UBS news

瑞银第二季度调整后税前利润17亿瑞郎

Zürich Price Sensitive Information Media Releases APAC Media Releases Simplified Chinese Quarterly Results

 

UBS Group AG股东应占净利润10.34亿瑞郎;摊薄后每股盈利0.27瑞郎 调整后有形股权资产年化回报率为10.1% 整体业绩强劲;个人和企业银行业务表现格外出色 全面采纳的CET1 资本充足率为14.2%;全面采纳的CET1杠杆率为3.4% 瑞银采取行动支持联合国可持续发展目标

苏黎世/巴塞尔,2016年7月29日——2016年第二季度,瑞银实现强劲的业绩,调整后1税前利润为16.72亿瑞郎,略高于2015年第二季度,而2015年第二季度的市场环境更加利好,尤其是亚洲市场。UBS Group AG股东应占净利润为10.34亿瑞郎,摊薄后每股盈利为0.27瑞郎。集团调整后1有形股权资产年化回报率为10.1%。尽管经济和地缘政治方面的不确定性持续升级,导致客户活动始终处于非常低的水平,并且一级市场发行量低迷,瑞银依然实现了上述业绩。

瑞银保持强劲的资本状况,全面采纳的CET1 资本充足率为14.2%,全面采纳的CET1杠杆率为3.4%。尽管监管不断加强,风险加权资产(RWA)与前一季度相比保持稳定,为2,140亿瑞郎。全面采纳的杠杆率分母(LRD)小幅减少至8,980亿瑞郎。

截至2016年6月30日,集团达成之前宣布的节省净成本14亿瑞郎的目标,本季度节省2亿瑞郎,正在稳步实现2017年末前减少净成本21亿瑞郎的目标,同时继续承担显著提高的监管成本。在当前充满挑战的环境下,瑞银正采取负责任的措施以节省整个公司范围的成本支出,同时确保其内控框架、客户服务质量和战略增长重点不受影响。


集团首席执行官Sergio P. Ermotti 表示:“我们通过帮助客户应对艰难的市场环境,同时严格控制风险并进一步降低成本,从而实现这一季度的强劲业绩。瑞银依然处于稳固地位,拥有强劲的资本、明确的战略和十分多元化的业务模式。”


2016年第二季度:业务部门和企业中心业绩概况2

本新闻稿所提供的内容除特别指出均为UBS Group AG的合并财务信息。UBS AG(合并)与UBS Group AG(合并)的财务信息未存在本质上区别, UBS Group AG(合并)和 UBS AG(合并)之间的比较将在本新闻稿末尾处提供。UBS AG 2016年第二季度报告将于2016年8月4日公布于网站www.ubs.com/investors的“季度报告”部分。

2016年第二季度:业务部门和企业中心业绩概况2

财富管理业务实现调整后1税前利润6.06亿瑞郎,较2015年第二季度减少1.63亿瑞郎,尽管客户活动进一步减少,公司仍取得了这强韧的业绩。财富管理业务吸引了60亿瑞郎的净新资金,同时继续实现可持续的收益, 这是由于亚太地区和瑞士地区取得强劲的资金净流入,但被新兴市场和欧洲地区跨境资金流出所部分抵消。第二季度净新委托投资为69亿瑞郎,渗透率上升至投资资产的27.1%。

美洲财富管理业务录得调整后1税前利润2.81亿美元,而2015年第二季度为2.31亿美元,反映出净利息收入创下纪录且营业支出降低。尽管出现与季节性税务相关的资金外流,第二季度仍吸引净新资金24亿美元,而去年同一季度为净流出资金7亿美元。

个人与企业银行业务录得调整后1税前利润4.63亿瑞郎,高于2015年第二季度的4.14亿瑞郎,创下2008年第四季度以来的最佳季度业绩,尽管负利率环境形成持续性挑战,但是营业收入提高及营业支出降低。个人银行业务的年化新业务量的净增长稳定,增长率为3.0%.在处于市场领先地位的电子及手机银行业务的推动下,上半年新增客户的净增长创下纪录。

