Income Statement (unaudited)

		Quarter ended			% change from		Year ended

CHF million, except per share data	Note	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02	31.12. 2003	31.12. 2002


Operating income
Interest income	3	9,739	10,144	8,697	(4)	12	40,159	39,963
Interest expense	3	(6,732)	(6,787)	(6,000)	(1)	12	(27,860)	(29,417)


Net interest income		3,007	3,357	2,697	(10)	11	12,299	10,546
Credit loss (expense) / recovery		(62)	26	11			(116)	(206)


Net interest income after credit loss expense		2,945	3,383	2,708	(13)	9	12,183	10,340


Net fee and commission income	4	4,820	4,386	4,236	10	14	17,345	18,221
Net trading income	3	647	642	666	1	(3)	3,883	5,572
Other income	5	186	79	(86)	135		561	(12)


Total operating income		8,598	8,490	7,524	1	14	33,972	34,121


Operating expenses
Personnel expenses	6	4,038	4,372	4,021	(8)	0	17,231	18,524
General and administrative expenses	7	1,667	1,422	1,840	17	(9)	6,086	7,072
Depreciation of property and equipment		376	321	398	17	(6)	1,364	1,521
Amortization of goodwill and other intangible assets		225	238	1,517	(5)	(85)	943	2,460


Total operating expenses		6,306	6,353	7,776	(1)	(19)	25,624	29,577


Operating profit before tax and minority interests		2,292	2,137	(252)	7		8,348	4,544


Tax expense		333	383	(209)	(13)		1,618	678


Net profit before minority interests		1,959	1,754	(43)	12		6,730	3,866


Minority interests		(100)	(81)	(58)	23	72	(345)	(331)


Net profit		1,859	1,673	(101)	11		6,385	3,535


Basic earnings per share (CHF)	8	1.73	1.52	(0.09)	14		5.72	2.92
Diluted earnings per share (CHF)	8	1.68	1.47	(0.09)	14		5.61	2.87