UBS - Wealth Management & Business Banking

In fourth quarter 2003, Wealth Management’s pre-tax profit was CHF 705 million, a 1% decline from third quarter. Net new money of CHF 6.4 billion reflected strong inflows in major markets. Business Banking Switzerland’s pre-tax profit was CHF 547 million in fourth quarter, up 4% from third quarter.

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	3,036	3,042	2,857	0	6	12,052	12,184
Credit loss expense ¹	(5)	(26)	(64)	(81)	(92)	(131)	(312)


Total operating income	3,031	3,016	2,793	0	9	11,921	11,872


Personnel expenses	1,118	1,145	1,148	(2)	(3)	4,584	4,596
General and administrative expenses	543	529	547	3	(1)	2,116	2,251
Depreciation	101	80	118	26	(14)	384	448
Amortization of goodwill and other intangible assets	17	20	26	(15)	(35)	75	97


Total operating expenses	1,779	1,774	1,839	0	(3)	7,159	7,392


Business Group performance before tax	1,252	1,242	954	1	31	4,762	4,480


Business Group performance before tax and amortization of goodwill and other intangible assets	1,269	1,262	980	1	29	4,837	4,577
Additional information
Regulatory equity allocated (average)	8,850	8,950	8,450	(1)	5
Cost / income ratio (%) ²	59	58	64			59	61
Cost / income ratio before goodwill (%) ³	58	58	63			59	60

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