6-K 1 6k2q19ubsag.htm 6k2q19ubsag



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: July 26, 2019

 

 

UBS AG

Commission File Number: 1-15060

 

 

(Registrant’s Name)

 

Bahnhofstrasse 45, Zurich, Switzerland
Aeschenvorstadt 1, Basel, Switzerland

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20‑F or Form 40-F.

 

Form 20-F                         Form 40-F 

 


 

This Form 6-K consists of the Second Quarter 2019 Report of UBS AG, which appears immediately following this page.

  

  

 


 

  

UBS AG

 

Second quarter 2019  report 

 

 


 

  

 

3

Introduction

 

 

1.

Risk and capital
management

8

Risk management and control

9

Capital management

   

2.

Consolidated
financial statements

17

UBS AG interim consolidated financial

statements (unaudited)

 

 

3.

UBS AG standalone

financial information

67

UBS AG standalone financial information

 

 

 

 

 

Appendix

70

Cautionary statement

 

   

 


 

Corporate calendar UBS AG

Publication of the third quarter 2019 report:                       Friday, 25 October 2019

Publication dates of further quarterly and annual reports and results will be made available as part of the corporate calendar of UBS AG at  www.ubs.com/investors

 

Contacts

Switchboards

For all general inquiries
www.ubs.com/contact

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London +44-207-567 8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000

Investor Relations

UBS’s Investor Relations team supports
institutional, professional and retail
investors from our offices in Zurich, New York and Krakow.

UBS AG, Investor Relations
P.O. Box, CH-8098 Zurich, Switzerland

www.ubs.com/investors

Zurich +41-44-234 4100
New York +1-212-882 5734

Media Relations

UBS’s Media Relations team supports
global media and journalists from our
offices in Zurich, London, New York
and Hong Kong.

www.ubs.com/media

Zurich +41-44-234 8500
mediarelations@ubs.com

London +44-20-7567 4714
ubs-media-relations@ubs.com

New York +1-212-882 5858
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Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com

 

Imprint

Publisher: UBS AG, Zurich, Switzerland | www.ubs.com
Language: English

© UBS 2019. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

 

  

 


Second quarter 2019  report 

UBS AG consolidated key figures

UBS AG consolidated key figures

 

 

 

 

 

 

 

 

 

 

As of or for the quarter ended

 

As of or year-to-date

USD million, except where indicated

 

30.6.19

31.3.19

31.12.18

30.6.18

 

30.6.19

30.6.18

Results

 

 

 

 

 

 

 

 

Operating income

 

 7,632 

 7,343 

 7,083 

 7,732 

 

 14,975 

 16,033 

Operating expenses

 

 5,975 

 5,890 

 6,667 

 6,154 

 

 11,864 

 12,557 

Operating profit / (loss) before tax

 

 1,657 

 1,454 

 416 

 1,579 

 

 3,110 

 3,476 

Net profit / (loss) attributable to shareholders

 

 1,307 

 1,069 

 272 

 1,281 

 

 2,375 

 2,692 

Profitability and growth1

 

 

 

 

 

 

 

 

Return on equity (%)2

 

 9.9 

 8.1 

 2.1 

 9.9 

 

 9.0 

 10.3 

Return on tangible equity (%)3

 

 11.3 

 9.3 

 2.4 

 11.3 

 

 10.3 

 11.8 

Return on common equity tier 1 capital (%)4

 

 14.8 

 12.3 

 3.1 

 14.8 

 

 13.5 

 15.6 

Return on risk-weighted assets, gross (%)5

 

 11.6 

 11.1 

 11.0 

 11.9 

 

 11.4 

 12.5 

Return on leverage ratio denominator, gross (%)5

 

 3.4 

 3.2 

 3.1 

 3.4 

 

 3.3 

 3.5 

Cost / income ratio (%)6

 

 78.2 

 80.0 

 93.4 

 79.3 

 

 79.1 

 78.1 

Net profit growth (%)7

 

 2.0 

 (24.3) 

 

 16.4 

 

 (11.8) 

 16.4 

Resources

 

 

 

 

 

 

 

 

Total assets

 

 968,645 

 956,737 

 958,055 

 953,638 

 

 968,645 

 953,638 

Equity attributable to shareholders

 

 52,359 

 53,216 

 52,256 

 50,391 

 

 52,359 

 50,391 

Common equity tier 1 capital8

 

 35,881 

 34,933 

 34,608 

 33,984 

 

 35,881 

 33,984 

Risk-weighted assets8

 

 261,364 

 266,581 

 262,840 

 253,873 

 

 261,364 

 253,873 

Common equity tier 1 capital ratio (%)8

 

 13.7 

 13.1 

 13.2 

 13.4 

 

 13.7 

 13.4 

Going concern capital ratio (%)8

 

 17.8 

 17.0 

 16.1 

 16.2 

 

 17.8 

 16.2 

Total loss-absorbing capacity ratio (%)8

 

 33.0 

 32.2 

 31.3 

 31.7 

 

 33.0 

 31.7 

Leverage ratio denominator8

 

 911,601 

 911,410 

 904,458 

 911,453 

 

 911,601 

 911,453 

Common equity tier 1 leverage ratio (%)8

 

 3.94 

 3.83 

 3.83 

 3.73 

 

 3.94 

 3.73 

Going concern leverage ratio (%)8

 

 5.1 

 5.0 

 4.7 

 4.5 

 

 5.1 

 4.5 

Total loss-absorbing capacity leverage ratio (%)8

 

 9.5 

 9.4 

 9.1 

 8.8 

 

 9.5 

 8.8 

Other

 

 

 

 

 

 

 

 

Invested assets (USD billion)9

 

 3,381 

 3,318 

 3,101 

 3,271 

 

 3,381 

 3,271 

Personnel (full-time equivalents)10

 

 47,072 

 47,773 

 47,643 

 46,597 

 

