Reported profit before tax (PBT) CHF 2.0bn, +17% YoY, +24% in
USD
Adjusted1 RoTE excluding DTAs2
17.8%, diluted EPS CHF 0.39
CHF 1.1bn adjusted1 PBT in Global Wealth
Management, +7% YoY, +14% in USD
CHF 50bn net new money in wealth and asset management
businesses
CET1 capital ratio 13.1% and CET1 leverage ratio
3.76%
World's first 100% sustainable cross-asset portfolio for
private clients launched
Regulatory News:
UBS (NYSE:UBS) (SWX:UBSN) delivered strong first-quarter 2018
results with reported PBT up 17% year over year to CHF 1,973m
(up 24% in USD) and adjusted1 PBT down 3% to CHF 1,876m (up 3%
in USD). Net profit attributable to shareholders was
CHF 1,514m, up 19% from the first quarter of 2017.
Global Wealth Management had a very strong quarter with
year-on-year profit growth and positive net new money in all
regions. Adjusted1 PBT rose 7% year over year to CHF 1,126m
(up 14% in USD), with new records in the Americas and Asia Pacific.
Personal & Corporate Banking adjusted1 PBT was CHF 393m;
transaction-based income and recurring net fee income increased,
and net new business volume showed strong growth. Asset Management
had strong net new money of CHF 27bn excluding money markets,
taking invested assets to CHF 792bn, the highest in a decade;
adjusted1 PBT was CHF 108m. The Investment Bank delivered a
strong adjusted1 PBT of CHF 629m and an adjusted1 return on
attributed equity of 25%, driven by strong revenues in Equities and
Corporate Client Solutions. Corporate Center adjusted1 loss before
tax was CHF 380m.
UBS’s capital position remains strong, with a CET1 capital ratio
of 13.1%, a CET1 leverage ratio of 3.76% and total loss-absorbing
capacity of CHF 79bn under Swiss SRB rules applicable as of 1
January 2020. Risk-weighted assets rose to CHF 254bn on
increased market volatility during the quarter and regulatory,
methodology and model updates/changes, while the leverage ratio
denominator decreased to CHF 882bn. During the second quarter, UBS
will commence buying back its shares under the program announced in
the first quarter.
“We had an excellent start to 2018, with our results once again
showing the power of our diversified business. Momentum in our
business is good and we continue to invest for growth and
efficiency.”Sergio P. Ermotti, Group Chief Executive
Officer
Outlook
We remain confident that global economic growth prospects will
continue to provide a supportive backdrop to markets, even though
geopolitical tensions and the rise of protectionism remain a threat
to investor confidence.
All of UBS's businesses are affected by economic growth
expectations, interest rates, equity market levels and foreign
exchange rates. While higher compared with last year's historic
lows, market volatility remains muted overall which is usually less
conducive to client activity. Due to seasonal factors, second
quarter transaction-based income in our Investment Bank and Global
Wealth Management businesses is also typically lower than in the
first quarter.
In the second quarter, funding costs related to long-term debt
and capital instruments issued to comply with regulatory funding
and liquidity requirements will be higher compared with the same
period in 2017.
We continue to expect US dollar interest rates to rise gradually
and the US economy to further improve, both of which will likely be
supportive of US dollar net interest income. Momentum in our
businesses is good, and we expect our results in the second quarter
to provide further evidence of the strengths of our diversified
business model, as well as our progress towards achieving our
strategic and financial targets.
First quarter 2018 performance overview
UBS’s first quarter adjusted1 PBT was CHF 1,876m, and
reported PBT was CHF 1,973m. The first quarter of 2018
included a gain of CHF 225m related to changes to the pension
fund of UBS in Switzerland, which is treated as an adjusting1 item
and had no impact on CET1 capital. Results were also adjusted1 for
CHF 128m of restructuring expenses. The adjusted1 cost/income
ratio was 75%. Net profit attributable to shareholders was
CHF 1,514m, with diluted earnings per share of CHF 0.39.
Annualized adjusted1 return on tangible equity excluding DTAs2 was
17.8%.
