UBS Group AG (UBS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good morning. Welcome to the UBS second quarter 2025 results. The conference must not be recorded for publication or broadcast. (Operator Instructions) At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.

女士們、先生們，早安。歡迎閱讀瑞銀 2025 年第二季業績。會議不得錄製用於出版或廣播。（操作員指示）現在，我很高興將麥克風交給瑞銀投資者關係部的 Sarah Mackey。女士，請繼續。

Good morning and welcome everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report, together with additional disclosures in our SEC filings.

早上好，歡迎大家。在我們開始之前，我想提請大家注意今天的結果報告後面的警告聲明幻燈片。另請參閱我們年度報告中包含的風險因素以及我們向美國證券交易委員會提交的文件中的其他揭露。

On slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.

在第 2 張投影片上，您可以看到我們今天的議程。現在我很高興將職務移交給集團執行長 Sergio Ermotti。

Thank you, Sarah and good morning, everyone. We sustained robust momentum during a quarter that started with extreme volatility by staying close to our clients and successfully executing the first wave of our Swiss client account migrations, a critical phase of our integration.

謝謝你，莎拉，大家早安。透過與客戶保持密切聯繫並成功執行第一波瑞士客戶帳戶遷移（這是我們整合的關鍵階段），我們在最初極度動盪的季度中保持了強勁的發展勢頭。

This drove strong quarterly results which contributed to a first half underlying return on RoCET1 capital of 13.3%. These results highlight the power of our differentiated business model and our diversified global footprint, both of which are reinforced by our balance sheets for all seasons and our disciplined efforts to steadily improve risk adjusted returns since the Credit Suisse acquisition.

這推動了強勁的季度業績，使 RoCET1 資本上半年基本回報率達到 13.3%。這些結果凸顯了我們差異化商業模式和多元化全球足蹟的力量，這兩者都因我們四季皆宜的資產負債表以及自收購瑞信以來我們為穩步提高風險調整回報而做出的嚴格努力而得到加強。

Our clients continue to value the breadth and of our advice and global capabilities. Our invested assets reached $6.6 trillion and the private and institutional client activity was robust across all our regions. Global wealth management continues to attract flows into our discretionary solutions, and we are encouraged by another quarter of improving demand for loans.

我們的客戶持續重視我們建議的廣度和全球能力。我們的投資資產達到 6.6 兆美元，所有地區的私人和機構客戶活動都很活躍。全球財富管理持續吸引資金流入我們的全權委託解決方案，而貸款需求再度改善也令我們感到鼓舞。

We have made significant progress in migrating portfolios and streamlining our fund shelf within asset management, positioning us to substantially complete the integration of this business by year end. These efforts are unlocking the benefits of a greater scale and enhanced capabilities, particularly within our unified global alternatives unit where we have attracted CHF18 billion in client commitments year-to-date.

我們在轉移投資組合和精簡資產管理中的基金架方面取得了重大進展，使我們能夠在年底前基本完成這項業務的整合。這些努力正在釋放出更大規模和更強大能力的好處，特別是在我們統一的全球替代品部門內，今年迄今為止我們已經吸引了180億瑞士法郎的客戶承諾。

Invested assets now exceed CHF300 billion and this momentum reinforces our standing as a top player in alternatives. In Switzerland, we remain steadfast in our commitment to act as a reliable partner for the Swiss economy. During the quarter, we granted or renewed CHF40 billion of loans as we facilitated client activity and also partnered with our clients in their activities across the globe.

目前投資資產已超過 3,000 億瑞士法郎，這一勢頭鞏固了我們作為另類投資領域領導企業的地位。在瑞士，我們堅定不移地致力於成為瑞士經濟的可靠合作夥伴。本季度，我們發放或續發了 400 億瑞士法郎的貸款，促進了客戶活動，並與客戶在全球範圍內合作。

Meanwhile, the investment bank delivered a record second quarter in global markets. This reflects the strength of our equities franchise where we are benefiting from market share gains. It also highlights the value of our leading FX business where we -- where our expertise helps our institutional clients and Swiss corporate clients navigate market volatility.

同時，該投資銀行第二季在全球市場創下了紀錄。這反映了我們的股票特許經營的實力，我們從市場份額的成長中受益。這也凸顯了我們領先的外匯業務的價值，我們的專業知識可幫助我們的機構客戶和瑞士企業客戶應對市場波動。

In global banking, while I am encouraged by the continued strengthening of our deal pipeline, client execution of strategic plans was delayed once again this quarter due to ongoing market uncertainties related to international trade and economic policies.

在全球銀行業務方面，雖然我對我們交易管道的持續加強感到鼓舞，但由於與國際貿易和經濟政策相關的持續市場不確定性，本季度客戶戰略計劃的執行再次被推遲。

Looking into the third quarter, we continue to prioritize the needs of our clients while further advancing our integration efforts. As we continue to see strong market performance in risk assets combined with a weak US dollar, investor sentiment remains broadly constructive, albeit tempered by ongoing uncertainties and a degree of news fatigue.

展望第三季度，我們將繼續優先考慮客戶的需求，同時進一步推動整合工作。由於我們繼續看到風險資產市場表現強勁，加上美元疲軟，投資者情緒總體上仍然保持積極，儘管受到持續的不確定性和一定程度的新聞疲勞的影響。

Having said that, clients are ready to deploy capital as soon as conviction around the macro outlook strengthens. Moving to the integration, we remain on track to substantially complete by the end of 2026. Recently, we completed the migration of Credit Suisse client accounts booked outside Switzerland. We have also now moved 400,000 client accounts booked in Switzerland from the Credit Suisse platform with minimal disruption and a positive response.

話雖如此，一旦對宏觀前景的信心增強，客戶就會準備好部署資本。談到整合，我們仍有望在 2026 年底前基本完成。最近，我們完成了瑞士信貸境外客戶帳戶的遷移。我們現在也從瑞士信貸平台轉移了 40 萬個在瑞士登記的客戶帳戶，且影響很小，並獲得了正面的迴響。

We are on track to migrate around 500,000 clients more through by the end of this year and the balance of the migration is set to be completed by the end of the first quarter 2026. The same time, we further simplified our operations across the organization and made good progress in our active wind down efforts in non-core legacy, particularly around costs.

我們計劃在今年年底前遷移約 50 萬名客戶，其餘遷移工作預計將於 2026 年第一季末完成。同時，我們進一步簡化了整個組織的運營，並在非核心遺留問題的積極削減工作中取得了良好進展，特別是在成本方面。

This also supports our strong capital position with a CT1 capital ratio of 14.4%. This is allowing us to follow through on our 2025 capital return objectives as we accrue for a double digit increase in our dividend and our executing on our share buyback plans.

這也支持了我們強大的資本狀況，CT1 資本比率為 14.4%。這使我們能夠實現 2025 年的資本回報目標，因為我們的股息實現了兩位數的成長，並且我們正在執行股票回購計劃。

As we said in June, we will communicate our 2026 capital return plans with our fourth quarter and full year results in February. As importantly, our continued momentum is generating capital, enabling us to strategically invest across the globe to support our clients and position UBS for the future.

正如我們在 6 月所說的那樣，我們將在 2 月公佈 2026 年資本回報計劃以及第四季度和全年業績。同樣重要的是，我們持續的發展勢頭正在產生資本，使我們能夠在全球範圍內進行戰略投資，以支持我們的客戶並為瑞銀的未來做好準備。

We remain focused on our targeted investment in the Americas to support our financial advisors and improve profitability. At the same time, we aim to further leverage our position as the number one wealth manager in APAC to drive growth while reinforcing our leadership in EMEA and Switzerland.

我們仍然專注於在美洲的目標投資，以支持我們的財務顧問並提高獲利能力。同時，我們旨在進一步利用我們作為亞太地區第一財富管理公司的地位來推動成長，並鞏固我們在歐洲、中東和非洲地區以及瑞士的領導地位。

Supporting this objective is a consistent investment in infrastructure and AI to increase resilience, enhance client service and support our employees. Following the rollout of our in-house assistant REIT.

支持這一目標的是對基礎設施和人工智慧的持續投資，以提高彈性、增強客戶服務並支援我們的員工。隨著我們內部助理 REIT 的推出。

The implementation of 55,000 Microsoft co-pilot licenses, we saw four times as many Gen AI prompts this quarter compared to the fourth quarter of last year. Building on this, we are now extending access to co-pilot so that all of our employees will be able to integrate AI into their daily workflow.

實施 55,000 個 Microsoft 副駕駛許可證後，我們本季看到的 Gen AI 提示數量是去年第四季的四倍。在此基礎上，我們現在正在擴展對副駕駛的存取權限，以便我們所有的員工都能夠將 AI 融入他們的日常工作流程中。

We will continue to invest in our global capabilities to capitalize on the benefits of our diversified business model and global footprint. This remains a critical priority as we look beyond the integration and prepare for long term success. Of course, one critical point, defining our future will be the outcome of the ongoing debate on regulation in Switzerland.

我們將繼續投資我們的全球能力，以充分利用我們多元化業務模式和全球影響力的優勢。當我們著眼於整合之外並為長期成功做準備時，這仍然是一個關鍵的優先事項。當然，決定我們未來的一個關鍵點將是瑞士正在進行的監管辯論的結果。

This is the first time I'm talking to you since the publication of the Swiss Federal Council's proposal on June 6. Let me start by reiterating a few points. For over a decade, UBS has delivered enduring value to all its stakeholders, including Switzerland and its taxpayers, through a sustainable business model and a balance sheet for all seasons.

這是自6月6日瑞士聯邦委員會提出提案以來我第一次與大家交談。首先，我想重申幾點。十多年來，瑞銀透過永續的商業模式和四季資產負債表，為包括瑞士及其納稅人在內的所有利害關係人提供了持久的價值。

This is underpinned by a robust risk management culture alongside a strong governance framework. We have done this while implementing regulatory requirements with rigor. This is why it is our obligation to contribute to the ongoing debate with facts and data.

其基礎是強大的風險管理文化和強而有力的治理架構。我們在嚴格執行監管要求的同時做到了這一點。這就是為什麼我們有義務用事實和數據為正在進行的辯論做出貢獻。

In principle, we support most of the proposals as long as they are consistent with the Swiss Federal Council's aims of being targeted, proportionate, and internationally aligned.

原則上，只要符合瑞士聯邦委員會有針對性、適度和國際接軌的目標，我們支持大部分提案。

However, the proposed changes to the capital regime do not meet those criteria and are even more extreme when you consider Switzerland's finalization of budget three rules well ahead of other jurisdictions. The proposals fail to recognize that UBS has had a consistently strong capital position, business model and risk management framework, and the fact that UBS has not relied on regulatory concessions or overly aggressive valuations of foreign participation.

