UBS - Business Group Reporting

In the best quarterly result since 2000, first quarter pre-tax profit was CHF 144 million, a 29% rise from fourth quarter 2003. Continued inflows of net new money into equities and alternative mandates and improving market valuations resulted in higher management fees – strongly contributing to the record performance.

Interactive Report

Business Group Reporting

	Quarter ended			% change from

CHF million, except where indicated	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Institutional fees	280	228	198	23	41
Wholesale Intermediary fees	227	223	180	2	26


Total operating income	507	451	378	12	34


Personnel expenses	236	200	188	18	26
General and administrative expenses	88	96	99	(8)	(11)
Depreciation	6	10	7	(40)	(14)
Amortization of goodwill and other intangible assets	33	33	40	0	(18)


Total operating expenses	363	339	334	7	9


Business Group performance before tax	144	112	44	29	227


Business Group performance before tax and amortization of goodwill and other intangible assets	177	145	84	22	111
KPI's
Cost/income ratio (%) ¹	71.6	75.2	88.4
Cost/ income ratio before goodwill (%) ²	65.1	67.8	77.8


Institutional
Invested assets (CHF billion)	335	313	264	7	27
of which: money market funds	19	14	19	36	0
Net new money (CHF billion) ³	10.1	1.4	3.9
of which: money market funds	0.8	(1.6)	(0.6)
Gross margin on invested assets (bps) ⁴	35	30	29	17	21


Wholesale intermediary
Invested assets (CHF billion)	267	261	255	2	5
of which: money market funds	82	87	110	(6)	(25)
Net new money (CHF billion) ³	(1.4)	(8.3)	3.4
of which: money market funds	(6.4)	(12.5)	0.6
Gross margin on invested assets (bps) ⁴	34	34	28	0	21

Additional information				% change from

As at	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Client assets (CHF billion)	602	574	519	5	16
Regulatory equity allocated (average)	1,000	1,000	950	0	5
Headcount (full-time equivalents)	2,664	2,689	2,732	(1)	(2)

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