Key metrics | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Credit Suisse (CHF million) | |||||||||||
Net revenues | 5,387 | 4,801 | 5,636 | 12 | (4) | ||||||
Provision for credit losses | 81 | 59 | 48 | 37 | 69 | ||||||
Total operating expenses | 4,244 | 4,147 | 4,534 | 2 | (6) | ||||||
Income before taxes | 1,062 | 595 | 1,054 | 78 | 1 | ||||||
Net income attributable to shareholders | 749 | 259 | 694 | 189 | 8 | ||||||
Cost/income ratio (%) | 78.8 | 86.4 | 80.4 | – | – | ||||||
Effective tax rate (%) | 29.5 | 57.1 | 34.3 | – | – | ||||||
Basic earnings per share (CHF) | 0.29 | 0.10 | 0.27 | 190 | 7 | ||||||
Diluted earnings per share (CHF) | 0.29 | 0.10 | 0.26 | 190 | 12 | ||||||
Return on equity (%) | 6.9 | 2.4 | 6.7 | – | – | ||||||
Return on tangible equity (%) | 7.8 | 2.7 | 7.6 | – | – | ||||||
Assets under management and net new assets (CHF billion) | |||||||||||
Assets under management | 1,431.3 | 1,347.3 | 1,379.9 | 6.2 | 3.7 | ||||||
Net new assets | 35.8 | 0.5 | 25.0 | – | 43.2 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 793,636 | 768,916 | 809,052 | 3 | (2) | ||||||
Net loans | 292,970 | 287,581 | 283,854 | 2 | 3 | ||||||
Total shareholders' equity | 43,825 | 43,922 | 42,540 | 0 | 3 | ||||||
Tangible shareholders' equity | 38,794 | 38,937 | 37,661 | 0 | 3 | ||||||
Basel III regulatory capital and leverage statistics (%) | |||||||||||
CET1 ratio | 12.6 | 12.6 | 12.9 | – | – | ||||||
CET1 leverage ratio | 4.1 | 4.1 | 3.8 | – | – | ||||||
Look-through tier 1 leverage ratio | 5.2 | 5.2 | 5.1 | – | – | ||||||
Share information | |||||||||||
Shares outstanding (million) | 2,507.8 | 2,550.6 | 2,539.6 | (2) | (1) | ||||||
of which common shares issued | 2,556.0 | 2,556.0 | 2,556.0 | 0 | 0 | ||||||
of which treasury shares | (48.2) | (5.4) | (16.4) | – | 194 | ||||||
Book value per share (CHF) | 17.48 | 17.22 | 16.75 | 2 | 4 | ||||||
Tangible book value per share (CHF) | 15.47 | 15.27 | 14.83 | 1 | 4 | ||||||
Market capitalization (CHF million) | 29,663 | 27,605 | 40,871 | 7 | (27) | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 46,200 | 45,680 | 46,370 | 1 | 0 | ||||||
See relevant tables for additional information on these metrics.
|
Market volumes (growth in %) | |||||||||
Global | Europe | ||||||||
end of 1Q19 | QoQ | YoY | QoQ | YoY | |||||
Equity trading volume 1 | (13) | (15) | (14) | (25) | |||||
Announced mergers and acquisitions 2 | 16 | (14) | (14) | (59) | |||||
Completed mergers and acquisitions 2 | (37) | (9) | (41) | 2 | |||||
Equity underwriting 2 | (17) | (42) | (31) | (59) | |||||
Debt underwriting 2 | 64 | (2) | 136 | (11) | |||||
Syndicated lending – investment grade 2 | (25) | 6 | – | – | |||||
1
London Stock Exchange, Borsa Italiana, Deutsche Börse and BME. Global also includes ICE and NASDAQ.
|
|||||||||
2
Dealogic.
|
Results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net interest income | 1,532 | 2,412 | 1,585 | (36) | (3) | ||||||
Commissions and fees | 2,612 | 2,864 | 3,046 | (9) | (14) | ||||||
Trading revenues 1 | 840 | (865) | 578 | – | 45 | ||||||
Other revenues | 403 | 390 | 427 | 3 | (6) | ||||||
Net revenues | 5,387 | 4,801 | 5,636 | 12 | (4) | ||||||
Provision for credit losses | 81 | 59 | 48 | 37 | 69 | ||||||
Compensation and benefits | 2,518 | 2,141 | 2,538 | 18 | (1) | ||||||
General and administrative expenses | 1,413 | 1,569 | 1,508 | (10) | (6) | ||||||
Commission expenses | 313 | 301 | 344 | 4 | (9) | ||||||
Restructuring expenses | – | 136 | 144 | – | – | ||||||
Total other operating expenses | 1,726 | 2,006 | 1,996 | (14) | (14) | ||||||
Total operating expenses | 4,244 | 4,147 | 4,534 | 2 | (6) | ||||||
Income before taxes | 1,062 | 595 | 1,054 | 78 | 1 | ||||||
Income tax expense | 313 | 340 | 362 | (8) | (14) | ||||||
Net income | 749 | 255 | 692 | 194 | 8 | ||||||
Net income/(loss) attributable to noncontrolling interests | 0 | (4) | (2) | 100 | 100 | ||||||
Net income attributable to shareholders | 749 | 259 | 694 | 189 | 8 | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 9.5 | 5.4 | 9.1 | – | – | ||||||
Cost/income ratio | 78.8 | 86.4 | 80.4 | – | – | ||||||
Effective tax rate | 29.5 | 57.1 | 34.3 | – | – | ||||||
Earnings per share (CHF) | |||||||||||
Basic earnings per share | 0.29 | 0.10 | 0.27 | 190 | 7 | ||||||
Diluted earnings per share | 0.29 | 0.10 | 0.26 | 190 | 12 | ||||||
Return on equity (%, annualized) | |||||||||||
Return on equity | 6.9 | 2.4 | 6.7 | – | – | ||||||
Return on tangible equity 2 | 7.8 | 2.7 | 7.6 | – | – | ||||||
Book value per share (CHF) | |||||||||||
Book value per share | 17.48 | 17.22 | 16.75 | 2 | 4 | ||||||
Tangible book value per share 2 | 15.47 | 15.27 | 14.83 | 1 | 4 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 793,636 | 768,916 | 809,052 | 3 | (2) | ||||||
Risk-weighted assets | 290,098 | 284,582 | 271,015 | 2 | 7 | ||||||
Leverage exposure | 901,814 | 881,386 | 932,071 | 2 | (3) | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 46,200 | 45,680 | 46,370 | 1 | 0 | ||||||
1
Represent revenues on a product basis which are not representative of business results within our business segments as segment results utilize financial instruments across various
product types. In 4Q18, we were involved in a tender offer of an issuer with respect to its own common shares that resulted in negative trading revenues, offset by positive net interest income as a result of a related dividend distribution by the same issuer. |
|||||||||||
2
Based on tangible shareholders' equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other tangible assets from total shareholders' equity as presented in our balance sheet. Management believes that these metrics are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
|
Overview of Results | |||||||||||||||||
in / end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Strategic Resolution Unit |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,387 | |||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | – | 81 | |||||||||
Compensation and benefits | 475 | 578 | 388 | 636 | 311 | 130 | – | 2,518 | |||||||||
Total other operating expenses | 325 | 306 | 266 | 543 | 130 | 156 | – | 1,726 | |||||||||
of which general and administrative expenses | 270 | 252 | 209 | 415 | 127 | 140 | – | 1,413 | |||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | – | 4,244 | |||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | – | 1,062 | |||||||||
Return on regulatory capital (%) | 17.1 | 35.4 | 13.5 | 8.9 | (10.6) | – | – | 9.5 | |||||||||
Cost/income ratio (%) | 58.0 | 62.4 | 76.6 | 80.1 | 123.9 | – | – | 78.8 | |||||||||
Total assets | 228,664 | 93,968 | 105,868 | 227,482 | 17,494 | 120,160 | – | 793,636 | |||||||||
Goodwill | 619 | 1,560 | 1,518 | 467 | 643 | 0 | – | 4,807 | |||||||||
Risk-weighted assets | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | 50,053 | – | 290,098 | |||||||||
Leverage exposure | 259,380 | 100,552 | 110,684 | 259,420 | 42,161 | 129,617 | – | 901,814 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,373 | 1,402 | 677 | 965 | 475 | 84 | (175) | 4,801 | |||||||||
Provision for credit losses | 26 | 16 | 8 | 5 | 5 | 0 | (1) | 59 | |||||||||
Compensation and benefits | 452 | 607 | 330 | 518 | 241 | (64) | 57 | 2,141 | |||||||||
Total other operating expenses | 397 | 369 | 302 | 635 | 124 | 113 | 66 | 2,006 | |||||||||
of which general and administrative expenses | 322 | 280 | 213 | 439 | 114 | 107 | 94 | 1,569 | |||||||||
of which restructuring expenses | 21 | 33 | 26 | 80 | 6 | 1 | (31) | 136 | |||||||||
Total operating expenses | 849 | 976 | 632 | 1,153 | 365 | 49 | 123 | 4,147 | |||||||||
Income/(loss) before taxes | 498 | 410 | 37 | (193) | 105 | 35 | (297) | 595 | |||||||||
Return on regulatory capital (%) | 15.7 | 28.9 | 2.7 | (6.2) | 12.4 | – | – | 5.4 | |||||||||
Cost/income ratio (%) | 61.8 | 69.6 | 93.4 | 119.5 | 76.8 | – | – | 86.4 | |||||||||
Total assets | 224,301 | 91,835 | 99,809 | 211,530 | 16,156 | 104,411 | 20,874 | 768,916 | |||||||||
Goodwill | 615 | 1,544 | 1,506 | 463 | 638 | 0 | 0 | 4,766 | |||||||||
Risk-weighted assets | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 29,703 | 17,926 | 284,582 | |||||||||
Leverage exposure | 255,480 | 98,556 | 106,375 | 245,664 | 40,485 | 105,247 | 29,579 | 881,386 | |||||||||
1Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,431 | 1,403 | 991 | 1,546 | 528 | (60) | (203) | 5,636 | |||||||||
Provision for credit losses | 34 | (1) | 10 | 4 | 1 | 0 | 0 | 48 | |||||||||
Compensation and benefits | 487 | 587 | 411 | 617 | 316 | 55 | 65 | 2,538 | |||||||||
Total other operating expenses | 347 | 333 | 336 | 630 | 152 | 57 | 141 | 1,996 | |||||||||
