Financial Highlights

Download 'UBS Financial Highlights' (2 pages) / 126 kB

2004 net profit of CHF 8,089 million, financial businesses contributed CHF 8,044 million – a record result, up 29% from 2003
Revenues grew in all categories, pushing the 2004 cost / income ratio for the financial businesses down to 72.6% or 70.2% excluding goodwill
Return on equity for 2004 was 24.7% or 27.7% excluding goodwill – above our target range of 15–20%
2004 earnings per share of CHF 7.68, up 37% from 2003 or up 34% excluding goodwill
Net new money of CHF 88.9 billion for the year, with a strong CHF 59.4 billion from wealth management businesses worldwide

UBS key figures

Shareholders returns	For the year ended

	31.12.04	31.12.03	% change
Basic EPS (CHF)
as reported ¹	7.68	5.59	37
before goodwill and adjusted for significant financial events²	8.60	6.43	34
Return on shareholders’ equity (%)
as reported ³	24.7	17.8
before goodwill and adjusted for significant financial events⁴	27.7	20.5

Financial strength & ratings	As at

	31.12.04	31.12.03
BIS Tier 1 capital ratio (%) ⁵	11.8	11.8
Long-term ratings
Fitch, London	AA+	AA+
Moody’s, New York	Aa2	Aa2
Standard & Poor’s, New York	AA+	AA+

UBS net profit	For the year ended

CHF million	31.12.04	31.12.03	% change
Net profit	8,089	6,239	30

Other key figures	As at

CHF million	31.12.04	31.12.03	% change
Total assets	1,734,784	1,550,056	12
Shareholders’ equity	34,978	35,310	(1 )
Market capitalization	103,638	95,401	9

Key figures financial businesses (excluding industrial holdings)

Income statement	For the year ended

CHF million	31.12.04	31.12.03	% change
Operating income	37,402	33,790	11
Operating expenses	26,935	25,613	5
Net profit	8,044	6,239	29

KPI's	For the year ended

CHF million, except where indicated	31.12.04	31.12.03	% change
Cost / income ratio (%) ⁶	72.6	75.6
Net new money, wealth management businesses (CHF billion) ⁷	59.4	50.8
Earnings adjusted for significant financial events and pre-goodwill ^8,9
Operating income	37,402	33,629	11
Operating expenses	26,048	24,670	6
Net profit	8,931	7,180	24

Headcount Financial Businesses	As at

Full-time equivalents	31.12.04	31.12.03	% change
Switzerland	25,990	26,662	(3)
Rest of Europe / Africa / Middle East	10,764	9,906	9
Americas	26,232	25,511	3
Asia Pacific	4,438	3,850	15
Total	67,424	65,929	2

1 Net profit (after-tax) /weighted average shares outstanding.
2 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax) /weighted average shares outstanding.
3 Net profit / average shareholders’ equity less dividends.
4 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax) /average shareholders’ equity less dividends.
5 Includes hybrid Tier 1 capital – please refer to the BIS capital and ratios table in the UBS results section of the 2004 Financial Report.
6 Operating expenses / operating income less credit loss expense or recovery.
7 Includes Wealth Management and Wealth Management USA. Excludes interest and dividend income.
8 Excludes the amortization of goodwill and other intangible assets.
9 Details of significant financial events can be found in the 2004 Financial Report.

continue