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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
Media Release
Zurich, July 29, 2021
|
|
“Credit Suisse delivered resilient underlying second quarter results and strong capital ratios as we are benefitting from having taken decisive actions to address the challenges raised by the Archegos and Supply Chain Finance Funds matters. We take these two events very seriously and we are determined to learn all the right lessons. We have significantly reduced our RWA and leverage exposure and improved the risk profile of our Prime Services business in the Investment Bank, as well as strengthened the overall risk capabilities across the bank. Our underlying business performance remains solid with a record level of assets under management in our Wealth Management and Asset Management businesses, supporting strong growth in recurring commissions and fees. Together with our more conservative approach to risk and a less favorable trading environment compared to the second quarter of 2020, we delivered a resilient underlying performance in the Investment Bank. We continue to invest in people and technology across Wealth Management, notably in APAC, as well as Asset Management and the Investment Bank. Over the coming months, we will continue to develop our long-term vision for the bank that will serve as our compass for the years ahead. Our objectives are clear: whilst we aim to further strengthen our risk culture, we remain committed to serving all our private, corporate and institutional clients with best-in-class service and advice and to creating value for our shareholders.”
Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG
|
Credit Suisse Group
Reported Results
(CHF mn, unless otherwise specified)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
5,103
|
7,574
|
6,194
|
(18)%
|
12,677
|
11,970
|
6%
|
|
o/w Wealth Management-related
|
3,609
|
3,882
|
3,548
|
2%
|
7,491
|
7,314
|
2%
|
|
o/w Investment Bank in USD mn
|
1,761
|
3,888
|
2,981
|
(41)%
|
5,649
|
5,136
|
10%
|
|
Provision for credit losses
|
(25)
|
4,394
|
296
|
-
|
4,369
|
864
|
-
|
|
Total operating expenses
|
4,315
|
3,937
|
4,347
|
(1)%
|
8,252
|
8,354
|
(1)%
|
|
Pre-tax income / (loss)
|
813
|
(757)
|
1,551
|
(48)%
|
56
|
2,752
|
(98)%
|
|
Net income / (loss) attributable to shareholders
|
253
|
(252)
|
1,162
|
(78)%
|
1
|
2,476
|
(100)%
|
|
Return on tangible equity attributable to shareholders
|
2.6%
|
(2.6)%
|
11.0%
|
-
|
0.0%
|
12.0%
|
-
|
|
CET1 ratio
|
13.7%
|
12.2%
|
12.5%
|
-
|
13.7%
|
12.5%
|
-
|
|
Tier 1 leverage ratio1
|
6.0%
|
5.5%
|
6.2%
|
-
|
6.0%
|
6.2%
|
-
|
|
Adjusted excluding significant items and Archegos* (CHF mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
5,226
|
7,430
|
6,060
|
(14)%
|
12,656
|
11,568
|
9%
|
|
Pre-tax income
|
1,313
|
3,596
|
1,481
|
(11)%
|
4,909
|
2,427
|
102%
|
-
|
Reported net income attributable to shareholders of CHF 253 mn and reported pre-tax income of CHF 813 mn. Adjusted pre-tax income, excluding significant items and Archegos*, of CHF 1.3 bn, 11% lower than 2Q20
|
-
|
Adjusted net revenues, excluding significant items and Archegos*, down 14% year on year as higher AM revenues and stable SUB revenues, were offset by lower APAC, IWM and IB revenues
|
-
|
Adjusted operating expenses, excluding significant items and Archegos*, down 6% year on year, mainly driven by lower variable compensation
|
-
|
Comprehensive focus on enhanced risk approach implemented in 2Q21 following the Archegos and supply chain finance funds (SCFF) matters and substantial reduction in RWA and leverage exposure in the Investment Bank by USD 20 bn and USD 41 bn, respectively, compared to end of 1Q21 levels
|
-
|
Additional pre-tax losses of USD 653 mn (CHF 594 mn) relating to Archegos; publication of an independent external investigation report commissioned by the Board of Directors (see separate media release)
