 (approximately CHF 2.0bn as of 31 December 2022) could be withdrawn or
used for future liabilities or covered bond issuances without breaching existing collateral requirements.
Note 18
 
Maturity structure of financial instruments
CHF m
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
1
 
72,668
 
596
 
0
 
0
 
0
 
0
 
0
 
0
 
73,264
Due from banks
 
1,830
 
0
 
214
 
278
 
508
 
10
 
65
 
0
 
2,905
Receivables from securities financing transactions
 
0
 
53
 
0
 
0
 
0
 
0
 
0
 
0
 
53
Due from customers
 
46
 
12,247
 
14,969
 
5,319
 
6,808
 
9,435
 
1,720
 
0
 
50,543
Mortgage loans
 
0
 
73,762
 
3,064
 
2,675
 
9,723
 
45,639
 
33,819
 
0
 
168,682
Trading portfolio assets
 
1,507
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
1,507
Derivative financial instruments
 
1,666
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
1,666
Financial investments
 
4
 
0
 
564
 
737
 
2,029
 
8,887
 
1,319
 
13
 
13,553
Total assets / financial instruments
 
as of 31.12.23
 
77,721
 
86,658
 
18,812
 
9,009
 
19,068
 
63,971
 
36,923
 
13
 
312,175
Total assets / financial instruments
 
as of 31.12.22
 
83,273
 
74,162
 
20,299
 
13,151
 
20,361
 
60,302
 
41,077
 
14
 
312,640
Liabilities
Due to banks
2
 
6,022
 
694
 
6,043
 
3,609
 
2,092
 
9,650
 
4,026
 
5,000
 
37,136
Payables from securities financing transactions
 
0
 
283
 
0
 
0
 
0
 
0
 
0
 
0
 
283
Due to customers
 
146,044
 
59,597
 
14,320
 
11,797
 
7,356
 
7,639
 
3
 
0
 
246,756
Trading portfolio liabilities
 
209
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
209
Derivative financial instruments
 
1,537
 
0
 
0
 
0
 
0
 
0
 
0
 
0
 
1,537
Bonds issued and loans from central mortgage
institutions
 
0
 
0
 
107
 
223
 
645
 
4,218
 
3,991
 
0
 
9,183
Total liabilities / financial instruments
 
as of 31.12.23
 
153,812
 
60,573
 
20,470
 
15,629
 
10,093
 
21,507
 
8,020
 
5,000
 
295,104
Total liabilities / financial instruments
 
as of 31.12.22
 
193,919
 
60,266
 
2,908
 
13,349
 
3,090
 
8,997
 
9,693
 
5,393
 
297,615
1 Cash and balances at central banks cancellable relates to the collateral account with the Swiss National Bank pledged in favor of Esisuisse to cover the required 50% of the payment commitment related to deposit
insurance.
 
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)
 
19
Note 19
 
Assets and liabilities by domestic and foreign
 
origin in accordance with the domicile principle
31.12.23
31.12.22
CHF m
Domestic
Foreign
Domestic
Foreign
Assets
Cash and balances at central banks
 