 47,072 

 46,597 

1 Refer to the “Performance targets and measurement” section of our Annual Report 2018 for more information on our performance targets.    2 Calculated as net profit attributable to shareholders (annualized as applicable) / average equity attributable to shareholders.    3 Calculated as net profit attributable to shareholders (annualized as applicable) / average equity attributable to shareholders less average goodwill and intangible assets. Effective 1 January 2019, the definition of the numerator for return on tangible equity has been revised to align with numerators for return on equity and return on CET1 capital; i.e., we no longer adjust for amortization and impairment of goodwill and intangible assets. Prior periods have been restated.    4 Calculated as net profit attributable to shareholders (annualized as applicable) / average common equity tier 1 capital.    5 Calculated as operating income before credit loss expense or recovery (annualized as applicable) / average risk-weighted assets and average leverage ratio denominator, respectively.    6 Calculated as operating expenses / operating income before credit loss expense or recovery.    7 Calculated as change in net profit attributable to shareholders from continuing operations between current and comparison periods / net profit attributable to shareholders from continuing operations of comparison period.    8 Based on the Swiss systemically relevant bank framework as of 1 January 2020. Refer to the “Capital management” section of the UBS Group second quarter 2019 report for more information.    9 Includes invested assets for Global Wealth Management, Asset Management and Personal & Corporate Banking.    10 As of 30 June 2019, the breakdown of personnel by business division and Corporate Center was: Global Wealth Management: 22,883; Personal & Corporate Banking: 5,097; Asset Management: 2,240; Investment Bank: 4,999; Corporate Center: 11,854.   

 

 

Changes to our presentation currency

Effective from 1 October 2018, the presentation currency of UBS AG’s consolidated financial statements has changed from Swiss francs to US dollars. Comparative information in this report for periods prior to the fourth quarter of 2018 has been restated. Assets, liabilities and total equity were translated to US dollars at closing exchange rates prevailing on the respective balance sheet dates, and income and expenses were translated at the respective average rates prevailing for the relevant periods.

 

  

 

2


 

Introduction

Structure of this report

UBS Group AG is the holding company for the UBS Group and the parent company of UBS AG. UBS Group AG holds 100% of the issued shares in UBS AG. Financial information for UBS AG consolidated does not differ materially from that for UBS Group AG consolidated.

This report includes risk and capital management information for UBS AG consolidated and the interim consolidated financial statements, as well as UBS AG standalone financial information for the quarter ended 30 June 2019. Regulatory information for UBS AG standalone is provided in the 30 June 2019 Pillar 3 report, which will be available as of 27 August 2019 under “Pillar 3 disclosures” at www.ubs.com/investors

®   Refer to the UBS Group second quarter 2019 report under “Quarterly reporting” at www.ubs.com/investors  for more information

Comparison between UBS Group AG consolidated and UBS AG consolidated

The table on the following page contains a comparison of selected financial and capital information between UBS Group AG consolidated and UBS AG consolidated.

The accounting policies applied under International Financial Reporting Standards (IFRS) to both UBS Group AG and UBS AG consolidated financial statements are identical. However, there are certain scope and presentation differences as noted below:

   Assets, liabilities, operating income, operating expenses and operating profit before tax relating to UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG, are reflected in the consolidated financial statements of UBS Group AG but not of UBS AG. UBS AG’s assets, liabilities, operating income and operating expenses related to transactions with UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG and other shared services subsidiaries, are not subject to elimination in the UBS AG consolidated financial statements, but are eliminated in the UBS Group AG consolidated financial statements. UBS Business Solutions AG and other shared services subsidiaries of UBS Group AG charge other legal entities within the UBS AG consolidation scope for services provided, including a markup on costs incurred.


   UBS Group AG consolidated equity was USD 0.8 billion higher than the equity of UBS AG consolidated as of 30 June 2019, mainly driven by higher dividends paid by UBS AG to UBS Group AG compared with the dividend distributions of UBS Group AG, as well as higher retained earnings in the UBS Group AG consolidated financial statements, largely related to the aforementioned markup charged by shared services subsidiaries of UBS Group AG to other legal entities in the UBS AG scope of consolidation. These effects were partly offset by additional share premium recognized at the UBS AG consolidated level related to the establishment of UBS Group AG and UBS Business Solutions AG, a wholly owned subsidiary of UBS Group AG. UBS Group AG is also the grantor of the majority of the compensation plans of the Group and recognizes share premium for equity-settled awards granted, partly offset by the treasury shares held to hedge the related share delivery obligation and those acquired as part of our share repurchase program.

   Going concern capital of UBS AG consolidated was USD 3.5 billion lower than going concern capital of UBS Group AG consolidated as of 30 June 2019, reflecting additional tier 1 (AT1) capital of USD 4.4 billion partly offset by higher common equity tier 1 (CET1) capital of USD 0.9 billion.

   CET1 capital of UBS AG consolidated was USD 0.9 billion higher than that of UBS Group AG consolidated as of 30 June 2019. The difference in CET1 capital was primarily due to compensation-related regulatory capital accruals at the UBS Group AG level, partly offset by differences in equity, as mentioned above.

   Going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 4.4 billion lower than that of UBS Group AG consolidated as of 30 June 2019, reflecting Deferred Contingent Capital Plan awards and AT1 capital notes. These AT1 capital notes were issued by UBS Group Funding (Switzerland) AG, a direct subsidiary of UBS Group AG, after the implementation of the new Swiss SRB framework, and only qualify as gone concern loss-absorbing capacity at the UBS AG consolidated level.

®   Refer to “Holding company and significant regulated subsidiaries and sub-groups” at www.ubs.com/investors  for an illustration of the consolidation scope differences between UBS AG and UBS Group AG

®   Refer to the “Capital management” section of this report for more information on differences in the loss-absorbing capacity between UBS Group AG consolidated and UBS AG consolidated

 

3


Introduction 

Comparison between UBS Group AG consolidated and UBS AG consolidated

 

 

As of or for the quarter ended 30.6.19

USD million, except where indicated

 

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Difference

(absolute)

 

 

 

 

 

Income statement

 

 

 

 

Operating income

 

 7,532 

 7,632 

 (100) 

Operating expenses

 

 5,773 

 5,975 

 (202) 

Operating profit / (loss) before tax

 

 1,759 

 1,657 

 102 

of which: Global Wealth Management

 

 874 

 857 

 17 

of which: Personal & Corporate Banking

 

 390 

 392 

 (2) 

of which: Asset Management

 

 124 

 124 

 0 

of which: Investment Bank

 

 427 

 419 

 8 

of which: Corporate Center

 

 (56) 

 (135) 

 79 

Net profit / (loss)

 

 1,393 

 1,308 

 85 

of which: net profit / (loss) attributable to shareholders

 

 1,392 

 1,307 

 85 

of which: net profit / (loss) attributable to non-controlling interests

 

 1 

 1 

 0 

 

 

 

 

 

Statement of comprehensive income

 