of which general and administrative expenses | 258 | 254 | 259 | 453 | 121 | 37 | 126 | 1,508 | |||||||||
of which restructuring expenses | 28 | 26 | 6 | 42 | 30 | 1 | 11 | 144 | |||||||||
Total operating expenses | 834 | 920 | 747 | 1,247 | 468 | 112 | 206 | 4,534 | |||||||||
Income/(loss) before taxes | 563 | 484 | 234 | 295 | 59 | (172) | (409) | 1,054 | |||||||||
Return on regulatory capital (%) | 17.9 | 35.7 | 16.9 | 8.5 | 8.1 | – | – | 9.1 | |||||||||
Cost/income ratio (%) | 58.3 | 65.6 | 75.4 | 80.7 | 88.6 | – | – | 80.4 | |||||||||
Total assets | 217,179 | 89,313 | 107,851 | 239,432 | 15,380 | 109,734 | 30,163 | 809,052 | |||||||||
Goodwill | 603 | 1,518 | 1,473 | 451 | 622 | 0 | 0 | 4,667 | |||||||||
Risk-weighted assets | 70,558 | 37,580 | 33,647 | 57,990 | 20,866 | 28,135 | 22,239 | 271,015 | |||||||||
Leverage exposure | 246,997 | 93,921 | 115,709 | 282,778 | 38,731 | 110,767 | 43,168 | 932,071 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Strategic Resolution Unit |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,387 | |||||||||
Real estate gains | (30) | 0 | 0 | 0 | 0 | 0 | – | (30) | |||||||||
Net revenues adjusted | 1,349 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,357 | |||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | – | 81 | |||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | – | 4,244 | |||||||||
Major litigation provisions | 0 | 27 | 0 | 0 | 0 | (33) | – | (6) | |||||||||
Expenses related to real estate disposals | (10) | (10) | 0 | (8) | (7) | 0 | – | (35) | |||||||||
Total operating expenses adjusted | 790 | 901 | 654 | 1,171 | 434 | 253 | – | 4,203 | |||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | – | 1,062 | |||||||||
Total adjustments | (20) | (17) | 0 | 8 | 7 | 33 | – | 11 | |||||||||
Adjusted income/(loss) before taxes | 530 | 506 | 183 | 290 | (86) | (350) | – | 1,073 | |||||||||
Adjusted return on regulatory capital (%) | 16.5 | 34.3 | 13.5 | 9.2 | (9.9) | – | – | 9.6 |
4Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,373 | 1,402 | 677 | 965 | 475 | 84 | (175) | 4,801 | |||||||||
Real estate gains | (6) | (2) | 0 | 0 | 0 | (4) | 0 | (12) | |||||||||
(Gains)/losses on business sales | 0 | (24) | 0 | 0 | 0 | 21 | 0 | (3) | |||||||||
Net revenues adjusted | 1,367 | 1,376 | 677 | 965 | 475 | 101 | (175) | 4,786 | |||||||||
Provision for credit losses | 26 | 16 | 8 | 5 | 5 | 0 | (1) | 59 | |||||||||
Total operating expenses | 849 | 976 | 632 | 1,153 | 365 | 49 | 123 | 4,147 | |||||||||
Restructuring expenses | (21) | (33) | (26) | (80) | (6) | (1) | 31 | (136) | |||||||||
Major litigation provisions | (35) | 0 | (1) | 0 | (1) | 0 | (45) | (82) | |||||||||
Expenses related to business sales | 0 | (47) | 0 | 0 | 0 | 0 | (1) | (48) | |||||||||
Total operating expenses adjusted | 793 | 896 | 605 | 1,073 | 358 | 48 | 108 | 3,881 | |||||||||
Income/(loss) before taxes | 498 | 410 | 37 | (193) | 105 | 35 | (297) | 595 | |||||||||
Total adjustments | 50 | 54 | 27 | 80 | 7 | 18 | 15 | 251 | |||||||||
Adjusted income/(loss) before taxes | 548 | 464 | 64 | (113) | 112 | 53 | (282) | 846 | |||||||||
Adjusted return on regulatory capital (%) | 17.2 | 32.7 | 4.7 | (3.7) | 13.3 | – | – | 7.7 |
1Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,431 | 1,403 | 991 | 1,546 | 528 | (60) | (203) | 5,636 | |||||||||
Real estate gains | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | |||||||||
(Gains)/losses on business sales | (37) | (36) | 0 | 0 | 0 | 0 | 0 | (73) | |||||||||
Net revenues adjusted | 1,394 | 1,367 | 991 | 1,546 | 528 | (60) | (204) | 5,562 | |||||||||
Provision for credit losses | 34 | (1) | 10 | 4 | 1 | 0 | 0 | 48 | |||||||||
Total operating expenses | 834 | 920 | 747 | 1,247 | 468 | 112 | 206 | 4,534 | |||||||||
Restructuring expenses | (28) | (26) | (6) | (42) | (30) | (1) | (11) | (144) | |||||||||
Major litigation provisions | 0 | 0 | (48) | 0 | 0 | 0 | (37) | (85) | |||||||||
Total operating expenses adjusted | 806 | 894 | 693 | 1,205 | 438 | 111 | 158 | 4,305 | |||||||||
Income/(loss) before taxes | 563 | 484 | 234 | 295 | 59 | (172) | (409) | 1,054 | |||||||||
Total adjustments | (9) | (10) | 54 | 42 | 30 | 1 | 47 | 155 | |||||||||
Adjusted income/(loss) before taxes | 554 | 474 | 288 | 337 | 89 | (171) | (362) | 1,209 | |||||||||
Adjusted return on regulatory capital (%) | 17.6 | 34.9 | 20.8 | 9.8 | 12.4 | – | – | 10.5 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Results by business activity | |||||||||||||||
1Q19 | |||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Credit Suisse |
|||||||
Related to private banking (CHF million) | |||||||||||||||
Net revenues | 742 | 1,019 | 398 | – | – | – | 2,159 | ||||||||
of which net interest income | 412 | 370 | 146 | – | – | – | 928 | ||||||||
of which recurring | 199 | 295 | 107 | – | – | – | 601 | ||||||||
of which transaction-based | 101 | 354 | 145 | – | – | – | 600 | ||||||||
Provision for credit losses | 11 | 10 | 0 | – | – | – | 21 | ||||||||
Total operating expenses | 458 | 607 | 267 | – | – | – | 1,332 | ||||||||
Income before taxes | 273 | 402 | 131 | – | – | – | 806 | ||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||
Net revenues | 637 | – | – | – | – | – | 637 | ||||||||
of which net interest income | 307 | – | – | – | – | – | 307 | ||||||||
of which recurring | 160 | – | – | – | – | – | 160 | ||||||||
of which transaction-based | 187 | – | – | – | – | – | 187 | ||||||||
Provision for credit losses | 18 | – | – | – | – | – | 18 | ||||||||
Total operating expenses | 342 | – | – | – | – | – | 342 | ||||||||
Income before taxes | 277 | – | – | – | – | – | 277 | ||||||||
Related to investment banking (CHF million) | |||||||||||||||
Net revenues | – | – | 456 | 1,472 | 356 | – | 2,284 | ||||||||
of which fixed income sales and trading | – | – | 91 | 890 | – | – | 981 | ||||||||
of which equity sales and trading | – | – | 198 | 540 | – | – | 738 | ||||||||
of which underwriting and advisory | – | – | 167 | 2 | 141 | 384 | – | 692 | |||||||
Provision for credit losses | – | – | 17 | 11 | 8 | – | 36 | ||||||||
Total operating expenses | – | – | 387 | 1,179 | 441 | – | 2,007 | ||||||||
Income/(loss) before taxes | – | – | 52 | 282 | (93) | – | 241 | ||||||||
Related to asset management (CHF million) | |||||||||||||||
Net revenues | – | 398 | – | – | – | – | 398 | ||||||||
Total operating expenses | – | 277 | – | – | – | – | 277 | ||||||||
Income before taxes | – | 121 | – | – | – | – | 121 | ||||||||
Related to corporate center (CHF million) | |||||||||||||||
Net revenues | – | – | – | – | – | (91) | (91) | ||||||||
Provision for credit losses | – | – | – | – | – | 6 | 6 | ||||||||
Total operating expenses | – | – | – | – | – | 286 | 286 | ||||||||
Income/(loss) before taxes | – | – | – | – | – | (383) | (383) | ||||||||
Total (CHF million) | |||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | 5,387 | ||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | 81 | ||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | 4,244 | ||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | 1,062 | ||||||||
Certain transaction-based revenues in Swiss Universal Bank and certain fixed income and equity sales and trading revenues in Asia Pacific and Global Markets relate to the Group’s global advisory and underwriting business. Refer to “Global advisory and underwriting revenues” in Investment Banking & Capital Markets for further information.
|
|||||||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
|||||||||||||||
2
Reflects certain financing revenues in Asia Pacific that are not included in the Group’s global advisory and underwriting revenues.
|
Employees and other headcount | |||||||
end of | 1Q19 | 4Q18 | 1Q18 | ||||
Employees (full-time equivalents) | |||||||
Swiss Universal Bank | 11,980 | 11,950 | 12,420 | ||||
International Wealth Management | 10,400 | 10,210 | 10,170 | ||||
Asia Pacific | 7,680 | 7,440 | 7,270 | ||||
Global Markets | 11,460 | 11,350 | 11,610 | ||||
Investment Banking & Capital Markets | 3,080 | 3,100 | 3,120 | ||||
Strategic Resolution Unit 1 | – | 1,320 | 1,480 | ||||
Corporate Center 1 | 1,600 | 310 | 300 | ||||
Total employees | 46,200 | 45,680 | 46,370 | ||||
Other headcount | |||||||
Outsourced roles, contractors and consultants 2 | 13,520 | 13,810 | 13,480 | ||||
Total employees and other headcount | 59,720 | 59,490 | 59,850 | ||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group and the related headcount has been transferred to the Corporate Center.
|
|||||||
2
Excludes the headcount of certain managed service resources which are related to fixed fee projects.