资产管理业务实现调整后1税前利润1.48亿瑞郎,较去年同期的1.34亿瑞郎增长了10%,主要原因是全球房地产业务的业绩费增加。不包括货币市场的资金流量,净新资金流出为88亿瑞郎,原因是资产配置的调整(包括从主动投资转向被动投资)和客户流动性的需求。

投资银行业务录得调整后1税前利润4.47亿瑞郎,而2015年第二季度为6.17亿瑞郎。得益于审慎的风险和资源管理以及对成本控制采取果断的措施,第二季度调整后1专属股本年化回报率表现强劲。尽管外汇、利率和信贷业务表现强劲,但投资客户服务部门 (Investor Client Services) 的业绩同比出现下滑。企业客户解决方案部门(Corporate Client Solutions) 的收入下降,部分原因是全球佣金收入规模的缩小,反映出参与交易时审慎的风险偏好。截至季度末,投资银行业务的风险加权资产(RWA)为640亿瑞郎,而杠杆率分母(LRD)为2,670亿瑞郎。

企业中心—服务(Corporate Centre – Services) 录得调整后1税前亏损2.13亿瑞郎,较2015年第二季度减少4,000万瑞郎。集团资产负债管理部门录得调整后¹税前利润7,000万瑞郎。非核心和遗留资产组合录得调整后¹税前亏损1.24亿瑞郎,杠杆率分母(LRD)较2016年一季度降低80亿瑞郎,至330亿瑞郎。

1参阅新闻稿末尾处“调整后业绩”段落。

2从2016年二季度开始,我们每季度对集团和业务部门以及企业中心业绩的说明是基于与前一年同一季度业绩的比较。

瑞银支持联合国可持续性举措

瑞银于6月份宣布了‘瑞银大奖赛’(UBS Grand Challenge)的获胜者,UBS Grand Challenge是一项动员了1,200名员工参与的内部竞赛,旨在为五项新的联合国可持续发展目标设计创新解决方案。获胜团队的解决方案是“随手存(save-as-you-go)”移动支付技术,用以帮助缩小低收入与中等收入人群的养老金缺口,让他们在每次使用电子手段支付时都能自动储存一笔养老金。获胜团队将与全球发展中心(Center for Global Development)合作,将产品推向市场。

作为“联合国全球契约”(UN Global Conpact) 的首批签署公司,且拥有最大的可持续投资基金组合之一,瑞银致力于支持“联合国全球契约100可持续性指数”的推出。瑞银协助开发了该指数,为投资者在投资于环境、社会与治理(ESG)相关的企业时提供了一个基准。

奖项和成就

根据财富管理研究机构Scorpio Partnership的调查,瑞银为全球最大的财富管理机构,管理资产总额为1.7万亿美元。在最近的《欧洲货币》杂志(Euromoney)的卓越大奖中,瑞银获得了“全球最佳财富管理银行”、“瑞士最佳银行”和“全球最佳业界银行”等殊荣。 瑞银投资银行的创新交易平台UBS Neo在《Profit & Loss》杂志主办的“2016年度电子外汇大奖”中获得四个奖项,包括“最佳平台奖”,“客户体验大奖”,“最佳利率平台”和“最佳结构性产品平台奖”。《亚洲金融》杂志 (FinanceAsia)在其20周年纪念特刊中授予瑞银一系列铂金奖项,包括泛亚洲铂金奖中的最佳私人银行奖,以及最佳股票公司类别的共同优胜者。瑞银最近还在Trendence Institute的年度调查中被商科学生评为瑞士最受欢迎雇主。

展望

持续不断的市场波动、宏观经济的不确定性和加剧的地缘政治风险,加上英国公投决定退出欧盟带来的影响,持续造成客户的风险规避情绪和整体交易量降低。这些情况在可预见的未来难以改变。此外,利率低于预期并已陷入负值以及瑞郎(尤其是兑欧元)相对走强继续带来较大的挑战。瑞士银行资本标准的变动和国际银行监管框架的变动见议将带来更高的资本要求和成本。瑞银具备有利条件,可获益于当前即便温和改善的市场条件,并将继续严格执行自身策略,以缓解上述影响。

