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Fair value measurement
 6 Months Ended
Jun. 30, 2024
Disclosure Of Fair Value Measurement [Line Items]  
Disclosure Of Fair Value Measurement Explanatory
Note 10
 
Fair value measurement
a) Fair value hierarchy
The fair
 
value hierarchy
 
classification of
 
financial and
 
non-financial assets
 
and liabilities
 
measured at
 
fair value
 
is
summarized in the table below.
During the
 
first six
 
months of
 
2024,
 
assets and
 
liabilities that
 
were
 
transferred from
 
Level 2 to
 
Level 1, or
 
from
Level 1 to Level 2, and were held for the entire
 
reporting period were not material.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Determination of fair values from quoted market
 
prices or valuation techniques
1
30.6.24
31.3.24
31.12.23
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
124,602
29,381
8,042
162,025
116,980
30,734
12,390
160,104
118,975
28,045
22,613
169,633
of which: Equity instruments
112,416
827
185
113,429
103,929
344
247
104,520
102,602
1,403
321
104,325
of which: Government bills / bonds
5,603
5,319
75
10,997
5,972
6,652
35
12,659
6,995
8,763
73
15,830
of which: Investment fund units
5,677
1,222
240
7,139
6,022
1,943
234
8,198
8,392
1,124
129
9,645
of which: Corporate and municipal bonds
896
16,569
900
18,365
1,052
16,152
1,045
18,250
984
12,801
1,284
15,069
of which: Loans
0
5,246
6,419
11,666
0
5,499
10,606
16,105
0
3,837
19,618
23,456
of which: Asset-backed securities
10
192
169
370
4
139
119
262
3
112
133
248
Derivative financial instruments
836
136,437
2,325
139,597
1,146
155,710
2,373
159,229
622
172,903
2,559
176,084
of which: Foreign exchange
331
50,521
121
50,974
416
61,337
197
61,951
347
78,060
253
78,659
of which: Interest rate
0
48,437
403
48,840
0
52,144
402
52,546
0
55,190
407
55,597
of which: Equity / index
0
32,239
1,154
33,392
0
36,489
1,186
37,675
0
34,174
1,299
35,473
of which: Credit
0
2,553
478
3,031
0
2,590
434
3,024
0
3,456
513
3,969
of which: Commodities
3
2,563
16
2,582
7
3,001
2
3,011
1
1,869
13
1,883
Brokerage receivables
0
25,273
0
25,273
0
22,796
0
22,796
0
21,037
0
21,037
Financial assets at fair value not held for trading
34,766
80,555
7,945
123,266
31,065
59,843
8,704
99,612
30,717
64,865
8,435
104,018
of which: Financial assets for unit-linked
investment contracts
16,957
6
0
16,963
16,458
25
0
16,482
15,877
7
0
15,884
of which: Corporate and municipal bonds
61
14,338
210
14,609
60
14,532
217
14,809
62
16,722
215
17,000
of which: Government bills / bonds
17,262
7,817
0
25,079
14,065
7,019
0
21,083
14,306
4,801
0
19,107
of which: Loans
0
3,699
2,553
6,252
0
3,710
2,167
5,878
0
4,252
2,258
6,510
of which: Securities financing transactions
0
53,069
268
53,337
0
32,840
98
32,938
0
36,857
52
36,909
of which: Asset-backed securities
0
1,108
500
1,608
0
1,169
500
1,668
0
1,525
180
1,704
of which: Auction rate securities
0
0
191
191
0
0
1,211
1,211
0
0
1,208
1,208
of which: Investment fund units
395
421
670
1,486
371
458
688
1,517
367
548
678
1,592
of which: Equity instruments
92
5
2,896
2,993
111
1
3,017
3,130
105
38
3,097
3,241
Financial assets measured at fair value through other comprehensive income on
 
a recurring basis
Financial assets measured at fair value through
other comprehensive income
62
2,105
0
2,167
67
2,011
0
2,078
68
2,165
0
2,233
of which: Commercial paper and certificates
of deposit
0
1,891
0
1,891
0
1,783
0
1,783
0
1,948
0
1,948
of which: Corporate and municipal bonds
62
205
0
267
67
179
0
246
68
207
0
276
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
6,445
0
0
6,445
6,466
0
0
6,466
5,930
0
0
5,930
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
0
43
43
0
0
35
35
0
0
31
31
Total assets measured at fair value
166,712
273,750
18,354
458,817
155,725
271,093
23,502
450,320
156,312
289,015
33,639
478,966
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Determination of fair values from quoted market
 
