可分配瑞銀集團股東淨利瑞郎7.07億元；
稀釋後每股盈餘瑞郎 0.18 元
完全適用巴塞爾資本協定 III普通股權益第一類比率（Fully applied Basel III CET1 ratio）
14.0%；完全適用瑞士 SRB 槓桿比率（Swiss SRB leverage ratio）5.4%
瑞銀 Oncology Impact Fund 募集金額 4.71 億美元，達歷史新高，該基金將用來開發癌症治療技術。
蘇黎世/巴塞爾，2016 年 5 月 3 日電 – 2016 年第一季，經濟與政治不確定性以及全球市場波動升高，導致客戶風險趨避情況更加明顯。對業界來說，這代表了第一季正常交易金額來到異常低的水準，瑞銀若與其表現卓越的 2015 年第一季相比較，差異更加明顯。儘管遭遇了此等挑戰不斷的環境，集團仍交出調整後1稅前淨利瑞郎 13.66 億元的成績單，且所有事業部與地區都為集團績效帶來正面貢獻。可分配瑞銀集團股東淨利瑞郎7.07億元，稀釋後每股盈餘（EPS）為瑞郎 0.18 元。集團年化調整後1 有形股權報酬率為 8.5%。瑞銀整體財富管理業務吸引了總金額達瑞郎 290 億元的強勁淨新現金流量，為自 2008 年以來的最高金額。在此同時，該事業部仍然交出具持續性的獲利成績以及卓越的股東報酬表現。個人與企業銀行業務在個人銀行方面的淨新業務量成長率表現非常強勁，成長了將近 5%，新增國內客戶人數也達歷史新高。
瑞銀仍維持其強勁資本部位，完全適用巴塞爾資本協定 III普通股權益第一類比率達14.0%，完全適用瑞士 SRB 槓桿比率則為 5.4%。瑞銀於三月份成功發行瑞郎14億元的 AT1 應急資本，為業界 2016 年首家發行此類證券的銀行，總損失吸收資本為瑞郎14億元。瑞銀已為預計適用於瑞士系統性相關銀行的新規定作好準備。截至 2016 年 3 月，瑞銀集團已達成較 2013 年全年度成本節省總成本瑞郎 12 億元之成果，且正在往 2017 年底前淨成本節省瑞郎 21 億元之目標邁進。此外，在當前營收不斷遭遇挑戰的環境下，瑞銀仍持續採取負責任的措施，節省集團整體成本開支。
如同先前宣布的，瑞銀董事會向股東提議2015 年支付每股瑞郎 0.60 元之普通股股利，以及每股瑞郎 0.25 元之特別股股利。瑞銀年度股東大會將於5月10日舉行。
「儘管市場環境充滿挑戰，我們仍交出強勁的表現成績單，反映了我們的紀律性和專注度，以及我們的多元化營運模型。考量目前客戶交易活動量異常低迷，我們將持續有效的管理我們的資源，同時繼續完成成本節省的目標Sergio P. Ermotti，集團首席執行長
除非另為說明，本新聞稿所載資料皆係以 UBS Group AG 合併基礎列示。UBS AG 之重要數據，請參本新聞稿最下方。UBS AG 之財務資訊與 UBS Group AG 之資訊並無重大差異。瑞銀將於 2016 年 5 月 6 日發佈 2016 年第一季財報，相關資料請參閱網址 www.ubs.com/investors 之 "季度報告" 。
第一季：業務部門和企業中心績效概述
儘管交易量來到第一季歷史新低記錄，財富管理業務仍交出調整後1 稅前淨利瑞郎 6.36 億元的優異成績，較前一季成長瑞郎 1.31 億元，並反映了訴訟、法規遵循與類似事務之淨提撥準備費用減少的情況。財富管理事業部擁有非常強勁的淨現金流量表現，金額達瑞郎 155 億元，所有區域都交出淨現金流入之成績，尤其是亞太地區以及超高淨值客戶，並持續強調具持續性之獲利能力。為了完成中國國內財富管理市場成長的抱負，瑞銀在中國新成立了上海分行。已投資資產調整後1 淨利成長了 5 個基點，來到 27 個基點。委託業務市場佔有率上揚了 60 個基點，佔已投資資產 27.0%。
美洲財富管理業務交出調整後1 稅前淨利 2.45 億美元的歷史新高成績，前一季度則為 0.63 億美元。淨新現金流入表現強勁，來到 136 億美元水準，且反映了該等流入主要來自新聘僱財富管理顧問以及瑞銀年資一年以上財務顧問的情況。美洲財富管理事業部的財富顧問，仍是所有同仁裡面績效表現最好的，每名顧問平均已投資資產金額達 1.47 億美元。
儘管需承受來自負利率與經濟活動減緩的衝擊，個人銀行與企業銀行業務部交出調整後1 稅前淨利瑞郎 4.22 億元的成績，前一季成果則為瑞郎 3.96 億元。個人銀行業務之年化淨新業務量成長率自 0.6% 上揚至 4.9%,為 2012 年第一季以來最高的成長率表現。個人銀行與企業銀行事業部持續吸引新國內客戶，且數量為有史以來最高的第一季成績。
資產管理業務交出調整後1 稅前淨利瑞郎 1.1 億元的成績，前一季為瑞郎1.53 億元，下滑的主要原因之一是股票、多資產與 O'Connor （Equities, Multi Asset & O'Connor）業務的績效佣金較低。若不計貨幣市場流量，淨新現金流出金額為瑞郎 59 億元，當中包括來自一名客戶與訂價相關之流出瑞郎 72 億元，以及因客戶資金流動性需求而流出的瑞郎 38 億元，這兩項流出都是來自獲利率較低的被動產品。
投資銀行業務交出調整後1 稅前淨利瑞郎 3.70 億元的成績，前一季為瑞郎 2.23 億元，並持續執行謹慎風險管理、成本與資源管理。本季年化調整後1 股權報酬率為 19%，其中投資客戶服務(Investor Client Services) 業務績效反彈向上，而企業客戶解決方案(Corporate Client Solutions)業務的營收則呈現下滑趨勢，部分原因來自於全球服務費收入下滑之故。投資銀行事業部完全適用風險加權資產 (RWA) 穩定維持在瑞郎 630 億元，而季末完全適用 SRB 槓桿比率分母 (LRD) 則減少瑞郎 60 億元，來到瑞郎 2,620 億元。
企業中心服務(Corporate Center – Services）事業部交出調整後1 稅前損失瑞郎 2.11 億元的成績，前一季的稅前損失金額則為瑞郎 3.26 億元。集團資產負債管理交出稅前淨損瑞郎 0.25 億元的成績，前一季則為調整後1 稅前淨利瑞郎 0.51 億元。非核心和遺留資產組合交出稅前淨損瑞郎 1.83 億元的成績，前一季則為稅前淨損瑞郎 3.29 億元。
1 請參考本新聞稿末尾說明 "調整後成果" 。
獎項與成就
瑞銀在最新發佈的亞洲私人銀行(Asia Private Banker )最佳財富管理銀行中，連續第四年蟬聯第一名佳績。瑞銀投資銀行在亞洲貨幣雜誌(Asiamoney awards) 的固定收入、避險基金服務、主要中介銀行與經紀人投票中，榮獲超過 200 項大獎肯定。
