6-K 1 edgar1q25significan.htm edgar1q25significan
 
 
 
 
 
 
 
 
 
 
 
 
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: May 8, 2025
UBS Group AG
(Registrant's
 
Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's
 
Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
 
Indicate by check mark whether the registrants file or will file annual
 
reports under cover of Form 20-F or Form
40-
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
 
 
This Form 6-K consists of UBS supplementary information
 
for significant regulated subsidiaries and sub-groups
 
for
the first quarter of 2025, which appear immediately following this page.
 
edgar00significantregp3i0
 
 
UBS Group significant
 
regulated subsidiary
 
and sub-group information
First quarter
 
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant regulated subsidiary and sub-group
 
information
 
3
Significant regulated subsidiary
and sub-group information
Unaudited
 
Financial and regulatory key figures for our significant regulated
subsidiaries and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
USD
CHF
EUR
USD
Financial and regulatory requirements
IFRS Accounting Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
31.3.25
31.12.24
31.3.25
31.12.24
31.3.25
31.12.24
31.3.25
31.12.24
1
31.3.25
31.12.24
2
Financial information
3
Income statement
Total operating income
4
12,040
11,076
3,956
4,884
3,215
2,941
347
316
4,567
4,392
Total operating expenses
10,701
11,017
3,521
3,823
2,419
2,478
310
289
4,348
4,205
Operating profit / (loss) before tax
1,339
59
434
1,060
796
464
37
27
219
187
Net profit / (loss)
1,035
(254)
409
1,025
663
372
30
21
331
249
Balance sheet
Total assets
1,547,489
1,568,060
938,573
966,697
518,544
526,521
54,463
55,344
210,803
211,893
Total liabilities
 
1,450,367
1,473,394
848,944
878,365
491,592
500,273
49,858
50,966
183,825
185,168
Total equity
97,123
94,666
89,629
88,332
26,952
26,249
4,605
4,377
26,978
26,725
Capital
5
Common equity tier 1 capital
 
70,756
 
73,792
 
70,980
 
75,051
 
21,596
 
21,659
3,424
3,239
16,236
16,123
Additional tier 1 capital
 
18,325
 
15,830
 
18,325
 
15,830
 
7,995
 
7,994
600
600
2,817
2,818
Total going concern capital / Tier 1 capital
 
89,081
 
89,623
 
89,305
 
90,881
 
29,590
 
29,652
4,024
3,839
19,053
18,941
Tier 2 capital
 
205
 
207
 
204
 
204
205
240
Total capital
4,024
3,839
19,258
19,181
Total gone concern loss-absorbing capacity
 
93,705
 
92,177
 
93,703
 
92,174
 
19,248
 
19,274
2,527
6
2,540
6
7,800
7
7,800
7
Total loss-absorbing capacity
 
182,786
 
181,800
 
183,009
 
183,055
 
48,838
 
48,926
6,551
6,379
26,853
7
26,741
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
 
481,539
 
495,110
 
514,897
 
507,964
 
174,610
 
186,265
14,474
14,079
79,345
78,585
Leverage ratio denominator
 
1,565,845
 
1,523,277
 
935,496
 
899,348
 
551,716
 
556,053
55,593
55,676
204,960
197,487
Supplementary leverage ratio denominator
234,346
227,973
Capital and leverage ratios (%)
5
Common equity tier 1 capital ratio
 
14.7
 
14.9
 
13.8
 
14.8
 
12.4
 
11.6
 
23.7
 
23.0
 
20.5
 
20.5
Going concern capital ratio / Tier 1 capital ratio
 
18.5
 
18.1
 
17.3
 
17.9
 
16.9
 
15.9
 
27.8
 
27.3
 
24.0
 
24.1
Total capital ratio
 
27.8
 
27.3
 
24.3
 
24.4
Total loss-absorbing capacity ratio
 
38.0
 
36.7
 
28.0
 
26.3
 
45.3
 
45.3
 
33.8
 
34.0
Tier 1 leverage ratio
 
7.2
 
6.9
 
9.3
 
9.6
Supplementary tier 1 leverage ratio
 
8.1
 
8.3
Going concern leverage ratio
 
5.7
 
5.9
 
9.5
 
10.1
 
5.4
 
5.3
Total loss-absorbing capacity leverage ratio
 
11.7
 
11.9
 
8.9
 
8.8
 
11.8
 
11.5
 
13.1
 
13.5
Gone concern capital coverage ratio
 
125.1
 
122.3
Liquidity coverage ratio
5
High-quality liquid assets (bn)
318.9
331.6
150.5
142.7
111.2
125.0
18.7
17.3
28.2
26.8
Net cash outflows (bn)
176.9
178.2
66.0
58.6
81.2
87.2
13.4
12.5
21.2
20.1
Liquidity coverage ratio (%)
180.3
186.1
229.2
8
244.0
137.1
9
143.5
140.4
138.9
132.9
133.6
Net stable funding ratio
5
Total available stable funding (bn)
853.7
847.0
410.5
410.2
355.0
359.2
18.6
17.1
107.9
109.3
Total required stable funding (bn)
695.2
682.5
418.7
421.8
276.3
271.7
13.2
13.7
80.5
80.5
Net stable funding ratio (%)
122.8
124.1
98.1
10
97.3
128.5
10
132.2
140.5
125.5
134.0
135.8
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
11
3
3
1 Comparative figures have been restated to align
 