prices or valuation techniques (continued)
1
30.6.24
31.3.24
31.12.23
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
24,476
8,906
111
33,493
26,785
8,771
202
35,758
27,684
6,315
161
34,159
of which: Equity instruments
16,956
417
66
17,438
18,996
294
66
19,356
18,266
248
92
18,606
of which: Corporate and municipal bonds
33
7,118
35
7,186
34
6,966
132
7,132
28
4,981
62
5,071
of which: Government bills / bonds
6,171
1,260
5
7,437
6,596
1,232
0
7,828
8,559
905
0
9,464
of which: Investment fund units
1,315
38
4
1,357
1,159
216
3
1,378
832
118
4
954
Derivative financial instruments
876
143,744
4,448
149,069
967
156,208
5,867
163,042
771
185,815
5,595
192,181
of which: Foreign exchange
326
51,640
48
52,014
372
58,684
51
59,107
457
89,394
36
89,887
of which: Interest rate
0
47,021
243
47,264
0
49,966
307
50,273
0
52,673
246
52,920
of which: Equity / index
0
38,001
3,379
41,380
0
41,522
4,302
45,825
0
38,046
3,333
41,380
of which: Credit
0
3,456
371
3,827
0
3,205
525
3,731
0
4,081
619
4,700
of which: Commodities
2
1,951
14
1,967
3
2,618
20
2,642
0
1,437
21
1,458
of which: Loan commitments measured at
FVTPL
3
0
1,547
288
1,835
0
127
555
682
0
135
1,037
1,172
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
46,198
0
46,198
0
46,628
0
46,628
0
42,522
0
42,522
Debt issued designated at fair value
0
100,223
12,986
113,209
0
102,823
13,983
116,806
0
113,012
15,276
128,289
Other financial liabilities designated at fair value
0
28,484
3,391
31,875
0
25,490
2,650
28,140
0
26,878
2,606
29,484
of which: Financial liabilities related to unit-
linked investment contracts
0
17,080
0
17,080
0
16,612
0
16,612
0
15,992
0
15,992
of which: Securities financing transactions
0
7,699
0
7,699
0
5,121
0
5,121
0
7,416
0
7,416
of which: Over-the-counter debt instruments
and others
0
3,705
3,391
7,096
0
3,757
2,650
6,407
0
3,471
2,606
6,076
Total liabilities measured at fair value
25,352
327,555
20,936
373,844
27,752
339,920
22,703
390,374
28,454
374,542
23,638
426,635
1 Bifurcated embedded derivatives are presented on the same balance sheet
 
lines as their host contracts and are not included in
 
this table. The fair value of these derivatives was not material for the periods
 
presented.
 
2 Other non-financial assets primarily consist of properties and
 
other non-current assets held for sale,
 
which are measured at the lower of their net
 
carrying amount or fair value less costs to
 
sell.
 
3 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 15).
b) Valuation adjustments
The table below summarizes the changes
 
in deferred day-1 profit or loss reserves during the
 
relevant period.
 
Deferred day-1 profit or loss is generally released into
Other net income from financial instruments measured
 
at fair
value
 
through
 
profit
 
or
 
loss
 
when
 
the
 
pricing
 
of
 
equivalent
 
products
 
or
 
the
 
underlying
 
parameters
 
become
observable or when the transaction is closed out.
 
 
 
 
 
 
 
 
 
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD m
30.6.24
31.3.24
30.6.23
30.6.24
30.6.23
Reserve balance at the beginning of the period
384
404
399
404
422
Profit / (loss) deferred on new transactions
59
42
78
101
169
(Profit) / loss recognized in the income statement
(55)
(62)
(75)
(116)
(188)
Foreign currency translation
(1)
0
(1)
(1)
(1)
Reserve balance at the end of the period
388
384
402
388
402
The table below summarizes other valuation
 
adjustment reserves recognized on the
 
balance sheet.
 
