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Wealth Management & Business Banking
|
In third quarter 2004, Wealth Management’s pre-tax profit was CHF 855 million, down 3% from second quarter 2004. Net new money, at CHF 11.4 billion in third quarter 2004, was at its second-highest level ever, with continued strong inflows into our European wealth management business and from Asian clients. Business Banking Switzerland’s pre-tax profit was CHF 517 million in third quarter 2004, up by CHF 9 million from the previous quarter.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.9.
|
30.6. |
30.9. | 2Q04 | 3Q03 |
30.9. |
30.9. |
Income | 3,195 | 3,208 | 3,042 | 0 | 5 | 9,606 | 9,016 |
Adjusted expected credit loss1 | (12) | (8) | (26) | (50) | 54 | (37) | (126) |
Total operating income | 3,183 | 3,200 | 3,016 | (1) | 6 | 9,569 | 8,890 |
Personnel expenses | 1,130 | 1,115 | 1,087 | 1 | 4 | 3,374 | 3,289 |
General and administrative expenses | 436 | 416 | 403 | 5 | 8 | 1,246 | 1,256 |
Services to / from other business units | 191 | 229 | 232 | (17) | (18) | 658 | 655 |
Depreciation | 34 | 32 | 32 | 6 | 6 | 95 | 122 |
Amortization of goodwill and other intangible assets | 20 | 19 | 20 | 5 | 0 | 57 | 58 |
Total operating expenses | 1,811 | 1,811 | 1,774 | 0 | 2 | 5,430 | 5,380 |
Business Group performance before tax | 1,372 | 1,389 | 1,242 | (1) | 10 | 4,139 | 3,510 |
Business Group performance before tax and amortization | 1,392 | 1,408 | 1,262 | (1) | 10 | 4,196 | 3,568 |
Additional information | |||||||
Regulatory equity allocated (average) | 9,600 | 9,600 | 8,950 | 0 | 7 | ||
Cost / income ratio (%)2 | 56.7 | 56.5 | 58.3 |
|
| 56.5 | 59.7 |
Cost / income ratio before goodwill (%)3 | 56.1 | 55.9 | 57.7 |
|
| 55.9 | 59.0 |
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