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UBS Switzerland AG reported solid H1 2025 results: net profit climbed to CHF 1.37 bn from CHF 1.25 bn (+9%), while operating income surged 27% YoY to CHF 6.13 bn. Growth was broad-based鈥攏et interest income rose 24% to CHF 2.42 bn on higher lending spreads and volumes; fee & commission income jumped 14% to CHF 2.50 bn, aided by robust wealth-management activity; other ordinary income expanded six-fold to CHF 0.66 bn on higher subsidiary dividends.

Cost pressure increased: total operating expenses grew 36% to CHF 4.54 bn, driven by personnel (+52%) and G&A (+26%). Credit-loss expense also widened to CHF 109 m (vs CHF 40 m). Even so, operating profit improved 6% to CHF 1.60 bn and the cost/income ratio stayed below 75%.

The balance sheet shrank slightly to CHF 508.9 bn (-1%), with mortgage loans stable at CHF 281 bn. Equity fell to CHF 22.7 bn (-11%) after a CHF 4.3 bn cash & in-kind dividend, partly offset by current-period earnings. Contingent liabilities decreased to CHF 12.0 bn (-20%), and joint-and-several guarantees to UBS AG edged down to CHF 2.1 bn. Management transferred the Wealth Management International and Global Financial Intermediaries businesses to UBS AG via a CHF 100 m dividend in kind; UBS AG鈥檚 CHF 292 m profit share is reflected in higher fee expense.

UBS Group AG / UBS AG 鈥� Form 6-K (4 Aug 2025) reports a finalized agreement with the US Department of Justice to settle Credit Suisse鈥檚 remaining Residential Mortgage-Backed Securities consumer-relief obligations. Credit Suisse Securities (USA) LLC will make a USD 300 m payment, fully extinguishing the 2017 settlement commitment.

UBS had already booked a contingent liability for this issue when it acquired Credit Suisse. Following the cash outflow, that reserve will be released, and UBS expects to record a credit in the 鈥淣on-core & Legacy鈥� segment during 3Q 2025. The filing highlights management鈥檚 intent to resolve inherited legal matters swiftly and notes no change to current financial guidance.

The settlement removes a material litigation overhang, simplifies the group鈥檚 risk profile and frees management attention for integration and growth initiatives.

2Q25 snapshot: UBS generated underlying profit before tax of USD 2.7 bn (+30 % YoY) on revenue of 11.5 bn (+4 %), trimming operating costs 3 % to 8.7 bn. Underlying EPS reached USD 0.72, equating to a 15.3 % return on CET1 capital and a 75.4 % cost/income ratio.

Balance-sheet & capital: Total assets rose to USD 1.7 tn; CET1 ratio is a robust 14.4 % with TLAC of 191 bn. Loan-to-deposit ratio stands at 81 %. A USD 3 bn 2025 buy-back (incl. 2 bn in 2H) and USD 6.5 bn parent-bank dividend accrual are already reflected. Management re-affirms 2026 targets of 鈮�15 % RO-CET1 and <70 % cost/income.

Integration & costs: Migration of all ex-Swiss Credit Suisse books and 400 k Swiss accounts is complete, contributing to USD 9.1 bn gross cost saves (70 % of the USD 13 bn goal) and a 21 % head-count reduction since 2022.

Franchise trends: Global Wealth Mgmt added USD 23 bn net new assets in Q2 (55 bn YTD), lifting invested assets to USD 6.6 tn; Investment Bank delivered record Q2 Markets revenue (+26 %) though Banking fees fell 22 %. Asset Mgmt profit dipped 5 % due to prior-year disposal gain.

Outlook & risks: UBS is accruing for a double-digit dividend increase and will outline 2026 capital-return plans with FY25 results. Swiss capital-reform proposals could add USD 42 bn CET1 by 2027+, potentially pressuring returns.

UBS鈥檚 Q2-25 Form 6-K combines solid operating momentum with a forceful warning on Swiss capital reforms. Management reports that extreme market volatility in April did not derail performance: underlying return on CET1 capital reached 13.3 % for 1H-25, Group invested assets hit a record US$6.6 tn, and private/institutional client activity was strong across regions. UBS granted or renewed CHF40 bn of loans, underscoring its role in the Swiss economy. Credit Suisse integration execution risk continues to fall: all clients booked outside Switzerland have migrated and the first Swiss wave is complete.