Global Wealth Management (GWM) adjusted1 PBT
CHF 1,126m, +7% YoY (+14% in USD)Higher invested asset
levels and net interest margins, together with further progress on
mandate penetration and loan growth, as well as increased client
activity, led to an improvement in all revenue lines. Costs
increased on higher financial advisor variable compensation, which
was partly offset by lower expenses for compensation commitments
with recruited financial advisors in the Americas. The adjusted1
cost/income ratio improved to 73%. Mandate and managed account
penetration increased to a record 33.1% of invested assets, and
loans increased by 10% (up 16% in USD). Net new money was
CHF 19.0bn for the quarter, with positive contributions from
all regions. Adjusted1 net margin was 19bps.
Personal & Corporate Banking (P&C)
adjusted1 PBT CHF 393m, (10%)
YoYTransaction-based income and recurring net fee income
increased, offset by funding cost and interest rate headwinds, as
well as higher expenses. The first quarter of 2017 included a CHF
20m one-time gain on the sale of a real estate loan portfolio.
Credit losses expenses were CHF 13m with no material effect from
the adoption of IFRS 9, compared with a credit loss recovery of CHF
7m in the first quarter of 2017. The adjusted1 cost/income ratio
was 58%. Annualized net new business volume growth for personal
banking was 6.3%, the second best quarter since 2007.
Asset Management (AM) adjusted1 PBT
CHF 108m, (12%) YoYIncreased net management fees on higher
average invested assets were offset by lower performance fees and
higher personnel costs. The adjusted1 cost/income ratio was 76%.
Net new money excluding money market flows was strong at
CHF 26.6bn, and invested assets reached CHF 792bn, the
highest in a decade.
Investment Bank (IB) adjusted1 PBT
CHF 629m, +13% YoY (+20% in USD)Equities revenues were up
17% (up 25% in USD), with all regions and product lines improving.
Corporate Client Solutions revenues increased 15% (up 22% in USD),
driven by APAC. FX, Rates and Credit revenues were down 11% (down
6% in USD) from a strong first quarter of 2017. While performance
in FX was resilient, market conditions for rates and credit flow
products were challenging. Costs increased, reflecting higher
personnel expenses as a result of improved performance. The
adjusted1 cost/income ratio improved to 72%.
Corporate Center – Services recorded an adjusted1 loss
before tax of CHF 147m. Group Asset and Liability
Management adjusted1 loss before tax was CHF 222m, mainly
due to the widening of US Treasury-OIS spreads, as well as
increased retained costs from higher outstanding long-term debt and
higher levels of high-quality liquid assets. Non-core and Legacy
Portfolio posted an adjusted1 loss before tax of
CHF 11m.
Commitment to sustainable performance
UBS is committed to creating long-term positive impact for its
clients, employees, investors and society. This is illustrated by
the ongoing recognition UBS has received for its activities and
capabilities related to sustainable investing, philanthropy,
environmental and human rights policies, the firm's environmental
footprint and community investment.
Sustainable and impact investingIn January 2018, UBS
launched the world's first 100% sustainable cross-asset portfolios
for private clients, targeting a market rate-risk-adjusted return
as well as positive social and environmental outcomes. These
portfolios include an exclusive partnership with the World Bank on
an allocation to World Bank debt instruments, as well as a new
best-in-class shareholder engagement strategy to focus on
generating additional social and/or environmental impact through
public rather than private equity.
In the first quarter, UBS announced and started work on
integrating environmental, social and governance (ESG) criteria
into nearly all of Asset Management's actively managed equity and
fixed income portfolios. The firm also announced the launch of the
UBS Global Gender Equality ETF, a joint collaboration between Asset
Management and Global Wealth Management as part of UBS's commitment
to sustainable and impact investing. The ETF is the first of its
kind combining gender equality and sustainability. It will dedicate
5% of its management fee to philanthropic projects via the UBS
Optimus Foundation to support the empowerment of women and
girls.
Climate changeWith its 2017 reporting, UBS has begun to
align its disclosure with the Financial Stability Board's Task
Force on Climate-related Financial Disclosures' recommendations.