Performance by business division and Corporate Center unit – reported and adjusted¹,²

 

For the quarter ended 30.6.16

CHF million

Wealth Manage- ment

Wealth Manage- ment Americas

Personal & Corporate Banking

Asset  Manage- ment

Investment Bank

CC – Services³

CC – Group ALM

CC – Non- core and Legacy Portfolio

UBS

Operating income as reported

1,815

1,879

1,085

483

2,000

78

45

19

7,404

of which: gain on sale of investment in Visa Europe

21

 

102

 

 

 

 

 

123

of which: gains on sales of real estate

 

 

 

 

 

120

 

 

120

of which: net foreign currency translation losses⁴

 

 

 

 

 

 

(26)

 

(26)

of which: losses on sales of subsidiaries and businesses

(23)

 

 

 

 

 

 

 

(23)

Operating income (adjusted)

1,817

1,879

983

483

2,000

(42)

71

19

7,210

 

 

 

 

 

 

 

 

 

 

Operating expenses as reported

1,297

1,643

551

369

1,716

190

2

148

5,915

of which: personnel-related restructuring expenses⁵

7

5

1

4

37

139

0

0

192

of which: non-personnel-related restructuring expenses⁵

6

0

0

6

4

168

0

0

185

of which: restructuring expenses allocated from CC ­ Services⁵

73

33

30

24

122

(287)

0

5

0

Operating expenses (adjusted)

1,211

1,605

520

335

1,553

170

2

143

5,538

of which: expenses for provisions for litigation, regulatory and similar matters

9

16

0

(5)

26

2

0

23

72

 

 

 

 

 

 

 

 

 

 

Operating profit / (loss) before tax as reported

518

237

534

114

284

(113)

44

(129)

1,489

Operating profit / (loss) before tax (adjusted)

606

275

463

148

447

(213)

70

(124)

1,672

 

 

 

 

 

 

 

 

 

 

 

For the quarter ended 30.6.15

CHF million

Wealth Manage- ment

Wealth Manage- ment Americas

Personal & Corporate Banking

Asset  Manage- ment

Investment Bank

CC – Services³

CC – Group ALM

CC – Non- core and Legacy Portfolio

UBS

Operating income as reported

2,080

1,823

952

476

2,355

(41)

138

35

7,818

of which: own credit on financial liabilities designated at fair value

 

 

 

 

 

 

259

 

259

of which: gains on sales of subsidiaries and businesses

56

 

 

 

 

 

 

 

56

of which: gain on a further partial sale of investment in Markit

 

 

 

 

11

 

 

 

11

Operating income (adjusted)

2,024

1,823

952

476

2,344

(41)

(121)

35

7,492

 

 

 

 

 

 

 

 

 

 

Operating expenses as reported

1,324

1,631

555

346

1,804

212

7

180

6,059

of which: personnel-related restructuring expenses⁵

18

0

0

0

0

85

0

7

110

of which: non-personnel-related restructuring expenses⁵

10

0

0

0

1

70

0

0

81

of which: restructuring expenses allocated from CC ­ Services⁵

41

24

16

4

65

(155)

0

6

0

of which: impairment of an intangible asset

 

 

 

 

11

 

 

 

11

Operating expenses (adjusted)

1,255

1,607

538

342

1,727

212

7

167

5,857

of which: expenses for provisions for litigation, regulatory and similar matters

10

51

0

0

(12)

0

0

23

71

 

 

 

 

 

 

 

 

 

 

Operating profit / (loss) before tax as reported

756

191

397

130

551

(253)

132

(145)

1,759

Operating profit / (loss) before tax (adjusted)

769

215

414

134

617

(253)

(127)

(132)

1,635

UBS Group AG key figures

 

As of or for the quarter ended

As of or year-to-date

CHF million, except where indicated

30.6.16

31.3.16

31.12.15

30.6.15

30.6.16

30.6.15

 

