UBS Group AG Files 6-K Report

TL;DR

UBS Group AG filed its 6-K for year-end 2024 on Feb 4, 2025. Standard reporting.

AI Summary

UBS Group AG filed a Form 6-K on February 4, 2025, reporting for the period ending December 31, 2024. The filing includes information for both UBS Group AG (Central Index Key: 0001610520) and UBS AG (Central Index Key: 0001114446), both based in Zurich, Switzerland. The filing is a report of a foreign private issuer.

Why It Matters

This filing provides updated information for investors regarding UBS Group AG's financial and operational status as of the end of the 2024 fiscal year.

Risk Assessment

Risk Level: low — This is a routine periodic filing by a large, established financial institution and does not contain any immediately apparent material adverse information.

Key Players & Entities

• UBS Group AG (company) — Registrant
• UBS AG (company) — Registrant
• 0001610520 (company) — Central Index Key for UBS Group AG
• 0001114446 (company) — Central Index Key for UBS AG
• February 4, 2025 (date) — Filing Date
• December 31, 2024 (date) — Period of Report

FAQ

Filing Documents

• edgar4q24ubsgroup.htm (6-K) — 2372KB
• edgarq24ubsgroupagp3i0.jpg (GRAPHIC) — 71KB
• edgarq24ubsgroupagp76i0.gif (GRAPHIC) — 3KB
• 0001610520-25-000001.txt ( ) — 2477KB

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 all quarters covered by this report and for 2024 is based entirely on consolidated data following the acquisition of the Credit Suisse Group. Comparative information for 2023 includes seven months (June to December 2023) of post-acquisition consolidated data and five months of UBS Group data only (January to May 2023). All balance sheet information presented in this report includes only post-acquisition consolidated information. UBS Group fourth quarter 2024 report 3 Our key figures As of or for the quarter ended As of or for the year ended USD m, except where indicated 31.12.24 30.9.24 31.12.23 1 31.12.24 31.12.23 1 Group results Total revenues 11,635 12,334 10,855 48,611 40,834 Negative goodwill 27,264 Credit loss expense / (release) 229 121 136 551 1,037 Operating expenses 10,359 10,283 11,470 41,239 38,806 Operating profit / (loss) before tax 1,047 1,929 (751) 6,821 28,255 Net profit / (loss) attributable to shareholders 770 1,425 (279) 5,085 27,366 Diluted earnings per share (USD) 2 0.23 0.43 (0.09) 1.52 8.30 Profitability and growth 3,4 Return on equity (%) 3.6 6.7 (1.3) 6.0 36.9 Return on tangible equity (%) 3.9 7.3 (1.4) 6.5 40.8 Underlying

financial statements" section

financial statements" section of the UBS Group third quarter 2024 report, available under "Quarterly reporting" at ubs.com/investors, for more information. 2 Refer to the "Share information and earnings per share" section of this report for more information. 3 Refer to the "Recent developments" section of this report for more information about targets and ambitions. 4 Refer to "Alternative performance measures" in the appendix to this report for the definition and calculation method. 5 Refer to the "Group performance" section of this report for more information about underlying results. 6 Negative goodwill is not used in the calculation as it is presented in a separate reporting line and is not part of total revenues. 7 The effective tax rate for the fourth quarter of 2023 is not a meaningful measure, due to the distortive effect of current unbenefited tax losses at the former Credit Suisse entities. 8 Based on the Swiss systemically relevant bank framework as of 1 January 2020. Refer to the "Capital management" section of this report for more information. 9 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 64 data points in the fourth quarter of 2024, 65 data points in the third quarter of 2024 and 63 data points in the fourth quarter of 2023. Refer to the "Liquidity and funding management" section of this report for more information. 10 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to "Note 32 Invested assets and net new money" in the "Consolidated

financial statements"

financial statements" section of the UBS Group Annual Report 2023, available under "Annual reporting" at ubs.com/investors, for more information. 11 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period. UBS Group fourth quarter 2024 report | UBS Group | Recent developments 4 UBS Group Management report Recent developments Integration of Credit Suisse We continue to make progress related to the integration of Credit Suisse, and we are on track to substantially complete the integration by the end of 2026. Our current focus remains on client account migrations and infrastructure decommissioning. In the fourth quarter of 2024, we completed the migration of our Global Wealth Management client accounts in Luxembourg, Hong Kong, Singapore and Japan to UBS platforms. We expect the Swiss

business

business migrations to commence in the second quarter of 2025. Our Non-core and Legacy

business

business division has achieved a 52% reduction in risk-weighted assets (RWA) at 31 December 2024, well ahead of our original plan. As a result, we have updated our ambition and aim to reduce Non-core and Legacy RWA to around USD 29bn by the end of 2025 and around USD 22bn by the end of 2026. We also expect Non-core and Legacy to incur an underlying loss before tax of around USD 2.2bn in 2025 and less than USD 1bn by the end of 2026 (exit rate), both excluding litigation. In the fourth quarter of 2024, we realized an additional USD 0.7bn in gross cost savings, for a total of USD 3.4bn in 2024. Cumulative gross cost savings at the end of 2024 amounted to USD 7.5bn compared with the 2022 combined cost base of UBS and Credit Suisse. This represents around 58% of our ambition of around USD 13bn in annualized exit rate gross cost savings by the end of 2026. In October 2024, UBS entered into an agreement to sell to American Express Swiss Holdings GmbH (American Express) its 50% interest in Swisscard AECS GmbH (Swisscard), a joint venture in Switzerland between UBS and American Express, closing conditions. Also in October 2024, UBS entered into an agreement with Swisscard to transition the Credit Suisse-branded card portfolios to UBS. In January 2025, UBS completed the purchase of the card portfolios, with the actual client migration expected to take place over the following quarters. The two transactions will result in similar profit and loss effects over the course of 2025 and, therefore, on a net basis are not expected to have a material impact for UBS. In the fourth quarter of 2024, UBS recorded an expense of USD 41m in connection with the termination of the Swisscard joint venture. Targets, ambitions and strategy update We are maintaining our targets and ambitions for the Group and our businesses as announced in 2024. We aim to deli

View Full Filing

View this 6-K filing on SEC EDGAR