然而，擬議的資本製度改革並不符合這些標準，而且，如果考慮到瑞士遠遠領先其他司法管轄區完成預算三項規則，這些改革就顯得更加極端了。這些提議未能認識到瑞銀一直擁有強勁的資本狀況、商業模式和風險管理框架，以及瑞銀並未依賴監管優惠或對外國參與的過於激進的估值這一事實。

Further, it disregards the significant diversification value our foreign subsidiaries provide to all of our stakeholders, including our clients in Switzerland. We are strong, thanks to our global footprint, not in spite of it. In addition, the proposal at ordinance level only consumes surplus capital and cosmetically reduce the group CET1 ratio. This would underrepresent the true capital strength of the firm on an absolute basis and relative to peers.

此外，它忽視了我們的外國子公司為包括瑞士客戶在內的所有利益相關者提供的重大多元化價值。我們的強大得益於我們的全球影響力，而不是因為我們的全球影響力。此外，法令層面的提議只是消耗了剩餘資本，並表面上降低了集團的CET1比率。這將低估該公司相對於同業的絕對真實資本實力。

As we said in June, after including the impact of integrating Credit Suisse and applying the current progressive add-ons, UBS would be required to hold CHF42 billion of additional capital. While I have no doubt that our highly capital generative business model would allow us to meet these requirements over time, they would clearly impact our return on tangible equity, which I believe will become the more relevant return measure.

正如我們 6 月所說，在計入整合瑞信的影響並應用當前的漸進式附加條件後，瑞銀將需要持有 420 億瑞士法郎的額外資本。雖然我毫不懷疑我們的高度資本生成業務模式將使我們能夠隨著時間的推移滿足這些要求，但它們顯然會影響我們的有形資產回報率，我相信這將成為更相關的回報衡量標準。

Theories that we can easily absorb or mitigate these capital increases and operate with a group CET1 capital ratio only slightly above peers do not reflect reality. No matter how CET1 capital ratios are presented, the proposal still results in an increase of around CHF24 billion in capital at the parent bank. Of course, we will evaluate all potential and appropriate measures to address negative effects for our shareholders, but any mitigation strategies, even if feasible would come at a significant cost.

有理論認為，我們可以輕鬆吸收或減輕這些資本增加，而集團 CET1 資本比率僅略高於同行，但這並不反映現實。無論CET1資本比率如何呈現，該提議仍將導致母行資本增加約240億瑞士法郎。當然，我們將評估所有潛在且適當的措施來應對對股東的負面影響，但任何緩解策略，即使可行，也會付出巨大的代價。

This is not just our view. The expert opinions commissioned by the Federal Council also highlighted the significant risks these proposals present for Switzerland. We are finalizing our assessment of ALL22 proposals, including capital, liquidity, resolution, and governance for submission to the public consultation process which concludes at the end of September.

這不僅僅是我們的觀點。聯邦委員會委託的專家意見也強調了這些提案對瑞士帶來的重大風險。我們正在對所有 22 項提案進行最終評估，包括資本、流動性、決議和治理，以提交給 9 月底結束的公眾諮詢程序。

As soon as we are ready, we also intend to provide a public explanation of our position on some of the most relevant aspects. Based on the fact that we are already operating with a robust capital buffer and we expect no changes before 2027, we maintain our 2026 underlying exit rate targets of a return on CET1 capital of around 15% and a cost-com ratio of less than 70%. We will provide an update on our longer term return targets as soon as we have more visibility on timing and outcome from the ongoing political process.

一旦我們做好準備，我們也打算公開解釋我們對一些最相關方面的立場。基於我們已經擁有強大的資本緩衝，我們預計在 2027 年之前不會發生變化的事實，我們維持 2026 年的基本退出率目標，即 CET1 資本回報率約為 15%，成本費用率低於 70%。一旦我們對正在進行的政治進程的時間和結果有了更多的了解，我們將提供有關我們的長期回報目標的最新資訊。

In the meantime, I'm confident that we can continue to deliver on what's within our control, serving clients, completing the integration, supporting all the communities where we live and work, and position EBS for long term success for the benefit of all stakeholders.

同時，我相信我們可以繼續履行我們所能控制的職責，服務客戶，完成整合，支持我們生活和工作的所有社區，並使 EBS 獲得長期成功，造福所有利益相關者。

So, summing up, I'm very pleased with our performance in the quarter and I'm enormously proud of my colleagues for their continued dedication in a complex and uncertain environment. With that, I hand over to Todd.

總而言之，我對我們本季的表現非常滿意，我為我的同事們在複雜和不確定的環境中持續奉獻感到無比自豪。說完，我將麥克風交給托德。

Thank you, Sergio, and good morning, everyone. Throughout my remarks, I'll refer to underlying results in US dollars and make year over year comparisons unless stated otherwise. Total group profit before tax in the second quarter came in at $2.7 billion. A 30% increase compared to the same period last year, with our core businesses growing their combined pre-tax profits by 25%.

謝謝你，塞爾吉奧，大家早安。在我的整個演講中，除非另有說明，我都會參考以美元計算的基本結果並進行同比比較。第二季集團稅前總利潤達 27 億美元。與去年同期相比成長了30%，其中核心業務的綜合稅前利潤成長了25%。

Group revenues increased by 4% to $11.5 billion and were up by 8% across our core franchises, while operating expenses decreased by 3% to $8.7 billion as we continue to drive cost synergies across the group.

集團營收成長 4% 至 115 億美元，核心特許經營收入成長 8%，而營運費用下降 3% 至 87 億美元，因為我們繼續推動整個集團的成本綜效。

Included in our performance is a litigation reserve net release of $427 million relating to the settlement announced in May in connection with Credit Suisse's legacy US cross-border business. Our reported EPS was $0.72, and we delivered a 15.3% return on CET1 Capital and a cost-income ratio of 75.4%.

我們的業績包括 5 月宣布的與瑞士信貸遺留的美國跨國業務相關的和解協議相關的 4.27 億美元訴訟準備金淨釋放。我們報告的每股盈餘為 0.72 美元，CET1 資本報酬率為 15.3%，成本收入比為 75.4%。

Moving to slide 6. We delivered another quarter of strong financial performance as clients turned to us for advice and solutions to navigate a volatile and uncertain market environment. In wealth management and the investment bank, we grew pre-tax profits by 24% and 28% respectively, offsetting net interest income headwinds in our Swiss business while continuing to make strong progress reducing our non-core portfolio.

移至幻燈片 6。由於客戶向我們尋求建議和解決方案以應對動盪和不確定的市場環境，我們又取得了強勁的季度財務業績。在財富管理和投資銀行領域，我們的稅前利潤分別成長了 24% 和 28%，抵消了瑞士業務淨利息收入的不利影響，同時在減少非核心投資組合方面繼續取得強勁進展。

In group items are year on year comparative also benefited from marks on hedge positions and on credit that affected the prior year period. On a reported basis, our pre-tax profit of $2.2 billion included $565 million of revenue adjustments from acquisition-related effects and $1.1 billion of integration expenses.

集團項目同比也受益於對沖頭寸和去年同期信貸的影響。根據報道，我們的 22 億美元稅前利潤包括 5.65 億美元的收購相關影響收入調整和 11 億美元的整合費用。

In the quarter, we recorded a tax benefit of I$209 million, mainly from recognizing additional DTAs related to the integration of Credit Suisse. We continue to expect our full year 2025 effective tax rate to be around 20%, with a higher second half tax rate influenced by our non-core units pre-tax results, including integration costs.

本季度，我們記錄了 2.09 億美元的稅收收益，主要來自與瑞士信貸整合相關的額外 DTA。我們繼續預期 2025 年全年有效稅率將在 20% 左右，下半年稅率將有所提高，這主要受到非核心部門稅前業績（包括整合成本）的影響。

Turning to our cost update on slide 7. Over the second quarter, we delivered $700 million of incremental gross run rate cost saves, bringing the cumulative total since the end of 2022 to $9.1 billion, or around 70% of our total gross cost save ambition. The overall employee count fell sequentially by 2% to [124,000] and by around 21% from our 2022 baseline.

前往投影片 7 上的成本更新。在第二季度，我們實現了 7 億美元的增量總運行成本節約，使自 2022 年底以來的累計總額達到 91 億美元，約占我們總成本節約目標的 70%。員工總數較上季下降 2% 至 [124,000] 人，較 2022 年基準下降約 21%。

By quarter end, we nominally decreased our overall cost base by around 11% compared to 2022. Even more impressively, over the same period, we've reduced our operating expenses by 22% when adjusting for variable compensation and litigation and neutralizing for currency effects. On this basis, our gross to net sale conversion rate is 80%.

到季度末，與 2022 年相比，我們的整體成本基礎名義上降低了約 11%。更令人印象深刻的是，在同一時期，當我們調整浮動薪資和訴訟並抵消貨幣影響時，我們的營運費用減少了 22%。在此基礎上，我們的總銷售額到淨銷售額的轉換率為80%。

Turning to slide 8, as at the end of the second quarter, our balance sheet for all seasons consisted of $1.7 trillion in total assets, up $127 billion versus the end of the first quarter. On a deposit base of $800 billion our loan to deposit ratio was 81%, up 1% point sequentially.

翻到投影片 8，截至第二季末，我們的四季資產負債表總資產為 1.7 兆美元，比第一季末增加了 1,270 億美元。在 8,000 億美元的存款基礎上，我們的貸存比率為 81%，比上一季上升了 1 個百分點。

At the end of June, our lending book reflected credit-impaired exposures of 0.9%, down sequentially by 10 basis points. The cost of risk increased to 10 basis points as we recorded group CLE of $163 million. This reflected net charges of $38 million across our performing portfolio and $125 million on credit-impaired positions, largely driven by our Swiss business.

截至 6 月底，我們的貸款帳簿反映的信用減損風險敞口為 0.9%，季減 10 個基點。由於我們記錄的集團 CLE 為 1.63 億美元，風險成本增加至 10 個基點。這反映了我們業績良好的投資組合的 3,800 萬美元淨費用和 1.25 億美元的信用減損頭寸的淨費用，這主要由我們的瑞士業務所推動。

Our tangible equity in the quarter increased by $82 billion, mainly driven by FX translation OCI and $2.4 billion in net profit. This was partly offset by shareholder distributions of $3 billion related to the 2024 dividend and $0.7 billion for share repurchases. Our tangible book value as a quarter end was $25.95 per share, reflecting a sequential increase of 3%. Overall, we continue to operate with a highly fortified and resilient balance sheet, with total loss absorbing capacity of $191 billion, a net stable funding ratio of 122%, and then LCR of 182%.

