UBS: 2022 net profit of USD 7.6bn, 17.0% return on CET1 capital (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)

ZURICH & BASEL, Switzerland–(BUSINESS WIRE)–Regulatory News:

UBS: (NYSE:UBS) (SWX:UBSN):

UBS’s 4Q22 results materials are available at ubs.com/investors – The audio webcast of the earnings call starts at 09:00 CET, 31 January 2023

A definition of each alternative performance measure, the method used to calculate it and the information content are presented under “Alternative performance measures” in the appendix to our 4Q22 report.

Group highlights

• Strong momentum with our clients in challenging markets
  
  In 2022, the combined impact of persistent inflation, rapid central bank tightening, the Russia–Ukraine war, and other geopolitical tensions affected asset pricing levels and investor sentiment. Our unwavering commitment to our clients enabled us to maintain positive momentum across the firm. Against this backdrop, we attracted USD 60bn in net new fee-generating assets¹ in GWM for the full year, USD 25bn of net new money in AM (of which USD 26bn in Money Market), and CHF 2bn of net new investment products for Personal Banking, an 8% growth rate. As clients repositioned their investments in response to interest rate increases, we captured demand for higher yield through our savings products, certificates of deposit and money market funds. And we delivered a 17% YoY increase in net interest income across GWM and P&C in 2022. While private clients generally remained on the sidelines throughout the year due to high uncertainty and unfavorable market trends, institutional clients were very active, driven by sustained equity market volatility in 1H22, and by strong FX and rates markets in 2H22.

  In Americas, for the full year, GWM attracted net new fee-generating assets¹ of USD 17bn, and we closed the year with another strong quarter in advisor recruiting. We continued to see positive momentum in Private Markets, which attracted USD 10bn net new commitments, and in our SMA² offering, which contributed USD 21bn of net new money in AM.

  In Switzerland, we retained our position as #1 bank³. In 2022, we saw USD 7bn net new loans and USD 9bn net new deposits in GWM and P&C combined, contributing to record loan and deposit volumes, and we attracted USD 9bn net new fee-generating assets¹.

  In EMEA, we generated USD 20bn of net new fee-generating assets¹ and we completed the sale of our domestic wealth management business in Spain, which further optimizes our footprint. In the IB, our Global Markets business had its best year on record, and we outperformed the fee pool in Global Banking.

  In APAC, we attracted USD 14bn of net new fee-generating assets¹ for the year, and we were #1 in equity capital markets⁴ for non-domestic banks. We also delivered the best M&A year on record⁵, and were recently named the best Investment Bank⁶ in Asia and Australia by Finance Asia.

  We continued to improve the way we manage, change and develop technology, and we have been fostering our engineering culture. For instance, 65% of our applications are currently on the Cloud, and engineers make up 68% of the technology teams that have transitioned to Agile. We achieved this while remaining disciplined on costs, progressing our cost-saving program as planned and investing in our growth initiatives.
  

• Executing on our strategy and achieved our Group targets in 2022
  
  In 2022, we remained focused on executing our strategy, and delivered a return on CET1 capital of 17.0% and a cost/income ratio of 72.1%, in line with our Group targets. PBT was USD 9,604m (up 1% YoY). Total revenues decreased 2% YoY, with operating expenses down 4%. Net profit attributable to shareholders was USD 7,630m (up 2% YoY), with diluted earnings per share of USD 2.25.

  4Q22 PBT was USD 1,937m (up 12% YoY). Total revenues were down 8% YoY, while operating expenses decreased 13%. The cost/income ratio was 75.8%. Net profit attributable to shareholders was USD 1,653m (up 23% YoY), with diluted earnings per share of USD 0.50. The return on CET1 capital was 14.7%. We repurchased USD 1.3bn of shares in 4Q22.
  

• Positioned to fund growth and deliver strong capital returns in 2023
  
  We maintained a strong capital position, ending the year with a CET1 capital ratio of 14.2% and a CET1 leverage ratio of 4.42%, both significantly in excess of our guidance of ~13% and >3.7%, respectively. Our balance sheet remains strong, with a high-quality loan book where 95% of our loans⁷ are collateralized, and with an average LTV of less than 55%.