|
Divisional results | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Provision for credit losses | 29 | 26 | 34 | 12 | (15) | |||||||
Compensation and benefits | 475 | 452 | 487 | 5 | (2) | |||||||
General and administrative expenses | 270 | 322 | 258 | (16) | 5 | |||||||
Commission expenses | 55 | 54 | 61 | 2 | (10) | |||||||
Restructuring expenses | – | 21 | 28 | – | – | |||||||
Total other operating expenses | 325 | 397 | 347 | (18) | (6) | |||||||
Total operating expenses | 800 | 849 | 834 | (6) | (4) | |||||||
Income before taxes | 550 | 498 | 563 | 10 | (2) | |||||||
Statement of operations metrics (%) | ||||||||||||
Return on regulatory capital | 17.1 | 15.7 | 17.9 | – | – | |||||||
Cost/income ratio | 58.0 | 61.8 | 58.3 | – | – | |||||||
Number of employees and relationship managers | ||||||||||||
Number of employees (full-time equivalents) | 11,980 | 11,950 | 12,420 | 0 | (4) | |||||||
Number of relationship managers | 1,800 | 1,780 | 1,850 | 1 | (3) |
Divisional results (continued) | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Net revenue detail (CHF million) | ||||||||||||
Private Clients | 742 | 740 | 762 | 0 | (3) | |||||||
Corporate & Institutional Clients | 637 | 633 | 669 | 1 | (5) | |||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 719 | 760 | 731 | (5) | (2) | |||||||
Recurring commissions and fees | 359 | 369 | 380 | (3) | (6) | |||||||
Transaction-based revenues | 288 | 248 | 299 | 16 | (4) | |||||||
Other revenues | 13 | (4) | 21 | – | (38) | |||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Provision for credit losses (CHF million) | ||||||||||||
New provisions | 45 | 64 | 47 | (30) | (4) | |||||||
Releases of provisions | (16) | (38) | (13) | (58) | 23 | |||||||
Provision for credit losses | 29 | 26 | 34 | 12 | (15) | |||||||
Balance sheet statistics (CHF million) | ||||||||||||
Total assets | 228,664 | 224,301 | 217,179 | 2 | 5 | |||||||
Net loans | 169,531 | 168,393 | 166,537 | 1 | 2 | |||||||
of which Private Clients | 114,272 | 113,403 | 112,033 | 1 | 2 | |||||||
Risk-weighted assets | 76,757 | 76,475 | 70,558 | 0 | 9 | |||||||
Leverage exposure | 259,380 | 255,480 | 246,997 | 2 | 5 | |||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction-based revenues arise primarily from brokerage fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income. Other revenues include fair value gains/(losses) on synthetic securitized loan portfolios and other gains and losses.
|
Reconciliation of adjusted results | |||||||||||||||||||
Private Clients | Corporate & Institutional Clients | Swiss Universal Bank | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 742 | 740 | 762 | 637 | 633 | 669 | 1,379 | 1,373 | 1,431 | ||||||||||
Real estate gains | (30) | (6) | 0 | 0 | 0 | 0 | (30) | (6) | 0 | ||||||||||
Gains on business sales | 0 | 0 | (19) | 0 | 0 | (18) | 0 | 0 | (37) | ||||||||||
Adjusted net revenues | 712 | 734 | 743 | 637 | 633 | 651 | 1,349 | 1,367 | 1,394 | ||||||||||
Provision for credit losses | 11 | (4) | 10 | 18 | 30 | 24 | 29 | 26 | 34 | ||||||||||
Total operating expenses | 458 | 466 | 487 | 342 | 383 | 347 | 800 | 849 | 834 | ||||||||||
Restructuring expenses | – | (10) | (22) | – | (11) | (6) | – | (21) | (28) | ||||||||||
Major litigation provisions | 0 | 0 | 0 | 0 | (35) | 0 | 0 | (35) | 0 | ||||||||||
Expenses related to real estate disposals | (7) | – | – | (3) | – | – | (10) | – | – | ||||||||||
Adjusted total operating expenses | 451 | 456 | 465 | 339 | 337 | 341 | 790 | 793 | 806 | ||||||||||
Income before taxes | 273 | 278 | 265 | 277 | 220 | 298 | 550 | 498 | 563 | ||||||||||
Total adjustments | (23) | 4 | 3 | 3 | 46 | (12) | (20) | 50 | (9) | ||||||||||
Adjusted income before taxes | 250 | 282 | 268 | 280 | 266 | 286 | 530 | 548 | 554 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 16.5 | 17.2 | 17.6 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results - Private Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 742 | 740 | 762 | 0 | (3) | |||||||
Provision for credit losses | 11 | (4) | 10 | – | 10 | |||||||
Compensation and benefits | 266 | 251 | 277 | 6 | (4) | |||||||
General and administrative expenses | 167 | 180 | 162 | (7) | 3 | |||||||
Commission expenses | 25 | 25 | 26 | 0 | (4) | |||||||
Restructuring expenses | – | 10 | 22 | – | – | |||||||
Total other operating expenses | 192 | 215 | 210 | (11) | (9) | |||||||
Total operating expenses | 458 | 466 | 487 | (2) | (6) | |||||||
Income before taxes | 273 | 278 | 265 | (2) | 3 | |||||||
Statement of operations metrics (%) | ||||||||||||
Cost/income ratio | 61.7 | 63.0 | 63.9 | – | – | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 412 | 440 | 428 | (6) | (4) | |||||||
Recurring commissions and fees | 199 | 209 | 206 | (5) | (3) | |||||||
Transaction-based revenues | 101 | 85 | 109 | 19 | (7) | |||||||
Other revenues | 30 | 6 | 19 | 400 | 58 | |||||||
Net revenues | 742 | 740 | 762 | 0 | (3) | |||||||
Margins on assets under management (annualized) (bp) | ||||||||||||
Gross margin 1 | 143 | 144 | 147 | – | – | |||||||
Net margin 2 | 53 | 54 | 51 | – | – | |||||||
Number of relationship managers | ||||||||||||
Number of relationship managers | 1,280 | 1,260 | 1,310 | 2 | (2) | |||||||
1
Net revenues divided by average assets under management.
|
||||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Assets under management (CHF billion) | ||||||||||||
Assets under management | 210.7 | 198.0 | 206.7 | 6.4 | 1.9 | |||||||
Average assets under management | 207.2 | 205.0 | 207.8 | 1.1 | (0.3) | |||||||
Assets under management by currency (CHF billion) | ||||||||||||
USD | 33.1 | 28.9 | 30.3 | 14.5 | 9.2 | |||||||
EUR | 21.0 | 20.1 | 23.1 | 4.5 | (9.1) | |||||||
CHF | 147.0 | 140.0 | 143.2 | 5.0 | 2.7 | |||||||
Other | 9.6 | 9.0 | 10.1 | 6.7 | (5.0) | |||||||
Assets under management | 210.7 | 198.0 | 206.7 | 6.4 | 1.9 | |||||||
Growth in assets under management (CHF billion) | ||||||||||||
Net new assets | 3.3 | (1.1) | 2.7 | – | – | |||||||
Other effects | 9.4 | (10.2) | (4.3) | – | – | |||||||
of which market movements | 9.4 | (9.7) | (3.6) | – | – | |||||||
of which foreign exchange | 0.4 | 0.2 | (0.4) | – | – | |||||||
of which other | (0.4) | (0.7) | (0.3) | – | – | |||||||
Growth in assets under management | 12.7 | (11.3) | (1.6) | – | – | |||||||
Growth in assets under management (annualized) (%) | ||||||||||||
Net new assets | 6.7 | (2.1) | 5.2 | – | – | |||||||
Other effects | 19.0 | (19.5) | (8.3) | – | – | |||||||
Growth in assets under management (annualized) | 25.7 | (21.6) | (3.1) | – | – | |||||||
Growth in assets under management (rolling four-quarter average) (%) | ||||||||||||
Net new assets | 1.7 | 1.4 | 2.7 | – | – | |||||||
Other effects | 0.2 | (6.3) | 1.6 | – | – | |||||||
Growth in assets under management (rolling four-quarter average) | 1.9 | (4.9) | 4.3 | – | – |
Results – Corporate & Institutional Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 637 | 633 | 669 | 1 | (5) | |||||||
Provision for credit losses | 18 | 30 | 24 | (40) | (25) | |||||||
Compensation and benefits | 209 | 201 | 210 | 4 | 0 | |||||||
General and administrative expenses | 103 | 142 | 96 | (27) | 7 | |||||||
Commission expenses | 30 | 29 | 35 | 3 | (14) | |||||||
Restructuring expenses | – | 11 | 6 | – | – | |||||||
Total other operating expenses | 133 | 182 | 137 | (27) | (3) | |||||||
Total operating expenses | 342 | 383 | 347 | (11) | (1) | |||||||
Income before taxes | 277 | 220 | 298 | 26 | (7) | |||||||
Statement of operations metrics (%) | ||||||||||||
Cost/income ratio | 53.7 | 60.5 | 51.9 | – | – | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 307 | 320 | 303 | (4) | 1 | |||||||
Recurring commissions and fees | 160 | 160 | 174 | 0 | (8) | |||||||
Transaction-based revenues | 187 | 163 | 190 | 15 | (2) | |||||||
Other revenues | (17) | (10) | 2 | 70 | – | |||||||
Net revenues | 637 | 633 | 669 | 1 | (5) | |||||||
Number of relationship managers | ||||||||||||
Number of relationship managers | 520 | 520 | 540 | 0 | (4) |
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Compensation and benefits | 578 | 607 | 587 | (5) | (2) | ||||||
General and administrative expenses | 252 | 280 | 254 | (10) | (1) | ||||||
Commission expenses | 54 | 56 | 53 | (4) | 2 | ||||||
Restructuring expenses | – | 33 | 26 | – | – | ||||||
Total other operating expenses | 306 | 369 | 333 | (17) | (8) | ||||||
Total operating expenses | 884 | 976 | 920 | (9) | (4) | ||||||
Income before taxes | 523 | 410 | 484 | 28 | 8 | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 35.4 | 28.9 | 35.7 | – | – | ||||||
Cost/income ratio | 62.4 | 69.6 | 65.6 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 10,400 | 10,210 | 10,170 | 2 | 2 |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Private Banking | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Asset Management | 398 | 460 | 360 | (13) | 11 | ||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Net revenue detail (CHF million) | |||||||||||
Net interest income | 370 | 404 | 388 | (8) | (5) | ||||||
Recurring commissions and fees | 539 | 562 | 547 | (4) | (1) | ||||||
Transaction- and performance-based revenues | 510 | 439 | 433 | 16 | 18 | ||||||
Other revenues | (2) | (3) | 35 | (33) | – | ||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Provision for credit losses (CHF million) | |||||||||||
New provisions | 12 | 20 | 5 | (40) | 140 | ||||||
Releases of provisions | (2) | (4) | (6) | (50) | (67) | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 93,968 | 91,835 | 89,313 | 2 | 5 | ||||||
Net loans | 53,185 | 51,695 | 51,454 | 3 | 3 | ||||||
of which Private Banking | 53,174 | 51,684 | 51,448 | 3 | 3 | ||||||
Risk-weighted assets | 42,571 | 40,116 | 37,580 | 6 | 13 | ||||||
Leverage exposure | 100,552 | 98,556 | 93,921 | 2 | 7 |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Asset Management | International Wealth Management | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 1,019 | 942 | 1,043 | 398 | 460 | 360 | 1,417 | 1,402 | 1,403 | ||||||||||
Real estate gains | 0 | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | ||||||||||
(Gains)/losses on business sales | 0 | 0 | (37) | 0 | (24) | 1 | 0 | (24) | (36) | ||||||||||
Adjusted net revenues | 1,019 | 940 | 1,006 | 398 | 436 | 361 | 1,417 | 1,376 | 1,367 | ||||||||||
Provision for credit losses | 10 | 16 | (1) | 0 | 0 | 0 | 10 | 16 | (1) | ||||||||||
Total operating expenses | 607 | 628 | 643 | 277 | 348 | 277 | 884 | 976 | 920 | ||||||||||
Restructuring expenses | – | (25) | (18) | – | (8) | (8) | – | (33) | (26) | ||||||||||
Major litigation provisions | 27 | 0 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | ||||||||||
Expenses related to real estate disposals | (8) | – | – | (2) | – | – | (10) | – | – | ||||||||||
Expenses related to business sales | 0 | 0 | 0 | 0 | (47) | 0 | 0 | (47) | 0 | ||||||||||
Adjusted total operating expenses | 626 | 603 | 625 | 275 | 293 | 269 | 901 | 896 | 894 | ||||||||||
Income before taxes | 402 | 298 | 401 | 121 | 112 | 83 | 523 | 410 | 484 | ||||||||||
Total adjustments | (19) | 23 | (19) | 2 | 31 | 9 | (17) | 54 | (10) | ||||||||||
Adjusted income before taxes | 383 | 321 | 382 | 123 | 143 | 92 | 506 | 464 | 474 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 34.3 | 32.7 | 34.9 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Compensation and benefits | 413 | 382 | 411 | 8 | 0 | ||||||
General and administrative expenses | 157 | 184 | 176 | (15) | (11) | ||||||
Commission expenses | 37 | 37 | 38 | 0 | (3) | ||||||
Restructuring expenses | – | 25 | 18 | – | – | ||||||
Total other operating expenses | 194 | 246 | 232 | (21) | (16) | ||||||
Total operating expenses | 607 | 628 | 643 | (3) | (6) | ||||||
Income before taxes | 402 | 298 | 401 | 35 | 0 | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 59.6 | 66.7 | 61.6 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Net interest income | 370 | 404 | 388 | (8) | (5) | ||||||
Recurring commissions and fees | 295 | 305 | 307 | (3) | (4) | ||||||
Transaction- and performance-based revenues | 354 | 229 | 311 | 55 | 14 | ||||||
Other revenues | 0 | 4 | 37 | (100) | (100) | ||||||
Net revenues | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Margins on assets under management (annualized) (bp) | |||||||||||
Gross margin 1 | 113 | 103 | 114 | – | – | ||||||
Net margin 2 | 45 | 33 | 44 | – | – | ||||||
Number of relationship managers | |||||||||||
Number of relationship managers | 1,150 | 1,110 | 1,130 | 4 | 2 | ||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction- and performance-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction- and performance-based income.
