Derivative instruments (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Of Derivative Financial Assets And Liabilities [Line Items]

Disclosure Of Derivative Financial Assets And Liabilities Explanatory

As of 30.6.24, USD bn

Derivative

financial

assets

Derivative

financial

liabilities

Notional values

related to derivative

financial assets and

liabilities

1

Other

notional

values

2

Derivative financial instruments

Interest rate

49.6

47.3

3,478

20,200

Credit derivatives

3.0

3.8

170

Foreign exchange

51.0

52.0

7,158

213

Equity / index

33.4

41.4

1,432

96

Commodities

2.6

2.0

153

18

Other

3

0.8

2.6

151

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

140.4

149.1

12,543

20,526

Further netting potential not recognized on the balance sheet

5

(125.0)

(132.1)

of which: netting of recognized financial liabilities / assets

(101.1)

(101.1)

of which: netting with collateral received / pledged

(23.9)

(31.0)

Total derivative financial instruments, after consideration of further netting potential

15.4

17.0

As of 31.3.24, USD bn

Derivative financial instruments

Interest rate

34.9

32.0

2,552

15,769

Credit derivatives

2.0

2.1

111

Foreign exchange

50.8

47.8

6,730

223

Equity / index

31.4

40.7

1,324

85

Commodities

2.7

2.4

144

18

Other

3

0.8

0.7

152

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

122.6

125.6

11,014

16,096

Further netting potential not recognized on the balance sheet

5

(109.6)

(114.3)

of which: netting of recognized financial liabilities / assets

(88.3)

(88.3)

of which: netting with collateral received / pledged

(21.2)

(26.0)

Total derivative financial instruments, after consideration of further netting potential

13.1

11.3

As of 31.12.23, USD bn

Derivative financial instruments

Interest rate

35.3

32.8

2,472

13,749

Credit derivatives

1.8

1.6

93

Foreign exchange

65.4

71.7

6,367

180

Equity / index

27.3

32.9

1,191

84

Commodities

1.6

1.3

129

16

Other

3

0.3

0.4

86

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

131.7

140.7

10,338

14,028

Further netting potential not recognized on the balance sheet

5

(122.7)

(123.8)

of which: netting of recognized financial liabilities / assets

(99.3)

(99.3)

of which: netting with collateral received / pledged

(23.4)

(24.5)

Total derivative financial instruments, after consideration of further netting potential

9.1

16.9

1 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis.

Notional amounts of client-cleared ETD and OTC transactions through central clearing counterparties are not disclosed, as they have a significantly different risk profile. 2 Other notional values relate to derivatives

that are cleared through either a central counterparty or an exchange and settled on a daily basis.The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash

collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented. 3 Includes Loan commitments measured at FVTPL, as well as

unsettled purchases and sales of non-derivative financial instruments for which the changes in the fair value between trade date and settlement date are recognized as derivative financial instruments. The balance as

of 30 June 2024 also includes UBS's funding obligation arising from the offer by the Credit Suisse supply chain finance funds to redeem the outstanding units which was accounted for as a derivative liability (refer to

note 16). 4 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business

and in the event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 5 Reflects the netting potential

in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial

liabilities” in the “Consolidated financial statements” section of the UBS AG Report 2023 for more information.

Disclosure Of Offsetting Of Financial Assets And Liabilities Explanatory

USD bn

Receivables

30.6.24

Payables

30.6.24

Receivables

31.3.24

Payables

31.3.24

Receivables

31.12.23

Payables

31.12.23

Cash collateral on derivative instruments, based on netting under IFRS Accounting

Standards

1

43.6

33.7

35.3

31.9

32.3

34.9

Further netting potential not recognized on the balance sheet

2

(27.2)

(19.8)

(22.8)

(18.1)

(22.8)

(20.6)

of which: netting of recognized financial liabilities / assets

(24.6)

(17.3)

(20.7)

(16.1)

(20.4)

(17.2)

of which: netting with collateral received / pledged

(2.5)

(2.5)

(2.1)

(2.0)

(2.5)

(3.4)

Cash collateral on derivative instruments, after consideration of further netting potential

16.5

13.9

12.5

13.9

9.5

14.3

1 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the

event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 2 Reflects the netting potential in

accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial

liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2023 for more information.