 
 
 
 
 
 
 
 
 
 
 
Other valuation adjustment reserves on the
 
balance sheet
As of
USD m
30.6.24
31.3.24
31.12.23
Own credit adjustments on financial liabilities designated at fair value
1
(1,062)
(1,315)
(1,287)
of which: debt issued designated at fair value
(1,085)
(1,334)
(1,297)
of which: other financial liabilities designated at fair value
23
19
10
Credit valuation adjustments
2
(104)
(118)
(145)
Funding and debit valuation adjustments
(81)
(107)
(116)
Other valuation adjustments
(1,745)
(2,135)
(2,654)
of which: liquidity
(1,230)
(1,588)
(2,051)
of which: model uncertainty
(516)
(547)
(603)
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes.
 
2 Amount does not include reserves against defaulted counterparties.
c) Level 3 instruments: valuation techniques
 
and inputs
The
 
table
 
below
 
presents material
 
Level 3
 
assets
 
and
 
liabilities,
 
together
 
with
 
the
 
valuation
 
techniques
 
used
 
to
measure fair value,
 
as well as
 
the inputs used
 
in a given
 
valuation technique that are
 
considered significant as of
30 June 2024 and unobservable, and a range
 
of values for those unobservable inputs.
The range of values
 
represents the highest- and
 
lowest-level inputs used in the valuation
 
techniques. Therefore, the
range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of
the Group’s estimates and assumptions, but rather the different underlying characteristics of the relevant
 
assets and
liabilities held by the Group.
 
The significant unobservable
 
inputs disclosed in
 
the table below
 
are consistent with
 
those included in
 
“Note 21 Fair
value measurement” in the “Consolidated financial
 
statements” section of the UBS Group
 
Annual Report 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation techniques and inputs
 
used in the fair value measurement of Level
 
3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.6.24
31.12.23
USD bn
30.6.24
31.12.23
30.6.24
31.12.23
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for
 
trading and Financial assets at fair value not held for
 
trading
Corporate and municipal
bonds
1.1
1.5
0.0
0.1
Relative value to
market comparable
Bond price equivalent
19
126
95
5
126
99
points
Discounted expected
cash flows
Discount margin
243
3,055
687
135
491
463
basis
points
Traded loans,
 
loans
designated at fair value
and guarantees
9.3
22.0
0.0
0.0
Relative value to
market comparable
Loan price equivalent
1
114
74
1
120
88
points
Discounted expected
cash flows
Credit spread
19
1,779
367
19
2,681
614
basis
points
Investment fund units
3
0.9
0.8
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
3
3.1
3.4
0.1
0.1
Relative value to
market comparable
Price
Debt issued designated at
fair value
4
13.0
15.3
Other financial liabilities
designated at fair value
3.4
2.6
Discounted expected
cash flows
Funding spread
106
201
51
201
basis
points
Derivative financial instruments
Interest rate
0.4
0.4
0.2
0.2
Option model
Volatility of interest rates
48
149
45
154
basis
points
Volatility of inflation
1
6
1
6
%
IR-to-IR correlation
71
99
4
100
%
Credit
0.5
0.5
0.4
0.6
Discounted expected
cash flows
Credit spreads
 
3
2,967
1
2,421
basis
points
Credit correlation
50
66
50
66
%
Credit volatility
60
60
60
60
%
Recovery rates
0
100
14
100
%
Equity / index
1.2
1.3
3.4
3.3
Option model
Equity dividend yields
0
19
0
17
%
Volatility of equity stocks,
equity and other indices
4
135
4
142
%
Equity-to-FX correlation
(40)
77
(40)
77
%
Equity-to-equity correlation
10
100
(50)
100
%
Loan commitments
measured at FVTPL
0.3
1.0
Relative value to
market comparable
Loan price equivalent
15
100
35
102
points
1 The ranges of significant unobservable inputs are represented in points, percentages and basis points.
 
Points are a percentage of par (e.g., 100 points would be 100% of par).
 
2 Weighted averages are provided for
most non-derivative financial instruments and were calculated
 
by weighting inputs based on the
 
fair values of the respective instruments. Weighted averages are
 
not provided for inputs related
 
to Other financial liabilities
designated at fair value
 
and Derivative financial instruments,
 
as this would not
 
be meaningful.
 
3 The range
 
of inputs is not
 
disclosed, as there is
 
a dispersion of values
 
given the diverse nature
 
of the investments.
 
