v3.25.2
Fair value measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Measurement [Line Items]  
Determination of fair values from quoted market prices or valuation techniques (assets)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Determination of fair values from quoted market prices or valuation techniques
1
30.6.25
31.3.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
134,753
30,988
3,454
169,195
133,772
27,799
3,665
165,236
128,393
27,564
3,108
159,065
of which: Equity instruments
117,030
370
155
117,556
117,456
320
138
117,914
116,501
430
91
117,022
of which: Government bills / bonds
8,997
3,715
139
12,851
8,304
3,468
46
11,817
4,443
3,261
41
7,746
of which: Investment fund units
7,554
874
96
8,525
7,180
949
149
8,279
6,537
987
151
7,675
of which: Corporate and municipal bonds
1,167
22,710
757
24,634
828
20,606
876
22,310
911
17,462
838
19,211
of which: Loans
0
3,145
2,172
5,317
0
2,254
2,292
4,545
0
5,200
1,799
6,998
of which: Asset-backed securities
4
168
134
306
4
197
162
363
1
219
153
373
Derivative financial instruments
1,315
165,530
3,151
169,996
1,372
134,204
2,459
138,035
795
181,965
2,792
185,551
of which: Foreign exchange
815
77,598
81
78,494
570
48,895
71
49,536
472
100,328
66
100,867
of which: Interest rate
0
37,105
884
37,988
0
37,566
898
38,464
0
40,553
878
41,431
of which: Equity / index
0
44,112
1,255
45,367
0
39,940
937
40,877
0
35,747
1,129
36,876
of which: Credit
0
2,310
928
3,238
0
2,668
517
3,185
0
2,555
581
3,136
of which: Commodities
2
4,267
2
4,272
2
4,989
35
5,026
1
2,599
17
2,617
Brokerage receivables
0
29,068
0
29,068
0
28,747
0
28,747
0
25,858
0
25,858
Financial assets at fair value not held for trading
44,849
53,642
9,263
107,755
40,762
52,368
9,187
102,317
35,911
50,813
8,748
95,472
of which: Financial assets for unit-linked
investment contracts
19,424
112
1
19,537
17,398
4
0
17,403
17,101
6
0
17,106
of which: Corporate and municipal bonds
31
19,182
91
19,303
30
14,844
145
15,020
31
14,695
133
14,859
of which: Government bills / bonds
24,842
6,093
0
30,935
22,856
6,062
0
28,919
18,264
6,204
0
24,469
of which: Loans
0
5,626
3,734
9,360
0
4,972
3,589
8,561
0
4,427
3,192
7,619
of which: Securities financing transactions
0
21,208
703
21,911
0
24,995
731
25,726
0
24,026
611
24,638
of which: Asset-backed securities
0
864
534
1,399
0
1,041
540
1,581
0
972
597
1,569
of which: Auction rate securities
0
0
191
191
0
0
191
191
0
0
191
191
of which: Investment fund units
433
386
626
1,445
387
362
640
1,389
423
401
681
1,505
of which: Equity instruments
119
0
3,066
3,186
90
0
2,932
3,023
93
0
2,917
3,010
Financial assets measured at fair value through other comprehensive income on
 
