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Annual Reporting 2003  
Annual Review Financial Report Handbook
     
 

Discussion of Results
Discussion of Results

Our Financial Targets
Our Financial Targets

We focus on a consistent set of four long-term financial targets defined across periods of varying market conditions and designed to ensure that we deliver continuously improving returns to our shareholders:

  • We seek to increase the value of UBS by achieving a sustainable, after-tax return on equity of 15–20%, across periods of varying market conditions.

  • We aim to increase shareholder value through double-digit average annual percentage growth in basic earnings per share (EPS), across periods of varying market conditions.

  • Through cost reduction and earnings enhancement initiatives we aim to reduce UBS’s cost / income ratio, to a level that compares positively with best-in-class competitors.

  • We aim to achieve a clear growth trend in net new money in our wealth management units.The first three targets are all reported pre-goodwill amortization, and adjusted for significant financial events.

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