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Investment Bank
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In first quarter 2004, the Investment Bank posted a record pre-tax profit of CHF 1,674 million, up 115% from first quarter last year. This reflected a significant rise in revenues across all businesses, particularly in our Equities business and in Fixed Income, Rates and Currencies, which posted another record result. Results also benefited from gains on private equity divestments.
| Quarter ended | % change from | ||||
|---|---|---|---|---|---|
CHF million, except where indicated | 31.3.2004 | 31.12.2003 | 31.3.2003 | 4Q03 | 1Q03 |
Investment Banking | 455 | 622 | 287 | (27) | 59 |
1,722 | 1,405 | 823 | 23 | 109 | |
2,595 | 1,427 | 2,182 | 82 | 19 | |
Private Equity | 165 | 113 | (75) | 46 | |
Income | 4,937 | 3,567 | 3,217 | 38 | 53 |
Adjusted expected credit loss 1 | 0 | (10) | (18) | (100) | (100) |
Total operating income | 4,937 | 3,557 | 3,199 | 39 | 54 |
Personnel expenses | 2,590 | 1,604 | 1,794 | 61 | 44 |
General and administrative expenses | 534 | 606 | 478 | (12) | 12 |
Depreciation | 66 | 86 | 80 | (23) | (18) |
Amortization of goodwill and other intangible assets | 73 | 69 | 70 | 6 | 4 |
Total operating expenses | 3,263 | 2,365 | 2,422 | 38 | 35 |
Business Group performance before tax | 1,674 | 1,192 | 777 | 40 | 115 |
Business Group performance before tax and amortization of goodwill and other intangible assets | 1,747 | 1,261 | 847 | 39 | 106 |
KPI’s | |||||
52 | 45 | 56 | |||
Cost / income ratio (%) 3 | 66.1 | 66.3 | 75.3 | ||
Cost / income ratio before goodwill (%) 4 | 64.6 | 64.4 | 73.1 | ||
Non-performing loans /gross loans (%) | 0.8 | 0.8 | 1.5 | ||
Impaired loans /gross loans (%) | 1.3 | 1.4 | 2.5 | ||
Average VaR (10-day 99%) | 466 | 356 | 350 | 31 | 33 |
Private Equity | |||||
Value creation (CHF billion) | 0.5 | (0.1) | (0.1) | ||
Investment (CHF billion) 5 | 2.3 | 2.3 | 2.9 | 0 | (21) |
Portfolio fair value (CHF billion) | 3.2 | 2.9 | 3.6 | 10 | (11) |
| Additional information | % change from | ||||
|---|---|---|---|---|---|
As at or for the period ended | 31.3.2004 | 31.12.2003 | 31.3.2003 | 4Q03 | 1Q03 |
Net new money (CHF billion) | 0.0 | 0.6 | 0.0 | ||
Invested assets (CHF billion) | 4 | 4 | 3 | 0 | 33 |
Client assets (CHF billion) | 152 | 143 | 130 | 6 | 17 |
Deferral (included in adjusted expected credit loss) | 20 | 10 | 9 | 100 | 122 |
Regulatory equity allocated (average) | 13,700 | 12,750 | 12,600 | 7 | 9 |
Headcount (full-time equivalents) | 15,712 | 15,550 | 15,910 | 1 | (1) |
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