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Investment Bank
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In fourth quarter 2004, the Investment Bank posted a pre-tax profit of CHF 1,229 million, up 3% from the same period last year and 72% higher than third quarter 2004. For full-year 2004, pre-tax profit was CHF 4,540 million, 18% higher than 2003. Results were driven by strong performances across all businesses, which were fueled by a pick-up in market activity.
| Quarter ended | % change from | Year ended | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
31.12. |
30.9. |
31.12. | 3Q04 | 4Q03 |
31.12. |
31.12. |
Investment Banking | 351 | 622 | 69 | (5) | 1,909 | 1,703 | |
Equities | 1,185 | 1,405 | 35 | 14 | 5,906 | 4,875 | |
Fixed Income, Rates and Currencies | 1,735 | 1,583 | 1,427 | 10 | 22 | 7,912 | 7,490 |
Private Equity | (4) | 44 | 113 |
|
| 257 | (77) |
Income | 3,922 | 3,163 | 3,567 | 24 | 10 | 15,984 | 13,991 |
Adjusted expected credit loss1 | 5 | (8) | (10) |
|
| (7) | (55) |
Total operating income | 3,927 | 3,155 | 3,557 | 24 | 10 | 15,977 | 13,936 |
Personnel expenses | 1,849 | 1,637 | 1,590 | 13 | 16 | 8,156 | 7,303 |
General and administrative expenses | 669 | 597 | 571 | 12 | 17 | 2,535 | 2,074 |
Services to / from other business units | 56 | 63 | 68 | (11) | (18) | 219 | 180 |
Depreciation | 55 | 71 | 67 | (23) | (18) | 239 | 246 |
Amortization of goodwill and other intangible assets | 69 | 73 | 69 | (5) | 0 | 288 | 278 |
Total operating expenses | 2,698 | 2,441 | 2,365 | 11 | 14 | 11,437 | 10,081 |
Business Group performance before tax | 1,229 | 714 | 1,192 | 72 | 3 | 4,540 | 3,855 |
Business Group performance before tax and amortization | 1,298 | 787 | 1,261 | 65 | 3 | 4,828 | 4,133 |
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KPIs | |||||||
Compensation ratio (%)2 | 47 | 52 | 45 |
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| 51 | 52 |
Cost / income ratio (%)3 | 68.8 | 77.2 | 66.3 |
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| 71.6 | 72.1 |
Cost / income ratio before goodwill (%)4 | 74.9 | 64.4 |
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| 69.8 | 70.1 | |
Non-performing loans / gross loans (%) | 0.6 | 0.6 | 0.8 |
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Impaired loans / gross loans (%) | 0.8 | 0.9 | 1.4 | ||||
Average VaR (10-day 99%) | 358 | 376 | 299 | (5) | 20 | ||
Private Equity | |||||||
Value creation (CHF billion) | 0.0 | 0.1 | (0.1) |
|
| 0.6 | (0.3) |
Investment (CHF billion)5 | 1.9 | 2.1 | 2.3 | (10) | (17) | ||
Portfolio fair value (CHF billion) | 2.7 | 2.9 | 2.9 | (7) | (7) | ||
| Additional information | Quarter ended | % change from | Year ended | ||||
|---|---|---|---|---|---|---|---|
As at or for the period ended |
31.12. | 30.9. | 31.12. | 3Q04 | 4Q03 | 31.12. | 31.12. |
Deferral (included in adjusted expected credit loss) | 30 | 16 | 10 | 88 | 200 | 85 | 29 |
Client assets (CHF billion) | 147 | 145 | 143 | 1 | 3 | ||
Regulatory equity allocated (average) | 14,150 | 14,550 | 12,750 | (3) | 11 | ||
Headcount (full-time equivalents) | 16,568 | 16,262 | 15,277 | 2 | 8 | ||
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