 

 

 

 

 

 

Group results

 

 

 

 

 

 

Operating income

7,404

6,833

6,775

7,818

14,237

16,659

Operating expenses

5,915

5,855

6,541

6,059

11,770

12,193

Operating profit / (loss) before tax

1,489

978

234

1,759

2,467

4,467

Net profit / (loss) attributable to UBS Group AG shareholders

1,034

707

949

1,209

1,741

3,186

Diluted earnings per share (CHF)¹

0.27

0.18

0.25

0.32

0.45

0.85

 

 

 

 

 

 

 

Key performance indicators²

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

Return on tangible equity (%)

8.9

6.0

8.1

11.0

7.4

14.4

Return on assets, gross (%)

3.0

2.9

2.8

3.1

2.9

3.2

Cost / income ratio (%)

79.8

85.7

95.7

77.4

82.6

73.1

Growth

 

 

 

 

 

 

Net profit growth (%)

(14.5)

(64.2)

10.6

52.7

(45.4)

72.6

Net new money growth for combined wealth management businesses (%)³

1.7

5.9

2.9

1.5

3.8

2.6

Resources

 

 

 

 

 

 

Common equity tier 1 capital ratio (fully applied, %)⁴

14.2

14.0

14.5

14.4

14.2

14.4

Leverage ratio (phase-in, %)⁵

6.0

6.0

6.2

5.4

6.0

5.4

 

 

 

 

 

 

 

Additional information

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

Return on equity (RoE) (%)

7.7

5.1

6.9

9.4

6.4

12.4

Return on risk-weighted assets, gross (%)⁶

13.9

13.0

12.9

14.7

13.4

15.5

Resources

 

 

 

 

 

 

Total assets

989,397

966,873

942,819

950,168

989,397

950,168

Equity attributable to UBS Group AG shareholders

52,876

54,845

55,313

50,211

52,876

50,211

Common equity tier 1 capital (fully applied)⁴

30,264

29,853

30,044

30,265

30,264

30,265

Common equity tier 1 capital (phase-in)⁴

37,064

36,580

40,378

38,706

37,064

38,706

Risk-weighted assets (fully applied)⁴

213,840

213,558

207,530

209,777

213,840

209,777

Common equity tier 1 capital ratio (phase-in, %)⁴

17.1

16.9

19.0

18.2

17.1

18.2

Total capital ratio (fully applied, %)⁴

23.1

22.7

22.9

21.2

23.1

21.2

Total capital ratio (phase-in, %)⁴

25.4

25.7

26.8

25.0

25.4

25.0

Leverage ratio (fully applied, %)⁵

5.5

5.4

5.3

4.7

5.5

4.7

Leverage ratio denominator (fully applied)⁵

898,195

905,801

897,607

944,422

898,195

944,422

Liquidity coverage ratio (%)⁷

133

134

124

114

133

114

Other

 

 

 

 

 

 

Invested assets (CHF billion)⁸

2,677

2,618

2,689

2,628

2,677

2,628

Personnel (full-time equivalents)

60,093

60,547

60,099

59,648

60,093

59,648

Market capitalization⁹

48,398

59,638

75,147

74,547

48,398

74,547

Total book value per share (CHF)⁹

14.27

14.74

14.75

13.71

14.27

13.71

Tangible book value per share (CHF)⁹

12.54

13.04

13.00

12.04

12.54

12.04

Income statement

 

For the quarter ended

% change from

Year-to-date

CHF million

30.6.16

31.3.16

30.6.15

1Q16

2Q15

30.6.16

30.6.15

Net interest income

1,164

1,712

1,490

(32)

(22)

2,876

3,127

Credit loss (expense) / recovery

(7)

(3)

(13)

133

(46)

(9)

(29)

Net interest income after credit loss expense

1,158

1,709

1,478

(32)

(22)

2,867

3,098

Net fee and commission income

4,087

4,093

4,409

0

(7)

