UBS AG
First quarter 2019 report
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: April 30, 2019
UBS AG
Commission File Number: 1-15060
(Registrant’s Name)
Bahnhofstrasse 45, Zurich, Switzerland and
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 x Form 40-F o
This Form 6-K consists of the First Quarter 2019 Report of UBS AG, which appears immediately following this page.
UBS AG
First quarter 2019 report
3 1. Risk and capital 6 7 2. Consolidated 13 Appendix 53
management
financial statements
Corporate calendar UBS AG
Publication of the second quarter 2019 report: Friday, 26 July 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
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supports
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investors from our offices in Zurich, New York and Krakow.
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New York +1-212-882 5734
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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.
UBS AG consolidated key figures
|
UBS AG consolidated key figures |
|
|
|
|
|
|
|
As of or for the quarter ended |
||
|
USD million, except where indicated |
|
31.3.19 |
31.12.18 |
31.3.18 |
|
Results |
|
|
|
|
|
Operating income |
|
7,343 |
7,083 |
8,301 |
|
Operating expenses |
|
5,890 |
6,667 |
6,404 |
|
Operating profit / (loss) before tax |
|
1,454 |
416 |
1,897 |
|
Net profit / (loss) attributable to shareholders |
|
1,069 |
272 |
1,412 |
|
Profitability and growth1 |
|
|
|
|
|
Return on equity (%)2 |
|
8.1 |
2.1 |
10.7 |
|
Return on tangible equity (%)3 |
|
9.3 |
2.4 |
12.3 |
|
Return on common equity tier 1 capital (%)4 |
|
12.3 |
3.1 |
16.3 |
|
Return on risk-weighted assets, gross (%)5 |
|
11.1 |
11.0 |
13.1 |
|
Return on leverage ratio denominator, gross (%)5 |
|
3.2 |
3.1 |
3.6 |
|
Cost / income ratio (%)6 |
|
80.0 |
93.4 |
76.9 |
|
Net profit growth (%)7 |
|
(24.3) |
|
16.4 |
|
Resources |
|
|
|
|
|
Total assets |
|
956,737 |
958,055 |
965,224 |
|
Equity attributable to shareholders |
|
53,216 |
52,256 |
53,185 |
|
Common equity tier 1 capital8 |
|
34,933 |
34,608 |
35,060 |
|
Risk-weighted assets8 |
|
266,581 |
262,840 |
266,202 |
|
Common equity tier 1 capital ratio (%)8 |
|
13.1 |
13.2 |
13.2 |
|
Going concern capital ratio (%)8 |
|
17.0 |
16.1 |
15.9 |
|
Total loss-absorbing capacity ratio (%)8 |
|
32.2 |
31.3 |
30.7 |
|
Leverage ratio denominator8 |
|
911,410 |
904,458 |
926,914 |
|
Common equity tier 1 leverage ratio (%)8 |
|
3.83 |
3.83 |
3.78 |
|
Going concern leverage ratio (%)8 |
|
5.0 |
4.7 |
4.6 |
|
Total loss-absorbing capacity leverage ratio (%)8 |
|
9.4 |
9.1 |
8.8 |
|
Other |
|
|
|
|
|
Invested assets (USD billion)9 |
|
3,318 |
3,101 |
3,309 |
|
Personnel (full-time equivalents)10 |
|
47,773 |
47,643 |
46,433 |
|
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. 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 first quarter 2019 report for more information. 9 Includes invested assets for Global Wealth Management, Asset Management and Personal & Corporate Banking. 10 As of 31 March 2019, the breakdown of personnel by business division and Corporate Center was: Global Wealth Management: 23,397; Personal & Corporate Banking: 5,133; Asset Management: 2,250; Investment Bank: 5,008; Corporate Center: 11,986. |
||||
|
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
UBS Group AG is the holding company for the UBS Group and the parent company of UBS AG. 100% of the issued shares of UBS AG are held by UBS Group 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 for the quarter ended 31 March 2019. Regulatory information for UBS AG standalone is provided in the 31 March 2019 Pillar 3 report, which is available under “Pillar 3 disclosures” at www.ubs.com/investors.
® Refer to the UBS Group first 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 Group for services provided, including a markup on costs incurred.
– UBS Group AG consolidated equity was USD 0.5 billion higher compared to the equity of UBS AG consolidated as of 31 March 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. 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, largely offset by the treasury shares held to hedge the related share delivery obligation and those acquired as part of our share repurchase program. 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.
– Going concern capital of UBS AG consolidated was USD 4.1 billion lower than going concern capital of UBS Group AG consolidated as of 31 March 2019, reflecting USD 4.3 billion less additional tier 1 (AT1) capital, partly offset by USD 0.3 billion higher common equity tier 1 (CET1) capital.
– CET1 capital of UBS AG consolidated was USD 0.3 billion higher than that of UBS Group AG consolidated as of 31 March 2019. The main drivers are differences in equity, in deductions for compensation-related regulatory capital components and in dividend accruals.