73,264
 
0
 
78,071
 
0
Due from banks
 
592
 
2,313
 
549
 
2,882
Receivables from securities financing transactions
 
0
 
53
 
200
 
635
Due from customers
 
25,275
 
25,268
 
25,215
 
28,077
Mortgage loans
 
168,681
 
1
 
164,135
 
1
Trading portfolio assets
 
1,436
 
72
 
1,641
 
102
Derivative financial instruments
 
1,109
 
557
 
820
 
584
Financial investments
 
2,645
 
10,909
 
1,428
 
8,300
Accrued income and prepaid expenses
 
295
 
270
 
263
 
173
Investments in subsidiaries and other participations
 
107
 
0
 
106
 
0
Property, equipment and software
 
992
 
0
 
960
 
0
Other assets
 
257
 
135
 
956
 
560
Total assets
 
274,652
 
39,578
 
274,343
 
41,314
Liabilities
Due to banks
 
33,331
 
3,805
 
30,610
 
3,912
Payables from securities financing transactions
 
20
 
263
 
12
 
217
Due to customers
 
202,770
 
43,986
 
202,375
 
50,262
Trading portfolio liabilities
 
29
 
180
 
39
 
130
Derivative financial instruments
 
1,095
 
443
 
1,061
 
691
Bonds issued and loans from central mortgage institutions
 
9,183
 
0
 
8,305
 
0
Accrued expenses and deferred income
 
1,129
 
209
 
916
 
27
Other liabilities
 
1,601
 
87
 
1,310
 
74
Provisions
 
166
 
9
 
201
 
20
Total liabilities
 
249,325
 
48,980
 
244,829
 
55,334
Equity
Share capital
 
10
 
0
 
10
 
0
Statutory capital reserve
 
11,354
 
0
 
11,354
 
0
Voluntary earnings reserve
 
1,430
 
0
 
1,423
 
0
Net profit / (loss) for the period
 
3,133
 
0
 
2,707
 
0
Total equity
 
15,926
 
0
 
15,493
 
0
Total liabilities and equity
 
265,251
 
48,980
 
260,323
 
55,334
Note 20
 
Total assets by geographical location
31.12.23
31.12.22
CHF m
%
CHF m
%
Assets
Switzerland
 
274,652
 
87
 
274,343
 
87
Europe, Middle East and Africa
 
25,878
 
8
 
27,406
 
9
of which: Qatar
 
3,933
 
1
 
4,082
 
1
of which: France
 
2,408
 
1
 
2,147
 
1
of which: Luxembourg
 
2,266
 
1
 
2,159
 
1
of which: Germany
 
2,134
 
1
 
1,871
 
1
of which: United Kingdom
 
1,878
 
1
 
1,920
 
1
Americas
 
10,753
 
3
 
11,096
 
4
of which: United States
 
3,564
 
1
 
3,916
 
1
of which: British Virgin Islands
 
2,147
 
1
 
2,402
 
1
of which: Cayman Islands
 
1,235
 
0
 
955
 
0
Asia Pacific
 
2,947
 
1
 
2,812
 
1
of which: Singapore
 
739
 
0
 
959
 
0
of which: Australia
 
442
 
0
 
225
 
0
of which: China
 
356
 
0
 
411
 
0
Total assets
314,231
 
100
 
315,657
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
20
Note 21
 
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
 
are
 
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 2023 for more information
 
 
 
 
 
 
31.12.23
31.12.22
Classification
Internal UBS rating
Description
Moody’s Investors
Service
 
S&P
Fitch
 
CHF m
%
CHF m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
 
19,282
 
6
 
21,078
 
7
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
 
7,491
 
2
 
6,203
 
2
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
 
7,604
 
2
 
8,287
 
3
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
 
1,357
 
0
 
814
 
0
5
Baa3
BBB–
BBB–
 
964
 
0
 
813
 
0
High risk
6
Sub-investment grade
Ba1
BB+
BB+
 
279
 
0
 
210
 
0
7
Ba2
BB
BB
 
82
 
0
 
78
 
0
8
Ba3
BB–
BB–
 
332
 
0
 
286
 
0
9
B1
B+
B+
 
324
 
0
 
282
 
0
Very high risk
10
B2
B
B
 
262
 
0
 
457
 
0
11
B3
B–
B–
 
90
 
0
 
170
 
0
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
 
16
 
0
 
21
 
0
13
Caa3 to C
CCC– to C
CCC– to C
 
206
 
0
 
75
 
0
Distressed
Default
Defaulted
D
D
 
11
 
0
 
8
 
0
Subtotal
 
38,298
 
12
 
38,782
 
12
Switzerland
 
 
 
 
 
 
275,933
 
88
 
276,875
 
88
Total assets
 
314,231
 
100
 
315,657
 
100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
21
Note 22
 
Assets and liabilities by the most significant currencies
 
for the bank
31.12.23
CHF m
CHF
USD
EUR
GBP
Other
Total
Assets
Cash and balances at central banks
 
