UBS Group AG Files 6-K Report for Q3 2024

TL;DR

UBS Group AG dropped its Q3 2024 6-K filing on Nov 1st. Check it for performance updates.

AI Summary

UBS Group AG filed a Form 6-K on November 1, 2024, reporting on its activities as of September 30, 2024. The filing includes information related to UBS AG, with principal executive offices in Zurich, Switzerland. The report is filed under the Securities Exchange Act of 1934.

Why It Matters

This filing provides an update on UBS Group AG's financial and operational status for the third quarter of 2024, which is crucial for investors to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This is a routine periodic filing (6-K) that provides an update on the company's status and does not contain significant new or unexpected information.

Key Players & Entities

• UBS Group AG (company) — Registrant
• UBS AG (company) — Registrant
• November 1, 2024 (date) — Filing Date
• September 30, 2024 (date) — Reporting Period End Date

FAQ

Filing Documents

• investorpreso20241101.htm (6-K) — 312KB
• 0001610520-24-000165.txt ( ) — 314KB

From the Filing

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: November 1, 2024 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 the transcripts of the 3Q24 Earnings call remarks and Analyst Q&A, which appear immediately following this page. 1 Third quarter 2024 results 30 October 2024 Speeches by Sergio P. Ermotti , Group Chief Executive Officer, and Todd Tuckner , Group Chief Financial Officer Including analyst Q&A session Transcript. Numbers for slides refer to the third quarter 2024 results presentation. Materials and a webcast replay are available at www.ubs.com/investors Sergio P. Ermotti Slide 3 – Key messages Thank you, Sarah and good morning, everyone. Our strong financial performance in the quarter, with a net profit of 1.4 billion and an underlying PBT of 2.4 billion, together with our year-to-date results, demonstrates the power of our unique client franchises, diversified business model and global scale. It also represents continued progress on the integration. This brings us two important benefits. First, it increases our confidence level in achieving our short- and medium-term financial targets. Second, it allows us to offer the full range of services of the combined bank, and to stay even closer to clients. We are better positioned than ever to help them navigate a market background that, while constructive, still exhibits periods of high volatility and dislocation. Our commitment to serving clients is reflected in a 9% year-on-year increase in underlying revenues, with notable strength in the Americas and APAC. Invested assets across the Group increased by 15% year-on-year to 6.2 trillion. This shows that our wealth and asset management clients continue to value the capabilities we provide across our advice platform and the way in which we consistently innovate to meet their needs. One excellent example is the positive client and General Partner reaction to the launch of our Unified Global Alternatives unit, which has created a top-5 player in Alternatives. In Switzerland, while we faced the expected headwinds on Net Interest Income, we continued to deliver on our commitment to acting as a safe and reliable provider of credit to the economy, with around 35 billion Swiss francs of loans granted or renewed in the quarter. Within the Investment Bank, our investments in Global Markets supported robust performance in Equities, notably in the Americas. 2 And in Global Banking, we maintained our momentum in Advisory as we outperformed the global M&A fee pools for the third consecutive quarter. As importantly, our M&A pipeline continues to build. Turning back to the integration. The finalization of our preparation work during the quarter allowed us, in the last two weeks of October, to successfully achieve another milestone. We moved all of the client accounts and data in Luxembourg and Hong Kong onto UBS platforms. The next significant milestones for 2024 are the client account migrations in Singapore and Japan, expected by year-end. We will then kick-off the next phase of Swiss migrations in the second quarter of 2025, positioning us well to enhance the client experience and unlock further cost reductions towards the end of 2025 and into 2026. In Non-core and Legacy, we continue to simplify our operations through book closures and the decommissioning of applications. This has supported the significant year-to-date reductions in costs. And thanks to our active wind-down efforts, the natural runoff profile of the remaining positions is already in line with our 2026 risk-weighted asset ambition. At the same time, we remain focused on identifying opportunities to further improve the rundown profile, but will continue to do so without compromising economic value creation. The overall disciplined progress on the integration, including the completion of the legal entity mergers, has significantly mitigated the execution risk of the Credit Suisse acquisition. This, combined with the strong performance of our businesses, has allowed us to generate capital well ahead of our plan and guidance. As we prudently assess future capital requirements, business plans and

View Full Filing

View this 6-K filing on SEC EDGAR