with the regulatory reports as submitted to the European
 
Central Bank (the ECB).
 
2 The 2024 financial and regulatory
 
information for UBS Americas Holding LLC
is inclusive of Credit Suisse Holdings (USA), Inc. following the reparenting
 
of this entity under UBS Americas Holding LLC on 7 June
 
2024.
 
3 The financial information disclosed does not represent a full set of financial
statements under the respective GAAP / IFRS Accounting Standards.
 
4 The total operating income includes credit loss expense
 
or release.
 
5 Refer to the UBS Group and significant regulated subsidiaries and sub-
groups 31 March 2025
 
Pillar 3 Report, available
 
under “Pillar 3
 
disclosures” at ubs.com/investors,
 
for more information.
 
6 Consists of positions
 
that meet the
 
conditions laid down
 
in Art. 72a–b of
 
the Capital
Requirements Regulation II with regard to contractual, structural or legal subordination.
 
7 Consists of eligible long-term debt that meets the conditions specified in 12 CFR § 252.162 of the final total loss-absorbing
capacity (TLAC) rules.
 
TLAC is the
 
sum of tier 1
 
capital and eligible
 
long-term debt.
 
8 In the first
 
quarter of 2025,
 
the liquidity coverage
 
ratio (the LCR)
 
of UBS AG was
 
229.2%, remaining above
 
the prudential
requirements communicated by FINMA.
 
9 In the first quarter of 2025, the LCR of
 
UBS Switzerland AG, which is a
 
Swiss SRB, was 137.1%, remaining
 
above the prudential requirement communicated by FINMA
 
in
connection with the Swiss Emergency Plan.
 
10 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into
account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding.
 
11 Under certain circumstances, the Swiss Banking Act and FINMA’s Banking Insolvency Ordinance authorize
FINMA to modify, extinguish
 
or convert to common equity liabilities
 
of a bank in connection with
 
a resolution or insolvency of
 
such bank. As of 31 March
 
2025, the amount consists of a
 
joint and several liability of
UBS Switzerland AG for contractual obligations of UBS AG related to the establishment of UBS Switzerland AG (CHF 2.3bn), and a joint and several
 
liability of UBS Switzerland AG in connection with the international
covered bonds program of UBS AG (CHF 0.5bn) which was fully collateralized through cash deposits
 
from UBS AG.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant regulated subsidiary and sub-group
 
information
 
4
UBS Group AG
 
is
 
a
 
holding
 
company
 
and
 
conducts
 
substantially
 
all
 
of
 
its
 
operations
 
through
 
UBS AG
 
and
subsidiaries thereof. UBS Group AG and
 
UBS AG have contributed a
 
significant portion of
 
their respective capital
to,
 
and
 
provide
 
substantial
 
liquidity
 
to,
 
such
 
subsidiaries.
 
Many
 
of
 
these
 
subsidiaries
 
are
 
subject
 
to
 
regulations
requiring compliance
 
with minimum
 
capital, liquidity
 
and similar requirements.
 
The tables in
 
this section summarize
the
 
regulatory
 
capital
 
components
 
and
 
capital
 
ratios
 
of
 
our
 
significant
 
regulated
 
subsidiaries
 
and
 
sub-groups
determined under the regulatory framework of
 
each subsidiary’s or sub-group’s home
 
jurisdiction.
Supervisory authorities generally have discretion to impose higher requirements or
 
to otherwise limit the activities
of subsidiaries. Supervisory
 
authorities also may
 
require entities to
 
measure capital
 
and leverage ratios
 
on a stressed
basis and may limit
 
the ability of
 
an entity to engage
 
in new activities or
 
take capital actions
 
based on the results
 
of
those tests.
In August 2024, the Federal Reserve
 
Board assigned UBS Americas Holding LLC a stress
 
capital buffer (an SCB) of
9.3%
 
as
 
of
 
1 October
 
2024
 
(previously
 
9.1%)
 
