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    Stefan-Michael Stalmann • Autonomous Research

    Stefan-Michael Stalmann's questions to UBS Group AG (UBS) leadership

    Stefan-Michael Stalmann's questions to UBS Group AG (UBS) leadership • Q1 2025

    Question

    Stefan-Michael Stalmann asked for the reason behind the 60 basis point drop in the parent bank's CET1 ratio and questioned the strategic impact of the group's lower risk density, which appears to be constrained by the leverage ratio rather than risk-weighted assets.

    Answer

    Todd Tuckner, Group Chief Financial Officer, explained the parent bank's CET1 ratio decline was due to an accrual for a future dividend. He acknowledged that the group is more constrained by the leverage ratio, as RWA offers more optimization potential, but affirmed that the ~14% CET1 capital ratio remains their binding target.

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    Stefan-Michael Stalmann's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Stefan-Michael Stalmann of Autonomous Research asked about the strategic rationale for shifting the U.S. wealth management business towards lower wealth brackets and sought confirmation on whether the announced share buybacks were deducted from year-end CET1 capital.

    Answer

    CFO Todd Tuckner clarified the U.S. strategy is a "rebalancing" rather than a shift, aiming to increase penetration in the more profitable high-net-worth and affluent segments while maintaining strength in the ultra-high-net-worth segment. He confirmed the planned $1 billion buyback for H1 is accrued, but the additional $2 billion for H2 is not.

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    Stefan-Michael Stalmann's questions to Credit Agricole SA (CRARY) leadership

    Stefan-Michael Stalmann's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    Stefan-Michael Stalmann asked for an explanation of the 'NIM ceiling' mentioned for CA Italia. He also questioned the divergence in cost of risk trends, with LCL's trending up while the regional banks' remained stable.

    Answer

    Jerome Grivet, an executive, explained that the 'NIM ceiling' for CA Italia refers to the expected pressure on net interest margin as anticipated ECB rate cuts will lower yields in the rate-sensitive Italian market. Regarding the cost of risk, he attributed the increase at LCL to random effects on a smaller portfolio and noted that regional banks have a larger buffer of IFRS 9 provisions to absorb losses.

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