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Share Name | Share Symbol | Market | Type |
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Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
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0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
Media Release
Zurich, April 27, 2022
|
“The first quarter of 2022 has been marked by volatile market conditions and client risk aversion. These conditions, together with the impact from our reduction in risk appetite in 2021 as we
took decisive actions to strengthen our overall risk and controls foundation, had an adverse impact on our net revenues. Our operating expenses were higher year on year, driven in particular by higher previously reported litigation expenses
of CHF 703 mn for the quarter as we continued our proactive approach to resolving litigation matters. Against this backdrop, we reported a pre-tax loss for the quarter; however, on an adjusted* basis, we reported a pre-tax income of CHF 300
mn, including the adverse impact of CHF 206 mn of losses related to Russia’s invasion of Ukraine.
2022 is a transition year, and our clear focus remains on the disciplined execution of our new Group strategy as announced in November 2021: strengthening our core, simplifying our organization
and investing for growth. We went live with our new structure in January; have reduced the allocated capital in the IB by USD 2.5 bn, 82% of our ambition of more than USD 3.0 bn; and have made significant progress on various other strategic
priorities. I am confident that we are well positioned to build a stronger and client-centric bank that puts risk management at the core to deliver sustainable growth and value for investors, clients and colleagues.”
Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG
|
Reported
(CHF mn)
|
1Q22
|
4Q21
|
1Q21
|
Δ4Q21
|
Δ1Q21
|
Net revenues
|
4,412
|
4,582
|
7,574
|
(4)%
|
(42)%
|
Provision for credit losses
|
(110)
|
(20)
|
4,394
|
-
|
-
|
Total operating expenses
|
4,950
|
6,266
|
3,937
|
(21)%
|
26%
|
Pre-tax income/(loss)
|
(428)
|
(1,664)
|
(757)
|
-
|
-
|
Effective tax rate
|
35%
|
(25)%
|
69%
|
-
|
-
|
Net income/(loss) attributable to shareholders
|
(273)
|
(2,085)
|
(252)
|
-
|
-
|
Return on tangible equity
|
(2.6)%
|
(20.9)%
|
(2.6)%
|
-
|
-
|
Cost/income ratio
|
112%
|
137%
|
52%
|
-
|
-
|
Net New Assets (NNA) in CHF bn
|
7.9
|
1.6
|
28.4
|
-
|
(72)%
|
Assets under Management (AuM) in CHF bn
|
1,555
|
1,614
|
1,596
|
(4)%
|
(3)%
|
Adjusted*
(CHF mn)
|
1Q22
|
4Q21
|
1Q21
|
Δ1Q21
|
|
Net revenues
|
4,582
|
4,384
|
7,430
|
4%
|
(38)%
|
Provision for credit losses
|
45
|
(15)
|
(36)
|
-
|
-
|
Total operating expenses
|
4,237
|
4,071
|
3,870
|
4%
|
9%
|
Pre-tax income/(loss)
|
300
|
328
|
3,596
|
(8)%
|
(92)%
|
o/w Russia-related
|
(206)
|
|
|
13.8%
|
4.3%
|
6.1%
|
CET1 ratio vs. 12.2% in 1Q21
|
CET1 leverage ratio vs. 3.8% in 1Q21
|
Tier 1 leverage ratio vs. 5.4% in 1Q21
|
Switzerland
EMEA
Asia Pacific
Americas
|
Switzerland
EMEA
Asia Pacific
Americas |
|||||
|
|
|||||
|
|
|||||
|
|
|||||
Outlook
|
The combination of the current geopolitical situation following Russia’s invasion of Ukraine and the significant monetary tightening initiated by several of the major central banks in response to inflation concerns
have resulted in heightened volatility and client risk aversion so far this year. While the Swiss Bank delivered a resilient performance and Equity Derivatives, M&A and Securitized Products had solid performances in 1Q22, overall, this
market environment, in combination with the cumulative effect of our newly defined risk appetite as executed during 2021, has led to an adverse impact on client activity in our Wealth Management division as well as a reduction in the level of
capital markets issuances within our Investment Bank. Furthermore, the Investment Bank has relatively limited exposure to business areas, such as interest rate trading, which have benefited from these developments.
