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UBS Performance Indicators
Year to date | |||||
31.12.07 | 30.9.07 | 31.12.06 | |||
RoE (%) 1 | |||||
as reported | (9.4) | 21.5 | 28.2 | ||
from continuing operations | (10.2) | 20.6 | 26.4 | ||
Quarter ended | Year ended | ||||
31.12.07 | 30.9.07 | 31.12.06 | 31.12.07 | 31.12.06 | |
Diluted EPS (CHF) 2 | |||||
as reported | (6.51) | (0.44) | 1.66 | (2.28) | 5.95 |
from continuing operations | (6.53) | (0.49) | 1.54 | (2.49) | 5.57 |
Cost / income ratio of the financial businesses (%) 3, 4 | N/A 5 | 115.2 | 70.6 | 110.3 | 69.7 |
Net new money, financial businesses (CHF billion) 6 | 15.5 | 38.3 | 25.5 | 140.6 | 151.7 |
UBS focuses on four key performance indicators, designed to measure the continuous delivery of improving returns to shareholders. Each indicator is calculated based on results from continuing operations. The first two indicators, return on equity and diluted earnings per share, are calculated on a full UBS basis. The remaining two indicators, cost / income ratio and net new money, are limited to the financial businesses. On this basis, performance indicators in fourth quarter 2007 show:
- return on equity for full-year 2007 at negative 10.2%, down from positive 26.4% in the same period a year earlier. Strong results posted by UBS's wealth and asset management businesses were more than offset by substantial losses in the Investment Bank.
- negative diluted earnings per share of CHF 6.53, compared with positive CHF 1.54 in fourth quarter 2006.
- a cost / income ratio that is not meaningful in fourth quarter due to negative income.
- net new money of CHF 15.5 billion, down from CHF
25.5 billion in fourth quarter a year earlier. The decrease was driven by net outflows in the asset management business of
CHF 16.2 billion, down from net inflows of CHF 5.5 billion a year earlier. CHF 15.3 billion of the outflow was from institutional
clients in equities, fixed income and multi-asset products. These outflows were more than offset by strong inflows into the
wealth management units. These reported net new money inflows
of CHF 31.5 billion in fourth quarter 2007, up from CHF 21.7 billion in fourth quarter 2006, reflecting strong inflows from
Europe, as well as increased inflows in the domestic wealth management business in the US. Overall, UBS's net new money for
full-year 2007 was CHF 140.6 billion, down from a record CHF 151.7 billion in full-year 2006. The decrease was mainly driven
by full-year outflows in institutional asset management of CHF 16.3 billion. The Swiss and international wealth management
businesses (up CHF 27.5 billion) and the domestic wealth management business in the US (up CHF 10.9 billion) recorded very
strong inflows in the same period.
Net new money 1 | |||||
Quarter ended | Year ended | ||||
CHF billion | 31.12.07 | 30.9.07 | 31.12.06 | 31.12.07 | 31.12.06 |
Wealth Management International & Switzerland | 23.4 | 35.1 | 19.0 | 125.1 | 97.6 |
Wealth Management US | 8.1 | 5.1 | 2.7 | 26.6 | 15.7 |
Business Banking Switzerland | 0.2 | 0.9 | (1.7) | 4.6 | 1.2 |
Global Wealth Management & Business Banking | 31.7 | 41.1 | 20.0 | 156.3 | 114.5 |
Institutional | (15.3) | (1.2) | 5.2 | (16.3) | 29.8 |
Wholesale Intermediary | (0.9) | (1.6) | 0.3 | 0.6 | 7.4 |
Global Asset Management | (16.2) | (2.8) | 5.5 | (15.7) | 37.2 |
UBS | 15.5 | 38.3 | 25.5 | 140.6 | 151.7 |
Invested assets | |||||
As of | % change from | ||||
CHF billion | 31.12.07 | 30.9.07 | 31.12.06 | 30.9.07 | 31.12.06 |
Wealth Management International & Switzerland | 1,294 | 1,297 | 1,138 | 0 | 14 |
Wealth Management US | 840 | 870 | 824 | (3) | 2 |
Business Banking Switzerland | 164 | 165 | 161 | (1) | 2 |
Global Wealth Management & Business Banking | 2,298 | 2,332 | 2,123 | (1) | 8 |
Institutional | 522 | 557 | 519 | (6) | 1 |
Wholesale Intermediary | 369 | 376 | 347 | (2) | 6 |
Global Asset Management | 891 | 933 | 866 | (5) | 3 |
UBS | 3,189 | 3,265 | 2,989 | (2) | 7 |
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