瑞銀在亞洲貨幣雜誌的私人銀行調查項目中囊括許多肯定，我們在瑞士與亞洲的服務，獲得主要全球"整體最佳私人銀行服務"獎項第一名評比。瑞銀也在多種其他類別中榮獲最佳評比，包括在全新獎項"創新科技"以及"SRI/社會影響投資"中名列首位。
瑞銀在第一季榮獲"全球金融(Global Finance)"雜誌第 17 屆年度全球最佳投資銀行調查評比為全球第一名投資銀行。除了榮獲最佳整體銀行獎項外，瑞銀投資銀行事業部也在全球、區域及產業別的另外九項評比項目中名列第一 - 包括連續兩年榮獲西歐"最佳股權投資銀行(Best Equity Bank)"。
社會影響力投資
瑞銀持續致力於開發可處理社會問題之創新金融解決方案，持續在永續銀行方面扮演領導地位。瑞銀以多項開創性行動，表達對社會影響投資方面的持續投入，其中最值得一提的是完成金額達 4.71 億美元的”瑞銀腫瘤影響基金(UBS Oncology Impact Fund，簡稱 OIF)”的募資計劃，這是有史以來為特定目的所成立影響基金募得金額最高的一次。OIF 讓社會有機會投資具突破性進展的新世代癌症療法。瑞銀過去曾發起的其他影響投資行動，包括成立前所未有的"開發影響債券(DIB)"，以協助印度女童就學。
展望
不佳的市場績效、市場大幅度波動以及相關總體經濟與地緣政治不確定性等因素，導致第一季客戶顯著風險趨避心態以及低交易量之結果。前述影響因素近來已有部分呈現穩定狀態，惟我們在過去所強調的總體經濟挑戰與地緣政治風險仍然存在，且在可預見的未來也不太可能解決。低利率以及瑞郎的相對強勁表現，尤其是兌換歐元的匯率，仍然將帶來挑戰。此外，瑞士與國際銀行法規架構預計進行的變動，將使銀行面臨額外資本規定以及支付更多成本。瑞銀將持續以有紀律的方式執行策略，以降低此等因素的影響。在此同時，瑞銀已為當前市場情況穩健復甦所帶來的益處作好準備。
自 2016 年第一季開始，依據業界標準慣例，瑞銀將不再另外發佈季度致股東信函，而將納入年度報告中一併發佈。
Results by business division and Corporate Center as reported
CHF million | Total operating income | Total operating expenses | Operating profit / (loss) before tax | ||||||
For the quarter ended | 31.3.16 | 31.12.15 | %change | 31.3.16 | 31.12.15 | %change | 31.3.16 | 31.12.15 | %change |
Wealth Management | 1,885 | 1,869 | 1 | 1,327 | 1,526 | (13) | 557 | 344 | 62 |
Wealth Management Americas | 1,889 | 1,885 | 0 | 1,678 | 1,871 | (10) | 211 | 14 | 1,407 |
Personal & Corporate Banking | 963 | 915 | 5 | 564 | 560 | 1 | 399 | 355 | 12 |
Asset Management | 468 | 568 | (18) | 378 | 397 | (5) | 90 | 171 | (47) |
Investment Bank | 1,879 | 1,721 | 9 | 1,625 | 1,641 | (1) | 253 | 80 | 216 |
Corporate Center | (252) | (184) | 37 | 281 | 546 | (49) | (534) | (730) | (27) |
of which: Services | (55) | (54) | 2 | 148 | 291 | (49) | (203) | (345) | (41) |
of which: Group ALM | (150) | (59) | 154 | (2) | (3) | (33) | (148) | (56) | 164 |
of which: Non-core and Legacy Portfolio | (47) | (71) | (34) | 135 | 258 | (48) | (183) | (329) | (44) |
UBS | 6,833 | 6,775 | 1 | 5,855 | 6,541 | (10) | 978 | 234 | 318 |
Performance by business division and Corporate Center unit – reported and adjusted¹˒²
For the quarter ended 31.3.16 |
| ||||||||
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 | 1,885 | 1,889 | 963 | 468 | 1,879 | (55) | (150) | (47) | 6,833 |
of which: net foreign currency translation losses⁴ |
|
|
|
|
|
| (123) |
| (123) |
Operating income (adjusted) | 1,885 | 1,889 | 963 | 468 | 1,879 | (55) | (27) | (47) | 6,956 |
Operating expenses as reported | 1,327 | 1,678 | 564 | 378 | 1,625 | 148 | (2) | 135 | 5,855 |
of which: personnel-related restructuring expenses⁵ | 2 | 0 | 0 | 1 | 17 | 107 | 0 | 1 | 128 |
of which: non-personnel-related restructuring expenses⁵ | 14 | 0 | 0 | 2 | 2 | 118 | 0 | 0 | 137 |
of which: restructuring expenses allocated from CC Services⁵ | 62 | 33 | 23 | 17 | 97 | (233) | 0 | 1 | 0 |