The firm plans to further do so over the five-year implementation
pathway.
RecognitionFor the third consecutive year, UBS has been
ranked first in the "Best Private Banking Services Overall –
Global" category in Euromoney's annual Private Banking Survey. UBS
also retained its leading position in all segment-specific
categories on a global level and took the top spot in four regions,
including Western Europe and Asia.
Information in this news release is presented for UBS Group AG
on a consolidated basis unless otherwise specified. Financial
information for UBS AG (consolidated) does not differ materially
from UBS Group AG (consolidated) and a comparison between UBS Group
AG (consolidated) and UBS AG (consolidated) is provided at the end
of this news release.
1 Refer to the “Performance by business division and Corporate
Center unit – reported and adjusted“ table in this news release.2
Adjusted return on tangible equity excluding deferred tax
expense/benefit and DTAs; calculated as adjusted net profit/loss
attributable to shareholders excluding deferred tax
expense/benefit, divided by average tangible equity attributable to
shareholders excluding any DTAs that do not qualify as CET1
capital.
Performance by business division and Corporate Center
unit – reported and adjusted1,2
For the quarter ended 31.3.18 CHF million
GlobalWealthManagement
Personal
&CorporateBanking
AssetManage-ment
InvestmentBank
CC –Services3
CC –GroupALM
CC –Non-coreand
LegacyPortfolio
UBS
Operating income as reported 4,195
947 441 2,308 (38)
(204) 49 7,698 Operating
income (adjusted) 4,195 947
441 2,308 (38)
(204) 49 7,698
Operating expenses as reported
3,067 528 335
1,719 (2) 18 61
5,725 of which: personnel-related restructuring expenses4
3 1 1
11 47 0 0
64 of which: non-personnel-related restructuring expenses4
9 0 3
2 50 0 0
64 of which: restructuring expenses allocated from CC
Services4 47 9 7
32 (96) 1 1
0 of which: gain related to changes to the Swiss
pension plan5 (61) (35)
(10) (5) (114)
(225) Operating expenses
(adjusted) 3,069 553
333 1,679 110 18
60 5,822 of which: net expenses for
litigation, regulatory and similar matters6 31
0 0 (2)
(24) 0 (16) (11)
Operating profit / (loss) before tax as reported
1,129 419
106 589 (35)
(222) (12)
1,973 Operating profit / (loss) before tax (adjusted)
1,126 393
108 629
(147) (222) (11)
1,876 For the quarter ended
31.3.17 CHF million
GlobalWealthManagement
Personal &CorporateBanking
AssetManage-ment
InvestmentBank
CC –Services3
CC –GroupALM
CC –Non-coreand
LegacyPortfolio
UBS Operating income as reported
3,979 958 450 2,098
(18) 65 0
7,532 Operating income (adjusted) 3,979
958 450 2,098 (18)
65 0 7,532
Operating expenses as reported 3,039
540 347 1,619 204
2 93 5,842 of which:
personnel-related restructuring expenses4 2
2 2 18 92
0 0 116 of which:
non-personnel-related restructuring expenses4
11 0 5 2
110 (1) 0 127 of which:
restructuring expenses allocated from CC Services4
98 17 13 57
(188) 0 2 0
Operating expenses (adjusted) 2,929
521 327 1,541 189
2 91 5,598 of which: net
expenses for litigation, regulatory and similar matters6
36 0 0 0
(4) 0 1 33
Operating profit / (loss) before tax as reported
940 418
103 480
(222) 63 (93)
1,690 Operating profit / (loss) before tax
(adjusted) 1,050
437 123 558
(207) 63
(91) 1,934 1 Adjusted results are
non-GAAP financial measures as defined by SEC regulations. 2
Comparative figures in this table may differ from those originally
published in quarterly and annual reports due to adjustments
following organizational changes, restatements due to the
retrospective adoption of new accounting standards or changes in
accounting policies, and events after the reporting period. 3
Corporate Center Services operating expenses presented in this
table are after service allocations to business divisions and other
Corporate Center units. 4 Reflects restructuring expenses related
to legacy cost programs. 5 Refer to “Note 5 Personnel expenses” in
the “Consolidated financial statements” section of the UBS Group
first quarter 2018 report for more information. 6 Includes
recoveries from third parties (first quarter of 2018: CHF 17
million; first quarter of 2017: CHF 1 million).
