UBS - Wealth Management & Business Banking

In third quarter 2003, Wealth Management’s pre-tax profit was CHF 714 million, up 9% from second quarter 2003. Net new money, at a record high of CHF 9.4 billion, included further strong inflows into our European wealth management business and in Asia. Business Banking Switzerland’s pre-tax profit was CHF 528 million in third quarter 2003, 9% below the second quarter result, which benefited from divestment gains.

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	3,042	3,108	3,039	(2)	0	9,016	9,327
Credit loss expense ¹	(26)	(43)	(74)	(40)	(65)	(126)	(248)


Total operating income	3,016	3,065	2,965	(2)	2	8,890	9,079


Personnel expenses	1,145	1,175	1,167	(3)	(2)	3,466	3,448
General and administrative expenses	529	527	598	0	(12)	1,573	1,704
Depreciation	80	109	101	(27)	(21)	283	330
Amortization of goodwill and other intangible assets	20	19	21	5	(5)	58	71


Total operating expenses	1,774	1,830	1,887	(3)	(6)	5,380	5,553


Business Group performance before tax	1,242	1,235	1,078	1	15	3,510	3,526


Business Group performance before tax and amortization of goodwill and other intangible assets	1,262	1,254	1,099	1	15	3,568	3,597
Additional information
Regulatory equity allocated (average)	8,950	8,800	8,600	2	4
Cost / income ratio (%) ²	58	59	62			60	60
Cost / income ratio before goodwill (%) ³	58	58	61			59	59

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