73,092
 
8
 
158
 
3
 
3
 
73,264
Due from banks
 
290
 
1,804
 
393
 
11
 
408
 
2,905
Receivables from securities financing transactions
 
0
 
3
 
48
 
2
 
0
 
53
Due from customers
 
20,254
 
15,057
 
13,456
 
649
 
1,127
 
50,543
Mortgage loans
 
165,897
 
2,751
 
33
 
0
 
1
 
168,682
Trading portfolio assets
 
11
 
46
 
23
 
2
 
1,425
 
1,507
Derivative financial instruments
 
1,666
 
0
 
0
 
0
 
0
 
1,666
Financial investments
 
3,547
 
4,858
 
4,390
 
752
 
6
 
13,553
Accrued income and prepaid expenses
 
255
 
181
 
113
 
11
 
5
 
565
Investments in subsidiaries and other participations
 
107
 
0
 
0
 
0
 
0
 
107
Property, equipment and software
 
992
 
0
 
0
 
0
 
0
 
992
Other assets
 
237
 
119
 
31
 
2
 
3
 
392
Total assets shown on the balance sheet
 
266,349
 
24,827
 
18,644
 
1,432
 
2,978
 
314,231
Delivery entitlements from spot exchange, forward forex and forex options transactions
 
19,025
 
27,498
 
12,208
 
2,916
 
8,909
 
70,557
Total assets
 
285,375
 
52,325
 
30,852
 
4,348
 
11,888
 
384,787
Liabilities
Due to banks
 
33,503
 
1,769
 
351
 
160
 
1,354
 
37,136
Payables from securities financing transactions
 
0
 
250
 
33
 
0
 
0
 
283
Due to customers
 
179,126
 
35,697
 
23,163
 
2,770
 
5,999
 
246,756
Trading portfolio liabilities
 
29
 
123
 
46
 
8
 
3
 
209
Derivative financial instruments
 
1,537
 
0
 
0
 
0
 
0
 
1,537
Bonds issued and loans from central mortgage institutions
 
9,182
 
1
 
1
 
0
 
0
 
9,183
Accrued expenses and deferred income
 
1,034
 
270
 
28
 
4
 
1
 
1,338
Other liabilities
 
1,142
 
364
 
165
 
12
 
4
 
1,688
Provisions
 
147
 
16
 
12
 
0
 
0
 
175
Total liabilities shown on the balance sheet
 
225,701
 
38,491
 
23,798
 
2,954
 
7,361
 
298,305
Equity
Share capital
 
10
 
0
 
0
 
0
 
0
 
10
Statutory capital reserve
 
11,354
 
0
 
0
 
0
 
0
 
11,354
Voluntary earning reserve
 
1,430
 
0
 
0
 
0
 
0
 
1,430
Net profit / (loss) for the period
 
3,133
 
0
 
0
 
0
 
0
 
3,133
Total equity shown on the balance sheet
 
15,926
 
0
 
0
 
0
 
0
 
15,926
Total liabilities and equity shown on the balance sheet
 
241,627
 
38,491
 
23,798
 
2,954
 
7,361
 
314,231
Delivery obligations from spot exchange, forward forex and forex options transactions
 
19,077
 
27,562
 
12,122
 
2,886
 
8,910
 
70,557
Total equity and liabilities
 
260,704
 
66,053
 
35,920
 
5,840
 
16,271
 
384,787
Net position per currency as of 31.12.23
 
24,671
 
(13,728)
 
(5,068)
 
(1,493)
 
(4,383)
 
0
Net position per currency as of 31.12.22
 
24,852
 
(6,777)
 
(10,982)
 
(3,427)
 
(3,666)
 
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
22
Note 23
 
Bonds issued and loans from central mortgage
 
institutions
Contractual maturity of carrying amount
CHF m
Due within
1 year
Due
between 1
and 2 years
Due
between 2
and 3 years
Due
between 3
and 4 years
Due
between 4
and 5 years
Due after 5
years
Total
31.12.23
Total
31.12.22
Loans from central mortgage institutions
1
Fixed-rate
 
975
 
1,067
 
951
 
966
 
884
 
3,521
 
8,363
 
8,305
Interest rates (range in %)
0.1–6.1
0.2–1.8
0.3–2.8
0.1–2.6
0.1–2.2
0–2.7
Covered bonds issued
1,2
Fixed-rate
 
0
 
0
 
350
 
0
 
0
 
470
 
820
 
0
Interest rates (in %)
 
1.82
 
2.035
Total
 
975
 
1,067
 
1,301
 
966
 
884
 
3,991
 
9,183
 
8,305
1 Non-subordinated debt.
 
