UBS Group (UBS) Financials

UBS Group’s balance sheet expanded substantially from 2022 through 2024, although the 2024 figures show a moderate pullback from the unusually large 2023 balance sheet. Total assets increased from $1.10 trillion in 2022 to $1.72 trillion in 2023 before declining 8.8% to $1.57 trillion in 2024. Despite the latest decline, assets remained approximately 41.7% above 2022 levels.

The largest asset categories followed a similar pattern. Net loans and leases rose from $402.0 billion in 2022 to $660.8 billion in 2023, then fell 9.4% to $598.9 billion in 2024. Trading securities declined 7.0% year over year to $254.5 billion in 2024, while cash and due from banks fell 28.9% to $223.3 billion. These reductions may reflect balance-sheet optimization, lower funding needs, or changes in market and client activity rather than an immediate deterioration in the business.

Deposits remained UBS’s largest reported funding source, declining from $792.0 billion in 2023 to $745.8 billion in 2024. However, deposits were still 42.0% higher than in 2022. Total liabilities declined 9.3% year over year to $1.48 trillion, broadly in line with the reduction in assets. Total short- and long-term debt also fell from $423.0 billion to $386.0 billion, although debt remained roughly 62.5% above its 2022 level.

Capital levels were relatively stable in 2024. Total equity and noncontrolling interests edged down from $86.2 billion in 2023 to $85.6 billion, while total common equity increased slightly to $73.1 billion. Retained earnings rose from $74.4 billion in 2023 to $78.0 billion, but this benefit was partly offset by a larger treasury-stock balance and a decline in accumulated other comprehensive income.

• Strong expansion versus 2022: Total assets, deposits and net loans remained substantially above 2022 levels, indicating a larger balance sheet and broader funding base following UBS’s strategic expansion.
• Lower 2024 liabilities and debt: Total liabilities declined 9.3% in 2024, while short- and long-term debt fell by approximately $37.0 billion combined, potentially reducing funding and leverage pressure.
• Stable common equity: Common equity increased slightly in 2024 despite the balance-sheet contraction, and retained earnings rose approximately $3.6 billion.
• Moderating loan balances: Net loans declined to $598.9 billion in 2024 but remained nearly 49% above 2022. The change may represent disciplined balance-sheet management, though it could also limit future interest income growth.
• Lower cash and trading assets: Cash declined to $223.3 billion and trading securities fell to $254.5 billion in 2024. These movements may reflect normalization after 2023, but they reduce the most immediately visible liquidity and marketable-asset cushion.
• Deposit contraction: Deposits fell 5.8% in 2024 to $745.8 billion. Although still well above 2022, continued deposit outflows could increase UBS’s reliance on wholesale funding or raise funding costs.
• Weaker accumulated other comprehensive income: AOCI declined from a $2.5 billion gain in 2023 to a $1.1 billion gain in 2024, reducing a component of common equity and potentially reflecting volatility in rates, currencies or investment valuations.

Overall, UBS ended 2024 with a smaller but still significantly larger balance sheet than in 2022, lower debt and liabilities, and broadly stable common equity. Investors should monitor whether the decline in deposits, cash, loans and trading assets represents deliberate de-risking or the beginning of weaker client activity. The provided data covers balance sheets only; profitability, capital ratios and cash-flow trends would require the company’s income and cash-flow statements.