a recurring basis
Financial assets measured at fair value through
other comprehensive income
4,716
2,156
0
6,872
1,130
2,087
0
3,216
59
2,137
0
2,195
of which: Government bills / bonds
4,644
0
0
4,644
1,064
0
0
1,064
0
0
0
0
of which: Commercial paper and certificates
of deposit
0
1,926
0
1,926
0
1,916
0
1,916
0
1,959
0
1,959
of which: Corporate and municipal bonds
71
231
0
302
66
171
0
236
59
178
0
237
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
9,465
0
0
9,465
7,623
0
0
7,623
7,341
0
0
7,341
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
0
76
76
0
0
89
89
0
0
84
84
Total assets measured at fair value
195,098
281,384
15,944
492,426
184,658
245,204
15,400
445,263
172,499
288,337
14,732
475,568
Determination of fair values from quoted market prices or valuation techniques (liabilities)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Determination of fair values from quoted market prices or valuation techniques
(continued)
1
30.6.25
31.3.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
38,223
14,057
50
52,330
30,503
12,565
31
43,099
24,577
10,429
240
35,247
of which: Equity instruments
30,064
215
26
30,305
22,597
390
21
23,008
18,528
257
29
18,814
of which: Corporate and municipal bonds
0
11,953
21
11,974
2
10,768
5
10,775
5
8,771
206
8,982
of which: Government bills / bonds
5,614
1,629
0
7,243
6,490
1,210
0
7,699
4,336
1,174
0
5,510
of which: Investment fund units
2,545
169
1
2,715
1,414
96
3
1,512
1,708
162
3
1,873
Derivative financial instruments
1,294
178,372
4,148
183,814
1,407
136,581
4,130
142,117
829
175,747
4,060
180,636
of which: Foreign exchange
736
87,968
56
88,759
553
50,511
44
51,108
506
94,035
46
94,587
of which: Interest rate
0
33,261
307
33,568
0
33,911
337
34,248
0
36,313
324
36,636
of which: Equity / index
0
50,340
3,469
53,810
0
44,707
3,293
48,000
0
39,597
3,142
42,739
of which: Credit
0
3,192
241
3,433
0
3,182
374
3,556
0
3,280
414
3,694
of which: Commodities
1
3,498
11
3,510
2
4,128
25
4,155
1
2,200
15
2,216
of which: Loan commitments measured at
FVTPL
0
12
30
42
0
45
29
74
0
75
62
137
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
57,951
0
57,951
0
59,921
0
59,921
0
49,023
0
49,023
Debt issued designated at fair value
0
100,668
12,854
113,522
0
99,373
12,719
112,092
0
94,573
13,336
107,909
Other financial liabilities designated at fair value
0
27,110
2,300
29,410
0
24,483
2,752
27,235
0
25,931
2,768
28,699
of which: Financial liabilities related to unit-
linked investment contracts
0
19,669
0
19,669
0
17,528
0
17,528
0
17,203
0
17,203
of which: Securities financing transactions
0
4,580
118
4,699
0
3,985
108
4,094
0
5,798
0
5,798
of which: Over-the-counter debt instruments
and others
0
2,861
2,182
5,043
0
2,969
2,644
5,613
0
2,930
2,768
5,698
Total liabilities measured at fair value
39,517
378,158
19,351
437,027
31,910
332,923
19,632
384,465
25,406
355,703
20,405
401,514
1 Bifurcated embedded derivatives are presented on the same balance sheet
 
lines as their host contracts and are not included in
 
this table. The fair value of these derivatives was not material for the periods
 
presented.
 
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the
 
lower of their net carrying amount or fair value less costs to sell.
Deferred day-1 profit or loss reserves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Reserve balance at the beginning of the period
391
421
384
421
404
Profit / (loss) deferred on new transactions
68
65
59
133
101
(Profit) / loss recognized in the income statement
(41)
(95)
(55)
(135)
(116)
Foreign currency translation
(1)
(1)
(1)
(2)
(1)
Reserve balance at the end of the period
417
391
388
417
388
Other valuation adjustment reserves on the balance sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.6.25
31.3.25
31.12.24
Own credit adjustments on financial liabilities designated at fair value
1
(1,040)
(897)
(1,165)
of which: debt issued designated at fair value
(1,080)
(929)
(1,188)
of which: other financial liabilities designated at fair value
40
32
23
Credit valuation adjustments
2
(40)
(128)
(125)
Funding and debit valuation adjustments
(87)
(69)
(96)
Other valuation adjustments
(966)
(971)
(1,207)
of which: liquidity
(586)
(570)
(746)
of which: model uncertainty
(380)
(401)
(460)
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes.
 