– Going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 4.3 billion lower than that of UBS Group AG consolidated as of 31 March 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
|
Comparison UBS Group AG consolidated versus UBS AG consolidated |
|
|
|
|
||||
|
|
|
As of or for the quarter ended 31.3.19 |
|
As of or for the quarter ended 31.12.18 |
||||
|
USD million, except where indicated |
|
UBS Group AG (consolidated) |
UBS AG (consolidated) |
Difference (absolute) |
|
UBS Group AG (consolidated) |
UBS AG (consolidated) |
Difference (absolute) |
|
|
|
|
|
|
|
|
|
|
|
Income statement |
|
|
|
|
|
|
|
|
|
Operating income |
|
7,218 |
7,343 |
(125) |
|
6,972 |
7,083 |
(111) |
|
Operating expenses |
|
5,672 |
5,890 |
(217) |
|
6,492 |
6,667 |
(176) |
|
Operating profit / (loss) before tax |
|
1,546 |
1,454 |
92 |
|
481 |
416 |
65 |
|
of which: Global Wealth Management |
|
863 |
848 |
16 |
|
327 |
316 |
11 |
|
of which: Personal & Corporate Banking |
|
387 |
386 |
1 |
|
644 |
645 |
(1) |
|
of which: Asset Management |
|
103 |
103 |
0 |
|
106 |
105 |
1 |
|
of which: Investment Bank |
|
207 |
187 |
20 |
|
(78) |
(79) |
1 |
|
of which: Corporate Center |
|
(15) |
(71) |
56 |
|
(518) |
(571) |
53 |
|
Net profit / (loss) |
|
1,139 |
1,067 |
72 |
|
315 |
273 |
42 |
|
of which: net profit / (loss) attributable to shareholders |
|
1,141 |
1,069 |
72 |
|
315 |
272 |
42 |
|
of which: net profit / (loss) attributable to non-controlling interests |
|
(2) |
(2) |
0 |
|
1 |
1 |
0 |
|
|
|
|
|
|
|
|
|
|
|
Statement of comprehensive income |
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
(100) |
(90) |
(10) |
|
893 |
895 |
(2) |
|
of which: attributable to shareholders |
|
(104) |
(94) |
(10) |
|
892 |
894 |
(2) |
|
of which: attributable to non-controlling interests |
|
4 |
4 |
0 |
|
1 |
1 |
0 |
|
Total comprehensive income |
|
1,039 |
977 |
62 |
|
1,208 |
1,168 |
41 |
|
of which: attributable to shareholders |
|
1,037 |
974 |
62 |
|
1,207 |
1,166 |
41 |
|
of which: attributable to non-controlling interests |
|
2 |
2 |
0 |
|
2 |
2 |
0 |
|
|
|
|
|
|
|
|
|
|
|
Balance sheet |
|
|
|
|
|
|
|
|
|
Total assets |
|
956,579 |
956,737 |
(158) |
|
958,489 |
958,055 |
434 |
|
Total liabilities |
|
902,739 |
903,348 |
(609) |
|
905,386 |
905,624 |
(238) |
|
Total equity |
|
53,840 |
53,389 |
451 |
|
53,103 |
52,432 |
671 |
|
of which: equity attributable to shareholders |
|
53,667 |
53,216 |
451 |
|
52,928 |
52,256 |
671 |
|
of which: equity attributable to non-controlling interests |
|
173 |
173 |
0 |
|
176 |
176 |
0 |
|
|
|
|
|
|
|
|
|
|
|
Capital information |
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
|
34,658 |
34,933 |
(275) |
|
34,119 |
34,608 |
(489) |
|
Going concern capital |
|
49,436 |
45,368 |
4,068 |
|
46,279 |
42,413 |
3,865 |
|
Risk-weighted assets |
|
267,556 |
266,581 |
976 |
|
263,747 |
262,840 |
907 |
|
Common equity tier 1 capital ratio (%) |
|
13.0 |
13.1 |
(0.2) |
|
12.9 |
13.2 |
(0.2) |
|
Going concern capital ratio (%) |
|
18.5 |
17.0 |
1.5 |
|
17.5 |
16.1 |
1.4 |
|
Total loss-absorbing capacity ratio (%) |
|
32.7 |
32.2 |
0.5 |
|
31.7 |
31.3 |
0.5 |
|
Leverage ratio denominator |
|
910,993 |
911,410 |
(417) |
|
904,598 |
904,458 |
140 |
|
Common equity tier 1 leverage ratio (%) |
|
3.80 |
3.83 |
(0.03) |
|
3.77 |
3.83 |
(0.05) |
|
Going concern leverage ratio (%) |
|
5.4 |
5.0 |
0.4 |
|
5.1 |
4.7 |
0.4 |
|
Total loss-absorbing capacity leverage ratio (%) |
|
9.6 |
9.4 |
0.2 |
|
9.3 |
9.1 |
0.2 |
4
Risk and capital management
Management report
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 first 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 31 March 2019 was USD 1.7 billion, or 0.3%, higher than the exposure of UBS Group, compared with USD 1.8 billion or 0.3% as of 31 December 2018.
® Refer to the “Risk management and control” section of the UBS Group first quarter 2019 report for more information
6
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, available under “Annual reporting” at www.ubs.com/investors.
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 31 March 2019 Pillar 3 report – UBS Group and significant regulated subsidiaries and sub-groups, which is available 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 31 March 2019 for UBS AG consolidated.