|
|||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Assets under management | 356.4 | 357.5 | 369.7 | (0.3) | (3.6) | ||||||
Average assets under management | 360.0 | 365.5 | 366.2 | (1.5) | (1.7) | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 175.9 | 170.3 | 164.5 | 3.3 | 6.9 | ||||||
EUR | 99.8 | 106.7 | 116.0 | (6.5) | (14.0) | ||||||
CHF | 17.8 | 17.5 | 22.4 | 1.7 | (20.5) | ||||||
Other | 62.9 | 63.0 | 66.8 | (0.2) | (5.8) | ||||||
Assets under management | 356.4 | 357.5 | 369.7 | (0.3) | (3.6) | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets | 1.3 | 0.5 | 5.5 | – | – | ||||||
Other effects | (2.4) | (11.4) | (2.7) | – | – | ||||||
of which market movements | 14.3 | (13.7) | (0.7) | – | – | ||||||
of which foreign exchange | 2.3 | 2.1 | (3.1) | – | – | ||||||
of which other | (19.0) | 1 | 0.2 | 1.1 | – | – | |||||
Growth in assets under management | (1.1) | (10.9) | 2.8 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | 1.5 | 0.5 | 6.0 | – | – | ||||||
Other effects | (2.7) | (12.3) | (2.9) | – | – | ||||||
Growth in assets under management (annualized) | (1.2) | (11.8) | 3.1 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 2.7 | 3.9 | 4.9 | – | – | ||||||
Other effects | (6.3) | (6.5) | 5.1 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | (3.6) | (2.6) | 10.0 | – | – | ||||||
1
Mainly reflecting the introduction of an updated assets under management policy. Refer to "Assets under management" for further information.
|
Results – Asset Management | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 398 | 460 | 360 | (13) | 11 | ||||||
Provision for credit losses | 0 | 0 | 0 | – | – | ||||||
Compensation and benefits | 165 | 225 | 176 | (27) | (6) | ||||||
General and administrative expenses | 95 | 96 | 78 | (1) | 22 | ||||||
Commission expenses | 17 | 19 | 15 | (11) | 13 | ||||||
Restructuring expenses | – | 8 | 8 | – | – | ||||||
Total other operating expenses | 112 | 123 | 101 | (9) | 11 | ||||||
Total operating expenses | 277 | 348 | 277 | (20) | 0 | ||||||
Income before taxes | 121 | 112 | 83 | 8 | 46 | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 69.6 | 75.7 | 76.9 | – | – | ||||||
Net revenue detail (CHF million) 1 | |||||||||||
Management fees | 266 | 275 | 260 | (3) | 2 | ||||||
Performance and placement revenues | 30 | 38 | 27 | (21) | 11 | ||||||
Investment and partnership income | 102 | 147 | 73 | (31) | 40 | ||||||
Net revenues | 398 | 460 | 360 | (13) | 11 | ||||||
of which recurring commissions and fees | 244 | 257 | 240 | (5) | 2 | ||||||
of which transaction- and performance-based revenues | 156 | 210 | 122 | (26) | 28 | ||||||
of which other revenues | (2) | (7) | (2) | (71) | 0 | ||||||
Management fees include fees on assets under management, asset administration revenues and transaction fees related to the acquisition and disposal of investments in the funds being managed. Performance revenues relate to the performance or return of the funds being managed and includes investment-related gains and losses from proprietary funds. Placement revenues arise from our third-party private equity fundraising activities and secondary private equity market advisory services. Investment and partnership income includes equity participation income from seed capital returns and from minority investments in third-party asset managers, income from strategic partnerships and distribution agreements, and other revenues.
|
|||||||||||
1
Prior periods have been reclassified to conform to the current presentation.
|
Assets under management – Asset Management | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Traditional investments | 233.0 | 218.9 | 218.4 | 6.4 | 6.7 | ||||||
Alternative investments | 126.8 | 124.6 | 121.6 | 1 | 1.8 | 4.3 | |||||
Investments and partnerships | 44.7 | 45.2 | 51.2 | 1 | (1.1) | (12.7) | |||||
Assets under management | 404.5 | 388.7 | 391.2 | 4.1 | 3.4 | ||||||
Average assets under management | 398.0 | 401.7 | 386.6 | (0.9) | 2.9 | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 112.5 | 107.2 | 102.6 | 4.9 | 9.6 | ||||||
EUR | 49.1 | 49.0 | 50.1 | 0.2 | (2.0) | ||||||
CHF | 195.7 | 184.9 | 181.5 | 5.8 | 7.8 | ||||||
Other | 47.2 | 47.6 | 57.0 | (0.8) | (17.2) | ||||||
Assets under management | 404.5 | 388.7 | 391.2 | 4.1 | 3.4 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets 2 | (0.5) | 0.7 | 9.0 | – | – | ||||||
Other effects | 16.3 | (15.7) | (3.4) | – | – | ||||||
of which market movements | 14.5 | (11.3) | (2.1) | – | – | ||||||
of which foreign exchange | 2.2 | 1.7 | (1.2) | – | – | ||||||
of which other | (0.4) | (6.1) | (0.1) | – | – | ||||||
Growth in assets under management | 15.8 | (15.0) | 5.6 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | (0.5) | 0.7 | 9.3 | – | – | ||||||
Other effects | 16.8 | (15.6) | (3.5) | – | – | ||||||
Growth in assets under management | 16.3 | (14.9) | 5.8 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 3.2 | 5.8 | 3.9 | – | – | ||||||
Other effects | 0.2 | (5.0) | 2.7 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | 3.4 | 0.8 | 6.6 | – | – | ||||||
1
Prior periods have been reclassified to conform to the current presentation.
|
|||||||||||
2
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 854 | 677 | 991 | 26 | (14) | ||||||
Provision for credit losses | 17 | 8 | 10 | 113 | 70 | ||||||
Compensation and benefits | 388 | 330 | 411 | 18 | (6) | ||||||
General and administrative expenses | 209 | 213 | 259 | (2) | (19) | ||||||
Commission expenses | 57 | 63 | 71 | (10) | (20) | ||||||
Restructuring expenses | – | 26 | 6 | – | – | ||||||
Total other operating expenses | 266 | 302 | 336 | (12) | (21) | ||||||
Total operating expenses | 654 | 632 | 747 | 3 | (12) | ||||||
Income before taxes | 183 | 37 | 234 | 395 | (22) | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 13.5 | 2.7 | 16.9 | – | – | ||||||
Cost/income ratio | 76.6 | 93.4 | 75.4 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 7,680 | 7,440 | 7,270 | 3 | 6 |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenues (CHF million) | |||||||||||
Wealth Management & Connected | 565 | 506 | 663 | 12 | (15) | ||||||
Markets | 289 | 171 | 328 | 69 | (12) | ||||||
Net revenues | 854 | 677 | 991 | 26 | (14) | ||||||
Provision for credit losses (CHF million) | |||||||||||
New provisions | 19 | 10 | 11 | 90 | 73 | ||||||
Releases of provisions | (2) | (2) | (1) | 0 | 100 | ||||||
Provision for credit losses | 17 | 8 | 10 | 113 | 70 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 105,868 | 99,809 | 107,851 | 6 | (2) | ||||||
Net loans | 44,826 | 43,713 | 44,940 | 3 | 0 | ||||||
of which Private Banking | 34,412 | 32,877 | 36,680 | 5 | (6) | ||||||
Risk-weighted assets | 37,826 | 37,156 | 33,647 | 2 | 12 | ||||||
Leverage exposure | 110,684 | 106,375 | 115,709 | 4 | (4) |
Reconciliation of adjusted results | |||||||||||||||||||
Wealth Management & Connected | Markets | Asia Pacific | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 565 | 506 | 663 | 289 | 171 | 328 | 854 | 677 | 991 | ||||||||||
Provision for credit losses | 17 | 9 | 9 | 0 | (1) | 1 | 17 | 8 | 10 | ||||||||||
Total operating expenses | 378 | 359 | 449 | 276 | 273 | 298 | 654 | 632 | 747 | ||||||||||
Restructuring expenses | – | (10) | (3) | – | (16) | (3) | – | (26) | (6) | ||||||||||
Major litigation provisions | 0 | (1) | (48) | 0 | 0 | 0 | 0 | (1) | (48) | ||||||||||
Adjusted total operating expenses | 378 | 348 | 398 | 276 | 257 | 295 | 654 | 605 | 693 | ||||||||||
Income/(loss) before taxes | 170 | 138 | 205 | 13 | (101) | 29 | 183 | 37 | 234 | ||||||||||
Total adjustments | 0 | 11 | 51 | 0 | 16 | 3 | 0 | 27 | 54 | ||||||||||
Adjusted income/(loss) before taxes | 170 | 149 | 256 | 13 | (85) | 32 | 183 | 64 | 288 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 13.5 | 4.7 | 20.8 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results - Wealth Management & Connected | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 565 | 506 | 663 | 12 | (15) | ||||||
Provision for credit losses | 17 | 9 | 9 | 89 | 89 | ||||||
Compensation and benefits | 256 | 219 | 270 | 17 | (5) | ||||||
General and administrative expenses | 109 | 112 | 160 | (3) | (32) | ||||||
Commission expenses | 13 | 18 | 16 | (28) | (19) | ||||||
Restructuring expenses | – | 10 | 3 | – | – | ||||||
Total other operating expenses | 122 | 140 | 179 | (13) | (32) | ||||||
Total operating expenses | 378 | 359 | 449 | 5 | (16) | ||||||
Income before taxes | 170 | 138 | 205 | 23 | (17) | ||||||
of which Private Banking | 131 | 97 | 170 | 35 | (23) | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 66.9 | 70.9 | 67.7 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Private Banking | 398 | 358 | 455 | 11 | (13) | ||||||
of which net interest income | 146 | 156 | 159 | (6) | (8) | ||||||
of which recurring commissions and fees | 107 | 93 | 111 | 15 | (4) | ||||||
of which transaction-based revenues | 145 | 108 | 185 | 34 | (22) | ||||||
Advisory, underwriting and financing | 167 | 148 | 208 | 13 | (20) | ||||||
Net revenues | 565 | 506 | 663 | 12 | (15) | ||||||
Private Banking margins on assets under management (annualized) (bp) | |||||||||||
Gross margin 1 | 75 | 70 | 92 | – | – | ||||||
Net margin 2 | 25 | 19 | 34 | – | – | ||||||
Number of relationship managers | |||||||||||
Number of relationship managers | 600 | 580 | 600 | 3 | 0 | ||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income.