|
-
|
Focus on returning cash to investors in the SCFF with investors receiving a total of approximately USD 5.9 bn following the upcoming fourth payment of liquidation proceeds planned for the first half of August 2021
|
-
|
Strong capital base, with CET1 ratio at 13.7%, benefitting from Mandatory Convertible Notes (MCN) issuance, the impact from the Allfunds Group IPO combined with the reduction in our investment to less than 10%, a proactive reduction in RWA in the IB and the removal of the temporary RWA add-on related to Archegos; Tier 1 leverage ratio has risen to 6.0%; CET1 leverage ratio stands at 4.2%
|
-
|
Joint Board of Directors and Executive Board long-term vision and mid-term plan expected to be finalized by the end of the year
|
-
|
Record Group Assets under Management (AuM) of over CHF 1.6 trn at the end of 2Q21; net asset outflows of CHF 4.7 bn with net new assets in SUB and AM more than offset by net asset outflows in APAC, mainly driven by proactive de-risking, and a small net asset outflow in IWM
|
-
|
Record Wealth Management AuM at CHF 853 bn, supporting recurring commissions and fees’ growth of 19% year on year; client business volumes at higher levels
|
-
|
Despite the challenging first half, a total Archegos-related loss of CHF 5.0 bn and our more conservative approach to risk, we concluded the period with a positive pre-tax income of CHF 56 mn; this demonstrates the underlying resilience of our franchise
|
-
|
Adjusted pre-tax income, excluding significant items and Archegos*, doubled year on year to CHF 4.9 bn, driven by growth in adjusted pre-tax income, excluding significant items and Archegos*, across all divisions; a net release of CHF 227 mn in CECL-related provision for credit losses; as well as lower adjusted operating expenses, excluding significant items and Archegos*, down 5%
|
-
|
Adjusted net revenues, excluding significant items and Archegos*, up 9% year on year, at CHF 12.7 bn, driven by underlying2 growth in APAC, IB and AM
|
-
|
NNA of CHF 23.7 bn compared to CHF 15.6 bn in 1H20 across the Group; NNA of CHF 7.1 bn across Wealth Management businesses in 1H21, compared to CHF 7.2 bn in 1H20
|
-
|
Effectively manage risk in our Prime Services business by both first and second lines of defense
|
-
|
Escalate risks and to control limit excesses across first and second lines of defense
|
-
|
Discharge supervisory responsibilities across first and second lines of defense
|
-
|
Prioritize risk mitigation and enhancement measures (including dynamic margining)
|
-
|
Change leadership in the Investment Bank, including Prime Services, and Risk
|
-
|
Invest in additional resources to improve risk management
|
-
|
Clearly define roles, responsibilities and accountability
|
-
|
Strengthen existing processes to protect Credit Suisse from risk
|
-
|
Re-examine counterparty risk appetite and controls
|
-
|
Improve quality of risk information and access
|
-
|
Conduct a read-across and further improve risk culture
|
Media Release
Zurich, July 29, 2021
|
|
Swiss Universal Bank (SUB)
|
||||||||
Reported results (in CHF mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
1,477
|
1,449
|
1,474
|
-
|
2,926
|
2,928
|
-
|
|
Provision for credit losses
|
(21)
|
26
|
28
|
-
|
5
|
152
|
(97)%
|
|
Operating expenses
|
773
|
758
|
790
|
(2)%
|
1,531
|
1,589
|
(4)%
|
|
Pre-tax income
|
725
|
665
|
656
|
11%
|
1,390
|
1,187
|
17%
|
|
Cost/income ratio (%)
|
52%
|
52%
|
54%
|
-
|
52%
|
54%
|
-
|
|
Net New Assets (bn)
|
0.6
|
6.1
|
0.0
|
-
|
6.7
|
0.6
|
-
|
|
o/w Private Clients (bn)
|
(0.9)
|
2.2
|
(1.6)
|
-
|
1.3
|
(5.8)
|
-
|
|
Adjusted results, excluding significant items*
(in CHF mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
1,329
|
