Financial Businesses' Results

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12.04	30.9.04	31.12.03	3Q04	4Q03	31.12.04	31.12.03


Operating income
Interest income	10,516	9,967	9,739	6	8	40,182	40,159
Interest expense	(7,232)	(7,004)	(6,732)	3	7	(27,661)	(27,860)


Net interest income	3,284	2,963	3,007	11	9	12,521	12,299
Credit loss (expense) / recovery	128	14	(46)	814		276	(72)


Net interest income after credit loss expense	3,412	2,977	2,961	15	15	12,797	12,227


Net fee and commission income	5,037	4,533	4,820	11	5	19,416	17,345
Net trading income	683	666	578	3	18	4,311	3,756
Other income	35	280	179	(88)	(80)	878	462


Total operating income	9,167	8,456	8,538	8	7	37,402	33,790


Operating expenses
Personnel expenses	4,328	4,091	4,038	6	7	18,189	17,231
General and administrative expenses	1,709	1,618	1,667	6	3	6,577	6,086
Depreciation of property and equipment	328	329	373	0	(12)	1,282	1,353
Amortization of goodwill and other intangible assets	210	227	225	(7)	(7)	887	943


Total operating expenses	6,575	6,265	6,303	5	4	26,935	25,613


Operating profit before tax and minority interests	2,592	2,191	2,235	18	16	10,467	8,177


Tax expense	535	460	327	16	64	2,086	1,593


Net profit before minority interests	2,057	1,731	1,908	19	8	8,381	6,584


Minority interests	(64)	(77)	(100)	(17)	(36)	(337)	(345)


Net profit	1,993	1,654	1,808	20	10	8,044	6,239

Additional information	Quarter ended			% change from

As at	31.12.04	30.9.04	31.12.03	3Q04	4Q03


Headcount (full-time equivalents)	67,424	66,894	65,929	1	2

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