  For the financial year 2022, we intend to propose an ordinary dividend of USD 0.55 per share⁸. We repurchased USD 5.6bn of shares in 2022, and we expect to repurchase more than USD 5bn of shares during 2023. Our highly accretive, capital-light business model, with a balance sheet for all seasons and disciplined cost management, position us well to continue executing our growth strategy and deliver strong capital returns, while weathering the challenges of the current macroeconomic environment.

1 In GWM; net new fee-generating assets exclude the effects on fee-generating assets of strategic decisions by UBS to exit markets or services. 2 Separately managed accounts. 3 Euromoney, 2022. 4 Dealogic. 5 2017–2022. 6 Finance Asia, December 2022. 7 Loans and advances to customers. 8 Shareholders whose shares are held through SIX (ISIN CH0244767585) will receive dividends in Swiss francs, based on a published exchange rate calculated to five decimal places immediately before the ex-dividend date. Shareholders holding shares through DTC (ISIN: CH0244767585; CUSIP: H42097107) will be paid dividends in US dollars. Subject to approval by shareholders at the Annual General Meeting scheduled for 5 April 2023, the dividend will be paid on 14 April 2023 to shareholders of record on 13 April 2023. The ex-dividend date will be 12 April 2023. In accordance with Swiss tax law, 50% of the dividend will be paid out of retained earnings and the balance will be paid out of capital contribution reserves. Dividends paid out of capital contribution reserves are not subject to Swiss withholding tax. The portion of the dividend paid out of retained earnings will be subject to a 35% Swiss withholding tax. For US federal income tax purposes, we expect that the dividend will be paid out of current or accumulated earnings and profits.

Ralph Hamers, UBS’s Group CEO

“We remained close to our clients and provided them with best-in-class advice, bespoke services, and seamless solutions resulting in net new fee-generating assets of USD 60bn for the full year and USD 23bn in the fourth quarter. This was accomplished in a year marked by a challenging macroeconomic environment, persistent inflation, rapid central bank tightening, the Russia–Ukraine war, the impact of COVID in China, and other geopolitical tensions.

We continue to execute our strategy to capture growth. In the US and in APAC, we are strengthening our OneBank approach for our core wealth and Global Family and Institutional Wealth clients. In the US, we have 20% of the Barron’s top 100 PWM teams and we recruited high-quality advisors in the second half of the year. In EMEA, we maintained our momentum with clients and targeted growth opportunities across Europe and the Middle East. And in Switzerland, we remained the undisputed market leader and finished the year with record loan and deposit volumes.

Our commitment to serving our clients and the disciplined execution of our strategy led to good results this year. We delivered on our Group targets and are confident in our ability to do so in 2023. We repurchased USD 5.6bn of shares in 2022 and are increasing our dividend by 10% YoY to USD 0.55 per share, for a total capital return of USD 7.3bn.

We are starting 2023 from a position of strength. While the macroeconomic outlook remains uncertain, our operational resilience, capital strength and capital generation put us in a great position to serve our clients, fund growth and deliver strong capital returns to shareholders. We remain committed to a progressive dividend and expect to repurchase more than USD 5bn of shares in 2023.”

Fourth quarter 2022 performance overview – Group

Group

4Q22

FY22

Targets/guidance

Return on CET1 capital

14.7%

17.0%

15–18%

Return on tangible equity

13.2%

14.9%

Cost/income ratio

75.8%

72.1%

70–73%

Net profit attributable to shareholders

USD 1.7bn

USD 7.6bn

CET1 capital ratio

14.2%

14.2%

~13%

CET1 leverage ratio

4.42%

4.42%

>3.7%

Tangible book value per share

USD 16.28

USD 16.28

Buybacks

USD 1.3bn

USD 5.6bn

USD ~5.5bn in FY22

Group PBT USD 1,937m, +12% YoY

PBT was USD 1,937m, including net credit loss expense of USD 7m. The cost/income ratio was 75.8%, 4.7 percentage points lower YoY. Total revenues were down 8% YoY, while operating expenses decreased 13%, largely as 4Q21 included USD 740m related to litigation provisions for the French cross-border matter. Excluding these litigation provisions, operating expenses would have decreased 3% and PBT would have declined 22%. Net profit attributable to shareholders was USD 1,653m (up 23% YoY), with diluted earnings per share of USD 0.50. Return on CET1 capital was 14.7%.