2 Amount does not include reserves against defaulted counterparties.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.6.25
31.12.24
USD bn
30.6.25
31.12.24
30.6.25
31.12.24
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for
 
trading and Financial assets at fair value not held for
 
trading
Corporate and municipal
bonds
0.8
1.0
0.0
0.2
Relative value to
market comparable
Bond price equivalent
12
104
77
23
114
98
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
6.0
5.2
0.0
0.0
Relative value to
market comparable
Loan price equivalent
3
101
93
1
173
84
points
Discounted expected
cash flows
Credit spread
17
294
94
16
545
195
basis
points
Market comparable
and securitization
model
Credit spread
98
1,958
225
75
1,899
208
basis
points
Asset-backed securities
0.7
0.7
0.0
0.0
Relative value to
market comparable
Bond price equivalent
5
105
80
0
112
79
points
Investment fund units
4
0.7
0.8
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
4
3.2
3.0
0.0
0.0
Relative value to
market comparable
Price
Debt issued designated at
fair value
3
12.9
13.3
Other financial liabilities
designated at fair value
3
2.3
2.8
Discounted expected
cash flows
Funding spread
95
224
95
201
basis
points
Derivative financial instruments
Interest rate
0.9
0.9
0.3
0.3
Option model
Volatility of interest rates
53
119
50
156
basis
points
IR-to-IR correlation
68
99
60
99
%
Discounted expected
cash flows
Funding spread
5
20
5
20
basis
points
Credit
0.9
0.6
0.2
0.4
Discounted expected
cash flows
Credit spreads
 
3
1,760
2
1,789
basis
points
Credit correlation
50
58
50
66
%
Recovery rates
0
100
0
100
%
Option model
Credit volatility
60
143
59
127
%
Recovery rates
0
40
%
Equity / index
1.3
1.1
3.5
3.1
Option model
Equity dividend yields
0
10
0
16
%
Volatility of equity stocks,
equity and other indices
3
99
4
126
%
Equity-to-FX correlation
(65)
74
(65)
80
%
Equity-to-equity correlation
(10)
100
0
100
%
Loan commitments
measured at FVTPL
0.0
0.1
Relative value to
market comparable
Loan price equivalent
80
100
60
101
points
1 The ranges of significant unobservable inputs are represented in points,
 
percentages and basis points. Points are a percentage
 
of par (e.g. 100 points would be 100% of par).
 
2 Weighted averages are provided for
most non-derivative financial instruments
 
and were calculated by weighting inputs
 
based on the fair values of
 
the respective instruments. Weighted averages are not provided
 
for inputs related to Other financial liabilities
designated at fair value and Derivative financial
 
instruments, as this would not
 
be meaningful.
 
3 Debt issued designated at fair value primarily consists of
 
UBS structured notes, which include variable
 
maturity notes
with various equity
 
and foreign exchange
 
underlying risks,
 
as well as
 
rates-linked and
 
credit-linked notes,
 
all of which
 
have embedded derivative
 
parameters that
 
are considered to
 
be unobservable.
 
The derivative
instrument parameters
 
for debt issued
 
designated at
 
fair value,
 
embedded derivatives
 
for over-the-counter
 
debt instruments reported
 
under Other financial
 
liabilities designated at
 
fair value
 
and funded derivatives
reported under Loans at fair value (held for
 
trading and not held for trading) are
 
presented in the corresponding derivative financial instruments
 
lines in this table.
 
4 The range of inputs is not
 
disclosed, as there is a
dispersion of values given the diverse nature of the investments.
Sensitivity of fair value measurements to changes in unobservable input assumptions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.6.25
31.3.25
31.12.24
USD m
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Favorable
 
changes
Unfavorable
 
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
141
(112)
147
(115)
185
(143)
Securities financing transactions
25
(14)
25
(20)
30
(24)
Auction rate securities
8
(4)
8
(6)
8
(6)
Asset-backed securities
19
(17)
23
(18)
32
(28)
Equity instruments
387
(370)
348
(314)
333
(308)
Investment fund units
178
(180)
176
(178)
179
(181)
Loan commitments measured at FVTPL
13
(41)
15
(47)
38
(42)
Interest rate derivatives, net
68
(58)
77
(65)
115
(70)
Credit derivatives, net
78
(108)
88
(108)
112
(117)
Foreign exchange derivatives, net
6
(5)
4
(3)
3
(2)
Equity / index derivatives, net
690
(577)
619
(503)
732
(617)
Other
216
(115)
256
(152)
289
(161)
Total
1,830
(1,601)
1,785
(1,528)
2,056
(1,700)
1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative
 
or Other.
 