We would expect these market conditions to persist in the coming months. In our Wealth Management business, while revenues should benefit later in the year from the higher interest rate environment, client risk
appetite may remain subdued. Within the Investment Bank, while our M&A advisory pipeline is up both sequentially and on a year on year basis, and our leveraged finance business remains active, our ability to complete this client business
is dependent on market conditions. Although the risk profile of our business is improving, our revenues will be adversely impacted by the cumulative reduction in our risk appetite in 2021 and by the exit from the majority of our Prime Service
business. With regard to expenses, while variable compensation is expected to be subdued given the market environment, we expect increased cash accruals for compensation due to normalized deferral levels. Furthermore, we expect to see
continued significant remediation spend in Risk, Compliance and Infrastructure. We continue to execute our expense saving programs and our outsourcing of our procurement function should generate significant savings; however, the bulk of the
benefits from this broader program are only expected to be achieved in 2023.
As previously highlighted at our Investor Day on November 4, 2021, the year 2022 will be one of transition for Credit Suisse. The benefits from the strategic capital reallocation towards our core businesses and the
structural cost savings from the reorganization measures that we are currently implementing should largely materialize from 2023 onwards. In this respect, we are focused on disciplined execution of our strategy with a clear focus on
strengthening and simplifying our integrated model and investing in sustainable growth, while placing risk management at the very core of the bank.
|
Wealth Management (WM)
|
||
Adjusted* pre-tax income QoQ in CHF million
|
1Q22
On an adjusted* basis, WM’s pre-tax income fell to CHF 212 mn, down 74% year on year, however up when compared to 4Q21. The reduction in reported pre-tax income reflects certain headwinds, including a loss on the
equity investment in Allfunds Group of CHF 353 mn, litigation provisions of CHF 237 mn, an adverse Russia-related impact of approximately CHF 99 mn, including credit provisions of CHF 40 mn. The year on year decrease in adjusted* pre-tax
income was driven by lower adjusted* net revenues, down 22%, mainly due to lower transaction activity, as well as higher adjusted* operating expenses, up 16%, reflecting the increased cash accruals for compensation due to normalized deferral
levels, technology investments, higher Group-wide risk and compliance costs, and higher relationship manager headcount. In 1Q22, we made progress on laying the foundations for an integrated Wealth Management division by implementing the new
organizational structure to execute on our long-term vision for the division. This included the launch of new strategic capabilities including the Financing & Products group, Investment Solutions and Sustainability as well as Client
Segment Management.
WM had reported net revenues of CHF 1.2 bn, down 44% year on year. The decline in reported net revenues was driven by weaker GTS revenues, lower brokerage and product issuance fees and the CHF 353 mn loss on the
equity investment in Allfunds Group, partially offset by gains on real estate sales of CHF 25 mn. Results also included mark-to-market losses5 in APAC Financing of CHF 34 mn, as well as negative revenues in connection with the SCFF
fee waiver program of CHF 26 mn. Adjusted* net revenues of CHF 1.5 bn, were down 22% driven by lower transaction- and performance-based revenues, down 38%, due to a strong comparable in 1Q21 and lower GTS revenues and lower brokerage and
product issuance fees, including structured product revenues, due to challenging market conditions in 1Q22. We also saw lower net interest income, down 8%, and lower recurring commissions and fees, down 5%, primarily due to lower lending
volumes.
WM had NNA of CHF 4.8 bn for the quarter with inflows mainly in the Swiss ultra-high net worth business and Asia Pacific as well as our external asset manager business. WM recorded AuM of CHF 707 bn in 1Q22, this
compares to CHF 757 bn in 1Q21 and CHF 743 bn in 4Q21, reflecting unfavorable markets movements and structural effects, including certain de-risking measures and CHF 10.4 bn related to sanctions imposed in connection with Russia’s invasion of
Ukraine, partially offset by favorable foreign exchange-related movements and net new assets. Additionally, WM had client business volume of CHF 1.0 trn, down 9% year on year.