本季我們的有形權益增加了 820 億美元，主要得益於外匯翻譯 OCI 和 24 億美元的淨利。這部分被與 2024 年股利相關的 30 億美元股東分配和 7 億美元股票回購所抵銷。截至季末，我們的有形帳面價值為每股 25.95 美元，季增 3%。總體而言，我們繼續以高度強化和有韌性的資產負債表運營，總損失吸收能力為 1,910 億美元，淨穩定資金比率為 122%，流動性覆蓋率為 182%。

Turning to capital on slide 9, our CET1 capital ratio at the end of June was 14.4%, and our CET1 leverage ratio was 4.4%. Our common equity tier one capital in the quarter increased by $4 billion, principally due to earnings accretion and FX. As a reminder, the full $3 billion share buyback plan for 2025, including the $2 billion expected in the second half, was already reflected in our capital position at the end of the first quarter.

談到第 9 張投影片上的資本，我們 6 月底的 CET1 資本比率為 14.4%，CET1 槓桿比率為 4.4%。本季我們的普通股一級資本增加了 40 億美元，主要原因是獲利成長和外匯影響。提醒一下，2025 年全部 30 億美元的股票回購計畫（包括預計下半年的 20 億美元）已在第一季末反映在我們的資本狀況中。

Risk-weighted assets rose by $21 billion sequentially, predominantly driven by FXs, with $3 billion from asset growth. I would note that we presently operate unconstrained by the output floor, which during 2025 is equal to 60% of RWA's determined under the standardized approach. We are undertaking measures to minimize the impact as the output floor gradually increases to 72.5% of standardized RWAs by 2028.

風險加權資產季增 210 億美元，主要受外匯推動，其中 30 億美元來自資產成長。我想指出的是，我們目前的營運不受產出下限的限制，到 2025 年，產出下限相當於標準化方法確定的風險加權資產的 60%。我們正在採取措施盡量減少影響，到 2028 年，產出下限將逐步增加到標準化 RWA 的 72.5%。

Our leverage ratio denominator grew by $97 billion quarter on quarter, with over 90% of the uplift due to currency translation. UBS AG's stand-alone CET1 capital ratio for 2Q was 13.2%, up from 12.9% in the prior quarter. The higher ratio is mainly due to an increase in CET1 capital, primarily reflecting its Swiss subsidiary's annual dividend payment, partly offset by an additional dividend accrual in the parent bank's own accounts.

我們的槓桿率分母環比增長了 970 億美元，其中 90% 以上的增長是由於貨幣換算造成的。瑞銀集團第二季獨立 CET1 資本適足率為 13.2%，高於上一季的 12.9%。該比率上升主要是由於 CET1 資本增加，主要反映了其瑞士子公司的年度股息支付，但部分被母銀行自有帳戶中的額外股息應計所抵消。

This brought UBS AG's total dividend accrual for the first half of 2025 to $8 billion and comes on top of the $6.5 billion accrued at the end of last year. The parent bank now expects to distribute the $6.5 billion to the holding company before the end of 2025.

這使得瑞銀集團 2025 年上半年的股息總額達到 80 億美元，高於去年年底的 65 億美元。母行目前預計在 2025 年底前向控股公司分配 65 億美元。

I would highlight that in managing leverage ratios across group entities, we may paste inter-company dividend accruals to maintain prudent capital buffers and offset the FX-driven headwind on leverage ratios across group entities. While we maintain our intention to operate UBS AG's stand-alone CET1 capital ratio between 12.5% and 13%, we'd expect the parent bank to remain above the upper end of the target range as long as dollar weakness persists.

我想強調的是，在管理集團實體的槓桿率時，我們可能會貼上公司間股息應計項目，以保持審慎的資本緩衝，並抵消外匯驅動的集團實體槓桿率的不利影響。雖然我們仍打算將瑞銀集團的獨立 CET1 資本比率維持在 12.5% 至 13% 之間，但我們預計，只要美元持續疲軟，母公司銀行的 CET1 資本比率就將保持在目標範圍的上限之上。

Turning to our business divisions and starting on slide 10 with global wealth management, which continues to deliver strong net new assets, support clients with diversified and differentiated solutions, and drive higher revenues on capital deployed.

談到我們的業務部門，從第 10 張投影片開始，全球財富管理繼續提供強勁的淨新資產，為客戶提供多樣化和差異化的解決方案，並推動資本部署的更高收入。

GWM's pre-tax profit was $1.4 billion up 24%, as revenue growth outpaced expenses by 5-percentage-points. This translated to a year over year improvement in GWM's cost-income ratio of almost 4-percentage-points to 77%. One of GWM's enduring advantages is its unrivaled regional bread. This enables us to deliver global connectivity to our clients at a time when wealth is increasingly mobile and investment capital is rotating across geographies, sectors, and asset classes.

長城汽車的稅前利潤增加 24% 至 14 億美元，收入增幅超過支出增加 5 個百分點。這意味著長城汽車的成本收入比年比提高了近 4 個百分點，達到 77%。長城汽車的持久優勢之一是其無與倫比的地方特色麵包。在財富流動性日益增強、投資資本跨地域、跨行業、跨資產類別流動的時代，這使我們能夠為客戶提供全球連結。

As illustrated in our regional disclosure on page 20, all regions delivered double-digit profit growth, led by a notable strength in the Americas and EMEA. In the Americas, our franchise delivered improvements across all revenue lines, driving profit growth of 48% and a pre-tax margin of 12.4%, while remaining focused on the execution of its strategic plan.

如第 20 頁的區域揭露所示，所有地區都實現了兩位數的利潤成長，其中美洲和歐洲、中東和非洲地區的成長尤為顯著。在美洲，我們的特許經營業務在所有收入線上均取得了改善，推動利潤成長 48%，稅前利潤率達到 12.4%，同時仍專注於執行其策略計畫。

In EMEA, profit before tax increased by 30%, driven by strong transaction-based revenues, coupled with higher recurring fees and continued cost discipline. APAC grew its profits by 12%, driven by double digit growth in both transactional and recurring fees, and supported by sustained sales momentum across net new assets, mandates, and deposits. Profitability in our Swiss wealth business rose by 10% on strong revenue growth.

在歐洲、中東和非洲地區，稅前利潤成長了 30%，這得益於強勁的交易收入、更高的經常性費用和持續的成本控制。亞太地區的利潤成長了 12%，這得益於交易費和經常性費用的兩位數成長，以及淨新資產、授權和存款的持續銷售動能。由於收入強勁成長，我們瑞士財富業務的獲利能力成長了 10%。

Onto flows. GWM's invested assets increased by 7% sequentially from favorable market conditions, FXs, and positive asset flows. With $55 billion of net new assets accumulated year to date, our performance reflects continued strong client momentum and broad-based contributions across regions.

進入流程。受益於有利的市場條件、外匯和積極的資產流動，長城汽車的投資資產環比增長了 7%。今年迄今，我們的累計淨新資產已達 550 億美元，業績體現了客戶持續強勁的成長勢頭以及各地區廣泛的貢獻。

In the second quarter, we generated $23 billion of net new assets, representing a growth rate of 2.2% or 3.2%, excluding $11 billion of seasonal tax-related outflows in the Americas. Our net new asset performance this quarter also reflects continued progress in managing the roll of preferential fixed-term deposits linked to our 2023 win back campaign, which is now largely completed.

第二季度，我們創造了230億美元的淨新資產，成長率為2.2%，扣除美洲110億美元的季節性稅收相關流出外，增幅為3.2%。本季我們的淨新增資產表現也反映了我們在管理與 2023 年贏回活動相關的優惠定期存款方面取得的持續進展，該活動現已基本完成。

This campaign played a critical role in restoring confidence and stability in the Credit Suisse wealth franchise following the acquisition as well as successfully winning back client assets. Over the past 12 months, GWM expertly managed to retain over 80% of maturing preferential fixed-term deposits on our platform converting these investments into higher margin solutions, including mandates.

這項活動對於恢復收購後瑞信財富特許經營業務的信心和穩定性以及成功贏回客戶資產發揮了關鍵作用。在過去的 12 個月中，長城汽車巧妙地保留了我們平台上 80% 以上的到期優惠定期存款，並將這些投資轉化為利潤率更高的解決方案，包括授權。

Net new fee generating assets in the quarter were $8 billion with positive flows across all regions. Client engagement continues to deepen, reflected in the rising penetration of fee-generating assets across the division and by sustained momentum in our CIO-led signature solutions.

本季淨新收費資產為 80 億美元，所有地區的流量均為正值。客戶參與度不斷加深，這體現在收費資產在整個部門的滲透率不斷提高，以及我們由 CIO 主導的簽名解決方案的持續發展勢頭上。

At the same time, the uneven market backdrop in the quarter prompted the rebalancing of portfolios towards liquidity solutions as clients deferred new investment allocations. As a result, we recorded $9 billion in net new deposited inflows in the quarter, enhancing our capacity to capture degenerating assets when confidence and visibility improve.

同時，由於本季市場背景不平衡，客戶推遲了新的投資配置，促使投資組合向流動性解決方案進行重新平衡。結果，我們在本季度錄得 90 億美元的淨新存款流入，增強了我們在信心和知名度提高時捕獲劣質資產的能力。

Net new loans in the quarter were positive at $3.4 billion, driven by EMEA and the Americas. Our differentiated partnership between wealth and the IB in delivering tailored lending solutions is a key driver of loan growth and revenue momentum.

本季淨新增貸款為 34 億美元，主要受歐洲、中東和非洲地區以及美洲地區的推動。我們在財富和投資銀行之間建立的差異化合作夥伴關係，為我們提供量身定制的貸款解決方案，是貸款成長和收入成長動能的關鍵驅動力。

Turning to revenues, which increased by 6%. Recurring net fee income grew by 8% to $3.4 billion, supported by positive market performance and over $60 billion in net new fee generating assets over the past 12 months. Transaction-based income was up by 11% to $1.2 billion, underscoring strong client engagement, despite the moderating effects of the quarter's V-shaped market dynamics on investor sentiment.

談到收入，收入成長了 6%。經常性淨費用收入成長 8%，達到 34 億美元，這得益於積極的市場表現和過去 12 個月超過 600 億美元的淨新費用資產。儘管本季的 V 型市場動態對投資者情緒產生了緩和作用，但基於交易的收入仍增長了 11%，達到 12 億美元，凸顯了強大的客戶參與度。

Amid heightened market turbulence, clients took advantage of short-term market opportunities to reposition tactically. This was particularly evident in our investment fund and cash equity offerings, where revenues increased by 27% and 17%, respectively.

在市場動盪加劇的情況下，客戶利用短期市場機會進行戰術性重新定位。這在我們的投資基金和現金股票發行中尤其明顯，其收入分別成長了 27% 和 17%。

As we entered the third quarter, risk assets continue to appreciate, supporting portfolio rebalancing and broadly constructive investor sentiment. This said, with volatility returning to more typical levels and seasonal patterns normalizing, we expect growth in transactional activity in GWM to moderate relative to the third quarter of 2024 when elevated volatility had a more pronounced impact on client engagement and transaction volumes.