Fourth quarter 2022 performance overview – Business Divisions and Group Functions

Global Wealth Management

4Q22

FY22

Targets/guidance

Profit before tax

USD 1.1bn

USD 5.0bn

PBT growth

+88% YoY

+4% YoY

10–15% over the cycle

Invested assets

USD 2.8trn

USD 2.8trn

Net new fee-generating assets1

USD 23.3bn

USD 60.1bn

Personal & Corporate Banking

Profit before tax

CHF 0.5bn

CHF 1.7bn

Return on attributed equity (CHF)

22%

20%

Net new investment products for Personal Banking

CHF 0.1bn

CHF 2.0bn

Asset Management

Profit before tax

USD 0.1bn

USD 1.4bn

Invested assets

USD 1.1trn

USD 1.1trn

Net new money

USD 10.8bn

USD 24.8bn

Net new money excl. money markets

USD (5.6)bn

USD (1.6)bn

Investment Bank

Profit before tax

USD 0.1bn

USD 1.9bn

Return on attributed equity

4%

15%

RWA and LRD vs. Group

29% / 31%

29% / 31%

Up to 1/3

Global Wealth Management (GWM) PBT USD 1,058m, +88% YoY

Total revenues decreased 5% YoY to USD 4,601m, which included a USD 41m gain from the sale of our US alternative investments administration business. Net interest income increased 35%, mainly due to an increase in deposit revenues, as rising interest rates led to higher deposit margins. This increase was partly offset by the effects of shifts to lower-margin products and higher interest rates paid to clients, as well as a decrease in average deposit volumes. Recurring net fee income decreased 17%, primarily driven by negative market performance and foreign currency effects, partly offset by incremental revenues from net new fee-generating assets¹. Transaction-based income decreased 19%, mainly driven by lower levels of client activity. Net credit loss expenses were USD 3m, compared with net releases of USD 2m in 4Q21. Operating expenses were down 17%, primarily due to 4Q21 including USD 657m in litigation provisions for the French cross-border matter. 4Q22 included lower personnel expenses, primarily as a result of lower financial advisor variable compensation following a decrease in compensable revenues, and benefited from positive foreign currency effects. The cost/income ratio was 76.9%, down 11.4 percentage points YoY. Fee-generating assets were up 8% sequentially to USD 1,271bn. Net new fee-generating assets¹ were USD 23.3bn.

Personal & Corporate Banking (P&C) PBT CHF 504m, +51% YoY

Total revenues increased 10% YoY. Net interest income increased 21%, mainly driven by higher deposit margins, as a result of rising interest rates, and higher loan revenues, partly offset by lower deposit fees. 4Q21 included a benefit from the Swiss National Bank deposit exemption. Recurring net fee income decreased 6%, mostly driven by lower custody fees from investment fund, custody and mandate assets, reflecting negative market performance. Transaction-based income decreased 1%, mainly reflecting lower brokerage fees. Net credit loss releases were CHF 3m, compared with net releases of CHF 9m in 4Q21. Operating expenses decreased 12%, mainly due to 4Q21 including a CHF 76m (USD 83m) increase in litigation provisions for the French cross-border matter. The cost/income ratio was 53.6%, 13.4 percentage points lower YoY.

Asset Management (AM) PBT USD 124m, (63%) YoY

Total revenues were down 31% YoY. Net management fees decreased 25%, mostly reflecting negative market performance and foreign currency effects. 4Q21 included a one-time effect of USD 35m that resulted from a change in the fee accrual methodology for Swiss investment fund fees. Performance fees decreased by USD 70m, mainly in Hedge Fund Businesses. Operating expenses decreased 4%, mainly reflecting lower personnel expenses, which included positive foreign currency effects. The cost/income ratio was 75.1%, 21.5 percentage points higher YoY. Invested assets increased by 9% sequentially to USD 1,064bn. Net new money was USD 10.8bn (negative USD 5.6bn excluding money market flows).