2 Issued in 2023, all denominated in Swiss francs.
Note 24a
 
Share capital
31.12.23
31.12.22
Nominal value
in CHF
Number of
shares
of which: dividend
bearing
Nominal value
in CHF
Number of shares
of which: dividend
bearing
Share capital
1
 
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 nominal value
 
of CHF 0.10 and entitles
 
the holder
to one vote
 
at the meeting
 
of the shareholders
 
of UBS Switzerland
 
AG, 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 were CHF 5m as of
 
31 December 2023 (CHF 5m as
 
of 31 December 2022), equivalent to
 
50%
of the share capital of UBS Switzerland AG.
Note 24b
 
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
2023 or as of 31 December 2022.
 
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. They do not
 
have voting rights in UBS Switzerland AG.
31.12.23
31.12.22
CHF m, 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
 
0
 
0
 
1
 
9
DTC (Cede & Co.), New York
1
 
1
 
7
 
1
 
7
Nortrust Nominees Ltd., London
 
0
 
4
 
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)
 
23
Note 25
 
Swiss pension plan
a) Liabilities related to the Swiss pension plan
CHF m
31.12.23
31.12.22
Provision for the Swiss pension plan
0
0
Bank accounts at UBS and UBS debt instruments held by
 
the Swiss pension fund
72
166
UBS derivative financial instruments held by the Swiss pension
 
fund
215
48
Total liabilities related to the Swiss pension plan
287
215
b) Swiss pension plan
As of or for the year ended
CHF m
31.12.23
31.12.22
Pension plan surplus
1
2,159
2,064
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
275
Performance awards-related employer contributions accrued
27
24
Total pension expense recognized in the income statement within Personnel expenses
211
299
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 2023 and 31 December 2022. Refer to Note 2 for more information.
The Swiss pension plan had no employer contribution reserve
 
both as of 31 December 2023 and 31 December 2022.
Note 26
 
Related parties
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.
 
31.12.23
31.12.22
CHF m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
 
3,257
 
33,493
 
3,237
 
30,434
of which: due from / to banks
 
3,049
 
32,470
 
3,057
 
29,437
of which: receivables / payables from securities financing transactions
 
0
 
13
 
0
 
0
of which: due from / to customers
 
174
 
373
 
53
 
564
Subsidiaries
2
 
183
 
55
 
183
 
63
of which: due from / to customers
 
182
 
54
 
182
 
63
Affiliated entities
3
 
174
 
805
 
388
 
698
of which: due from / to banks
 
120
 
187
 
321
 
165
of which: receivables / payables from securities financing transactions
 
0
 
11
 
0
 
0
of which: due from / to customers
 
4
 
354
 
9
 
310
Members of governing bodies
4
 
58
 
22
 
45
 
­
External auditors
 
0
 
0
 
0
 
1
Other related parties
 
154
 
82
 
195
 
81
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, UBS
 
Hypotheken Schweiz
 
AG and
 
UBS
Hypotheken AG.
 
3 Affiliated entities of UBS Switzerland AG
 
are all direct and indirect subsidiaries of UBS
 
Group AG.
 
4 Members of governing bodies consist of the
 
members of the Board of Directors and Group
Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS Switzerland AG and
 
UBS AG.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
24
Note 27
 
Fiduciary transactions
CHF m
31.12.23
31.12.22
Fiduciary deposits
 
59,247
 
45,599
of which: placed with third-party banks
 
24,387
 
21,824
of which: placed with subsidiaries and affiliated entities
 
34,860
 
23,774
Fiduciary loans
 
809
 
356
Total fiduciary transactions
 
60,056
 
45,954
Fiduciary transactions encompass
 
customer deposits and
 
loans transactions entered
 
into or granted
 
by UBS Switzerland
AG that result in
 
holding or placing assets and
 
liabilities on behalf of
 
individuals, trusts, defined benefit
 
plans and other
institutions. Unless
 
the recognition
 
criteria for
 
the assets
 
and liabilities
 
are satisfied,
 
these assets
 
and liabilities
 
and the
related
 
income
 
and
 
expense
 
are
 
excluded
 
from
 
UBS
 
Switzerland
 
AG’s
 
balance
 
sheet
 
and
 
income
 
statement,
 
but
 
are
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 28a
 
Invested assets and net new money
As of or for the year ended
CHF bn
31.12.23
31.12.22
Discretionary assets
 