|
Swiss SRB going and gone concern requirements and information1 |
||||||||||||
|
As of 31.3.19 |
|
Swiss SRB, including transitional arrangements |
|
Swiss SRB as of 1.1.20 |
||||||||
|
USD million, except where indicated |
|
RWA |
|
LRD |
|
RWA |
|
LRD |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Required loss-absorbing capacity |
|
in % |
|
|
in % |
|
|
in % |
|
|
in % |
|
|
Common equity tier 1 capital |
|
9.99 |
26,630 |
|
3.20 |
29,165 |
|
10.31 |
27,483 |
|
3.50 |
31,899 |
|
of which: minimum capital |
|
4.90 |
13,062 |
|
1.70 |
15,494 |
|
4.50 |
11,996 |
|
1.50 |
13,671 |
|
of which: buffer capital |
|
4.78 |
12,743 |
|
1.50 |
13,671 |
|
5.50 |
14,662 |
|
2.00 |
18,228 |
|
of which: countercyclical buffer2 |
|
0.31 |
825 |
|
|
|
|
0.31 |
825 |
|
|
|
|
Maximum additional tier 1 capital |
|
3.90 |
10,397 |
|
1.30 |
11,848 |
|
4.30 |
11,463 |
|
1.50 |
13,671 |
|
of which: high-trigger loss-absorbing additional tier 1 minimum capital |
|
3.10 |
8,264 |
|
1.30 |
11,848 |
|
3.50 |
9,330 |
|
1.50 |
13,671 |
|
of which: high-trigger loss-absorbing additional tier 1 buffer capital |
|
0.80 |
2,133 |
|
|
|
|
0.80 |
2,133 |
|
|
|
|
Total going concern capital |
|
13.893 |
37,026 |
|
4.50 |
41,013 |
|
14.614 |
38,946 |
|
5.004 |
45,570 |
|
Base gone concern loss-absorbing capacity, including applicable add-ons and rebate/reduction |
|
9.745 |
25,976 |
|
3.365 |
30,623 |
|
10.746 |
28,637 |
|
3.836 |
34,881 |
|
Total gone concern loss-absorbing capacity |
|
9.74 |
25,976 |
|
3.36 |
30,623 |
|
10.74 |
28,637 |
|
3.83 |
34,881 |
|
Total loss-absorbing capacity |
|
23.63 |
63,002 |
|
7.86 |
71,637 |
|
25.35 |
67,583 |
|
8.83 |
80,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eligible loss-absorbing capacity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
|
13.10 |
34,933 |
|
3.83 |
34,933 |
|
13.10 |
34,933 |
|
3.83 |
34,933 |
|
High-trigger loss-absorbing additional tier 1 capital7 |
|
6.17 |
16,447 |
|
1.80 |
16,447 |
|
3.91 |
10,435 |
|
1.14 |
10,435 |
|
of which: high-trigger loss-absorbing additional tier 1 capital |
|
3.91 |
10,435 |
|
1.14 |
10,435 |
|
3.91 |
10,435 |
|
1.14 |
10,435 |
|
of which: low-trigger loss-absorbing tier 2 capital |
|
2.26 |
6,012 |
|
0.66 |
6,012 |
|
|
|
|
|
|
|
Total going concern capital |
|
19.27 |
51,380 |
|
5.64 |
51,380 |
|
17.02 |
45,368 |
|
4.98 |
45,368 |
|
Gone concern loss-absorbing capacity |
|
12.90 |
34,400 |
|
3.77 |
34,400 |
|
15.16 |
40,412 |
|
4.43 |
40,412 |
|
of which: TLAC-eligible debt |
|
11.46 |
30,548 |
|
3.35 |
30,548 |
|
11.46 |
30,548 |
|
3.35 |
30,548 |
|
Total gone concern loss-absorbing capacity |
|
12.90 |
34,400 |
|
3.77 |
34,400 |
|
15.16 |
40,412 |
|
4.43 |
40,412 |
|
Total loss-absorbing capacity |
|
32.18 |
85,780 |
|
9.41 |
85,780 |
|
32.18 |
85,780 |
|
9.41 |
85,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets / leverage ratio denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets |
|
|
266,581 |
|
|
|
|
|
266,581 |
|
|
|
|
Leverage ratio denominator |
|
|
|
|
|
911,410 |
|
|
|
|
|
911,410 |
|
1 This table includes a rebate equal to 40% of the maximum rebate on the gone concern requirements, which was granted by FINMA and will be phased in until 1 January 2020 plus an additional reduction of 1.27% for the RWA requirement and 0.37% for the LRD requirement, respectively under Swiss SRB as of 1.1.20 rules, for the usage of low-trigger tier 2 capital instruments to fulfill gone concern requirements. 2 Going concern capital ratio requirements include countercyclical buffer requirements of 0.31%. 3 Includes applicable add-ons of 0.72% for risk-weighted assets (RWA). 4 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.5% for leverage ratio denominator (LRD). 5 Includes applicable add-ons of 1.08% for RWA and 0.38% for LRD and applicable rebate of 1.86% for RWA and 0.64% for LRD. 6 Includes applicable add-ons of 1.44% for RWA and 0.5% for LRD and applicable rebate/reduction of 3.56% for RWA and 1.17% for LRD. 7 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. |
||||||||||||
7
|
Swiss SRB going and gone concern information |
|
|
|
|
|
|
|
|
|
Swiss SRB, including transitional arrangements |
|
Swiss SRB as of 1.1.20 |
||
|
USD million, except where indicated |
|
31.3.19 |
31.12.18 |
|
31.3.19 |
31.12.18 |
|
|
|
|
|
|
|
|
|
Going concern capital |
|
|
|
|
|
|
|
Common equity tier 1 capital |
|
34,933 |
34,608 |
|
34,933 |
34,608 |
|
High-trigger loss-absorbing additional tier 1 capital |
|
10,435 |
7,805 |
|
10,435 |
7,805 |
|
Total loss-absorbing additional tier 1 capital |
|
10,435 |
7,805 |
|
10,435 |
7,805 |
|
Total tier 1 capital |
|
45,368 |
42,413 |
|