|
|||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Assets under management | 219.0 | 201.7 | 199.1 | 8.6 | 10.0 | ||||||
Average assets under management | 212.3 | 206.0 | 197.6 | 3.1 | 7.4 | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 117.8 | 106.4 | 104.4 | 10.7 | 12.8 | ||||||
EUR | 6.1 | 5.8 | 6.7 | 5.2 | (9.0) | ||||||
CHF | 1.8 | 1.8 | 2.0 | 0.0 | (10.0) | ||||||
Other | 93.3 | 87.7 | 86.0 | 6.4 | 8.5 | ||||||
Assets under management | 219.0 | 201.7 | 199.1 | 8.6 | 10.0 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets | 5.0 | 1.2 | 6.2 | – | – | ||||||
Other effects | 12.3 | (7.0) | (3.9) | – | – | ||||||
of which market movements | 11.3 | (9.1) | (1.9) | – | – | ||||||
of which foreign exchange | 2.3 | 2.1 | (3.2) | – | – | ||||||
of which other | (1.3) | 0.0 | 1.2 | – | – | ||||||
Growth in assets under management | 17.3 | (5.8) | 2.3 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | 9.9 | 2.3 | 12.6 | – | – | ||||||
Other effects | 24.4 | (13.5) | (7.9) | – | – | ||||||
Growth in assets under management (annualized) | 34.3 | (11.2) | 4.7 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 8.0 | 8.7 | 10.0 | – | – | ||||||
Other effects | 2.0 | (6.2) | 2.2 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | 10.0 | 2.5 | 12.2 | – | – |
Results - Markets | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 289 | 171 | 328 | 69 | (12) | ||||||
Provision for credit losses | 0 | (1) | 1 | 100 | (100) | ||||||
Compensation and benefits | 132 | 111 | 141 | 19 | (6) | ||||||
General and administrative expenses | 100 | 101 | 99 | (1) | 1 | ||||||
Commission expenses | 44 | 45 | 55 | (2) | (20) | ||||||
Restructuring expenses | – | 16 | 3 | – | – | ||||||
Total other operating expenses | 144 | 162 | 157 | (11) | (8) | ||||||
Total operating expenses | 276 | 273 | 298 | 1 | (7) | ||||||
Income/(loss) before taxes | 13 | (101) | 29 | – | (55) | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 95.5 | 159.6 | 90.9 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Equity sales and trading | 198 | 169 | 243 | 17 | (19) | ||||||
Fixed income sales and trading | 91 | 2 | 85 | – | 7 | ||||||
Net revenues | 289 | 171 | 328 | 69 | (12) |
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,472 | 965 | 1,546 | 53 | (5) | ||||||
Provision for credit losses | 11 | 5 | 4 | 120 | 175 | ||||||
Compensation and benefits | 636 | 518 | 617 | 23 | 3 | ||||||
General and administrative expenses | 415 | 439 | 453 | (5) | (8) | ||||||
Commission expenses | 128 | 116 | 135 | 10 | (5) | ||||||
Restructuring expenses | – | 80 | 42 | – | – | ||||||
Total other operating expenses | 543 | 635 | 630 | (14) | (14) | ||||||
Total operating expenses | 1,179 | 1,153 | 1,247 | 2 | (5) | ||||||
Income/(loss) before taxes | 282 | (193) | 295 | – | (4) | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 8.9 | (6.2) | 8.5 | – | – | ||||||
Cost/income ratio | 80.1 | 119.5 | 80.7 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 11,460 | 11,350 | 11,610 | 1 | (1) |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Fixed income sales and trading | 890 | 473 | 860 | 88 | 3 | ||||||
Equity sales and trading | 540 | 356 | 490 | 52 | 10 | ||||||
Underwriting | 141 | 242 | 288 | (42) | (51) | ||||||
Other 1 | (99) | (106) | (92) | (7) | 8 | ||||||
Net revenues | 1,472 | 965 | 1,546 | 53 | (5) | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 227,482 | 211,530 | 239,432 | 8 | (5) | ||||||
Risk-weighted assets | 58,131 | 59,016 | 57,990 | (1) | 0 | ||||||
Risk-weighted assets (USD) | 58,301 | 59,836 | 60,732 | (3) | (4) | ||||||
Leverage exposure | 259,420 | 245,664 | 282,778 | 6 | (8) | ||||||
Leverage exposure (USD) | 260,181 | 249,076 | 296,149 | 4 | (12) | ||||||
1
Other revenues include treasury funding costs and the impact of collaboration with other divisions, in particular with respect to the International Trading Solution (ITS) franchise.
|
Reconciliation of adjusted results | |||||||
Global Markets | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Adjusted results (CHF million) | |||||||
Net revenues | 1,472 | 965 | 1,546 | ||||
Provision for credit losses | 11 | 5 | 4 | ||||
Total operating expenses | 1,179 | 1,153 | 1,247 | ||||
Restructuring expenses | – | (80) | (42) | ||||
Expenses related to real estate disposals | (8) | – | – | ||||
Adjusted total operating expenses | 1,171 | 1,073 | 1,205 | ||||
Income/(loss) before taxes | 282 | (193) | 295 | ||||
Total adjustments | 8 | 80 | 42 | ||||
Adjusted income/(loss) before taxes | 290 | (113) | 337 | ||||
Adjusted return on regulatory capital (%) | 9.2 | (3.7) | 9.8 | ||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 356 | 475 | 528 | (25) | (33) | ||||||
Provision for credit losses | 8 | 5 | 1 | 60 | – | ||||||
Compensation and benefits | 311 | 241 | 316 | 29 | (2) | ||||||
General and administrative expenses | 127 | 114 | 121 | 11 | 5 | ||||||
Commission expenses | 3 | 4 | 1 | (25) | 200 | ||||||
Restructuring expenses | – | 6 | 30 | – | – | ||||||
Total other operating expenses | 130 | 124 | 152 | 5 | (14) | ||||||
Total operating expenses | 441 | 365 | 468 | 21 | (6) | ||||||
Income/(loss) before taxes | (93) | 105 | 59 | – | – | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | (10.6) | 12.4 | 8.1 | – | – | ||||||
Cost/income ratio | 123.9 | 76.8 | 88.6 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 3,080 | 3,100 | 3,120 | (1) | (1) |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Advisory and other fees | 140 | 276 | 172 | (49) | (19) | ||||||
Debt underwriting | 186 | 183 | 256 | 2 | (27) | ||||||
Equity underwriting | 58 | 15 | 103 | 287 | (44) | ||||||
Other | (28) | 1 | (3) | – | – | ||||||
Net revenues | 356 | 475 | 528 | (25) | (33) | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 17,494 | 16,156 | 15,380 | 8 | 14 | ||||||
Risk-weighted assets | 24,760 | 24,190 | 20,866 | 2 | 19 | ||||||
Risk-weighted assets (USD) | 24,833 | 24,526 | 21,853 | 1 | 14 | ||||||
Leverage exposure | 42,161 | 40,485 | 38,731 | 4 | 9 | ||||||
Leverage exposure (USD) | 42,285 | 41,047 | 40,562 | 3 | 4 |
Reconciliation of adjusted results | |||||||
Investment Banking & Capital Markets | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Adjusted results (CHF million) | |||||||
Net revenues | 356 | 475 | 528 | ||||
Provision for credit losses | 8 | 5 | 1 | ||||
Total operating expenses | 441 | 365 | 468 | ||||
Restructuring expenses | – | (6) | (30) | ||||
Major litigation provisions | 0 | (1) | 0 | ||||
Expenses related to real estate disposals | (7) | – | – | ||||
Adjusted total operating expenses | 434 | 358 | 438 | ||||
Income/(loss) before taxes | (93) | 105 | 59 | ||||
Total adjustments | 7 | 7 | 30 | ||||
Adjusted income/(loss) before taxes | (86) | 112 | 89 | ||||
Adjusted return on regulatory capital (%) | (9.9) | 13.3 | 12.4 | ||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
in | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Global advisory and underwriting revenues (USD million) | |||||||||||
Global advisory and underwriting revenues | 769 | 761 | 1,106 | 1 | (30) | ||||||
of which advisory and other fees | 171 | 308 | 251 | (44) | (32) | ||||||
of which debt underwriting | 460 | 368 | 616 | 25 | (25) | ||||||
of which equity underwriting | 138 | 85 | 239 | 62 | (42) |
Corporate Center results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Treasury results | (118) | 132 | (109) | – | 8 | ||||||
Asset Resolution Unit | (35) | – | – | – | – | ||||||
Other | 62 | (48) | 49 | – | 27 | ||||||
Net revenues | (91) | 84 | (60) | – | 52 | ||||||
Provision for credit losses | 6 | 0 | 0 | – | – | ||||||
Compensation and benefits | 130 | (64) | 55 | – | 136 | ||||||
General and administrative expenses | 140 | 107 | 37 | 31 | 278 | ||||||
Commission expenses | 16 | 5 | 19 | 220 | (16) | ||||||
Restructuring expenses | – | 1 | 1 | – | – | ||||||
Total other operating expenses | 156 | 113 | 57 | 38 | 174 | ||||||
Total operating expenses | 286 | 49 | 112 | 484 | 155 | ||||||
Income/(loss) before taxes | (383) | 35 | (172) | – | 123 | ||||||
of which Asset Resolution Unit | (103) | – | – | – | – | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 120,160 | 104,411 | 109,734 | 15 | 10 | ||||||
Risk-weighted assets | 50,053 | 29,703 | 28,135 | 69 | 78 | ||||||
Leverage exposure | 129,617 | 105,247 | 110,767 | 23 | 17 | ||||||
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Expense allocation to divisions | |||||||||||
in | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Expense allocation to divisions (CHF million) | |||||||||||
Compensation and benefits | 772 | 589 | 703 | 31 | 10 | ||||||
General and administrative expenses | 621 | 639 | 554 | (3) | 12 | ||||||
Commission expenses | 16 | 5 | 19 | 220 | (16) | ||||||
Restructuring expenses | – | 128 | 34 | – | – | ||||||
Total other operating expenses | 637 | 772 | 607 | (17) | 5 | ||||||
Total operating expenses before allocation to divisions | 1,409 | 1,361 | 1,310 | 4 | 8 | ||||||
Net allocation to divisions | 1,123 | 1,312 | 1,198 | (14) | (6) | ||||||
of which Swiss Universal Bank | 254 | 268 | 253 | (5) | 0 | ||||||
of which International Wealth Management | 213 | 221 | 210 | (4) | 1 | ||||||
of which Asia Pacific | 184 | 208 | 197 | (12) | (7) | ||||||
of which Global Markets | 381 | 468 | 399 | (19) | (5) | ||||||
of which Investment Banking & Capital Markets | 91 | 81 | 81 | 12 | 12 | ||||||
of which Strategic Resolution Unit 1 | – | 66 | 58 | – | – | ||||||
Total operating expenses | 286 | 49 | 112 | 484 | 155 | ||||||
Corporate services and business support, including in finance, operations, human resources, legal, compliance, risk management and IT, are provided by corporate functions, and the related costs are allocated to the segments and the Corporate Center based on their requirements and other relevant measures.
