Business Banking Switzerland

Interactive Report

Business Unit 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	1,291	1,376	1,425	(6)	(9)	3,958	4,213
Credit loss expense ¹	(25)	(41)	(71)	(39)	(65)	(121)	(232)


Total operating income	1,266	1,335	1,354	(5)	(6)	3,837	3,981


Personnel expenses	650	679	690	(4)	(6)	2,001	2,044
General and administrative expenses	25	(9)	97		(74)	8	157
Depreciation	63	86	80	(27)	(21)	222	267
Amortization of goodwill and other intangible assets	0	0	0			0	0


Total operating expenses	738	756	867	(2)	(15)	2,231	2,468


Business unit performance before tax	528	579	487	(9)	8	1,606	1,513


Business unit performance before tax and amortization of goodwill and other intangible assets	528	579	487	(9)	8	1,606	1,513
KPI's
Invested assets (CHF billion)	208	209	202	0	3
Net new money (CHF billion) ²	(2.4)	0.3	4.3			(4.0)	6.4


Cost/income ratio (%) ³	57	55	61			56	59
Cost/ income ratio before goodwill (%) ⁴	57	55	61			56	59


Non-performing loans/gross loans (%)	3.0	3.2	4.0
Impaired loans /gross loans (%)	4.7	5.0	6.5

Additional information				% change from		Year to date

As at or for the period ended	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02	30.9. 2003	30.9. 2002


Deferred releases included in credit loss expense ¹	104	88	61	18	70	269	170
Client assets (CHF billion)	573	545	504	5	14
Regulatory equity allocated (average)	6,200	6,200	5,800	0	7
Headcount (full-time equivalents)	17,910	18,018	18,942	(1)	(5)

1 In management accounts, statistically derived actuarial expected loss adjusted by deferred releases rather than the net IFRS actual credit loss is reported in the Business Groups (see Note 2 to the Financial Statements). Deferred releases represent amortization of historical differences between actual credit losses and actuarial expected loss (for more information, please refer to pages 39–40 of the UBS Financial Report 2002).
2 Excludes interest and dividend income.
3 Operating expenses/income.
4 Operating expenses less the amortization of goodwill and other intangible assets/income.

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