45,368 |
42,413 |
|
Low-trigger loss-absorbing tier 2 capital1 |
|
6,012 |
6,008 |
|
|
|
|
Total tier 2 capital |
|
6,012 |
6,008 |
|
|
|
|
Total going concern capital |
|
51,380 |
48,421 |
|
45,368 |
42,413 |
|
|
|
|
|
|
|
|
|
Gone concern loss-absorbing capacity2 |
|
|
|
|
|
|
|
Low-trigger loss-absorbing additional tier 1 capital3 |
|
2,380 |
2,378 |
|
2,380 |
2,378 |
|
Total tier 1 capital |
|
2,380 |
2,378 |
|
2,380 |
2,378 |
|
Low-trigger loss-absorbing tier 2 capital1 |
|
781 |
771 |
|
6,793 |
6,779 |
|
Non-Basel III-compliant tier 2 capital4 |
|
690 |
693 |
|
690 |
693 |
|
Total tier 2 capital |
|
1,471 |
1,464 |
|
7,483 |
7,471 |
|
TLAC-eligible debt |
|
30,548 |
29,988 |
|
30,548 |
29,988 |
|
Total gone concern loss-absorbing capacity |
|
34,400 |
33,830 |
|
40,412 |
39,837 |
|
|
|
|
|
|
|
|
|
Total loss-absorbing capacity |
|
|
|
|
|
|
|
Total loss-absorbing capacity |
|
85,780 |
82,251 |
|
85,780 |
82,251 |
|
|
|
|
|
|
|
|
|
Risk-weighted assets / leverage ratio denominator |
|
|
|
|
|
|
|
Risk-weighted assets |
|
266,581 |
262,840 |
|
266,581 |
262,840 |
|
Leverage ratio denominator |
|
911,410 |
904,458 |
|
911,410 |
904,458 |
|
|
|
|
|
|
|
|
|
Capital and loss-absorbing capacity ratios (%) |
|
|
|
|
|
|
|
Going concern capital ratio |
|
19.3 |
18.4 |
|
17.0 |
16.1 |
|
of which: common equity tier 1 capital ratio |
|
13.1 |
13.2 |
|
13.1 |
13.2 |
|
Gone concern loss-absorbing capacity ratio |
|
12.9 |
12.9 |
|
15.2 |
15.2 |
|
Total loss-absorbing capacity ratio |
|
32.2 |
31.3 |
|
32.2 |
31.3 |
|
|
|
|
|
|
|
|
|
Leverage ratios (%) |
|
|
|
|
|
|
|
Going concern leverage ratio |
|
5.6 |
5.4 |
|
5.0 |
4.7 |
|
of which: common equity tier 1 leverage ratio |
|
3.83 |
3.83 |
|
3.83 |
3.83 |
|
Gone concern leverage ratio |
|
3.8 |
3.7 |
|
4.4 |
4.4 |
|
Total loss-absorbing capacity leverage ratio |
|
9.4 |
9.1 |
|
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. |
||||||
8
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 31.3.19 |
|
Swiss SRB, including transitional arrangements |
|
Swiss SRB as of 1.1.20 |
||||
|
USD million, except where indicated |
|
UBS Group AG (consolidated) |
UBS AG (consolidated) |
Differences |
|
UBS Group AG (consolidated) |
UBS AG (consolidated) |
Differences |
|
|
|
|
|
|
|
|
|
|
|
Going concern capital |
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital |
|
34,658 |
34,933 |
(275) |
|
34,658 |
34,933 |
(275) |
|
High-trigger loss-absorbing additional tier 1 capital |
|
12,397 |
10,435 |
1,962 |
|
12,397 |
10,435 |
1,962 |
|
Low-trigger loss-absorbing additional tier 1 capital |
|
2,381 |
|
2,381 |
|
2,381 |
|
2,381 |
|
Total loss-absorbing additional tier 1 capital |
|
14,778 |
10,435 |
4,343 |
|
14,778 |
10,435 |
4,343 |
|
Total tier 1 capital |
|
49,436 |
45,368 |
4,068 |
|
49,436 |
45,368 |
4,068 |
|
Low-trigger loss-absorbing tier 2 capital1 |
|
6,012 |
6,012 |
0 |
|
|
|
|
|
Total tier 2 capital |
|
6,012 |
6,012 |
0 |
|
|
|
|
|
Total going concern capital |
|
55,448 |
51,380 |
4,068 |
|
49,436 |
45,368 |
4,068 |
|
|
|
|
|
|
|
|
|
|
|
Gone concern loss-absorbing capacity2 |
|
|
|
|
|
|
|
|
|
Low-trigger loss-absorbing additional tier 1 capital |
|
|
2,3803 |
(2,380) |
|
|
2,3803 |
(2,380) |
|
Total tier 1 capital |
|
|
2,380 |
(2,380) |
|
|
2,380 |
(2,380) |
|
Low-trigger loss-absorbing tier 2 capital1 |
|
781 |
781 |
0 |
|
6,793 |
6,793 |
0 |
|
Non-Basel III-compliant tier 2 capital |
|
690 |
690 |
0 |
|
690 |
690 |
0 |
|
Total tier 2 capital |
|
1,471 |
1,471 |
0 |
|
7,483 |
7,483 |
0 |
|
TLAC-eligible debt |
|
30,548 |
30,548 |
0 |
|
30,548 |
30,548 |
0 |
|
Total gone concern loss-absorbing capacity |
|
32,020 |
34,400 |
(2,380) |
|
38,032 |
40,412 |
(2,380) |
|
|
|
|
|
|
|
|
|
|
|
Total loss-absorbing capacity |
|
|
|
|
|
|
|
|
|
Total loss-absorbing capacity |
|
87,468 |
85,780 |
1,688 |
|
87,468 |
85,780 |
1,688 |
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets / leverage ratio denominator |
|
|
|
|
|
|
||
|
Risk-weighted assets |
|
267,556 |
266,581 |
976 |
|
267,556 |
266,581 |
976 |
|
Leverage ratio denominator |
|
910,993 |
911,410 |
(417) |
|
910,993 |
911,410 |
(417) |
|
|
|
|
|
|
|
|
|
|
|
Capital and loss-absorbing capacity ratios (%) |
|
|
|
|
|
|
|
|
|
Going concern capital ratio |
|
20.7 |
19.3 |
1.5 |
|
18.5 |
17.0 |
1.5 |
|
of which: common equity tier 1 capital ratio |
|
13.0 |
13.1 |
(0.2) |
|
13.0 |
13.1 |
(0.2) |
|
Gone concern loss-absorbing capacity ratio |
|
12.0 |
12.9 |
(0.9) |
|
14.2 |
15.2 |
(0.9) |
|
Total loss-absorbing capacity ratio |
|
32.7 |
32.2 |
0.5 |
|
32.7 |
32.2 |
0.5 |
|
|
|
|
|
|
|
|
|
|
|
Leverage ratios (%) |
|
|
|
|
|
|
|
|
|
Going concern leverage ratio |
