UBS Group AG (UBS) 2026 Q1 法說會逐字稿

Good morning, and welcome, everyone. Before we start, I'd 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.

各位早安，歡迎大家。在開始之前，我想請各位注意今天業績簡報最後的警示聲明投影片。也請參閱我們年報中所載的風險因素，以及我們向美國證券交易委員會（SEC）申報文件中的其他揭露。

Throughout our remarks, we will refer to underlying results in US dollars and make year-over-year comparisons unless stated otherwise. On slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, who today reaches a notable milestone with his 50 earnings call as Group CEO.

在我們的發言中，除非另有說明，我們將以美元呈列的基礎（underlying）業績為準，並進行年對年比較。在第2頁投影片，您可以看到今天的議程。現在我很高興把時間交給Sergio Ermotti；他今天達成一個重要里程碑，這是他以集團執行長身分主持的第50次財報電話會議。

Thank you, Sarah, and good morning, everyone. In an increasingly complex environment, we delivered excellent first-quarter results with a 17% return on CET1 capital and a 70% cost/income ratio, keeping us on track to achieve our 2026 financial objectives.

謝謝你，Sarah，各位早安。在日益複雜的環境中，我們交出優異的第一季業績：CET1資本報酬率17%，成本／收入比70%，使我們持續朝達成2026年財務目標的軌道前進。

Our performance this quarter reflects our leadership position in the world's largest and fastest-growing markets with broad-based strength across all of our core businesses and regions. The quarter began against a backdrop of steady global growth and easing inflation. However, conditions quickly shifted with markets becoming more volatile amidst rising uncertainty, driven by concerns of our AI-driven disruption and the conflict in the Middle East.

本季的表現反映出我們在全球最大且成長最快市場的領導地位，並在所有核心業務與各地區展現廣泛的強勁動能。本季一開始的背景是全球成長穩健、通膨趨緩。然而，隨著不確定性上升、市場波動加劇，情勢很快轉變；這主要由對AI驅動顛覆的疑慮以及中東衝突所推動。

As the environment become more fragile, our engagement with clients intensified as they turn to UBS to protect their assets and identify opportunities. Asia Pacific was a standout performer as our unrivalled client franchises and one bank approach in the region generated around a third of the group's profit before tax and drove robust net new asset growth in Global Wealth Management.

隨著環境變得更為脆弱，我們與客戶的互動也更加密切，因為客戶轉向UBS以保護資產並尋找機會。亞太地區表現尤為突出；我們在該區無可匹敵的客戶特許經營優勢與「一體化銀行」（one bank）策略，貢獻了約三分之一的集團稅前利潤，並帶動全球財富管理（Global Wealth Management）強勁的淨新增資產成長。

The Investment Bank also delivered exceptional performance, supported by increased collaboration with Wealth Management and a favourable environment for our business mix and leading franchises in effect, including precious metals, cash equities, financing and equity capital markets. And we achieved this without changing our approach towards disciplined resource allocation.

投資銀行也交出卓越表現，受惠於與財富管理更緊密的協作，以及有利於我們業務組合與領先特許經營的環境，包括貴金屬、現金股票、融資與股權資本市場等。而我們是在不改變嚴謹資源配置方針的情況下達成這些成果。

More broadly, we saw strong inflows across our asset gathering platform while facilitating elevated private, corporate, and institutional client activity and sustaining lending momentum. In Switzerland, we granted all renewed around CHF40 billion of loans to businesses and households as clients continue to rely on our local and global expertise.

更廣泛而言，我們的資產募集平台出現強勁流入，同時促成私人、企業與機構客戶更活躍的交易活動，並維持放款動能。在瑞士，我們向企業與家庭核撥並續作約400億瑞士法郎的貸款，客戶持續倚賴我們在本地與全球的專業能力。

Despite the ongoing uncertainties around private credit, we continue to see strong demand for alternatives led by our private market and hedge fund offering, unified global alternatives saw record quarterly new client commitments.

儘管私人信貸仍存在不確定性，我們仍看到由私募市場與避險基金產品帶動的另類投資需求強勁；統一的全球另類投資（unified global alternatives）錄得創紀錄的單季新客戶承諾金額。

As we move through the second-quarter, markets have remained broadly resilient, reflecting expectations at a durable diplomatic solution to the Middle East conflict is achievable. That said, while clients remain engaged and active, risks are still elevated and conditions could shift rapidly impacting sentiment and activity levels. In this environment, our focus remains on supporting clients through disciplined execution as well as a prudent and selective investment approach, focused on diversification and principal protection.

進入第二季以來，市場整體仍具韌性，反映出市場預期中東衝突可望達成持久的外交解決方案。不過，儘管客戶仍保持投入與活躍，風險依然偏高，情勢可能迅速轉變，進而影響情緒與活動水準。在此環境下，我們的重點仍是以嚴謹執行支持客戶，並採取審慎且有選擇性的投資方式，聚焦分散配置與本金保護。

Turning to the integration. In March, we successfully delivered one of the most critical and complex undertakings in our integration journey. The migration of Swiss book clients. As a result, I'm happy to say that the migration of former Credit Suisse clients until UBS platforms is now complete.

接著談整合。3月，我們成功完成整合旅程中最關鍵且最複雜的任務之一。也就是瑞士帳簿（Swiss book）客戶的遷移。因此，我很高興地表示，前瑞信客戶遷移至UBS平台的工作現已完成。

Client activation and feedback is positive and retention rates have far exceeded our expectations. For this, I'd like to thank our clients for their continued trust and patience and my colleagues for maintaining the highest standards of service and client focus. We now turn our efforts towards substantially completing the integration by year-end and restoring the levels of profitability we had prior to the acquisition. This is necessary to make our business even more resilient and ready for the future.

客戶啟用與回饋均為正面，留存率也遠超出我們的預期。在此，我要感謝客戶持續的信任與耐心，也感謝同仁維持最高服務標準與以客戶為中心的專注。我們現在將努力在年底前大致完成整合，並恢復至收購前的獲利水準。這對於讓我們的業務更具韌性、並為未來做好準備是必要的。

Part of this will include continuing with the most painful part of the integration, reducing our workforce in line with our previously communicated plans. Finalizing the integration, including the decommissioning of the legacy infrastructure allow us to intensify our focus on growing our businesses.

其中一部分將包括持續推進整合中最艱難的部分：依照先前已對外溝通的計畫縮減人力。完成整合（包括汰除既有的舊系統基礎設施）將使我們能更專注於推動業務成長。

We continue to invest across the group to deliver the breadth and depth of UBS to clients through a full one bank approach front to back. This will support enhancements to the client experience and prepare us to drive further efficiencies.

我們持續在全行投資，透過前台到後台的完整「一體化銀行」（one bank）模式，向客戶提供UBS的廣度與深度。這將有助於提升客戶體驗，並為我們帶來進一步效率提升做好準備。

The latest example is the conversion of UBS Bank USA to a national bank charter. We are also encouraged to see that our AI capabilities are being recognized. We were recently named the best wealth management firm for use of AI in the US at the Financial Times Wealth Tech Awards.

最新的例子是將UBS Bank USA轉換為全國性銀行特許（national bank charter）。我們也很欣慰看到我們的AI能力獲得肯定。我們近期在《金融時報》（Financial Times）Wealth Tech Awards中，獲選為美國運用AI最佳的財富管理公司。

At the heart of this award is our flagship AI platform, which delivers timely and personalized client insights for our financial advisers. Nearly 90% of FA teams use the platform powering millions of AI-driven client interactions. In this environment, the benefits of our balance sheet for all season were evident once again with strong profitability and disciplined resource usage further bolstering our capital position.

此獎項的核心是我們的旗艦AI平台，能為財務顧問提供即時且個人化的客戶洞察。近90%的財務顧問（FA）團隊使用該平台，支援數百萬次由AI驅動的客戶互動。在此環境下，我們「全季節」（all season）的資產負債表優勢再次清楚展現；強勁獲利與嚴謹的資源使用進一步鞏固了我們的資本部位。

This, alongside our integration progress, allow us to continue executing on our capital return objectives for dividend and buybacks while maintaining our investments for the future. We now expect to complete our current $3 billion share repurchase program by the time we report Q2 results in July.

這一點，加上整合進展，使我們得以在維持面向未來投資的同時，持續推進股利與庫藏股回購等資本回饋目標。我們目前預期，將在7月公布第二季業績時完成現行30億美元的股票回購計畫。

Then we expect to provide more detail on our capital returns for the second half of the year. Our intentions will be calibrated based on our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end and further visibility on the parliamentary deliberation on the capitalization of foreign subsidiaries.

之後，我們預期將就下半年資本回饋提供更多細節。我們的意向將依據財務表現與展望進行校準，在年底維持約14%的CET1資本比率，並進一步觀察國會就海外子公司資本化議題的審議進展。

Before I hand over to Todd, I want to address last week's announcement on bank capital regulation and what happens next. We have been very clear and transparent about our views on the proposed measures since they were first presented last June. We continue to strongly disagree with the proposed package because it is not proportionate or aligned with international standards. And as importantly, does not reflect the root causes and the key lessons learned from the Credit Suisse crisis. While there are some points that would deserve further clarification, let me just focus on what is still, by far, the most important one.

在我把時間交給Todd之前，我想談談上週關於銀行資本監管的公告以及接下來的發展。自去年6月首次提出相關措施以來，我們一直非常清楚且透明地表達我們對該提案的看法。我們仍強烈反對這套提案，因為它不具比例原則，也不符合國際標準。同樣重要的是，它未能反映瑞信危機的根本原因與關鍵教訓。雖然其中有些點值得進一步釐清，但我先聚焦在目前仍然、且遠遠最重要的一點。

Regardless of how the figures are presented or which assumptions are applied. There is a broad agreement, including among the authorities that the announced measures would require UBS to hold around $22 billion in additional capital in CET1 terms. And this is on top of the $15 billion that we already need to hold as a result of the Credit Suisse acquisition under existing regulations.

不論數字如何呈現，或採用何種假設。各方普遍同意——包括主管機關在內——已宣布的措施將要求UBS以CET1口徑額外持有約220億美元資本。而這還是在現行法規下，因收購瑞信我們已需額外持有150億美元資本之上。

If package were to be finalized as currently drafted, that $22 billion of capital would be trapped and unproductive. And at such scale, it would impact our competitive position in supporting clients, investing for growth, and delivering sustainable returns that keep UBS as an attractive investment case for shareholders.

