UBS Financial Highlights

UBS Financial Highlights

UBS Income Statement

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.9. 2004	30.6. 2004	30.9. 2003	2Q04	3Q03	30.9. 2004	30.9. 2003


Net profit	1,671	1,974	1,685	(15)	(1)	6,068	4,431


Basic earnings per share (CHF)¹	1.60	1.85	1.53	(14)	5	5.72	3.92
Return on shareholders’ equity (%)²						24.5	16.6


Performance Indicators adjusted for significant financial events and pre-goodwill^{3, 4}
Basic earnings per share (CHF)⁵	1.86	2.06	1.74	(10)	7	6.39	4.55
Return on shareholders’ equity (%)⁶						27.4	19.2



Financial Businesses⁷

Operating income	8,456	9,484	8,503	(11)	(1)	28,235	25,252
Operating expenses	6,265	6,889	6,351	(9)	(1)	20,360	19,310
Net profit	1,654	1,974	1,685	(16)	(2)	6,051	4,431


Cost / income ratio (%)⁸	74.2	73.7	75.1			72.5	76.4
Net new money (wealth management businesses) (CHF billion)⁹	16.7	10.4	15.1			46.1	36.6


Headcount (full-time equivalents)	66,894	66,043	66,153	1	1


Earnings adjusted for significant financial events and pre-goodwill^{3, 4, 7}
Operating income	8,456	9,484	8,503	(11)	(1)	28,235	25,091
Operating expenses	6,038	6,664	6,113	(9)	(1)	19,683	18,592
Net profit	1,881	2,199	1,923	(14)	(2)	6,728	5,147


Cost / income ratio (%)⁸	71.5	71.2	72.2			70.1	74.0

UBS Balance Sheet & Capital Management

CHF million, except where indicated				% change from

As at	30.9. 2004	30.6. 2004	30.9. 2003	2Q04	3Q03


Balance sheet key figures
Total assets	1,744,630	1,673,807		4
Shareholders’ equity	34,524	34,680		0


Market capitalization	95,812	98,001	84,440	(2)	13


BIS capital ratios
Tier 1 (%)¹⁰	11.5	11.8	11.5
Total BIS (%)	13.3	13.3	13.3
Risk-weighted assets	272,813	266,508	241,533	2	13


Invested assets (CHF billion)	2,261	2,231	2,107	1	7


Long-term ratings
Fitch, London	AA+	AA+	AA+
Moody’s, New York	Aa2	Aa2	Aa2
Standard & Poor’s, New York	AA+	AA+	AA+

1 For the EPS calculation, see Note 8 to the Financial Statements.
2 Net profit (annualized) / average shareholders’ equity less dividends.
3 Excludes the amortization of goodwill and other intangible assets.
4 Details of significant financial events can be found in the UBS Targets section on page 12.
5 Net profit less the amortization of goodwill and other intangible assets and significant financial events (after-tax) / weighted average shares outstanding.
6 Net profit (annualized) less the amortization of goodwill and other intangible assets and significant financial events (after-tax) / average shareholders’ equity less dividends.
7 Excludes results from Industrial Holdings.
8 Operating expenses / operating income less credit loss expense or recovery.
9 Includes Wealth Management and Wealth Management USA. Excludes interest or dividend income.
10 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the Balance Sheet & Capital Management section.

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