under
 
the
 
Federal
 
Reserve
 
Board’s
 
SCB
 
rule,
 
resulting
 
in
 
a
 
total
common equity tier 1 capital
 
requirement of 13.8%. The
 
SCB for our
 
US-based intermediate holding company is
based on the previously
 
released results of the Federal
 
Reserve Board’s 2024 Dodd–Frank Act Stress
 
Test (DFAST),
where UBS Americas
 
Holding LLC exceeded
 
the minimum
 
capital requirements
 
under the severely
 
adverse scenario.
Additional information
 
on the
 
above entities
 
is provided
 
in the
 
UBS Group
 
and significant
 
regulated subsidiaries
and sub-groups 31 March 2025 Pillar 3 Report,
 
available under “Pillar 3 disclosures” at
ubs.com/investors
.
Credit Suisse International
(standalone)
All values in million, except where indicated
USD
Financial and regulatory requirements
IFRS Accounting Standards
UK regulatory rules
As of or for the quarter ended
31.3.25
31.12.24
Financial information
1
Income statement
Total operating income
2
44
104
Total operating expenses
152
164
Operating profit / (loss) before tax
(108)
(60)
Net profit / (loss)
(92)
(124)
Balance sheet
Total assets
34,030
51,374
Total liabilities
 
26,783
44,035
Total equity
7,247
7,339
Capital
3
Common equity tier 1 capital
6,816
6,883
Additional tier 1 capital
0
0
Total going concern capital / Tier 1 capital
6,816
6,883
Tier 2 capital
0
0
Total capital
6,816
6,883
Total gone concern loss-absorbing capacity
0
3,043
Total loss-absorbing capacity
6,816
9,926
Risk-weighted assets and leverage ratio
 
denominator
3
Risk-weighted assets
9,332
10,951
Leverage ratio denominator
23,341
32,521
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
73.0
62.9
Going concern capital ratio / Tier 1 capital ratio
73.0
62.9
Total capital ratio
73.0
62.9
Total loss-absorbing capacity ratio
73.0
90.6
Tier 1 leverage ratio
29.2
21.2
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
29.2
30.5
Liquidity coverage ratio
3
High-quality liquid assets (bn)
14.0
15.0
Net cash outflows (bn)
4.1
4.3
Liquidity coverage ratio (%)
361.8
363.3
Net stable funding ratio
3
Total available stable funding (bn)
14.0
17.5
Total required stable funding (bn)
6.1
8.7
Net stable funding ratio (%)
241.8
214.8
1 The financial information disclosed does not represent a full set of financial statements under the
 
respective GAAP / IFRS Accounting Standards.
 
2 The total operating income includes credit loss expense or release.
 
3 Refer to the UBS Group and significant regulated subsidiaries and sub-groups 31 March 2025 Pillar 3 Report, available under “Pillar 3 disclosures”
 
at ubs.com/investors, for more information.
 
edgar00significantregp6i0
 
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
 
This
 
Form
 
6-K
 
is
 
hereby
 
incorporated
 
by
 
reference
 
into
 
(1)
 
each
 
of
 
the
 
registration
 
statements
 
on
 
Form
 
F-3
(Registration Number
 
333-283672), and
 
on Form
 
S-8 (Registration
 
Numbers 333-200634;
 
333-200635; 333-200641;
333-200665;
 
333-215254;
 
333-215255;
 
333-228653;
 
333-230312;
 
333-249143
 
and
 
333-272975),
 
and
 
into
 
each
prospectus outstanding
 
under any
 
of the
 
foregoing registration
 
statements, (2)
 
any outstanding
 
offering circular
 
or
similar document issued
 
or authorized by
 
UBS AG that
 
incorporates by reference
 
any Forms 6-K
 
of UBS AG
 
that
are incorporated into
 
its registration statements filed
 
with the SEC,
 
and (3) the
 
base prospectus of
 
Corporate Asset
Backed Corporation (“CABCO”)
 
dated June 23, 2004
 
(Registration Number 333-111572), the Form
 
8-K of CABCO
filed and
 
dated June
 
23, 2004
 
(SEC File
 
Number 001-13444),
 
and the
 
Prospectus Supplements
 
relating to
 
the CABCO
Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration
 
Number 033-91744 and 033-91744-05).
 
 
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
 
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
 
authorized.
UBS Group AG
By:_/s/ David Kelly_____________
Name:
 
David Kelly
Title:
 
Managing Director
 
By:_/s/ Ella Copetti-Campi_____________
Name:
 
Ella Copetti-Campi
Title:
 
Executive Director
UBS AG
By:_/s/ David Kelly_____________
Name:
 
David Kelly
Title:
 
Managing Director
 
By:_/s/ Ella Copetti-Campi_____________
Name:
 
Ella Copetti-Campi
Title:
 
Executive Director
Date:
 
May 8, 2025