|
|||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group.
|
Asset Resolution Unit | |||
in / end of | |||
1Q19 | |||
Statements of operations (CHF million) | |||
Revenues from portfolio assets | 21 | ||
Asset funding costs | (56) | ||
Net revenues | (35) | ||
Provision for credit losses | 6 | ||
Compensation and benefits | 34 | ||
General and administrative expenses | 26 | ||
Commission expenses | 2 | ||
Total other operating expenses | 28 | ||
Total operating expenses | 62 | ||
Income/(loss) before taxes | (103) | ||
Balance sheet statistics (CHF million) | |||
Total assets | 20,880 | ||
Risk-weighted assets (USD) | 11,691 | 1 | |
Leverage exposure (USD) | 29,336 | ||
1
Risk-weighted assets excluding operational risk were USD 6,564 million.
|
Assets under management and client assets | |||||||
end of |
1Q19 |
4Q18 |
% change QoQ |
||||
Assets under management (CHF billion) | |||||||
Swiss Universal Bank - Private Clients | 210.7 | 198.0 | 6.4 | ||||
Swiss Universal Bank - Corporate & Institutional Clients | 395.9 | 348.7 | 13.5 | ||||
International Wealth Management - Private Banking | 356.4 | 357.5 | (0.3) | ||||
International Wealth Management - Asset Management | 404.5 | 388.7 | 4.1 | ||||
Asia Pacific - Private Banking | 219.0 | 201.7 | 8.6 | ||||
Strategic Resolution Unit 1 | – | 0.5 | – | ||||
Assets managed across businesses 2 | (155.2) | (147.8) | 5.0 | ||||
Assets under management | 1,431.3 | 1,347.3 | 6.2 | ||||
of which discretionary assets | 461.1 | 442.9 | 4.1 | ||||
of which advisory assets | 970.2 | 904.4 | 7.3 | ||||
Client assets (CHF billion) 3 | |||||||
Swiss Universal Bank - Private Clients | 247.3 | 231.2 | 7.0 | ||||
Swiss Universal Bank - Corporate & Institutional Clients | 493.5 | 454.5 | 8.6 | ||||
International Wealth Management - Private Banking | 457.9 | 430.5 | 6.4 | ||||
International Wealth Management - Asset Management | 404.5 | 388.7 | 4.1 | ||||
Asia Pacific - Private Banking | 274.1 | 245.4 | 11.7 | ||||
Strategic Resolution Unit 1 | – | 2.4 | – | ||||
Assets managed across businesses 2 | (155.2) | (147.7) | 5.1 | ||||
Client Assets | 1,722.1 | 1,605.0 | 7.3 | ||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.
|
|||||||
2
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
|||||||
3
Client assets is a broader measure than assets under management as it includes transactional accounts and assets under custody (assets held solely for transaction-related or safekeeping/custody purposes) and assets of corporate clients and public institutions used primarily for cash management or transaction-related purposes.
|
Growth in assets under management | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Growth in assets under management (CHF billion) | |||||||
Net new assets | 35.8 | 0.5 | 25.0 | 1 | |||
of which Swiss Universal Bank - Private Clients | 3.3 | (1.1) | 2.7 | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 27.6 | 2.1 | 3.8 | ||||
of which International Wealth Management - Private Banking | 1.3 | 0.5 | 5.5 | ||||
of which International Wealth Management - Asset Management 2 | (0.5) | 0.7 | 9.0 | ||||
of which Asia Pacific - Private Banking | 5.0 | 1.2 | 6.2 | ||||
of which Strategic Resolution Unit 3 | – | (0.1) | (0.1) | ||||
of which assets managed across businesses 4 | (0.9) | (2.8) | (2.1) | 1 | |||
Other effects | 48.2 | (57.9) | (21.2) | 1 | |||
of which Swiss Universal Bank - Private Clients | 9.4 | (10.2) | (4.3) | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 19.6 | (13.6) | (6.5) | ||||
of which International Wealth Management - Private Banking | (2.4) | (11.4) | (2.7) | ||||
of which International Wealth Management - Asset Management | 16.3 | (15.7) | (3.4) | ||||
of which Asia Pacific - Private Banking | 12.3 | (7.0) | (3.9) | ||||
of which Strategic Resolution Unit 3 | (0.5) | (1.8) | (2.3) | ||||
of which assets managed across businesses 4 | (6.5) | 1.8 | 1.9 | 1 | |||
Growth in assets under management | 84.0 | (57.4) | 3.8 | 1 | |||
of which Swiss Universal Bank - Private Clients | 12.7 | (11.3) | (1.6) | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 47.2 | (11.5) | (2.7) | ||||
of which International Wealth Management - Private Banking | (1.1) | (10.9) | 2.8 | ||||
of which International Wealth Management - Asset Management 2 | 15.8 | (15.0) | 5.6 | ||||
of which Asia Pacific - Private Banking | 17.3 | (5.8) | 2.3 | ||||
of which Strategic Resolution Unit 3 | (0.5) | (1.9) | (2.4) | ||||
of which assets managed across businesses 4 | (7.4) | (1.0) | (0.2) | 1 | |||
Growth in assets under management (annualized) (%) | |||||||
Net new assets | 10.6 | 0.1 | 7.3 | ||||
of which Swiss Universal Bank - Private Clients | 6.7 | (2.1) | 5.2 | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 31.7 | 2.3 | 4.3 | ||||
of which International Wealth Management - Private Banking | 1.5 | 0.5 | 6.0 | ||||
of which International Wealth Management - Asset Management 2 | (0.5) | 0.7 | 9.3 | ||||
of which Asia Pacific - Private Banking | 9.9 | 2.3 | 12.6 | ||||
of which Strategic Resolution Unit 3 | – | (16.7) | (8.0) | ||||
of which assets managed across businesses 4 | 2.4 | 7.6 | 5.9 | 1 | |||
Other effects | 14.3 | (16.4) | (6.2) | 1 | |||
of which Swiss Universal Bank - Private Clients | 19.0 | (19.5) | (8.3) | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 22.4 | (15.1) | (7.3) | ||||
of which International Wealth Management - Private Banking | (2.7) | (12.3) | (2.9) | ||||
of which International Wealth Management - Asset Management | 16.8 | (15.6) | (3.5) | ||||
of which Asia Pacific - Private Banking | 24.4 | (13.5) | (7.9) | ||||
of which Strategic Resolution Unit 3 | (400.0) | (300.0) | (184.0) | ||||
of which assets managed across businesses 4 | 17.6 | (4.9) | (5.3) | 1 | |||
Growth in assets under management | 24.9 | (16.3) | 1.1 | 1 | |||
of which Swiss Universal Bank - Private Clients | 25.7 | (21.6) | (3.1) | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 54.1 | (12.8) | (3.0) | ||||
of which International Wealth Management - Private Banking | (1.2) | (11.8) | 3.1 | ||||
of which International Wealth Management - Asset Management 2 | 16.3 | (14.9) | 5.8 | ||||
of which Asia Pacific - Private Banking | 34.3 | (11.2) | 4.7 | ||||
of which Strategic Resolution Unit 3 | (400.0) | (316.7) | (192.0) | ||||
of which assets managed across businesses 4 | 20.0 | 2.7 | 0.6 | 1 | |||
1
Prior period has been corrected.
|
|||||||
2
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||
3
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.
|
|||||||
4
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
Growth in assets under management (continued) | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Growth in net new assets (rolling four-quarter average) (%) | |||||||
Net new assets | 4.9 | 4.1 | 2.9 | 1 | |||
of which Swiss Universal Bank - Private Clients | 1.7 | 1.4 | 2.7 | ||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 9.2 | 2.4 | (2.9) | ||||
of which International Wealth Management - Private Banking | 2.7 | 3.9 | 4.9 | ||||
of which International Wealth Management - Asset Management 2 | 3.2 | 5.8 | 3.9 | ||||
of which Asia Pacific - Private Banking | 8.0 | 8.7 | 10.0 | ||||
of which Strategic Resolution Unit 3 | (7.7) | (6.0) | (20.5) | ||||
of which assets managed across businesses 4 | 5.1 | 5.9 | 2.9 | 1 | |||
1
Prior period has been corrected.
|
|||||||
2
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||
3
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.