111
 
109
Other invested assets
 
590
 
535
Total invested assets (double counts included)
 
701
 
644
of which: double counts
 
0
 
0
Net new money (double counts included)
 
51
 
33
Note 28b
 
Development of invested assets
CHF bn
31.12.23
31.12.22
Total invested assets (including double counts) at the beginning of the year
 
644
 
715
Net new money inflows / (outflows)
 
51
 
33
Market movements (including dividends and interests)
 
41
 
(84)
Currency effects
 
(30)
 
(6)
Other effects
 
(5)
 
(14)
of which: acquisitions / (divestments)
 
0
 
0
Total invested assets (including double counts) at the end of the year
 
701
 
644
›
Refer to “Note 32 Invested assets and net
 
new money” in the “Consolidated financial
 
statements” section of the UBS Group AG
Annual Report 2023 for more information
 
 
ar23ubsswitzerlandagsp29i0
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
25
 
ar23ubsswitzerlandagsp30i0
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
26
 
ar23ubsswitzerlandagsp31i0
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
27
 
ar23ubsswitzerlandagsp32i0
 
UBS Switzerland AG standalone financial
 
statements (audited)
 
28
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
29
UBS Switzerland AG standalone regulatory
information
UBS Switzerland AG standalone regulatory information
Key metrics of the fourth quarter of 2023
Quarterly |
The table below is
 
based on Basel Committee
 
on Banking Supervision (BCBS)
 
Basel III rules and IFRS
 
Accounting
Standards.
During the fourth
 
quarter of 2023,
 
common equity
 
tier 1 capital increased
 
by CHF 0.1bn to
 
CHF 12.5bn, mainly
 
driven
by operating profit, largely offset by additional dividend
 
accruals.
 
Total risk-weighted assets (RWA) decreased by
 
CHF 0.9bn to CHF 107.1bn, mainly driven by lower
 
RWA from credit and
counterparty credit risk.
The leverage ratio denominator (the LRD) decreased
 
by CHF 2.3bn to CHF 330.5bn, mainly due to
 
a decrease in lending
balances.
The quarterly average
 
liquidity coverage ratio
 
of UBS Switzerland
 
AG remained stable
 
at 142.5%, remaining
 
above the
prudential requirement communicated by
 
the Swiss Financial
 
Market Supervisory Authority
 
(FINMA). Average high-quality
liquid assets
 
(HQLA) increased
 
by CHF 1.2bn
 
to CHF
 
76.3bn, mainly
 
reflecting
 
proceeds
 
received from
 
debt
 
issuances.
The effect of higher average
 
HQLA was partly offset by
 
a CHF 0.7bn increase in
 
average net cash outflows,
 
attributable
to higher outflows from
 
intercompany payables including currency effects,
 
slightly offset by lower
 
outflows from demand
deposits.
As
 
of
 
31 December
 
2023,
 
the
 
net
 
stable
 
funding
 
ratio
 
remained
 
stable
 
at
 
134.1%,
 
remaining
 
above
 
the
 
prudential
requirement
 
communicated
 
by
 
FINMA.
 
Required
 
stable
 
funding
 
increased
 
by
 
CHF 0.6bn
 
to
 
CHF 166.1bn,
 
mainly
reflecting an increase in
 
weighted required stable funding amounts
 
from mortgage loans, partly
 
offset by lower weighted
required
 
stable
 
funding
 
amounts
 
from
 
other
 
lending
 
assets.
 
Available
 
stable
 
funding
 
increased
 
by
 
CHF 0.8bn
 
to
CHF 222.7bn, as the effect of higher deposits and higher
 
debt issued was almost entirely offset by currency effects.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
30
KM1: Key metrics
CHF m, except where indicated
31.12.23
30.9.23
30.6.23
31.3.23
31.12.22
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
1
 
12,515
 
12,449
 
12,354
 
12,356
 
12,586
2
Tier 1
1
 
17,515
 
17,838
 
17,735
 
17,745
 
17,978
3
Total capital
1
 
17,515
 
17,838
 
17,735
 
17,745
 
17,978
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
107,097
 
108,009
 
107,203
 
108,077
 
107,208
4a
Minimum capital requirement
2
 
8,568
 
8,641
 
8,576
 
8,646
 
8,577
4b
Total risk-weighted assets (pre-floor)
 