8,180

8,810

Net trading income

1,891

1,013

1,647

87

15

2,904

3,781

of which: net trading income excluding own credit

1,891

1,013

1,387

87

36

2,904

3,296

of which: own credit on financial liabilities designated at fair value

 

 

259

 

 

 

486

Other income

269

17

285

 

(6)

286

970

Total operating income

7,404

6,833

7,818

8

(5)

14,237

16,659

of which: net interest and trading income

3,055

2,725

3,137

12

(3)

5,780

6,909

Personnel expenses

3,985

3,924

4,124

2

(3)

7,910

8,297

General and administrative expenses

1,666

1,664

1,695

0

(2)

3,330

3,408

Depreciation and impairment of property, equipment and software

240

243

209

(1)

15

483

429

Amortization and impairment of intangible assets

24

23

30

4

(20)

47

58

Total operating expenses

5,915

5,855

6,059

1

(2)

11,770

12,193

Operating profit / (loss) before tax

1,489

978

1,759

52

(15)

2,467

4,467

Tax expense / (benefit)

376

270

443

39

(15)

646

1,113

Net profit / (loss)

1,113

708

1,316

57

(15)

1,820

3,354

Net profit / (loss) attributable to non-controlling interests

79

0

106

 

(25)

79

168

Net profit / (loss) attributable to UBS Group AG shareholders

1,034

707

1,209

46

(14)

1,741

3,186

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

Total comprehensive income

1,558

349

(584)

346

 

1,907

1,142

Total comprehensive income attributable to non-controlling interests

407

(50)

11

 

 

357

(71)

Total comprehensive income attributable to UBS Group AG shareholders

1,151

399

(595)

188

 

1,550

1,213

Comparison UBS Group AG (consolidated) versus UBS AG (consolidated)

 

As of or for the quarter ended 30.6.16

As of or for the quarter ended 31.3.16

As of or for the quarter ended 31.12.15

CHF million, except where indicated

UBS Group AG
(consolidated)

UBS AG
(consolidated)

Difference
(absolute)

UBS Group AG
(consolidated)

UBS AG
(consolidated)

Difference
(absolute)

UBS Group AG
(consolidated)

UBS AG
(consolidated)

Difference
(absolute)

Income statement

 

 

 

 

 

 

 

 

 

Operating income

7,404

7,399

5

6,833

6,855

(22)

6,775

6,771

4

Operating expenses

5,915

5,942

(27)

5,855

5,876

(21)

6,541

6,543

(2)

Operating profit / (loss) before tax

1,489

1,457

32

978

979

(1)

234

228

6

of which: Wealth Management

518

514

4

557

552

5

344

342

2

of which: Wealth Management Americas

237

225

12

211

204

7

14

8

6

of which: Personal & Corporate Banking

534

533

1

399

399

0

355

356

(1)

of which: Asset Management

114

113

1

90

90

0

171

171

0

of which: Investment Bank

284

267

17

253

236

17

80

83

(3)

of which: Corporate Center

(198)

(195)

(3)

(534)

(502)

(32)

(729)

(732)

3

of which: Services

(113)

(109)

(4)

(203)

(193)

(10)

(345)

(349)

4

of which: Group ALM

44

42

2

(148)

(127)

(21)

(56)

(54)

(2)

of which: Non-core and Legacy Portfolio

(129)

(128)

(1)

(183)

(182)

(1)

(329)

(329)

0

Net profit / (loss)

1,113

1,088

25

708

713

(5)

950

951

(1)

of which: net profit / (loss) attributable to shareholders

1,034

1,009

25

707

713

(6)

949

950

(1)

of which: net profit / (loss) attributable to preferred noteholders

 

78

(78)

 

0

0

 

0

0

of which: net profit / (loss) attributable to non-controlling interests

79

1

78

0

0

0

1

1

0

Statement of comprehensive income

 

 

 

 

 

 

 

 

Other comprehensive income

445

446

(1)

(358)

(358)

0

214

214

0

of which: attributable to shareholders

117

118

(1)

(308)

(308)

0

177

177

0

of which: attributable to preferred noteholders

 