若該方案最終以目前草案定稿，這220億美元資本將被「鎖住」且無法有效運用。在如此規模下，將影響我們在支援客戶、投資成長，以及提供可持續回報方面的競爭地位，進而使UBS對股東而言仍具吸引力的投資價值主張受到影響。

This is particularly relevant for any bank where shareholders are the first line of defense in turbulent times by providing, if needed, additional capital. As the proposed treatment of foreign participation now moves to Parliament, we hope that a total deliberation will fully consider the rather clear concerns raised in the democratic process by a wide range of stakeholders.

這對任何銀行都特別重要，因為在動盪時期，股東是第一道防線，必要時可提供額外資本。隨著對外參與（foreign participation）的擬議處理方式進入國會審議，我們希望整體審議能充分考量在民主程序中由廣泛利害關係人提出、相當明確的疑慮。

We will continue to engage constructively and contribute to fact-based deliberations. Let me be very clear, these developments do not and will not change who we are as a firm. We remain committed to our diversified business model and our global and regional footprint.

我們將持續以建設性的方式參與，並為以事實為基礎的審議作出貢獻。我想非常清楚地說，這些發展不會、也將不會改變我們作為一家公司的本質。我們仍然致力於我們多元化的業務模式，以及我們在全球與區域的佈局。

We are also fully committed to protecting our shareholders while mitigating the impact of this increased requirements, if possible, on our clients and employees and the communities where we live and work. I'm proud of all what we have achieved this quarter, and I remain extremely thankful to all of my colleagues for their dedication in this demanding environment.

我們也完全致力於在保護股東的同時，盡可能減輕這些提高要求對客戶、員工以及我們生活與工作的社區所造成的影響。我為我們本季所取得的一切成就感到自豪，也仍然非常感謝所有同事在這個充滿挑戰的環境中所展現的投入與奉獻。

With that, let me hand over to Todd.

接下來，我把時間交給 Todd。

Thank you, Sergio, and good morning, everyone. In the first-quarter, we delivered reported net profit of $3 billion and earnings per share of $0.94. On an underlying basis, our pretax profit was $4 billion, up 54% year-on-year and our return on CET1 capital was 17%. Revenues increased to $13.6 billion and were up 18% across our core franchises.

謝謝你，Sergio，各位早安。第一季，我們錄得申報淨利 30 億美元，每股盈餘 0.94 美元。以基礎口徑計算，我們的稅前利潤為 40 億美元，年增 54%，CET1 資本報酬率為 17%。營收增至 136 億美元，在我們的核心特許經營業務中整體成長 18%。

Operating expenses were higher on strong revenue performance and were down 7% when excluding variable compensation, llitigation,and currency effects. Our cost-to-income ratio was 70.2% with strong year-on-year improvement resulting from 11-percentage-points of positive operating leverage.

在強勁營收表現帶動下，營業費用較高；若排除變動薪酬、訴訟及匯率影響，則下降 7%。我們的成本收入比為 70.2%，在 11 個百分點的正向營運槓桿帶動下，年對年顯著改善。

Moving to slide 6. Our profit growth this quarter reflects broad-based momentum across the franchise, the breadth of our geographically diversified platform and the value of disciplined execution. On a reported basis, our pretax profit of $3.8 billion included $600 million of revenue adjustments and $750 million of integration expenses.

接著看第 6 頁投影片。本季的獲利成長反映了特許經營業務各面向的廣泛動能、我們地理多元化平台的廣度，以及嚴謹執行所帶來的價值。以申報口徑計算，我們 38 億美元的稅前利潤包含 6 億美元的營收調整與 7.5 億美元的整合費用。

We expect integration costs in 2Q to be around $700 million and to meaningfully taper throughout the rest of the year. The effective tax rate in the quarter was 20.5%. The lower rate was driven by the gain from the sale of our interest in Swisscard completed in 1Q, which resulted in a limited tax charge. We continue to expect our 2026 tax rate to be around 23% with some quarterly volatility consistent with prior years.

我們預期第二季整合成本約為 7 億美元，並將在今年其餘時間明顯趨緩。本季有效稅率為 20.5%。較低的稅率主要來自我們於第一季完成出售 Swisscard 權益所產生的收益，因而僅產生有限的稅負。我們仍預期 2026 年稅率約為 23%，季度間可能出現一定波動，與過往年度一致。

Turning to our cost update on slide 7. During the first-quarter, we delivered an additional $800 million of gross cost reductions, bringing cumulative savings since the end of 2022 to $11.5 billion. This represents 85% of our total gross cost save ambition and keeps us firmly on track to achieve our $13.5 billion target by the end of 2026. The total head count at the end of March was 117,000, 2% lower sequentially and approximately 25% below our 2022 baseline.

接著看第 7 頁投影片的成本更新。第一季我們額外實現 8 億美元的總成本削減，使自 2022 年底以來的累計節省達到 115 億美元。這相當於我們總體總成本節省目標的 85%，並使我們穩步朝著在 2026 年底前達成 135 億美元目標前進。截至 3 月底，總員工人數為 117,000 人，較前一季下降 2%，較 2022 年基準約低 25%。

Over the same period, we've reduced the group's operating expenses by 27% when excluding litigation, variable compensation, and currency effects. Since we've started, we've incurred cost to achieve of around $13.7 billion at constant FX and remain on track to deliver on our gross cost save ambition at an efficient 1.1 times multiple.

在同一期間，若排除訴訟、變動薪酬與匯率影響，我們已將集團營業費用降低 27%。自計畫啟動以來，以固定匯率計算，我們為達成目標所投入的達成成本約為 137 億美元，並仍按計畫以 1.1 倍的效率倍數實現我們的總成本節省目標。

Turning to slide 8. As of the end of March, our balance sheet for all seasons consisted of $1.7 trillion in total assets. Within that, we saw a 1% sequential increase in our loan book, 85% of which consisted of mortgages with an average LTV of around 50% and fully collateralized Lombard loans.

接著看第 8 頁投影片。截至 3 月底，我們的「全季節」資產負債表總資產為 1.7 兆美元。其中，我們的放款組合較前一季增加 1%；其中 85% 為房貸（平均 LTV 約 50%）以及完全以抵押品擔保的 Lombard 貸款。

Private credit exposures at quarter end comprised a very modest portion of our total balance sheet, and we're predominantly senior secured positions with prudent LTVs, supported by diversified collateral pools and conservative borrowing base structures.

截至季末，私募信貸曝險僅占我們總資產負債表中非常小的一部分，且我們以優先擔保部位為主，LTV 審慎，並由多元化的抵押品池與保守的借款基礎結構所支撐。

Credit impaired exposures in our lending book stood at 90 basis points and the cost of risk declined sequentially. Group credit loss expense totalled $70 million largely as a result of a build in allowances on performing loans in light of the uncertain macro backdrop. Stage 3 in the quarter reflected a small net release after we recorded a repayment across both the investment bank and non-core and legacy.

我們放款組合中的信用減損曝險為 90 個基點，風險成本較前一季下降。集團信用損失費用合計 7,000 萬美元，主要是因應不確定的總體環境，對表現正常的貸款增加備抵。本季第 3 階段（Stage 3）反映小幅淨回轉，因我們在投資銀行以及非核心與遺留業務中均記錄到一筆還款。

Our tangible book value per share grew sequentially by 2% to $27.50 primarily from our net profit, which was partly offset by share repurchases. Overall, we continue to operate with a highly fortified and resilient balance sheet with total loss absorbing capacity of $198 billion, a net stable funding ratio of 117% and an LCR of 178%.

我們每股有形帳面價值較前一季成長 2% 至 27.50 美元，主要來自淨利，部分被庫藏股回購所抵銷。整體而言，我們持續以高度強化且具韌性的資產負債表運作，總損失吸收能力為 1,980 億美元，淨穩定資金比率為 117%，流動性覆蓋率（LCR）為 178%。

We also made strong progress on funding during the quarter, completing our 2026 AT1 issuance plan by mid-February. As a result, our additional Tier 1 capital increased to 4.7% of RWA, aligned with our goal to optimize our AT1 levels within the broader Tier 1 capital stack.

本季我們在籌資方面也取得重大進展，於 2 月中旬完成 2026 年 AT1 發行計畫。因此，我們的額外第一類資本（Additional Tier 1）提升至風險加權資產（RWA）的 4.7%，符合我們在整體第一類資本架構中優化 AT1 水準的目標。

Turning to capital on slide 9. Our CET1 capital ratio at the end of March was 14.7%, and our CET1 leverage ratio was 4.4%, both up sequentially. Our Common Equity Tier 1 capital in the quarter increased by $2 billion, principally due to earnings accretion that was partly offset by dividend accruals of $0.9 billion and currency translation effects of $0.2 billion.

接著看第 9 頁投影片的資本。截至 3 月底，我們的 CET1 資本比率為 14.7%，CET1 槓桿比率為 4.4%，兩者皆較前一季上升。本季普通股權第一類資本增加 20 億美元，主要來自獲利累積，但部分被 9 億美元的股利應計以及 2 億美元的匯兌換算影響所抵銷。

RWA and LRD both increased sequentially by low single-digit percentages, demonstrating disciplined balance sheet deployment despite elevated client activity. Turning to UBS AG. As of the end of March, the parent bank's stand-alone CET1 capital ratio on a fully applied basis, stood at 13.9%, broadly reflecting its first-quarter operating results and a $1.8 billion accrual for the dividend intended to be upstream to group in 2027.

RWA 與 LRD 皆較前一季以低個位數百分比上升，顯示即使客戶活動升溫，我們仍以紀律方式配置資產負債表。接著談 UBS AG。截至 3 月底，母行在完全適用（fully applied）基礎下的單體 CET1 資本比率為 13.9%，大致反映其第一季營運結果，以及為預計於 2027 年上繳至集團的股利所提列的 18 億美元應計。

Turning to our business divisions and starting on slide 10 with Global Wealth Management. GWM delivered a pretax profit of almost $2 billion, up 28% year-over-year with double-digit growth across all regions. This performance once again highlights the breadth and diversification of the franchise, underpinned by a well-balanced regional mix. Supported by the seventh consecutive quarter of positive operating jaws of at least 4 points, GWM achieved a cost/income ratio of 72%.

接著看各業務部門，先從第 10 頁投影片的全球財富管理（GWM）開始。GWM 稅前利潤接近 20 億美元，年增 28%，各區域皆呈現雙位數成長。這項表現再次凸顯我們特許經營業務的廣度與多元化，並由均衡的區域組合所支撐。在連續第七季正向營運剪刀差（operating jaws）至少 4 個點的支持下，GWM 的成本收入比達到 72%。

Net new assets totalled $37 billion representing a 3% annualized growth rate. In a more uncertain environment, clients increasingly turn to our advisers for guidance and CIO-led solutions. This drove 7% growth in net new fee-generating assets, which came in at $38 billion. Strong demand for our discretionary mandates, including SMA and My Way, our flag modular offering, resulted in record mandate penetration, underscoring the value clients place on trusted expert advice.

