Income Statement (unaudited)

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Income Statement

		Quarter ended			% change from

CHF million, except per share data	Note	31.3.05	31.12.04	31.3.04	4Q04	1Q04
Operating income

Interest income	3	12,574	10,302	9,551	22	32
Interest expense	3	(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	4	5,155	5,055	5,027	2	3
Net trading income	3	1,936	771	1,974	151	(2)
Other income	5	433	146	240	197	80
Revenues from Industrial Holdings		2,750	2,848	1,070	(3)	157


Total operating income		13,101	12,053	11,338	9	16



Operating expenses

Personnel expenses	6	5,475	4,747	5,408	15	1
General and administrative expenses	7	1,660	1,916	1,776	(13)	(7)
Depreciation of property and equipment		389	443	366	(12)	6
Amortization of goodwill		0	168	183	(100)	(100)
Amortization of other intangible assets		80	166	48	(52)	67
Goods and materials purchased		1,922	1,956	449	(2)	328


Total operating expenses		9,526	9,396	8,230	1	16


Operating profit from continuing operations before tax		3,575	2,657	3,108	35	15


Tax expense		742	573	724	29	2


Net profit from continuing operations		2,833	2,084	2,384	36	19


Net profit / (loss) from discontinued operations		0	126	(15)	(100)	100


Net profit		2,833	2,210	2,369	28	20


Net profit attributable to minority interests		208	132	92	58	126
Net profit attributable to UBS shareholders		2,625	2,078	2,277	26	15


Basic earnings per share (CHF)	8	2.60	2.07	2.16	26	20
from continuing operations		2.60	1.94	2.18	34	19
from discontinued operations		0.00	0.13	(0.02)	(100)	100
Diluted earnings per share (CHF)	8	2.48	1.97	2.05	26	21
from continuing operations		2.48	1.84	2.06	35	20
from discontinued operations		0.00	0.13	(0.01)	(100)	100

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