Results Financial Businesses

Download 'Results Financial Businesses' (2 pages) / 51 kB

Results

Our 2004 result was the best ever. The first quarter saw an all-time performance record and the year ended with our bestever fourth quarter. Net profit in 2004 was CHF 8,044 million, up 29% from CHF 6,239 million in 2003. Before goodwill and excluding the sale of our Correspondent Services Corporation (CSC) clearing subsidiary, completed in second quarter 2003, net profit rose by 24%.

Overall, we attracted CHF 88.9 billion in net new money in 2004, up 29% from CHF 69.1 billion in 2003.

Income statement ¹

	For the year ended

CHF million, except where indicated	31.12.04	31.12.03	% change
Operating income
Interest income	39,398	40,159	(2)
Interest expense	(27,538)	(27,860)	(1)
Net interest income	11,860	12,299	(4)
Credit loss (expense) / recovery	276	(72)
Net interest income after credit loss expense	12,136	12,227	(1)
Net fee and commission income	19,416	17,345	12
Net trading income	4,972	3,756	32
Other income	878	462	90
Total operating income	37,402	33,790	11


Operating expenses
Personnel expenses	18,189	17,231	6
General and administrative expenses	6,577	6,086	8
Depreciation of property and equipment	1,282	1,353	(5)
Amortization of goodwill and other intangible assets	887	943	(6)
Total operating expenses	26,935	25,613	5
Operating profit before tax and minority interests	10,467	8,177	28
Tax expense	2,086	1,593	31
Net profit before minority interests	8,381	6,584	27
Minority interests	(337)	(345)	(2)
Net profit	8,044	6,239	29

	As at

Additional information
	31.12.04	31.12.03	% change
Headcount (full-time equivalents)	67,424	65,929	2

continue