2 Sensitivity of funded derivatives is reported under equivalent derivatives.
Movements of Level 3 instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Movements of Level 3 instruments
USD bn
Balance
at the
 
beginning
of the
period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
 
into
 
Level 3
Transfers
 
out of
 
Level 3
Foreign
 
currency
 
translation
Balance
at the
end
of the
period
For the six months ended 30 June 2025
2
Financial assets at fair value held for
trading
3.1
(0.0)
(0.1)
0.4
(1.1)
1.1
(0.4)
0.4
(0.1)
0.1
3.5
of which: Equity instruments
0.1
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Corporate and municipal
bonds
0.8
(0.0)
(0.0)
0.3
(0.4)
0.0
(0.0)
0.1
(0.1)
0.0
0.8
of which: Loans
1.8
0.1
(0.0)
0.0
(0.5)
1.1
(0.3)
0.0
(0.0)
0.0
2.2
Derivative financial instruments –
assets
2.8
(0.0)
0.1
0.0
(0.0)
1.3
(0.9)
0.3
(0.3)
0.0
3.2
of which: Interest rate
0.9
0.1
0.1
0.0
(0.0)
0.0
(0.2)
0.1
(0.0)
(0.1)
0.9
of which: Equity / index
1.1
(0.2)
(0.2)
0.0
0.0
0.7
(0.3)
0.1
(0.2)
0.0
1.3
of which: Credit
0.6
0.1
0.2
0.0
(0.0)
0.5
(0.3)
0.1
(0.1)
0.0
0.9
Financial assets at fair value not held
for trading
8.7
0.7
0.6
0.1
(0.3)
0.7
(0.8)
0.1
(0.1)
0.2
9.3
of which: Loans
3.2
0.7
0.7
0.0
(0.0)
0.5
(0.7)
0.0
(0.0)
0.1
3.7
of which: Auction rate securities
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
of which: Equity instruments
2.9
0.1
0.1
0.1
(0.1)
0.0
(0.0)
0.0
(0.0)
0.1
3.1
of which: Investment fund units
0.7
0.0
0.0
0.0
(0.1)
0.0
(0.0)
0.0
0.0
0.0
0.6
of which: Asset-backed securities
0.6
(0.0)
(0.0)
0.0
(0.1)
0.0
0.0
0.0
(0.0)
0.0
0.5
Derivative financial instruments –
liabilities
4.1
0.2
0.2
0.0
(0.0)
1.2
(1.0)
0.1
(0.6)
0.1
4.1
of which: Interest rate
0.3
0.1
0.1
0.0
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
0.3
of which: Equity / index
3.1
0.2
0.2
0.0
0.0
1.1
(0.6)
0.1
(0.5)
0.1
3.5
of which: Credit
0.4
(0.0)
(0.1)
0.0
0.0
0.1
(0.2)
0.0
(0.0)
(0.0)
0.2
of which: Loan commitments
measured at FVTPL
0.1
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
Debt issued designated at fair value
13.3
0.2
0.2
0.0
0.0
2.6
(1.7)
0.8
(2.9)
0.5
12.9
Other financial liabilities designated at
fair value
2.8
(0.0)
(0.0)
0.0
(0.0)
0.4
(0.8)
0.0
(0.0)
0.0
2.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended 30 June 2024
Financial assets at fair value held for
trading
22.6
0.3
(0.3)
0.9
(11.6)
0.8
(5.7)
1.6
(0.7)
(0.1)
8.0
of which: Equity instruments
0.3
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.1)
(0.0)
0.2
of which: Corporate and municipal
bonds
1.3
(0.1)
(0.0)
0.3
(0.5)
0.0
0.0
0.0
(0.1)
(0.0)
0.9
of which: Loans
19.6
0.5
(0.2)
0.4
(9.9)
0.8
(5.7)
1.4
(0.6)
(0.1)
6.4
Derivative financial instruments –
assets
2.6
(0.0)
0.0
0.0
(0.0)
0.6
(0.5)
0.3
(0.6)
(0.0)
2.3
of which: Interest rate
0.4
0.0
0.1
0.0
(0.0)
0.0
(0.1)
0.1
(0.0)
0.0
0.4
of which: Equity / index
1.3
(0.0)
(0.0)
0.0
(0.0)
0.5
(0.2)
0.1
(0.4)
(0.0)
1.2
of which: Credit
0.5
(0.1)
(0.0)
0.0
(0.0)
0.1
(0.1)
0.1
(0.0)
(0.0)
0.5
Financial assets at fair value not held
for trading
8.4
(0.2)
(0.3)
0.3
(0.2)
1.1
(1.7)
0.5
(0.2)
(0.1)
7.9
of which: Loans
2.3
(0.1)
(0.1)
0.2
(0.0)
0.7
(0.3)
0.0
(0.1)
(0.1)
2.6
of which: Auction rate securities
1.2
0.0
(0.0)
0.0
0.0
0.0
(1.1)
0.0
0.0
0.0
0.2
of which: Equity instruments
3.1
(0.1)
(0.1)
0.0
(0.1)
0.0
0.0
0.0
0.0
(0.1)
2.9
of which: Investment fund units
0.7
0.0
0.0
0.1
(0.1)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.7
of which: Asset-backed securities
0.2
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
0.4
(0.0)
(0.0)
0.5
Derivative financial instruments –
liabilities
5.6
(0.8)
(0.3)
0.0
(0.2)
1.7
(1.4)
0.3
(0.6)
(0.0)
4.4
of which: Interest rate
0.2
(0.1)
0.1
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Equity / index
3.3
0.0
0.0
0.0
(0.1)
1.5
(1.1)
0.2
(0.5)
(0.0)
3.4
of which: Credit
0.6
(0.1)
(0.1)
0.0
(0.0)
0.1
(0.2)
0.0
(0.0)
(0.0)
0.4
of which: Loan commitments
measured at FVTPL
1.0
(0.6)
(0.2)
0.0
(0.1)
0.0
(0.0)
0.0
0.0
(0.0)
0.3
Debt issued designated at fair value
15.3
(0.4)
(0.0)
0.0
0.0
3.0
(2.9)
0.7
(2.7)
(0.1)
13.0
Other financial liabilities designated at
fair value
2.6
(0.1)
(0.0)
0.0
(0.0)
1.1
(0.5)
0.4
(0.1)
(0.0)
3.4
1 Net gains / losses included in
 
