UBS Group AG Files Form 6-K

TL;DR

UBS Group AG filed a 6-K on Aug 15, 2024, standard disclosure.

AI Summary

On August 15, 2024, UBS Group AG filed a Form 6-K. The filing includes information related to UBS AG, with principal executive offices located at Bahnhofstrasse 45, 8001 Zurich, Switzerland. The filing is made pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.

Why It Matters

This filing provides official updates and disclosures from UBS Group AG to the SEC, informing investors about the company's ongoing reporting obligations.

Risk Assessment

Risk Level: low — This is a routine filing for a large, established financial institution and does not contain specific financial results or significant strategic changes.

Key Players & Entities

• UBS Group AG (company) — Registrant
• UBS AG (company) — Registrant
• August 15, 2024 (date) — Filing Date
• Bahnhofstrasse 45, 8001 Zurich, Switzerland (location) — Principal Executive Office

FAQ

Filing Documents

• investorpreso20240815.htm (6-K) — 312KB
• 0001610520-24-000147.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: August 15, 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 transcript of the UBS Group AG 2Q24 Earnings call remarks and Analyst Q&A, which appears immediately following this page. 1 Second quarter 2024 results 14 August 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 second 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. It has been a little over a year since the closing of the acquisition. We made significant progress and UBS continues to deliver on all of its commitments to stakeholders. Putting the needs of clients first during a challenging market environment has allowed us to maintain solid momentum while we fulfill our objective of completing the integration by the end of 2026. As a consequence, not only we have dramatically reduced the execution risk of the integration, we are also well positioned to meet all of our financial targets - and return to the level of profitability UBS delivered before being asked to step in and stabilize Credit Suisse. I am particularly proud to note that across the combined organization our people are embracing the pillars, principles and behaviors that drive UBS's culture. These include client centricity and collaboration and enable us to successfully manage risk and act with accountability and integrity. I'd like to thank all my colleagues around the world for their dedication and hard work. Our second-quarter results contributed to a strong first-half performance, reflecting the strength of our client franchises and disciplined implementation of our strategy and integration plans. Reported net profit for the first half was 2.9 billion, with underlying PBT of 4.7 billion and an underlying return on CET1 capital of 9.2%. We strengthened our capital position and maintained a balance sheet for all seasons, with a CET1 capital ratio of 14.9% and total loss-absorbing capacity of around 200 billion. Our parent bank is well capitalized, even after withstanding the removal of significant regulatory concessions previously granted to Credit Suisse. As a result, we are executing on our 2024 capital return plans and, as I mentioned last quarter, we are committed to delivering on our mid-to-long term ambitions for dividends and buybacks. 2 Turning to the integration, we have captured nearly half of our targeted gross cost savings as we restructure our core businesses and wind down Non-core and Legacy, where we have materially reduced risk-weighted assets over the last twelve months. As part of our de-risking efforts, we have also made good progress addressing Credit Suisse's legacy legal issues, including the Supply Chain Finance Funds and Mozambique matters. Following these intense months of execution, during which we obtained more than 180 approvals from roughly 80 regulators in more than 40 jurisdictions, we completed the mergers of our parent and Swiss banks, and transitioned to a single U.S. intermediate holding company. This clears the way for the next set of critical milestones that will support the realization of further integration synergies. But let me reiterate something you've heard me say before: We still have a lot of work ahead of us to address Credit Suisse's structural lack of sustainable profitability. While we are encouraged by the significant progress we have made across the Group, the path to restoring profitability to the pre-acquisition levels won't be linear. We are now entering the next phase of our integration which will be key to realizing the further substantial cost, capital, funding and tax benefits necessary to deliver on our 2026 financial targets. We are following through on our plans amid heightened uncertainties in the markets. These are the moments in which UBS proves its strength, resilience and superior ability to serve and advise clients. This is reflect

View Full Filing

View this 6-K filing on SEC EDGAR