328

(328)

 

(50)

50

 

35

(35)

of which: attributable to non-controlling interests

329

0

329

(50)

(1)

(49)

37

2

35

Total comprehensive income

1,558

1,535

23

349

355

(6)

1,164

1,165

(1)

of which: attributable to shareholders

1,151

1,127

24

399

405

(6)

1,126

1,126

0

of which: attributable to preferred noteholders

 

406

(406)

 

(50)

50

 

35

(35)

of which: attributable to non-controlling interests

407

1

406

(50)

(1)

(49)

38

3

35

Balance sheet

 

 

 

 

 

 

 

 

 

Total assets

989,397

990,135

(738)

966,873

968,158

(1,285)

942,819

943,256

(437)

Total liabilities

935,835

936,096

(261)

910,088

910,557

(469)

885,511

886,013

(502)

Total equity

53,562

54,039

(477)

56,786

57,601

(815)

57,308

57,243

65

of which: equity attributable to shareholders

52,876

53,353

(477)

54,845

55,660

(815)

55,313

55,248

65

of which: equity attributable to preferred noteholders

 

649

(649)

 

1,905

(1,905)

 

1,954

(1,954)

of which: equity attributable to non-controlling interests

686

37

649

1,941

36

1,905

1,995

41

1,954

Capital information

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital (fully applied)

30,264

32,184

(1,920)

29,853

32,118

(2,265)

30,044

32,042

(1,998)

Common equity tier 1 capital (phase-in)

37,064

38,913

(1,849)

36,580

38,762

(2,182)

40,378

41,516

(1,138)

Additional tier 1 capital (fully applied)

7,785

2,688

5,097

7,585

2,643

4,942

6,154

1,252

4,902

Tier 2 capital (fully applied)

11,331

10,441

890

11,112

10,217

895

11,237

10,325

912

Total capital (fully applied)

49,381

45,313

4,068

48,551

44,978

3,573

47,435

43,619

3,816

Risk-weighted assets (fully applied)

213,840

214,210

(370)

213,558

214,973

(1,415)

207,530

208,186

(656)

Common equity tier 1 capital ratio (fully applied, %)

14.2

15.0

(0.8)

14.0

14.9

(0.9)

14.5

15.4

(0.9)

Common equity tier 1 capital ratio (phase-in, %)

17.1

17.9

(0.8)

16.9

17.8

(0.9)

19.0

19.5

(0.5)

Total capital ratio (fully applied, %)

23.1

21.2

1.9

22.7

20.9

1.8

22.9

21.0

1.9

Leverage ratio denominator (fully applied)

898,195

899,075

(880)

905,801

907,277

(1,476)

897,607

898,251

(644)

Leverage ratio (fully applied, %)

5.5

5.0

0.5

5.4

5.0

0.4

5.3

4.9

0.4

Group and business division targets and expectations (ranges for sustainable performance over the cycle)1

 Wealth Management

Net new money growth rate
Adjusted cost/income ratio

3–5%
55–65%

 
10–15% annual adjusted pre-tax profit growth for combined businesses through the cycle

 Wealth Management Americas

Net new money growth rate
Adjusted cost/income ratio 

2–4%
75–85%
 

 Personal & Corporate
 Banking

Net new business volume growth rate
Net interest margin
Adjusted cost/income ratio

1–4% (personal banking)
140–180 bps
50–60%

 

 Asset Management

Net new money growth rate
Adjusted cost/income ratio
Adjusted annual pre-tax profit

3–5% excluding money market flows
60–70%
CHF 1 billion in the medium term

 Investment Bank

Adjusted annual pre-tax RoAE
Adjusted cost/income ratio
RWA (fully applied)
LRD (fully applied)

>15%
70–80%
Expectation: around CHF 85 billion short/medium term2
Expectation: around CHF 325 billion short/medium term2

 Group

Net cost reduction
Adjusted cost/income ratio
Adjusted return on tangible equity
Basel III CET1 ratio (fully applied)
RWA (fully applied)
LRD (fully applied)