Investment Bank (IB) PBT USD 112m, (84%) YoY

Total revenues decreased 24%. Global Markets revenues decreased USD 172m, or 11%, primarily due to lower Derivatives & Solutions and Execution Services revenues. Global Banking revenues decreased by USD 365m, or 52%, primarily driven by lower Capital Markets revenues. Operating expenses increased 3%, mainly driven by variable compensation expenses above the lower level of variable compensation expenses in 4Q21, partly offset by positive foreign currency effects. The cost/income ratio was 92.9%, 24.3 percentage points higher YoY. Return on attributed equity was 3.5%.

Group Functions PBT USD 114m, compared with USD (246)m in 4Q21

Extending UBS’s leadership in sustainability

Sustainability has long been a firm-wide priority at UBS. We aim to offer solutions to help private and institutional clients meet their investment objectives, including through sustainable finance. In addition, we want to be the provider of choice for clients who wish to mobilize capital toward the achievement of the United Nations 17 Sustainable Development Goals.

Top-ranked in key sustainability ratings

In the Dow Jones Sustainability Index, UBS again ranks as one of the leading firms in the diversified financial services sector. Our MSCI ESG rating remained unchanged at AA. We again secured a place on CDP’s climate ”A List”. Sustainalytics assessed UBS to have a low risk of experiencing material financial impacts from ESG factors, an improvement from last year’s rating.

In the fourth quarter, we announced the launch of our new Sustainability and Impact Forum, with the appointment of its first four members. The forum will bring together leaders with broad perspectives to further the cross-industry debate on the most critical sustainable finance issues facing the world today.

Facilitating the low-carbon transition

We are a founding member and shareholder of Carbonplace. Its blockchain-based technology will allow the simultaneous settlement of carbon credits and immediate transfer of ownership upon payment, making the transfer process traceable and the records of ownership reliable. Commercial launch of the platform is expected in 2023.

The “Low Carbon Transition” building block for UBS Manage Advanced [My Way] mandates enables clients to position their assets for the net-zero carbon transition via a mix of ESG leaders and ESG thematic strategies. This is the first sustainable investing building block with an explicit focus on climate transition related risks and opportunities.

Our Energy Storage Fund acquired a second portfolio of projects in Texas, doubling the size of the ESIF portfolio from 740MW to over 1500MW and representing USD 525m of deployable capital. Our Clean Energy Infrastructure investment solution – CEIS 3, a joint initiative with Swiss Life Asset Managers – achieved its first close, with institutional investors committing to a total of CHF 772m. Finally, we priced a highly successful inaugural sovereign green bond for New Zealand, raising NZD 3bn.

Supporting relief and philanthropy efforts

As of 31 December 2022, the Ukraine Relief Fund had disbursed over half of the USD 56m committed by clients, employees, UBS and our strategic partner XTX Markets for relief and recovery efforts in response to the Russia–Ukraine war. The fund is supporting more than 25 organizations and their local partners in Ukraine and the neighboring countries of Poland, Moldova and Romania. These organizations include the International Rescue Committee and its partners, which had reached more than 72,000 families with emergency cash support, and project HOPE, which had treated 26,000 people through mobile medical units, as of the end of December 2022.

UBS Optimus Foundation announced the launch of its Australian chapter to meet growing local demand for philanthropy. This is the Foundation’s eighth office worldwide and fourth in the Asia Pacific region, preceded by chapters in the Hong Kong SAR, Beijing, and Singapore. The Foundation supports over 320 programs across 60 countries.

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified. Financial information for UBS AG (consolidated) does not differ materially from UBS Group AG (consolidated) and a comparison between UBS Group AG (consolidated) and UBS AG (consolidated) is provided at the end of this news release.

1 In GWM; net new fee-generating assets exclude the effects on fee-generating assets of strategic decisions by UBS to exit markets or services.

