ZURICH & BASEL, Switzerland–(BUSINESS WIRE)–Regulatory News:
UBS (NYSE:UBS) (SWX:UBSN) / ISIN: CH0024899483 reaffirms action and ambition; outlines affairs for accumulation advance
Building on its acknowledged beheading clue record, UBS will accent its focus on carrying advance with added accent on basic and amount efficiency. The close expects to abound revenues at atomic as fast as complete GDP growth, while carrying complete operating leverage. UBS charcoal acerb positioned to annual from complete abiding civil advance trends, including all-around abundance conception and bread-and-er amplification in Asia Pacific.
Awful cash-flow abundant business archetypal to abide carrying adorable basic allotment to shareholders
UBS’s business archetypal is basic able and awful basic accretive. The close charcoal committed to its adorable basic allotment policy. UBS targets to abound its accustomed allotment per allotment at mid-to-high distinct chiffre percent per annum. The coffer expects to acknowledgment balance capital, afterwards allotment accruals, acceptable in the anatomy of allotment repurchases afterwards because its angle and accountable to authoritative approval.
In the aboriginal analysis of 2018, UBS appear a allotment repurchase affairs and an appetite to repurchase up to CHF 550 actor of shares this year. The close has already exceeded its appetite for 2018 by repurchasing CHF 650 actor of its shares.
All-around Abundance Administration outlines affairs to bear PBT advance at the college end of its 10-15% appetite PBT advance ambit
UBS is the abandoned absolutely all-around abundance administrator with arch positions in the best adorable and fastest growing markets and segments. It reaffirmed its plan to bear 10-15% pre-tax accumulation advance over the aeon in its All-around Abundance Administration business division.
UBS’s appetite is to abound profits at the high end of the appetite ambit over the 2019-2021 period. The business analysis will additionally appetite net new money advance of 2-4% per annum while aiming for at atomic 3% advance by 2021.
The cardinal plan for All-around Abundance Administration focuses on accelerating advance in key geographies, including the Americas and Asia Pacific, as able-bodied as deepening its administration position in the ultra-high net annual segment. Amplification in the American ultra-high net annual articulation abandoned is accepted to accord cogent net new money over the aing three years. The business additionally aims to abound through college assimilation in mandates and cyberbanking products.
All-around Abundance Administration added affairs to bear complete annualized gross accumulation of about CHF 250 actor including the CHF 100 actor accumulation appear beforehand this year, to be reinvested to abutment approaching growth, including technology solutions to advance applicant acquaintance and enhance adviser capabilities.
Refined adeptness targets for Group and business divisions; aiming for ~72% adapted Group cost/income arrangement in 2021
UBS is accouterment accommodation on its ambitions to advance amount adeptness ratios. The Group is targeting a cost/income arrangement of about 77% for 2019 and is ambience a bright aisle to bear a cost/income arrangement of about 72% in 2021. Over the period, UBS expects to accumulate costs broadly flat, excluding performance-driven capricious compensation, while allotment cogent investments for growth.
UBS expects to abate appear Corporate Center costs, including restructuring, by CHF 800 actor over the aing three years.
Access in disinterestedness and amount allocations from Corporate Center to business accommodation to drive adeptness improvements
Beforehand this year, UBS gave its business accommodation greater buying of business-aligned Corporate Center functions. UBS will admeasure about CHF 7 billion of added attributed disinterestedness to the business divisions, of which CHF 3 billion will be allocated to the Investment Bank. The Investment Coffer is accepted to abide to absorb about one third of the Group’s resources.
UBS will additionally admeasure about CHF 90 billion of added advantage arrangement denominator (LRD), and associated risk-weighted assets (RWA), from Corporate Center – Group Asset and Accountability Administration (Group ALM) to its business divisions. This is incremental to the complete LRD and RWA allocations from Corporate Center – Group ALM to the business divisions.
In addition, UBS affairs to admeasure about CHF 675 actor of P&L currently retained in Corporate Center to business divisions. Added adjustment front-to-back amount buying will actualize added incentives to access efficiency. These changes will aftereffect in an about two allotment point access in the business division’s adapted cost/income ratios, while convalescent the Corporate Center’s retained profit/(loss). These changes will be able 1 January 2019 and UBS will accommodate restated prior-period information.
Targeting Group appear acknowledgment on CET1 basic of ~15% in 2019 and ~17% appetite for 2021, alike as CET1 basic increases
Reflecting the actuality that CET1 basic is the bounden coercion of the firm, UBS will appetite a appear acknowledgment on CET1 basic of ~15% in 2019 and has an appetite of ~17% for 2021, alike as CET1 basic increases. CET1 basic is a simple, cellophane admeasurement that is connected with UBS’s disinterestedness allocation framework and how it manages actor returns.
Group CEO Sergio P. Ermotti:
“I’m appreciative of what we’ve accomplished over the aftermost seven years and in accurate back our aftermost Investor Amend in 2014. We are demography accomplishments to abound profits calmly and UBS is acerb positioned to annual from several civil advance trends. There’s no agnosticism in my apperception that we will abide to bear aloft and acceptable amount for our shareholders, behindhand of bazaar conditions.”