|
6.1 |
5.6 |
0.4 |
|
5.4 |
5.0 |
0.4 |
|
of which: common equity tier 1 leverage ratio |
|
3.80 |
3.83 |
(0.03) |
|
3.80 |
3.83 |
(0.03) |
|
Gone concern leverage ratio |
|
3.5 |
3.8 |
(0.3) |
|
4.2 |
4.4 |
(0.3) |
|
Total loss-absorbing capacity leverage ratio |
|
9.6 |
9.4 |
0.2 |
|
9.6 |
9.4 |
0.2 |
|
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. |
||||||||
9
|
Reconciliation of IFRS equity to Swiss SRB common equity tier 1 capital (UBS Group AG vs UBS AG consolidated) |
||||
|
As of 31.3.19 |
|
|
|
|
|
USD million |
|
UBS Group AG (consolidated) |
UBS AG (consolidated) |
Differences |
|
Total IFRS equity |
|
53,840 |
53,389 |
451 |
|
Equity attributable to preferred noteholders and non-controlling interests |
|
(173) |
(173) |
0 |
|
Deferred tax assets recognized for tax loss carry-forwards |
|
(6,308) |
(6,308) |
0 |
|
Deferred tax assets on temporary differences, excess over threshold |
|
(344) |
(292) |
(51) |
|
Goodwill, net of tax |
|
(6,298) |
(6,298) |
0 |
|
Intangible assets, net of tax |
|
(236) |
(236) |
0 |
|
Compensation-related components (not recognized in net profit) |
|
(1,359) |
|
(1,359) |
|
Expected losses on advanced internal ratings-based portfolio less provisions |
|
(379) |
(379) |
0 |
|
Unrealized (gains) / losses from cash flow hedges, net of tax |
|
(564) |
(564) |
0 |
|
Unrealized own credit related to financial liabilities designated at fair value, net of tax, and replacement values |
|
(51) |
(51) |
0 |
|
Prudential valuation adjustments |
|
(104) |
(104) |
0 |
|
Accruals for proposed dividends to shareholders for 2018 |
|
(2,648) |
(3,250) |
602 |
|
Other1 |
|
(717) |
(799) |
83 |
|
Total common equity tier 1 capital |
|
34,658 |
34,933 |
(275) |
|
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 4.1 billion lower than going concern capital of UBS Group AG consolidated as of 31 March 2019, primarily reflecting additional tier 1 (AT1) capital of USD 4.3 billion, partly offset by higher common equity tier 1 (CET1) capital of USD 0.3 billion. The gone concern loss-absorbing capacity was USD 2.4 billion higher, due to low-trigger loss-absorbing AT1 capital.
CET1 capital of UBS AG consolidated was USD 0.3 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 largely offset by lower equity of UBS AG consolidated, as well as a higher dividend accrual at the UBS AG level.
Going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 4.3 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 31 March 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 4.1 billion lower.
® Refer to the “Capital management” section of the UBS Group first 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
10
Consolidated
financial statements
Unaudited
|
|
UBS AG interim consolidated
financial |
|
|
|
|
13 |
|
|
14 |
|
|
16 |
|
|
18 |
|
|
20 |
|
|
|
|
|
22 |
|
|
26 |
|
|
27 |
|
|
28 |
|
|
28 |
|
|
29 |
|
|
29 |
|
|
29 |
|
|
30 |
|
|
33 |
|
|
41 |
|
|
42 |
|
|
44 |
|
|
44 |
|
|
45 |
|
|
52 |
16 Guarantees,
commitments and forward starting |
|
52 |
|
|
|
|
|
|
|
UBS AG interim consolidated
financial statements (unaudited)
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended |
||
|
USD million |
|
Note |
|
31.3.19 |
31.12.18 |
31.3.18 |
|
Interest income from financial instruments measured at amortized cost and fair value through other comprehensive income |
|
3 |
|
2,674 |
2,691 |
2,389 |
|
Interest expense from financial instruments measured at amortized cost |
|
3 |
|
(1,912) |
(1,810) |
(1,409) |
|
Interest income from financial instruments measured at fair value through profit or loss |
|
3 |
|
1,346 |
1,338 |
1,114 |
|
Interest expense from financial instruments measured at fair value through profit or loss |
|
3 |
|
(1,006) |
(1,013) |
(677) |
|
Net interest income |
|
3 |
|
1,101 |
1,207 |
1,417 |
|
Other net income from financial instruments measured at fair value through profit or loss |
|
|
|
1,936 |
1,294 |
1,973 |
|
Credit loss (expense) / recovery |
|
9 |
|
(20) |
(53) |
(26) |
|
Fee and commission income |
|
4 |
|
4,566 |
4,709 |
5,197 |
|
Fee and commission expense |
|
4 |
|
(409) |
(439) |
(433) |
|
Net fee and commission income |
|
4 |
|
4,157 |
4,270 |
4,764 |
|
Other income |
|
5 |
|
169 |
365 |
174 |
|
Total operating income |
|
|
|
7,343 |
7,083 |
8,301 |
|
Personnel expenses |
|
6 |
|
3,468 |
3,262 |
3,771 |
|
General and administrative expenses |
|
7 |
|
2,026 |
3,094 |
2,371 |
|
Depreciation and impairment of property, equipment and software |
|
|
|
379 |
293 |
246 |
|
Amortization and impairment of intangible assets |
|
|
|
16 |
17 |
16 |
|
Total operating expenses |
|
|
|
5,890 |
6,667 |
6,404 |
