Net interest income and other net income from fair value changes on financial instruments

12 Months Ended

Dec. 31, 2023

Disclosure Of Net Interest Income And Other Net Income From Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items]

Disclosure Of Net Interest Income And Other Net Income From Financial Instruments Measured At Fair Value Through Profit Or Loss Explanatory

Note 4 Net interest income and other net income from financial instruments measured at fair value through

profit or loss

For the year ended

USD m

31.12.23

31.12.22

31.12.21

Net interest income from financial instruments measured at fair value through profit or loss and other

3,770

1,403

1,431

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

1

11,583

7,517

5,850

Total net income from financial instruments measured at fair value through profit or loss and other

15,353

8,920

7,281

Net interest income

Interest income from loans and deposits

2

28,569

9,612

6,488

Interest income from securities financing transactions measured at amortized cost

3

3,948

1,378

513

Interest income from other financial instruments measured at amortized cost

1,187

545

284

Interest income from debt instruments measured at fair value through other comprehensive income

103

74

115

Interest resulting from derivative instruments designated as cash flow hedges 

(2,064)

173

1,133

Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income

31,743

11,782

8,533

Interest expense on loans and deposits

4

15,011

2,579

523

Interest expense on securities financing transactions measured at amortized cost

5

1,968

1,089

1,102

Interest expense on debt issued

11,072

2,803

1,533

Interest expense on lease liabilities

166

92

102

Total interest expense from financial instruments measured at amortized cost

28,216

6,564

3,259

Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive income

3,527

5,218

5,274

Total net interest income from financial instruments measured at fair value through profit or loss and other

3,770

1,403

1,431

Total net interest income

7,297

6,621

6,705

1 Includes net losses from financial liabilities designated at fair value of USD

4,843

m (net gains of USD

17,037

m in 2022 and net losses of USD

6,582

m in 2021). This complementary “of which” information for

financial liabilities designated at fair value excludes fair value changes on hedges related to financial liabilities designated at fair value, and foreign currency translation effects arising from translating foreign currency

transactions into the respective functional currency, both of which are reported within Other net income from financial instruments measured at fair value through profit or loss. Net gains / (losses) from financial

liabilities designated at fair value included net losses of

2,045

m (net gains of USD

4,112

m and net losses of USD

2,068

m in 2022 and 2021, respectively) from financial liabilities related to unit-linked investment

notes issued by UBS’s Asset Management business. These gains / (losses) are fully offset within Other net income from financial instruments measured at fair value through profit or loss by the fair value change on

the financial assets hedging the unit-linked investment contracts, which are not disclosed as part of Net gains / (losses) from financial liabilities designated at fair value. 2 Consists of interest income from cash and

balances at central banks, amounts due from banks and customers, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks, customer deposits, and cash

collateral payables on derivative instruments. 3 Includes negative interest, including fees, on payables from securities financing transactions measured at amortized cost. 4 Consists of interest expense on amounts

due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances at central banks, amounts due from banks, and cash collateral receivables

on derivative instruments. 5 Includes negative interest, including fees, on receivables from securities financing transactions measured at amortized cost.

Total combined net interest income and other net income from financial instruments measured at fair value through

profit or loss increased by USD

4,743

m to USD

18,880

m, mainly driven by the consolidation of USD

4,302

m of Credit

Suisse revenues, and included USD

1,533

m of accretion from purchase price allocation (PPA) adjustments on financial

instruments and other effects. Accretion from PPA adjustments is included within

Interest income from loans and

deposits.