進入第三季度，風險資產繼續升值，支持投資組合再平衡和普遍積極的投資者情緒。儘管如此，隨著波動性恢復到更典型的水平和季節性模式正常化，我們預計 GWM 的交易活動增長將相對於 2024 年第三季度有所放緩，當時波動性上升對客戶參與度和交易量的影響更為明顯。

Net interest income at $1.6 billion was down 2% year over year and up 1% quarter over quarter, with the sequential trend reflecting FX tailwinds and higher current account balances partly offset by the effects of lower Swiss francs and Euro deposit rates.

淨利息收入為 16 億美元，年減 2%，環比增長 1%，這一連續趨勢反映了外匯順風和經常賬戶餘額增加，但被瑞士法郎和歐元存款利率下降的影響部分抵消。

Looking ahead, we expect NII to hold steady sequentially, as support from a higher day count and currency effects will be largely offset by lower deposit rates. For full year 2025, we continue to expect GWM's net interest income to decrease by a low single digit percentage compared to 2024. Underlying operating expenses were up by 1%, with lower personnel and support costs more than offset by higher variable compensation tied to revenues. Looking through variable compensation, litigation, and currency effects, costs were down 5% year over year.

展望未來，我們預計 NII 將保持穩定，因為更高的天數和貨幣效應帶來的支持將在很大程度上被較低的存款利率所抵消。對於 2025 年全年，我們仍然預計長城汽車的淨利息收入將與 2024 年相比下降一個低個位數百分比。基礎營運費用上漲了 1%，但人員和支援成本的降低被與收入掛鉤的浮動薪資的增加所抵消。從浮動薪資、訴訟和貨幣效應來看，成本年減了 5%。

Turning to personal and corporate banking on slide 11, where my comments will refer to Swiss francs. P&C delivered a second quarter pre-tax profit of $557 million down 14%, driven by an 11% reduction in net interest income.

轉到第 11 張投影片上的個人和公司銀行業務，我的評論將涉及瑞士法郎。財產及意外險第二季稅前利潤為 5.57 億美元，下降 14%，主要原因是淨利息收入減少 11%。

While the current zero interest rate environment in Switzerland in many respects is driving the narrative for P&C, the business is positioning itself for profitable growth. Once rate headwinds subside and the intensive Swiss client platform migration work is complete. This is evidenced by growth across net new investment products, loans, and deposits, all while momentum in acquiring new clients in the affluent and corporate space is accelerating.

儘管瑞士目前的零利率環境在許多方面推動了財產和意外保險的發展，但該業務正朝著獲利成長的方向發展。一旦利率逆風消退並且密集的瑞士客戶平台遷移工作完成。淨新投資產品、貸款和存款的成長證明了這一點，同時在富裕和企業領域獲取新客戶的勢頭也在加速。

Non-NII revenues were down 3% despite a resilient performance in our personal banking business. On the corporate side, in addition to headwinds from currency translation, the sharp dollar drop and the widening of dollar Swiss interest rate spreads caused revenues from corporate FX hedging activity to slow, while trade and export finance activity also reduced. This was partly offset by higher revenues in corporate finance.

儘管我們的個人銀行業務表現強勁，但非NII收入仍下降了3％。在企業方面，除了貨幣轉換的阻力之外，美元的大幅下跌以及美元瑞士利差的擴大導致企業外匯對沖活動的收入放緩，同時貿易和出口融資活動也有所減少。這在一定程度上被企業融資收入的增加所抵銷。

Sequentially, NII and CHF decreased by 2%, largely reflecting the effects of the 25 basis point rate cut announced in March, which was partly offset by targeted deposit pricing measures and lower funding costs.

與上一季相比，NII 和 CHF 下降了 2%，這主要反映了 3 月宣布的降息 25 個基點的影響，但有針對性的存款定價措施和融資成本下降部分抵消了這一影響。

While the S&B policy rate now at 0% following the additional cut in June, as noted previously, rate movements up or down are expected to benefit our net interest income. This said, the implied forward curve has flattened over the last few months, suggesting the current rate environment could persist for some time, broadly keeping CHF NII at current levels through the rest of the year. In US dollar terms, at current FX, this translates to a sequential low single digit percentage increase in 3Q and a mid-single digit percentage decline year on year for full year 2025.

儘管 S&B 政策利率在 6 月進一步下調後目前為 0%，但如前所述，利率上行或下行預計都會有利於我們的淨利息收入。儘管如此，隱含遠期曲線在過去幾個月趨於平緩，表明當前的利率環境可能會持續一段時間，使瑞士法郎 NII 在今年剩餘時間內大致保持在當前水平。以美元計算，以目前匯率計算，這意味著第三季將出現連續低個位數百分比成長，而 2025 年全年將出現同比中個位數百分比下降。

Turning to credit loss expense, CLE in the second quarter was $91 million on an average loan portfolio of $249 billion translating to a 15 basis point cost of risk, up 7 basis points sequentially, but marginally down over the last 12 months.

談到信貸損失費用，第二季信貸損失費用為 9,100 萬美元，平均貸款組合為 2,490 億美元，相當於風險成本 15 個基點，比上一季上升 7 個基點，但在過去 12 個月中略有下降。

This included stage three charges of $74 million, mainly on smaller non-performing positions. Operating expenses in the quarter were down 5% as the team remains focused on deflating its cost base, while the Swiss client migration work remains ongoing.

其中包括第三階段的 7,400 萬美元費用，主要用於較小的不良資產部位。由於團隊仍專注於降低成本基礎，而瑞士客戶遷移工作仍在進行中，本季營運費用下降了 5%。

Moving to slide 12, asset management profit before tax was $216 million down 5% year on year, reflecting the absence of a gain from disposal that contributed to the prior year quarter. Excluding that gain, asset management's pre-tax profits were up 8% on 4% higher revenues.

轉到第 12 張投影片，資產管理稅前利潤為 2.16 億美元，年減 5%，反映出沒有產生去年同期的處分收益。除該收益外，資產管理的稅前利潤增加了 8%，收入增加了 4%。

Two marks the fifth consecutive quarter that the business delivered pre-tax profits exceeding $200 million a testament to the business's strategic retooling and disciplined execution. This consistency achieved despite secular headwinds and the integration underscores its agility in adapting to evolving market dynamics and its ability to drive positive operating leverage in a transitional environment. This positions asset management well for future growth.

這是該公司連續第五個季度實現稅前利潤超過 2 億美元，證明了該公司的策略重組和嚴格的執行。儘管面臨長期不利因素和整合，我們仍保持了這種一致性，這凸顯了其適應不斷變化的市場動態的靈活性以及在過渡環境中推動積極經營槓桿的能力。這使得資產管理的未來成長處於有利地位。

Net management fees increased by 3%, primarily driven by FX and higher average invested assets, which together outweigh the effects of margin compression from clients having rotated into lower margin products over the past year. Performance fees were 39 million, up over a third year over year, mainly driven by our hedge fund businesses.

淨管理費增加了 3%，主要原因是外匯和平均投資資產增加，這兩個因素共同抵消了過去一年客戶轉向低利潤產品導致的保證金壓縮的影響。績效費為 3,900 萬美元，年成長超過三分之一，主要得益於我們的對沖基金業務。

Net new money was $2 billion, primarily as outflows from fixed income and multi-assets, more than offset flows into ETFs, SMAs, and money markets. Our investments in ETFs are yielding results with $4 billion of inflows in the second quarter. We also recently launched our first active ETF, offering access to our credit investments group, a leading platform specializing in non-investment grade credit and multi-credit solutions. Our unified Global alternatives unit delivered $1.5 billion of institutional and wholesale new client commitments, which came alongside $7 billion in wealth management. Operating expenses were 3% higher or down 1%, excluding FX.

淨新增資金為 20 億美元，主要是因為固定收益和多種資產的流出超過了流入 ETF、SMA 和貨幣市場的資金。我們對 ETF 的投資正在產生效益，第二季流入資金達 40 億美元。我們最近也推出了首支主動式 ETF，可供投資者進入我們的信貸投資集團，該集團是一個專注於非投資級信貸和多信貸解決方案的領先平台。我們統一的全球另類投資部門實現了 15 億美元的機構和批發新客戶承諾，同時實現了 70 億美元的財富管理承諾。營業費用成長 3%，扣除外匯費用則下降 1%。

Onto slide 13 and the investment bank. In the IB, we delivered a profit before tax of $526 million up 28%, and a pre-tax return on equity of 11.5%, leading to a first half pre-tax ROE of 13.6%. Revenues increased by 13% to 2.8 billion, a record second quarter, driven by global markets. Banking revenues decreased by 22% to $521 million, largely reflecting the effects of macroeconomic uncertainties affecting clients' strategic decisions, especially in the first part of the quarter.

前往第 13 張投影片和投資銀行。在投資銀行領域，我們的稅前利潤為 5.26 億美元，成長 28%，稅前股本回報率為 11.5%，導致上半年稅前股本回報率為 13.6%。受全球市場的推動，第二季營收成長 13%，達到 28 億美元，創歷史新高。銀行收入下降 22% 至 5.21 億美元，這主要反映了宏觀經濟不確定性對客戶策略決策的影響，尤其是在本季的第一部分。

In advisory, revenues decreased by 19% despite growth in M&A in the Americas and EEA, where we outperform the fee pools. Capital markets revenues declined by 24%, driven by LCM and reflecting a continuing trend from one queue as the mix within the LCM fee pool in the Americas has shifted towards corporates and away from sponsors, where we're more concentrated. Also weighing on our performance this quarter was a markdown on a now largely de-risked LCM underwriting position.

在諮詢業務方面，儘管我們在美洲和歐洲經濟區的併購業務有所成長，但我們的收入仍然下降了 19%，在這些領域我們的表現優於費用池。資本市場收入下降了 24%，主要是因為 LCM，這反映了一個隊列的持續趨勢，因為美洲的 LCM 費用池中的結構已經轉向企業，而遠離了我們更集中的贊助商。本季我們的業績也受到目前基本去風險化的 LCM 承保部位的降價影響。

This, together with a markdown on hedging positions, drove a total $65 million headwind in the quarter. ECM grew by 45%, reflecting the benefits of targeted investments and pipeline strength as IPO activity began to recover. AIPAC was the standout regional contributor.

這一因素加上對沖部位的減少，導致本季共出現 6,500 萬美元的逆風。ECM 成長了 45%，反映了隨著 IPO 活動開始復甦，有針對性的投資和通路實力帶來的好處。AIPAC 是該地區傑出的貢獻者。

Looking ahead, we remain encouraged by improved market sentiment and by the strength of our pipeline, which continues to build and is expected to support our growth ambitions in banking over the coming quarters, assuming a constructive backdrop.

