Financial Businesses Results

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Income statement


Income statement ¹
	Quarter ended			% change from
CHF million, except where indicated	31.3.06	31.12.05	31.3.05	4Q05	1Q05

Continuing operations
Interest income	19,046	15,686	12,537	21	52
Interest expense	(17,196)	(13,476)	(9,865)	28	74
Net interest income	1,850	2,210	2,672	(16)	(31)
Credit loss (expense) / recovery	83	132	137	(37)	(39)
Net interest income after credit loss expense	1,933	2,342	2,809	(17)	(31)
Net fee and commission income	6,229	5,947	4,899	5	27
Net trading income	3,701	2,251	1,917	64	93
Other income	517	53	186	875	178
Total operating income	12,380	10,593	9,811	17	26
Cash components	5,686	4,708	4,579	21	24
Share-based components ²	514	406	390	27	32
Total personnel expenses	6,200	5,114	4,969	21	25
General and administrative expenses	1,904	1,959	1,418	(3)	34
Services to / from other business units	(3)	(3)	(2)	0	(50)
Depreciation of property and equipment	270	314	305	(14)	(11)
Amortization of intangible assets	34	33	30	3	13
Total operating expenses	8,405	7,417	6,720	13	25
Operating profit from continuing operations before tax	3,975	3,176	3,091	25	29
Tax expense	842	464	636	81	32
Net profit from continuing operations	3,133	2,712	2,455	16	28

Discontinued operations
Profit from discontinued operations before tax	0	4,153	136	(100)	(100)
Tax expense	0	413	16	(100)	(100)
Net profit from discontinued operations	0	3,740	120	(100)	(100)

Net profit	3,133	6,452	2,575	(51)	22
Net profit attributable to minority interests	85	115	148	(26)	(43)
from continuing operations	85	115	148	(26)	(43)
from discontinued operations	0	0	0
Net profit attributable to UBS shareholders	3,048	6,337	2,427	(52)	26
from continuing operations	3,048	2,597	2,307	17	32
from discontinued operations	0	3,740	120	(100)	(100)

Additional information		As at		% change from
	31.3.06	31.12.05	31.3.05	31.12.05	31.3.05
Personnel (full-time equivalents)	70,210	69,569	68,197	1	3

1 Excludes results from industrial holdings. 2 Additionally includes related social security contributions and expenses related to alternative investment awards.

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