99,936
 
100,646
 
98,566
 
98,250
 
97,662
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
1
 
11.69
 
11.53
 
11.52
 
11.43
 
11.74
6
Tier 1 ratio (%)
1
 
16.35
 
16.52
 
16.54
 
16.42
 
16.77
7
Total capital ratio (%)
1
 
16.35
 
16.52
 
16.54
 
16.42
 
16.77
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
 
2.50
 
2.50
 
2.50
 
2.50
 
2.50
9
Countercyclical buffer requirement (%)
 
0.04
 
0.05
 
0.04
 
0.03
 
0.02
9a
Additional countercyclical buffer for Swiss mortgage loans
 
(%)
 
0.84
 
0.82
 
0.79
 
0.74
 
0.75
10
Bank G-SIB and / or D-SIB additional requirements (%)
3
11
Total of bank CET1 specific buffer requirements (%)
4
 
2.54
 
2.55
 
2.54
 
2.53
 
2.52
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
 
7.19
 
7.03
 
7.02
 
6.93
 
7.24
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
330,515
 
332,850
 
330,318
 
330,362
 
332,280
14
Basel III leverage ratio (%)
1
 
5.30
 
5.36
 
5.37
 
5.37
 
5.41
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
 
76,288
 
75,125
 
77,594
 
85,286
 
88,889
16
Total net cash outflow
 
53,564
 
52,825
 
54,497
 
60,151
 
62,437
16a
of which: cash outflows
 
73,049
 
71,989
 
74,687
 
80,906
 
84,826
16b
of which: cash inflows
 
19,485
 
19,164
 
20,190
 
20,755
 
22,389
17
LCR (%)
 
142.46
 
142.23
 
142.41
 
141.87
 
142.41
Net stable funding ratio (NSFR)
7
18
Total available stable funding
222,709
221,883
219,728
220,838
221,689
19
Total required stable funding
166,100
165,543
163,021
165,152
162,306
20
NSFR (%)
134.08
134.03
134.79
133.72
136.59
1 As of 1 July 2022, capital amounts exclude 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 Swiss SRB going and
 
gone concern requirements and information
 
for UBS Switzerland AG
 
are provided
below.
 
4 Excludes non-BCBS capital buffer
 
requirements for risk-weighted positions that
 
are directly or indirectly backed
 
by residential properties in Switzerland.
 
5 Represents the CET1 ratio
 
that is available to
meet buffer requirements.
 
Calculated as the CET1
 
ratio minus the BCBS
 
CET1 capital requirement and,
 
where applicable, minus the
 
BCBS tier 2 capital requirement
 
met with CET1 capital.
 
6 Calculated after the
application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2023 and 63 data
points in the third quarter of 2023. For
 
the prior-quarter data points,
 
refer to the respective Pillar 3 Report, available
 
under “Pillar 3 disclosures” at ubs.com/investors,
 
for more information.
 
7 UBS Switzerland AG
is required to maintain a minimum NSFR of at least 100% on an ongoing basis, as defined by Art. 17h para. 1 of the Liquidity Ordinance. A portion of the excess funding is used to fulfill the NSFR requirement of UBS Swiss systemically relevant bank going and gone concern requirements and information
AG standalone.
p
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
31
Quarterly |
 
The tables below provide details of the Swiss SRB RWA- and LRD
 
-based going and gone concern requirements
and information as required by FINMA; details regarding
 
eligible gone concern instruments are provided below.
UBS Switzerland AG is considered a systemically relevant bank (an SRB) under Swiss banking law and is subject to capital
regulations on a standalone
 
basis. As of 31 December
 
2023, the going concern
 
capital and leverage
 
ratio requirements
for UBS Switzerland AG standalone were 15.18% (including a countercyclical buffer of 0.88%) and 5.00%, respectively.
The Swiss SRB
 
framework and
 
going concern requirements
 
applicable to
 
UBS Switzerland AG
 
standalone are
 
the same
as
 
those
 
applicable
 
to
 
UBS
 
Group AG
 
consolidated,
 
excluding
 
the
 
Pillar 2
 
add-on.
 