展望未來，我們仍然受到市場情緒改善和我們通路實力的鼓舞，這些管道將繼續建設，並有望在建設性的背景下支持我們未來幾季在銀行業務方面的成長目標。

Revenues in markets increased by 26% to $2.3 billion, tracking the exceptional levels of volatility experienced at the start of the quarter. The dynamic trading environment and elevated client activity levels and equities and FXs were once again particularly supportive of our strategic positioning and business mix, boosting our ability to capture growth and market share. Equities revenues were 20% higher than the prior year quarter, driven by a record two across cash equities, equity derivatives, and financing.

市場收入成長 26%，達到 23 億美元，這與本季初經歷的異常波動水準相符。動態的交易環境、不斷提升的客戶活動水平以及股票和外匯再次特別支持了我們的策略定位和業務組合，增強了我們獲取成長和市場份額的能力。股票收入比去年同期高出 20%，這得益於現金股票、股票衍生品和融資創下的歷史新高。

In financing, top line growth of 27% was supported by prime brokerage delivering record-level revenues and client balances. FRC increased by 41%, primarily driven by FX delivering its best second quarter, up 52%. Notably, our leading FX trading capabilities helped us to capture client demand for hedging products amid FX volatility in the quarter.

在融資方面，主要經紀業務實現了創紀錄的收入和客戶餘額，推動營業額成長 27%。FRC 成長了 41%，主要原因是 FX 在第二季表現最佳，成長了 52%。值得注意的是，我們領先的外匯交易能力幫助我們抓住了本季外匯波動中客戶對沖產品的需求。

Looking ahead, we expect our markets performance in 3Q to reflect seasonality and more normalized levels of trading activity and volatility, both sequentially and versus the prior year quarter. Operating expenses rose by 7%, largely reflecting increases in personnel expenses and currency effects. Excluding FX, costs were up 4%.

展望未來，我們預計第三季的市場表現將反映季節性以及更正常化的交易活動和波動水平，無論是環比還是與去年同期相比。營業費用上漲了7%，主要反映了人事費用和金錢效應的增加。不包括外匯，成本上漲了 4%。

On slide 14, non-core and Legacy's pre-tax profit was $1 million with negative revenues of $83 million. Funding costs of around $120 million were partly offset by revenues from position exits and securitized products and credit. Operating expenses in the quarter were negative $83 million driven by the litigation release I mentioned earlier. Excluding litigation, costs were down 46% year on year and 25% sequentially, as the team continues to make strong progress in driving out costs.

在幻燈片 14 上，非核心和 Legacy 的稅前利潤為 100 萬美元，負收入為 8,300 萬美元。約 1.2 億美元的融資成本被頭寸退出、證券化產品和信貸的收入部分抵消。由於我之前提到的訴訟解除，本季的營運費用為負 8,300 萬美元。不包括訴訟，成本年減 46%，環比下降 25%，因為團隊在降低成本方面繼續取得強勁進展。

For the second half of the year, we expect NCL to generate an underlying pre-tax loss, excluding litigation of around $1 billion including negative revenues of around $200 million mainly from funding costs. Revenues from carry, continued exits, and remaining fair value positions are expected to net around 0%, and underlying operating expenses, given the ongoing strong progress, should now average around $400 million per quarter.

我們預計，今年下半年，NCL 將產生約 10 億美元的稅前虧損（不包括訴訟），其中包括約 2 億美元的負收入，主要來自融資成本。預計來自套利、持續退出和剩餘公允價值部位的收入將淨額為 0% 左右，而鑑於持續強勁的進展，基礎營運費用現在平均每季應為 4 億美元左右。

Onto slide 15. Since the second quarter of 2023, NCL has reduced its non-operational risk RWAs by over 80%, including by another 1 billion this quarter, in total, freeing up over 7 billion of capital for the group. In addition to significantly strengthening our capital and risk position, the wind-down efforts expertly executed by the team over the past several quarters have led to a reduction of the divisional cost base by over two-thirds. Also, as at the end of June, NCL closed 83% of the 14,000 books they started with and decommissioned over half of its IT applications.

轉到投影片 15。自 2023 年第二季以來，NCL 已將其非營運風險 RWA 降低了 80% 以上，其中本季又降低了 10 億，總計為集團釋放了 70 多億的資本。除了顯著增強我們的資本和風險狀況之外，團隊在過去幾季中熟練執行的縮減措施還使部門成本基礎減少了三分之二以上。此外，截至 6 月底，NCL 已關閉了其最初擁有的 14,000 本書籍中的 83%，並停用了超過一半的 IT 應用程式。

To sum up, with an underlying return on CT1 for the first half of the year of 13.3% and strong execution across key integration milestones, we remain firmly on track to achieve our financial targets by the end of 2026, an underlying return on CT1 capital of around 15% and an underlying cost to income ratio of less than 70%. With that, let's open up for questions.

總而言之，憑藉今年上半年 CT1 的基本回報率 13.3% 以及關鍵整合里程碑的強勁執行力，我們仍有望在 2026 年底前實現財務目標，CT1 資本的基本回報率約為 15%，基本成本收入比低於 70%。好了，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Kian Abouhossein, JP Morgan.

摩根大通的 Kian Abouhossein。

Yes, thank you for taking my questions. The first question is related to the parent bank UBSAG where you, gave us the number of $14.5 billion of, accruals. Also clearly understand the special, dividend reserve of $6.5 billion. I'm just wondering the $8 billion accrual. That is remaining, so to say, Can you discuss that part and what you will do with this part in terms of distribution, double leverage, or any other usage?

是的，感謝您回答我的問題。第一個問題與母銀行瑞銀集團 (UBSAG) 有關，您向我們提供了 145 億美元的應計金額。也清楚了解 65 億美元的特別股息儲備。我只是想知道 80 億美元的應計金額。這就是剩下的，可以這麼說，您能否討論一下這部分，以及您將如何處理這部分內容（包括分配、雙重槓桿或任何其他用途）？

And the second question is related to wealth management, US, Americas, you have advisors down quarter on quarter. Can you please talk about where we are in the process of the improvement and pretext margin in wealth management in the US? And the initial thinking and thoughts post adjustment of adviser incentives. Thank you.

第二個問題與財富管理有關，美國、美洲的顧問數量逐季下降。您能否談談美國財富管理改進和藉口保證金的進程處於什麼階段？以及顧問激勵措施調整後的初步思考與想像。謝謝。

Hi Ken, thanks for the questions. Regarding the $8 billion you highlighted, which is our 125 accruals at the parent bank. The expectation is that they'll be up streamed, hence the accrual, and we will, our expectation is that our equity double leverage ratio, which we will print in the parent in the group accounts in the coming days, will be sub 110.

嗨，Ken，謝謝你的提問。關於您強調的 80 億美元，這是我們母行的 125 個應計項目。我們預期這些資金將會流入上游，因此會產生應計費用，我們預期我們的股權雙倍槓桿率（我們將在未來幾天在集團帳戶中列印）將低於 110。

At the end of Q2 and with the, with what we intend to pay up in the second half of the year, which is the $6.5 billion I highlighted in my comments, the equity double leverage ratio of group will be sub 105 by the end of the year and moving towards the targets that we set out. Which is to align with an equity double leverage ratio of around 100%, which is, where we were pre-Credit Swiss.

到第二季末，加上我們打算在下半年支付的款項（也就是我在評論中強調的 65 億美元），到年底，集團的股權雙槓桿率將低於 105，並朝著我們設定的目標邁進。這與 100% 左右的股權雙倍槓桿率一致，也就是瑞士信貸之前的水平。

In terms of wealth management US and your comments, thank you for recognizing the improvement in in the, in the pre-tax margin and your question around advisors.

關於美國財富管理和您的評論，感謝您對稅前利潤率提高的認可以及您對顧問的提問。

So first, we are making progress, improving the pre-tax margin in the business. As I've said in the past, we have the array of initiatives that we reset strategically and announced in 4Q, and we're chipping away and making strong progress. In terms of the FA point. Look, our platform in the US remains highly attractive for advisors as we continue to invest in technology and as I've highlighted before, the availability of best in class CIO insight and joint teaming with the investment bank is giving us a competitive advantage.

首先，我們正在取得進展，提高業務的稅前利潤率。正如我過去所說，我們在第四季度重新制定了一系列戰略舉措並宣布了這些舉措，我們正在逐步推進並取得重大進展。就 FA 點而言。你看，隨著我們繼續投資技術，我們在美國的平台對顧問來說仍然非常有吸引力，正如我之前強調的那樣，一流的 CIO 洞察力和與投資銀行的聯合合作為我們帶來了競爭優勢。

And we're also seeing that our platform can remains a compelling source of asset and profit growth for advisors who are aligned to our strategy. And that's evidenced by the exceptional same store net new money growth we've seen in the first half, which is substantially above levels in each of, the last three years. I'd also highlight that 90% of our FAs are up in, T12 production. But in terms of headcount, look, the second quarter is, typically seasonally more active in terms of FA moves across the street.

我們也看到，對於符合我們策略的顧問來說，我們的平台仍然可以成為資產和利潤成長的強大來源。上半年我們看到的同店淨新資金成長顯著，大大高於過去三年的水平，證明了這一點。我還要強調的是，我們的 90% FA 都處於 T12 生產階段。但從員工人數來看，第二季通常是街對面 FA 流動較活躍的季節。

And the changes we've introduced, which I think you were referring to and which I've highlighted previously, means that we could see some continued movement across firms and to the independent channel. Having said that, We're actively recruiting and we're also seeing more FAs commit to stay and retire at UBS than at any time since we've introduced this retention program several years ago.

我認為您提到了我們所引入的變化，而且我之前也強調過，這意味著我們可以看到跨公司和獨立管道的一些持續變化。話雖如此，我們正在積極招聘，而且我們也看到承諾留在瑞銀並退休的財務分析師數量比我們幾年前推出這一保留計劃以來的任何時候都多。

Anke Ringen, RBC.

安克·林根（Anke Ringen），RBC。

Thank you very much for taking my questions. The first is on the output floor, you mentioned that you're looking into your ability to mitigate. The currently around $48 billion of RWH. Can you talk a bit more about, potentially about the magnitude? You think you can, mitigate. And then, secondly, sorry, on the FX derivatives point, can you sort of like TRY to size the matter for us as much as it's possible and did Q2 already see some impact of potential compensations. Thank you very much.

非常感謝您回答我的問題。首先是在輸出層面，您提到您正在研究緩解能力。目前 RWH 約 480 億美元。您能否進一步談談其潛在規模？如果你認為你可以，那就減輕吧。其次，抱歉，關於外匯衍生性商品問題，您能否盡可能地為我們評估這個問題，第二季是否已經看到了潛在補償的影響。非常感謝。

Hi Anke, thanks for the questions. On the output floors, I mentioned in my comments, we're operating unconstrained presently, you're asking about where we see the potential for the output floor to cause an increase in the op the RWAs we operate with. So we are hard at work in developing mitiggans, to address, the output flow wherever possible. And, it's way too early to prejudge, where we'll come out.