4 Debt issued designated at fair value primarily consists of UBS structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, as well as rates-linked and credit-linked
notes, all of
 
which have embedded
 
derivative parameters
 
that are considered
 
to be unobservable.
 
The equivalent
 
derivative instrument paramet
 
ers for debt issued
 
or embedded derivatives
 
for over-the-counter
 
debt
instruments are presented in the respective derivative financial instruments lines in this table.
d) Level 3 instruments: sensitivity to changes
 
in unobservable input assumptions
The table below summarizes those financial assets and liabilities classified as Level 3 for
 
which a change in one or
more of
 
the unobservable
 
inputs to
 
reflect reasonably
 
possible alternative
 
assumptions would
 
change fair
 
value
significantly, and the estimated effect thereof.
 
The
 
sensitivity data
 
shown below
 
presents an
 
estimation of
 
valuation uncertainty
 
based
 
on
 
reasonably possible
alternative values for Level 3
 
inputs at the balance sheet
 
date and does not represent
 
the estimated effect of stress
scenarios. Typically,
 
these financial
 
assets and
 
liabilities are
 
sensitive to
 
a combination
 
of inputs
 
from Levels 1–3.
Although well-defined interdependencies may exist
 
between Level 1 / 2 parameters and
 
Level 3 parameters (e.g.,
between interest rates,
 
which are generally
 
Level 1 or Level 2,
 
and prepayments,
 
which are generally
 
Level 3), these
have not been incorporated
 
in the table. Furthermore,
 
direct interrelationships between
 
the Level 3 parameters are
not a significant element of the valuation uncertainty.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sensitivity of fair value measurements to changes
 
in unobservable input assumptions
1
30.6.24
31.3.24
31.12.23
USD m
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Traded loans, loans measured at fair value and guarantees
453
(433)
441
(407)
635
(600)
Securities financing transactions
34
(31)
37
(33)
30
(32)
Auction rate securities
8
(6)
39
(25)
67
(21)
Asset-backed securities
44
(48)
54
(58)
39
(36)
Equity instruments
428
(403)
447
(428)
430
(413)
Investment fund units
140
(141)
142
(144)
135
(137)
Loan commitments measured at FVTPL
85
(110)
148
(176)
313
(343)
Interest rate derivatives, net
139
(81)
209
(102)
217
(103)
Credit derivatives, net
124
(128)
117
(117)
140
(131)
Foreign exchange derivatives, net
3
(4)
4
(4)
5
(4)
Equity / index derivatives, net
651
(546)
563
(498)
521
(443)
Other
83
(90)
126
(141)
281
(276)
Total
2,192
(2,021)
2,327
(2,133)
2,815
(2,538)
1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative
 
or Other.
e) Level 3 instruments: movements during
 
the period
The table below presents additional information about material Level 3 assets and liabilities measured at fair value
on a recurring basis. Level 3 assets and liabilities
 
may be hedged with instruments
 
classified as Level 1 or Level 2 in
the fair
 
value hierarchy
 
and, as
 
a
 
result,
 
realized and
 
unrealized gains
 
and losses
 
included in
 
the table
 
may not
include the effect of related hedging
 
activity. Furthermore, the realized and unrealized gains and
 
losses presented
in the table are not
 
limited solely to those
 
arising from Level 3 inputs,
 
as valuations are generally
 
derived from both
observable and unobservable parameters.
Assets
 
and
 
liabilities
 
transferred
 
into
 
or
 
out
 
of
 
Level 3
 
are
 
presented
 
as
 
if
 
those
 
assets
 
or
 
liabilities
 
had
 
been
transferred on 1 January 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Movements of Level 3 instruments
USD bn
Balance
at the
 
beginning
of the
period
Credit
Suisse
Level 3
assets and
liabilities
acquired
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
 
