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Income statement

Income statement ¹

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04
Continuing operations

Interest income	15,686	15,528	10,266	1	53	59,286	39,228
Interest expense	(13,476)	(13,081)	(7,094)	3	90	(49,758)	(27,484)


Net interest income	2,210	2,447	3,172	(10)	(30)	9,528	11,744
Credit loss (expense) / recovery	132	37	57	257	132	375	241


Net interest income after credit loss expense	2,342	2,484	3,229	(6)	(27)	9,903	11,985
Net fee and commission income	5,947	5,462	4,796	9	24	21,436	18,506
Net trading income	2,251	2,260	750	0	200	7,996	4,902
Other income	53	197	19	(73)	179	561	578


Total operating income	10,593	10,403	8,794	2	20	39,896	35,971


Cash components	4,708	4,789	3,894	(2)	21	18,275	16,310
Share-based components²	406	416	353	(2)	15	1,628	1,396


Total personnel expenses	5,114	5,205	4,247	(2)	20	19,903	17,706
General and administrative expenses	1,959	1,609	1,655	22	18	6,448	6,387
Services to / from other business units	(3)	(4)	(4)	25	25	(14)	(20)
Depreciation of property and equipment	314	303	322	4	(2)	1,240	1,262
Amortization of goodwill	0	0	153		(100)	0	646
Amortization of other intangible assets	33	33	40	0	(18)	127	168


Total operating expenses	7,417	7,146	6,413	4	16	27,704	26,149


Operating profit from continuing operations before tax	3,176	3,257	2,381	(2)	33	12,192	9,822
Tax expense	464	630	501	(26)	(7)	2,296	2,104


Net profit from continuing operations	2,712	2,627	1,880	3	44	9,896	7,718
Discontinued operations

Operating profit from discontinued operations before tax	4,153	145	103³			4,564	396³
Tax expense	413	31	25			489	97


Net profit from discontinued operations	3,740	114	78			4,075	299


Net profit	6,452	2,741	1,958	135	230	13,971	8,017


Net profit attributable to minority interests	115	99	69	16	67	454	361
from continuing operations	115	99	69	16	67	454	361
from discontinued operations	0	0	0			0	0


Net profit attributable to UBS shareholders	6,337	2,642	1,889	140	235	13,517	7,656
from continuing operations	2,597	2,528	1,811	3	43	9,442	7,357
from discontinued operations	3,740	114	78			4,075	299

Additional information	As at			% change from

	31.12.05	30.9.05	31.12.04	30.9.05	31.12.04


Personnel (full-time equivalents)	69,569	70,502	67,407	(1)	3

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