The
 
gone
 
concern
 
requirement
corresponds to 62% of the Group’s going
 
concern requirements, excluding the Pillar 2 add-on and
 
countercyclical buffer
requirements.
The gone concern
 
requirements were 8.87%
 
for the RWA-based
 
requirement and 3.10%
 
for the LRD-based
 
requirement.
›
Refer to “Capital and capital ratios of our
 
significant regulated subsidiaries” in the “Capital,
 
liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2023,
 
available under “Annual reporting” at
ubs.com/investors,
 
for more
information about the joint liability of UBS AG and
 
UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 31.12.23
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
 
15.18
1
 
16,261
 
5.00
1
 
16,526
Common equity tier 1 capital
 
10.88
 
11,656
 
3.50
 
11,568
of which: minimum capital
 
4.50
 
4,819
 
1.50
 
4,958
of which: buffer capital
 
5.50
 
5,890
 
2.00
 
6,610
of which: countercyclical buffer
 
0.88
 
946
Maximum additional tier 1 capital
 
4.30
 
4,605
 
1.50
 
4,958
of which: additional tier 1 capital
 
3.50
 
3,748
 
1.50
 
4,958
of which: additional tier 1 buffer capital
 
0.80
 
857
Eligible going concern capital
Total going concern capital
 
16.35
 
17,515
 
5.30
 
17,515
Common equity tier 1 capital
 
11.69
 
12,515
 
3.79
 
12,515
Total loss-absorbing additional tier 1 capital
 
4.67
 
5,000
 
1.51
 
5,000
of which: high-trigger loss-absorbing additional tier 1 capital
 
4.67
 
5,000
 
1.51
 
5,000
Required gone concern capital
2
Total gone concern loss-absorbing capacity
 
8.87
 
9,495
 
3.10
 
10,246
of which: base requirement including add-ons for market share and
 
LRD
 
8.87
3
 
9,495
 
3.10
3
 
10,246
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
10.44
 
11,176
 
3.38
 
11,176
TLAC-eligible unsecured debt
 
10.44
 
11,176
 
3.38
 
11,176
Total loss-absorbing capacity
Required total loss-absorbing capacity
 
24.05
 
25,756
 
8.10
 
26,772
Eligible total loss-absorbing capacity
 
26.79
 
28,691
 
8.68
 
28,691
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
107,097
Leverage ratio denominator
 
330,515
1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD).
 
2 A maximum of 25% of the gone concern requirements can be met with instruments that
have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than
 
two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital.
 
3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
32
Swiss SRB going and gone concern information
CHF m, except where indicated
31.12.23
30.9.23
31.12.22
Eligible going concern capital
Total going concern capital
 
17,515
 
17,838
 
17,978
Total tier 1 capital
 
17,515
 
17,838
 
17,978
Common equity tier 1 capital
 
12,515
 
12,449
 
12,586
Total loss-absorbing additional tier 1 capital
 
5,000
 
5,389
 
5,393
of which: high-trigger loss-absorbing additional tier 1 capital
 
5,000
 
5,389
 
5,393
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
11,176
 
11,257
 
11,267
TLAC-eligible unsecured debt
 
11,176
 
11,257
 
11,267
Total loss-absorbing capacity
Total loss-absorbing capacity
 
28,691
 
29,095
 
29,245
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
107,097
 
108,009
 
107,208
Leverage ratio denominator
 
330,515
 
332,850
 
332,280
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
 
16.4
 
16.5
 
16.8
of which: common equity tier 1 capital ratio
 
11.7
 
11.5
 
11.7
Gone concern loss-absorbing capacity ratio
 
10.4
 
10.4
 
10.5
Total loss-absorbing capacity ratio
 
26.8
 
26.9
 
27.3
Leverage ratios (%)
Going concern leverage ratio
 
5.3
 
5.4
 
5.4
of which: common equity tier 1 leverage ratio
 
3.8
 
3.7
 
3.8
Gone concern leverage ratio
 
3.4
 
3.4
 
3.4
Total loss-absorbing capacity leverage ratio Capital instruments of UBS Switzerland AG – key features
 
8.7
 
8.7
 
8.8
p
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
33
Capital instruments
Quarterly |
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
UBS Switzerland AG,
Switzerland
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 rules
1
CET1 – going concern capital
Additional tier 1 capital
5
Post-transitional Basel III rules
2
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
Loan
3
8
Amount recognized in regulatory capital (currency in million,
as of most recent reporting date)
1
CHF 10.0
CHF 1,000
CHF 825
CHF 475
CHF 500
CHF 700
CHF 675
CHF 825
9
Par value of instrument (currency in million)
CHF 10.0
CHF 1,000
CHF 825
CHF 475
CHF 500
CHF 700
CHF 675
CHF 825
10
Accounting classification
4
Equity attributable to UBS Switzerland AG
shareholders
 