|
|||||||
4
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
Liquidity pool – Group | |||||||||||||
End of | 1Q19 | 4Q18 | |||||||||||
Swiss franc |
US dollar |
Euro |
Other currencies |
Total |
Total |
||||||||
Liquid assets (CHF million) | |||||||||||||
Cash held at central banks | 61,135 | 15,254 | 6,889 | 2,737 | 86,015 | 85,494 | |||||||
Securities | 6,219 | 38,599 | 9,112 | 20,791 | 74,721 | 74,360 | |||||||
Liquid assets 1 | 67,354 | 53,853 | 16,001 | 23,528 | 160,736 | 159,854 | |||||||
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||||||
1
Reflects a pre-cancellation view.
|
Liquidity coverage ratio – Group | |||||||
End of | 1Q19 | 4Q18 | |||||
Unweighted value |
1 |
Weighted value |
2 |
Weighted value |
2 | ||
High-quality liquid assets (CHF million) | |||||||
High-quality liquid assets 3 | – | 161,401 | 161,231 | ||||
Cash outflows (CHF million) | |||||||
Retail deposits and deposits from small business customers | 160,529 | 20,775 | 20,765 | ||||
Unsecured wholesale funding | 222,181 | 89,051 | 89,065 | ||||
Secured wholesale funding | – | 53,940 | 54,879 | ||||
Additional requirements | 166,567 | 36,562 | 36,921 | ||||
Other contractual funding obligations | 56,811 | 56,811 | 65,526 | ||||
Other contingent funding obligations | 208,715 | 5,168 | 5,391 | ||||
Total cash outflows | – | 262,307 | 272,547 | ||||
Cash inflows (CHF million) | |||||||
Secured lending | 128,386 | 86,165 | 85,678 | ||||
Inflows from fully performing exposures | 68,058 | 33,006 | 31,785 | ||||
Other cash inflows | 58,631 | 58,631 | 67,273 | ||||
Total cash inflows | 255,075 | 177,802 | 184,736 | ||||
Liquidity coverage ratio | |||||||
High-quality liquid assets (CHF million) | – | 161,401 | 161,231 | ||||
Net cash outflows (CHF million) | – | 84,505 | 87,811 | ||||
Liquidity coverage ratio (%) | – | 191 | 184 | ||||
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||
1
Calculated as outstanding balances maturing or callable within 30 days.
|
|||||||
2
Calculated after the application of haircuts for high-quality liquid assets or inflow and outflow rates.
|
|||||||
3
Consists of cash and eligible securities as prescribed by FINMA and reflects a post-cancellation view.
|
Debt issuances and redemptions | |||||||||
in 1Q19 |
Senior |
Senior bail-in |
Sub- ordinated |
Long-term debt |
|||||
Long-term debt (CHF billion, notional value) | |||||||||
Issuances | 0.2 | 1.4 | 0.3 | 1.9 | |||||
of which unsecured | 0.0 | 1.4 | 0.3 | 1.7 | |||||
of which secured 1 | 0.2 | 0.0 | 0.0 | 0.2 | |||||
Maturities / Redemptions | 2.3 | 0.0 | 0.0 | 2.3 | |||||
of which unsecured | 0.0 | 0.0 | 0.0 | 0.0 | |||||
of which secured 1 | 2.3 | 0.0 | 0.0 | 2.3 | |||||
Excludes structured notes.
|
|||||||||
1
Includes covered bonds.
|
Issuances and redemptions | |||||||||||
Currency |
Amount (million) |
Interest rate (%) |
Description |
Year of maturity |
|||||||
Issuances – callable bail-in instruments | |||||||||||
First quarter of 2019 | USD | 120 | – | Zero coupon accreting senior notes | 2049 | ||||||
USD | 120 | – | Zero coupon accreting senior notes | 2049 | |||||||
USD | 100 | – | Zero coupon accreting senior notes | 2049 | |||||||
USD | 1,050 | floored floating rate | Senior notes | 2024 | |||||||
April 2019 to date | USD | 100 | floored floating rate | Senior notes | 2023 | ||||||
BIS capital metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Capital and risk-weighted assets (CHF million) | |||||||||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Total eligible capital | 50,939 | 50,239 | 1 | 50,569 | 49,548 | 2 | |||||||
Risk-weighted assets | 290,098 | 284,582 | 2 | 290,098 | 284,582 | 2 | |||||||
Capital ratios (%) | |||||||||||||
CET1 ratio | 12.6 | 12.6 | – | 12.6 | 12.6 | – | |||||||
Tier 1 ratio | 16.2 | 16.2 | – | 16.2 | 16.2 | – | |||||||
Total capital ratio | 17.6 | 17.7 | – | 17.4 | 17.4 | – |
Eligible capital – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Eligible capital (CHF million) | |||||||||||||
Total shareholders' equity | 43,825 | 43,922 | 0 | 43,825 | 43,922 | 0 | |||||||
Regulatory adjustments 1 | (566) | (643) | (12) | (566) | (643) | (12) | |||||||
Adjustments phased-in | |||||||||||||
Goodwill 2 | (4,803) | (4,762) | 1 | (4,803) | (4,762) | 1 | |||||||
Other intangible assets 2 | (45) | (47) | (4) | (45) | (47) | (4) | |||||||
Deferred tax assets that rely on future profitability | (1,614) | (1,647) | (2) | (1,614) | (1,647) | (2) | |||||||
Shortfall of provisions to expected losses | (457) | (461) | (1) | (457) | (461) | (1) | |||||||
(Gains)/losses due to changes in own credit on fair-valued liabilities | 2,029 | 804 | 152 | 2,029 | 804 | 152 | |||||||
Defined benefit pension assets 2 | (1,515) | (1,374) | 10 | (1,515) | (1,374) | 10 | |||||||
Investments in own shares | (304) | (32) | – | (304) | (32) | – | |||||||
Other adjustments 3 | 6 | 64 | (91) | 6 | 64 | (91) | |||||||
Adjustments phased-in 4 | (6,703) | (7,455) | (10) | (6,703) | (7,455) | (10) | |||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
High-trigger capital instruments (7% trigger) | 5,752 | 5,615 | 2 | 5,752 | 5,615 | 2 | |||||||
Low-trigger capital instruments (5.125% trigger) | 4,724 | 4,601 | 3 | 4,724 | 4,601 | 3 | |||||||
Additional tier 1 capital | 10,476 | 10,216 | 3 | 10,476 | 10,216 | 3 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Tier 2 low-trigger capital instruments (5% trigger) | 3,537 | 3,508 | 1 | 3,537 | 3,508 | 1 | |||||||
Tier 2 instruments subject to phase-out | 370 | 691 | (46) | – | – | – | |||||||
Tier 2 capital | 3,907 | 4,199 | (7) | 3,537 | 3,508 | 1 | |||||||
Total eligible capital | 50,939 | 50,239 | 1 | 50,569 | 49,548 | 2 | |||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||||||||
2
Net of deferred tax liability.
|
|||||||||||||
3
Includes cash flow hedge reserve.
|
|||||||||||||
4
Reflects 100% phased-in deductions since 2018, including goodwill, other intangible assets and certain deferred tax assets.
|
Capital movement – Group | |||||
1Q19 |
Phase-in |
Look- through |
|||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 35,824 | 35,824 | |||
Net income attributable to shareholders | 749 | 749 | |||
Foreign exchange impact | 122 | 1 | 122 | ||
Methodology changes 2 | 178 | 178 | |||
Repurchase of shares under the share buyback program | (261) | (261) | |||
Other 3 | (56) | (56) | |||
Balance at end of period | 36,556 | 36,556 | |||
Additional tier 1 capital (CHF million) | |||||
Balance at beginning of period | 10,216 | 10,216 | |||
Foreign exchange impact | 102 | 102 | |||
Other | 158 | 4 | 158 | ||
Balance at end of period | 10,476 | 10,476 | |||
Tier 2 capital (CHF million) | |||||
Balance at beginning of period | 4,199 | 3,508 | |||
Foreign exchange impact | 15 | 10 | |||
Other | (307) | 5 | 19 | ||
Balance at end of period | 3,907 | 3,537 | |||
Eligible capital (CHF million) | |||||
Balance at end of period | 50,939 | 50,569 | |||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||||
2
Reflects the impact of a new accounting standard relating to leases.
|
|||||
3
Includes the net effect of share-based compensation and pensions, the impact of a dividend accrual and a change in other regulatory adjustments (e.g., the net regulatory impact of (gains)/losses on fair-valued financial liabilities due to changes in own credit risk).
|
|||||
4
Primarily reflects valuation impacts and Contingent Capital Awards.
|
|||||
5
Primarily reflects the impact of the prescribed amortization requirement as instruments move closer to their maturity date.
|
Risk-weighted asset movement by risk type – Group | |||||||||||||||||
1Q19 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Total |
|||||||
Credit risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 63,280 | 26,604 | 27,102 | 35,380 | 20,498 | 5,834 | 16,201 | 194,899 | |||||||||
Transfers | – | – | – | – | – | (5,834) | 5,834 | – | |||||||||
Foreign exchange impact | 107 | 170 | 273 | 356 | 250 | – | 223 | 1,379 | |||||||||
Movements in risk levels | 110 | 1,024 | 174 | 1,060 | (315) | – | (663) | 1,390 | |||||||||
of which credit risk – book size 2 | 193 | 759 | (267) | 976 | (390) | – | (563) | 708 | |||||||||
of which credit risk – book quality 3 | (83) | 265 | 441 | 84 | 75 | – | (100) | 682 | |||||||||
Model and parameter updates – internal 4 | (5) | 62 | 14 | 44 | (1) | – | (4) | 110 | |||||||||
Model and parameter updates – external 5 | 1,289 | 135 | 134 | 321 | 187 | – | 76 | 2,142 | |||||||||
Methodology and policy changes 6 | 0 | 0 | 0 | 0 | 0 | – | 3,180 | 3,180 | |||||||||
Balance at end of period | 64,781 | 27,995 | 27,697 | 37,161 | 20,619 | – | 24,847 | 203,100 | |||||||||
Market risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 1,315 | 1,669 | 3,507 | 9,158 | 200 | 1,305 | 1,489 | 18,643 | |||||||||
Transfers | – | – | – | – | – | (1,305) | 1,305 | – | |||||||||
Foreign exchange impact | 15 | 19 | 38 | 94 | 2 | – | 30 | 198 | |||||||||
Movements in risk levels | (92) | (500) | (285) | (750) | (65) | – | (133) | (1,825) | |||||||||
Model and parameter updates – internal 4 | (8) | 484 | (313) | (601) | (1) | – | (54) | (493) | |||||||||
Balance at end of period | 1,230 | 1,672 | 2,947 | 7,901 | 136 | – | 2,637 | 16,523 | |||||||||
Operational risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 11,880 | 11,843 | 6,547 | 14,478 | 3,492 | 10,787 | 12,013 | 71,040 | |||||||||
Transfers | – | – | – | – | – | (10,787) | 10,787 | – | |||||||||
Movements in risk levels | 1 | 1 | 0 | (1) | 0 | – | (22) | (21) | |||||||||
Model and parameter updates – internal 4 | (1,135) | 1,060 | 635 | (1,408) | 513 | – | (209) | (544) | |||||||||
Balance at end of period | 10,746 | 12,904 | 7,182 | 13,069 | 4,005 | – | 22,569 | 70,475 | |||||||||
Total (CHF million) | |||||||||||||||||
Balance at beginning of period | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 17,926 | 29,703 | 284,582 | |||||||||
Transfers | – | – | – | – | – | (17,926) | 17,926 | – | |||||||||
Foreign exchange impact | 122 | 189 | 311 | 450 | 252 | – | 253 | 1,577 | |||||||||
Movements in risk levels | 19 | 525 | (111) | 309 | (380) | – | (818) | (456) | |||||||||
Model and parameter updates – internal 4 | (1,148) | 1,606 | 336 | (1,965) | 511 | – | (267) | (927) | |||||||||
Model and parameter updates – external 5 | 1,289 | 135 | 134 | 321 | 187 | – | 76 | 2,142 | |||||||||
Methodology and policy changes 6 | 0 | 0 | 0 | 0 | 0 | – | 3,180 | 3,180 | |||||||||
Balance at end of period | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | – | 50,053 | 290,098 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
|||||||||||||||||
2
Represents changes in portfolio size.
