Wealth Management US

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	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04


Private client revenues	1,459	1,345	1,205	8	21	5,347	4,906
Net goodwill funding¹	(51)	(49)	(36)	(4)	(42)	(189)	(165)


Income	1,408	1,296	1,169	9	20	5,158	4,741
Adjusted expected credit loss²	0	0	0			(2)	(5)


Total operating income	1,408	1,296	1,169	9	20	5,156	4,736


Cash components	865	881	769	(2)	12	3,353	3,206
Share-based components³	24	27	33	(11)	(27)	107	114


Total personnel expenses	889	908	802	(2)	11	3,460	3,320
General and administrative expenses	354	309	190	15	86	1,047	767
Services to / from other business units	51	55	55	(7)	(7)	223	275
Depreciation of property and equipment	18	17	15	6	20	65	67
Amortization of goodwill	0	0	40		(100)	0	171
Amortization of other intangible assets	13	12	25	8	(48)	49	107


Total operating expenses	1,325	1,301	1,127	2	18	4,844	4,707


Business Unit performance before tax	83	(5)	42		98	312	29

Business Unit reporting excluding acquisition costs

	Quarter ended			% change from		Year ended

	31.12.05	30.9.05	31.12.04	3Q05	4Q04	30.9.05	31.12.04


Total operating income	1,408	1,296	1,169	9	20	5,156	4,736
Add back: Net goodwill funding¹	51	49	36	4	42	189	165


Operating income excluding acquisition costs	1,459	1,345	1,205	8	21	5,345	4,901
Total operating expenses	1,325	1,301	1,127	2	18	4,844	4,707
Retention payments	0	0	0			0	(99)
Amortization of goodwill	0	0	(40)		100	0	(171)
Amortization of other intangible assets	(13)	(12)	(25)	(8)	48	(49)	(107)


Operating expenses excluding acquisition costs	1,312	1,289	1,062	2	24	4,795	4,330


Business Unit performance before tax and acquisition costs	147	56	143	163	3	550	571
KPIs

Invested assets (CHF billion)	752	728	606	3	24


Net new money (CHF billion)⁴	6.5	9.9	6.4			26.9	18.1
Interest and dividend income (CHF billion)⁵	5.3	4.6	4.3	15	23	18.3	15.3
Gross margin on invested assets (bps)⁶	76	73	76	4	0	75	77
Gross margin on invested assets excluding acquisition costs (bps)⁷	79	76	79	4	0	78	80


Cost / income ratio (%)⁸	94.1	100.4	96.4			93.9	99.3
Cost / income ratio excluding acquisition costs (%)⁹	89.9	95.8	88.1			89.7	88.3


Recurring income¹⁰	799	726	579	10	38	2,834	2,343
Revenues per advisor (CHF thousand)¹¹	194	179	162	8	20	715	655
Capital return and BIS data

Return on adjusted regulatory capital (%)¹²						5.8	0.6
Return on adjusted regulatory capital before acquisition costs (%)¹³						31.1	35.5
BIS risk-weighted assets	18,928	19,259	17,664	(2)	7
Goodwill	3,841	3,744	2,472	3	55
Adjusted regulatory capital¹⁴	5,734	5,670	4,238	1	35
Adjusted regulatory capital excluding goodwill and intangible assets¹⁵	1,818	1,851	1,610	(2)	13

Additional information	As at			% change from

	31.12.05	30.9.05	31.12.04	30.9.05	31.12.04


Client assets (CHF billion)	826	803	679	3	22
Personnel (full-time equivalents)	17,034	16,992	16,969	0	0
Financial advisors (full-time equivalents)	7,520	7,517	7,519	0	0

1 Goodwill and intangible asset-related funding, net of risk-free return on the corresponding equity allocated.
2 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).
3 Additionally includes related social security contributions and expenses related to alternative investment awards. 4 Excludes interest and dividend income.
5 For purposes of comparison with US peers.
6 Income (annualized as applicable) / average invested assets.
7 Income, add back net goodwill funding (annualized as applicable) / average invested assets.
8 Operating expenses / income.
9 Operating expenses less the amortization of goodwill (in 2004), other intangible assets and retention payments / income, add back net goodwill funding.
10 Interest, asset-based fees for portfolio management and fund distribution, account-based and advisory fees.
11 Private client revenues / average number of financial advisors.
12 Business Unit performance before tax / adjusted regulatory capital year ended average.
13 Business Unit performance before tax and acquisition costs / adjusted regulatory capital excluding goodwill and intangible assets year ended average.
14 10% of BIS risk-weighted assets plus goodwill.
15 10% of BIS risk-weighted assets excluding intangible assets.

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