1,406
|
1,340
|
(1)%
|
2,735
|
2,769
|
(1)%
|
|
Operating expenses
|
758
|
749
|
790
|
(4)%
|
1,507
|
1,588
|
(5)%
|
|
Pre-tax income
|
592
|
631
|
522
|
13%
|
1,223
|
1,029
|
19%
|
|
Cost/income ratio (%)
|
57%
|
53%
|
59%
|
-
|
55%
|
57%
|
-
|
-
|
Adjusted pre-tax income, excluding significant items*, was CHF 592 mn, up 13% year on year. This was driven by a release in provision for credit losses, mainly due to CECL-related adjustments, as well as lower adjusted operating expenses, excluding significant items*, down 4%, partially offset by lower adjusted net revenues, excluding significant items*, down 1%. Despite our ongoing cost discipline, reflected by our adjusted cost/income ratio, excluding significant items*, of 57%, we continue to invest in digitalization and products
|
-
|
Net revenues of CHF 1.5 bn were stable and included a gain of CHF 95 mn related to our equity investment in Allfunds Group and an insurance claim refund of CHF 49 mn relating to a major litigation case. Additionally, 2Q20 included a gain of CHF 134 mn related to a revaluation of our equity investment in Pfandbriefbank. Adjusted net revenues, excluding significant items,* decreased slightly to CHF 1.3 bn with recurring commissions and fees up 13% year on year, offset by lower transaction-based revenues, down 13%, and lower net interest income, down 2%
|
-
|
NNA of CHF 0.6 bn with contributions from Corporate & Institutional Clients of CHF 1.5 bn, from our external asset managers and pension business, partly offset by net asset outflows of CHF 0.9 bn in Private Clients driven by a small number of individual cases in the UHNW and HNW client segments
|
-
|
SUB Private Clients recorded higher client business volumes of CHF 401 bn, up 9% year on year
|
-
|
Strong adjusted pre-tax income, excluding significant items*, at CHF 1.2 bn, up 19% year on year, driven by lower provision for credit losses due to CECL-related adjustments and lower adjusted operating expenses, excluding significant items*, down 5%
|
-
|
Stable reported net revenue performance compared to 1H20; adjusted net revenues, excluding significant items*, of CHF 2.7 bn, down 1%, driven by lower transaction-based revenues and lower net interest income nearly offset by higher recurring commissions and fees
|
-
|
NNA of CHF 6.7 bn reflecting an annualized growth rate of 2%
|
International Wealth Management (IWM)
|
||||||||
Reported results (in CHF mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
930
|
987
|
905
|
3%
|
1,917
|
1,937
|
(1)%
|
|
Provision for credit losses
|
(25)
|
0
|
32
|
-
|
(25)
|
71
|
-
|
|
Operating expenses
|
615
|
579
|
617
|
-
|
1,194
|
1,265
|
(6)%
|
|
Pre-tax income
|
340
|
408
|
256
|
33%
|
748
|
601
|
24%
|
|
Cost/income ratio (%)
|
66%
|
59%
|
68%
|
-
|
62%
|
65%
|
-
|
|
Net New Assets (bn)
|
(0.3)
|
7.2
|
1.8
|
-
|
6.9
|
5.5
|
-
|
|
Adjusted results, excluding significant items*
(in CHF mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
Media Release
Zurich, July 29, 2021
|
|
Net revenues
|
803
|
929
|
905
|
(11)%
|
|
1,732
|
1,922
|
(10)%
|
Operating expenses
|
603
|
585
|
649
|
(7)%
|
1,188
|
1,298
|
(8)%
|
|
Pre-tax income
|
225
|
344
|
224
|
-
|
569
|
553
|
3%
|
|
Cost/income ratio (%)
|
75%
|
63%
|
72%
|
-
|
69%
|
68%
|
-
|
-
|
Adjusted pre-tax income, excluding significant items*, of CHF 225 mn, stable year on year, driven by lower adjusted net revenues, excluding significant items*, which were mostly offset by lower costs, with adjusted operating expenses, excluding significant items*, down 7%, and a net release of provision for credit losses of CHF 25 mn |
-
|
