UBS - Wealth Management & Business Banking

Wealth Management’s pre-tax profit was CHF 881 million in second quarter 2004, 1% above the very strong first quarter 2004 figure, and the best quarterly result since first quarter 2001. Net new money, at CHF 8.2 billion, benefited from continued strong inflows into our European and Asian wealth management businesses. Business Banking Switzerland’s pre-tax profit, at CHF 508 million, remained strong, declining only CHF 2 million from first quarter 2004.

Interactive Report

Business Group Reporting

	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	3,208	3,203	3,108	0	3	6,411	5,974
Adjusted expected credit loss ¹	(8)	(17)	(43)	53	81	(25)	(100)


Total operating income	3,200	3,186	3,065	0	4	6,386	5,874


Personnel expenses	1,115	1,129	1,115	(1)	0	2,244	2,202
General and administrative expenses	416	394	428	6	(3)	810	853
Services to / from other business units	229	238	222	(4)	3	467	423
Depreciation	32	29	46	10	(30)	61	90
Amortization of goodwill and other intangible assets	19	18	19	6	0	37	38


Total operating expenses	1,811	1,808	1,830	0	(1)	3,619	3,606


Business Group performance before tax	1,389	1,378	1,235	1	12	2,767	2,268


Business Group performance before tax and amortization of goodwill and other intangible assets	1,408	1,396	1,254	1	12	2,804	2,306
Additional information
Regulatory equity allocated (average)	9,600	9,150	8,800	5	9
Cost / income ratio (%) ²	56.5	56.4	58.9			56.4	60.4
Cost / income ratio before goodwill (%) ³	55.9	55.9	58.3			55.9	59.7

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