|
Operating profit / (loss) before tax |
|
|
|
1,454 |
416 |
1,897 |
|
Tax expense / (benefit) |
|
8 |
|
387 |
143 |
484 |
|
Net profit / (loss) |
|
|
|
1,067 |
273 |
1,413 |
|
Net profit / (loss) attributable to non-controlling interests |
|
|
|
(2) |
1 |
2 |
|
Net profit / (loss) attributable to shareholders |
|
|
|
1,069 |
272 |
1,412 |
13
UBS AG interim consolidated financial statements (unaudited)
|
Statement of comprehensive income |
|
|
|
|
|
|
|
For the quarter ended |
||
|
USD million |
|
31.3.19 |
31.12.18 |
31.3.18 |
|
|
|
|
|
|
|
Comprehensive income attributable to shareholders |
|
|
|
|
|
Net profit / (loss) |
|
1,069 |
272 |
1,412 |
|
|
|
|
|
|
|
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 |
|
(151) |
(129) |
643 |
|
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax |
|
26 |
21 |
106 |
|
Foreign currency translation differences on foreign operations reclassified to the income statement |
|
1 |
(7) |
0 |
|
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement |
|
0 |
2 |
0 |
|
Income tax relating to foreign currency translations, including the impact of net investment hedges |
|
1 |
0 |
0 |
|
Subtotal foreign currency translation, net of tax |
|
(122) |
(112) |
749 |
|
Financial assets measured at fair value through other comprehensive income |
|
|
|
|
|
Net unrealized gains / (losses), before tax |
|
81 |
68 |
(80) |
|
Impairment charges reclassified to the income statement from equity |
|
0 |
0 |
0 |
|
Realized gains reclassified to the income statement from equity |
|
(1) |
0 |
0 |
|
Realized losses reclassified to the income statement from equity |
|
0 |
0 |
0 |
|
Income tax relating to net unrealized gains / (losses) |
|
(17) |
(23) |
24 |
|
Subtotal financial assets measured at fair value through other comprehensive income, net of tax |
|
62 |
44 |
(57) |
|
Cash flow hedges of interest rate risk |
|
|
|
|
|
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax |
|
588 |
816 |
(476) |
|
Net (gains) / losses reclassified to the income statement from equity |
|
(21) |
(43) |
(134) |
|
Income tax relating to cash flow hedges |
|
(107) |
(157) |
122 |
|
Subtotal cash flow hedges, net of tax |
|
459 |
616 |
(488) |
|
Total other comprehensive income that may be reclassified to the income statement, net of tax |
|
399 |
548 |
205 |
|
|
|
|
|
|
|
Other comprehensive income that will not be reclassified to the income statement |
|
|
|
|
|
Defined benefit plans |
|
|
|
|
|
Gains / (losses) on defined benefit plans, before tax |
|
(160) |
(240) |
(36) |
|
Income tax relating to defined benefit plans |
|
(16) |
218 |
22 |
|
Subtotal defined benefit plans, net of tax |
|
(176) |
(22) |
(14) |
|
Own credit on financial liabilities designated at fair value |
|
|
|
|
|
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax |
|
(326) |
376 |
180 |
|
Income tax relating to own credit on financial liabilities designated at fair value |
|
8 |
(8) |
(2) |
|
Subtotal own credit on financial liabilities designated at fair value, net of tax |
|
(318) |
368 |
178 |
|
Total other comprehensive income that will not be reclassified to the income statement, net of tax |
|
(494) |
346 |
164 |
|
|
|
|
|
|
|
Total other comprehensive income |
|
(94) |
894 |
369 |
|
Total comprehensive income attributable to shareholders |
|
974 |
1,166 |
1,781 |
14
|
Statement of comprehensive income (continued) |
|
|
|
|
|
|
|
For the quarter ended |
||
|
USD million |
|
31.3.19 |
31.12.18 |
31.3.18 |
|
|
|
|
|
|
|
Comprehensive income attributable to non-controlling interests |
|
|
|
|
|
Net profit / (loss) |
|
(2) |
1 |
2 |
|
|
|
|
|
|
|
Other comprehensive income that will not be reclassified to the income statement |
|
|
|
|
|
Foreign currency translation movements, before tax |
|
4 |
1 |
2 |
|
Income tax relating to foreign currency translation movements |
|
0 |
0 |
0 |
|
Subtotal foreign currency translation, net of tax |
|
4 |
1 |
2 |
|
Total other comprehensive income that will not be reclassified to the income statement, net of tax |
|
4 |
1 |
2 |
|
Total comprehensive income attributable to non-controlling interests |
|
2 |
2 |
3 |
|
|
|
|
|
|
|
Total comprehensive income |
|
|
|
|
|
Net profit / (loss) |
|
1,067 |
273 |
1,413 |
|
Other comprehensive income |
|
(90) |
895 |
371 |
|
of which: other comprehensive income that may be reclassified to the income statement |
|
399 |
548 |
205 |
|
of which: other comprehensive income that will not be reclassified to the income statement |
|
(489) |
347 |
166 |
|
Total comprehensive income |
|
977 |
1,168 |
1,784 |
|
|
||||
15
UBS AG interim consolidated financial statements (unaudited)
|
Balance sheet |
|
|
|
