UBS AG

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Rapports annuels 2005

Revue de l'année

2005 Financial Report

Handbook 2005




	UBS financial highlights

	UBS at a glance

	Sources of information





	UBS reporting structure

	Measurement and analysis of performance

	UBS Results





	UBS Performance Indicators





	Results

	Global Wealth Management & Business Banking

	Wealth Management International & Switzerland

	Wealth Management US

	Business Banking Switzerland

	Global Asset Management

	Investment Bank

	Corporate Center





	Industrial Holdings





	Balance sheet and off-balance sheet

	Cash flows





	Accounting principles

	Critical accounting policies





	Financial Statements





	Note 1 Summary of Significant Accounting Policies

	Note 2 Segment Reporting by Business Group

	Note 3 Net Interest and Trading Income

	Note 4 Net Fee and Commission Income

	Note 5 Other Income

	Note 6 Personnel Expenses

	Note 7 General and Administrative Expenses

	Note 8 Earnings per Share (EPS) and Shares Outstanding

	Note 9

	Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements

	Note 11 Trading Portfolio

	Note 12 Financial Investments (available-for-sale)

	Note 13 Investments in Associates

	Note 14 Property and Equipment

	Note 15 Goodwill and Other Intangible Assets

	Note 16 Other Assets

	Note 17 Due to Banks and Customers

	Note 18 Financial Liabilities Designated at Fair Value and Debt Issued

	Note 19 Other Liabilities

	Note 20 Provisions

	Note 21 Income Taxes

	Note 22 Derivative Instruments

	Note 23 Fiduciary Transactions

	Note 24 Commitments and Contingent Liabilities

	Note 25 Operating Lease Commitments

	Note 26 Pledged Assets and Pledgeable Off-Balance Sheet Securities

	Note 27 Litigation

	Note 28 Financial Instruments Risk Position

	Note 29 Fair Value of Financial Instruments

	Note 30 Pension and Other Post-Retirement Benefit Plans

	Note 31 Equity Participation and Other Compensation Plans

	Note 32 Related Parties

	Note 33 Securitizations

	Note 34 Post-Balance Sheet Events

	Note 35 Significant Subsidiaries and Associates

	Note 36 Invested Assets and Net New Money

	Note 37 Business Combinations

	Note 38 Discontinued Operations

	Note 39 Currency Translation Rates

	Note 40 Swiss Banking Law Requirements

	Note 41 Reconciliation of International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP)

	Note 42 Additional Disclosures Required under US GAAP and SEC Rules





	Parent Bank Review

	Financial Statements

	Accounting Principles

	Additional Income Statement Information

	Additional Balance Sheet Information

	Off-Balance Sheet and Other Information





	A – Introduction

	B – Selected Financial Data

	C – Information on the Company

	D – Information Required by Industry Guide 3

UBS Homepage > Analysts & Investors > Rapports annuels 2005 > Financial Report > Global Wealth Management & Business Banking

Global Wealth Management & Business Banking

Pre-tax profit for our international and Swiss wealth management businesses was CHF 4,161 million, up 20% from the pre-goodwill result achieved in 2004. In the US, pre-tax profit rose to CHF 312 million from CHF 29 million a year earlier. Business Banking Switzerland's pre-tax profit was CHF 2,189 million, up 9% from 2004.

Pre-tax profit for our international and Swiss wealth management businesses was CHF 4,161 million, up 20% from the pre-goodwill result achieved in 2004. In the US, pre-tax profit rose to CHF 312 million from CHF 29 million a year earlier. Business Banking Switzerland's pre-tax profit was CHF 2,189 million, up 9% from 2004.

Business Group reporting

	For the year ended			% change from
CHF million, except where indicated	31.12.05	31.12.04	31.12.03	31.12.04
Income	19,131	17,506	16,792	9
Adjusted expected credit loss ¹	107	(38)	(139)
Total operating income	19,238	17,468	16,653	10
Cash components	8,252	7,630	7,711	8
Share-based components ²	237	235	288	1
Total personnel expenses	8,489	7,865	7,999	8
General and administrative expenses	2,845	2,473	2,383	15
Services to / from other business units	960	1,137	1,285	(16)
Depreciation of property and equipment	226	202	236	12
Amortization of goodwill	0	238	246	(100)
Amortization of other intangible assets	56	115	137	(51)
Total operating expenses	12,576	12,030	12,286	5
Business Group performance before tax	6,662	5,438	4,367	23
Business Group performance before tax and amortization of goodwill	6,662	5,676	4,613	17

KPIs
Cost / income ratio (%) ³	65.7	68.7	73.2
Cost / income ratio before goodwill (%)³	65.7	67.4	71.7

Capital return and BIS data
Return on adjusted regulatory capital (%) ⁴	34.7	31.3	25.8
Return on adjusted regulatory capital before goodwill (%) ⁴	34.7	32.7	27.3
BIS risk-weighted assets	147,348	134,004	132,106	10
Goodwill	5,407	3,648	3,713	48
Adjusted regulatory capital ⁵	20,142	17,048	16,924	18

Additional Information		As at		% change from
	31.12.05	31.12.04	31.12.03	31.12.04
Client assets (CHF billion)	2,895	2,306	2,196	26
Personnel (full-time equivalents)	44,612	42,570	42,386	5

1 In management accounts, adjusted expected credit loss rather than credit loss expense is reported for the Business Groups (see note 2 to the financial statements). 2 Additionally includes related social security contributions and expenses related to alternative investment awards. 3 Operating expenses / income. 4 Business Group performance before tax / average adjusted regulatory capital. 5 10% of BIS risk-weighted assets plus goodwill.

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