 

 

 

Other comprehensive income

 

1,080

1,076

4

of which: attributable to shareholders

 

1,086

1,082

4

of which: attributable to non-controlling interests

 

(6)

(6)

0

Total comprehensive income

 

2,473

2,384

89

of which: attributable to shareholders

 

2,478

2,389

89

of which: attributable to non-controlling interests

 

(5)

(5)

0

 

 

 

 

 

Balance sheet

 

 

 

 

Total assets

 

968,728

968,645

83

Total liabilities

 

915,378

916,116

(738)

Total equity

 

53,350

52,529

821

of which: equity attributable to shareholders

 

53,180

52,359

821

of which: equity attributable to non-controlling interests

 

170

170

0

 

 

 

 

 

Capital information

 

 

 

 

Common equity tier 1 capital

 

34,948

35,881

(933)

Going concern capital

 

49,993

46,500

3,493

Risk-weighted assets

 

262,135

261,364

772

Common equity tier 1 capital ratio (%)

 

13.3

13.7

(0.4)

Going concern capital ratio (%)

 

19.1

17.8

1.3

Total loss-absorbing capacity ratio (%)

 

33.3

33.0

0.3

Leverage ratio denominator

 

911,379

911,601

(221)

Common equity tier 1 leverage ratio (%)

 

3.83

3.94

(0.10)

Going concern leverage ratio (%)

 

5.5

5.1

0.4

Total loss-absorbing capacity leverage ratio (%)

 

9.6

9.5

0.1

 

4


 

 

 

 

 

 

 

 

As of or for the quarter ended 31.3.19

 

As of or for the quarter ended 31.12.18

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Difference

(absolute)

 

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Difference

(absolute)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 7,218 

 7,343 

 (125) 

 

 6,972 

 7,083 

 (111) 

 5,672 

 5,890 

 (217) 

 

 6,492 

 6,667 

 (176) 

 1,546 

 1,454 

 92 

 

 481 

 416 

 65 

 863 

 848 

 16 

 

 327 

 316 

 11 

 387 

 386 

 1 

 

 644 

 645 

 (1) 

 103 

 103 

 0 

 

 106 

 105 

 1 

 207 

 187 

 20 

 

 (78) 

 (79) 

 1 

 (15) 

 (71) 

 56 

 

 (518) 

 (571) 

 53 

 1,139 

 1,067 

 72 

 

 315 

 273 

 42 

 1,141 

 1,069 

 72 

 

 315 

 272 

 42 

 (2) 

 (2) 

 0 

 

 1 

 1 

 0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100)

(90)

(10)

 

 893 

 895 

 (2) 

(104)

(94)

(10)

 

 892 

 894 

 (2) 

4

4

0

 

 1 

 1 

 0 

1,039

977

62

 

 1,208 

 1,168 

 41 

1,037

974

62

 

 1,207 

 1,166 

 41 

2

2

0

 

 2 

 2 

 0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

956,579

956,737

(158)

 

958,489

958,055

434

902,739

903,348

(609)

 

905,386

905,624

(238)

53,840

53,389

451

 

53,103

52,432

671

53,667

53,216

451

 

52,928

52,256

671

173

173

0

 

176

176

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,658

34,933

(275)

 

34,119

34,608

(489)

49,436

45,368

4,068

 

46,279

42,413

3,865

267,556

266,581

976

 

263,747

262,840

907

13.0

13.1

(0.2)

 

12.9

13.2

(0.2)

18.5

17.0

1.5

 

17.5

16.1

1.4

32.7

32.2

0.5

 

31.7

31.3

0.5

910,993

911,410

(417)

 

904,598

904,458

140

3.80

3.83

(0.03)

 

3.77

3.83

(0.05)

5.4

5.0

0.4

 

5.1

4.7

0.4

9.6

9.4

0.2

 

9.3

9.1

0.2

5


 

 


 

Risk and capital management

Management report

 

 

  

 


Risk management and control 

Risk management and control

UBS AG consolidated risk profile

The risk profile of UBS AG consolidated does not differ materially from that of UBS Group AG consolidated and risk information provided in the UBS Group second quarter 2019 report is equally applicable to UBS AG consolidated.

The credit risk profile of UBS AG consolidated differs from that of UBS Group AG consolidated primarily in relation to receivables of UBS AG and UBS Switzerland AG from UBS Group AG. As a result of these receivables, total banking products exposure of UBS AG consolidated as of 30 June 2019 was USD 1.5 billion, or 0.3%, higher than the exposure of UBS Group, compared with USD 1.7 billion, or 0.3%, as of 31 March 2019.

®   Refer to the “Risk management and control” section of the UBS Group second quarter 2019 report for more information

  

8


 

Capital management

Going and gone concern requirements and information

UBS AG is considered a systemically relevant bank (SRB) under Swiss banking law and, on a consolidated basis, both UBS Group AG and UBS AG are required to comply with regulations based on the Basel III framework as applicable for Swiss SRBs.

The Swiss SRB framework and requirements applicable to UBS AG consolidated are consistent with those applicable to UBS Group AG consolidated and are described in the “Capital management” section of our Annual Report 2018.


UBS AG is subject to going concern requirements on a standalone basis. Capital and other regulatory information for UBS AG standalone and consolidated is provided in the 30 June 2019 Pillar 3 report – UBS Group and significant regulated subsidiaries and sub-groups, which will be available as of 27 August 2019 under “Pillar 3 disclosures” at www.ubs.com/investors

The table below provides the risk-weighted assets (RWA)- and leverage ratio denominator (LRD)-based requirements and information as of 30 June 2019 for UBS AG consolidated.

