Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Income Taxes Tables [Line Items]

Income taxes

For the year ended

USD m

31.12.24

31.12.23

31.12.22

Tax expense / (benefit)

Swiss

Current

672

883

730

Deferred

296

152

(15)

Total Swiss

968

1,035

715

Non-Swiss

Current

1,498

684

718

Deferred

(791)

(846)

509

Total non-Swiss

707

(162)

1,227

Total income tax expense / (benefit) recognized in the income statement

1,675

873

1,942

Income tax expense / (benefit)

For the year ended

USD m

31.12.24

31.12.23

31.12.22

Operating profit / (loss) before tax

6,821

28,255

9,604

of which: Swiss

3,002

32,237

4,425

of which: non-Swiss

3,819

(3,981)

5,178

Income taxes at Swiss tax rate of

18.5

% for 2024,

18.5

% for 2023 and

18

% for 2022

1,262

5,227

1,729

Increase / (decrease) resulting from:

Non-Swiss tax rates differing from Swiss tax rate

(197)

(224)

284

Tax effects of losses not recognized

1,012

1,584

74

Previously unrecognized tax losses now utilized

(454)

(401)

(217)

Non-taxable and lower-taxed income

1

(447)

(5,641)

(335)

Non-deductible expenses and additional taxable income

1,774

1,651

429

Adjustments related to prior years, current tax

(102)

(87)

(41)

Adjustments related to prior years, deferred tax

9

(1)

13

Change in deferred tax recognition

(1,480)

(1,288)

(217)

Adjustments to deferred tax balances arising from changes in tax rates

(40)

26

0

Other items

338

25

222

Income tax expense / (benefit)

1,675

873

1,942

1 The reconciling item for non-taxable and lower-taxed income for 2023 primarily reflects that the negative goodwill gain that was recorded in the income statement in relation to the acquisition of the Credit Suisse

Group did not result in any tax expense.

Deferred tax assets and liabilities

USD m

31.12.24

31.12.23

Deferred tax assets

1

Gross

Valuation

allowance

Recognized

Gross

Valuation

allowance

Recognized

Tax loss carry-forwards

19,940

(17,663)

2,277

19,070

(16,078)

2,992

Unused tax credits

675

0

675

95

0

95

Temporary differences

10,841

(2,659)

8,182

11,159

(3,564)

7,595

of which: related to real estate costs capitalized for US tax

purposes

2,971

0

2,971

2,703

0

2,703

of which: related to compensation and benefits

1,984

(503)

1,482

1,795

(471)

1,324

of which: related to cash flow hedges

529

0

529

765

(139)

626

of which: other

5,358

(2,156)

3,201

5,896

(2,954)

2,942

Total deferred tax assets

31,456

(20,322)

11,134

2

30,324

(19,642)

10,682

2

of which: related to the US

9,340

9,023

of which: related to other locations

1,794

1,659

Deferred tax liabilities

Total deferred tax liabilities

340

325

1 After offset of DTLs, as applicable. 2 As of 31 December 2024, the Group recognized DTAs of USD

697

m (31 December 2023: USD

426

m) in respect of entities that incurred losses in either 2024 or 2023.

Unrecognized tax loss carry-forwards

Unrecognized tax loss carry-forwards

USD m

31.12.24

31.12.23

Within 1 year

387

342

From 2 to 5 years

9,491

10,839

From 6 to 10 years

3,127

7,114

From 11 to 20 years

3,760

1,818

No expiry

50,838

44,222

Total

67,603

64,335

of which: related to the US

1

19,213

12,354

of which: related to the UK

38,293

37,773

of which: related to other locations

10,097

14,208

1 Mainly related to UBS AG’s US branch.