|
|
|
USD million |
|
Note |
|
31.3.19 |
31.12.18 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and balances at central banks |
|
|
|
110,618 |
108,370 |
|
Loans and advances to banks |
|
|
|
16,777 |
16,642 |
|
Receivables from securities financing transactions |
|
|
|
100,222 |
95,349 |
|
Cash collateral receivables on derivative instruments |
|
11 |
|
25,164 |
23,603 |
|
Loans and advances to customers |
|
9 |
|
320,466 |
321,482 |
|
Other financial assets measured at amortized cost |
|
12 |
|
22,495 |
22,637 |
|
Total financial assets measured at amortized cost |
|
|
|
595,744 |
588,084 |
|
Financial assets at fair value held for trading |
|
10 |
|
109,683 |
104,513 |
|
of which: assets pledged as collateral that may be sold or repledged by counterparties |
|
|
|
33,828 |
32,121 |
|
Derivative financial instruments |
|
10, 11 |
|
111,161 |
126,212 |
|
Brokerage receivables |
|
10 |
|
16,275 |
16,840 |
|
Financial assets at fair value not held for trading |
|
10 |
|
80,973 |
82,387 |
|
Total financial assets measured at fair value through profit or loss |
|
|
|
318,092 |
329,953 |
|
Financial assets measured at fair value through other comprehensive income |
|
10 |
|
7,168 |
6,667 |
|
Investments in associates |
|
|
|
1,095 |
1,099 |
|
Property, equipment and software |
|
|
|
11,642 |
8,479 |
|
Goodwill and intangible assets |
|
|
|
6,621 |
6,647 |
|
Deferred tax assets |
|
|
|
9,799 |
10,066 |
|
Other non-financial assets |
|
12 |
|
6,577 |
7,062 |
|
Total assets |
|
|
|
956,737 |
958,055 |
16
|
Balance sheet (continued) |
|
|
|
|
|
|
USD million |
|
Note |
|
31.3.19 |
31.12.18 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Amounts due to banks |
|
|
|
9,083 |
10,962 |
|
Payables from securities financing transactions |
|
|
|
5,246 |
10,296 |
|
Cash collateral payables on derivative instruments |
|
11 |
|
30,319 |
28,906 |
|
Customer deposits |
|
|
|
428,129 |
421,986 |
|
Funding from UBS Group AG and its subsidiaries |
|
|
|
44,354 |
41,202 |
|
Debt issued measured at amortized cost |
|
14 |
|
83,894 |
91,245 |
|
Other financial liabilities measured at amortized cost |
|
12 |
|
10,770 |
7,576 |
|
Total financial liabilities measured at amortized cost |
|
|
|
611,795 |
612,174 |
|
Financial liabilities at fair value held for trading |
|
10 |
|
34,259 |
28,949 |
|
Derivative financial instruments |
|
10, 11 |
|
110,809 |
125,723 |
|
Brokerage payables designated at fair value |
|
10 |
|
39,326 |
38,420 |
|
Debt issued designated at fair value |
|
10, 13 |
|
66,919 |
57,031 |
|
Other financial liabilities designated at fair value |
|
10, 12 |
|
32,394 |
33,594 |
|
Total financial liabilities measured at fair value through profit or loss |
|
|
|
283,706 |
283,717 |
|
Provisions |
|
15 |
|
3,165 |
3,457 |
|
Other non-financial liabilities |
|
12 |
|
4,682 |
6,275 |
|
Total liabilities |
|
|
|
903,348 |
905,624 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
|
|
|
338 |
338 |
|
Share premium |
|
|
|
24,651 |
24,655 |
|
Retained earnings |
|
|
|
23,886 |
23,317 |
|
Other comprehensive income recognized directly in equity, net of tax |
|
|
|
4,341 |
3,946 |
|
Equity attributable to shareholders |
|
|
|
53,216 |
52,256 |
|
Equity attributable to non-controlling interests |
|
|
|
173 |
176 |
|
Total equity |
|
|
|
53,389 |
52,432 |
|
Total liabilities and equity |
|
|
|
956,737 |
958,055 |
17
UBS AG interim consolidated financial statements (unaudited)
|
Statement of changes in equity |
|
|
|
|
USD million |
Share capital |
Share premium |
Retained earnings |
|
Balance as of 1 January 2018 |
338 |
24,633 |
21,646 |
|
Issuance of share capital |
|
|
|
|
Premium on shares issued and warrants exercised |
|
19 |
|
|
Tax (expense) / benefit |
|
|
|
|
Dividends |
|
|
|
|
Translation effects recognized directly in retained earnings |
|
|
(22) |
|
New consolidations / (deconsolidations) and other increases / (decreases) |
|
14 |
|
|
Total comprehensive income for the period |
|
|
1,576 |
|
of which: net profit / (loss) |
|
|
1,412 |
|
of which: other comprehensive income (OCI) that may be reclassified to the income statement, net of tax |
|
|
|
|
of which: OCI that will not be reclassified to the income statement, net of tax – defined benefit plans |
|
|
(14) |
|
of which: OCI that will not be reclassified to the income statement, net of tax – own credit |
|
|
178 |
|
of which: OCI that will not be reclassified to the income statement, net of tax – foreign currency translation |
|
|
|
|
Balance as of 31 March 2018 |
338 |
24,666 |
23,200 |
|
|
|
|
|
|
Balance as of 1 January 2019 before the adoption of IFRIC 23 |
338 |
24,655 |
23,317 |
|
