UBS Financial Highlights

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UBS Financial Highlights

UBS income statement

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.6.05	31.3.05	30.6.04	1Q05	2Q04	30.6.05	30.6.04


Net profit attributable to UBS shareholders	2,147	2,625	2,043	(18)	5	4,772	4,320


Basic earnings per share (CHF)¹	2.10	2.60	1.96	(19)	7	4.70	4.12
Diluted earnings per share (CHF)¹	2.01	2.48	1.84	(19)	9	4.48	3.92
Return on equity attributable to UBS shareholders (%)²						28.2	27.2
Performance indicators³

Basic earnings per share (CHF)⁴	2.10	2.60	2.14	(19)	(2)	4.70	4.47
Return on equity attributable to UBS shareholders (%)²						28.2	29.5
Financial Businesses⁵

Operating income	9,381	10,104	9,429	(7)	(1)	19,485	19,564
Operating expenses	6,583	6,877	6,827	(4)	(4)	13,460	13,947
Net profit attributable to UBS shareholders	2,111	2,427	1,940	(13)	9	4,538	4,188


Cost / income ratio (%)⁶	70.7	69.0	73.4			69.8	71.8
Net new money, wealth management businesses (CHF billion)⁷	19.2	21.2	10.4			40.4	29.4


Headcount (full-time equivalents)	69,200	68,197	66,022	1	5
Pre-goodwill earnings ³

Operating income	9,381	10,104	9,429	(7)	(1)	19,485	19,564
Operating expenses	6,583	6,877	6,644	(4)	(1)	13,460	13,584
Net profit attributable to UBS shareholders	2,111	2,427	2,123	(13)	(1)	4,538	4,551


Cost / income ratio (%)⁶	70.7	69.0	71.4			69.8	69.9

UBS balance sheet & capital management

	As at			% change from

CHF million, except where indicated	30.6.05	31.3.05	30.6.04	31.3.05	30.6.04
Balance sheet key figures

Total assets	2,091,062	1,838,823		14
Equity attributable to UBS shareholders	38,002	38,130		0


Market capitalization	108,193	109,838	98,001	(1)	10
BIS capital ratios

Tier 1 (%)⁸	12.2	11.5	12.1
Total BIS (%)	13.9	13.0	13.5
Risk-weighted assets	300,636	286,014	267,521	5	12


Invested assets (CHF billion)	2,550	2,360	2,231	8	14
Long-term ratings

Fitch, London	AA+	AA+	AA+
Moody’s, New York	Aa2	Aa2	Aa2
Standard & Poor’s, New York	AA+	AA+	AA+

1 For the EPS calculation, see Note 8 to the financial statements.
2 Net profit attributable to UBS shareholders (annualized) / average equity attributable to UBS shareholders less dividends.
3 Excludes the amortization of goodwill in 2004. Due to changes in accounting standards, there is no amortization of goodwill from 2005 onwards.
4 Net profit attributable to UBS shareholders / weighted average shares outstanding.
5 Excludes results from industrial holdings.
6 Operating expenses / operating income less credit loss expense or recovery.
7 Includes Wealth Management and Wealth Management USA. Excludes interest and dividend income.
8 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the capital management section.

From first quarter 2005 onwards, the entire private equity portfolio is reported as part of the Industrial Holdings segment.

Throughout this report, 2004 results have been restated to reflect accounting changes (IAS 1, IFRS 2, IFRS 4, IAS 27, and IAS 28) effective 1 January 2005 as well as the presentation of discontinued operations.

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