|
Investment Bank (IB)
|
||
Adjusted* pre-tax income/loss QoQ in USD million
|
1Q22
On an adjusted* basis the IB posted a pre-tax loss of USD 55 mn, down from pre-tax income of USD 2.4 bn in 1Q21, reflecting lower client activity, the impact of reduced capital usage as we de-risked our franchise,
and Russia-related losses of USD 97 mn in GTS from trading and fair value losses. Reported pre-tax income included real estate gains of USD 57 mn and an Archegos impact of USD 174 mn6. Total reported operating expenses were up 6%
and adjusted* operating expenses increased by 6% year on year primarily driven by increased cash accruals for compensation due to normalized deferral levels and higher Group-wide technology, risk and compliance expenses. The division’s
reported net revenues were USD 2.1 bn for 1Q22, down 51% year on year due to a strong comparable in 1Q21, substantially reduced capital markets revenues, normalized fixed income activity, Russia-related losses as well as reduced capital
usage.
Capital markets revenues decreased 66% year on year, reflecting a significant slowdown in equity capital markets issuances, due to elevated volatility compared to more favorable markets in 1Q21, and a reduced risk
appetite in our leveraged finance business. Despite this decline, we gained share of wallet quarter on quarter7. We saw a reduction in our Advisory revenues, down 14% year on year, due to reduced M&A fees. Revenues in our Fixed
Income Sales & Trading business were down 50% year on year, primarily reflecting more normalized conditions within our Securitized Products business compared to a robust 1Q21, although results were significantly higher than historical
levels. Equity Sales & Trading revenues declined by 47% year on year due to our announced exit8 from prime services, lower equity derivatives trading results, as well as lower Cash trading volumes. GTS revenues declined year on
year compared to a record 1Q21, due to the Russia-related losses as well as our strategy to reduce risk in Emerging Markets. However, we continued to see a resilient performance in Equity Derivatives, even though lower year on year due to a
comparably strong 1Q21, given increased volatility through the quarter.
Risk Weighted Assets declined 21% year on year and leverage exposure declined 18% primarily due to reductions in Prime Services. We have reduced allocated capital by USD 2.5 bn since the end of 2020 and remain on
track to achieve our ambition of more than USD 3 bn capital release by 2022.
|
Swiss Bank (SB)
|
||
Adjusted* pre-tax income QoQ in CHF million
|
1Q22
Swiss Bank had resilient results in 1Q22 despite higher compensation expenses.
SB had an adjusted* pre-tax income of CHF 385 mn, down 8% year on year, mainly due to higher adjusted* operating expenses, up 5%, from increased cash accruals for compensation due to normalized deferral levels,
targeted investments in the business and higher Group-wide technology, risk and compliance costs. Provision for credit losses were up compared to 4Q21, with an impact of CHF 14 mn related to Russia.
SB’s reported net revenues were CHF 1.1 bn, up 8% year on year; these included real estate sale gains of CHF 84 mn in 1Q22. The division’s adjusted* net revenues were stable. Recurring commissions and fees were up
7% year on year mainly driven by higher revenues from our investment in Swisscard and also reflected higher AuM levels. However, these were offset by lower net interest income, down 3%, and lower transaction-based revenues, down 4%, due to
lower investment banking collaboration revenues.
SB had NNA of CHF 6.0 bn entirely driven by our institutional clients business. The division’s AuM as of the end of 1Q22 was CHF 582 bn, up from CHF 571 bn at the end of 1Q21 and compared to CHF 598 bn at the end of
4Q21. SB had client business volume of CHF 871 bn in 1Q22, up 2% year on year. Net loans were down 1% compared to 1Q21, however, they were up 1% compared to 4Q21, driven by our corporate banking and institutional clients businesses.
|
Asset Management (AM)
|
||
Adjusted* pre-tax income QoQ in CHF million
|
1Q22
AM had an adjusted* pre-tax income of CHF 51 mn for 1Q22, down 62% year on year, driven by a combination of lower adjusted* net revenue, down 10%, and, higher adjusted* operating expenses, up 15%. Adjusted*
operating expenses were up primarily due to increased cash accruals for compensation due to normalized deferral levels, expenses related to the SCFF matter and higher Group-wide technology, risk and compliance costs.
