UBS - Business Group Reporting

In fourth quarter 2003, the Investment Bank as a whole posted a pre-tax profit of CHF 1,213 million. The Investment Banking & Securities business unit contributed a pre-tax profit of CHF 1,153 million, up 122% from fourth quarter last year and 19% higher than in third quarter 2003. Private Equity reported a pre-tax profit of CHF 60 million in fourth quarter 2003, reflecting lower levels of writedowns and a number of successful divestments.

Interactive Report

Business Group Reporting

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12. 2003	30.9. 2003	31.12. 2002	3Q03	4Q02	31.12. 2003	31.12. 2002


Income	3,623	3,428	2,566	6	41	14,120	12,498
Credit loss expense ¹	(42)	(12)	(40)	250	5	(139)	(128)


Total operating income	3,581	3,416	2,526	5	42	13,981	12,370


Personnel expenses	1,604	1,866	1,521	(14)	5	7,357	7,878
General and administrative expenses	606	508	672	19	(10)	2,130	2,378
Depreciation	89	81	99	10	(10)	327	382
Amortization of goodwill and other intangible assets	69	70	76	(1)	(9)	278	364


Total operating expenses	2,368	2,525	2,368	(6)	0	10,092	11,002


Business Group performance before tax	1,213	891	158	36	668	3,889	1,368


Business Group performance before tax and amortization of goodwill and other intangible assets	1,282	961	234	33	448	4,167	1,732
Additional information
Cost/income ratio (%) ²	65	74	92			71	88
Cost/ income ratio before goodwill (%) ³	63	72	89			70	85
Net new money (CHF billion) ⁴	0.6	0.2	0.1			0.9	0.5
Invested assets (CHF billion)	4	3	3	33	33
Client assets (CHF billion)	143	127	133	13	8
Regulatory equity allocated (average)	12,750	12,550	12,950	2	(2)

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