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Investment Bank
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In third quarter 2004, the Investment Bank posted a pre-tax profit of CHF 714 million, down 19% from the same period last year and 23% lower than second quarter 2004. Flat market conditions and lower levels of investor activity impacted trading revenues. In particular, the fixed income, rates and currencies business did not match the strong performance it achieved in the peak market conditions seen earlier this year.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.9. |
30.6. |
30.9. | 2Q04 | 3Q03 |
30.9. |
30.9. |
Investment Banking | 351 | 510 | 349 | (31) | 1 | 1,316 | 1,081 |
1,185 | 1,401 | 1,267 | (15) | (6) | 4,308 | 3,470 | |
Fixed Income, Rates and Currencies | 1,583 | 1,999 | 1,861 | (21) | (15) | 6,177 | 6,063 |
Private Equity | 44 | 52 | (58) | (15) |
| 261 | (190) |
Income | 3,163 | 3,962 | 3,419 | (20) | (7) | 12,062 | 10,424 |
Adjusted expected credit loss1 | (8) | (4) | (12) | (100) | 33 | (12) | (45) |
Total operating income | 3,155 | 3,958 | 3,407 | (20) | (7) | 12,050 | 10,379 |
Personnel expenses | 1,637 | 2,094 | 1,853 | (22) | (12) | 6,307 | 5,713 |
General and administrative expenses | 597 | 755 | 503 | (21) | 19 | 1,866 | 1,503 |
Services to / from other business units | 63 | 50 | 36 | 26 | 75 | 163 | 112 |
Depreciation | 71 | 63 | 61 | 13 | 16 | 184 | 179 |
Amortization of goodwill and other intangible assets | 73 | 73 | 70 | 0 | 4 | 219 | 209 |
Total operating expenses | 2,441 | 3,035 | 2,523 | (20) | (3) | 8,739 | 7,716 |
714 | 923 | 884 | (23) | (19) | 3,311 | 2,663 | |
Business Group performance before tax and amortization | 787 | 996 | 954 | (21) | (18) | 3,530 | 2,872 |
KPIs | |||||||
52 | 53 | 54 |
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| 52 | 55 | |
Cost / income ratio (%)3 | 77.2 | 76.6 | 73.8 |
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| 72.5 | 74.0 |
Cost / income ratio before goodwill (%)4 | 74.9 | 74.8 | 71.7 |
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| 70.6 | 72.0 |
Non-performing loans / gross loans (%) | 0.6 | 0.6 | 1.1 |
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Impaired loans / gross loans (%) | 0.9 | 1.0 | 1.6 |
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Average VaR (10-day 99%) | 376 | 331 | 358 | 14 | 5 |
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Private Equity | |||||||
Value creation (CHF billion) | 0.1 | 0.0 | 0.0 |
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| 0.6 | (0.2) |
Investment (CHF billion)5 | 2.1 | 2.2 | 2.8 | (5) | (25) |
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Portfolio fair value (CHF billion) | 2.9 | 3.0 | 3.6 | (3) | (19) |
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| Additional information | Quarter ended | % change from | Year to date | ||||
|---|---|---|---|---|---|---|---|
As at or for the period ended |
30.9. | 30.6. | 30.9. | 2Q04 | 3Q03 | 30.9. | 30.9. |
Client assets (CHF billion) | 145 | 142 | 127 | 2 | 14 |
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Deferral (included in adjusted expected credit loss) | 16 | 19 | 6 | (16) | 167 | 55 | 19 |
Regulatory equity allocated (average) | 14,550 | 14,250 | 12,550 | 2 | 16 |
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Headcount (full-time equivalents) | 16,262 | 15,551 | 15,100 | 5 | 8 |
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