CHF 2.1 billion by end 2017
60–70%
>15%
at least 13%
Expectation: around CHF 250 billion short/medium term2
Expectation: around CHF 950 billion short/medium term2

UBS’s second quarter 2016 report, news release and slide presentation will be available from

06:45 CEST on Friday, 29 July 2016, at

UBS will hold a presentation of its second quarter 2016 results on Friday, 29 July 2016. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Kirt Gardner, Group Chief Financial Officer, Martin Osinga, Global Head of Investor Relations ad interim, and Hubertus Kuelps, Group Head of Communications & Branding.

Time

  • 09:00–11:00 CEST
  • 08:00–10:00 BST
  • 03:00–05:00 US EDT

Audio webcast

The presentation for analysts can be followed live on www.ubs.com/quarterlyreporting with a simultaneous slide show.

Webcast playback

An audio playback of the results presentation will be made available at www.ubs.com/investors later in the day.

Investor contactUBS Group AG and UBS AG

Switzerland:      +41-44-234 41 00

Media contact

Switzerland:       +41-44-234 85 00
UK:                     +44-207-567 47 14
Americas:           +1-212-882 58 57
APAC:                 +852-297-1 82 00

www.ubs.com

Cautionary Statement Regarding Forward-Looking Statements

This 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 executing its announced strategic plans, including its cost reduction and efficiency initiatives and its targets for risk-weighted assets (RWA) and leverage ratio denominator (LRD), and the degree to which UBS is successful in implementing changes to its wealth management businesses to meet changing market, regulatory and other conditions; (ii) the 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) requirements, or loss-absorbing capital; (iv) changes in or the implementation of financial legislation and regulation in Switzerland, the US, the UK and other financial centers that may impose, or result in, more stringent capital, TLAC, leverage ratio, liquidity and funding requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration or other measures, and the effect this would have on UBS’s business activities; (v) uncertainty as to when and to what degree the Swiss Financial Market Supervisory Authority (FINMA) will approve a limited reduction of gone concern requirements due to measures to reduce resolvability risk; (vi) the degree to which UBS is successful in implementing further changes to its legal structure to improve its resolvability and meet related regulatory requirements, including changes in legal structure and reporting required to implement US enhanced prudential standards, implementing a service company model, completing the transfer of the Asset Management business to a holding company, 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 relating to capital requirements, resolvability requirements and proposals in Switzerland and other countries for mandatory structural reform of banks and the extent to which such changes have the intended effects; (vii) the uncertainty arising from the UK referendum vote to withdraw from the EU and the potential need to make changes in UBS's legal structure and operations as a result of a UK exit from the EU; (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 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 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; (xiv) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xv) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xvi) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyber-attacks, 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 of its 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, including methodology, assumptions and stress scenarios, 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 2015. 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.

Adjusted results

In addition to reporting our results in accordance with International Financial Reporting Standards (IFRS), we report adjusted results that exclude items that management believes are not representative of the underlying performance of our businesses. Such adjusted results are non-GAAP financial measures as defined by SEC regulations. Unless otherwise indicated, second quarter of 2016 “adjusted“ figures exclude each of the following items, to the extent applicable, on a Group and business division level: a gain of CHF 123 million on the sale of our investment in Visa Europe, gains on sales of real estate in Switzerland of CHF 120 million, net foreign currency translation losses of CHF 26 million, a loss of CHF 23 million on the sale of a subsidiary, and net restructuring expenses of CHF 377 million. For the second quarter of 2015, we excluded an own credit gain of CHF 259 million, gains of CHF 56 million on the sale of a business, a gain from a further partial sale of our investment in Markit of CHF 11 million, as well as net restructuring expenses of CHF 191 million and an impairment of an intangible asset of CHF 11 million. Refer to the “Group performance“ section of UBS's second quarter 2016 report for more information on adjusted results.

Rounding

Numbers presented throughout this news release may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated on the basis of rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be calculated on the basis of figures that are not rounded.

Tables

Within 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.