Income statement

		For the year ended			% change from
CHF million, except per share data	Note	31.12.08	31.12.07	31.12.06	31.12.07

Continuing operations
Interest income	3	65,679	109,112	87,401	(40)
Interest expense	3	(59,687)	(103,775)	(80,880)	(42)
Net interest income	3	5,992	5,337	6,521	12
Credit loss (expense) / recovery		(2,996)	(238)	156
Net interest income after credit loss expense		2,996	5,099	6,677	(41)
Net fee and commission income	4	22,929	30,634	25,456	(25)
Net trading income	3	(25,820)	(8,353)	13,743	(209)
Other income	5	692	4,341	1,608	(81)
Total operating income		796	31,721	47,484	(97)
Personnel expenses	6	16,262	25,515	24,031	(36)
General and administrative expenses	7	10,498	8,429	7,942	25
Depreciation of property and equipment	15	1,241	1,243	1,244	0
Impairment of goodwill	16, 38	341	0	0
Amortization of intangible assets		213	276	148	(23)
Total operating expenses		28,555	35,463	33,365	(19)
Operating profit from continuing operations before tax		(21,758)	(3,742)	14,119	(642)
Tax expense	22	(6,837)	1,369	2,998
Net profit from continuing operations		(20,922)	(5,111)	11,121	(309)

Discontinued operations
Profit from discontinued operations before tax	37	198	145	888	37
Tax expense	22	1	(258)	(11)
Net profit from discontinued operations		198	403	899	(51)

Net profit		(20,724)	(4,708)	12,020	(340)
Net profit attributable to minority interests		568	539	493	5
from continuing operations		520	539	390	(4)
from discontinued operations		48	0	103
Net profit attributable to UBS shareholders		(21,292)	(5,247)	11,527	(306)
from continuing operations		(21,442)	(5,650)	10,731	(280)
from discontinued operations		150	403	796	(63)

Earnings per share
Basic earnings per share (CHF)	8	(7.69)	(2.42)	5.19	(218)
from continuing operations		(7.74)	(2.61)	4.83	(197)
from discontinued operations		0.05	0.19	0.36	(74)
Diluted earnings per share (CHF)	8	(7.69)	(2.43)	4.99	(216)
from continuing operations		(7.75)	(2.61)	4.64	(197)
from discontinued operations		0.05	0.19	0.34	(74)

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