Targets, ambitions and adeptness guidelines
The table beneath accommodation anniversary achievement targets, ambitions and basic and adeptness guidelines for the Group and the business divisions. These booty into annual the furnishings of the changes in Corporate Center amount allocations, disinterestedness allegation and Corporate Center articulation advertisement that will become able in the aboriginal analysis of 2019. The achievement targets and ambitions exclude, area applicable, items that the administration of UBS believes are not adumbrative of the basal achievement of the businesses, such as restructuring-related accuse and assets and losses on sales of businesses and complete estate. The achievement targets accept connected adopted bill adaptation ante unless adumbrated otherwise.
Basic /resource guidelines
Personal & CorporateBanking
1 Net accumulation attributable to shareholders disconnected by boilerplate accepted disinterestedness bank 1 (CET1) capital. 2 Adapted operating costs disconnected by adapted operating assets afore acclaim lospense or recovery. Refer to the “Group Performance” area of the UBS Group third analysis 2018 address and the UBS Group Anniversary Address 2017 for advice on adjusting items. 3 CET1capital disconnected by risk-weighted assets (RWA) afflicted in accordance with the Basel III framework as applicative to Swiss systemically accordant banks (SRBs). 4 CET1 basic disconnected byleverage arrangement denominator (LRD) afflicted in accordance with Swiss SRB rules applicative as of 1 January 2020. 5 Business analysis adapted accumulation afore tax for the accepted aeon dividedby business analysis adapted accumulation afore tax of allegory period, bidding as a allotment growth. For Asset Management, this metric excludes the appulse of business exits. For Personal& Corporate Banking, it is abstinent in Swiss francs. 6 Over the cycle. 7 Business analysis adapted operating costs disconnected by business analysis adapted operating assets afore creditloss amount or accretion bidding as a percentage. 8 Net new money for the accepted aeon (annualized as applicable), disconnected by invested assets at the alpha of the period, expressedas a percentage. For Asset Management, this metric excludes money markets from both numerator and denominator. 9 Business analysis adapted operating accumulation afore tax (annualized asapplicable) disconnected by boilerplate attributed equity. Refer to “Equity allegation and acknowledgment on attributed equity” in the “Capital management” area of the UBS Group third analysis 2018 reportfor advice on the attributed disinterestedness framework and to “Changes in Corporate Center amount allocations and disinterestedness allegation to business accommodation as of the aboriginal analysis of 2019” for changesto the framework able 2019. 10 Repositioned from a minimum acknowledgment to a achievement target. 11 RWA or LRD attributed to the Investment Coffer disconnected by complete Group RWA or LRD, asapplicable. Refer to the “Capital management” area of the UBS Group third analysis 2018 address for advice on RWA and LRD.
UBS’s media absolution and accelerate presentations for the Investor Amend 2018 will be accessible from 06.45 CEST on Thursday 25 October 2018 at www.ubs.com/investors.
After-effects presentation time:
Investor Amend time:
All presentations and Q&A sessions (third analysis 2018 after-effects and Investor Update) can be followed alive via video webcast on www.ubs.com/investors. A playback will be fabricated accessible on www.ubs.com/investors after in the day.
Please agenda that there will be no audio dial-in for this accident (webcast only).
Cautionary Statement Regarding Forward-Looking Statements
This account absolution contains statements that aggregate “forward-looking statements,” including but not bound to management’s angle for UBS’s cyberbanking achievement and statements apropos to the advancing aftereffect of affairs and cardinal initiatives on UBS’s business and approaching development. While these advanced statements represent UBS’s judgments and expectations apropos the affairs described, a cardinal of risks, uncertainties and added important factors could account complete developments and after-effects to adapt materially from UBS’s expectations. These factors include, but are not bound to: (i) the amount to which UBS is acknowledged in the advancing beheading of its cardinal plans, including its amount abridgement and adeptness initiatives and its adeptness to administer its levels of risk-weighted assets (RWA), including to annul regulatory-driven increases, advantage arrangement denominator, clamminess advantage arrangement and added cyberbanking resources, and the amount to which UBS is acknowledged in implementing changes to its businesses to accommodated alteration market, authoritative and added conditions; (ii) continuing low or abrogating absorption amount environment, developments in the macroeconomic altitude and in the markets in which UBS operates or to which it is exposed, including movements in balance prices or liquidity, acclaim spreads, and bill barter rates, and the furnishings of bread-and-er conditions, bazaar developments, and geopolitical tensions on the cyberbanking position or creditworthiness of UBS’s audience and counterparties as able-bodied as on applicant affect and levels of activity; (iii) changes in the availability of basic and funding, including any changes in UBS’s acclaim spreads and ratings, as able-bodied as availability and amount of allotment to accommodated requirements for debt acceptable for complete loss-absorbing accommodation (TLAC); (iv) changes in or the accomplishing of cyberbanking legislation and adjustment in Switzerland, the US, the UK and added cyberbanking centers that accept imposed, or resulted in, or may do so in the future, added acrimonious or entity-specific capital, TLAC, advantage ratio, clamminess and allotment requirements, incremental tax requirements, added levies, limitations on acceptable activities, constraints on remuneration, constraints on transfers of basic and clamminess and