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Global Wealth Management & Business Banking
Business group reporting
Pre-tax profit for Global Wealth Management & Business Banking was CHF 1,123 million in second quarter 2008, a decrease of 48% from the previous quarter. Contributing factors include a pre-tax loss in Wealth Management US, which was CHF 741 million primarily due to the USD 900 million (CHF 919 million) provision made in connection with auction rate securities, and reduced pre-tax profits in UBS’s international and Swiss wealth management businesses, which fell by 11% to CHF 1,266 million. Business Banking, on the other hand, saw an increase in pre-tax profit of 11% to CHF 598 million. The quarter saw net new money outflows of CHF 19.3 billion compared with inflows of CHF 3.7 billion in the prior quarter.
| Spreadsheets |
Business group reporting | |||||||
As of or for the quarter ended | % change from | Year-to-date | |||||
CHF million, except where indicated | 30.6.08 | 31.3.08 | 30.6.07 | 1Q08 | 2Q07 | 30.6.08 | 30.6.07 |
Income | 5,572 | 5,852 | 6,246 | (5) | (11) | 11,424 | 12,207 |
Credit loss (expense) / recovery | (8) | (3) | 11 | 167 | (11) | 32 | |
Total operating income | 5,564 | 5,849 | 6,257 | (5) | (11) | 11,413 | 12,239 |
Cash components | 2,457 | 2,559 | 2,657 | (4) | (8) | 5,015 | 5,259 |
Share-based components 1 | 43 | 75 | 159 | (43) | (73) | 118 | 266 |
Total personnel expenses | 2,500 | 2,634 | 2,816 | (5) | (11) | 5,134 | 5,525 |
General and administrative expenses | 1,631 | 732 | 826 | 123 | 97 | 2,363 | 1,548 |
Services (to) / from other business units | 229 | 253 | 291 | (9) | (21) | 482 | 575 |
Depreciation of property and equipment | 63 | 59 | 58 | 7 | 9 | 122 | 110 |
Amortization of intangible assets | 19 | 19 | 21 | 0 | (10) | 37 | 46 |
Total operating expenses | 4,442 | 3,697 | 4,012 | 20 | 11 | 8,138 | 7,804 |
Business group performance before tax | 1,123 | 2,152 | 2,245 | (48) | (50) | 3,275 | 4,435 |
Key performance indicators | |||||||
Cost / income ratio (%) 2 | 79.7 | 63.2 | 64.2 | 71.2 | 63.9 | ||
Attributed equity and risk-weighted assets | |||||||
Average attributed equity (CHF billion) 3 | 17.0 | 17.0 | 0 | ||||
Return on attributed equity (RoaE) (%) 4 | 38.5 | ||||||
BIS risk-weighted assets (CHF billion) 5 | 93.2 | 89.5 | 171.6 | 4 | |||
Return on BIS risk-weighted assets (%) 6 | 7.2 | 5.5 | |||||
Goodwill and intangible assets (CHF billion) 7 | 6.0 | 5.9 | 6.0 | 2 | |||
Additional information | |||||||
Invested assets (CHF billion) | 2,006 | 1,994 | 2,345 | 1 | (14) | ||
Net new money (CHF billion) 8 | (19.3) | 3.7 | 36.0 | (15.5) | 83.5 | ||
Client assets (CHF billion) | 3,035 | 3,044 | 3,643 | 0 | (17) | ||
Personnel (full-time equivalents) | 50,839 | 51,589 | 49,717 | (1) | 2 | ||
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