Income Statement (unaudited)

		Quarter ended			% change from

CHF million, except per share data	Note	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Operating income
Interest income	3	9,741	9,739	9,632	0	1
Interest expense	3	(6,523)	(6,732)	(6,723)	(3)	(3)


Net interest income		3,218	3,007	2,909	7	11
Credit loss (expense)/ recovery		3	(46)	(69)


Net interest income after credit loss expense		3,221	2,961	2,840	9	13


Net fee and commission income	4	5,005	4,820	3,826	4	31
Net trading income	3	1,785	578	1,221	209	46
Other income	5	284	179	(119)	59


Total operating income		10,295	8,538	7,768	21	33


Operating expenses
Personnel expenses	6	5,171	4,038	4,202	28	23
General and administrative expenses	7	1,507	1,667	1,397	(10)	8
Depreciation of property and equipment		303	373	333	(19)	(9)
Amortization of goodwill and other intangible assets		225	225	242	0	(7)


Total operating expenses		7,206	6,303	6,174	14	17


Operating profit before tax and minority interests		3,089	2,235	1,594	38	94


Tax expense		579	327	313	77	85


Net profit before minority interests		2,510	1,908	1,281	32	96


Minority interests		(87)	(100)	(72)	(13)	21


Net profit/(loss)		2,423	1,808	1,209	34	100


Basic earnings per share (CHF)	8	2.25	1.68	1.05	34	114
Diluted earnings per share (CHF)	8	2.18	1.64	1.02	33	114