淨新增資產合計 370 億美元，相當於年化成長率 3%。在更不確定的環境中，客戶愈發依賴我們的顧問提供指引，以及由 CIO 主導的解決方案。這帶動淨新增可收費資產成長 7%，達到 380 億美元。對我們全權委託產品（包括 SMA 與 My Way，我們的旗艦模組化方案）的強勁需求，推動委託滲透率創新高，凸顯客戶對值得信賴的專家建議所賦予的價值。

Turning to wealth balance sheet flows. The re-leveraging trends seen in recent quarters continued in the first-quarter with net new loans of $5 billion, while net new deposits of negative $2 billion largely reflect outflows from fixed-term deposits, partially offset by inflows into current and savings accounts.

接著看財富管理資產負債表的資金流向。近幾季所見的再加槓桿趨勢在第一季延續，淨新增放款 50 億美元；而淨新增存款為負 20 億美元，主要反映定期存款流出，部分被活期與儲蓄存款流入所抵銷。

From a regional perspective, Asia Pacific delivered another quarter of standout performance, generating a pretax profit of $600 million, up 40% year-on-year. The region recorded double-digit growth across all revenue lines and achieved a pretax margin of 49%. Together with net new asset inflows of $19 billion, representing a 9% growth rate, these results underscore the competitive advantages of our Asian franchise.

從區域角度來看，亞太地區再度交出亮眼的一季，稅前利潤 6 億美元，年增 40%。該地區各項營收線皆錄得雙位數成長，稅前利潤率達 49%。加上淨新增資產流入 190 億美元（成長率 9%），這些結果凸顯我們亞洲特許經營業務的競爭優勢。

Looking ahead, we'll continue to invest in our talent and capabilities across key growth markets such as Australia, Taiwan, and Japan, while leveraging our strongholds in Greater China, Singapore, and Southeast Asia. In the Americas, Broad-based revenue momentum drove profit growth of 26% and a pretax margin of 13.7%, reflecting our continued focus on structural improvements in profitability and stronger outcomes for clients, advisers, and the wealth franchise overall.

展望未來，我們將持續在澳洲、台灣與日本等關鍵成長市場投資人才與能力，同時發揮我們在大中華區、新加坡及東南亞的優勢。在美洲，廣泛的營收動能帶動利潤成長26%，稅前利潤率達13.7%，反映我們持續聚焦於獲利能力的結構性改善，並為客戶、理財顧問及整體財富業務帶來更強勁的成果。

Net new loans were $2 billion, the eighth consecutive quarter of lending growth, demonstrating continued progress in enhancing our banking capabilities in the region. Supported by strong same-store performance, net new assets were positive at $5 billion. For the second-quarter, we expect M&A to be impacted by seasonal US tax-related outflows in the low double-digit billions. For the full year, we continue to expect net new assets in the Americas to be positive, supported by both same-store growth and a healthy recruiting pipeline.

新增淨放款為20億美元，為連續第八個季度放款成長，顯示我們在提升該地區銀行業務能力方面持續取得進展。在強勁的同店表現支持下，新增淨資產為正，達50億美元。就第二季而言，我們預期併購（M&A）將受到美國季節性稅務相關資金外流影響，規模為低雙位數十億美元。就全年而言，我們仍預期美洲新增淨資產將維持正成長，並同時受惠於同店成長與健康的人才招募管道。

EMEA also performed very well with profit growth of 44% and an 8-percentage-point improvement in the cost/income ratio to 62%. Switzerland increased its pretax profit by 20%. Looking ahead, we expect our EMEA and Swiss franchises to see continued profitability growth underpinned by sustained client momentum and supported by cost efficiencies as the Credit Suisse wealth platform in Switzerland is decommissioned over the coming months.

歐洲、中東及非洲（EMEA）表現亦非常出色，利潤成長44%，成本／收入比率改善8個百分點至62%。瑞士的稅前利潤增加20%。展望未來，隨著瑞士的瑞信財富平台在未來數月逐步退役，我們預期EMEA與瑞士業務將在持續的客戶動能支撐下延續獲利成長，並受惠於成本效率提升。

Turning to divisional revenues, which increased in the quarter by 12%. Recurring net fee income grew by 10% to $3.6 billion, supported by positive market performance and more than $60 billion of net new fee generating assets over the 12 months. Transaction-based income rose 17% to $1.7 billion with APAC, EMEA and the Americas delivering double-digit growth, reflecting strong momentum in structured products and precious metals. This underscores our continued out-performance in transaction revenues, driven by strong client engagement and differentiated investment bank collaboration as clients actively rebalance portfolios.

接著看各事業部營收，本季增加12%。經常性淨手續費收入成長10%至36億美元，受惠於正向的市場表現，以及過去12個月超過600億美元的新增淨手續費資產。交易型收入上升17%至17億美元，亞太、EMEA與美洲均實現雙位數成長，反映結構型產品與貴金屬的強勁動能。這凸顯我們在交易收入上的持續優於同業表現，係由強勁的客戶參與度與具差異化的投資銀行協作所驅動，因客戶正積極進行投資組合再平衡。

Net interest income of $1.7 billion rose by 12% year-over-year and 2% sequentially, with the quarter-on-quarter trend reflecting favourable deposit mix shifts. Looking ahead to 2Q, we expect GWM net interest income to remain broadly flat as higher loan volumes are offset by lower deposit reinvestment yields. Operating expenses in GWM rose by 6%. When excluding variable compensation, litigation and currency effects, costs declined by 2%.

淨利息收入為17億美元，年增12%，季增2%；季對季趨勢反映有利的存款組合轉變。展望第二季，我們預期GWM淨利息收入將大致持平，因放款量增加將被較低的存款再投資收益率所抵銷。GWM營運費用上升6%。若排除變動薪酬、訴訟與匯率影響，成本下降2%。

Turning to Personal and Corporate Banking on slide 11. P&C delivered a first-quarter pretax profit of CHF710 million, up 19%, with revenue growth and disciplined cost management, combining to generate positive operating leverage of 10-percentage-points.

接著看第11頁的個人與企業銀行（P&C）。P&C第一季稅前利潤為7.10億瑞士法郎，成長19%；營收成長與嚴謹的成本管理相結合，帶來10個百分點的正向營運槓桿。

Having largely completed the client account migration in P&C as we entered the year, free capacity is now supporting even deeper client engagement. This resulted in net new deposits of $3.5 billion, net new loans of $2.4 billion and net new investment product growth of 11%. Total revenues were 3% higher with 10% growth in non-net interest income, more than offsetting NII headwinds. Across Personal Banking and corporate and institutional clients, non-NII growth was broad-based with similar contributions from both franchises.

隨著我們在年初前已大致完成P&C的客戶帳戶遷移，現有的閒置產能正支持更深度的客戶互動。因此，新增淨存款為35億美元，新增淨放款為24億美元，新增淨投資產品成長11%。總營收提高3%，其中非淨利息收入成長10%，足以抵銷淨利息收入（NII）的逆風。在個人銀行以及企業與機構客戶（C&IC）兩端，非NII成長皆相當廣泛，兩大業務對成長的貢獻相近。

In our retail business, positive momentum in net new investment flows together with supportive market trends continue to drive custody and mandate fee growth. While in C&IC, revenue expansion largely reflected strong activity in structured and syndicated finance. The quarter also included a credit of $27 million related to the completed Swisscard transaction. Net interest income declined by 3% year-on-year, reflecting the ongoing impact of the zero rate environment in place since last June.

在我們的零售業務中，新增淨投資資金流入的正向動能，加上有利的市場趨勢，持續推動保管費與委任管理費成長。而在C&IC方面，營收擴張主要反映結構型融資與聯貸融資活動強勁。本季亦包含與已完成的Swisscard交易相關的2,700萬美元入帳。淨利息收入年減3%，反映自去年6月以來零利率環境的持續影響。

As highlighted previously, changes in Swiss franc interest rates in either direction would benefit P&C's revenues. On a sequential basis, NII was stable with this trend expected to continue in the second-quarter. Credit loss expense totalled CHF55 million. While the quarter reflected the lowest net Stage 3 charges since the Credit Suisse acquisition, we continue to expect CLE to average around CHF75 million per quarter given ongoing macroeconomic uncertainty.

如先前所強調，瑞士法郎利率不論上升或下降，皆將有利於P&C的營收。就季對季而言，NII維持穩定，且預期此趨勢將在第二季延續。信用損失費用（CLE）合計為5,500萬瑞士法郎。儘管本季反映自收購瑞信以來最低的淨第3階段（Stage 3）費用，我們仍預期在持續的宏觀經濟不確定性下，CLE平均每季約為7,500萬瑞士法郎。

Operating expenses declined by 7%, demonstrating continued effective cost management. We expect further efficiencies as the legacy Credit Suisse platform is progressively decommissioned over the course of 2026.

營運費用下降7%，顯示持續有效的成本管理。隨著既有的瑞信平台在2026年期間逐步退役，我們預期將進一步提升效率。

Turning to Asset Management on slide 12. Pretax profit increased by 21% to $252 million, driven by revenue growth alongside ongoing tight cost management. Total revenues rose 4%. Net management fees were up 6%, driven primarily by higher average invested assets despite secular margin pressure. Performances declined year-on-year, primarily due to lower contributions from SIG and the absence of O’Connor following the completion of its sale during the quarter.

接著看第12頁的資產管理。稅前利潤成長21%至2.52億美元，主要由營收成長與持續嚴格的成本管理所帶動。總營收上升4%。淨管理費成長6%，主要由較高的平均投資資產所驅動，儘管仍面臨長期性的利差（margin）壓力。績效收入年減，主要因SIG貢獻降低，以及O’Connor在本季完成出售後不再貢獻。

This was partly offset by higher performance fees in unified global alternatives. By the end of March, we delivered $14 billion of net new money, representing 3% annualized growth as we continue to benefit from our strategic focus on scalable differentiated capabilities.

此影響部分被統一全球另類投資（UGA）較高的績效費所抵銷。截至3月底，我們實現140億美元的新增淨資金，折合年化成長3%，顯示我們持續受惠於聚焦可擴展且具差異化能力的策略重點。

Flows were led by $13 billion into ETFs, reflecting sustained demand for our core product range launched last year, alongside robust net inflows of $5 billion into our SMA offering in the US. UGA continued to build momentum, ending the quarter with $344 billion of invested assets and attracting new commitments of $12 billion, split 3 and 9 between Asset Management and Global Wealth Management. Inflows were broad-based across the platform with notably strong demand for private equity and hedge funds. Operating expenses were 2% lower as we maintain cost rigor while continuing to invest in the platform to support operational efficiency.

