UBS - Wealth Management & Business Banking

In first quarter 2004, Wealth Management recorded its best quarterly result in three years. Pre-tax profit was CHF 868 million, up 23% from fourth quarter 2003. Net new money inflows were a record CHF 16.2 billion, including an all-time high contribution of CHF 4.2 billion from the European wealth management business. Business Banking Switzerland’s pre-tax profit was CHF 510 million in first quarter 2004, a 5% decrease from fourth quarter 2003, reflecting slightly lower operating income.

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


Income	3,203	3,028	2,866	6	12
Adjusted expected credit loss ¹	(17)	(5)	(57)	240	(70)


Total operating income	3,186	3,023	2,809	5	13


Personnel expenses	1,185	1,118	1,146	6	3
General and administrative expenses	523	543	517	(4)	1
Depreciation	82	101	94	(19)	(13)
Amortization of goodwill and other intangible assets	18	17	19	6	(5)


Total operating expenses	1,808	1,779	1,776	2	2


Business Group performance before tax	1,378	1,244	1,033	11	33


Business Group performance before tax and amortization of goodwill and other intangible assets	1,396	1,26	1,052	11	33
Additional information
Regulatory equity allocated (average)	9,150	8,850	8,500	3	8
Cost / income ratio (%) ²	56.4	58.8	62.0
Cost / income ratio before goodwill (%) ³	55.9	58.2	61.3

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