Operating expenses (adjusted) | 1,248 | 1,645 | 541 | 358 | 1,508 | 156 | (2) | 133 | 5,590 |
Operating profit / (loss) before tax as reported | 557 | 211 | 399 | 90 | 253 | (203) | (148) | (183) | 978 |
Operating profit / (loss) before tax (adjusted) | 636 | 244 | 422 | 110 | 370 | (211) | (25) | (181) | 1,366 |
UBS Group AG key figures
| As of or for the quarter ended | ||
CHF million, except where indicated | 31.3.16 | 31.12.15 | 31.3.15 |
Group results | |||
Operating income | 6,833 | 6,775 | 8,841 |
Operating expenses | 5,855 | 6,541 | 6,134 |
Operating profit / (loss) before tax | 978 | 234 | 2,708 |
Net profit / (loss) attributable to UBS Group AG shareholders | 707 | 949 | 1,977 |
Diluted earnings per share (CHF)¹ | 0.18 | 0.25 | 0.53 |
| |||
Key performance indicators² |
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Profitability |
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Return on tangible equity (%) | 6.0 | 8.1 | 17.8 |
Return on assets, gross (%) | 2.9 | 2.8 | 3.4 |
Cost / income ratio (%) | 85.7 | 95.7 | 69.2 |
Growth | |||
Net profit growth (%) | (25.5) | (54.1) | 130.4 |
Net new money growth for combined wealth management businesses (%) | 5.9 | 2.9 | 3.8 |
Resources | |||
Common equity tier 1 capital ratio (fully applied, %)³ | 14.0 | 14.5 | 13.7 |
Leverage ratio (phase-in, %)⁴ | 6.0 | 6.2 | 5.6 |
| |||
Additional information | |||
Profitability | |||
Return on equity (RoE) (%) | 5.1 | 6.9 | 15.4 |
Return on risk-weighted assets, gross (%)⁵ | 13.0 | 12.9 | 16.4 |
Resources | |||
Total assets | 966,873 | 942,819 | 1,048,850 |
Equity attributable to UBS Group AG shareholders | 54,845 | 55,313 | 52,359 |
Common equity tier 1 capital (fully applied)³ | 29,853 | 30,044 | 29,566 |
Common equity tier 1 capital (phase-in)³ | 36,580 | 40,378 | 40,779 |
Risk-weighted assets (fully applied)³ | 213,558 | 207,530 | 216,385 |
Common equity tier 1 capital ratio (phase-in, %)³ | 16.9 | 19.0 | 18.6 |
Total capital ratio (fully applied, %)³ | 22.7 | 22.9 | 20.6 |
Total capital ratio (phase-in, %)³ | 25.7 | 26.8 | 25.9 |
Leverage ratio (fully applied, %)⁴ | 5.4 | 5.3 | 4.6 |
Leverage ratio denominator (fully applied)⁴ | 905,801 | 897,607 | 976,934 |
Liquidity coverage ratio (%)⁶ | 134 | 124 | 116 |
Other | |||
Invested assets (CHF billion)⁷ | 2,618 | 2,689 | 2,708 |
Personnel (full-time equivalents) | 60,547 | 60,099 | 60,113 |
Market capitalization⁸ | 59,638 | 75,147 | 68,508 |
Total book value per share (CHF)⁸ | 14.74 | 14.75 | 14.33 |
Tangible book value per share (CHF)⁸ | 13.04 | 13.00 | 12.59 |
Income statement
| For the quarter ended | % change from | |||
CHF million | 31.3.16 | 31.12.15 | 31.3.15 | 4Q15 | 1Q15 |
Net interest income | 1,712 | 1,759 | 1,637 | (3) | 5 |
