UBS - Business Group Reporting

In third quarter 2003, the Investment Bank as a whole posted a pre-tax profit of CHF 891 million. Due to strong results in Fixed Income, Rates and Currencies and robust client commissions in Equities, pre-tax profit at the Investment Banking & Securities business rose to CHF 965 million, up 35% from a year earlier, although 9% lower than the exceptionally strong second quarter.

Interactive Report

Business Group Reporting

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02	30.9. 2003	30.9. 2002


Income	3,428	3,803	2,865	(10)	20	10,497	9,932
Credit loss expense ¹	(12)	(48)	(22)	(75)	(45)	(97)	(88)


Total operating income	3,416	3,755	2,843	(9)	20	10,400	9,844


Personnel expenses	1,866	2,093	1,821	(11)	2	5,753	6,357
General and administrative expenses	508	538	534	(6)	(5)	1,524	1,706
Depreciation	81	74	89	9	(9)	238	283
Amortization of goodwill and other intangible assets	70	69	100	1	(30)	209	288


Total operating expenses	2,525	2,774	2,544	(9)	(1)	7,724	8,634


Business Group performance before tax	891	981	299	(9)	198	2,676	1,210


Business Group performance before tax and amortization of goodwill and other intangible assets	961	1,050	399	(8)	141	2,885	1,498
Additional information
Cost/income ratio (%) ²	74	73	89			74	87
Cost/ income ratio before goodwill (%) ³	72	71	85			72	84
Net new money (CHF billion) ⁴	0.2	0.1	0.1			0.3	0.4
Invested assets (CHF billion)	3	3	3	0	0
Client assets (CHF billion)	127	129	135	(2)	(6)
Regulatory equity allocated (average)	12,550	12,700	13,100	(1)	(4)

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