AM’s reported net revenues were down 10% year on year at CHF 361 mn while adjusted* net revenues were at CHF 359 mn, down 10%. The decrease in revenues was due to lower performance, transaction and placement
revenues, down 52% year on year, driven by investment-related losses complemented by lower performance and transaction fees, as well as lower recurring management fees, down 3%, due to increased investor bias towards passive products and
continued margin pressure. These declines were partly offset by higher investment and partnership income, up 48%, mainly due to higher investment-related gains.
AM had net asset outflows of CHF 0.6 bn for the quarter, mainly driven by outflows from Fixed Income and Credit, partially offset by inflows into Index Solutions and an emerging markets joint venture. AM had AuM of
CHF 462 bn at the end of 1Q22, down 3% compared to the previous quarter, primarily due to unfavorable market performance, but up 1% year on year.
|
Event
|
Analyst Call
|
Media Call on 1Q22 Results
|
Time
|
08:15 CEST (Zurich)
07:15 BST (London)
02:15 EDT (New York)
|
10:30 CEST (Zurich)
09:30 BST (London)
04:30 EDT (New York)
|
Language
|
English
|
English
|
Access
|
Switzerland +41 44 580 48 67
UK +44 (0) 203 057 6528
USA +1 866 276 8933
Reference:
Credit Suisse Analysts and Investors Call
Conference ID:
8392879
Please dial in 10 minutes before the start
of the call. When dialing in please enter
the Passcode/Conference ID and leave
your first, last name and company name
after the tone. You will be joined
automatically to the conference.
Webcast link here.
|
Switzerland +41 44 580 48 67
UK +44 (0) 203 057 6528
USA +1 866 276 8933
Reference:
Credit Suisse Media Call
Conference ID:
9879055
Please dial in 10 minutes before the start
of the call. When dialing in please enter
the Passcode/Conference ID and leave
your first, last name and company name
after the tone. You will be joined
automatically to the conference.
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 at the webcast link.
|
Replay available at the webcast link.
|
excerpted. The information we post on these social media accounts is not a part of this document.
Information referenced in this document, whether via website links or otherwise, is not incorporated into this document.
Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be
reliable. Credit Suisse has not sought to
|
independently verify information obtained from public and third-party sources and makes no representations or warranties as to
accuracy, completeness, reasonableness or reliability of such information.
In various tables, use of “–” indicates not meaningful or not applicable.
The English language version of this document is the controlling version.
|
* Refers to results excluding certain items included in our reported
results. These are non-GAAP financial measures. For a reconciliation to the most directly comparable US GAAP measures, see the Appendix of this Media Release
2 AUD / USD exchange rate of 0.724 used for purposes of calculating GFG Australian amounts
3 Net credit exposure is net of risk mitigation, specific allowances for credit losses, specific provisions for off-balance sheet credit exposures and valuation adjustments
4 Net credit exposure is net of risk mitigation, of specific allowances for credit
losses, specific provisions for off-balance sheet credit exposures and
valuation adjustments
|
5 1Q22 mark-to-market losses of CHF (34) mn (net of CHF 7 mn of hedges). 1Q21 included mark-to-market losses
of CHF (3) mn (net of CHF 4 mn of hedges)
6 Archegos impact includes revenues of USD 19 mn, release of provisions of credit losses of USD (167) mn and expenses of USD 12 mn
7 Based on Dealogic as of March 31, 2022 (Global)
8 With the exception of Index Access and APAC Delta One