CEO Sergio Ermotti devotes much of the remarks to the Swiss Federal Council鈥檚 6 Jun 25 banking-reform proposals. UBS supports most measures but 鈥渟trongly disagrees鈥� with the capital package. Removal of Credit Suisse concessions plus size-based surcharges already oblige UBS to raise 鈮�US$18 bn; the new rules would demand a further US$24 bn, lifting the total required increase to US$42 bn. The resulting de-facto minimum CET1 ratio would be at least 50 % higher than the G-SIB average, which UBS deems neither proportionate nor internationally aligned. Management argues higher capital would raise funding costs, constrain services, and harm Swiss households and businesses. UBS will continue to engage policymakers but stresses its fiduciary duty to protect shareholders.

UBS Group AG鈥檚 Form 6-K provides a detailed snapshot of its loss-absorbing capital stack as of 30 June 2025. Under the Swiss SRB rules the Group shows USD 19.0 bn of high-trigger Additional Tier 1 (AT1) capital across 20 perpetual issues, the largest being two USD-denominated USD 1.75 bn notes issued in November 2023. Tier 2 capital is minimal at USD 196 m, consisting mainly of legacy non-Basel III instruments that roll off in 2025-29.

The bulk of the bail-in buffer is TLAC-eligible senior unsecured debt of USD 99.3 bn spread over 130+ issues in multiple currencies and maturities out to 2055; USD- and EUR-denominated notes dominate, with the single largest line a USD 3.25 bn bond due May 2032. Instruments remain TLAC-eligible until one year before contractual maturity; several 2025-26 maturities (e.g., USD 2.5 bn 24 Sep 2025) will exit eligibility within the next 12 months.

The table also reflects that, following the 12 June 2023 merger with Credit Suisse Group AG, legacy CS obligations are now UBS obligations, though non-Basel III CS Tier 2 notes do not count toward gone-concern capacity. All figures are amortised face amounts adjusted for own-credit effects; totals may not sum due to rounding.

UBS Group AG Form 6-K dated 30 July 2025 provides an updated capitalization snapshot as of 30 June 2025.

• Total capitalization: USD 427.9 bn, up 3.5% from 31 Mar 25 (USD 413.6 bn).
• Total debt issued: USD 338.2 bn (+3.8%). Within this, short-term debt climbed 8.8% to USD 97.2 bn while long-term debt rose 1.9% to USD 241.0 bn.
• Equity: Shareholder equity increased 2.4% to USD 89.3 bn; non-controlling interests reached USD 0.4 bn.
• Capital mix: Debt now represents roughly 79% of total capitalization, equity 21%.
• Loss-absorbing capital: High-trigger AT1 instruments total USD 16.6 bn; non-Basel-III Tier 2 legacy bonds are immaterial (USD 0.2 bn).
• Funding profile: 88% of debt is unsecured, highlighting continued reliance on wholesale markets.

The filing contains no earnings, guidance or transactional details; it chiefly updates capital figures and is incorporated by reference into existing S-8 shelf registrations.

H1 2025 standalone (parent-only) figures for UBS Group AG: Net profit surged 113% YoY to $6.63 bn as dividend income from UBS AG doubled to $6.5 bn. Operating expenses were virtually flat at $3.0 bn, leaving an operating margin near 69% and no tax charge.

Total assets rose 2% from year-end to $206.8 bn; liabilities climbed 1% to $139.6 bn, while equity increased 4% to $67.1 bn. The April AGM cancelled 120.5 m treasury shares (USD 12 m nominal) and paid an ordinary dividend of USD 0.90 per share (USD 2.87 bn), half from the capital contribution reserve, half from prior-year profit.

The 31 May 2024 legal merger of UBS AG and Credit Suisse AG merely reclassified investments with no income statement effect. Deferred contingent capital and other deferred compensation obligations stand at USD 5.25 bn. Results are unaudited and prepared under Swiss CO, consistent with FY-24 policies.