Our key figures
		As of or for the quarter ended				As of or for the year ended
USD m, except where indicated		31.12.22	30.9.22	31.12.21		31.12.22	31.12.21
Group results
Total revenues		8,029	8,236	8,705		34,563	35,393
Credit loss expense / (release)		7	(3)	(27)		29	(148)
Operating expenses		6,085	5,916	7,003		24,930	26,058
Operating profit / (loss) before tax		1,937	2,323	1,729		9,604	9,484
Net profit / (loss) attributable to shareholders		1,653	1,733	1,348		7,630	7,457
Diluted earnings per share (USD)1		0.50	0.52	0.38		2.25	2.06
Profitability and growth2
Return on equity (%)		11.7	12.3	8.9		13.3	12.6
Return on tangible equity (%)		13.2	13.9	10.0		14.9	14.1
Return on common equity tier 1 capital (%)		14.7	15.5	11.9		17.0	17.5
Return on leverage ratio denominator, gross (%)		3.2	3.3	3.3		3.3	3.4
Cost / income ratio (%)		75.8	71.8	80.5		72.1	73.6
Effective tax rate (%)		14.5	25.0	21.4		20.2	21.1
Net profit growth (%)		22.6	(24.0)	(17.6)		2.3	13.7
Resources2
Total assets		1,104,364	1,111,753	1,117,182		1,104,364	1,117,182
Equity attributable to shareholders		56,876	55,756	60,662		56,876	60,662
Common equity tier 1 capital3		45,457	44,664	45,281		45,457	45,281
Risk-weighted assets3		319,585	310,615	302,209		319,585	302,209
Common equity tier 1 capital ratio (%)3		14.2	14.4	15.0		14.2	15.0
Going concern capital ratio (%)3		18.2	19.1	20.0		18.2	20.0
Total loss-absorbing capacity ratio (%)3		33.0	33.7	34.7		33.0	34.7
Leverage ratio denominator3		1,028,461	989,787	1,068,862		1,028,461	1,068,862
Common equity tier 1 leverage ratio (%)3		4.42	4.51	4.24		4.42	4.24
Liquidity coverage ratio (%)		163.7	162.7	155.5		163.7	155.5
Net stable funding ratio (%)		119.8	120.4	118.5		119.8	118.5
Other
Invested assets (USD bn)4		3,957	3,706	4,596		3,957	4,596
Personnel (full-time equivalents)		72,597	72,009	71,385		72,597	71,385
Market capitalization1		57,848	46,674	61,230		57,848	61,230
Total book value per share (USD)1		18.30	17.52	17.84		18.30	17.84
Tangible book value per share (USD)1		16.28	15.57	15.97		16.28	15.97
1 Refer to the “Share information and earnings per share” section of the UBS Group fourth quarter 2022 report for more information. 2 Refer to the “Targets, aspirations and capital guidance” section of our Annual Report 2021 for more information about our performance targets. 3 Based on the Swiss systemically relevant bank framework as of 1 January 2020. Refer to the “Capital management” section of the UBS Group fourth quarter 2022 report for more information. 4 Consists of invested assets for Global Wealth Management, Asset Management and Personal & Corporate Banking. Refer to “Note 32 Invested assets and net new money” in the “Consolidated financial statements” section of our Annual Report 2021 for more information.

Income statement
		For the quarter ended				% change from			For the year ended
USD m		31.12.22	30.9.22	31.12.21		3Q22	4Q21		31.12.22	31.12.21
Net interest income		1,589	1,596	1,770		(0)	(10)		6,621	6,705
Other net income from financial instruments measured at fair value through profit or loss		1,876	1,796	1,365		4	37		7,517	5,850
Net fee and commission income		4,359	4,481	5,529		(3)	(21)		18,966	22,387
Other income		206	363	40		(43)	415		1,459	452
Total revenues		8,029	8,236	8,705		(3)	(8)		34,563	35,393
Credit loss expense / (release)		7	(3)	(27)					29	(148)
Personnel expenses		4,122	4,216	4,216		(2)	(2)		17,680	18,387
General and administrative expenses		1,420	1,192	2,212		19	(36)		5,189	5,553
Depreciation, amortization and impairment of non-financial assets		543	508	574		7	(5)		2,061	2,118
Operating expenses		6,085	5,916	7,003		3	(13)		24,930	26,058
Operating profit / (loss) before tax		1,937	2,323	1,729		(17)	12		9,604	9,484
Tax expense / (benefit)		280	580	370		(52)	(24)		1,942	1,998
Net profit / (loss)		1,657	1,742	1,359		(5)	22		7,661	7,486
Net profit / (loss) attributable to non-controlling interests		4	9	11		(60)	(65)		32	29
Net profit / (loss) attributable to shareholders		1,653	1,733	1,348		(5)	23		7,630	7,457
Comprehensive income
Total comprehensive income		2,208	(48)	1,178			87		3,167	5,119
Total comprehensive income attributable to non-controlling interests		17	(8)	7			137		18	13
Total comprehensive income attributable to shareholders		2,190	(40)	1,171			87		3,149	5,106

