Financial Businesses

Search only in Quarterly Reporting Q1 2005

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Income Statement ¹

	Quarter ended			% change from

CHF million, except where indicated	31.3.05	31.12.04	31.3.04	4Q04	1Q04
Operating income

Interest income	12,574	10,302	9,551	22	32
Interest expense	(9,884)	(7,110)	(6,526)	39	51


Net interest income	2,690	3,192	3,025	(16)	(11)
Credit loss (expense) / recovery	137	41	2	234


Net interest income after credit loss expense	2,827	3,233	3,027	(13)	(7)


Net fee and commission income	5,155	5,055	5,027	2	3
Net trading income	1,936	771	1,974	151	(2)
Other income	186	25	107	644	74


Total operating income	10,104	9,084	10,135	11	0



Operating expenses

Cash components	4,686	4,013	4,673	17	0
Share-based components	393	356	421	10	(7)


Total personnel expenses	5,079	4,369	5,094	16	0
General and administrative expenses	1,455	1,693	1,498	(14)	(3)
Depreciation of property and equipment	312	327	303	(5)	3
Amortization of goodwill	0	167	180	(100)	(100)
Amortization of other intangible assets	31	44	45	(30)	(31)


Total operating expenses	6,877	6,600	7,120	4	(3)


Operating profit before tax	3,227	2,484	3,015	30	7


Tax expense	652	526	670	24	(3)


Net profit	2,575	1,958	2,345	32	10


Net profit attributable to minority interests	148	69	97	114	53
Net profit attributable to UBS shareholders	2,427	1,889	2,248	28	8

Additional information	As at			% change from

As at	31.3.05	31.12.04	31.3.04	31.12.04	31.3.04


Headcount (full-time equivalents)	68,197	67,407	65,607	1	4