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First Quarter Report 2005
May 3, 2005
| At a glance |
In first quarter 2005, UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 2,625 million, up from CHF 2,277 million a year earlier. Pre-goodwill, attributable profit was up 7%. Our financial businesses contributed CHF 2,427 million to first quarter attributable profit, up 8% from a year earlier but virtually flat pre-goodwill. Our industrial holdings, now including the private equity portfolio, contributed CHF 198 million, or 7.5%, to UBS’s attributable profit. This segment contributed 22.9% of our operating income and 27.8% of operating expenses. |
Financial Businesses & Industrial Holdings
Wealth Management & Business Banking
In first quarter 2005, Wealth Management’s pre-tax profit was CHF 915 million, a quarterly record and a significant increase from fourth quarter 2004. Wealth Management net new money, at CHF 15.4 billion, was at its second-best level ever, benefiting from continued strong inflows from European and Asian clients. Business Banking Switzerland’s pre-tax profit rose to CHF 531 million.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 224 million in first quarter 2005, a quarterly record and an increase of 38% from fourth quarter 2004. Pre-goodwill, profit rose by 16% from fourth quarter 2004. Strong net new money inflows and higher performance-related fees, combined with a stable operating cost base, drove the increase.
Investment Bank
In first quarter 2005, the Investment Bank posted a pre-tax profit of CHF 1,303 million, down 19% from the record first quarter 2004. Pre-goodwill, pre-tax profit was down 22%. Lower revenues in the equities and fixed income, rates and currencies businesses were partially offset by a robust performance in investment banking.
Wealth Management USA
In first quarter 2005, Wealth Management USA’s pre-tax profit rose to CHF 144 million from CHF 52 million in fourth quarter 2004. Before acquisition costs, pre-tax profit was CHF 201 million in first quarter 2005, up 24% from CHF 162 million in fourth quarter 2004. On the same basis, but in US dollars, the operating result was 22% higher in first quarter 2005 than in fourth quarter 2004.
Corporate Center
Corporate Center recorded a profit of CHF 110 million in first quarter 2005, compared to a loss of CHF 315 million in fourth quarter 2004 and a loss of CHF 149 million in first quarter 2004. Pre-goodwill, the loss in fourth quarter 2004 was CHF 300 million and in first quarter 2004 it was CHF 131 million.
Industrial Holdings
In first quarter 2005, net profit was CHF 258 million. Attributable profit was CHF 198 million, reflecting high private equity divestment gains of CHF 272 million, which were partially offset by CHF 27 million in writedowns.
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