UBS Financial Highlights

Interactive Report

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03	30.6. 2004	30.6. 2003


Income statement key figures
Operating income	9,484	10,295	8,981	(8)	6	19,779	16,749
Operating expenses	6,889	7,206	6,785	(4)	2	14,095	12,959
Operating profit before tax and minority interest	2,595	3,089	2,196	(16)	18	5,684	3,790
Net profit	1,974	2,423	1,537	(19)	28	4,397	2,746
Cost / income ratio (%) ¹	73.7	70.0	75.6			71.7	77.1


Per share data (CHF)
Basic earnings per share²	1.85	2.25	1.35	(18)	37	4.11	2.40
Diluted earnings per share ²	1.78	2.18	1.33	(18)	34	3.99	2.36


Return on shareholders' equity (%) ³						26.5	15.1

CHF million, except where indicated				% change from

As at	30.6. 2004	31.3. 2004	30.6. 2003	31.3. 2004	30.6. 2003


Balance sheet key figures
Total assets	1,673,807	1,670,033		0
Shareholders' equity	34,680	37,602		(8)


Market capitalization	98,001	105,857	88,219	(7)	11


BIS capital ratios
Tier 1 (%) ⁴	11.8	12.1	12.0
Total BIS (%)	13.3	13.5	14.0
Risk-weighted assets	266,508	262,674	243,032	1	10


Invested assets (CHF billion)	2,231	2,238	2,091	0	7


Headcount (full-time equivalents)
Switzerland	26,314	26,469	27,209	(1)	(3)
Europe (excluding Switzerland)	10,315	10,011	10,063	3	3
Americas	25,364	25,211	25,914	1	(2)
Asia Pacific	4,050	3,939	3,787	3	7
Total	66,043	65,630	66,973	1	(1)


Long-term ratings
Fitch, London	AA+	AA+	AAA
Moody's, New York	Aa2	Aa2	Aa2
Standard & Poor's, New York	AA+	AA+	AA+

Earnings adjusted for significant financial events and pre-goodwill ^{5, 6}

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03	30.6. 2004	30.6. 2003


Operating income	9,484	10,295	8,820	(8)	8	19,779	16,588
Operating expenses	6,664	6,981	6,547	(5)	2	13,645	12,479
Operating profit before tax and minority interest	2,820	3,314	2,273	(15)	24	6,134	4,109
Net profit	2,199	2,648	1,773	(17)	24	4,847	3,224


Cost / income ratio (%) ⁷	71.2	67.8	74.2			69.5	74.9
Basic earnings per share (CHF) ⁸	2.06	2.46	1.56	(16)	32	4.53	2.82
Diluted earnings per share (CHF) ⁹	1.98	2.38	1.53	(17)	29	4.39	2.77


Return on shareholders' equity (%) ¹⁰						29.2	17.8

1 Operating expenses / operating income less credit loss expense or recovery.
2 For the EPS calculation, see Note 8 to the Financial Statements.
3 Net profit (annualized) / average shareholders’ equity less dividends.
4 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the UBS Results section.
5 Excludes the amortization of goodwill and other intangible assets.
6 Details of significant financial events can be found in the UBS Results section on pages 9–10.
7 Operating expenses less the amortization of goodwill and other intangible assets and significant financial events / operating income less credit loss expense or recovery and significant financial events.
8 Net profit less the amortization of goodwill and other intangible assets and significant financial events after-tax) / weighted average shares outstanding.
9 Net profit for diluted EPS less the amortization of goodwill and other intangible assets and significant financial events (after-tax) /weighted average shares outstanding for diluted EPS.
10 Net profit (annualized) less the amortization of goodwill and other intangible assets and significant financial events (after-tax) / average shareholders’ equity less dividends.

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