Wealth Management

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	1,751	1,732	1,614	1	8	5,058	5,114
Credit loss expense ¹	(1)	(2)	(3)	(50)	(67)	(5)	(16)


Total operating income	1,750	1,730	1,611	1	9	5,053	5,098


Personnel expenses	495	496	477	0	4	1,465	1,404
General and administrative expenses	504	536	501	(6)	1	1,565	1,547
Depreciation	17	23	21	(26)	(19)	61	63
Amortization of goodwill and other intangible assets	20	19	21	5	(5)	58	71


Total operating expenses	1,036	1,074	1,020	(4)	2	3,149	3,085


Business unit performance before tax	714	656	591	9	21	1,904	2,013


Business unit performance before tax and amortization of goodwill and other intangible assets	734	675	612	9	20	1,962	2,084
KPI's
Invested assets (CHF billion)	693	691	655	0	6
Net new money (CHF billion) ²	9.4	6.5	9.3			23.3	14.9


Gross margin on invested assets (bps) ³	101	104	97	(3)	4	101	98


Cost/income ratio (%) ⁴	59	62	63			62	60
Cost/ income ratio before goodwill (%) ⁵	58	61	62			61	59
Cost/ income ratio before goodwill and excluding the European wealth management initiative (%) ⁶	50	53	54			53	52


Client advisors (full-time equivalents)	3,174	3,121	2,973	2	7



International Clients

Income	1,215	1,226	1,125	(1)	8	3,529	3,550



Invested assets (CHF billion)	485	485	456	0	6
Net new money (CHF billion) ²	9.0	6.6	9.8			22.6	17.8


Gross margin on invested assets (bps) ³	100	105	98	(5)	2	101	99



European wealth management initiative (part of International Clients)

Income	74	61	47	21	57	187	139


Invested assets (CHF billion)	44	39	27	13	63
Net new money (CHF billion) ²	2.8	3.3	2.5			9.1	5.6


Client advisors (full-time equivalents)	658	582	547	13	20



Swiss Clients

Income	536	506	489	6	10	1,529	1,564


Invested assets (CHF billion)	208	206	199	1	5
Net new money (CHF billion) ²	0.4	(0.1)	(0.5)			0.7	(2.9)


Gross margin on invested assets (bps) ³	104	102	94	2	11	102	94

Additional information				% change from

As at	30.9. 2003	30.6. 2003	30.9. 2002	2Q03	3Q02


Client assets (CHF billion)	849	845	797	0	7
Regulatory equity allocated (average)	2,750	2,600	2,800	6	(2)
Headcount (full-time equivalents)	9,258	9,228	9,364	0	(1)

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).
2 Excludes interest and dividend income.
3 Annualized income/average invested assets.
4 Operating expenses/income.
5 Operating expenses less the amortization of goodwill and other intangible assets/income.
6 Operating expenses less the amortization of goodwill and other intangible assets and expenses for the European wealth management initiative/income less income for the European wealth management initiative.

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