資金流入主要由ETF帶動，流入130億美元，反映市場對我們去年推出的核心產品系列需求持續；同時，我們在美國的SMA產品亦錄得50億美元的強勁淨流入。UGA持續累積動能，季末投資資產達3,440億美元，並吸引120億美元的新承諾，其中資產管理與全球財富管理分別為3與9。平台各面向的流入皆相當廣泛，其中私募股權與避險基金需求尤為強勁。營運費用下降2%，我們在維持成本紀律的同時，持續投資平台以支持營運效率。

On to slide 13 in the Investment Bank. The IB delivered its most profitable first-quarter on record with pretax profit of $1.2 billion, up 75% and a pretax ROE of 25%. The performance this quarter reflected a market environment that played directly to our strengths as the business successfully captured opportunities while maintaining a disciplined approach to resource deployment, revenues climbed 31% to $4 billion with both Global Banking and Global Markets contributing proportionately to top line growth.

接著看第13頁的投資銀行（IB）。IB創下史上最獲利的第一季，稅前利潤12億美元，成長75%，稅前股東權益報酬率（ROE）為25%。本季表現反映市場環境正好發揮我們的優勢，業務在維持嚴謹資源配置的同時成功把握機會；營收攀升31%至40億美元，全球銀行與全球市場對營收成長的貢獻大致相當。

Global Banking revenues rose by 30% to $733 million. Advisory revenues were 8% higher, driven by our strongest first-quarter in M&A with notable performances in the Americas and EMEA. Capital Markets grew 45% with growth across products and geographies. We continue to benefit from our strategic investments in ECM where revenues more than doubled year-on-year, outperforming fee pools across all regions, supported by higher IPO, follow-on, and convertible issuance.

全球銀行營收上升30%至7.33億美元。顧問收入增加8%，由我們在併購（M&A）方面創下最強第一季所帶動，美洲與EMEA表現尤為突出。資本市場業務成長45%，各產品與各地區均有成長。我們持續受惠於在股權資本市場（ECM）的策略性投資，相關營收年增逾一倍，並在所有地區優於手續費池表現，受較高的IPO、後續增發與可轉債發行所支持。

In DCM, we delivered double-digit growth, while LCM increased modestly against a lower fee pool. Turning to Global Markets. The business posted its best quarterly performance on record. Revenues reached $3.3 billion as each of the Americas, APAC, and EMEA, including Switzerland, generated more than $1 billion in revenues.

在債務資本市場（DCM）方面，我們實現雙位數成長；而在槓桿資本市場（LCM）方面，面對較低的手續費池，營收小幅增加。接著看全球市場。該業務創下史上最佳單季表現。營收達33億美元，美洲、亞太與EMEA（含瑞士）各自均創造超過10億美元的營收。

Equities revenues increased by 28%, driven by strength across cash equities, prime brokerage, and equity derivatives. While FRC revenues rose 38%, led by a strong performance in FX, including precious metals. Sustained investment in technology, our globally diversified footprint and close integration with Global Wealth Management continue to support high levels of client engagement and momentum across the platform. Consistent with the strong revenue growth in the quarter, operating expenses increased by 17%.

股票業務收入增加28%，主要受現貨股票、主經紀業務以及股票衍生品的強勁表現帶動。同時，FRC收入上升38%，由外匯（包括貴金屬）的強勁表現領軍。對科技的持續投資、我們全球多元化的布局，以及與全球財富管理的緊密整合，持續支持高水準的客戶參與度與平台整體動能。與本季強勁的收入成長一致，營運費用增加17%。

On slide 14, non-core and legacy's pretax loss was $97 million as negative revenues of $11 million and operating expenses of $160 million were partly offset by the credit loss release referenced earlier. Within revenues, funding cost of around $70 million were largely compensated by gains in the credit and securitized products portfolio. Excluding litigation, expenses in the quarter declined 70% year-on-year and 26% sequentially, bringing cumulative cost reductions versus the 2022 baseline to 84%.

在第14頁投影片中，非核心與遺留業務的稅前虧損為9,700萬美元；其中負收入1,100萬美元與營運費用1.6億美元，部分被前述提到的信用損失回轉所抵銷。在收入項下，約7,000萬美元的資金成本大致由信貸與證券化產品投資組合的收益所補償。若排除訴訟影響，本季費用年減70%、季減26%，使相較於2022年基準的累計成本削減達到84%。

Looking ahead, we continue to expect to exit 2026 with annualized operating expenses, excluding litigation of approximately $500 million and annualized net funding costs of less than $200 million. In addition to strong cost management, NCL has continued to successfully reduce and derisk its balance sheet since being established shortly after the Credit Suisse acquisition. Including an $800 million reduction in the first-quarter, the team has exited around 93% of its credit and market risk RWA, bringing the March end balance substantially in line with its full year 2026 ambition.

展望未來，我們仍預期在2026年退出時，年度化營運費用（不含訴訟）約為5億美元，年度化淨資金成本低於2億美元。除強勁的成本管理外，自在瑞信收購後不久成立以來，NCL亦持續成功縮減並降低其資產負債表風險。包含第一季減少的8億美元在內，團隊已退出其信貸與市場風險RWA約93%，使3月底餘額大致與其2026年全年目標高度一致。

To sum up, our 1Q performance demonstrates the progress we're making across the group. We delivered strong financial results, completed client account migrations on the Swiss platform, and continue to execute with discipline. As we move on to the final phase of integration, we are increasingly focused on positioning the firm for sustainable growth beyond 2026. With that, let's open for questions.

總結而言，我們第一季的表現展現了集團各面向持續取得的進展。我們交出強勁的財務成果，完成瑞士平台上的客戶帳戶遷移，並持續以紀律執行。隨著我們進入整合的最後階段，我們愈發聚焦於讓公司在2026年之後具備可持續成長的定位。接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Flora Bocahut, Barclays.

Flora Bocahut，巴克萊。

So the first question I have is on the buyback. Obviously, you've changed the wording today on the buyback plan. You now intend to complete the $3 billion by the end of July, so by Q2. So the question is, what exactly drove the change? And can you maybe help us understand what are the key catalysts that you're going to watch into Q2 results to decide and what kind of magnitude should we have in mind? Should you be able to top up the buyback with Q2 results?

我的第一個問題是關於庫藏股回購。很明顯，你們今天調整了回購計畫的措辭。你們現在打算在7月底前完成30億美元，也就是在第二季內完成。所以問題是，究竟是什麼驅動了這項改變？另外，你們能否協助我們理解，你們在觀察第二季業績時會關注哪些關鍵催化因素來做決定，以及我們應該預期的規模大概是多少？若第二季結果允許，你們是否能在第二季業績後加碼回購？

The second question is on GWM, specifically on APAC because the quarter was quite strong, both in terms of net new money, but also in terms of the loan deleveraging that we saw this quarter, the second in a row. So can you maybe talk a little more about the strength in APAC? What's driving it? And how sustainable do you think it is?

第二個問題是關於GWM，特別是亞太區，因為本季表現相當強勁，不論是淨新增資金，或是我們本季看到的貸款去槓桿（且已連續第二季）。你們能否多談一些亞太區的強勁表現？是什麼在驅動？你們認為其可持續性如何？

So thank you for the question. Yes. I mean, of course, we changed the language and it's basically the reflection of two of the three, four conditions that is set or we described for the capital return plans for 2026, i.e., the successful progress in the integration, which was a major milestone was achieved with the migration of the Credit Suisse clients into -- onto the UBS platform. And this is now allowing us to basically decommission and realize the full synergies for -- that we have envisaged. And second is a very strong business performance, which, as you saw, is allowing us to generate further capital.

謝謝你的提問。是的。我的意思是，當然，我們調整了措辭，這基本上反映了我們為2026年資本回饋計畫所設定或描述的三到四個條件中的其中兩項：也就是整合進展順利；其中一個重大里程碑是將瑞信客戶遷移到——遷移至瑞銀平台，這已經達成。而這現在使我們得以基本上汰除相關系統並實現我們所設想的全部協同效益。第二點是非常強勁的業務表現，正如你所看到的，這讓我們能夠產生更多資本。

I think that these two conditions are making us comfortable that we can accelerate the current share buyback program by the execution of that by the end of July when we report Q2 results. While still keeping open the other two conditions. We want to continue to operate by year-end at around 14% CET1 capital. And of course, we are also watching the developments around the capital requirements.

我認為這兩項條件讓我們有信心，可以加速目前的股票回購計畫，並在我們公布第二季業績的7月底前完成執行。同時，我們仍保留另外兩項條件的彈性。我們希望在年底時仍能以約14%的CET1資本比率運作。當然，我們也在關注資本要求方面的發展。

So at these two conditions are still out there. And I say that it's premature to talk about the magnitude of what we're going to do in the second half of the year.

因此，這兩項條件仍然存在。我會說，現在談論我們在下半年將採取行動的規模仍為時過早。

For on the second question regarding GWM in APAC. So clearly, the power of the integrated franchise is clearly contributing to growth and profitability, and you could just see that in the numbers that we have been printing quarter-on-quarter. Our focus, as you know, has been on growing assets across the region by deepening share of wallet by accelerating strategic partnerships and also by strengthening high net worth feeder channels particularly through investments in digital and also by ramping up the impact on hiring of select advisers.

至於第二個問題，關於亞太區的GWM。很明顯，整合式特許經營的力量正在促進成長與獲利能力，你從我們逐季公布的數字就能看出來。如你所知，我們的重點一直是透過加深錢包份額、加速策略夥伴關係，以及強化高淨值客群的引流渠道來推動區域資產成長，特別是透過對數位化的投資，並加大精選顧問的招募成效。

So we think the evidence of this is apparent in the 1Q '26 results, double-digit NNA and FGA growth with very strong mandate penetration, while also continuing to drive its bellwether, which is transactional revenues in an environment where our restructuring expertise are clearly differentiated. I would also say that on your question regarding lending, lower US dollar rates, are also supportive of the lending growth that we've seen.

我們認為，這些成果在2026年第一季的結果中已清楚呈現：淨新增資金（NNA）與費用產生資產（FGA）皆為雙位數成長，委任（mandate）滲透率非常強勁；同時也持續推動其風向球——也就是交易型收入——在我們的重組專業能力明顯具差異化的環境下表現突出。另外，就你關於放貸的問題而言，較低的美元利率也支持了我們所看到的放貸成長。

Kian Abouhossein, JPMorgan.

Kian Abouhossein，摩根大通。

First of all, Todd or Sergio, thanks for answering all our questions for -- by my math is right, 12.5 years and hopefully longer to go.

