Wealth Management

Interactive Report

Business Unit Reporting

	Quarter ended			% change from

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


Income	1,932	1,739	1,575	11	23
Adjusted expected credit loss ¹	(2)	1	(2)		0


Total operating income	1,930	1,740	1,573	11	23


Personnel expenses	522	479	474	9	10
General and administrative expenses	508	518	525	(2)	(3)
Depreciation	14	21	21	(33)	(33)
Amortization of goodwill and other intangible assets	18	17	19	6	(5)


Total operating expenses	1,062	1,035	1,039	3	2


Business unit performance before tax	868	705	534	23	63


Business unit performance before tax and amortization of goodwill and other intangible assets	886	722	553	23	60
KPI's
Invested assets (CHF billion)	737	701	638	5	16
Net new money (CHF billion) ²	16.2	6.4	7.4


Gross margin on invested assets (bps) ³	107	100	98	7	9


Cost / income ratio (%) ⁴	55.0	59.5	66.0
Cost / income ratio before goodwill (%) ⁵	54.0	58.5	64.8
Cost / income ratio before goodwill and excluding the European wealth management business (%) ⁶	46.9	49.2	56.7


Client advisors (full-time equivalents)	3,343	3,300	3,065	1	9



International Clients

Income	1,336	1,205	1,088	11	23


Invested assets (CHF billion)	521	491	447	6	17
Net new money (CHF billion) ²	15.1	7.1	7.0


Gross margin on invested assets (bps) ³	106	99	97	7	9



European wealth management initiative (part of International Clients)

Income	92	80	52	15	77


Invested assets (CHF billion)	51	46	31	11	65
Net new money (CHF billion) ²	4.2	1.7	3.0


Client advisors (full-time equivalents)	695	672	575	3	21



Swiss Clients

Income	596	534	487	12	22


Invested assets (CHF billion)	216	210	191	3	13
Net new money (CHF billion) ²	1.1	(0.7)	0.4


Gross margin on invested assets (bps) ³	112	102	101	10	11

Additional information				% change from

As at	31.3.2004	31.12.2003	31.3.2003	4Q03	1Q03


Client assets (CHF billion)	931	884	777	5	20
Regulatory equity allocated (average)	2,800	2,700	2,550	4	10
Headcount (full-time equivalents)	9,199	9,176	9,316	0	(1)

1 In management accounts, adjusted expected credit loss rather than credit loss is reported for the Business Groups (see Note 2 to the Financial Statements).
2 Excludes interest and dividend income.
3 Income (annualized) / average invested assets.
4 Operating expenses /income.
5 Operating expenses less the amortization of goodwill and other intangible assets /income.
6 Operating expenses less the amortization of goodwill and other intangible assets and expenses for the European wealth management business / income less income for the European wealth management business.

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