Credit loss (expense) / recovery | (3) | (59) | (16) | (95) | (81) |
Net interest income after credit loss expense | 1,709 | 1,700 | 1,621 | 1 | 5 |
Net fee and commission income | 4,093 | 4,218 | 4,401 | (3) | (7) |
Net trading income | 1,013 | 898 | 2,135 | 13 | (53) |
of which: net trading income excluding own credit | 1,013 | 863 | 1,908 | 17 | (47) |
of which: own credit on financial liabilities designated at fair value |
| 35 | 226 |
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Other income | 17 | (41) | 685 |
| (98) |
Total operating income | 6,833 | 6,775 | 8,841 | 1 | (23) |
of which: net interest and trading income | 2,725 | 2,657 | 3,772 | 3 | (28) |
Personnel expenses | 3,924 | 3,843 | 4,172 | 2 | (6) |
General and administrative expenses | 1,664 | 2,413 | 1,713 | (31) | (3) |
Depreciation and impairment of property, equipment and software | 243 | 260 | 221 | (7) | 10 |
Amortization and impairment of intangible assets | 23 | 24 | 28 | (4) | (18) |
Total operating expenses | 5,855 | 6,541 | 6,134 | (10) | (5) |
Operating profit / (loss) before tax | 978 | 234 | 2,708 | 318 | (64) |
Tax expense / (benefit) | 270 | (715) | 670 |
| (60) |
Net profit / (loss) | 708 | 950 | 2,038 | (25) | (65) |
Net profit / (loss) attributable to non-controlling interests | 0 | 1 | 61 | (100) | (100) |
Net profit / (loss) attributable to UBS Group AG shareholders | 707 | 949 | 1,977 | (26) | (64) |
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Comprehensive income |
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Total comprehensive income | 349 | 1,164 | 1,726 | (70) | (80) |
Total comprehensive income attributable to non-controlling interests | (50) | 38 | (81) |
| (38) |
Total comprehensive income attributable to UBS Group AG shareholders | 399 | 1,126 | 1,808 | (65) | (78) |
Comparison UBS Group AG (consolidated) versus UBS AG (consolidated)
| 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 | Difference (absolute) | Difference | UBS Group AG (consolidated) | UBS AG | Difference (absolute) | Difference |
Income statement |
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Operating income | 6,833 | 6,855 | (22) | 0 | 6,775 | 6,771 | 4 | 0 |
Operating expenses | 5,855 | 5,876 | (21) | 0 | 6,541 | 6,543 | (2) | 0 |
Operating profit / (loss) before tax | 978 | 979 | (1) | 0 | 234 | 228 | 6 | 3 |
of which: Wealth Management | 557 | 552 | 5 | 1 | 344 | 342 | 2 | 1 |
of which: Wealth Management Americas | 211 | 204 | 7 | 3 | 14 | 8 | 6 | 75 |
of which: Personal & Corporate Banking | 399 | 399 | 0 | 0 | 355 | 356 | (1) | 0 |
of which: Asset Management | 90 | 90 | 0 | 0 | 171 | 171 | 0 | 0 |
of which: Investment Bank | 253 | 236 | 17 | 7 | 80 | 83 | (3) | (4) |