首先，Todd或Sergio，感謝你們回答我們所有的問題——按我的計算是12.5年了，希望還能更久。

Now my two questions are, first of all, in relation to US Wealth Management you had positive net assets in Americas. You talked prior about potential outflows in the first half. And you indicated in the same quarter, clearly due to tax situation that could happen. But I just try to understand how we should think about what happened in the first-quarter relative to your earlier guidance in particular?

我有兩個問題。第一個是關於美國財富管理：你們在美洲地區的淨資產流入為正。你們先前談到上半年可能會有資金流出。而你們也在同一季指出，這種情況可能會發生，顯然與稅務情況有關。但我想了解，我們應該如何看待第一季的實際情況，相對於你們先前的指引，特別是這一點？

And secondly, in that context, also advisory adviser departures. Are we done with that, as you mentioned, acceleration of hiring. So should we expect net new hires to come through second half? And then the second question is coming back to parent bank capital. You mentioned the $1.8 billion accrual. I'm interested in the cumulative reserves in the parent bank at the moment. And how much have you actually up streamed in the first-quarter?

第二，在此背景下，也關於顧問離職（advisory adviser departures）。如你們提到招募加速，這部分是否已經告一段落？所以我們是否應預期下半年會出現淨新增招募？然後第二個問題回到母行資本。你提到18億美元的應計。我想了解目前母行的累計準備金是多少。以及你們在第一季實際上向上匯撥（upstream）了多少？

Kian, thanks for the questions. On the second one, just quickly. So we -- if you recall, we had accrued $9 billion last year, and we have paid up the first half of that in the first half of the year, the $4.5 billion actually just earlier this month. And the $1.8 billion is in accrual I mentioned that we would distribute in 2027.

Kian，謝謝你的問題。先快速回答第二個。如果你記得，我們去年已應計90億美元，而我們已在今年上半年支付了其中一半，也就是45億美元，實際上就在本月稍早完成。而我提到的18億美元是應計項目，我們將在2027年進行分配。

On the question regarding US wealth and flows. So first, let me just back up a little bit and mention that importantly, the US business is continuing to work on the various levers to drive profitability growth with pretax margin improving now for six consecutive quarters.

關於美國財富管理與資金流向的問題。首先，讓我先稍微退一步說明：重要的是，美國業務正持續運用各種槓桿來推動獲利成長，稅前利潤率目前已連續六個季度改善。

That momentum is being driven by stronger banking capabilities, which is evidenced in, by the way, continued growth in net new lending eight consecutive quarters and by the strength in transaction revenues, including through greater collaboration with the Investment Bank and delivering the full breadth of our capabilities to clients.

這股動能是由更強的銀行業務能力所驅動；順帶一提，這可從淨新增放款已連續八個季度持續成長，以及交易收入的強勁表現（包括透過與投資銀行更緊密的協作，並向客戶提供我們能力的完整廣度）得到印證。

Now on to flows this quarter. We're encouraged by the outcome, particularly because flows were driven by same-store production. So that tells me the strategy is working. At the same time, in terms of guidance, at the same time, it's one quarter, I guided on second-quarter tax outflows. So we're staying focused on continuing to invest in our adviser workforce, in our platform and our capabilities to drive sustainable profitability improvement.

接著談本季的資金流向。我們對結果感到鼓舞，特別是因為資金流入是由同店產能所帶動。因此這告訴我策略正在奏效。同時，就指引而言，同時，這只是單一季度；我先前已就第二季的稅務資金流出提供指引。因此我們仍專注於持續投資我們的理財顧問隊伍、平台與能力，以推動可持續的獲利能力改善。

Sorry, should we think about net advisers increasing as of second half?

不好意思，我們是否應該預期下半年淨理財顧問人數會增加？

So that Kian, I'd just say we're comfortable with the steps we're taking to drive positive full year NNA while recognizing there's a lag effect from previously announced FA movement that continue to show up in flows for a few quarters. That said, we're actively recruiting and investing in teams aligned with our profitability ambitions. I'd also point out that rotation among FAs remains elevated across the industry given record valuations, but we continue to expect these dynamics to normalize in our own book over the course of 2026.

關於這點，Kian，我只想說，我們對為推動全年淨新增資產（NNA）轉正所採取的步驟感到有信心，同時也認知到先前已宣布的財務顧問（FA）流動會有滯後效應，並將在接下來幾個季度持續反映在資金流向中。話雖如此，我們正積極招募並投資於與我們獲利目標一致的團隊。我也要指出，由於估值創新高，整個產業的理財顧問輪動仍然偏高，但我們仍預期這些動態將在2026年期間於我們自身業務中逐步正常化。

Okay. And just on reserves, can you just remind me what the cumulative reserve is in the parent bank now?

好的。另外關於準備金，你能提醒我目前母行的累計準備金是多少嗎？

So we have $10.8 billion of capital in reserve less the $4.5 billion paid up in April that I mentioned.

我們有108億美元的資本列為準備金，扣除我提到4月已繳付的45億美元。

Stefan Stalmann, Autonomous Research.

Stefan Stalmann，Autonomous Research。

I wanted to ask, please, whether you have actually seen or whether you expect to see any benefit from wealthy clients in the Middle East potentially shifting their assets into Swiss or maybe Asian booking centers. And also on your unified global alternatives platform, there's obviously been quite a lot of inflow during the quarter and maybe already starting last year about private markets, in particular, private credit. Are you seeing any impact of all of that market talk in your clients' behaviour and your clients' preferences in that area?

我想請教，你們是否已經看到，或是否預期會看到來自中東的富裕客戶，可能將資產轉移到瑞士或也許是亞洲的簿記中心（booking centers）而帶來的任何好處？另外，關於你們統一的全球另類投資平台，本季顯然有相當多的資金流入，可能從去年就已開始，尤其是在私募市場，特別是私募信貸。你們是否看到這些市場討論對客戶行為以及客戶在該領域偏好所造成的任何影響？

Stefan, I think it's fair to say in respect of the Middle East conflict that safety and balance sheet trust remain decisive factors in Wealth Management, as you know, and the Gulf conflict is reinforcing these priorities. And while it's very early to see any meaningful movement. We believe it's leading some clients at least to reassess booking center options. And we believe that we -- our deep and long-standing relationships with Middle Eastern clients position us well. Were there to be movement to benefit from any shift dynamics over time. But at this stage, clearly too early to see anything coming through the numbers.

Stefan，我認為就中東衝突而言，可以說在財富管理中，安全性與對資產負債表的信任仍是決定性因素，如你所知，而海灣地區的衝突正在強化這些優先事項。雖然現在要看到任何有意義的資金移動仍為時尚早。我們相信這至少正促使部分客戶重新評估簿記中心的選項。我們也相信，我們與中東客戶深厚且長期的關係使我們處於有利位置。若未來確有資金移動，我們將可隨時間受益於這些轉移動態。但就目前階段而言，顯然仍太早，尚未能在數字上看到反映。

On your question regarding private credit, I think it's fair to say that interest in private credit, among our wealthy clients has been more measured in the current environment that clearly reflect the macro uncertainty and a preference fluidity and capital preservation.

關於你對私募信貸的問題，我認為可以說，在目前環境下，我們富裕客戶對私募信貸的興趣較為審慎，這清楚反映了宏觀不確定性，以及對偏好彈性與資本保全的重視。

We have seen, as I think you're pointing out, elevated redemption requests that are driven by either profit-taking or residual gating or even liquidity alignment considerations. That being said, engagement does still remain high, and we continue to see demand for well-structured strategies in as part of this income sleeve, albeit with more caution and selectivity.

正如你所指出的，我們確實看到較高的贖回要求，這些要求可能由獲利了結、剩餘的閘門限制（gating），甚至是流動性匹配考量所驅動。儘管如此，客戶參與度仍然很高，我們也持續看到對結構良好的策略之需求，作為此收益配置（income sleeve）的一部分，只是更為謹慎且更具選擇性。

It is also worth pointing out that when you look at the level of exposure our clients have in private credit in their portfolios, it's quite minor. So while you may have sort of mid-single-digit percentage in alternatives more broadly, it's a fraction of that in private credit. But that said, we still see that there is demand for that type of investment when structured properly.

也值得指出的是，當你看我們客戶投資組合中對私募信貸的曝險水準，其實相當小。因此，即便在更廣義的另類投資中可能有中個位數百分比的配置，私募信貸在其中也只是更小的一部分。但即便如此，我們仍看到，只要結構設計得當，市場對這類投資仍有需求。

Anke Reingen, RBC.

Anke Reingen，RBC。

The first is just on the ordinance impact. And I was wondering when you assess your capital ratio, do you look on a base or on a fully loaded basis? That's the $2 billion already coming in 1 of Jan 2027? And then '29. If you can just tell us fully loaded as than what the assessment is?

第一個問題是關於該法令（ordinance）的影響。我想請問你們在評估資本比率時，是以基礎（base）還是以完全納入（fully loaded）的口徑來看？那20億美元是否已經會在2027年1月1日生效？然後是2029年。如果你能告訴我們在完全納入（fully loaded）下的評估結果是什麼？

And then with Q4 results, you gave us some net interest income guidance for the full year for Global Wealth Management and P&C. And I just wonder if this has changed given the interest rate outlook?

另外，在第四季業績時，你們給了我們全球財富管理（GWM）與P&C的全年淨利息收入（NII）指引。我想知道，鑑於利率展望，這是否有所改變？

Thanks, Anke. So on the ordinance impact, so I mean just on packet, so the changes to prudential valuation adjustments come in on 1 January 2027. So there is no phase-in. So when we get there, we'll be reflecting that in our capital as the expectation immediately.

謝謝，Anke。關於法令影響，我是說就整套方案而言，審慎估值調整（prudential valuation adjustments）的變更將於2027年1月1日生效。因此不會分階段導入。所以到那個時間點，我們將按預期立即在資本中反映該影響。

On software, there is a transition period permitted to 1 Jan 2029, which at this point is our intention to fully utilize, but that's subject to seeing the full package develop in the intervening period, but we are considering that. And at this point, that the intention is to use the transition period and therefore, have the impact of capitalized software, hit through our capital ratio on 1 January 2029.

至於軟體，允許有過渡期至2029年1月1日；目前我們的意圖是充分利用該過渡期，但這仍取決於在此期間整套方案的完整發展情況，我們也正在評估。而就目前而言，我們的意圖是使用過渡期，因此資本化軟體對資本比率的影響將於2029年1月1日反映。

On NII guidance, I would just say that in 2Q, the - my outlook for the second-quarter really reflects in Global Wealth Management, in any case, lower US dollar rates that, as I mentioned in my comments, that have some downward pressure on deposit margin. Why is that? Because asset yields as reflected in our replicating portfolio is repriced down faster than deposits when rates are lower.

