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.

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

Special Content

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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