Effect of adoption of IFRIC 23 |
|
|
(11) |
|
Balance as of 1 January 2019 after the adoption of IFRIC 23 |
338 |
24,655 |
23,306 |
|
Issuance of share capital |
|
|
|
|
Premium on shares issued and warrants exercised |
|
|
|
|
Tax (expense) / benefit |
|
2 |
|
|
Dividends |
|
|
|
|
Translation effects recognized directly in retained earnings |
|
|
4 |
|
New consolidations / (deconsolidations) and other increases / (decreases) |
|
(6) |
|
|
Total comprehensive income for the period |
|
|
575 |
|
of which: net profit / (loss) |
|
|
1,069 |
|
of which: other comprehensive income (OCI) that may be reclassified to the income statement, net of tax |
|
|
|
|
of which: OCI that will not be reclassified to the income statement, net of tax – defined benefit plans |
|
|
(176) |
|
of which: OCI that will not be reclassified to the income statement, net of tax – own credit |
|
|
(318) |
|
of which: OCI that will not be reclassified to the income statement, net of tax – foreign currency translation |
|
|
|
|
Balance as of 31 March 2019 |
338 |
24,651 |
23,886 |
|
1 Excludes defined benefit plans and own credit that are recorded directly in Retained earnings. |
|||
18
|
|
|
|
|
|
|
|
|
Other comprehensive income recognized directly in equity, net of tax1 |
of which: foreign currency translation |
of which: financial assets measured at fair value through OCI |
of which: cash flow hedges |
Total equity attributable to shareholders |
Non-controlling interests |
Total equity |
|
4,754 |
4,455 |
(61) |
360 |
51,370 |
59 |
51,429 |
|
|
|
|
|
0 |
|
0 |
|
|
|
|
|
19 |
|
19 |
|
|
|
|
|
0 |
|
0 |
|
|
|
|
|
0 |
(4) |
(4) |
|
22 |
|
3 |
20 |
0 |
|
0 |
|
|
|
|
|
14 |
8 |
22 |
|
205 |
749 |
(57) |
(488) |
1,781 |
3 |
1,784 |
|
|
|
|
|
1,412 |
2 |
1,413 |
|
205 |
749 |
(57) |
(488) |
205 |
|
205 |
|
|
|
|
|
(14) |
|
(14) |
|
|
|
|
|
178 |
|
178 |
|
|
|
|
|
0 |
2 |
2 |
|
4,981 |
5,205 |
(115) |
(108) |
53,185 |
65 |
53,250 |
|
|
|
|
|
|
|
|
|
3,946 |
3,940 |
(103) |
109 |
52,256 |
176 |
52,432 |
|
|
|
|
|
(11) |
|
(11) |
|
3,946 |
3,940 |
(103) |
109 |
52,245 |
176 |
52,421 |
|
|
|
|
|
0 |
|
0 |
|
|
|
|
|
0 |
|
0 |
|
|
|
|
|
2 |
|
2 |
|
|
|
|
|
0 |
(4) |
(4) |
|
(4) |
|
|
(4) |
0 |
|
0 |
|
|
|
|
|
(6) |
0 |
(7) |
|
399 |
(122) |
62 |
459 |
974 |
2 |
977 |
|
|
|
|
|
1,069 |
(2) |
1,067 |
|
399 |
(122) |
62 |
459 |
399 |
|
399 |
|
|
|
|
|
(176) |
|
(176) |
|
|
|
|
|
(318) |
|
(318) |
|
|
|
|
|
0 |
4 |
4 |
|
4,341 |
3,818 |
(40) |
564 |
53,216 |
173 |
53,389 |
|
|
|
|
|
|
|
|
19
UBS AG interim consolidated financial statements (unaudited)
|
Statement of cash flows |
|
|
|
|
|
|
Year-to-date |
|
|
USD million |
|
31.3.19 |
31.3.18 |
|
|
|
|
|
|
Cash flow from / (used in) operating activities |
|
|
|
|
Net profit / (loss) |
|
1,067 |
1,413 |
|
Non-cash items included in net profit and other adjustments: |
|
|
|
|
Depreciation and impairment of property, equipment and software |
|
379 |
246 |
|
Amortization and impairment of intangible assets |
|
16 |
16 |
|
Credit loss expense / (recovery) |
|
20 |
26 |
|
Share of net profits of associates / joint ventures and impairment of associates |
|
(15) |
(16) |
|
Deferred tax expense / (benefit) |
|
228 |
288 |
|
Net loss / (gain) from investing activities |
|
(73) |
157 |
|
Net loss / (gain) from financing activities |
|
4,272 |
(3,911) |
|
Other net adjustments |
|
178 |
(604) |
|
Net change in operating assets and liabilities: |
|
|
|
|
Loans and advances to banks / amounts due to banks |
|
(1,696) |
1,785 |
|
Securities financing transactions |
|
(9,997) |
5,254 |
|
Cash collateral on derivative instruments |
|
(131) |
(1,866) |
|
Loans and advances to customers |
|
(1,570) |
(7,194) |
|
Customer deposits |
|
9,797 |
(3,959) |
|
Financial assets and liabilities at fair value held for trading and derivative financial instruments |
|
1,697 |
15,394 |
|
Brokerage receivables and payables |
|
1,473 |
4,015 |
|
Financial assets at fair value not held for trading, other financial assets and liabilities |
|
(1,266) |
(7,005) |
|
Provisions, other non-financial assets and liabilities |
|
(639) |
(986) |
|
Income taxes paid, net of refunds |
|
(204) |
(141) |
|
Net cash flow from / (used in) operating activities |
|
3,535 |
2,913 |
|
|
|
|
|
|
Cash flow from / (used in) investing activities |
|
|
|
|
Purchase of subsidiaries, associates and intangible assets |
|
(1) |
(6) |
|
Disposal of subsidiaries, associates and intangible assets1 |
|
27 |
30 |
|
Purchase of property, equipment and software |
|
(314) |
(344) |
|
Disposal of property, equipment and software |
|
2 |
28 |
|
Purchase of financial assets measured at fair value through other comprehensive income |
|
||