9 Refers to Credit Suisse’s assets managed according to the Credit Suisse Sustainable Investment Framework (Sustainable AuM). This includes only AuM
balances from managed solutions that to date have been mapped to a sustainability rating of 2 and higher, based on the Framework scale (0-5). The increase vs. 1Q21 reflects a combination of further product classifications, onboarding of new
sustainable funds and net sales partially offset by market and FX movements
10 Percentage share of Sustainable AuM versus Total AuM
|
Appendix
|
Appendix
|
Reconciliation of adjustment items | |||||||
Group | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (CHF million) | |||||||
Net revenues | 4,412 | 4,582 | 7,574 | ||||
Real estate (gains)/losses | (164) | (224) | 0 | ||||
(Gains)/losses on business sales | 3 | (13) | 0 | ||||
(Gain)/loss on equity investment in Allfunds Group | 353 | (31) | (144) | ||||
(Gain)/loss on equity investment in SIX Group AG | (5) | 70 | 0 | ||||
Archegos | (17) | 0 | 0 | ||||
Adjusted net revenues | 4,582 | 4,384 | 7,430 | ||||
Provision for credit losses | (110) | (20) | 4,394 | ||||
Archegos | 155 | 5 | (4,430) | ||||
Adjusted provision for credit losses | 45 | (15) | (36) | ||||
Total operating expenses | 4,950 | 6,266 | 3,937 | ||||
Goodwill impairment | – | (1,623) | – | ||||
Restructuring expenses | (46) | (33) | (25) | ||||
Major litigation provisions | (653) | (514) | (4) | ||||
Expenses related to real estate disposals | (3) | (11) | (38) | ||||
Archegos | (11) | (14) | 0 | ||||
Adjusted total operating expenses | 4,237 | 4,071 | 3,870 | ||||
Income/(loss) before taxes | (428) | (1,664) | (757) | ||||
Adjusted income before taxes | 300 | 328 | 3,596 | ||||
Adjusted economic profit | (786) | (842) | 1,726 | ||||
Adjusted return on tangible equity (%) | 4.3 | (1.0) | 34.4 |
Appendix
|
Wealth Management | |||||||||||
in / end of | % change | ||||||||||
1Q22 | 4Q21 | 1Q21 | QoQ | YoY | |||||||
Results (CHF million) | |||||||||||
Net revenues | 1,177 | 1,377 | 2,085 | (15) | (44) | ||||||
Provision for credit losses | 24 | (7) | 13 | – | 85 | ||||||
Total operating expenses | 1,510 | 1,227 | 1,094 | 23 | 38 | ||||||
Income/(loss) before taxes | (357) | 157 | 978 | – | – | ||||||
Metrics | |||||||||||
Economic profit (CHF million) | (448) | (68) | 544 | – | – | ||||||
Cost/income ratio (%) | 128.3 | 89.1 | 52.5 | – | – | ||||||
Assets under management (CHF billion) | 707.0 | 742.6 | 757.0 | (4.8) | (6.6) | ||||||
Net new assets (CHF billion) | 4.8 | (2.9) | 14.5 | – | – | ||||||
Gross margin (annualized) (bp) | 65 | 73 | 114 | – | – | ||||||
Net margin (annualized) (bp) | (20) | 8 | 54 | – | – |
Reconciliation of adjustment items | |||||||
Wealth Management | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (CHF million) | |||||||
Net revenues | 1,177 | 1,377 | 2,085 | ||||
Real estate (gains)/losses | (25) | 1 | (19) | 0 | |||
(Gains)/losses on business sales | 3 | (17) | 0 | ||||
(Gain)/loss on equity investment in Allfunds Group | 353 | (31) | (144) | ||||
(Gain)/loss on equity investment in SIX Group AG | (2) | 35 | 0 | ||||
Adjusted net revenues | 1,506 | 1,345 | 1,941 | ||||
Provision for credit losses | 24 | (7) | 13 | ||||
Total operating expenses | 1,510 | 1,227 | 1,094 | ||||
Restructuring expenses | (10) | (7) | (3) | ||||
Major litigation provisions | (230) | (3) | 11 | ||||
Expenses related to real estate disposals | 0 | (3) | (4) | ||||
Adjusted total operating expenses | 1,270 | 1,214 | 1,098 | ||||
Income/(loss) before taxes | (357) | 157 | 978 | ||||
Adjusted income before taxes | 212 | 138 | 830 | ||||
Adjusted economic profit | (21) | (82) | 433 | ||||
Adjusted return on regulatory capital (%) | 7.1 | 4.5 | 26.3 | ||||
1
Of which CHF 20 million is reflected in other revenues and CHF 5 million is reflected
in transaction- and performance-based revenues.