 

 

9


Capital management 

Swiss SRB going and gone concern requirements and information

 

 

Swiss SRB, including transitional arrangements

 

Swiss SRB as of 1.1.20

As of 30.6.19

 

RWA

LRD

 

RWA

LRD

USD million, except where indicated

 

in %

 

in %

 

 

in %

 

in %

 

Required going concern capital

 

 

 

 

 

 

 

 

 

 

Total going concern capital

 

 13.891

 36,291 

 4.50 

 41,022 

 

 14.612

 38,173 

 5.002

 45,580 

Common equity tier 1 capital

 

 9.99 

 26,098 

 3.20 

 29,171 

 

 10.31 

 26,934 

 3.50 

 31,906 

of which: minimum capital

 

 4.90 

 12,807 

 1.70 

 15,497 

 

 4.50 

 11,761 

 1.50 

 13,674 

of which: buffer capital

 

 4.78 

 12,493 

 1.50 

 13,674 

 

 5.50 

 14,375 

 2.00 

 18,232 

of which: countercyclical buffer

 

 0.31 

 798 

 

 

 

 0.31 

 798 

 

 

Maximum additional tier 1 capital

 

 3.90 

 10,193 

 1.30 

 11,851 

 

 4.30 

 11,239 

 1.50 

 13,674 

of which: additional tier 1 capital

 

 3.10 

 8,102 

 1.30 

 11,851 

 

 3.50 

 9,148 

 1.50 

 13,674 

of which: additional tier 1 buffer capital

 

 0.80 

 2,091 

 

 

 

 0.80 

 2,091 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eligible going concern capital

 

 

 

 

 

 

 

 

 

 

Total going concern capital

 

 19.94 

 52,125 

 5.72 

 52,125 

 

 17.79 

 46,500 

 5.10 

 46,500 

Common equity tier 1 capital

 

 13.73 

 35,881 

 3.94 

 35,881 

 

 13.73 

 35,881 

 3.94 

 35,881 

Total loss-absorbing additional tier 1 capital3

 

 6.22 

 16,244 

 1.78 

 16,244 

 

 4.06 

 10,619 

 1.16 

 10,619 

of which: high-trigger loss-absorbing additional tier 1 capital

 

 4.06 

 10,619 

 1.16 

 10,619 

 

 4.06 

 10,619 

 1.16 

 10,619 

of which: low-trigger loss-absorbing tier 2 capital

 

 2.15 

 5,625 

 0.62 

 5,625 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Required gone concern capital

 

 

 

 

 

 

 

 

 

 

Total gone concern loss-absorbing capacity

 

 9.74 

 25,467 

 3.36 

 30,630 

 

 10.69 

 27,931 

 3.82 

 34,813 

of which: base requirement

 

 10.52 

 27,495 

 3.63 

 33,046 

 

 12.86 

 33,611 

 4.50 

 41,022 

of which: additional requirement for market share and LRD

 

 1.08 

 2,823 

 0.38 

 3,419 

 

 1.44 

 3,764 

 0.50 

 4,558 

of which: applicable reduction on requirements

 

 (1.86) 

 (4,851) 

 (0.64) 

 (5,834) 

 

 (3.61) 

 (9,444) 

 (1.18) 

 (10,767) 

of which: rebate granted (equivalent to 40% of maximum rebate)

 

 (1.86) 

 (4,851) 

 (0.64) 

 (5,834) 

 

 (2.29) 

 (5,980) 

 (0.80) 

 (7,293) 

of which: reduction for usage of low-trigger tier 2 capital instruments

 

 

 

 

 

 

 (1.33) 

 (3,464) 

 (0.38) 

 (3,475) 

 

 

 

 

 

 

 

 

 

 

 

Eligible gone concern capital

 

 

 

 

 

 

 

 

 

 

Total gone concern loss-absorbing capacity

 

 13.08 

 34,179 

 3.75 

 34,179 

 

 15.23 

 39,805 

 4.37 

 39,805 

Total tier 1 capital

 

 0.93 

 2,435 

 0.27 

 2,435 

 

 0.93 

 2,435 

 0.27 

 2,435 

of which: low-trigger loss-absorbing additional tier 1 capital 4

 

 0.93 

 2,435 

 0.27 

 2,435 

 

 0.93 

 2,435 

 0.27 

 2,435 

Total tier 2 capital

 

 0.77 

 2,024 

 0.22 

 2,024 

 

 2.93 

 7,649 

 0.84 

 7,649 

of which: low-trigger loss-absorbing tier 2 capital

 

 0.51 

 1,322 

 0.15 

 1,322 

 

 2.66 

 6,947 

 0.76 

 6,947 

of which: non-Basel III-compliant tier 2 capital

 

 0.27 

 702 

 0.08 

 702 

 

 0.27 

 702 

 0.08 

 702 

TLAC-eligible senior unsecured debt

 

 11.37 

 29,721 

 3.26 

 29,721 

 

 11.37 

 29,721 

 3.26 

 29,721 

 

 

 

 

 

 

 

 

 

 

 

Total loss-absorbing capacity

 

 

 

 

 

 

 

 

 

 

Required total loss-absorbing capacity

 

 23.63 

 61,758 

 7.86 

 71,652 

 

 25.29 

 66,104 

 8.82 

 80,393 

Eligible total loss-absorbing capacity

 

 33.02 

 86,305 

 9.47 

 86,305 

 

 33.02 

 86,305 

 9.47 

 86,305 

 

 

 

 

 

 

 

 

 

 

 

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

 

 261,364 

 

 

 

 261,364 

 

 

Leverage ratio denominator

 

 

 

 911,601 

 

 

 

 911,601 

1 Includes applicable add-ons of 0.72% for RWA.    2 Includes applicable add-ons of 1.44% for RWA and 0.5% for LRD.    3 Includes outstanding low-trigger loss-absorbing tier 2 capital instruments, which are available under the transitional rules of the Swiss SRB framework to meet the going concern requirements until the earlier of (i) their maturity or first call date or (ii) 31 December 2019, and to meet gone concern requirements thereafter. Outstanding low-trigger loss-absorbing tier 2 capital instruments are subject to amortization starting five years prior to their maturity, with the amortized portion qualifying as gone concern loss-absorbing capacity. Instruments available to meet gone concern requirements are eligible until one year before maturity, with a haircut of 50% applied in the last year of eligibility.    4 The relevant capital instruments were issued after the new Swiss SRB framework had been implemented and therefore qualify as gone concern loss-absorbing capacity.

