Wealth Management

Interactive Report

Business Unit 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	1,930	1,932	1,732	0	11	3,862	3,307
Adjusted expected credit loss¹	(2)	(2)	(2)	0	0	(4)	(4)


Total operating income	1,928	1,930	1,730	0	11	3,858	3,303


Personnel expenses	521	522	496	0	5	1,043	970
General and administrative expenses	148	144	152	3	(3)	292	297
Services to / from other business units	344	364	384	(5)	(10)	708	764
Depreciation	15	14	23	7	(35)	29	44
Amortization of goodwill and other intangible assets	19	18	19	6	0	37	38


Total operating expenses	1,047	1,062	1,074	(1)	(3)	2,109	2,113


Business unit performance before tax	881	868	656	1	34	1,749	1,190


Business unit performance before tax and amortization of goodwill and other intangible assets	900	886	675	2	33	1,786	1,228
KPIs
Invested assets (CHF billion)	750	737	691	2	9
Net new money (CHF billion) ²	8.2	16.2	6.5			24.4	13.9


Gross margin on invested assets (bps) ³	104	107	104	(3)	0	106	101


Cost / income ratio (%) ⁴	54.2	55.0	62.0			54.6	63.9
Cost / income ratio before goodwill (%) ⁵	53.3	54.0	60.9			53.7	62.7
Cost / income ratio before goodwill and excluding the European wealth management business (%) ⁶	43.9	46.9	53.3			45.4	54.9


Client advisors (full-time equivalents)	3,463	3,343	3,121	4	11



International Clients

Income	1,366	1,336	1,226	2	11	2,702	2,314


Invested assets (CHF billion)	535	521	485	3	10
Net new money (CHF billion) ²	7.1	15.1	6.6			22.2	13.6


Gross margin on invested assets (bps) ³	103	106	105	(3)	(2)	105	101



European wealth management initiative (part of International Clients)

Income	99	92	61	8	62	191	113


Invested assets (CHF billion)	65	51	39	27	67
Net new money (CHF billion) ²	2.7	4.2	3.3			6.9	6.3


Client advisors (full-time equivalents)	781	695	582	12	34



Swiss Clients

Income	564	596	506	(5)	11	1,160	993


Invested assets (CHF billion)	215	216	206	0	4
Net new money (CHF billion) ²	1.1	1.1	(0.1)			2.2	0.3


Gross margin on invested assets (bps) ³	105	112	102	(6)	3	109	101

Additional Information				% change from

As at	30.6. 2004	31.3. 2004	30.6. 2003	1Q04	2Q03


Client assets (CHF billion)	944	931	845	1	12
Regulatory equity allocated (average)	3,150	2,800	2,600	13	21
Headcount (full-time equivalents)	9,688	9,199	9,228	5	5

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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