Our key figures
As of or for the quarter ended CHF million, except
where indicated
31.3.18
31.12.17 31.3.17
Group results
Operating income
7,698
7,122 7,532 Operating expenses
5,725 6,266 5,842 Operating
profit / (loss) before tax
1,973
855 1,690 Net profit / (loss) attributable to
shareholders
1,514
(2,336) 1,269 Diluted earnings per share (CHF)1
0.39 (0.63)
0.33
Key performance indicators2
Profitability and growth
Return on tangible equity (%)
13.6 (20.2)
10.9 Adjusted return on tangible equity excluding deferred tax
expense / benefit and deferred tax assets (%)
17.8 8.6 17.4 Cost / income
ratio (%)
74.1 86.9
77.6 Net profit growth (%)
19.4 79.5
Resources
Common equity tier 1 capital ratio (%)3
13.1 13.8 14.1
Common equity tier 1 leverage ratio (%)3
3.76 3.69 3.55 Going concern
leverage ratio (%)3
5.0
4.7 4.6
Additional information
Profitability
Return on equity (%)
11.8 (17.8) 9.5 Return on
risk-weighted assets, gross (%)4
12.6
12.1 13.6 Return on leverage ratio
denominator, gross (%)4
3.5
3.3 3.4
Resources
Total assets
919,361 915,642
909,608 Equity attributable to shareholders
51,243 51,214 53,661
Common equity tier 1 capital3
33,151
32,671 31,311 Risk-weighted assets3
253,753 237,494
221,785 Going concern capital ratio (%)3
17.3 17.6 18.2 Total
loss-absorbing capacity ratio (%)3
31.2
33.0 33.2 Leverage ratio denominator3
882,469 886,116
881,183 Total loss-absorbing capacity leverage ratio (%)3
9.0 8.8 8.4
Liquidity coverage ratio (%)5
136
143 128
Other
Invested
assets (CHF billion)6,7
3,155
3,179 2,922 Personnel (full-time equivalents)
62,537 61,253
59,416 Market capitalization8
64,752 69,125 61,736 Total book
value per share (CHF)8
13.62
13.76 14.45 Tangible book value per share
(CHF)8
11.97 12.04
12.71 1 Refer to “Note 8 Earnings per share (EPS) and shares
outstanding” in the “Consolidated financial statements” section of
the UBS Group first quarter 2018 report for more information. 2
Refer to the “Measurement of performance” section of our Annual
Report 2017 for the definitions of our key performance indicators.
3 Based on the Swiss systemically relevant bank framework as of 1
January 2020. Refer to the “Capital management” section of the UBS
Group first quarter 2018 report for more information. 4 Calculated
as operating income before credit loss (annualized as applicable) /
average risk-weighted assets and average leverage ratio
denominator, respectively. 5 Refer to the “Balance sheet, liquidity
and funding management” section of the UBS Group first quarter 2018
report for more information. 6 Includes invested assets for
Personal & Corporate Banking. 7 Certain account types were
corrected during the fourth quarter of 2017. As a result, invested
assets as of 31 March 2017 were corrected by CHF 12 billion. 8
Refer to “UBS shares” in the “Capital management” section of the
UBS Group first quarter 2018 report for more information.