 

10


 

Swiss SRB going and gone concern information

 

 

 

Swiss SRB, including transitional arrangements

 

Swiss SRB as of 1.1.20

USD million, except where indicated

 

30.6.19

 

31.3.19

31.12.18

 

30.6.19

 

31.3.19

31.12.18

 

 

 

 

 

 

 

 

 

 

 

Eligible going concern capital

 

 

 

 

 

 

 

 

 

 

Total going concern capital

 

 52,125 

 

 51,380 

 48,421 

 

 46,500 

 

 45,368 

 42,413 

Total tier 1 capital

 

 46,500 

 

 45,368 

 42,413 

 

 46,500 

 

 45,368 

 42,413 

Common equity tier 1 capital

 

 35,881 

 

 34,933 

 34,608 

 

 35,881 

 

 34,933 

 34,608 

Total loss-absorbing additional tier 1 capital

 

 10,619 

 

 10,435 

 7,805 

 

 10,619 

 

 10,435 

 7,805 

of which: high-trigger loss-absorbing additional tier 1 capital

 

 10,619 

 

 10,435 

 7,805 

 

 10,619 

 

 10,435 

 7,805 

Total tier 2 capital

 

 5,625 

 

 6,012 

 6,008 

 

 

 

 

 

of which: low-trigger loss-absorbing tier 2 capital1

 

 5,625 

 

 6,012 

 6,008 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eligible gone concern capital2

 

 

 

 

 

 

 

 

 

 

Total gone concern loss-absorbing capacity

 

 34,179 

 

 34,400 

 33,830 

 

 39,805 

 

 40,412 

 39,837 

Total tier 1 capital

 

 2,435 

 

 2,380 

 2,378 

 

 2,435 

 

 2,380 

 2,378 

of which: low-trigger loss-absorbing additional tier 1 capital3

 

 2,435 

 

 2,380 

 2,378 

 

 2,435 

 

 2,380 

 2,378 

Total tier 2 capital

 

 2,024 

 

 1,471 

 1,464 

 

 7,649 

 

 7,483 

 7,471 

of which: low-trigger loss-absorbing tier 2 capital1

 

 1,322 

 

 781 

 771 

 

 6,947 

 

 6,793 

 6,779 

of which: non-Basel III-compliant tier 2 capital4

 

 702 

 

 690 

 693 

 

 702 

 

 690 

 693 

TLAC-eligible senior unsecured debt

 

 29,721 

 

 30,548 

 29,988 

 

 29,721 

 

 30,548 

 29,988 

 

 

 

 

 

 

 

 

 

 

 

TLAC-eligible senior unsecured debt

 

 

 

 

 

 

 

 

 

 

Total loss-absorbing capacity

 

 86,305 

 

 85,780 

 82,251 

 

 86,305 

 

 85,780 

 82,251 

 

 

 

 

 

 

 

 

 

 

 

Risk-weighted assets / leverage ratio denominator

 

 

 

 

 

 

 

 

 

 

Risk-weighted assets

 

 261,364 

 

 266,581 

 262,840 

 

 261,364 

 

 266,581 

 262,840 

Leverage ratio denominator

 

 911,601 

 

 911,410 

 904,458 

 

 911,601 

 

 911,410 

 904,458 

 

 

 

 

 

 

 

 

 

 

 

Capital and loss-absorbing capacity ratios (%)

 

 

 

 

 

 

 

 

 

 

Going concern capital ratio

 

 19.9 

 

 19.3 

 18.4 

 

 17.8 

 

 17.0 

 16.1 

of which: common equity tier 1 capital ratio

 

 13.7 

 

 13.1 

 13.2 

 

 13.7 

 

 13.1 

 13.2 

Gone concern loss-absorbing capacity ratio

 

 13.1 

 

 12.9 

 12.9 

 

 15.2 

 

 15.2 

 15.2 

Total loss-absorbing capacity ratio

 

 33.0 

 

 32.2 

 31.3 

 

 33.0 

 

 32.2 

 31.3 

 

 

 

 

 

 

 

 

 

 

 

Leverage ratios (%)

 

 

 

 

 

 

 

 

 

 

Going concern leverage ratio

 

 5.7 

 

 5.6 

 5.4 

 

 5.1 

 

 5.0 

 4.7 

of which: common equity tier 1 leverage ratio

 

 3.94 

 

 3.83 

 3.83 

 

 3.94 

 

 3.83 

 3.83 

Gone concern leverage ratio

 

 3.7 

 

 3.8 

 3.7 

 

 4.4 

 

 4.4 

 4.4 

Total loss-absorbing capacity leverage ratio

 

 9.5 

 

 9.4 

 9.1 

 

 9.5 

 

 9.4 

 9.1 

1 Under the transitional rules of the Swiss SRB framework, outstanding low-trigger loss-absorbing tier 2 capital instruments are subject to amortization starting five years prior to their maturity, with the amortized portion qualifying as gone concern loss-absorbing capacity.    2 Instruments available to meet gone concern requirements are eligible until one year before maturity, with a haircut of 50% applied in the last year of eligibility.    3 The relevant capital instruments were issued after the new Swiss SRB framework had been implemented and therefore qualify as gone concern loss-absorbing capacity.    4 Non-Basel III-compliant tier 2 capital instruments qualify as gone concern instruments.  

 

 

11


Capital management 

UBS Group AG vs UBS AG consolidated loss-absorbing capacity and leverage ratio information

Swiss SRB going and gone concern information (UBS Group AG vs UBS AG consolidated)

As of 30.6.19

 

Swiss SRB, including transitional arrangements

 

Swiss SRB as of 1.1.20

USD million, except where indicated

 

UBS Group AG (consolidated)

UBS AG (consolidated)

Difference

 

UBS Group AG (consolidated)

UBS AG (consolidated)

Difference

 

 

 

 

 

 

 

 

 

Eligible going concern capital

 

 

 

 

 

 

 

 

Total going concern capital

 

 55,618 

 52,125 

 3,493 

 

 49,993 

 46,500 

 3,493 

Total tier 1 capital

 

 49,993 

 46,500 

 3,493 

 

 49,993 

 46,500 

 3,493 

Common equity tier 1 capital

 

 34,948 

 35,881 

 (933) 

 

 34,948 

 35,881 

 (933) 

Total loss-absorbing additional tier 1 capital

 

 15,045 

 10,619 

 4,426 

 

 15,045 

 10,619 

 4,426 

of which: high-trigger loss-absorbing additional tier 1 capital

 

 12,609 

 10,619 

 1,989 

 

 12,609 

 10,619 

 1,989 

of which: low-trigger loss-absorbing additional tier 1 capital

 

 2,436 

 

 2,436 

 

 2,436 

 

 2,436 

Total tier 2 capital

 

 5,625 

 5,625 

 0 

 

 

 

 

of which: low-trigger loss-absorbing tier 2 capital1

 

 5,625 

 5,625 

 0 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eligible gone concern capital2

 

 

 

 

 

 

 

 

Total gone concern loss-absorbing capacity

 

 31,744 

 34,179 

 (2,435) 

 