Higher reported net revenues, of CHF 930 mn, up 3% year on year, included a CHF 127 mn gain on our equity investment in Allfunds Group. Adjusted net revenues, excluding significant items*, of CHF 803 mn, were down 11%, due to lower transaction and performance-based revenues, down 33%, with lower client activity and lower GTS revenues compared to a strong 2Q20 and due to a more conservative risk appetite. Net interest income was also down 14% year on year, resulting in part from continued low USD interest rates, partially offset by higher loan volumes. Increased recurring commissions and fees, up 16% year on year, with higher client business volumes |
-
|
Net asset outflows of CHF 0.3 bn as inflows in Western Europe were offset by outflows in Emerging Markets |
-
|
Recorded higher client business volumes of CHF 571 bn, up 20% year on year reflecting higher AuM |
-
|
Solid adjusted pre-tax income, excluding significant items*, of CHF 569 mn, up 3% year on year, driven largely by continued cost discipline with adjusted operating expenses, excluding significant items*, down 8% and a net release of provision for credit losses of CHF 25 mn |
-
|
Stable reported net revenue performance compared to 1H20; adjusted net revenues, excluding significant items*, of CHF 1.7 bn, down 10% year on year, driven by lower net interest income, in part due to lower USD rates, and lower transaction and performance-based revenues in less volatile markets, partly offset by higher recurring commissions and fees with higher client business volumes |
-
|
NNA of CHF 6.9 bn, reflecting an annualized growth rate of 4% |
Asia Pacific (APAC)
|
||||||||
Reported results (in USD mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
874
|
1,166
|
841
|
4%
|
2,040
|
1,707
|
20%
|
|
Provision for credit losses
|
6
|
30
|
90
|
(93)%
|
36
|
192
|
(81)%
|
|
Operating expenses
|
595
|
559
|
547
|
9%
|
1,154
|
1,084
|
6%
|
|
Pre-tax income
|
273
|
577
|
204
|
34%
|
850
|
431
|
97%
|
|
Cost/income ratio (%)
|
68%
|
48%
|
65%
|
-
|
57%
|
64%
|
-
|
|
Net New Assets (bn)
|
(6.7)
|
5.4
|
4.7
|
-
|
(1.3)
|
7.9
|
-
|
|
Adjusted results, excluding significant items*
(in USD mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
770
|
1,119
|
841
|
(8)%
|
1,889
|
1,681
|
12%
|
|
Operating expenses
|
586
|
558
|
547
|
7%
|
1,144
|
1,084
|
6%
|
|
Pre-tax income
|
178
|
531
|
204
|
(13)%
|
709
|
405
|
75%
|
|
Cost/income ratio (%)
|
76%
|
50%
|
65%
|
-
|
61%
|
64%
|
-
|
-
|
Adjusted pre-tax income, excluding significant items*, of USD 178 mn, down 13% year on year, resulting from lower adjusted net revenues, excluding significant items*, as well as higher adjusted operating expenses, excluding significant items*. Adjusted operating expenses, excluding significant items*, were up in part due to our continued investment and growth in the region, including in China and continued relationship manager hiring |
-
|
Reported net revenues of USD 874 mn, up 4% year on year, this includes a gain on the equity investment in Allfunds Group of USD 104 mn. Excluding significant items*, adjusted net revenues were down 8% at USD 770 mn, due to lower transaction-based revenues, down 22%, driven by lower revenues from GTS, and lower fees from IBCM-related activities. This was partly offset by substantially increased recurring commissions and fees, up 39%, mainly reflecting higher mandate and fund volumes. Net interest income was up 2% year on year with lower deposit margins partially offset by growth in deposit volumes and an increase in net loans |
Media Release
Zurich, July 29, 2021
|
|
-
|
Net asset outflows of USD 6.7 bn mainly from Southeast Asia, Japan and China, including USD 4.2 bn relating to de-risking measures in 2Q21 |
-
|
Client business volumes of USD 414 bn, up 24% year on year |
-
|
Significantly higher adjusted pre-tax income, excluding significant items* of USD 709 mn, up 75% year on year, driven by higher adjusted net revenues, excluding significant items*, and lower provision for credit losses |
-
|