of which: Corporate Center | (534) | (502) | (32) | 6 | (729) | (732) | 3 | 0 |
of which: Services | (203) | (193) | (10) | 5 | (345) | (349) | 4 | (1) |
of which: Group ALM | (148) | (127) | (21) | 17 | (56) | (54) | (2) | 4 |
of which: Non-core and Legacy Portfolio | (183) | (182) | (1) | 1 | (329) | (329) | 0 | 0 |
Net profit / (loss) | 708 | 713 | (5) | (1) | 950 | 951 | (1) | 0 |
of which: net profit / (loss) attributable to shareholders | 707 | 713 | (6) | (1) | 949 | 950 | (1) | 0 |
of which: net profit / (loss) attributable to preferred noteholders |
| 0 | 0 |
|
| 0 | 0 |
|
of which: net profit / (loss) attributable to non-controlling interests | 0 | 0 | 0 |
| 1 | 1 | 0 | 0 |
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Statement of comprehensive income |
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Other comprehensive income | (358) | (358) | 0 | 0 | 214 | 214 | 0 | 0 |
of which: attributable to shareholders | (308) | (308) | 0 | 0 | 177 | 177 | 0 | 0 |
of which: attributable to preferred noteholders |
| (50) | 50 |
|
| 35 | (35) | (100) |
of which: attributable to non-controlling interests | (50) | (1) | (49) |
| 37 | 2 | 35 |
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Total comprehensive income | 349 | 355 | (6) | (2) | 1,164 | 1,165 | (1) | 0 |
of which: attributable to shareholders | 399 | 405 | (6) | (1) | 1,126 | 1,126 | 0 | 0 |
of which: attributable to preferred noteholders |
| (50) | 50 |
|
| 35 | (35) | (100) |
of which: attributable to non-controlling interests | (50) | (1) | (49) |
| 38 | 3 | 35 |
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|
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Balance sheet |
|
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Total assets | 966,873 | 968,158 | (1,285) | 0 | 942,819 | 943,256 | (437) | 0 |
Total liabilities | 910,088 | 910,557 | (469) | 0 | 885,511 | 886,013 | (502) | 0 |
Total equity | 56,786 | 57,601 | (815) | (1) | 57,308 | 57,243 | 65 | 0 |
of which: equity attributable to shareholders | 54,845 | 55,660 | (815) | (1) | 55,313 | 55,248 | 65 | 0 |
of which: equity attributable to preferred noteholders |
| 1,905 | (1,905) |
|
| 1,954 | (1,954) | (100) |
of which: equity attributable to non-controlling interests | 1,941 | 36 | 1,905 |
| 1,995 | 41 | 1,954 |
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Capital information |
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Common equity tier 1 capital (fully applied) | 29,853 | 32,118 | (2,265) | (7) | 30,044 | 32,042 | (1,998) | (6) |
Common equity tier 1 capital (phase-in) | 36,580 | 38,762 | (2,182) | (6) | 40,378 | 41,516 | (1,138) | (3) |
Additional tier 1 capital (fully applied) | 7,585 | 2,643 | 4,942 |
| 6,154 | 1,252 | 4,902 |
|
Tier 2 capital (fully applied) | 11,112 | 10,217 | 895 | 9 | 11,237 | 10,325 | 912 | 9 |