Due to banks held at amortized cost
11
Original date of issuance
–
18 December 2017
12 December 2018
11 December 2019
29 October 2020
11 March 2021
2 June 2021
2 June 2021
12
Perpetual or dated
–
Perpetual
13
Original maturity date
–
–
14
Issuer call subject to prior supervisory approval
–
Yes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
34
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
 
Share capital
Additional tier 1 capital
15
Optional call date, contingent call dates and redemption
amount
–
First optional
repayment date:
 
18 December 2022
5
First optional
repayment date:
 
12 December 2023
5
First optional
repayment date:
 
11 December 2024
First optional
repayment date:
 
29 October 2025
First optional
repayment date:
 
11 March 2026
First optional
repayment date:
 
2 June 2026
First optional
repayment date:
 
2 June 2028
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.
Repayable on the
first optional
repayment date or
on any of every
second interest
payment date
thereafter.
Repayment subject
to FINMA approval.
Optional repayment
amount: principal
amount, together
with any accrued
and unpaid interest
thereon.
Repayable on the
first optional
repayment date or
on any interest
payment date
thereafter.
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 a tax event subject to FINMA approval.
Repayment amount: principal amount, together with
 
accrued and unpaid interest.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
35
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
 
Share capital
Additional tier 1 capital
Coupons
17
Fixed or floating dividend / coupon
–
Floating
18
Coupon rate and any related index
–
3-month SARON
Compound
+ 250 bps
 
per annum quarterly
3-month SARON
Compound
+ 489 bps
 
per annum quarterly
3-month SARON
Compound
+ 433 bps
 
per annum quarterly
3-month SARON
Compound
+ 397 bps
 
per annum quarterly
3-month SARON
Compound
+ 337 bps
 
per annum quarterly
3-month SARON
Compound
+ 307 bps
 
per annum quarterly
 
3-month SARON
Compound
+ 308 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, each obligation of UBS Switzerland AG that is unsubordinated or is subordinated
 
and not
ranked 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 Loans granted by UBS AG,
 
Zurich Branch.
 
4 As applied in UBS Switzerland AG‘s
 
financial statements under Swiss GAAP.
 
5 The entity decided not to
 
trigger the call
option. There is no expected date for the repayment.
p
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
36
UBS Switzerland AG standalone regulatory information
Climate risk
Annual |
Our climate
 
strategy and
 
governance are
 
determined and
 
overseen at
 
the UBS
 
Group level.
 
Similarly, we
 
identify
and manage climate risks,
 
including climate-related financial risks, in
 
our own operations, balance sheet,
 
client assets and
supply chain at the UBS Group level.
 
Climate-related metrics for the UBS Switzerland AG
 
legal entity are presented in the
 
UBS Group AG Annual Report 2023.
›
Refer to “Our focus on sustainability and climate”
 
in the “How we create value for our stakeholders”
 
section and to
“Sustainability and climate risk” in the “Risk management
 
and control” section of the UBS Group AG Annual
 
Report 2023 for more
information
›
Refer to “Our sustainability and impact strategy” in
 
the “Strategy” section of the UBS Group AG
 
Sustainability Report 2023,
available from 28 March 2024 under “Annual reporting” at This report and the information contained herein are provided solely for information purposes, and are not to be construed as solicitation
ubs.com/investors
, for more information
 
 
 
 
UBS Switzerland AG standalone regulatory
 
information
 
37
Notice to investors |
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 2023, 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.
Websites |
 
In this report, any
 
website addresses are provided
 
solely for information
 
and are not intended
 
to be active links.
 
UBS is not incorporating
 
the contents
of any such websites into this report.
ar23ubsswitzerlandagsp42i0
 
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:
 
March 28, 2024