Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
Key highlights
Key highlights
- Profit before tax USD (255m) driven by integration-related expenses; underlying1 PBT of USD 844m in the first full quarter since acquisition with positive operating leverage at the Group level and underlying PBT growth in GWM, P&C and AM compared to estimated underlying 2Q232
- Net new money of USD 22bn in Global Wealth Management (GWM) driven by asset win-back, new clients and share-of-wallet gains; positive NNM in Credit Suisse Wealth Management (CS WM) for the first time since 1Q22
- Net new deposits of USD 33bn across GWM and Personal and Corporate Banking (P&C), with USD 22bn from Credit Suisse clients; positive deposit inflows in P&C in September, the month after announcing the decision to integrate Credit Suisse (Schweiz)
- Released USD ~1bn of CET1 capital through accelerated wind-down of Non-core and Legacy (NCL) assets; reduced RWA by USD 6bn and LRD by USD 52bn sequentially, primarily from active unwinds
- Maintained a balance sheet for all seasons with 14.4% CET1 capital ratio and USD 195bn of total loss-absorbing capacity; issued USD 7.5bn of combined TLAC and benchmark OpCo debt with pricing in line with pre-acquisition levels
- Achieved USD 3bn in gross run-rate saves in 9M23 vs. FY22, further progress expected in 4Q23
Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the third quarter of 2023 for a reconciliation of underlying to reported results and definitions of the APMs.
2 “Estimated underlying” combined results for 2Q23 are intended to reflect estimated underlying performance of UBS Group as if Credit Suisse were part of UBS for the entire second quarter. The estimated results reflect adjusted results of Credit Suisse AG for the full 2Q23 converted on an estimated basis from US GAAP to IFRS and aligned to the UBS presentation combined with the underlying results of UBS Group for 2Q23. Estimated results are estimates only and are intended to provide information on comparing performance of the Group in 3Q23 to 2Q23. Estimated results are not financial statements or pro forma financial information and are non-GAAP financial measures and alternative performance measures. Refer to the appendix to this media release for a reconciliation of these measures to reported results.
