UBS Group AG Files Q1 2024 Results

TL;DR

UBS Group AG dropped Q1 2024 numbers, including Credit Suisse data.

AI Summary

On May 7, 2024, UBS Group AG filed a 6-K form reporting financial results for the period ending March 31, 2024. The filing includes information for UBS AG and Credit Suisse AG, both based in Zurich, Switzerland. The report covers the first quarter of 2024.

Why It Matters

This filing provides an update on UBS Group AG's financial performance and includes data from the recently acquired Credit Suisse, offering insights into the integration and overall health of the combined entity.

Risk Assessment

Risk Level: low — This is a routine financial filing providing an update on company performance and does not introduce new or unusual risks.

Key Players & Entities

• UBS Group AG (company) — Filer of the report
• Credit Suisse AG (company) — Company included in the report
• UBS AG (company) — Company included in the report
• May 7, 2024 (date) — Filing date
• March 31, 2024 (date) — Reporting period end date

FAQ

Filing Documents

• edgar1q24ubsgroup.htm (6-K) — 3715KB
• edgarq24ubsgroupagp3i0.jpg (GRAPHIC) — 71KB
• edgarq24ubsgroupagp108i0.gif (GRAPHIC) — 3KB
• 0001610520-24-000098.txt ( ) — 3821KB

financial statements

financial statements 54 UBS Group AG interim consolidated

financial statements (unaudited)

financial statements (unaudited) 5. Significant regulated subsidiary and sub-group information 93 Financial and regulatory key figures for our significant regulated subsidiaries and sub-groups Appendix 96 Alternative performance measures 101 Abbreviations frequently used in our financial reports 103 Information sources 104 Cautionary statement UBS Group first quarter 2024 report 2 Terms used in this report, unless the context requires otherwise "UBS," "UBS Group," "UBS Group AG consolidated," "Group," "the Group," "we," "us" and "our" UBS Group AG and its consolidated subsidiaries "UBS AG" and "UBS AG consolidated" UBS AG and its consolidated subsidiaries "Credit Suisse AG" and "Credit Suisse AG consolidated" Credit Suisse AG and its consolidated subsidiaries "Credit Suisse Group" and "Credit Suisse Group AG consolidated" Pre-acquisition Credit Suisse Group "Credit Suisse" Credit Suisse AG and its consolidated subsidiaries, Credit Suisse Services AG, and other small former Credit Suisse Group entities now directly held by UBS Group AG "UBS Group AG" and "UBS Group AG standalone" UBS Group AG on a standalone basis "Credit Suisse Group AG" and "Credit Suisse Group AG standalone" Credit Suisse Group AG on a standalone basis "UBS AG standalone" UBS AG on a standalone basis "Credit Suisse AG standalone" Credit Suisse AG on a standalone basis "UBS Switzerland AG" and "UBS Switzerland AG standalone" UBS Switzerland AG on a standalone basis "UBS Europe SE consolidated" UBS Europe SE and its consolidated subsidiaries "UBS Americas Holding LLC" and "UBS Americas Holding LLC consolidated" UBS Americas Holding LLC and its consolidated subsidiaries "Capital Release Unit (Credit Suisse)" The Capital Release Unit division of Credit Suisse AG and its consolidated subsidiaries "Corporate Center (Credit Suisse)" The Corporate Center division of Credit Suisse AG and its consolidated subsidiaries "Investment Bank

business

business results. A definition of each APM, the method used to calculate it and the information content are presented under "Alternative performance measures" in the appendix to this report. Our APMs may qualify as non-GAAP measures as defined by US Securities and Exchange Commission (SEC) regulations. Our underlying results are APMs and are non-GAAP financial measures. Refer to the "Group performance" section of this report and to "Alternative performance measures" in the appendix to this report for additional information about underlying results Comparability Comparative information in this report is presented as follows. Profit and loss information for the first quarter of 2024 and the fourth quarter of 2023 is presented on a consolidated basis, each including Credit Suisse data for three months. Information for the first quarter of 2023 includes pre-acquisition UBS data only. Balance sheet information as at 31 March 2024 and 31 December 2023 includes UBS and Credit Suisse consolidated information, prior balance sheet dates reflect pre-acquisition UBS information only. UBS Group first quarter 2024 report 3 Our key figures As of or for the quarter ended USD m, except where indicated 31.3.24 31.12.23 1 31.3.23 Group results Total revenues 12,739 10,855 8,744 Credit loss expense / (release) 106 136 38 Operating expenses 10,257 11,470 7,210 Operating profit / (loss) before tax 2,376 (751) 1,495 Net profit / (loss) attributable to shareholders 1,755 (279) 1,029 Diluted earnings per share (USD) 2 0.52 (0.09) 0.32 Profitability and growth 3,4,5 Return on equity (%) 8.2 (1.3) 7.2 Return on tangible equity (%) 9.0 (1.4) 8.1 Underlying return on tangible equity (%) 6 9.6 4.8 8.7 Return on common equity tier 1 capital (%) 9.0 (1.4) 9.1 Underlying return on common equity tier 1 capital (%) 6 9.6 4.7 9.8

financial statements" section of the UBS Group Annual Report 2023, available under "Annual

financial statements" section of the UBS Group Annual Report 2023, available under "Annual reporting" at ubs.com/investors, for more information. 11 Starting with the second quarter of 2023, invested assets include invested assets from associates in the Asset Management business division, to better reflect the business strategy. Comparative figures have been restated to reflect this change. 12 In the second quarter of 2023, the calculation of market capitalization was amended to reflect total shares issued multiplied by the share price at the end of the period. The calculation was previously based on total shares outstanding multiplied by the share price at the end of the period. Market capitalization was increased by USD 10.0bn as of 31 March 2023 as a result. UBS Group first quarter 2024 report | UBS Group | Recent developments 4 UBS Group Management report Recent developments Integration of Credit Suisse In the first quarter of 2024, we made substantial progress related to the integration of Credit Suisse. We expect to complete the merger of UBS AG and Credit Suisse AG on 31 May 2024, following operational testing and subject to remaining regulatory approvals. The transition to a single US intermediate holding company is also planned for the second quarter of 2024 and the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG continues to be planned for the third quarter of 2024. Completing the mergers of our significant legal entities is a critical step in enabling us to unlock the next phase of the cost, capital, funding and tax benefits we expect to realize in the second half of 2024 and by the end of 2025 and into 2026. These mergers will also facilitate Credit Suisse Wealth Management client migrations to UBS infrastructure across our businesses, which we expect to commence in the second half of 2024. We have achieved USD 5bn of exit rate gross cost savings, compared with the 2022 combined cost

View Full Filing

View this 6-K filing on SEC EDGAR