into
 
Level 3
Transfers
 
out of
 
Level 3
Foreign
 
currency
 
translation
Balance
at the
end
of the
period
For the six months ended 30 June 2024
2
Financial assets at fair value held for
trading
22.6
0.3
(0.3)
0.9
(11.6)
0.8
(5.7)
1.6
(0.7)
(0.1)
8.0
of which: Equity instruments
0.3
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.1)
(0.0)
0.2
of which: Corporate and municipal
bonds
1.3
(0.1)
(0.0)
0.3
(0.5)
0.0
0.0
0.0
(0.1)
(0.0)
0.9
of which: Loans
19.6
0.5
(0.2)
0.4
(9.9)
0.8
(5.7)
1.4
(0.6)
(0.1)
6.4
Derivative financial instruments –
assets
2.6
(0.0)
0.0
0.0
(0.0)
0.6
(0.5)
0.3
(0.6)
(0.0)
2.3
of which: Interest rate
0.4
0.0
0.1
0.0
(0.0)
0.0
(0.1)
0.1
(0.0)
0.0
0.4
of which: Equity / index
1.3
(0.0)
(0.0)
0.0
(0.0)
0.5
(0.2)
0.1
(0.4)
(0.0)
1.2
of which: Credit
0.5
(0.1)
(0.0)
0.0
(0.0)
0.1
(0.1)
0.1
(0.0)
(0.0)
0.5
Financial assets at fair value not held
for trading
8.4
(0.2)
(0.3)
0.3
(0.2)
1.1
(1.7)
0.5
(0.2)
(0.1)
7.9
of which: Loans
2.3
(0.1)
(0.1)
0.2
(0.0)
0.7
(0.3)
0.0
(0.1)
(0.1)
2.6
of which: Auction rate securities
1.2
0.0
(0.0)
0.0
0.0
0.0
(1.1)
0.0
0.0
0.0
0.2
of which: Equity instruments
3.1
(0.1)
(0.1)
0.0
(0.1)
0.0
0.0
0.0
0.0
(0.1)
2.9
Derivative financial instruments –
liabilities
5.6
(0.8)
(0.3)
0.0
(0.2)
1.7
(1.4)
0.3
(0.6)
(0.0)
4.4
of which: Interest rate
0.2
(0.1)
0.1
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Equity / index
3.3
0.0
0.0
0.0
(0.1)
1.5
(1.1)
0.2
(0.5)
(0.0)
3.4
of which: Credit
0.6
(0.1)
(0.1)
0.0
(0.0)
0.1
(0.2)
0.0
(0.0)
(0.0)
0.4
of which: Loan commitments
measured at FVTPL
1.0
(0.6)
(0.2)
0.0
(0.1)
0.0
(0.0)
0.0
0.0
(0.0)
0.3
Debt issued designated at fair value
15.3
(0.4)
(0.0)
0.0
0.0
3.0
(2.9)
0.7
(2.7)
(0.1)
13.0
Other financial liabilities designated at
fair value
2.6
(0.1)
(0.0)
0.0
(0.0)
1.1
(0.5)
0.4
(0.1)
(0.0)
3.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended 30 June 2023
3
Financial assets at fair value held for
trading
1.5
26.2
(0.5)
(0.6)
0.5
(1.9)
1.1
0.0
0.1
(0.3)
0.0
26.7
of which: Investment fund units
0.1
0.1
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
0.1
of which: Corporate and municipal
bonds
0.5
1.1
(0.4)
(0.4)
0.3
(0.6)
0.0
0.0
0.0
(0.0)
0.0
1.0
of which: Loans
0.6
23.1
(0.1)
(0.1)
0.0
(1.1)
1.1
0.0
(0.0)
(0.2)
(0.0)
23.5
Derivative financial instruments –
assets
1.5
1.4
(0.1)
(0.1)
0.0
(0.0)
0.5
(0.3)
0.1
(0.2)
0.0
3.0
of which: Interest rate
0.5
0.2
0.1
0.1
0.0
0.0
0.1
(0.0)
0.0
(0.0)
(0.0)
0.8
of which: Equity / index
0.7
0.5
(0.1)
(0.1)
0.0
(0.0)
0.3
(0.2)
0.0
(0.2)
(0.0)
1.1
of which: Credit
0.3
0.2
(0.0)
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
(0.0)
0.0
0.6
Financial assets at fair value not held
for trading
3.7
4.2
0.0
0.0
0.5
(0.4)
0.0
(0.0)
0.1
(0.1)
0.0
8.0
of which: Loans
0.7
0.8
0.0
0.0
0.2
(0.0)
0.0
(0.0)
0.0
(0.1)
(0.0)
1.6
of which: Auction rate securities
1.3
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
1.3
of which: Equity instruments
0.8
2.1
(0.0)
(0.0)
0.2
(0.1)
0.0
0.0
0.0
0.0
0.0
3.1
Derivative financial instruments –
liabilities
1.7
4.5
0.4
0.3
0.0
(0.2)
0.8
(0.4)
0.1
(0.3)
0.0
6.6
of which: Interest rate
0.1
0.2
0.0
0.0
0.0
0.0
0.1
(0.1)
0.0
0.0
0.0
0.4
of which: Equity / index
1.2
1.7
0.5
0.5
0.0
(0.0)
0.6
(0.3)
0.0
(0.1)
0.0
3.7
of which: Credit
0.3
0.3
0.0
0.0
0.0
(0.0)
0.1
(0.0)
0.1
(0.2)
(0.0)
0.6
of which: Loan commitments
measured at FVTPL
0.0
2.0
(0.2)
(0.2)
0.0
(0.2)
0.0
0.0
0.0
0.0
0.0
1.6
Debt issued designated at fair value
10.5
8.5
0.4
0.4
0.0
0.0
2.4
(2.5)
0.6
(0.8)
(0.0)
19.1
Other financial liabilities designated at
fair value
0.7
2.1
0.0
0.0
0.0
0.0
0.2
(0.1)
0.0
(0.0)
(0.0)
3.0
1 Net gains / losses included
 