|
Appendix
|
Investment Bank | |||||||||||
in / end of | % change | ||||||||||
1Q22 | 4Q21 | 1Q21 | QoQ | YoY | |||||||
Results (CHF million) | |||||||||||
Net revenues | 1,938 | 1,666 | 3,884 | 16 | (50) | ||||||
Provision for credit losses | (156) | (7) | 4,365 | – | – | ||||||
Total operating expenses | 1,970 | 3,661 | 1,829 | (46) | 8 | ||||||
Income/(loss) before taxes | 124 | (1,988) | (2,310) | – | – | ||||||
Metrics | |||||||||||
Economic profit (CHF million) | (297) | (1,897) | (2,194) | (84) | (86) | ||||||
Cost/income ratio (%) | 101.7 | 219.7 | 47.1 | – | – |
Results (USD million) | |||||||||||
Net revenues | 2,096 | 1,820 | 4,263 | 15 | (51) | ||||||
Provision for credit losses | (169) | (8) | 4,635 | – | – | ||||||
Total operating expenses | 2,131 | 4,002 | 2,015 | (47) | 6 | ||||||
Income/(loss) before taxes | 134 | (2,174) | (2,387) | – | – |
Net revenue detail | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Net revenue detail (USD million) | |||||||
Fixed income sales and trading | 802 | 504 | 1,616 | ||||
Equity sales and trading | 545 | 403 | 1,030 | ||||
Capital markets | 466 | 585 | 1,361 | ||||
Advisory and other fees | 221 | 331 | 257 | ||||
Other revenues | 62 | (3) | (1) | ||||
Net revenues | 2,096 | 1,820 | 4,263 |
Appendix
|
Reconciliation of adjustment items | |||||||
Investment Bank | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (CHF million) | |||||||
Net revenues | 1,938 | 1,666 | 3,884 | ||||
Real estate (gains)/losses | (53) | 0 | 0 | ||||
Archegos | (17) | 0 | 0 | ||||
Adjusted net revenues | 1,868 | 1,666 | 3,884 | ||||
Provision for credit losses | (156) | (7) | 4,365 | ||||
Archegos | 155 | 5 | (4,430) | ||||
Adjusted provision for credit losses | (1) | (2) | (65) | ||||
Total operating expenses | 1,970 | 3,661 | 1,829 | ||||
Goodwill impairment | 0 | (1,623) | 0 | ||||
Restructuring expenses | (36) | (25) | (17) | ||||
Major litigation provisions | 0 | (149) | 0 | ||||
Expenses related to real estate disposals | (3) | (8) | (33) | ||||
Archegos | (11) | (19) | 0 | ||||
Adjusted total operating expenses | 1,920 | 1,837 | 1,779 | ||||
Income/(loss) before taxes | 124 | (1,988) | (2,310) | ||||
Adjusted income/(loss) before taxes | (51) | (169) | 2,170 | ||||
Adjusted economic profit | (428) | (533) | 1,165 | ||||
Adjusted return on regulatory capital (%) | (1.2) | (3.8) | 42.2 |
Reconciliation of adjustment items | |||||||
Investment Bank | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (USD million) | |||||||
Net revenues | 2,096 | 1,820 | 4,263 | ||||
Real estate (gains)/losses | (57) | 0 | 0 | ||||
Archegos | (19) | 0 | 0 | ||||
Adjusted net revenues | 2,020 | 1,820 | 4,263 | ||||
Provision for credit losses | (169) | (8) | 4,635 | ||||
Archegos | 167 | 5 | (4,707) | ||||
Adjusted provision for credit losses | (2) | (3) | (72) | ||||
Total operating expenses | 2,131 | 4,002 | 2,015 | ||||
Goodwill impairment | – | (1,775) | – | ||||
Restructuring expenses | (39) | (27) | (19) | ||||
Major litigation provisions | 0 | (163) | – | ||||
Expenses related to real estate disposals | (3) | (9) | (35) | ||||
Archegos | (12) | (21) | 0 | ||||
Adjusted total operating expenses | 2,077 | 2,007 | 1,961 | ||||