Comparison between UBS Group AG consolidated and UBS AG consolidated
		As of or for the quarter ended 31.12.22				As of or for the quarter ended 30.9.22				As of or for the quarter ended 31.12.21
USD m, except where indicated		UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)		UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)		UBS Group AG consolidated	UBS AG consolidated	Difference (absolute)
Income statement
Total revenues		8,029	8,078	(49)		8,236	8,308	(73)		8,705	8,819	(114)
Credit loss expense / (release)		7	7	0		(3)	(3)	0		(27)	(27)	0
Operating expenses		6,085	6,282	(198)		5,916	6,152	(236)		7,003	7,227	(224)
Operating profit / (loss) before tax		1,937	1,788	148		2,323	2,159	164		1,729	1,619	109
of which: Global Wealth Management		1,058	1,047	11		1,453	1,434	18		563	541	22
of which: Personal & Corporate Banking		529	525	4		442	437	5		365	362	3
of which: Asset Management		124	122	2		140	139	1		334	328	6
of which: Investment Bank		112	108	4		447	436	11		713	710	3
of which: Group Functions		114	(13)	127		(158)	(287)	129		(246)	(321)	75
Net profit / (loss)		1,657	1,522	135		1,742	1,608	135		1,359	1,266	93
of which: net profit / (loss) attributable to shareholders		1,653	1,518	135		1,733	1,598	135		1,348	1,255	93
of which: net profit / (loss) attributable to non-controlling interests		4	4	0		9	9	0		11	11	0
Statement of comprehensive income
Other comprehensive income		551	499	52		(1,791)	(1,753)	(38)		(181)	(197)	16
of which: attributable to shareholders		538	485	52		(1,773)	(1,735)	(38)		(177)	(194)	16
of which: attributable to non-controlling interests		13	13	0		(17)	(17)	0		(4)	(4)	0
Total comprehensive income		2,208	2,020	187		(48)	(145)	97		1,178	1,069	109
of which: attributable to shareholders		2,190	2,003	187		(40)	(137)	97		1,171	1,062	109
of which: attributable to non-controlling interests		17	17	0		(8)	(8)	0		7	7	0
Balance sheet
Total assets		1,104,364	1,105,436	(1,072)		1,111,753	1,111,926	(172)		1,117,182	1,116,145	1,037
Total liabilities		1,047,146	1,048,496	(1,349)		1,055,666	1,056,985	(1,319)		1,056,180	1,057,702	(1,522)
Total equity		57,218	56,940	278		56,087	54,941	1,146		61,002	58,442	2,559
of which: equity attributable to shareholders		56,876	56,598	278		55,756	54,610	1,146		60,662	58,102	2,559
of which: equity attributable to non-controlling interests		342	342	0		330	330	0		340	340	0
Capital information
Common equity tier 1 capital		45,457	42,929	2,528		44,664	42,064	2,600		45,281	41,594	3,687
Going concern capital		58,321	54,770	3,551		59,359	55,733	3,626		60,488	55,434	5,054
Risk-weighted assets		319,585	317,823	1,762		310,615	308,571	2,044		302,209	299,005	3,204
Common equity tier 1 capital ratio (%)		14.2	13.5	0.7		14.4	13.6	0.7		15.0	13.9	1.1
Going concern capital ratio (%)		18.2	17.2	1.0		19.1	18.1	1.0		20.0	18.5	1.5
Total loss-absorbing capacity ratio (%)		33.0	32.0	0.9		33.7	32.8	1.0		34.7	33.3	1.3
Leverage ratio denominator		1,028,461	1,029,561	(1,100)		989,787	989,909	(122)		1,068,862	1,067,679	1,183
Common equity tier 1 leverage ratio (%)		4.42	4.17	0.25		4.51	4.25	0.26		4.24	3.90	0.34

Contacts

UBS Group AG and UBS AG
Investor contact

Switzerland: +41-44-234 41 00

Americas: +1-212-882 57 34

Media contact

Switzerland: +41-44-234 85 00

UK: +44-207-567 47 14

Americas: +1-212-882 58 58

APAC: +852-297-1 82 00

ubs.com

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