你好，Anke，謝謝你的提問。關於輸出層，我在評論中提到，我們目前的營運不受限制，您詢問的是，我們認為輸出層有可能導致我們營運的風險加權資產 (RWA) 增加。因此，我們正在努力製定緩解措施，盡可能解決輸出流問題。而且，現在就預測我們的結局還為時過早。

But we'll keep posted, in our disclosures and in my comments from time to time to talk about the progress that, we're making, but it's a clear focus for us. And we still obviously have the better part of the next two years to continue to make progress in that respect. On the, on the FX matter, as we have, our comments previously, in this is that we've completed a comprehensive review of this matter.

但我們會在我們的揭露資訊和我的不時評論中更新我們正在取得的進展，但這對我們來說是一個明確的重點。顯然，我們還有未來兩年的大部分時間可以在這方面繼續取得進展。關於外匯問題，正如我們先前的評論，我們已經對此事進行了全面審查。

We've determined that a very small number of clients, fewer than 200. In just a few locations in Switzerland who had exposure to a product outside our standard asset allocation framework or their particular individual risk capacity experienced losses mainly arising from US tariff related market volatility in In April of at the beginning of the quarter, but from the outset we've taken the matter very seriously and where appropriate, we've reached agreements with affected clients. The financial impact from these agreements is substantially captured in our second quarter results.

我們確定客戶數量非常少，少於 200 個。在瑞士，只有少數幾個地方的客戶接觸了我們標準資產配置框架或其特定個人風險承受能力之外的產品，他們在本季度初遭受了主要因 4 月份美國關稅相關的市場波動而產生的損失，但從一開始我們就非常重視此事，並在適當的情況下與受影響的客戶達成了協議。這些協議的財務影響在我們的第二季業績中得到了充分體現。

Thank you. Chris Hallam, Goldman Sachs.

謝謝。高盛的克里斯·哈勒姆。

Yeah, good morning, everybody. Just two quick questions. So first of all, what are your latest expectations regarding the deduction elements of the capital proposals, including whether or not they may get wrapped into the broader legislative package, are taken out of ordinance? Do you expect to have sufficient clarity on any potential phasing or delays in time to be able to calibrate the '26 distribution ambitions later, well, I guess early next year with the fourth quarter results.

是的，大家早安。只要問兩個簡單的問題。那麼首先，您對資本提案中的扣除要素有何最新預期，包括它們是否會被納入更廣泛的立法方案中，是否會從法令中刪除？您是否希望對任何潛在的分階段或延遲有足夠的了解，以便能夠在稍後校準 26 個分銷目標，我想明年年初將根據第四季度的結果來調整。

And then secondly, just on the longer term, I guess slide 16, the bar chart, it's a pretty powerful image. I just, I wonder, when you show that to people who you're engaging with in this topic, what's their response, how do you think, how receptive are they to understanding the longer run competitive impact on the business from these proposals rather than the nearer term recalibration of the rules per se.

其次，從長期來看，我想第 16 張投影片中的長條圖是一個非常強大的圖像。我只是想知道，當您向與您討論這個主題的人們展示這一點時，他們的反應是什麼，您認為如何，他們對於這些提議對業務的長期競爭影響的接受程度如何，而不是近期規則本身的重新調整。

Thank you.

謝謝。

Thank you. Well, first of all, I think that, as I mentioned before, we're going to see exactly how things play out. Honestly, I don't think we have A clear insight here on what's going to happen. The economic committee of the upper house will also have to opine on this proposal to basically put everything into one package.

謝謝。嗯，首先，我認為，正如我之前提到的，我們將確切地看到事情如何發展。老實說，我認為我們對接下來會發生什麼還沒有清晰的認識。上議院經濟委員會也必須對這項提案發表意見，以便將所有問題納入一攬子計畫。

Then it's still very open if the parliament will follow the recommendation should also the upper house committee propose any change, so that really remains something that is not. Predictable is not in our control. I think that's the only thing I can say is that, as I mentioned, that we will now, finalize our assessment of the proposals, and trying to identify, how, potential, positive strengths of the proposal, but also it's, weaknesses, but also making sure that people understand that.

那麼，議會是否會遵循該建議，以及上議院委員會是否提出任何改變，這仍然是一個未知數，所以這仍然是一件未知的事情。可預測性不在我們的控制範圍內。我認為我唯一能說的是，正如我所提到的，我們現在將最終確定對提案的評估，並嘗試確定提案的潛在積極優勢以及弱點，同時也要確保人們理解這一點。

Capital goes with liquidity and goes with recovering resolution and should also somehow be related to the business model that a bank is pursuing. So in that sense, trying to have a comprehensive facts and set of facts before coming to a decision would be probably a good way to handle the problem, but this is a political problem and a political process we fully respect that. What's going on and our aim is simply to contribute to the debate. So, as I said, early on in September, most likely we will be able to comment, on these proposals publicly.

資本與流動性相伴而生，與恢復決心相伴而生，也應該與銀行所追求的商業模式有某種關聯。因此從這個意義上來說，在做出決定之前嘗試掌握全面的事實和事實集合可能是處理問題的好方法，但這是一個政治問題，也是一個政治過程，我們完全尊重這一點。發生了什麼事？我們的目標只是為辯論做出貢獻。因此，正如我所說，9 月初我們很可能就能公開評論這些提案。

In respect of this chart, yes, thanks for highlighting this because unfortunately, we also saw some other graphic representation of what the new regime would mean, and they were confusing a little bit capital requirement with actual level of capital all by other banks under, representing the impacts in relative terms to us. This we feel is the best way to fully highlight what is, I think is important, is minimum requirement versus minimum requirement.

關於這張圖表，是的，感謝您強調這一點，因為不幸的是，我們還看到了一些其他圖形來表示新制度的含義，它們將資本要求與其他銀行的實際資本水平相混淆，代表了對我們的相對影響。我們認為這是充分強調最低要求與最低要求之間差異的最佳方式，我認為這一點很重要。

If a bank decides to have a buffer above its minimum requirement, it, it's its own decision, they may have their own idiosyncratic reasons, but the binding constraints for all of us is always minimum requirement. Therefore, Here you have a clear picture. So the average is 11.5%, 10%, 11%, 10.9%, and when you compare it to de facto minimum proposal of 19%, it tells you the story. So.

如果一家銀行決定在其最低要求之上設定緩衝，這是它自己的決定，他們可能有自己特殊的原因，但對我們所有人來說，約束性約束始終是最低要求。因此，在這裡您可以看到一個清晰的畫面。因此平均值是 11.5%、10%、11%、10.9%，當你將其與事實上的最低提議 19% 進行比較時，它就會告訴你故事的真相。所以。

Giulia Miotto, Morgan Stanley.

朱莉婭·米奧托，摩根士丹利。

Morning. Thank you for taking my questions, and I have to on capital again, so I know that you want to run with a double leverage of 100%, which, makes sense. But if this capitalposal was to go ahead as it is currently written, which completely removes any subsidiary leverage, would you consider running with higher levels of double leverage between group and parent? And then secondly.

早晨。感謝您回答我的問題，我必須再次討論資本問題，所以我知道您想以 100% 的雙倍槓桿來運行，這是有道理的。但是，如果這項資本安排按照目前的方式進行，即完全消除任何子公司槓桿，您是否會考慮在集團和母公司之間採用更高水準的雙重槓桿？其次。

The stress test results in the US, showed an improvement year on year and the capital requirements should come down. Could you give us an update of how much capital do you expect to upstream from the US? I think you said vaguely that you were expecting some upstreaming, but I don't know if you can quantify that. Thank you.

美國的壓力測試結果顯示，情況逐年改善，資本要求應該會下降。您能否向我們透露一下預計從美國上游流入多少資本？我認為您含糊地說過您期待一些上游，但我不知道您是否可以量化這一點。謝謝。

Let me take, quickly that, because somehow, the technicalities as we say, we are running our business and our capital plan and capital returns as communicated in the past. So our, we, we're going to take down the equity double leverage ratio group level, as Todd just mentioned, to around 100%, which is where we were before the acquisition, pending the finalization of this proposals. When, if and when this proposals are fully adopted, we will need to then understand exactly how to mitigate and how to act, but it's now premature to talk about one item.

讓我快速地講一下，因為不知何故，正如我們所說的技術細節，我們正在經營我們的業務，我們的資本計劃和資本回報就像過去傳達的那樣。因此，正如 Todd 剛才提到的，我們將把股權雙倍槓桿率集團水準降低到 100% 左右，也就是收購前的水平，等待這項提案的最終確定。如果這些提議被全面採納，我們將需要確切了解如何緩解和如何採取行動，但現在談論一項內容還為時過早。

It without knowing the entire package. So, this is the only thing I can tell you. So we're not going to engage into mitigation, remediation, you, whatever you want to call it, so before we know exactly what the final rules are. So thought maybe you want to take care.

無需了解整個包裹。所以，這是我唯一能告訴你的事情。因此，在我們確切知道最終規則是什麼之前，我們不會參與緩解、補救等措施，無論你想怎麼稱呼它。所以我想也許你想照顧一下。

Thanks, Sergio. Hi, Julia. On the second, I appreciate you bringing that up. Let me unpack it a little bit, in terms of the US stress tests, just to, ensure clarity here. So first thing I'd say is that, look, the lower drawdown from the stress tests that were published. Highlights for me our improved strength and resilience in the US Intermediate holding company, including the profitability prospects that it has.

謝謝，塞爾吉奧。你好，朱莉婭。關於第二點，我很感謝你提出這一點。讓我根據美國壓力測試稍微解釋一下，以確保這裡的清晰度。因此，我想說的第一件事是，你看，已發布的壓力測試的下降幅度較低。對我來說，重點突出了我們美國中級控股公司實力和彈性的提高，包括其獲利前景。

Secondly, I'd say that that those [DFAST] results happen to align with our own internal capital assessment in terms of direction of travel, which is to say that, we too are seeing an improvement. And it's also important to remember that our internal assessment governs if it's higher than the Fed's CCAR, results.

其次，我想說的是，這些 [DFAST] 結果恰好與我們自己的內部資本評估在發展方向上一致，也就是說，我們也看到了改善。同樣重要的是要記住，我們的內部評估決定是否高於聯準會的 CCAR 結果。

I would also mention that we manage with appropriate buffers to support growth and also align with supervisory expectations. That's an important point. The next point I would just highlight is that, the lower capital ratio we're working towards, has always been part of our planning assumptions at the end of 2023, including repatriating additional capital as a result of integrating Credit Suisse and otherwise driving greater profitability.