 37,370 

 39,805 

 (2,435) 

Total tier 1 capital

 

 

 2,435 

 (2,435) 

 

 

 2,435 

 (2,435) 

of which: low-trigger loss-absorbing additional tier 1 capital

 

 

 2,4353

 (2,435) 

 

 

 2,4353

 (2,435) 

Total tier 2 capital

 

 2,024 

 2,024 

 0 

 

 7,649 

 7,649 

 0 

of which: low-trigger loss-absorbing tier 2 capital 1

 

 1,322 

 1,322 

 0 

 

 6,947 

 6,947 

 0 

of which: non-Basel III-compliant tier 2 capital

 

 702 

 702 

 0 

 

 702 

 702 

 0 

TLAC-eligible senior unsecured debt

 

 29,721 

 29,721 

 0 

 

 29,721 

 29,721 

 0 

 

 

 

 

 

 

 

 

 

Total loss-absorbing capacity

 

 

 

 

 

 

 

 

Total loss-absorbing capacity

 

 87,363 

 86,305 

 1,058 

 

 87,363 

 86,305 

 1,058 

 

 

 

 

 

 

 

 

 

Risk-weighted assets / leverage ratio denominator

 

 

 

 

 

 

Risk-weighted assets

 

 262,135 

 261,364 

 772 

 

 262,135 

 261,364 

 772 

Leverage ratio denominator

 

 911,379 

 911,601 

 (221) 

 

 911,379 

 911,601 

 (221) 

 

 

 

 

 

 

 

 

 

Capital and loss-absorbing capacity ratios (%)

 

 

 

 

 

 

 

 

Going concern capital ratio

 

 21.2 

 19.9 

 1.3 

 

 19.1 

 17.8 

 1.3 

of which: common equity tier 1 capital ratio

 

 13.3 

 13.7 

 (0.4) 

 

 13.3 

 13.7 

 (0.4) 

Gone concern loss-absorbing capacity ratio

 

 12.1 

 13.1 

 (1.0) 

 

 14.3 

 15.2 

 (1.0) 

Total loss-absorbing capacity ratio

 

 33.3 

 33.0 

 0.3 

 

 33.3 

 33.0 

 0.3 

 

 

 

 

 

 

 

 

 

Leverage ratios (%)

 

 

 

 

 

 

 

 

Going concern leverage ratio

 

 6.1 

 5.7 

 0.4 

 

 5.5 

 5.1 

 0.4 

of which: common equity tier 1 leverage ratio

 

 3.83 

 3.94 

 (0.10) 

 

 3.83 

 3.94 

 (0.10) 

Gone concern leverage ratio

 

 3.5 

 3.7 

 (0.3) 

 

 4.1 

 4.4 

 (0.3) 

Total loss-absorbing capacity leverage ratio

 

 9.6 

 9.5 

 0.1 

 

 9.6 

 9.5 

 0.1 

1 Under the transitional rules of the Swiss SRB framework, outstanding low-trigger loss-absorbing tier 2 capital instruments are subject to amortization starting five years prior to their maturity, with the amortized portion qualifying as gone concern loss-absorbing capacity.    2 Instruments available to meet gone concern requirements are eligible until one year before maturity, with a haircut of 50% applied in the last year of eligibility.    3 The relevant capital instruments were issued after the new Swiss SRB framework had been implemented and therefore qualify as gone concern loss-absorbing capacity.  

 

12


 

Reconciliation of IFRS equity to Swiss SRB common equity tier 1 capital (UBS Group AG vs UBS AG consolidated)

As of 30.6.19

 

 

 

USD million

 

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Differences

Total IFRS equity

 

 53,350 

 52,529 

 821 

Equity attributable to preferred noteholders and non-controlling interests

 

 (170) 

 (170) 

 0 

Deferred tax assets recognized for tax loss carry-forwards

 

 (6,208) 

 (6,208) 

 0 

Deferred tax assets on temporary differences, excess over threshold

 

 (266) 

 (157) 

 (108) 

Goodwill, net of tax

 

 (6,305) 

 (6,305) 

 0 

Intangible assets, net of tax                                

 

 (232) 

 (232) 

 0 

Compensation-related components (not recognized in net profit)

 

 (1,760) 

 

 (1,760) 

Expected losses on advanced internal ratings-based portfolio less provisions

 

 (412) 

 (412) 

 0 

Unrealized (gains) / losses from cash flow hedges, net of tax                                         

 

 (1,346) 

 (1,346) 

 0 

Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date, net of tax

 

 (109) 

 (109) 

 0 

Prudential valuation adjustments                                          

 

 (104) 

 (104) 

 0 

Other1

 

 (1,490) 

 (1,605) 

 114 

Total common equity tier 1 capital                                   

 

 34,948 

 35,881 

 (933) 

1 Includes accruals for dividends to shareholders for the current year and other items.

 

 

Total loss-absorbing capacity and leverage ratio information under Swiss SRB rules applicable as of 1 January 2020

Going concern capital of UBS AG consolidated was USD 3.5 billion lower than going concern capital of UBS Group AG consolidated as of 30 June 2019, primarily reflecting lower additional tier 1 (AT1) capital of USD 4.4 billion, partly offset by higher common equity tier 1 (CET1) capital of USD 0.9 billion. The gone concern loss-absorbing capacity of UBS AG consolidated was USD 2.4 billion higher, due to low-trigger loss-absorbing AT1 capital.

CET1 capital of UBS AG consolidated was USD 0.9 billion higher than that of UBS Group AG consolidated, primarily due to the deductions for compensation-related regulatory capital components that are only reflected at the level of UBS Group AG consolidated. This effect was partly offset by lower equity of UBS AG consolidated.

Going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 4.4 billion lower than that of UBS Group AG consolidated and relates to AT1 capital notes issued by UBS Group Funding (Switzerland) AG, a direct subsidiary of UBS Group AG, as well as Deferred Contingent Capital Plan awards granted to eligible employees for the performance years 2014 to 2018.

The difference of USD 2.4 billion in gone concern low-trigger AT1 capital relates to capital instruments that were issued by UBS AG after the new Swiss SRB framework had been implemented and are therefore not recognized within going concern capital but qualify as gone concern loss-absorbing capacity. Issuances of low-trigger AT1 capital from UBS Group AG were all made prior to implementation of the new Swiss SRB framework and therefore qualify as going concern capital.

