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Global Wealth Management & Business Banking
Business division reporting
| Spreadsheets |
Pre-tax profit for Global Wealth Management & Business Banking was CHF 1,133 million in fourth quarter 2008 - a decrease of 39% from the prior quarter. During this period, the Wealth Management International & Switzerland unit was impacted by credit losses on lombard loans and its pre-tax profit declined 36% to CHF 712 million. The Wealth Management US unit had further charges for auction rate securities and recorded a pre-tax loss of CHF 341 million, compared with a pre-tax profit of CHF 203 million in the prior quarter. Business Banking Switzerland reported a record quarterly pre-tax profit of CHF 762 million, an increase of 39%, partly following the revaluation of UBS's participation in the SIX Swiss Exchange. Lower variable compensation resulted in significantly decreased personnel expenses in all three business units. Outflows of net new money were CHF 58.2 billion compared with outflows of CHF 49.3 billion in the prior quarter.
Business division reporting | |||||||
As of or for the quarter ended | % change from | Year ended | |||||
CHF million, except where indicated | 31.12.08 | 30.9.08 | 31.12.07 | 3Q08 | 4Q07 | 31.12.08 | 31.12.07 |
Income | 5,074 | 5,304 | 6,331 | (4) | (20) | 21,802 | 24,841 |
Credit loss (expense) / recovery | (370) | (40) | (15) | 825 | (421) | 28 | |
Total operating income | 4,703 | 5,265 | 6,316 | (11) | (26) | 21,381 | 24,869 |
Cash components | 1,852 | 2,324 | 2,593 | (20) | (29) | 9,191 | 10,564 |
Share-based components 1 | (3) | 72 | 87 | 187 | 444 | ||
Total personnel expenses | 1,849 | 2,396 | 2,680 | (23) | (31) | 9,378 | 11,008 |
General and administrative expenses | 1,401 | 687 | 844 | 104 | 66 | 4,450 | 3,178 |
Services (to) / from other business units | 210 | 233 | 240 | (10) | (13) | 926 | 1,106 |
Depreciation of property and equipment | 70 | 69 | 69 | 1 | 1 | 261 | 241 |
Amortization of intangible assets | 40 | 20 | 21 | 100 | 90 | 98 | 85 |
Total operating expenses | 3,571 | 3,404 | 3,854 | 5 | (7) | 15,113 | 15,618 |
Business division performance before tax | 1,133 | 1,861 | 2,462 | (39) | (54) | 6,269 | 9,251 |
Key performance indicators | |||||||
Cost / income ratio (%) 2 | 70.4 | 64.2 | 60.9 | 69.3 | 62.9 | ||
Attributed equity and risk-weighted assets | |||||||
Average attributed equity (CHF billion) 3 | 18.0 | 17.0 | 6 | ||||
Return on attributed equity (RoaE) (%) 4 | 36.3 | ||||||
BIS risk-weighted assets (CHF billion) 5 | 89.2 | 91.3 | (2) | ||||
Return on BIS risk-weighted assets (%) 6 | 6.9 | ||||||
Goodwill and intangible assets (CHF billion) | 6.2 | 6.6 | (6) | ||||
Additional information | |||||||
Invested assets (CHF billion) | 1,599 | 1,932 | 2,298 | (17) | (30) | ||
Net new money (CHF billion) 7 | (58.2) | (49.3) | 31.7 | (123.0) | 156.3 | ||
Client assets (CHF billion) | 2,393 | 2,878 | 3,554 | (17) | (33) | ||
Personnel (full-time equivalents) | 49,541 | 49,621 | 51,243 | 0 | (3) | ||
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