我還要提到，我們採用適當的緩衝來支持成長，同時也符合監管預期。這是一個重要的觀點。我要強調的下一點是，我們努力實現的較低資本比率一直是我們 2023 年底規劃假設的一部分，包括透過整合瑞信來匯回更多資本以及以其他方式提高獲利能力。

And so all this is allowing for capital repatriation upside, but all of that is factored into, our planning from the, from the beginning. As the, as we see an opportunity for the capital ratio, to move down and for us to upstream, capital as a result.

因此，所有這些都為資本回流提供了機會，但所有這些都從一開始就被納入了我們的規劃中。正如我們所見，資本比率有機會下降，資本也會隨之上升。

And just I would make one other point just about the current, ratio because sometimes it gets overlooked. And of course the current ratio that will print in our Pillar 3, at around 20% is on its trajectory down since Credit Suisse and it was as high as 27%. But one point that we shouldn't lose sight of is that, The capital ratio in the US is structurally higher than the equivalent ratio under Swiss banking law, primarily due to the absence of things like capital consumed by operational risks, dividend accruals, and lower DTA threshold. So the Swiss SRB equivalent ratio could be 5% to 8% points lower. And so that's also important to keep in mind we're looking like for like, at our US ratios, say, versus other ratios within the group.

我只想就當前比率提出另一點，因為有時它會被忽略。當然，我們支柱 3 中顯示的當前比率約為 20%，自瑞士信貸以來一直處於下降趨勢，最高曾達到 27%。但我們不應忽視的一點是，美國的資本充足率在結構上高於瑞士銀行法下的相應資本充足率，這主要是因為不存在諸如營運風險消耗的資本、股息應計以及較低的DTA門檻等因素。因此瑞士 SRB 的當量比率可能會低 5% 至 8%。因此，記住這一點也很重要，我們正在將美國比率與集團內其他比率進行比較。

Thank you. Can I just follow up? So if I understand what you said correctly, it, it's premature to comment on mitigating actions, and you will only comment on them when we have clarity on the proposal, but in my understanding, it will take quite a while to get clarity on the proposal, potentially a couple of years or so is that the timeline we could expect. Thanks.

謝謝。我可以跟進一下嗎？因此，如果我理解正確的話，現在評論緩解措施還為時過早，只有當我們對提案有了明確的認識後，您才會對它們發表評論，但據我了解，要明確提案還需要相當長一段時間，可能需要幾年左右的時間，這是我們可以預期的時間表。謝謝。

Yeah, but if it takes a couple of years, it means the new regulation is not enforced, so we will not have to implement it. So we're not going to front, we're not going to front run. Any new, capital regime, that's clear. So we will wait and see exactly what it is, and when it happens we will then take the appropriate time.

是的，但如果需要幾年時間，就意味著新規定沒有執行，所以我們就不必實施它。所以我們不會走在前面，我們不會搶先。任何新的資本製度，這一點都是明確的。因此，我們將拭目以待，看看究竟是什麼，當它發生時，我們將採取適當的時間。

To phase in whatever will be phased in. So we do expect that it's already been communicated that any changes will be done with a an appropriate time frame that allows the bank to manage the process smoothly. So I think that's the reason why I don't think it's necessary for us to start to comment on single measures. Yeah.

逐步實施將要實施的一切。因此，我們確實希望，任何變更都將在適當的時間範圍內完成，以便銀行能夠順利管理流程。所以我認為這就是為什麼我認為我們沒有必要開始對單一措施發表評論的原因。是的。

Jeremy Sigee, BNP Paribas.

法國巴黎銀行的 Jeremy Sigee。

Morning, thank you. Just a clarification please on the double leverage question, the UBS Group AG stand-alone, because it's down, it looks to me that it's down to 108% at first half, and if I add in the $6.5 billion dividend that's coming, it would actually be below 100%.

早安，謝謝。請澄清一下雙重槓桿問題，瑞銀集團單獨來看，因為它下降了，在我看來，上半年它下降到了 108%，如果我加上即將到來的 65 億美元股息，它實際上會低於 100%。

Are there any contra any offsets to that that I need to think about, because it looks to me like that that dividend fully eliminates the double leverage, even before you then receive more dividends that you're accruing this year. So that would be helpful to clarify.

我需要考慮是否有任何與之相反的抵消措施，因為在我看來，即使在您收到今年累積的更多股息之前，股息也完全消除了雙重槓桿。這將有助於澄清。

And then secondly, a question moving to wealth management just on really on conditions in Asia and what client behavior you're seeing because it looked to me that the flow number was very good, but the revenues were a little bit softer. So I just wondered if you could describe how Asian clients are behaving in this environment.

其次，關於財富管理的問題實際上是關於亞洲的狀況以及您所看到的客戶行為，因為在我看來，流量數字非常好，但收入有點疲軟。所以我只是想知道您是否可以描述一下亞洲客戶在這種環境中的行為。

Hey, Jeremy, thanks for your questions. So on the double leverage just to, reiterate my comments earlier. So we expect that the double leverage ratio will be around 109% at the end of 22.

嘿，傑里米，謝謝你的提問。因此，關於雙重槓桿，我只是想重申我之前的評論。因此我們預計22年末雙槓桿率將在109%左右。

As I mentioned, we will pay up to $6.5 billion from parent bank to group, in the second half of the year, and that would bring the, double leverage ratio to around 103. Per, because we still, you have to account for, share repurchases both on the first and second trading line, as well, that offsets the upstream dividends. So you get to, a level that, as I mentioned, with sub [105, but to be more precise, 10,103].

正如我所提到的，今年下半年，我們將從母行向集團支付高達 65 億美元的資金，這將使雙重槓桿率達到 103 左右。因為我們仍然必須考慮第一和第二條交易線上的股票回購，這抵消了上游股利。所以你達到了一個水平，正如我所提到的，[105，更準確地說是 10,103]。

In terms of your second question, Yeah, I appreciate you bringing that up. I mean, we're seeing, sustained momentum in AIPAC. The business is doing very well across all the metrics, I think in in Asia, in particular, some of the comments that I was making in my prepared remarks about, they're being Somewhat, some rebalancing of portfolios, some more tactical repositioning of portfolios, which is to say that, potentially a little bit sideline sentiment. It's hard to obviously characterize, sophisticated investors across that mass geography in one sentence.

關於您的第二個問題，是的，我很感謝您提出這個問題。我的意思是，我們看到了美國以色列公共事務委員會的持續勢頭。我認為，從各項指標來看，公司的業務表現都非常好，特別是在亞洲，正如我在準備好的發言中提到的，他們正在進行某種程度的投資組合重新平衡，某種更具戰術性的投資組合重新定位，也就是說，可能會有一點場外情緒。很難用一句話來明確描述這個廣大地區的成熟投資者。

But, if I had to, I would say that there is a bit of a wait and see, just given some of the uncertainty in the environment, in the, in the macro environment and certainly with trade policies and what's happening in the states and obviously that's a big determinant of investor sentiment in AIPAC. We have seen. Mobility, away from the US to an extent, I don't want to overemphasize that, but we have seen that. So we're seeing some of the macro trends playing out in particular, but the activity was robust, but you can expect that, once there is more certainty priced in and more conviction around markets normalizing that business is poised to really capitalize.

但是，如果必須的話，我會說還需要再觀望一段時間，因為宏觀環境、貿易政策和各州的情況都存在不確定性，顯然，這是決定美國以色列公共事務委員會 (AIPAC) 投資者情緒的重要因素。我們已經看到了。流動性，在某種程度上遠離美國，我不想過度強調這一點，但我們已經看到了這一點。因此，我們看到一些宏觀趨勢正在發揮作用，但活動是強勁的，但你可以預期，一旦有更多的確定性被計入，並且對市場正常化有更多的信心，企業就準備好真正利用這些趨勢。

Amit Goel, Mediobanca.

Amit Goel，Mediobanca。

Hi, thank you. So two questions from me. One, just to clarify, I think the comment earlier, in terms of the, parent bank CT1 ratio, that whilst dollar weakness persists, you would look to remain above the top end of the 12.5% to 13% ratio. So I just wanted to understand.

你好，謝謝。我有兩個問題。首先，需要澄清的是，我認為先前關於母銀行 CT1 比率的評論是，儘管美元持續疲軟，但你仍希望保持在 12.5% 至 13% 比率的上限之上。所以我只是想了解一下。

Why or what exactly drives that. And so when you think what level of dollar weakness or strength would mean that you could be back into the, to that range. And then secondly, I guess a broader question again on kind of strategy.

為什麼或究竟是什麼導致了這種情況。因此，當您思考美元走弱或走強到什麼程度時，就意味著您可以回到那個範圍。其次，我猜這又是一個關於策略的更廣泛的問題。

I mean, I just, it'd be good actually if we could get a bit more color or it'll be helpful if we could get more color in terms of the synergies between the US business and the rest of the group. I mean, obviously there's a lot of commentary about how the breadth of the business is helpful, because I guess what I'm just curious about or. Wondering is, whilst clearly its core and it's part of the group, how you would react if, for example, there was a credible, unsolicited, bid for that business, how you'd be able to explain to investors and the market why.

我的意思是，如果我們能夠獲得更多的顏色，或者如果我們能夠在美國業務和集團其他部分之間的協同作用方面獲得更多的顏色，那將會很有幫助。我的意思是，顯然有很多關於業務廣度如何有幫助的評論，因為我想我只是好奇而已。令人疑惑的是，雖然它顯然是核心業務，也是集團的一部分，但如果有人對該業務提出可信的、未經請求的收購要約，您會作何反應，您將如何向投資者和市場解釋原因。

That remains core and why it's synergistic with the if you give a bit more color in terms of the synergies with, the IB asset management, etc. Thank you.

這仍然是核心，以及為什麼它與 IB 資產管理等的協同作用具有協同作用。謝謝。

So just quickly on the first one, yeah, just to unpack the dynamics there. So, with the FX volatility we saw in the quarter to be specific, dollar weakness. That, as you saw in or heard in my commentary, even just a group level around LRD where LRD was, up over $100 billion and most of that was due to FX. We have that dynamic.

那麼，首先我們來快速了解第一個問題，是的，只是為了解開其中的動態。因此，我們在本季看到的外匯波動具體表現為美元疲軟。正如您在我的評論中看到或聽到的那樣，即使只是 LRD 周圍的群體水平，LRD 也上漲了 1000 多億美元，其中大部分是由於外匯造成的。我們擁有這樣的活力。

In many of our subsidiaries as well, including UBS AG, and so it made its tier one leverage marginally more constraining this quarter and needed to be managed just given the, if you think about the ratio just with the leverage rate, the leverage ratio denominator being so massively impacted by FX.

在我們的許多子公司中也是如此，包括瑞銀集團，因此本季其一級槓桿率略有下降，需要進行管理，因為如果只考慮槓桿率，槓桿率分母會受到外匯的巨大影響。

So that's why I made the comment about pacing intercompany dividend accruals with the thought being that we could have actually accrued more of a dividend at the parent bank in into, if not constrained a bit more marginally constrained on the leverage side. So, that, that's the dynamic that was driving, why the parent Bank CE21 on a standalone basis, drifted above 13%.