Strong net revenue performance compared to 1H20; excluding significant items*; adjusted net revenues of USD 1.9 bn, up 12% year on year, driven by higher transaction based revenues, up 22%, mainly due to significantly lower mark-to market losses and higher brokerage and product issuing fees as well as higher recurring commissions and fees, up 24%. These were partly offset by lower net interest income, down 6%, driven by lower deposit and loan margins |
-
|
Net asset outflows of USD 1.3 bn due, in part, to de-risking measures implemented in 2Q21 |
Asset Management (AM)
|
||||||||
Reported results (in CHF m)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
404
|
386
|
361
|
12%
|
790
|
806
|
(2)%
|
|
Provision for credit losses
|
1
|
0
|
2
|
-
|
1
|
2
|
-
|
|
Operating expenses
|
299
|
271
|
275
|
9%
|
570
|
556
|
3%
|
|
Pre-tax income
|
104
|
115
|
84
|
24%
|
219
|
248
|
(12)%
|
|
Cost/income ratio (%)
|
74%
|
70%
|
76%
|
-
|
72%
|
69%
|
-
|
|
Net New Assets (bn)
|
1.3
|
10.3
|
4.1
|
-
|
11.6
|
4.2
|
-
|
|
Adjusted results, excluding significant items*
(in CHF m)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
404
|
386
|
361
|
12%
|
790
|
603
|
31%
|
|
Operating expenses
|
297
|
269
|
275
|
8%
|
566
|
556
|
2%
|
|
Pre-tax income / (loss)
|
106
|
117
|
84
|
26%
|
223
|
45
|
-
|
|
Cost/income ratio (%)
|
74%
|
70%
|
76%
|
-
|
72%
|
92%
|
-
|
-
|
Adjusted pre-tax income, excluding significant items*, of CHF 106 mn, up 26% year on year, driven by higher net revenues, partially offset by higher adjusted operating expenses, excluding significant items*, including expenses related to the departure of an alternative investment fund team, the SCFF matter and the sale of a private equity investment in a fund as well as commission expenses, partially offset by lower discretionary compensation expenses |
-
|
Strong net revenues reported by AM of CHF 404 mn, up 12% year on year, driven by management fees, up 14%, on stronger asset base, as well as performance and placement revenues, up 38%, mainly due to an increase in performance fees and carried interest and higher placement fees, partly offset by lower investment and partnership income, down 15% |
-
|
Positive NNA of CHF 1.3 bn, driven by inflows from traditional and alternative Investments, partially offset by outflows in investments & partnerships bringing AuM to CHF 471 bn |
-
|
Significantly higher adjusted pre-tax income, excluding significant items* of CHF 223 mn compared to CHF 45 mn in 1H20, driven by higher adjusted net revenues, excluding significant items*, partially offset by higher adjusted operating expenses, excluding significant items* |
-
|
Reported net revenues of CHF 790 mn, down 2% year on year, mainly due to the 1H20 gain related to the transfer of the InvestLab fund platform of CHF 203 million; strong adjusted net revenue, excluding significant items*, up 31% year on year, driven by higher management fees, up 9%, on stronger asset base along with a significant increase in performance and placement revenues due to positive investment-related gains compared to losses in 1H20, higher performance fees and carried interest and higher placement fees
|
-
|
NNA of CHF 11.6 bn at annualized growth rate of 5% |
Media Release
Zurich, July 29, 2021
|
|
Investment Bank (IB)
|
||||||||
Reported results (in USD mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
1,761
|
3,888
|
2,981
|
(41)%
|
5,649
|
5,136
|
10%
|
|
Provision for credit losses
|
16
|
4,618
|
148
|
-
|
4,634
|
463
|
-
|
|
Operating expenses
|
1,831
|
1,830
|
1,882
|
(3)%
|
3,661
|
3,636
|
1%
|
|
Pre-tax income/loss
|
(86)
|
(2,560)
|
951
|
-
|
(2,646)
|
1,037
|
-
|
|
Cost/income ratio (%)
|
104%
|
47%
|
63%
|
-
|
65%
|
71%
|
-
|
|
Return on Regulatory Capital (%)
|
(2)%
|
(69)%
|
26%
|
-
|
(37)%
|
14%
|
-
|
|
Adjusted results, excluding Archegos* (in USD mn)