Income statement
For the quarter ended % change from CHF
million
31.3.18 31.12.17
31.3.17 4Q17 1Q17 Net
interest income
1,743
1,672 1,696 4 3 Fee and
commission income
4,882
4,772 4,789 2 2 Fee and
commission expense
(409)
(478) (436) (14) (6) Net
fee and commission income
4,473
4,294 4,353 4 3
Other net income from fair value changes on financial instruments
1,466 987
1,440 49 2 Credit loss (expense) /
recovery
(25) (89)
0 (72) Other income
40 257 43
(84) (6) Total operating income
7,698 7,122 7,532
8 2 of which: net interest income and
other net income from fair value changes on financial instruments
3,210 2,659
3,136 21 2 Personnel expenses
4,014 3,923 4,060
2 (1) General and administrative
expenses
1,424 2,054
1,506 (31) (5)
Depreciation and impairment of property, equipment and software
272 272 255
0 6 Amortization and impairment of
intangible assets
16 17
21 (9) (26) Total
operating expenses
5,725
6,266 5,842 (9) (2)
Operating profit / (loss) before tax
1,973 855 1,690
131 17 Tax expense / (benefit)
457 3,165 375 (86)
22 Net profit / (loss)
1,516 (2,310) 1,315
15 Net profit / (loss) attributable to
non-controlling interests
1
27 47 (95) (97)
Net profit / (loss) attributable to shareholders
1,514 (2,336)
1,269 19
Comprehensive
income
Total
comprehensive income
696
(2,125) 666 4
Total comprehensive income attributable to non-controlling
interests
1 336
47 (100) (98)
Total
comprehensive income attributable to shareholders
695 (2,461) 620
12
Comparison UBS Group AG (consolidated) versus UBS
AG (consolidated)
As of or for
the quarter ended 31.3.18 As of or for the quarter ended
31.12.17 CHF million, except where indicated
UBS Group AG
(consolidated)
UBS AG
(consolidated)
Difference
(absolute)
UBS Group AG
(consolidated)
UBS AG
(consolidated)
Difference
(absolute)
Income statement
Operating
income
7,698 7,823
(125) 7,122 7,242
(120) Operating expenses
5,725
6,040 (315) 6,266
6,487 (221) Operating profit / (loss)
before tax
1,973
1,783 190 855 755
100 of which: Global Wealth Management
1,129 1,117 12
782 778 4 of which:
Personal & Corporate Banking
419
420 (1) 392
393 (1) of which: Asset Management
106 106 0
238 238 0 of which:
Investment Bank
589
577 12 49 50
(1) of which: Corporate Center
(270) (437) 167
(605) (704) 99 of which:
Services
(35)
(210) 175 (155)
(252) 97 of which: Group ALM
(222) (214) (8)
(214) (217) 3 of which: Non-core
and Legacy Portfolio
(12)
(13) 1 (236) (236)
0 Net profit / (loss)
1,516 1,371 144
(2,310) (2,385) 75 of which: net
profit / (loss) attributable to shareholders
1,514 1,370 144
(2,336) (2,412) 76 of which: net
profit / (loss) attributable to preferred noteholders
0 0
26 (26) of which: net profit /
(loss) attributable to non-controlling interests
1 1 0
27 0 27
Statement of
comprehensive income
Other comprehensive income
(819) (732)
(87) 184 187 (3) of
which: attributable to shareholders
(820) (732) (88)
(124) (122) (2) of which:
attributable to preferred noteholders
0 0
307 (307) of which: attributable to
non-controlling interests
0
0 0 309 2
307 Total comprehensive income
696 639 57
(2,125) (2,198) 73 of which:
attributable to shareholders
695
638 57 (2,461)
(2,534) 73 of which: attributable to preferred
noteholders
0
0 333
(333) of which: attributable to non-controlling interests
1 1
0 336 3 333
Balance sheet
Total assets
919,361 920,280 (919)
915,642 916,363 (721)
Total liabilities
868,056
869,430 (1,374) 864,371
865,588 (1,217) Total equity
51,305 50,850 455
51,271 50,775 496 of
which: equity attributable to shareholders
51,243 50,788 455
51,214 50,718 496 of which:
equity attributable to preferred noteholders
0 0
0 0 of which: equity attributable to
non-controlling interests
62
62 0 57 57
0
Capital information
Common
equity tier 1 capital
33,151
33,424 (273) 32,671
33,240 (569) Going concern capital
44,026 40,335
3,691 41,911 36,906
5,005 Risk-weighted assets
253,753 253,784 (32)
237,494 236,606 888
Common equity tier 1 capital ratio (%)
13.1 13.2 (0.1)
13.8 14.0 (0.2) Going concern
capital ratio (%)
17.3
15.9 1.5 17.6 15.6
2.0 Total loss-absorbing capacity ratio (%)
31.2 30.7
0.5 33.0 31.4 1.6
Leverage ratio denominator
882,469
883,676 (1,207)
886,116 887,189 (1,073) Common equity
tier 1 leverage ratio (%)
3.76
3.78 (0.03) 3.69
3.75 (0.06) Going concern leverage ratio (%)
5.0 4.6
0.4 4.7 4.2 0.5
Total loss-absorbing capacity leverage ratio (%)
9.0 8.8 0.2
8.8 8.4 0.4
UBS’s first quarter 2018 report, news release and slide
presentation will be available from 06:45 CEST on Monday, 23 April
2018, at www.ubs.com/quarterlyreporting.