因此，這就是我發表關於調整公司間股息應計速度的評論的原因，因為我認為，如果在槓桿方面沒有受到太大限制，我們實際上可以在母公司銀行累積更多的股息。所以，這就是驅動因素，導致母公司銀行 CE21 的獨立收益率超過 13%。

And my comment about, sort of managing it above or operating above, the target level, i.e. Where it is now or in that vicinity is a result of the fact that, we would continue to see leverage being marginally constraining at current FX, say, 80 dollars Swiss levels. You asked what levels would that change? I think it's fair to say that. Everything that we talk about in terms of target levels is done on a planning basis.

我的評論是關於將其管理在目標水平之上或在目標水平之上進行操作，即現在或附近的水平，這是因為我們將繼續看到槓桿在當前外匯水平（例如 80 美元兌瑞士法郎）下受到輕微限制。你問這會發生哪些程度的變化？我認為這樣說是公平的。我們所談論的所有目標水準都是在計劃的基礎上進行的。

And so if you go back to the end of last year when we finalized our three-year plan, including 2026 operating plan, Dollar Swiss was, much was around 90%, so, [10] or 12%, A stronger from a dollar perspective and so you know that that's an assumption you could think about sort of getting back to our planning levels in managing what we think would be the appropriate time to move back into the target range of capital.

因此，如果回顧去年年底我們最終確定的三年計劃，包括 2026 年營運計劃，當時美元瑞士法郎大約為 90%，即 [10] 或 12%，從美元角度來看是更強的，所以你知道這是一個假設，你可以考慮回到我們的計劃水平，管理我們認為合適的時機回到資本目標範圍。

So, thank you for the second question. So I think that, as I mentioned before, it's one of the strengths of, for UBS is to have both in terms of businesses but also regional footprint, a diversified business model. So when I look at our US operation, I think that it's fair to say that in wealth management, we are not yet there where we should be in terms of.

所以，感謝您提出第二個問題。因此我認為，正如我之前提到的，瑞銀的優勢之一就是既擁有業務，又擁有區域影響力，擁有多元化的商業模式。因此，當我審視我們在美國的業務時，我認為可以公平地說，在財富管理方面，我們還沒有達到應有的水平。

But as you could see from the recent developments, we are tackling the issue. We are convinced that in the, in the medium term, we will be able to achieve a double digit meetings kind of return on pre-tax profit margins and that that being then a base to go to a higher end, notwithstanding the fact that we do recognize that on a like for like basis. It is going to be very difficult for us to close the GAAP to our peers, but we can narrow the GAAP substantially, particularly when you look at the wealth management operation in the US.

但正如您從最近的事態發展中看到的，我們正在解決這個問題。我們確信，從中期來看，我們將能夠實現兩位數的稅前利潤回報，並且這將成為邁向更高水平的基礎，儘管我們確實在同類基礎上認識到了這一點。對我們來說，要讓 GAAP 與同業接近將會非常困難，但我們可以大幅縮小 GAAP 的差距，特別是當你看看美國的財富管理業務時。

So basically the SA-based business model compared on a like for like to other peers which are benefiting from ancillary activities around their wealth management business, which contributes to a higher margin. So, in a nutshell, what I want to say is that when I look at a kind of meetings, I think, pre-tax profit margins, as part of a diversified business model, as part of what is the global, the leading franchise in wealth management globally in terms of diversification, I see only value creation for our shareholders.

因此，基本上，基於 SA 的業務模式與其他同行相比，都受益於圍繞財富管理業務的輔助活動，這有助於提高利潤率。所以，簡而言之，我想說的是，當我看某種會議時，我認為，稅前利潤率作為多元化商業模式的一部分，作為全球多元化財富管理領先特許經營的一部分，我只看到為股東創造價值。

This is a highly profitable. Business, by the way, the US operation benefits from this status as being an international player with strong capabilities, international capabilities that we bring to our US clients. We are sharing costs of the CIO, sharing, I mean, cost of coming out with best products, research, and so on and so forth. So we also have synergies within wealth management. So, that's the reason why this is a strategic importance component of our strategy. Now, in respect of your second question, you will appreciate that I'm not going to go into speculations or commenting even remotely on hypothetical, approaches, or situations.

這是一筆高利潤的生意。順便說一句，美國業務受益於此地位，因為我們是一家擁有強大能力的國際參與者，我們為美國客戶帶來了國際能力。我們分擔 CIO 的成本，我的意思是分擔推出最佳產品、研究等的成本。因此我們在財富管理方面也具有綜效。所以，這就是為什麼它是我們策略中具有戰略重要性的組成部分。現在，關於您的第二個問題，您會理解我不會進行猜測或對假設、方法或情況進行哪怕是一點點的評論。

Thank you.

謝謝。

Benjamin Goy, Deutsche Bank.

德意志銀行的班傑明‧戈伊 (Benjamin Goy)。

Yes, good morning. Two questions to follow up, one is on the cost base, so your underlying cost base and continues to track down now just above $36 billion. Just wondering what is the outlook, here and how much more we should expect in the second half if you probably keep on decommissioning. And then secondly, net interest income in GWM was stable in the second quarter.

是的，早安。接下來有兩個問題，一個是關於成本基礎，所以您的基礎成本現在繼續追蹤到略高於 360 億美元。我只是想知道這裡的前景如何，如果繼續退休的話，下半年我們還能期待多少。其次，長城汽車第二季的淨利息收入維持穩定。

Now you're also guys who are broadly flat and the Q3. This is not a rough or you want to see how the Fed cap potentially more, later on, and this could impact the income going forward or is volume growth strong enough. Thank you.

現在你們也是大體平坦的人和 Q3。這不是一個粗略的估計，或者你想看看聯準會以後可能會如何進一步限制，這可能會影響未來的收入，或者交易量成長是否足夠強勁。謝謝。

Benjamin, thanks for your questions. On the first on the cost base, and thanks for recognizing the achievement to date. We still have a ways to go, even though we're, of course, 70% in and around $9 billion of the $13 billion, the $4 billion that we have to go.

班傑明，謝謝你的提問。首先關於成本基礎，感謝您對迄今為止所取得的成就的認可。儘管我們已經完成了 130 億美元中的 70% 左右，也就是我們必須完成的 40 億美元，但我們還有很長的路要走。

On constant, FXs, it's going to be kind of split half between technology, as you mentioned, so decommissioning of our tech stack is going to be critical, and the other half, would be people related, capacity related, or driving the, getting the additional, $4 billion of gross cost saves. So what you should expect in terms of, gross is that we're going to stay focused on achieving this additional $4 billion. It's not a straight line, as we said, many times in many quarters that, the tech decommissioning can only happen after, the Swiss client migration process is complete, around the end of [1,226]

在恆定外匯方面，正如您所提到的，它將在技術之間分成一半，因此我們的技術堆疊的退役將是至關重要的，而另一半將與人員相關，與容量相關，或推動獲得額外的 40 億美元總成本節省。因此，就總額而言，您應該預期的是，我們將繼續專注於實現這額外的 40 億美元。正如我們在許多季度中多次提到的那樣，技術退役只能在瑞士客戶遷移過程完成後進行，大約在年底。[1,226]

So then that process starts there. So you can expect that really in the second half of '26, we'll see. A fair bit of the cost base coming out on the tech side and related capacity freed up as a result, so and then in terms of what that means from a net perspective, of course, we're going to stay focused on delivering an underlying cost to income ratio below 70%, as we've consistently said, and that's going to be the driver, of the, of the net outcome.

那麼這個過程就從那裡開始。所以你可以期待，在 26 年下半年我們就會看到結果。因此，技術方面的成本基礎和相關產能得到了釋放，因此，從淨角度來看，當然，我們將繼續專注於實現低於 70% 的潛在成本收入比，正如我們一直所說的那樣，這將是淨結果的驅動力。

On the NII outlook in wealth. Yeah, I mean, I mentioned that, it's flattish with, higher loan volumes, we see and higher, SBLs, offset by lower deposit rates, and volumes as we're deploying some of the dry powder into, investment solutions on our platform. We see sweet balances in current accounts broadly stable.

關於NII財富觀。是的，我的意思是，我提到過，我們看到貸款量有所增加，而 SBL 有所增加，但存款利率和貸款量有所下降，這是因為我們正在將一些資金部署到我們平台上的投資解決方案中。我們看到經常帳的甜蜜餘額大致穩定。

On the volume side, we see NNL, net new loans, expected uptick, in each of the next couple of quarters. So we're looking at a 4% annual growth rate in N&L, for the business. So we're, broadly optimistic there. Again, this is all based on expectations around rates. We're pricing in. A [225] basis point rate cuts by the Fed, over the course of the second half of the year, let's see. Where that comes in, but that's also, impacting on the balance sheet dynamics as the way we look at it.

從數量方面來看，我們預計未來幾季 NNL（淨新增貸款）將出現上升趨勢。因此，我們預計 N&L 業務的年增長率為 4%。因此，我們總體上持樂觀態度。再次強調，這一切都基於對利率的預期。我們正在定價。聯準會將在下半年降息[225]個基點，讓我們拭目以待。但從我們的角度來看，這也會影響資產負債表的動態。

So in terms of just troughing, I would say, look, on the basis of what we see here, we see moderate upside in 206, but of course it's too early to call that and we'll come back as the year, as we approach 4Q and give, more specificity around the '26 outlook.

因此，就低潮而言，我想說，根據我們現在看到的情況，我們看到 206 年有適度的上行空間，但當然現在下結論還為時過早，隨著我們接近第四季度，我們將在今年回過頭來對 26 年的前景給出更具體的說明。

So, thank you. This was the last question as I mentioned, we are now working on finalizing our response to the proposals, so, and as soon as we are ready to go, probably towards the end of August, early part of September, we will, Organize a public event in order to basically explain our position that we will submit in the public consultation. So, in the meantime, enjoy the rest of the summer and thanks for calling in.

所以，謝謝你。這是最後一個問題，正如我所提到的，我們現在正在努力最終確定對這些提案的回應，因此，一旦我們準備好，大概在八月底或九月初，我們將組織一次公開活動，以便基本上解釋我們將在公眾諮詢中提交的立場。所以，同時，享受剩下的夏天吧，感謝您的來電。

Thank you.

謝謝。

Ladies and gentlemen, the webcast and Q&A session for the analyst and investor is over. You may now disconnect your lines. We will take a short break and continue with the media Q&A session at 10:45. Thank you.

女士們、先生們，面向分析師和投資者的網路直播和問答環節已經結束。現在您可以斷開線路了。我們將進行短暫休息，並於 10:45 繼續媒體問答環節。謝謝。