in comprehensive income are recognized
 
in Net interest income and
 
Other net income from financial
 
instruments measured at fair value
 
through profit or loss in
 
the Income statement,
and also in
 
Gains / (losses)
 
from own credit
 
on financial
 
liabilities designated
 
at fair value,
 
before tax
 
in the Statement
 
of comprehensive
 
income.
 
2 Total
 
Level 3 assets as
 
of 30 June
 
2024 were
 
USD
18.4
bn
(31 December 2023: USD
33.6
bn). Total Level 3
 
liabilities as of
 
30 June 2024 were
 
USD
20.9
bn (31 December 2023:
 
USD
23.6
bn).
 
3 Comparative-period information
 
has been revised.
 
Please refer to
 
“Note 2
Accounting for the acquisition of the Credit Suisse Group” in the UBS Group Annual Report 2023 for more information about the IFRS 3 measurement period
 
adjustments.
f) Financial instruments not measured
 
at fair value
The table
 
below reflects
 
the estimated
 
fair values
 
of financial
 
instruments not
 
measured at
 
fair value.
 
Valuation
principles applied
 
when determining fair
 
value estimates for
 
financial instruments not
 
measured at
 
fair value
 
are
consistent with those described in “Note 21
 
Fair value measurement” in the “Consolidated financial statements”
section of the UBS Group Annual Report 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial instruments not measured at fair value
30.6.24
31.3.24
31.12.23
USD bn
Carrying
amount
Fair value
Carrying
amount
1
Fair value
Carrying
amount
1
Fair value
Assets
Cash and balances at central banks
248.3
248.3
271.4
271.4
314.1
314.1
Amounts due from banks
22.0
22.0
22.1
22.1
21.1
21.2
Receivables from securities financing transactions measured at amortized
 
cost
82.0
82.0
101.6
101.7
99.0
99.0
Cash collateral receivables on derivative instruments
43.6
43.6
46.7
46.7
50.1
50.1
Loans and advances to customers
599.1
594.6
605.1
600.0
639.7
633.5
Other financial assets measured at amortized cost
60.4
58.2
62.7
60.6
65.5
63.9
Liabilities
Amounts due to banks
26.8
26.8
47.9
47.8
71.0
71.0
Payables from securities financing transactions measured at amortized cost
14.9
14.9
13.0
12.9
14.4
14.4
Cash collateral payables on derivative instruments
32.8
32.8
37.3
37.3
41.6
41.5
Customer deposits
756.8
757.3
764.0
764.8
792.0
792.9
Debt issued measured at amortized cost
229.2
233.8
226.3
230.9
237.8
241.3
Other financial liabilities measured at amortized cost
2
16.3
16.2
16.2
16.0
15.3
15.2
1 Comparative-period information has been revised. Refer to Note 2 for more information.
 
2 Excludes lease liabilities.