Income/(loss) before taxes | 134 | (2,174) | (2,387) | ||||
Adjusted income/(loss) before taxes | (55) | (184) | 2,374 | ||||
Adjusted economic profit | (466) | (579) | 1,274 | ||||
Adjusted return on regulatory capital (%) | (1.2) | (3.8) | 42.2 |
Appendix
|
Swiss Bank | |||||||||||
in / end of | % change | ||||||||||
1Q22 | 4Q21 | 1Q21 | QoQ | YoY | |||||||
Results (CHF million) | |||||||||||
Net revenues | 1,109 | 1,209 | 1,031 | (8) | 8 | ||||||
Provision for credit losses | 23 | (4) | 26 | – | (12) | ||||||
Total operating expenses | 615 | 606 | 593 | 1 | 4 | ||||||
Income before taxes | 471 | 607 | 412 | (22) | 14 | ||||||
Metrics | |||||||||||
Economic profit (CHF million) | 154 | 256 | 105 | (40) | 47 | ||||||
Cost/income ratio (%) | 55.5 | 50.1 | 57.5 | – | – | ||||||
Assets under management (CHF billion) | 582.5 | 597.9 | 571.2 | (2.6) | 2.0 | ||||||
Net new assets (CHF billion) | 6.0 | 1.0 | 3.8 | – | – | ||||||
Gross margin (annualized) (bp) | 75 | 82 | 74 | – | – | ||||||
Net margin (annualized) (bp) | 32 | 41 | 29 | – | – |
Reconciliation of adjustment items | |||||||
Swiss Bank | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (CHF million) | |||||||
Net revenues | 1,109 | 1,209 | 1,031 | ||||
Real estate (gains)/losses | (84) | (205) | 0 | ||||
(Gain)/loss on equity investment in SIX Group AG | (3) | 35 | 0 | ||||
Adjusted net revenues | 1,022 | 1,039 | 1,031 | ||||
Provision for credit losses | 23 | (4) | 26 | ||||
Total operating expenses | 615 | 606 | 593 | ||||
Restructuring expenses | (1) | (1) | (7) | ||||
Adjusted total operating expenses | 614 | 605 | 586 | ||||
Income before taxes | 471 | 607 | 412 | ||||
Adjusted income before taxes | 385 | 438 | 419 | ||||
Adjusted economic profit | 90 | 129 | 111 | ||||
Adjusted return on regulatory capital (%) | 11.6 | 13.2 | 12.4 |
Appendix
|
Asset Management | |||||||||||
in / end of | % change | ||||||||||
1Q22 | 4Q21 | 1Q21 | QoQ | YoY | |||||||
Results (CHF million) | |||||||||||
Net revenues | 361 | 399 | 400 | (10) | (10) | ||||||
Provision for credit losses | 0 | (2) | 0 | 100 | – | ||||||
Total operating expenses | 308 | 308 | 269 | 0 | 14 | ||||||
Income before taxes | 53 | 93 | 131 | (43) | (60) | ||||||
Metrics | |||||||||||
Economic profit (CHF million) | 28 | 57 | 84 | (51) | (67) | ||||||
Cost/income ratio (%) | 85.3 | 77.2 | 67.3 | – | – |
Reconciliation of adjustment items | |||||||
Asset Management | |||||||
in | 1Q22 | 4Q21 | 1Q21 | ||||
Results (CHF million) | |||||||
Net revenues | 361 | 399 | 400 | ||||
Real estate (gains)/losses | (2) | 0 | 0 | ||||
Adjusted net revenues | 359 | 399 | 400 | ||||
Provision for credit losses | 0 | (2) | 0 | ||||
Total operating expenses | 308 | 308 | 269 | ||||
Restructuring expenses | 0 | 0 | (1) | ||||
Expenses related to real estate disposals | 0 | 0 | (1) | ||||
Adjusted total operating expenses | 308 | 308 | 267 | ||||
Income before taxes | 53 | 93 | 131 | ||||
Adjusted income before taxes | 51 | 93 | 133 | ||||
Adjusted economic profit | 27 | 57 | 86 | ||||
Adjusted return on regulatory capital (%) | 25.3 | 44.7 | 55.2 |
Appendix
|
1 Year Credit Suisse Chart |
1 Month Credit Suisse Chart |
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