Differences in capital between UBS Group AG consolidated and UBS AG consolidated related to employee compensation plans will reverse to the extent underlying services are performed by employees of, and are consequently charged to, UBS AG and its subsidiaries. Such reversal generally occurs over the service period of the employee compensation plans.

The leverage ratio framework for UBS AG consolidated is consistent with that of UBS Group AG consolidated. As of 30 June 2019, the going concern leverage ratio of UBS AG consolidated was 0.4 percentage points lower than that of UBS Group AG consolidated, mainly as the going concern capital of UBS AG consolidated was USD 3.5 billion lower.

®   Refer to the “Capital management” section of the UBS Group second quarter 2019 report under “Quarterly reporting” at www.ubs.com/investors  for information on the developments of loss-absorbing capacity, risk-weighted assets and leverage ratio denominator for UBS Group AG consolidated

®   Refer to the “Introduction” section of this report for more information on the differences in equity between UBS AG consolidated and UBS Group AG

 

  

13


 

 


 

Consolidated
financial statements

Unaudited

 

 

 


 

Table of contents

 

UBS AG interim consolidated financial
statements (unaudited)

 

 

17

Income statement

18

Statement of comprehensive income

20

Balance sheet

22

Statement of changes in equity

24

Statement of cash flows

 

 

26

1     Basis of accounting

29

2     Segment reporting

30

3     Net interest income

31

4     Net fee and commission income

31

5     Other income

32

6     Personnel expenses

32

7     General and administrative expenses

32

8     Income taxes

33

9     Expected credit loss measurement

36

10   Fair value measurement

45

11   Derivative instruments

46

12   Other assets and liabilities

48

13   Debt issued designated at fair value

48

14   Debt issued measured at amortized cost

49

15   Provisions and contingent liabilities

56

16   Guarantees, commitments and forward starting
       transactions

56

17   Currency translation rates

57

18   Supplemental guarantor information required under
       SEC regulations

 

 

  

 


 

UBS AG interim consolidated
financial statements (unaudited)

Income statement

 

 

 

 

 

 

 

 

 

 

 

 

 

For the quarter ended

 

Year-to-date

USD million

 

Note

 

30.6.19

31.3.19

30.6.18

 

30.6.19

30.6.18

Interest income from financial instruments measured at amortized cost and fair value through

other comprehensive income

 

 3 

 

 2,755 

 2,674 

 2,499 

 

 5,429 

 4,888 

Interest expense from financial instruments measured at amortized cost

 

 3 

 

 (1,986) 

 (1,912) 

 (1,600) 

 

 (3,898) 

 (3,010) 

Interest income from financial instruments measured at fair value through profit or loss

 

 3 

 

 1,259 

 1,346 

 1,097 

 

 2,605 

 2,211 

Interest expense from financial instruments measured at fair value through profit or loss

 

 3 

 

 (1,025) 

 (1,006) 

 (809) 

 

 (2,032) 

 (1,485) 

Net interest income

 

 3 

 

 1,003 

 1,101 

 1,187 

 

 2,104 

 2,604 

Other net income from financial instruments measured at fair value through profit or loss

 

 

 

 1,936 

 1,936 

 1,995 

 

 3,872 

 3,968 

Credit loss (expense) / recovery

 

 9 

 

 (12) 

 (20) 

 (28) 

 

 (33) 

 (54) 

Fee and commission income

 

 4 

 

 4,908 

 4,566 

 4,851 

 

 9,474 

 10,048 

Fee and commission expense

 

 4 

 

 (434) 

 (409) 

 (421) 

 

 (842) 

 (854) 

Net fee and commission income

 

 4 

 

 4,474 

 4,157 

 4,430 

 

 8,631 

 9,194 

Other income

 

 5 

 

 232 

 169 

 149 

 

 400 

 322 

Total operating income

 

 

 

 7,632 

 7,343 

 7,732 

 

 14,975 

 16,033 

Personnel expenses

 

 6 

 

 3,571 

 3,468 

 3,561 

 

 7,040 

 7,332 

General and administrative expenses

 

 7 

 

 2,004 

 2,026 

 2,333 

 

 4,030 

 4,703 

Depreciation and impairment of property, equipment and software

 

 

 

 381 

 379 

 244 

 

 761 

 489 

Amortization and impairment of intangible assets

 

 

 

 18 

 16 

 16 

 

 33 

 33 

Total operating expenses

 

 

 

 5,975 

 5,890 

 6,154 

 

 11,864 

 12,557 

Operating profit / (loss) before tax

 

 

 

 1,657 

 1,454 

 1,579 

 

 3,110 

 3,476 

Tax expense / (benefit)

 

 8 

 

 349 

 387 

 296 

 

 736 

 781 

Net profit / (loss)

 

 

 

 1,308 

 1,067 

 1,282 

 

 2,374 

 2,695 

Net profit / (loss) attributable to non-controlling interests

 

 

 

 1 

 (2) 

 1 

 

 (1) 

 3 

Net profit / (loss) attributable to shareholders

 

 

 

 1,307 

 1,069 

 1,281 

 

 2,375 

 2,692 

 

17


UBS AG interim consolidated financial statements (unaudited)

Statement of comprehensive income

 

 

 

 

 

 

 

 

 

For the quarter ended

 

Year-to-date

USD million

 

30.6.19

31.3.19

30.6.18

 

30.6.19

30.6.18

 

 

 

 

 

 

 

 

Comprehensive income attributable to shareholders

 

 

 

 

 

 

 

Net profit / (loss)

 

 1,307 

 1,069 

 1,281 

 

 2,375 

 2,692 

 

 

 

 

 

 

 

 

Other comprehensive income that may be reclassified to the income statement

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

 

 

 

 

Foreign currency translation movements related to net assets of foreign operations, before tax

 

 294 

 (151) 

 (1,247) 

 

 143 

 (604) 

Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax

 

 (121) 

 26 

 (53) 

 

 (95) 

 53 

Foreign currency translation differences on foreign operations reclassified to the income statement

 

 3 

 1 

 6 

 

 4 

 6 

Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement

 

 (13) 

 0 

 0 

 

 (13) 

 0 

Income tax relating to foreign currency translations, including the impact of net investment hedges

 

 (2) 

 1 

 0 

 

 0 

 0 

Subtotal foreign currency translation, net of tax

 

 161 

 (122) 

 (1,294) 

 

 39 

 (544) 

Financial assets measured at fair value through other comprehensive income

 

 

 

 

