Income Statement (unaudited)

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Income Statement

		Quarter ended			% change from		Year ended

CHF million, except per share data	Note	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04
Continuing operations

Interest income	3	15,686	15,528	10,266	1	53	59,286	39,228
Interest expense	3	(13,476)	(13,081)	(7,094)	3	90	(49,758)	(27,484)


Net interest income	3	2,210	2,447	3,172	(10)	(30)	9,528	11,744
Credit loss (expense) / recovery		132	37	57	257	132	375	241


Net interest income after credit loss expense		2,342	2,484	3,229	(6)	(27)	9,903	11,985
Net fee and commission income	4	5,947	5,462	4,796	9	24	21,436	18,506
Net trading income	3	2,251	2,260	750	0	200	7,996	4,902
Other income	5	192	301	143	(36)	34	1,125	932
Revenues from industrial holdings		3,134	2,613	2,522	20	24	10,515	6,086


Total operating income		13,866	13,120	11,440	6	21	50,975	42,411


Personnel expenses	6	5,415	5,471	4,523	(1)	20	21,049	18,612
General and administrative expenses	7	2,105	1,764	1,835	19	15	7,047	7,160
Depreciation of property and equipment		389	360	403	8	(3)	1,493	1,477
Amortization of goodwill		0	0	154		(100)	0	653
Amortization of other intangible assets		94	84	162	12	(42)	334	337
Goods and materials purchased		2,546	1,986	1,786	28	43	8,003	3,885


Total operating expenses		10,549	9,665	8,863	9	19	37,926	32,124


Operating profit from continuing operations before tax		3,317	3,455	2,577	(4)	29	13,049	10,287
Tax expense		527	702	533	(25)	(1)	2,549	2,224


Net profit from continuing operations		2,790	2,753	2,044	1	36	10,500	8,063



Discontinued operations

Operating profit from discontinued operations before tax		4,273	196	206			4,688	536
Tax expense		414	34	40		935	498	129


Net profit from discontinued operations		3,859	162	166			4,190	407


Net profit		6,649	2,915	2,210	128	201	14,690	8,470


Net profit attributable to minority interests		162	145	132	12	23	661	454
from continuing operations		161	144	135	12	19	656	454
from discontinued operations		1	1	(3)	0		5	0


Net profit attributable to UBS shareholders		6,487	2,770	2,078	134	212	14,029	8,016


from continuing operations		2,629	2,609	1,909	1	38	9,844	7,609
from discontinued operations		3,858	161	169			4,185	407



Earnings per share

Basic earnings per share (CHF)	8	6.56	2.75	2.07	139	217	13.93	7.78
from continuing operations		2.66	2.59	1.90	3	40	9.78	7.39
from discontinued operations		3.90	0.16	0.17			4.15	0.39
Diluted earnings per share (CHF)	8	6.28	2.64	1.97	138	219	13.36	7.40
from continuing operations		2.55	2.49	1.81	2	41	9.39	7.04
from discontinued operations		3.73	0.15	0.16			3.97	0.36

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