UBS will hold a presentation of its first quarter 2018 results
on Monday, 23 April 2018. The results will be presented by Sergio
P. Ermotti, Group Chief Executive Officer, Kirt Gardner, Group
Chief Financial Officer, Caroline Stewart, Global Head Investor
Relations, and Hubertus Kuelps, Group Head Communications &
Branding.
Time
- 09:00–11:00 CEST
- 08:00–10:00 BST
- 03:00–05:00 US EDT
Audio webcastThe presentation for analysts can be
followed live on www.ubs.com/quarterlyreporting with a simultaneous
slide show.
Webcast playbackAn audio playback of the results
presentation will be made available at www.ubs.com/investors later
in the day.
Conference call for media Q&A sessionImmediately
following the presentation and analyst Q&A, there will be a
separate media Q&A session. Please note: This session will be
held via conference call only.
Switzerland/Europe: +41-58-310 50 07 UK: +44-121-281
80 12 Americas: +1-213-799 17 25 Other locations: +41-58-310 50 07
Cautionary Statement Regarding Forward-Looking
StatementsThis news release contains statements that constitute
“forward-looking statements,” including but not limited to
management’s outlook for UBS’s financial performance and statements
relating to the anticipated effect of transactions and strategic
initiatives on UBS’s business and future development. While these
forward-looking statements represent UBS’s judgments and
expectations concerning the matters described, a number of risks,
uncertainties and other important factors could cause actual
developments and results to differ materially from UBS’s
expectations. These factors include, but are not limited to: (i)
the degree to which UBS is successful in the ongoing execution of
its strategic plans, including its cost reduction and efficiency
initiatives and its ability to manage its levels of risk-weighted
assets (RWA), including to counteract regulatory-driven increases,
leverage ratio denominator, liquidity coverage ratio and other
financial resources, and the degree to which UBS is successful in
implementing changes to its businesses to meet changing market,
regulatory and other conditions; (ii) continuing low or negative
interest rate environment, developments in the macroeconomic
climate and in the markets in which UBS operates or to which it is
exposed, including movements in securities prices or liquidity,
credit spreads, and currency exchange rates, and the effects of
economic conditions, market developments, and geopolitical tensions
on the financial position or creditworthiness of UBS’s clients and
counterparties as well as on client sentiment and levels of
activity; (iii) changes in the availability of capital and funding,
including any changes in UBS’s credit spreads and ratings, as well
as availability and cost of funding to meet requirements for debt
eligible for total loss-absorbing capacity (TLAC); (iv) changes in
or the implementation of financial legislation and regulation in
Switzerland, the US, the UK and other financial centers that have
imposed, or resulted in, or may do so in the future, more stringent
or entity-specific capital, TLAC, leverage ratio, liquidity and
funding requirements, incremental tax requirements, additional
levies, limitations on permitted activities, constraints on
remuneration, constraints on transfers of capital and liquidity and
sharing of operational costs across the Group or other measures,
and the effect these will or would have on UBS’s business
activities; (v) the degree to which UBS is successful in
implementing further changes to its legal structure to improve its
resolvability and meet related regulatory requirements and the
potential need to make further changes to the legal structure or
booking model of UBS Group in response to legal and regulatory
requirements, to proposals in Switzerland and other jurisdictions
for mandatory structural reform of banks or systemically important
institutions or to other external developments, and the extent to
which such changes will have the intended effects; (vi) uncertainty
as to the extent to which the Swiss Financial Market Supervisory
Authority (FINMA) will confirm limited reductions of gone concern
requirements due to measures to reduce resolvability risk; (vii)
the uncertainty arising from the timing and nature of the UK exit
from the EU and the potential need to make changes in UBS’s legal
structure and operations as a result of it; (viii) changes in UBS’s
competitive position, including whether differences in regulatory
capital and other requirements among the major financial centers