|
2Q21
|
1Q21
|
2Q20
|
∆2Q20
|
1H21
|
1H20
|
∆1H20
|
|
Net revenues
|
2,303
|
3,888
|
2,981
|
(23)%
|
6,191
|
5,136
|
21%
|
|
Operating expenses
|
1,763
|
1,778
|
1,854
|
(5)%
|
3,541
|
3,612
|
(2)%
|
|
Pre-tax income
|
601
|
2,199
|
979
|
(39)%
|
2,800
|
1,061
|
164%
|
|
Cost/income ratio (%)
|
77%
|
46%
|
62%
|
-
|
57%
|
70%
|
-
|
|
Return on Regulatory Capital (%)
|
17%
|
59%
|
27%
|
-
|
40%
|
15%
|
-
|
-
|
Adjusted pre-tax income, excluding Archegos*, of USD 601 mn, down 39% year on year, with an adjusted return on regulatory capital, excluding Archegos*, of 17% driven by the strength of the underlying franchise, improved provision for credit losses as well as reduced variable compensation accruals |
-
|
Reported net revenues of USD 1.8 bn, down 41% year on year; adjusted net revenues, excluding Archegos*, of USD 2.3 bn, declined 23% compared to a strong 2Q20, which benefitted from high levels of volatility and client activity, and reflecting the costs of disciplined risk reductions |
-
|
Revenues in our Fixed Income Sales & Trading business were down 33%, albeit resilient when compared to a strong performance in 2Q20, benefitting from outperformance in securitized products revenues, but offset by significantly lower Emerging Markets, Global Credit Products and Macro results. Equity Sales & Trading revenues, excluding Archegos*, declined by 17% year on year in light of significant de-risking in Prime Services; on an adjusted basis, excluding Archegos*, revenues were down 17%. Our Capital Markets revenues were down 6%, or increased 23% excluding leveraged finance mark-to-market gains in 2Q2011, as higher ECM and leverage finance revenues were offset by lower DCM issuance; finally Advisory revenues decreased by 34% due to timing of deal closings |
-
|
The bank incurred pre-tax losses of USD 653 mn in 2Q21 related to Archegos. As a result of the Archegos matter, we substantially reduced RWA and reduced leverage exposure to USD 78 bn and USD 329 bn, respectively, in line with our previous guidance, driven by the resizing of our Prime Services business |
-
|
Significantly higher adjusted pre-tax income, excluding Archegos*, of USD 2.8 bn year on year, resulted in an adjusted return on regulatory capital, excluding Archegos*, of 40%. The reported pre-tax loss of USD 2.6 bn included losses from Archegos of approximately USD 5.4 bn |
-
|
Adjusted net revenues, excluding Archegos*, of USD 6.2 bn, up 21% year on year, resulting in a strong 1H performance with a notable performance in capital markets and securitized products, while adjusted operating expenses, excluding Archegos*, were down 2% |
-
|
As of the end of 2Q21, Credit Suisse’s assets managed according to sustainability criteria (Sustainable AuM) were CHF 133 bn, up from CHF 118 bn at the end of 1Q21 |
-
|
Organized inaugural Credit Suisse Sustainability Week with ~ 5,000 participants and 70 industry experts and speakers |
-
|
Joined the Net Zero Banking Alliance (NZBA) and participated in the Principles for Responsible Banking Biodiversity working group which developed the biodiversity target-setting guidance which was launched in June 2021 |
Media Release
Zurich, July 29, 2021
|
|
Kinner Lakhani, Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
Email: investor.relations@credit-suisse.com
|
Dominik von Arx, Corporate Communications, Credit Suisse
Tel: +41 844 33 88 44
Email: media.relations@credit-suisse.com
|
Event
|
Analyst Call
|
Media Call
|
Time
|
08:15 Zurich
07:15 London
02:15 New York
|
10:30 Zurich
09:30 London
04:30 New York
|
Language
|
English
|
English
|
Access
|
Switzerland: +41 44 580 48 67
Europe: +44 203 057 6528
US: +1 866 276 8933
Reference: Credit Suisse Analysts and Investors Call
Conference ID: 1434865
Please dial in 10 minutes before the start of the call
Webcast link here.
