Income Statement (unaudited)

		Quarter ended			% change from		Year to date

CHF million, except per share data	Note	30.6.04	31.3.04	30.6.03	1Q04	2Q03	30.6.04	30.6.03


Operating income
Interest income	3	9,958	9,741	10,644	2	(6)	19,699	20,276
Interest expense	3	(6,902)	(6,523)	(7,618)	6	(9)	(13,425)	(14,341)


Net interest income		3,056	3,218	3,026	(5)	1	6,274	5,935
Credit loss (expense) / recovery		131	3	1			134	(68)


Net interest income after credit loss expense		3,187	3,221	3,027	(1)	5	6,408	5,867


Net fee and commission income	4	4,841	5,005	4,313	(3)	12	9,846	8,139
Net trading income	3	1,177	1,785	1,318	(34)	(11)	2,962	2,539
Other income	5	279	284	323	(2)	(14)	563	204


Total operating income		9,484	10,295	8,981	(8)	6	19,779	16,749


Operating expenses
Personnel expenses	6	4,599	5,171	4,619	(11)	0	9,770	8,821
General and administrative expenses	7	1,743	1,507	1,600	16	9	3,250	2,997
Depreciation of property and equipment		322	303	328	6	(2)	625	661
Amortization of goodwill and other intangible assets		225	225	238	0	(5)	450	480


Total operating expenses		6,889	7,206	6,785	(4)	2	14,095	12,959


Operating profit before tax and minority interests		2,595	3,089	2,196	(16)	18	5,684	3,790


Tax expense		512	579	567	(12)	(10)	1,091	880


Net profit before minority interests		2,083	2,510	1,629	(17)	28	4,593	2,910


Minority interests		(109)	(87)	(92)	25	18	(196)	(164)


Net profit		1,974	2,423	1,537	(19)	28	4,397	2,746


Basic earnings per share (CHF)	8	1.85	2.25	1.35	(18)	37	4.11	2.40
Diluted earnings per share (CHF)	8	1.78	2.18	1.33	(18)	34	3.99	2.36