 

 

 

Net unrealized gains / (losses), before tax

 

 90 

 81 

 (19) 

 

 171 

 (99) 

Impairment charges reclassified to the income statement from equity

 

 0 

 0 

 0 

 

 0 

 0 

Realized gains reclassified to the income statement from equity

 

 (2) 

 (1) 

 0 

 

 (3) 

 0 

Realized losses reclassified to the income statement from equity

 

 1 

 0 

 0 

 

 1 

 0 

Income tax relating to net unrealized gains / (losses)

 

 (24) 

 (17) 

 5 

 

 (41) 

 29 

Subtotal financial assets measured at fair value through other comprehensive income, net of tax

 

 65 

 62 

 (14) 

 

 128 

 (71) 

Cash flow hedges of interest rate risk

 

 

 

 

 

 

 

Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax

 

 987 

 588 

 (126) 

 

 1,575 

 (602) 

Net (gains) / losses reclassified to the income statement from equity

 

 (24) 

 (21) 

 (71) 

 

 (45) 

 (205) 

Income tax relating to cash flow hedges

 

 (191) 

 (107) 

 36 

 

 (298) 

 159 

Subtotal cash flow hedges, net of tax

 

 773 

 459 

 (160) 

 

 1,232 

 (648) 

Total other comprehensive income that may be reclassified to the income statement, net of tax

 

 999 

 399 

 (1,468) 

 

 1,398 

 (1,263) 

 

 

 

 

 

 

 

 

Other comprehensive income that will not be reclassified to the income statement

 

 

 

 

 

 

 

Defined benefit plans

 

 

 

 

 

 

 

Gains / (losses) on defined benefit plans, before tax

 

 18 

 (160) 

 252 

 

 (142) 

 216 

Income tax relating to defined benefit plans

 

 (7) 

 (16) 

 2 

 

 (23) 

 25 

Subtotal defined benefit plans, net of tax

 

 11 

 (176) 

 254 

 

 (165) 

 240 

Own credit on financial liabilities designated at fair value

 

 

 

 

 

 

 

Gains / (losses) from own credit on financial liabilities designated at fair value, before tax

 

 72 

 (326) 

 250 

 

 (254) 

 430 

Income tax relating to own credit on financial liabilities designated at fair value

 

 0 

 8 

 0 

 

 8 

 (2) 

Subtotal own credit on financial liabilities designated at fair value, net of tax

 

 72 

 (318) 

 250 

 

 (246) 

 428 

Total other comprehensive income that will not be reclassified to the income statement, net of tax

 

 83 

 (494) 

 504 

 

 (411) 

 669 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 1,082 

 (94) 

 (964) 

 

 988 

 (595) 

Total comprehensive income attributable to shareholders

 

 2,389 

 974 

 317 

 

 3,363 

 2,098 

 

18


 

 

Statement of comprehensive income (continued)

 

 

 

 

 

 

 

 

 

For the quarter ended

 

Year-to-date

USD million

 

30.6.19

31.3.19

30.6.18

 

30.6.19

30.6.18

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-controlling interests

 

 

 

 

 

 

 

Net profit / (loss)

 

 1 

 (2) 

 1 

 

 (1) 

 3 

 

 

 

 

 

 

 

 

Other comprehensive income that will not be reclassified to the income statement

 

 

 

 

 

 

 

Foreign currency translation movements, before tax

 

 (6) 

 4 

 (5) 

 

 (2) 

 (3) 

Income tax relating to foreign currency translation movements

 

 0 

 0 

 0 

 

 0 

 0 

Subtotal foreign currency translation, net of tax

 

 (6) 

 4 

 (5) 

 

 (2) 

 (3) 

Total other comprehensive income that will not be reclassified to the income statement, net of tax

 

 (6) 

 4 

 (5) 

 

 (2) 

 (3) 

Total comprehensive income attributable to non-controlling interests

 

 (5) 

 2 

 (3) 

 

 (3) 

 0 

 

 

 

 

 

 

 

 

Total comprehensive income

 

 

 

 

 

 

 

Net profit / (loss)

 

 1,308 

 1,067 

 1,282 

 

 2,374 

 2,695 

Other comprehensive income

 

 1,076 

 (90) 

 (968) 

 

 986 

 (598) 

of which: other comprehensive income that may be reclassified to the income statement

 

 999 

 399 

 (1,468) 

 

 1,398 

 (1,263) 

of which: other comprehensive income that will not be reclassified to the income statement

 

 77 

 (489) 

 500 

 

 (412) 

 666 

Total comprehensive income

 

 2,384 

 977 

 314 

 

 3,360 

 2,098 

 

 

19


UBS AG interim consolidated financial statements (unaudited)

 

Balance sheet

 

 

 

 

 

 

USD million

 

Note

 

30.6.19

31.3.19

31.12.18

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and balances at central banks

 

 

 

 101,457 

 110,618 

 108,370 

Loans and advances to banks

 

 

 

 12,682 

 16,777 

 16,642 

Receivables from securities financing transactions

 

 

 

 92,919 

 100,222 

 95,349 

Cash collateral receivables on derivative instruments

 

 11 

 

 23,774 

 25,164 

 23,603 

Loans and advances to customers

 

 9 

 

 324,288 

 320,466 

 321,482 

Other financial assets measured at amortized cost

 

 12 

 

 22,225 

 22,495 

 22,637 

Total financial assets measured at amortized cost

 

 

 

 577,345 

 595,744 

 588,084 

Financial assets at fair value held for trading

 

 10 

 

 120,232 

 109,683 

 104,513 

of which: assets pledged as collateral that may be sold or repledged by counterparties

 

 

 

 36,010 

 33,828 

 32,121 

Derivative financial instruments

 

10, 11

 

 121,687 

 111,161 

 126,212 

Brokerage receivables

 

 10 

 

 16,915 

 16,275 

 16,840 

Financial assets at fair value not held for trading

 

 10 

 

 89,269 

 80,973 

 82,387 

Total financial assets measured at fair value through profit or loss

 

 

 

 348,103 

 318,092 

 329,953 

Financial assets measured at fair value through other comprehensive income

 

 10 

 

 7,422 

 7,168 

 6,667 

Investments in associates

 

 

 

 1,049 

 1,095 

 1,099 

Property, equipment and software

 

 

 

 11,725 

 11,642 

 8,479 

Goodwill and intangible assets

 

 

 

 6,624 

 6,621