|
Switzerland: +41 44 580 48 67
Europe: +44 203 057 6528
US: +1 866 276 8933
Reference: Credit Suisse Media Call
Conference ID: 7094618
Please dial in 10 minutes before the start of the call
Webcast link here.
|
Q&A Session
|
Following the presentation, you will have the opportunity to ask the speakers questions
|
Following the presentation, you will have the opportunity to ask the speakers questions
|
Playback
|
Replay available approximately two hours after the event
Switzerland: +41 44 580 40 26
Europe: +44 333 300 9785
US: +1 917 677 7532
Conference ID: 1434865
|
Replay available approximately two hours after the event
Switzerland: +41 44 580 40 26
Europe: +44 333 300 9785
US: +1 917 677 7532
Conference ID: 7094618
|
Media Release
Zurich, July 29, 2021
|
|
Media Release
Zurich, July 29, 2021
|
|
Media Release
Zurich, July 29, 2021
|
|
Appendix
|
|
Appendix
|
|
Appendix
|
|
Appendix
|
|
Reconciliation of adjustment items (continued) | |||||||||||||
Private Clients |
Corporate &
Institutional Clients |
Swiss
Universal Bank |
|||||||||||
in | 6M21 | 6M20 | 6M21 | 6M20 | 6M21 | 6M20 | |||||||
Results (CHF million) | |||||||||||||
Net revenues | 1,455 | 1,605 | 1,471 | 1,323 | 2,926 | 2,928 | |||||||
Real estate (gains)/losses | (4) | 0 | 0 | 0 | (4) | 0 | |||||||
Major litigation recovery | 0 | 0 | (49) | 0 | (49) | 0 | |||||||
Adjusted net revenues | 1,451 | 1,605 | 1,422 | 1,323 | 2,873 | 2,928 | |||||||
Significant items | |||||||||||||
Gain related to InvestLab transfer | 0 | 0 | 0 | (25) | 0 | (25) | |||||||
Gain on equity investment in Allfunds Group | 0 | 0 | (138) | 0 | (138) | 0 | |||||||
Gain on equity investment in Pfandbriefbank | 0 | (134) | 0 | 0 | 0 | (134) | |||||||
Adjusted net revenues excluding significant items | 1,451 | 1,471 | 1,284 | 1,298 | 2,735 | 2,769 | |||||||
Provision for credit losses | 10 | 40 | (5) | 112 | 5 | 152 | |||||||
Total operating expenses | 905 | 942 | 626 | 647 | 1,531 | 1,589 | |||||||
Restructuring expenses | (6) | – | (8) | – | (14) | – | |||||||
Major litigation provisions | 0 | 0 | 0 | (1) | 0 | (1) | |||||||
Expenses related to real estate disposals | (4) | 0 | 0 | 0 | (4) | 0 | |||||||
Adjusted total operating expenses | 895 | 942 | 618 | 646 | 1,513 | 1,588 | |||||||
Significant items | |||||||||||||
Expenses related to equity investment in Allfunds Group | 0 | 0 | (6) | 0 | (6) | 0 | |||||||
Adjusted total operating expenses excluding significant items | 895 | 942 | 612 | 646 | 1,507 | 1,588 | |||||||
Income before taxes | 540 | 623 | 850 | 564 | 1,390 | 1,187 | |||||||
Adjusted income before taxes | 546 | 623 | 809 | 565 | 1,355 | 1,188 | |||||||
Adjusted income before taxes excluding significant items | 546 | 489 | 677 | 540 | 1,223 | 1,029 |
