Wealth Management International & Switzerland

Business Unit reporting

Search only in Quarterly Reporting Q4 2005

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Business Unit reporting

	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


Income	2,424	2,364	1,919	3	26	9,024	7,701
Adjusted expected credit loss¹	(5)	(6)	(2)	17	(150)	(13)	(8)


Total operating income	2,419	2,358	1,917	3	26	9,011	7,693


Cash components	653	633	498	3	31	2,491	2,047
Share-based components²	22	19	20	16	10	88	72


Total personnel expenses	675	652	518	4	30	2,579	2,119
General and administrative expenses	255	166	191	54	34	804	642
Services to / from other business units	346	344	352	1	(2)	1,371	1,395
Depreciation of property and equipment	24	29	20	(17)	20	89	66
Amortization of goodwill	0	0	16		(100)	0	67
Amortization of other intangible assets	2	1	2	100	0	7	8


Total operating expenses	1,302	1,192	1,099	9	18	4,850	4,297


Business Unit performance before tax	1,117	1,166	818	(4)	37	4,161	3,396


Business Unit performance before tax and amortization of goodwill	1,117	1,166	834	(4)	34	4,161	3,463
KPIs

Invested assets (CHF billion)	982	944	778	4	26
Net new money (CHF billion)³	13.2	21.2	6.5			68.2	42.3


Gross margin on invested assets (bps)⁴	101	103	99	(2)	2	102	103


Cost / income ratio (%)⁵	53.7	50.4	57.3			53.7	55.8
Cost / income ratio before goodwill (%)⁵	53.7	50.4	56.4			53.7	54.9
Cost / income ratio before goodwill and excluding the European wealth management business (%)⁵	47.7	45.1	48.6			47.7	47.2


Client advisors (full-time equivalents)	4,154	4,095	3,744	1	11
International clients

Income	1,743	1,696	1,358	3	28	6,476	5,429


Invested assets (CHF billion)	729	698	562	4	30
Net new money (CHF billion)³	13.4	19.3	7.2			64.2	40.4


Gross margin on invested assets (bps)⁴	98	100	97	(2)	1	100	102
European wealth management (part of international clients)

Income	212	183	123	16	72	722	437


Invested assets (CHF billion)	114	109	82	5	39
Net new money (CHF billion)³	3.7	5.6	3.6			21.8	13.7


Client advisors (full-time equivalents)	803	816	838	(2)	(4)
Swiss clients

Income	681	668	561	2	21	2,548	2,272


Invested assets (CHF billion)	253	246	216	3	17
Net new money (CHF billion)³	(0.2)	1.9	(0.7)			4.0	1.9


Gross margin on invested assets (bps)⁴	109	112	104	(3)	5	109	106
Capital return and BIS data

Return on adjusted regulatory capital (%)⁶						78.9	82.5
Return on adjusted regulatory capital before goodwill (%)⁶						78.9	84.1
BIS risk-weighted assets	43,369	41,669	31,903	4	36
Goodwill	1,566	1,523	1,176	3	33
Adjusted regulatory capital⁷	5,903	5,690	4,366	4	35

Additional Information	As at or for the quarter ended			% change from		Year ended

	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04


Recurring income⁸	1,815	1,707	1,421	6	28	6,635	5,679
Client assets (CHF billion)	1,235	1,175	972	5	27
Personnel (full-time equivalents)	11,555	11,324	10,093	2	14

1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the business groups (see note 2 to the financial statements).
2 Additionally includes related social security contributions and expenses related to alternative investment awards.
3 Excludes interest and dividend income.
4 Income (annualized as applicable) / average invested assets.
5 Operating expenses / income.
6 Business Unit performance before tax / adjusted regulatory capital year ended average.
7 10% of BIS risk-weighted assets plus goodwill.
8 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees.

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