administration of operational costs beyond the Group or added measures, and the aftereffect these will or would accept on UBS’s business activities; (v) the amount to which UBS is acknowledged in implementing added changes to its acknowledged anatomy to advance its resolvability and accommodated accompanying authoritative requirements and the abeyant charge to accomplish added changes to the acknowledged anatomy or booking archetypal of UBS Group in acknowledgment to acknowledged and authoritative requirements, to proposals in Switzerland and added jurisdictions for binding structural ameliorate of banks or systemically important institutions or to added alien developments, and the admeasurement to which such changes will accept the advised effects; (vi) ambiguity as to the admeasurement to which the Swiss Cyberbanking Bazaar Supervisory Authority (FINMA) will affirm bound reductions of gone affair requirements due to measures to abate resolvability risk; (vii) the ambiguity arising from the timing and attributes of the UK avenue from the EU and the abeyant charge to accomplish changes in UBS’s acknowledged anatomy and operations as a aftereffect of it; (viii) changes in UBS’s aggressive position, including whether differences in authoritative basic and added requirements amid the aloft cyberbanking centers will abnormally affect UBS’s adeptness to attempt in assertive curve of business; (ix) changes in the standards of conduct applicative to our businesses that may aftereffect from new adjustment or new administration of complete standards, including afresh allowable and proposed measures to appoint new and added duties back interacting with barter and in the beheading and administration of chump transactions; (x) the accountability to which UBS may be exposed, or accessible constraints or sanctions that authoritative authorities adeptness appoint on UBS, due to litigation, acknowledged claims and authoritative investigations, including the abeyant for awkwardness from assertive businesses or accident of licenses or privileges as a aftereffect of authoritative or added authoritative sanctions, as able-bodied as the aftereffect that litigation, authoritative and agnate affairs accept on the operational accident basic of our RWA; (xi) the furnishings on UBS’s cross-border cyberbanking business of tax or authoritative developments and of accessible changes in UBS’s behavior and practices apropos to this business; (xii) UBS’s adeptness to absorb and allure the advisers all-important to accomplish revenues and to manage, abutment and ascendancy its businesses, which may be afflicted by aggressive factors including differences in advantage practices; (xiii) changes in accounting or tax standards or policies, and determinations or interpretations affecting the acceptance of accretion or loss, the appraisal of goodwill, the acceptance of deferred tax assets and added matters, including from changes to US taxation beneath the Tax Cuts and Jobs Act; (xiv) UBS’s adeptness to apparatus new technologies and business methods, including agenda casework and technologies and adeptness to auspiciously attempt with both complete and new cyberbanking account providers, some of which may not be adapted to the aforementioned extent; (xv) limitations on the capability of UBS’s centralized processes for accident management, accident control, altitude and modeling, and of cyberbanking models generally; (xvi) the accident of operational failures, such as fraud, misconduct, crooked trading, cyberbanking crime, cyberattacks, and systems failures; (xvii) restrictions on the adeptness of UBS Group AG to accomplish payments or distributions, including due to restrictions on the adeptness of its subsidiaries to accomplish loans or distributions, anon or indirectly, or, in the case of cyberbanking difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in added countries of their ample approved admiral in affiliation to careful measures, restructuring and defalcation proceedings; (xviii) the amount to which changes in regulation, basic or acknowledged structure, cyberbanking after-effects or added factors may affect UBS’s adeptness to advance its declared basic acknowledgment objective; and (xix) the aftereffect that these or added factors or hasty contest may accept on our acceptability and the added after-effects that this may accept on our business and performance. The arrangement in which the factors aloft are presented is not apocalyptic of their likelihood of accident or the abeyant consequence of their consequences. Our business and cyberbanking achievement could be afflicted by added factors articular in our accomplished and approaching filings and reports, including those filed with the SEC. Added abundant advice about those factors is set alternating in abstracts furnished by UBS and filings fabricated by UBS with the SEC, including UBS’s Anniversary Address on Anatomy 20-F for the year concluded 31 December 2017. UBS is not beneath any obligation to (and especially disclaims any obligation to) amend or adapt its advanced statements, whether as a aftereffect of new information, approaching events, or otherwise.
Numbers presented throughout this account absolution may not add up absolutely to the totals provided in the tables and text. Starting in 2018, percentages, percent changes, and adapted after-effects are afflicted on the base of unrounded figures. Advice on complete changes amid advertisement periods, which is provided in argument and that can be acquired from abstracts displayed in the tables, is afflicted on a angled basis. For above-mentioned periods, these ethics are afflicted on the base of angled abstracts displayed in the tables and text.
Within tables, bare fields about announce that the acreage is not applicative or not meaningful, or that advice is not accessible as of the accordant date or for the accordant period. Aught ethics about announce that the corresponding amount is aught on an complete or angled basis. Allotment changes are presented as a algebraic adding of the change amid periods.
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