UBS Group AG Files 6-K Report

TL;DR

UBS Group AG filed its 6-K for Q1 2024, including Credit Suisse data. Watch integration progress.

AI Summary

UBS Group AG filed a 6-K report on May 8, 2024, for the period ending March 31, 2024. The filing includes information related to UBS AG and Credit Suisse AG, both based in Zurich, Switzerland. UBS Group AG's Central Index Key is 0001610520, and Credit Suisse AG's is 0001053092.

Why It Matters

This filing provides updated information for UBS Group AG and its subsidiaries, including the recently acquired Credit Suisse, which is crucial for investors tracking the integration and financial health of the combined entity.

Risk Assessment

Risk Level: low — This is a routine periodic filing (6-K) that provides updated corporate information and does not contain significant new financial events or strategic shifts.

Key Numbers

• 20240331 — Reporting Period End Date (The filing covers financial and operational data up to this date.)
• 20240508 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• UBS Group AG (company) — Filer
• Credit Suisse AG (company) — Related Company
• UBS AG (company) — Related Company
• 0001610520 (company) — Central Index Key for UBS Group AG
• 0001053092 (company) — Central Index Key for Credit Suisse AG
• 0001114446 (company) — Central Index Key for UBS AG

FAQ

Filing Documents

• investorpresot20240508.htm (6-K) — 335KB
• 0001610520-24-000108.txt ( ) — 338KB

business

business and the restructuring and active management of financial resources has further reinforced our balance sheet for all seasons. This permits us to follow through on our capital return plans for 2024. During the quarter, we began accruing for a mid-teen percentage year-on-year increase in our dividend. And, as previously communicated, we expect to resume share repurchases following the completion of the parent bank merger, targeting up to 1 billion. Our ambition is to continue repurchases in 2025 and for our capital returns in 2026 to exceed pre-acquisition levels. Of course, all of this is now our assessment of any proposed requirements related to Switzerland's ongoing review of its regulatory regime. In this respect, I'd like to address the recent proposals in Switzerland to strengthen the too-big-to-fail regime. It is clear both to us and several expert groups that too-low capital requirements were not why Credit Suisse needed rescuing. However, we agree with the Swiss Federal Council's view that capital and liquidity requirements on their own are not sufficient to ensure the resilience and stability of a systemically important bank. 4 In addition to having a strong capital position, it is key to maintain a sustainable business model centered around risk-adjusted profitability and a robust risk management framework. All of these are core principles for UBS. For over ten years, this approach has served our clients, employees, investors and the Swiss economy well. It is what allowed UBS to respond to the Swiss government's request in March 2023 to be part of the solutions to stabilize the financial system. While some modifications to the regulatory regime may be necessary - and we have endorsed many - the discussion around capital should be based on facts. That includes a full and transparent account of what led to the idiosyncratic

business

business divisions, ultimately increasing the equity we allocate to them. These divisional shifts support continued resource discipline and accountability. They also align with interests of shareholders by reflecting Group performance as a whole through the reporting lens of the respective individual businesses. In my remarks today, I will refer to underlying numbers in US dollars and compare them to our performance last quarter, unless stated otherwise. As illustrated on Slide 9, our financial performance this quarter reflects strength in our core businesses as well as excellent progress across our integration workstreams, resulting in substantial reductions in operating expenses and risk-weighted assets. Profit before tax increased significantly to 2.6 billion from strong operating leverage quarter-on-quarter driven by higher revenues and lower costs, both of which I will cover in more detail shortly. Net credit loss expenses declined by 30 million this quarter to 106 million. On a reported basis, the first quarter net profit was 1.8 billion, including a tax expense of 0.6 billion. The effective tax rate for the quarter was 26%, lower than previously guided, primarily due to the strong performance in Non-core and Legacy that reduced the level of losses in select Credit Suisse legal entities. We expect the effective tax rate in the second quarter to return to more elevated levels from higher forecasted losses in these entities before the first of the planned mergers takes place later this month. We then expect the Group's effective tax rate in the second half of 2024 to continue to normalize, ultimately falling to its structural level of 23% by 2026, driven by further legal entity optimization and cost elimination. Slide 10 – Strong underlying revenues, up 15% QoQ Total revenues, on slide 10, increased by 15% to 12 billion with strong sequential gains

View Full Filing

View this 6-K filing on SEC EDGAR