will adversely affect UBS’s ability to compete in certain lines of
business; (ix) changes in the standards of conduct applicable to
our businesses that may result from new regulation or new
enforcement of existing standards, including recently enacted and
proposed measures to impose new and enhanced duties when
interacting with customers and in the execution and handling of
customer transactions; (x) the liability to which UBS may be
exposed, or possible constraints or sanctions that regulatory
authorities might impose on UBS, due to litigation, contractual
claims and regulatory investigations, including the potential for
disqualification from certain businesses or loss of licenses or
privileges as a result of regulatory or other governmental
sanctions, as well as the effect that litigation, regulatory and
similar matters have on the operational risk component of our RWA;
(xi) the effects on UBS’s cross-border banking business of tax or
regulatory developments and of possible changes in UBS’s policies
and practices relating to this business; (xii) UBS’s ability to
retain and attract the employees necessary to generate revenues and
to manage, support and control its businesses, which may be
affected by competitive factors including differences in
compensation practices; (xiii) changes in accounting or tax
standards or policies, and determinations or interpretations
affecting the recognition of gain or loss, the valuation of
goodwill, the recognition of deferred tax assets and other matters,
including from changes to US taxation under the Tax Cuts and Jobs
Act; (xiv) UBS’s ability to implement new technologies and business
methods, including digital services and technologies and ability to
successfully compete with both existing and new financial service
providers, some of which may not be regulated to the same extent;
(xv) limitations on the effectiveness of UBS’s internal processes
for risk management, risk control, measurement and modeling, and of
financial models generally; (xvi) the occurrence of operational
failures, such as fraud, misconduct, unauthorized trading,
financial crime, cyberattacks, and systems failures; (xvii)
restrictions on the ability of UBS Group AG to make payments or
distributions, including due to restrictions on the ability of its
subsidiaries to make loans or distributions, directly or
indirectly, or, in the case of financial difficulties, due to the
exercise by FINMA or the regulators of UBS’s operations in other
countries of their broad statutory powers in relation to protective
measures, restructuring and liquidation proceedings; (xviii) the
degree to which changes in regulation, capital or legal structure,
financial results or other factors may affect UBS’s ability to
maintain its stated capital return objective; and (xix) the effect
that these or other factors or unanticipated events may have on our
reputation and the additional consequences that this may have on
our business and performance. The sequence in which the factors
above are presented is not indicative of their likelihood of
occurrence or the potential magnitude of their consequences. Our
business and financial performance could be affected by other
factors identified in our past and future filings and reports,
including those filed with the SEC. More detailed information about
those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including UBS’s Annual Report on
Form 20-F for the year ended 31 December 2017. UBS is not under any
obligation to (and expressly disclaims any obligation to) update or
alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
RoundingNumbers presented throughout this news release
may not add up precisely to the totals provided in the tables and
text. Starting in 2018, percentages, percent changes and adjusted
results presented in the tables and text are calculated on the
basis of unrounded figures, with the exception of movement
information provided in text that can be derived from figures
displayed in the tables, which is calculated on a rounded basis.
For prior periods, these values are calculated on the basis of
rounded figures displayed in the tables and text.
TablesWithin tables, blank fields generally indicate that
the field is not applicable or not meaningful, or that information
is not available as of the relevant date or for the relevant
period. Zero values generally indicate that the respective figure
is zero on an actual or rounded basis. Percentage changes are
presented as a mathematical calculation of the change between
periods.
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