關於淨利息收入（NII）指引，我只想說，在第二季，我對第二季的展望——至少就全球財富管理（GWM）而言——主要反映美元利率較低；如我在評論中提到，這會對存款利差造成一些下行壓力。為什麼？因為在利率較低時，我們複製投資組合（replicating portfolio）所反映的資產收益率下調重定價速度，比存款更快。

Now any further upside in the quarter can come from favourable deposit mix shifts as we saw in 1Q and even stronger net new lending growth. So there is that upside. But again, because of the impact on rates that's what informed my guided flat quarter-on-quarter.

本季任何進一步的上行空間，可能來自更有利的存款結構（deposit mix）變化（如我們在第一季所見），以及更強勁的淨新增放款成長。因此確實存在上行空間。但同樣地，基於利率影響，這就是我給出環比持平指引的原因。

Now the longer-term prospects for any pickup in GWM would be based on continued loan growth and greater US dollar rate stability. And that would lead to higher swap rates that would start to help ease the reinvestment headwinds from the replicating portfolio that is reflected in the current sequential outlook. So that, coupled with expected deposit growth without any meaningful dilution in our sweep and current account balances could offer some longer-term upside for NII in GWM.

從較長期來看，GWM的任何回升前景將取決於放款持續成長以及美元利率更趨穩定。這將帶動更高的掉期利率，並開始有助於緩解複製投資組合再投資所面臨的逆風，而這些逆風已反映在目前的環比展望中。因此，若再加上預期的存款成長，且我們的歸集（sweep）與活期帳戶餘額沒有出現任何顯著稀釋，則可為GWM的淨利息收入（NII）帶來一些較長期的上行空間。

Joseph Dickerson, Jefferies.

Joseph Dickerson，Jefferies。

Just on the parliamentary process that is obviously quite key to the shape of prospective buybacks this year and beyond. I guess what is the outcome that you're looking for from this process?

關於議會程序，這顯然對今年及往後潛在回購的形態非常關鍵。我想問，你們希望這個程序帶來的結果是什麼？

Thank you. Well, we keep that -- we fully understand that all the lessons learned from the Credit Suisse crisis have to be reflected in how we adapt the regulatory framework in Switzerland, but we continue to believe that the guiding principle should be to have something that is internationally aligned.

謝謝。我們完全理解，從瑞信危機中汲取的所有教訓都必須反映在我們如何調整瑞士的監管框架上，但我們仍然相信，指導原則應該是採用與國際接軌的做法。

And as allow us to continue to be competitive as a bank based in Switzerland. So I think that the framework are quite clear. So we are not asking for anything that I would say is exceptional. I think that's -- and the most important issue is that when we go through this process, as I reiterated, is not only to address the quality of capital and how we look at improving that part is to fully reflect the lessons learned of the Credit Suisse crisis.

並使我們能夠作為一家以瑞士為基地的銀行持續保持競爭力。因此我認為框架其實相當清楚。所以我們並沒有要求任何我會稱之為例外的東西。我認為就是——而最重要的議題是，當我們推進這個程序時，正如我重申的，不僅要處理資本品質以及我們如何改善這一部分，也要充分反映瑞信危機的經驗教訓。

The root causes. We all know that huge concessions were given to Credit Suisse. And this is the reason why at the end, they had a problem with their foreign subsidiaries. And this element is actually never mentioned in the public debate. So we need to make sure that the people that will make decision fully understand how strong the current regulatory framework is and which, by the way, is the one that allowed a GSIB to absorb a GSIB, prepay all guarantees and emergency liquidity provisions granted to Credit Suisse within five months. And while keeping you investors fairly confident about our ability to manage our business.

根本原因。我們都知道，對瑞士信貸給予了巨大的讓步。而這也是為什麼最後他們在海外子公司方面出現了問題。而這一點其實在公開辯論中從未被提及。因此，我們需要確保將作出決策的人充分理解目前監管框架的強度；順帶一提，正是這個框架使一家GSIB得以吸收另一家GSIB，並在五個月內預先償還向瑞士信貸提供的所有擔保與緊急流動性安排。同時也讓各位投資人對我們管理業務的能力保持相當信心。

So one has to reflect this kind of true lessons learned from the crisis rather than just looking at absolute level of capital and go to extreme solutions that are not helping at the end of the day, not only the bank but most importantly, our clients because at the end of the day, it's going to make the bank less competitive and in serving households, corporate clients and it's not very good for the country as well, I believe.

因此，人們必須反思這類從危機中真正汲取的教訓，而不是只看資本的絕對水準，然後走向一些到頭來無助於解決問題的極端方案；這不僅不利於銀行，更重要的是不利於我們的客戶，因為最終會讓銀行競爭力下降，在服務家庭與企業客戶方面受限；我認為這對國家也不是好事。

Chris Hallam, Goldman Sachs.

Chris Hallam，高盛。

Two questions. First, on capital. So I guess I agree on the $22 billion number on slide 25 is cleaner to look at than the $9 billion and also that CET1 versus pay requirements is probably more logical than versus peer reported ratios. But when it comes to contingency planning and the decisions that need to be taken, the form participation process should stretch well into the first half of next year.

兩個問題。第一個，關於資本。我想我同意，第25頁投影片上的220億美元數字比90億美元更清楚，也同意以CET1相對於支付要求（pay requirements）來看，可能比相對於同業揭露比率更合乎邏輯。但談到應急規劃以及需要作出的決策，正式參與（form participation）流程應該會一路延伸到明年上半年。

Given the transition period on those potential changes, can you wait for full clarity on the outcome of that process before making any decisions on how to adjust your operating footprint or your focus areas? Or are you going to have to start making real-world business decisions earlier than the point at which you get full and final clarity on foreign subs. That's the first question.

考量到這些潛在變更的過渡期，在就該流程結果取得完全明確之前，你們能否先等待再決定如何調整營運版圖或重點領域？還是說，在對海外子公司（foreign subs）取得完整且最終的明確結論之前，你們就必須更早開始做出實際的商業決策？這是第一個問題。

And secondly, a broader one on fiber risk, sort of against the backdrop of the recent acceleration we've seen in AI-enabled threat detection and attack sophistication. Could you talk a little bit about how you're managing cyber resilience, both on your own platforms as well as through the integration through the CS integration, how those sort of AI-driven threat models changed how you assess residual risks in your legacy systems? And should we expect any incremental investment or operational constraints as a result of that evolving threat landscape?

第二個問題比較宏觀，關於光纖風險（fiber risk），在我們近期看到AI賦能的威脅偵測與攻擊手法加速演進的背景下。能否談談你們如何管理網路韌性（cyber resilience），包括在你們自身平台上，以及在瑞信（CS）整合過程中的整合面向；這些AI驅動的威脅模型如何改變你們對既有系統（legacy systems）殘餘風險（residual risks）的評估？而在這種不斷演變的威脅態勢下，我們是否應預期會有任何額外投資或營運限制？

Thank you, Chris. I guess for -- to be sure, we have been going through two years of uncertainty around this topic. And by now, it's something that is almost embedded in the way we have to operate and accept it as a modus operandi. It's not ideal -- because, of course, the environment out there is quite challenging. But I think that we are pleased that we at least completed the integration, and we created the resilience in terms of profitability that allow us to basically accept the fact that a democratic process has now to go through.

謝謝你，Chris。我想——可以確定的是，我們在這個議題上已經經歷了兩年的不確定性。到現在，這幾乎已經內嵌在我們必須運作的方式之中，我們也只能把它當作一種運作模式（modus operandi）來接受。這並不理想——因為外部環境當然相當具挑戰性。但我認為，我們很高興至少已完成整合，並在獲利能力上建立了韌性，使我們基本上能接受民主程序現在必須走完的事實。

This is a very complex matter, and it's not reasonable now to expect that the parliament will take the decision in a very short period of time on such a situation, considering also the extreme different views on how this is playing out.

這是一個非常複雜的議題，考量到對於事情如何發展存在極端不同的觀點，現在就期待國會在很短時間內就此情況作出決定並不合理。

So I think that one thing is clear. We're not going to jump into conclusions are taking decisions that have a strategic impact in any sense before having the final outcome. It's not ideal, I know, but we have to really think about what is the best thing for the bank for the next 5, 10, 20 years, not what is good for the next few quarters. And that uncertainty, unfortunately, is something that we have to live with. We are not in control of that, but we are hopeful that the situation can get resolved very quickly.

所以我認為有一點很清楚。在沒有最終結果之前，我們不會草率下結論，也不會作出在任何意義上具有策略性影響的決策。我知道這並不理想，但我們必須真正思考什麼對銀行未來5年、10年、20年最好，而不是什麼對接下來幾個季度有利。而這種不確定性，不幸的是，是我們必須與之共存的。這不在我們的控制之內，但我們仍希望情況能很快獲得解決。

In terms of cyber, well, look, of course, cyber is not something that we -- has been on the center of the radar screen for the last few years for all of us in the industry, but not only in the financial services industry. And we are investing a lot of resources technology, but also human resources to really identify the best way to protect our assets, our clients' assets and the data and we continue to do so as we see also these recent developments, believe me, we are staying very close talking to our technology partners.

至於網路安全，嗯，你看，當然，網路安全並不是我們——它一直是過去幾年我們所有人、整個產業的雷達中心，不僅僅是金融服務業。我們投入了大量資源在科技上，也投入人力資源，來真正找出保護我們資產、客戶資產以及資料的最佳方式；而且隨著我們也看到這些近期發展，相信我，我們會持續這麼做，並與我們的科技合作夥伴保持非常密切的溝通。

As you can imagine, we are a client of the major technology providers, also the one that are very deeply involved in this recent discovery. And so we get directly also the benefits of being able to implement all the necessary steps to protect our assets.

如你所想像，我們是主要科技供應商的客戶，也包括那些在近期這項發現中深度參與的供應商。因此，我們也能直接受益於能夠落實所有必要步驟來保護我們的資產。

So this is going to continue to be a big, big issue and one that will continue to necessitate a lot of investments and resources, both in technology but also in people. So you look through cyber risk is as important as credit and market risk holidays.

所以這將會持續是一個非常、非常重大的議題，也將持續需要大量投資與資源，無論是在科技上或在人員上。因此，你看待網路風險的重要性，應該要和信用風險與市場風險一樣重要——假期（holidays）。

Andrew Coombs, Citi.

Andrew Coombs，花旗。

One on the Investment Bank and one coming back on Wealth management, please. Firstly, on the Investment Bank, just putting the legislation to one side, we've had the proposals in the US. So intrigued what you think that means in terms of the level of competition that you're going to see from the US investment banks in that space?

