UBS - Income Statement

UBS Income Statement				% change from

CHF million, except per share data For the year ended	31.12.03	31.12.02	31.12.01	31.12.02
Operating income

Interest income	40,159	39,963	52,277	0
Interest expense	(27,860)	(29,417)	(44,236)	(5)
Net interest income	12,299	10,546	8,041	17
Credit loss (expense)/recovery	(116)	(206)	(498)	(44)
Net interest income after credit loss expense	12,183	10,340	7,543	18
Net fee and commission income	17,345	18,221	20,211	(5)
Net trading income	3,883	5,572	8,802	(30)
Other income	561	(12)	558
Total operating income	33,972	34,121	37,114	0
Operating expenses

Personnel expenses	17,231	18,524	19,828	(7)
General and administrative expenses	6,086	7,072	7,631	(14)
Depreciation of property and equipment	1,364	1,521	1,614	(10)
Amortization of goodwill and other intangible assets	943	2,460	1,323	(62)
Total operating expenses	25,624	29,577	30,396	(13)
Operating profit before tax and minority interests	8,348	4,544	6,718	84
Tax expense	1,618	678	1,401	139
Net profit before minority interests	6,730	3,866	5,317	74
Minority interests	(345)	(331)	(344)	4
Net profit	6,385	3,535	4,973	81
Basic earnings per share (CHF)	5.72	2.92	3.93	96
Diluted earnings per share (CHF)	5.61	2.87	3.78	95