Appendix
|
|
Appendix
|
|
Results (USD million) | |||||||||||||||||
Net revenues | 874 | 1,166 | 841 | (25) | 4 | 2,040 | 1,707 | 20 | |||||||||
Provision for credit losses | 6 | 30 | 90 | (80) | (93) | 36 | 192 | (81) | |||||||||
Total operating expenses | 595 | 559 | 547 | 6 | 9 | 1,154 | 1,084 | 6 | |||||||||
Income before taxes | 273 | 577 | 204 | (53) | 34 | 850 | 431 | 97 |
Appendix
|
|
Appendix
|
|
Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
Results (CHF million) | |||||||||||||||||
Net revenues | 404 | 386 | 361 | 5 | 12 | 790 | 806 | (2) | |||||||||
Provision for credit losses | 1 | 0 | 2 | – | (50) | 1 | 2 | (50) | |||||||||
Total operating expenses | 299 | 271 | 275 | 10 | 9 | 570 | 556 | 3 | |||||||||
Income before taxes | 104 | 115 | 84 | (10) | 24 | 219 | 248 | (12) | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | 58.2 | 67.6 | 45.3 | – | – | 62.8 | 66.7 | – | |||||||||
Cost/income ratio | 74.0 | 70.2 | 76.2 | – | – | 72.2 | 69.0 | – |
Appendix
|
|
Appendix
|
|
Investment Bank | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
Results (CHF million) | |||||||||||||||||
Net revenues | 1,610 | 3,543 | 2,862 | (55) | (44) | 5,153 | 4,942 | 4 | |||||||||
Provision for credit losses | 14 | 4,350 | 143 | (100) | (90) | 4,364 | 447 | – | |||||||||
Total operating expenses | 1,672 | 1,660 | 1,807 | 1 | (7) | 3,332 | 3,500 | (5) | |||||||||
Income/(loss) before taxes | (76) | (2,467) | 912 | (97) | – | (2,543) | 995 | – | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | (2.4) | (69.2) | 25.8 | – | – | (37.3) | 14.4 | – | |||||||||
Cost/income ratio | 103.9 | 46.9 | 63.1 | – | – | 64.7 | 70.8 | – |
Results (USD million) | |||||||||||||||||
Net revenues | 1,761 | 3,888 | 2,981 | (55) | (41) | 5,649 | 5,136 | 10 | |||||||||
Provision for credit losses | 16 | 4,618 | 148 | (100) | (89) | 4,634 | 463 | – | |||||||||
Total operating expenses | 1,831 | 1,830 | 1,882 | 0 | (3) | 3,661 | 3,636 | 1 | |||||||||
Income/(loss) before taxes | (86) | (2,560) | 951 | (97) | – | (2,646) | 1,037 | – |
Net revenue detail | |||||||||||
in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
Net revenue detail (USD million) | |||||||||||
Fixed income sales and trading | 890 | 1,569 | 1,337 | 2,459 | 2,557 | ||||||
Equity sales and trading | (28) | 988 | 623 | 960 | 1,428 | ||||||
Capital markets | 874 | 1,189 | 925 | 2,063 | 988 | ||||||
Advisory and other fees | 123 | 214 | 185 | 337 | 329 | ||||||
Other revenues | (98) | (72) | (89) | (170) | (166) | ||||||
Net revenues | 1,761 | 3,888 | 2,981 | 5,649 | 5,136 |
Appendix
|
|
Appendix
|
|
Appendix
|
|
1 Year Credit Suisse Chart |
1 Month Credit Suisse Chart |
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