一個關於投資銀行（Investment Bank），另一個回到財富管理（Wealth management）。首先，關於投資銀行，先把立法放一邊，我們已經看到美國的提案。所以我很好奇，你認為這對你們在該領域將面對來自美國投資銀行的競爭強度意味著什麼？

And also, if I go back all the way to your 2018 Investor Day, I recall you had this ambition of having 40% of the division's profits from revise and execution and 60% in financing and structured derivatives, obviously, more capital intensive a lot moved on since then. So is that 40%, 60% split still a fair assumption? Or is it very different now?

另外，如果我回到你們2018年的投資人日，我記得你們曾有一個目標：該事業部40%的利潤來自顧問與執行（revise and execution），60%來自融資與結構性衍生品——顯然後者更耗用資本；自那之後很多事情都變了。那麼，40%/60%的分拆仍是合理假設嗎？還是現在已經非常不同？

And then my second question on APAC GWM. You specifically called out Australia, Taiwan, Japan at some of the regions where you're making selected buyers. Can you just talk a bit more about onshore versus offshore trends you're seeing and how that's influencing your investment decision process?

然後第二個問題是關於亞太區GWM。你們特別點名澳洲、台灣、日本是你們進行選擇性投入的一些地區。能否再多談一些你們看到的在岸（onshore）與離岸（offshore）趨勢，以及這如何影響你們的投資決策流程？

So in terms of Basel III and the end game in on capital in the US, at least the proposals, look, I think it's fair to say that the US banks have a fair bit of dry powder when it comes to capital deployment that seems pretty apparent to anyone watching and we're obviously competing in that globally. Our global footprint, we think differentiates us. Our capital-light approach differentiates us, and we're competing really well in that -- in the environment, in the Investment Bank sectors in which we are using to play.

就巴塞爾III以及美國資本「終局」（end game）的部分——至少就這些提案而言——你看，我認為可以公平地說，美國銀行在資本部署方面還有相當多的「乾火藥」（dry powder），這對任何關注的人來說都很明顯，而我們顯然是在全球範圍內與之競爭。我們的全球版圖，我們認為是我們的差異化優勢。我們的輕資本（capital-light）策略也讓我們與眾不同，而我們在那樣的環境中、在我們一向參與的投資銀行領域，競爭得非常好。

So for us, we recognize what's -- we recognize the fierce competition, but we like our chances. In terms of the split from years ago on your question, I think I'd go back and check myself and do the math, but I don't think that that's massively off. I'd probably flip the ratios a bit if I had to offer a guess.

所以對我們而言，我們認知到——我們認知到競爭非常激烈，但我們看好自己的勝算。至於你提到多年前那個分拆比例，我想我得回去自己查一下、算一下，但我不認為偏離得很大。如果要我猜，我可能會把比例稍微對調一下。

But I think is probably not terribly off. It's also important to imagine a lot of the quite resource efficient ways. And so because you had mentioned that the latter is much more resource intense and it doesn't have to be that way in some of the activities vis-a-vis Prime. So -- so -- but my instincts I'd flip the ratio the other way.

但我認為大概不會差太多。同時也要理解，很多業務其實可以用相當資源效率高的方式來做。因此，因為你提到後者更耗資源，但在某些活動上相對於Prime（主經紀）而言，不一定非得如此。所以——所以——但我的直覺是，我會把比例往另一個方向對調。

In terms of APAC, yes, I mean, I've been pretty clear that investing already to build out on our strongholds. I touched on already in a prior response to things that we're doing to drive further performance and growth in the region where we're looking to leverage our leadership position into these jurisdictions where we're doing the parts of Asia Pacific, where we can even grow faster and further.

就亞太地區（APAC）而言，是的，我的意思是，我一直相當清楚，我們已經在投資，以在我們的優勢據點上進一步擴建。我在先前的回覆中已提到，我們正在採取一些措施，以推動該區域進一步的表現與成長；我們希望運用我們的領導地位，進入這些司法管轄區，也就是亞太地區中我們能夠更快、更進一步成長的部分。

And that's why we call out some of the some of these growth markets within Asia Pacific on top of our own stronghold. And we see the onshore/offshore dynamics still, for sure, exists, but we're also so well positioned in Greater China that we're able to leverage both sides of that.

這也是為什麼我們會特別點出亞太地區中一些成長市場，並且是在我們自身優勢據點之上。我們確實仍然看到在岸／離岸的動態依然存在，但我們在大中華區的布局也非常到位，因此能夠同時運用這兩端的優勢。

Jeremy Sigee, BNP Paribas.

Jeremy Sigee，法國巴黎銀行（BNP Paribas）。

Just a couple of follow-ups on continuing on Wealth Management, please. Firstly, on the US business. You touched on -- you had another 50 adviser reduction in the quarter. Is that a lag effect from the sort of exits you were in last year? Or is it fresh departures, fresh poaching that you're suffering this year? That's my first question.

請允許我就財富管理再追問兩點。第一個，關於美國業務。你提到本季顧問人數又減少了50位。這是去年那波離職的滯後效應嗎？還是今年你們正遭遇新的離職、新的挖角？這是我的第一個問題。

And then second question is just continuing on the strength that is phenomenal in Asia and in EMEA in Wealth Management. I just wondered what client conversations you're having. And to what extent that's driven by fear factors such as macro risks or whether it's more a pickup in wealth creation and animal spirits and investment appetite coming from that?

第二個問題是，延續財富管理在亞洲與EMEA（歐洲、中東及非洲）表現非常亮眼的情況。我想了解你們與客戶之間的對話內容。這在多大程度上是由宏觀風險等「恐懼因素」所驅動，還是更多來自財富創造回升、風險偏好（animal spirits）與投資意願的提升？

Yes, Jeremy. So on the US business side, yes, the head count metrics you see are actual. So what that means is there's a lag effect built in, i.e., when advisers leave the roles. So there's also -- it's very similar to flows themselves, which was the point I mentioned earlier, I think, in response to Ken's question.

是的，Jeremy。就美國業務而言，是的，你看到的人數指標是實際數字。這代表其中存在滯後效應，也就是當顧問離開職位時，數據反映會有延遲。因此也會——這與資金流向本身非常類似，這也是我先前在回覆Ken的問題時提到的重點。

So there is a lag effect in some of the measures we print or in head count and flows, and that's why I've been also giving a broader picture on the topic, so that there's also an outlook and people can understand the broader dynamic. So across -- so across the Wealth Management business, look, the -- you asked about the environment and the sentiment. So clearly, what we've been seeing is the backdrop, if I characterize the first-quarter, especially the latter part, once the Gulf conflict got underway, that has led clients to remain invested while actively rebalancing and hedging their portfolios.

所以，我們公布的一些指標（無論是人數或資金流向）都存在一定的滯後效應；這也是為什麼我也一直就這個議題提供更全面的觀點，讓大家能看到前景並理解更廣泛的動態。至於整體財富管理業務——你問到環境與情緒。很明顯，我們所看到的背景是：若以第一季來描述，尤其是後半段，當海灣衝突爆發後，客戶傾向於維持投資部位，同時積極進行再平衡與避險。

And that's supporting strong demand for structured products, FX solutions and equity derivatives with healthy volumes and disciplined risk usage. It's important to also add that our advisers are following the CIO blueprint. And though the conversations are often reflecting CIO views, direction, and that's informing transactional preferences and also as you see a lot of people entrusting us to manage on an advisory or discretionary basis, their wealth, and we see mandate penetration at a record high.

這也支撐了對結構性產品、外匯（FX）解決方案以及股票衍生品的強勁需求，成交量健康，且風險使用保持紀律。同時也要補充的是，我們的顧問正依循CIO（投資長辦公室）的藍圖。雖然對話往往反映CIO的觀點與方向，但這也在引導交易偏好；此外，如你所見，許多人也委託我們以諮詢式或全權委託（discretionary）的方式管理其財富，我們看到委任授權（mandate）滲透率創下歷史新高。

So in that sense, the discussions that we're having with clients are resonating.

因此，就這個意義而言，我們與客戶的討論確實產生共鳴。

Goel Amit, Mediobanca.

Goel Amit，Mediobanca。

So two questions for me on capital. The first one is just on actually the CET1 leverage ratio buffer and so I'm just wondering what kind of buffer would you be looking to run at versus end-state requirements. It looks to me like that's going to about 3.9%. Post the ordinance has been kind of written pro forma the current -- or the kind of the buffer looks like it won't be particularly big. So just curious what kind of level you're thinking about there?

我有兩個關於資本的問題。第一個是關於CET1槓桿比率緩衝（buffer）；我想了解相較於最終狀態（end-state）要求，你們打算維持多大的緩衝。在我看來大概會到3.9%。在條例（ordinance）以現行狀況擬定的假設下，緩衝看起來不會特別大。所以想請教你們在這方面考量的水位大概是什麼？

And then secondly, just in terms of share buyback capacity this year. I appreciate it's subject to parliamentary debate in terms of what may or may not happen. But it looks like there's about $5 billion left of stand-alone AG reserve after dividends and employee share repurchase. So just curious whether you're then happy to continue to run the equity double leverage at the group at 104% handle, if you would be happy to increase that to give yourself capacity to pay more? Or are you still looking to bring that closer to the 100% mark?

第二個問題是關於今年的庫藏股回購能力。我理解這仍取決於國會辯論，結果可能有所不同。但看起來在股利與員工股份回購之後，獨立的AG準備金（stand-alone AG reserve）大約還剩50億美元。因此我想了解，你們是否願意讓集團層級的股權雙重槓桿（equity double leverage）維持在104%左右；是否願意提高它以取得更多支付能力？或者你們仍希望把它拉回更接近100%的水準？

So First, on the leverage ratio. I mean I think it's fair to say that at the moment, the Tier 1 leverage ratio at the group and UBS AG consolidated is marginally the most marginally constraining metric that we have when you look at buffers relative to minimum requirements. So while -- if you think about it, the risk density under the Swiss systemically relevant bank capital rules would suggest about a third of density.

先談槓桿比率。我想可以公平地說，就目前而言，集團以及UBS AG合併口徑的第一類資本槓桿比率（Tier 1 leverage ratio），在你比較相對於最低要求的緩衝時，是我們最「邊際上」具約束性的指標。因此——如果你這樣想，在瑞士系統性重要銀行資本規則下的風險密度（risk density）大約會暗示三分之一的密度。

We're running around 30%. Why is that? Just given that the FX sensitivities, so dollar weakness is more pronounced vis-a-vis leveraged vis-a-vis leverage and so -- and we're obviously able to run the bank with significant RWA efficiency in the business despite Basel III and op risk.