Total capital (fully applied) | 48,551 | 44,978 | 3,573 | 8 | 47,435 | 43,619 | 3,816 | 9 |
Risk-weighted assets (fully applied) | 213,558 | 214,973 | (1,415) | (1) | 207,530 | 208,186 | (656) | 0 |
Common equity tier 1 capital ratio (fully applied, %) | 14.0 | 14.9 | (0.9) |
| 14.5 | 15.4 | (0.9) |
|
Common equity tier 1 capital ratio (phase-in, %) | 16.9 | 17.8 | (0.9) |
| 19.0 | 19.5 | (0.5) |
|
Total capital ratio (fully applied, %) | 22.7 | 20.9 | 1.8 |
| 22.9 | 21.0 | 1.9 |
|
Leverage ratio denominator (fully applied) | 905,801 | 907,277 | (1,476) | 0 | 897,607 | 898,251 | (644) | 0 |
Leverage ratio (fully applied, %) | 5.4 | 5.0 | 0.4 |
| 5.3 | 4.9 | 0.4 |
|
UBS’s first quarter 2016 report, media release and slide presentation will be available from 06:45 CEST on Tuesday, 3 May 2016 at www.ubs.com/quarterlyreporting.
UBS will hold a presentation of its first quarter 2016 results on Tuesday, 3 May 2016. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Kirt Gardner, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations, 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.
UBS Group AG and UBS AG
Investor contact
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 effect of economic conditions and market developments on the financial position or creditworthiness of UBS’s clients and counterparties; (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 that will be 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 capital or 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, 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) 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; (viii) 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; (ix) 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; (x) 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; (xi) 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; (xii) 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; (xiii) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xiv) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (xv) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyber-attacks, and systems failures; (xvi) 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; (xvii) 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 (xviii) 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.
調整後成果
除了依據國際財務報告準則（IFRS）規定報告本集團營運成果外，我們也會報告不含管理當局認定對本集團營運績效不具任何代表性項目之調整後成果。此等調整後成果並非美國證管會（SEC）法規所定義之一般公認會計原則（GAAP）財務指標。除非另為說明，於適當之範圍內，2016年第一季"調整後"數據不包括下列集團與事業部項目：淨外幣轉換損失瑞郎1.23億元，以及淨重組費用瑞郎2.65億元。在2015年第四季營運成果中，我們未計入與公開收購買回債券有關的淨損失瑞郎2.57億元、淨外幣轉換損失瑞郎1.15億元、授信利得瑞郎0.35億元、出售子公司與事業部淨利得瑞郎0.28億元以及淨重組費用瑞郎4.41億元。詳細調整後成果資訊，請參閱瑞銀2016年第一季季報之"集團績效表現"章節。
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.