comprehensive income are recognized in Net
 
interest income and Other net income
 
from financial instruments measured at
 
fair value through profit or loss
 
in the Income statement,
and also in
 
Gains / (losses)
 
from own credit
 
on financial liabilities
 
designated at fair
 
value, before
 
tax in
 
the Statement of
 
comprehensive income.
 
2 Total
 
Level 3 assets as
 
of 30 June
 
2025 were
 
USD
15.9
bn
(31 December 2024: USD
14.7
bn). Total Level 3 liabilities as of 30 June 2025 were USD
19.4
bn (31 December 2024: USD
20.4
bn).
Financial instruments not measured at fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial instruments not measured at fair value
30.6.25
31.3.25
31.12.24
USD bn
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Assets
Cash and balances at central banks
236.2
236.2
231.4
231.4
223.3
223.3
Amounts due from banks
21.5
21.5
21.1
21.1
18.9
18.9
Receivables from securities financing transactions measured at amortized
 
cost
110.2
110.2
101.8
101.8
118.3
118.3
Cash collateral receivables on derivative instruments
45.5
45.5
39.0
39.0
44.0
44.0
Loans and advances to customers
646.0
646.5
594.1
592.2
580.0
579.7
Other financial assets measured at amortized cost
72.2
71.0
66.5
65.1
58.8
57.0
Liabilities
Amounts due to banks
31.9
32.0
27.8
27.8
23.3
23.4
Payables from securities financing transactions measured at amortized cost
16.3
16.3
15.0
15.0
14.8
14.8
Cash collateral payables on derivative instruments
33.0
33.0
31.5
31.5
35.5
35.5
Customer deposits
800.0
800.8
744.9
745.6
745.8
746.6
Debt issued measured at amortized cost
224.7
229.7
213.9
218.5
214.2
220.6
Other financial liabilities measured at amortized cost
1
13.9
13.9
14.6
14.6
16.4
16.4
1 Excludes lease liabilities.