我們目前大約在30%左右。為什麼會這樣？主要是因為外匯敏感度：美元走弱對槓桿比率的影響更為明顯；同時，儘管有巴塞爾III與作業風險（op risk），我們仍能在業務中以顯著的RWA效率來經營銀行。

So that's where we are at this point. So we're managing -- my expectation and hope is always to manage both of those ratios where possible as no more marginally constraining than the other. But given the FX movements over the last year, that's made leverage ratio more constraining and so we're very focused on ensuring we manage that well. You see that and how we pace intercompany dividends from AG to Group, how we're building our AT1 stack and also how we are transforming deposit liabilities wherever possible to maximize funding value.

這就是我們目前的狀況。因此，我的期待與希望一向是：在可能的情況下，同時管理這兩個比率，讓其中任何一個都不至於比另一個更具邊際約束性。但由於過去一年外匯波動，使得槓桿比率更具約束性，因此我們非常專注於確保把它管理好。你可以從我們如何安排AG向集團的關係企業股利（intercompany dividends）節奏、如何建立我們的AT1資本結構（stack），以及如何在可能的情況下轉換存款負債以最大化資金價值（funding value）中看到這一點。

Listen, on the share buyback capacity and ultimately equity double leverage. It's premature to talk about where we would go on this. We have to wait and see where Sergio just mentioned in response to Chris' question, we have to take those few quarters and see where this plays out. And then once we have that visibility, that clarity, then we can come back and talk about things like the equity double leverage ratio.

至於庫藏股回購能力以及最終的股權雙重槓桿。現在談我們會走到哪個水位還言之過早。我們必須等待並觀察——正如Sergio在回覆Chris的問題時提到的——我們需要用接下來幾個季度看看情況如何發展。等我們有了能見度與清晰度之後，再回來討論像股權雙重槓桿比率這類議題。

For now, our expectation is still to have that move towards pre Credit Suisse acquisition levels that remains the base case for us.

就目前而言，我們的預期仍是讓它朝向收購瑞信（Credit Suisse）之前的水準回歸；這仍是我們的基本情境（base case）。

Giulia Miotto, Morgan Stanley.

Giulia Miotto，摩根士丹利（Morgan Stanley）。

I have two, both on the margins in GWM, one on the US, one in Asia. So in the US, UBS got the final approval on the banking license late in the quarter 20 of March. And yet we saw good progress on loans and deposits and PBT margins already close to 14%. So I'm wondering how does this last approval changed the pace of improvement in your profitability metrics in the US. So can we see now a step up in the positive loan growth and ultimately in profitability? Or will that be gradual? First question.

我有兩個問題，都與GWM（全球財富管理）的利潤率（margins）有關：一個關於美國，一個關於亞洲。在美國，UBS在本季後段、3月20日才拿到銀行牌照的最終核准。但我們已經看到貸款與存款有不錯的進展，稅前利潤（PBT）利潤率也已接近14%。因此我想了解，這項最終核准會如何改變你們在美國獲利指標改善的速度。我們是否會看到正向貸款成長加速，並最終帶動獲利能力提升？還是會是逐步改善？這是第一個問題。

Second question, the EBIT target, excluding the US in terms of margin, is to be about 40%, and Asia is staying out close to 49% in the quarter. And you say that there is still room to improve or maintain this level of margins or perhaps it was an extraordinary quarter and we would go back to close to 40 going forward?

第二個問題：若以利潤率來看，排除美國後的EBIT目標約為40%，而亞洲本季仍接近49%。你們表示仍有空間改善或維持這個利潤率水準；但這是否是特別強勁的一季，之後會回到接近40%左右？

Thank you. Just to maybe on the second one first, we're obviously quite encouraged by our 1Q performance across the board, including in APAC Wealth and it demonstrates the capacity and the franchises I've mentioned, at the same time, the overall performance for the group. It's one quarter.

謝謝。先就第二點來說，我們顯然對第一季在各方面的表現感到相當鼓舞，包括亞太區財富管理（APAC Wealth），這也展現了我先前提到的能力與各項業務平台，同時也反映了集團整體的表現。但這只是單一季度。

The quarter was exceptionally strong and the macro environment remains uncertain. So if the environment is supportive, there's potential upside for some of these measures. But generally, I wouldn't be extrapolating 1Q per se for a full year, and it's just premature to reflect any of that in our guidance at this stage.

這一季表現格外強勁，而宏觀環境仍然不確定。因此，如果環境有利，這些指標可能還有上行空間。但整體而言，我不會把第一季的表現直接外推到全年，現階段就把這些反映到我們的指引中仍為時過早。

On the banking license point, I think -- well, first, we're pleased that you see the progress that we're making also in the pretax margin. We're delighted that we have the license now. Those have always been in our plan. The team has been very effective in being able to land it, but it has been in our plan and our outlook, and it's what helps to drive the pretax margin improvement over time. What I would say about it is we're already doing the things.

關於銀行牌照，我想——首先，我們很高興你也看到了我們在稅前利潤率方面取得的進展。我們很高興現在已經拿到牌照。這一直都在我們的計畫之中。團隊在落地取得牌照方面非常有效率，但這本來就已納入我們的計畫與展望之中，而這也將有助於隨時間推動稅前利潤率的改善。我想說的是，我們其實已經在做相關的事情。

We're building out the capabilities, but also more the focus across the adviser group in the US around the banking capabilities that we have. I think, has been an eye opener for a lot of advisers who haven't leaned into our ability to support them on that side of the business, and it really has helped, and that's been driving some of the results that we keep seeing quarter-on-quarter in banking.

我們正在建置相關能力，同時也更著重於在美國顧問團隊中，聚焦我們所具備的銀行業務能力。我認為，這對許多過去沒有充分運用我們在該業務面向支援能力的顧問而言，是一個「眼界大開」的體驗；這確實帶來了幫助，也推動了我們在銀行業務上季度對季度持續看到的一些成果。

Having a license will only accelerate that. It will also help to shape the deposit side of the balance sheet even better because it will create the opportunity to have more operational deposits and reshape the loan-to-deposit ratio in a way that will help to create a pretax margin accretion.

擁有牌照只會加速這一切。它也將有助於更好地塑造資產負債表中的存款端，因為這會創造更多營運性存款的機會，並以有助於提升稅前利潤率的方式重塑貸存比。

Benjamin Goy, Deutsche Bank.

Benjamin Goy，德意志銀行。

And maybe just two follow-up questions. And the first is on geopolitical uncertainty, normally that was negatively correlated to our transaction activity of clients where it seems like there's more viable mentality or just holding on to risk assets just interesting how it might have changed over the last couple of years?

我再追問兩個問題。第一個是關於地緣政治不確定性：以往這通常與我們客戶的交易活動呈負相關，但現在看起來似乎更像是一種「求生心態」，或只是持有風險資產不動；想請教過去幾年這種關係是否有所改變？

And then you touched on your capital-light focus in investment bank, but is it possible somewhere to give a flavour and look at the leverage exposure expansion in the double digits? How much was the market underlying opportunities. So call it and how much is just more competition from these players?

另外，你提到投資銀行的輕資本（capital-light）聚焦，但是否可以在某處提供一些說明，談談槓桿曝險（leverage exposure）出現雙位數擴張的情況？其中有多少是市場本身的機會所帶動？也就是說，有多少只是來自這些同業參與者更激烈的競爭？

I do not get the first question, sorry, you may have been me. Sorry, but let me answer the second one. I was able to think to glean. The increase in leverage at the investment bank it was just the activity levels in the quarter that informed sort of traditional liquidity needs vis-a-vis clients and so that's what drove the balance sheet higher was the very active levels that we saw with clients over the course of the quarter. Do you mind repeating the first sorry?

抱歉，我沒有聽懂第一個問題，可能是我這邊的問題。不過我先回答第二個。我大概理解你的意思。投資銀行槓桿的上升，主要是本季活動水準所帶動，反映了相對於客戶的傳統流動性需求，因此推升了資產負債表規模；也就是我們在本季看到客戶活動非常活躍所致。你介意把第一個問題再重複一次嗎？抱歉。

And then the first one is uncertainty is probably as high as in decades, nevertheless transactions to the remains very positive. So wondering whether that's fundamental negative correlation between the two exchange and your clients are more engaged in this asset sustainably. Or maybe too confusing, offline.

第一個問題是：不確定性可能是數十年來最高，但交易活動仍然非常正面。因此想了解兩者之間原本的負相關是否已經改變，而你的客戶是否更持續地參與這類資產？如果太難表達，我們也可以線下再聊。

Yes. Thanks, Ben. We got the question, sorry. I think it may be the. So yes, in respect of political uncertainty. Look, I mean in the near term, and we've seen this just in recent times when there are sort of events that create volatility in the markets, we saw that a year ago when the US tariffs were announced in early April.

是的。謝謝，Ben。我們理解你的問題了，抱歉。我想可能是——所以，是的，關於政治不確定性。你看，短期內我們也在近期看到，當出現一些事件導致市場波動時——例如一年前美國在四月初宣布關稅時——

When this conflict started and you could probably go back on a timeline and see, there is volatility and the question really comes down, it really boils down to whether the volatility remains constructive or it is a front-running what is going to be quite a difficult market environment and risk-off.

當這場衝突開始時，你也可以回頭沿著時間軸去看，確實會出現波動；而問題的關鍵其實在於，這種波動究竟是仍具建設性，還是提前反映一個將會相當艱難、偏向避險（risk-off）的市場環境。

And so I think, and you'll have your own views on this as well, but I think as the market is priced in a near-term diplomatic solution to the conflict, I think people have stayed invested, albeit there's been some caution, maybe investing strategies have changed, more protecting principle, more from looking at things from a hedging transaction perspective.

因此我認為——你也會有自己的看法——但我覺得由於市場已經把短期內透過外交方式解決衝突的可能性納入定價，人們仍然維持投資部位，儘管也有一些謹慎；也許投資策略有所改變，更著重保護本金，更多從避險交易的角度來看待。

But by and large, people are staying invested despite all the geopolitical uncertainty. As we say, even in our outlook, things could change quickly. And we recognize that when you look at the outlook, when you look at the environment, for example, if a diplomatic solution was not seen as something that can be enduring and achievable in the near term that can change and then at that point we'd have to see, but certainly near-term volatility created opportunities as long as clients remained engaged in seeking the advice we provide.

但總體而言，儘管地緣政治不確定性很高，人們仍然維持投資。正如我們在展望中所說，情勢可能迅速改變。我們也認知到，當你看展望、看環境時，例如如果外交解決方案不再被視為能在短期內持久且可行，那情況就可能改變；到那時我們就必須再觀察。不過可以確定的是，只要客戶仍然投入並尋求我們提供的建議，短期波動就會創造機會。

Thank you. I think that ends all the questions. I just thank you very much for joining, and we look forward to updating you with our second-quarter results at the end of July. Thank you.

謝謝。我想問題就到這裡。非常感謝各位參與，我們期待在七月底公布第二季業績時再向各位更新。謝謝。