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Quarterly Results at a Glance
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Wealth Management & Business Banking
Wealth Management & Business Banking

In fourth quarter 2004, Wealth Management’s pre-tax profit was CHF 831 million, a 3% decline from third quarter 2004. Net new money, at CHF 6.5 billion, benefited from continued strong inflows from European and Asian clients. Business Banking Switzerland’s pre-tax profit was CHF 510 million in fourth quarter, down 1% from third quarter 2004.

Quarter ended% change fromYear ended

CHF million, except where indicated

31.12.
2004

30.9.
2004

31.12.
2003

3Q04

4Q03

31.12.
2004

31.12.
2003

 

Income

3,158

3,195

3,028

(1)

4

12,764

12,044

Adjusted expected credit loss1

4

(12)

(5)

(33)

(131)

 

Total operating income

3,162

3,183

3,023

(1)

5

12,731

11,913

 

Personnel expenses

1,099

1,130

1,061

(3)

4

4,473

4,350

General and administrative expenses

460

436

438

6

5

1,706

1,694

Services to / from other business units

204

191

215

7

(5)

862

870

Depreciation

40

34

48

18

(17)

135

170

Amortization of goodwill and other intangible assets

18

20

17

(10)

6

75

75

 

Total operating expenses

1,821

1,811

1,779

1

2

7,251

7,159

 

Business Group performance before tax

1,341

1,372

1,244

(2)

8

5,480

4,754

 

Business Group performance before tax and amortization
of goodwill and other intangible assets

1,359

1,392

1,261

(2)

8

5,555

4,829

Additional information

Regulatory equity allocated (average)

9,350

9,600

8,850

(3)

6

Cost / income ratio (%)2

57.7

56.7

58.8

56.8

59.4

Cost / income ratio before goodwill (%)3

57.1

56.1

58.2

56.2

58.8

 

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