|
|||||||||||||||||
3
Represents changes in average risk weighting across credit risk classes.
|
|||||||||||||||||
4
Represents movements arising from internally driven updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||||
5
Represents movements arising from externally mandated updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||||
6
Represents movements arising from externally mandated regulatory methodology and policy changes to accounting and exposure classification and treatment policies not specific only to Credit Suisse.
|
Risk-weighted assets – Group | |||||||||||||||||
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Group |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Credit risk | 64,781 | 27,995 | 27,697 | 37,161 | 20,619 | – | 24,847 | 203,100 | |||||||||
Market risk | 1,230 | 1,672 | 2,947 | 7,901 | 136 | – | 2,637 | 16,523 | |||||||||
Operational risk | 10,746 | 12,904 | 7,182 | 13,069 | 4,005 | – | 22,569 | 70,475 | |||||||||
Risk-weighted assets | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | – | 50,053 | 290,098 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Credit risk | 63,280 | 26,604 | 27,102 | 35,380 | 20,498 | 5,834 | 16,201 | 194,899 | |||||||||
Market risk | 1,315 | 1,669 | 3,507 | 9,158 | 200 | 1,305 | 1,489 | 18,643 | |||||||||
Operational risk | 11,880 | 11,843 | 6,547 | 14,478 | 3,492 | 10,787 | 12,013 | 71,040 | |||||||||
Risk-weighted assets | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 17,926 | 29,703 | 284,582 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Leverage exposure – Group | |||||
end of | 1Q19 | 4Q18 | |||
Leverage exposure (CHF million) | |||||
Swiss Universal Bank | 259,380 | 255,480 | |||
International Wealth Management | 100,552 | 98,556 | |||
Asia Pacific | 110,684 | 106,375 | |||
Global Markets | 259,420 | 245,664 | |||
Investment Banking & Capital Markets | 42,161 | 40,485 | |||
Strategic Resolution Unit 1 | – | 29,579 | |||
Corporate Center 1 | 129,617 | 105,247 | |||
Leverage exposure | 901,814 | 881,386 | |||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Leverage exposure components – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Leverage exposure (CHF million) | |||||||||||||
Balance sheet assets | 793,636 | 768,916 | 3 | 793,636 | 768,916 | 3 | |||||||
Adjustments | |||||||||||||
Difference in scope of consolidation and tier 1 capital deductions 1 | (13,280) | (12,655) | 5 | (13,280) | (12,655) | 5 | |||||||
Derivative financial instruments | 75,806 | 73,110 | 4 | 75,806 | 73,110 | 4 | |||||||
Securities financing transactions | (40,169) | (32,278) | 24 | (40,169) | (32,278) | 24 | |||||||
Off-balance sheet exposures | 85,821 | 84,293 | 2 | 85,821 | 84,293 | 2 | |||||||
Total adjustments | 108,178 | 112,470 | (4) | 108,178 | 112,470 | (4) | |||||||
Leverage exposure | 901,814 | 881,386 | 2 | 901,814 | 881,386 | 2 | |||||||
1
Includes adjustments for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the scope of regulatory consolidation and tier 1 capital deductions related to balance sheet assets.
|
BIS leverage metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Capital and leverage exposure (CHF million) | |||||||||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Leverage exposure | 901,814 | 881,386 | 2 | 901,814 | 881,386 | 2 | |||||||
Leverage ratios (%) | |||||||||||||
CET1 leverage ratio | 4.1 | 4.1 | – | 4.1 | 4.1 | – | |||||||
Tier 1 leverage ratio | 5.2 | 5.2 | – | 5.2 | 5.2 | – |
Swiss capital metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity (TLAC) | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Swiss risk-weighted assets | 290,729 | 285,193 | 2 | 290,729 | 285,193 | 2 | |||||||
Swiss capital ratios (%) | |||||||||||||
Swiss CET1 ratio | 12.5 | 12.5 | – | 12.5 | 12.5 | – | |||||||
Going concern capital ratio | 17.3 | 17.3 | – | 16.1 | 16.1 | – | |||||||
Gone concern capital ratio | 12.5 | 12.5 | – | 13.6 | 13.3 | – | |||||||
TLAC ratio | 29.9 | 29.8 | – | 29.7 | 29.4 | – |
Swiss capital and risk-weighted assets – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital (CHF million) | |||||||||||||
CET1 capital – BIS | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Swiss regulatory adjustments 1 | (134) | (105) | 28 | (134) | (105) | 28 | |||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Additional tier 1 high-trigger capital instruments | 5,751 | 5,615 | 2 | 5,751 | 5,615 | 2 | |||||||
Grandfathered capital instruments | 8,261 | 8,109 | 2 | 4,724 | 4,601 | 3 | |||||||
of which additional tier 1 low-trigger capital instruments | 4,724 | 4,601 | 3 | 4,724 | 4,601 | 3 | |||||||
of which tier 2 low-trigger capital instruments | 3,537 | 3,508 | 1 | – | – | – | |||||||
Swiss additional tier 1 capital | 14,012 | 13,724 | 2 | 10,475 | 10,216 | 3 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Bail-in debt instruments | 35,435 | 33,892 | 5 | 35,435 | 33,892 | 5 | |||||||
Tier 2 instruments subject to phase-out | 370 | 691 | (46) | – | – | – | |||||||
Tier 2 amortization component | 661 | 1,095 | (40) | 523 | 509 | 3 | |||||||
Tier 2 low-trigger capital instruments | – | – | – | 3,537 | 3,508 | 1 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Risk-weighted assets (CHF million) | |||||||||||||
Risk-weighted assets – BIS | 290,098 | 284,582 | 2 | 290,098 | 284,582 | 2 | |||||||
Swiss regulatory adjustments 2 | 631 | 611 | 3 | 631 | 611 | 3 | |||||||
Swiss risk-weighted assets | 290,729 | 285,193 | 2 | 290,729 | 285,193 | 2 | |||||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital and leverage exposure (CHF million) | |||||||||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Leverage exposure | 901,814 | 881,386 | 2 | 901,814 | 881,386 | 2 | |||||||
Swiss leverage ratios (%) | |||||||||||||
Swiss CET1 leverage ratio | 4.0 | 4.1 | – | 4.0 | 4.1 | – | |||||||
Going concern leverage ratio | 5.6 | 5.6 | – | 5.2 | 5.2 | – | |||||||
Gone concern leverage ratio | 4.0 | 4.0 | – | 4.4 | 4.3 | – | |||||||
TLAC leverage ratio | 9.6 | 9.7 | – | 9.6 | 9.5 | – | |||||||
Rounding differences may occur.
|
BIS capital metrics – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Capital and risk-weighted assets (CHF million) | |||||||
CET1 capital | 40,211 | 38,915 | 3 | ||||
Tier 1 capital | 49,756 | 48,231 | 3 | ||||
Total eligible capital | 53,663 | 52,431 | 2 | ||||
Risk-weighted assets | 291,199 | 286,081 | 2 | ||||
Capital ratios (%) | |||||||
CET1 ratio | 13.8 | 13.6 | – | ||||
Tier 1 ratio | 17.1 | 16.9 | – | ||||
Total capital ratio | 18.4 | 18.3 | – |
Eligible capital and risk-weighted assets – Bank | |||||||
Phase-in | |||||||
end of |
1Q19 |
4Q18 |
% change QoQ |
||||
Eligible capital (CHF million) | |||||||
Total shareholders' equity | 45,570 | 45,296 | 1 | ||||
Regulatory adjustments 1 | (64) | (49) | 31 | ||||
Adjustments phased-in 2 | (5,295) | (6,332) | (16) | ||||
CET1 capital | 40,211 | 38,915 | 3 | ||||
Additional tier 1 instruments | 9,545 | 3 | 9,316 | 2 | |||
Additional tier 1 capital | 9,545 | 9,316 | 2 | ||||
Tier 1 capital | 49,756 | 48,231 | 3 | ||||
Tier 2 low-trigger capital instruments (5% trigger) | 3,537 | 3,508 | 1 | ||||
Tier 2 instruments subject to phase-out | 370 | 692 | (47) | ||||
Tier 2 capital | 3,907 | 4,200 | (7) | ||||
Total eligible capital | 53,663 | 52,431 | 2 | ||||
Risk-weighted assets by risk type (CHF million) | |||||||
Credit risk | 204,201 | 196,398 | 4 | ||||
Market risk | 16,523 | 18,643 | (11) | ||||
Operational risk | 70,475 | 71,040 | (1) | ||||
Risk-weighted assets | 291,199 | 286,081 | 2 | ||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||
2
Reflects 100% phased-in deductions since 2018, including goodwill, other intangible assets and certain deferred tax assets.
|
|||||||
3
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 5.8 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 3.8 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
Leverage exposure components – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Leverage exposure (CHF million) | |||||||
Balance sheet assets | 796,388 | 772,069 | 3 | ||||
Adjustments | |||||||
Difference in scope of consolidation and tier 1 capital deductions 1 | (11,806) | (11,493) | 3 | ||||
Derivative financial instruments | 75,934 | 73,258 | 4 | ||||
Securities financing transactions | (40,169) | (32,278) | 24 | ||||
Off-balance sheet exposures | 85,826 | 84,298 | 2 | ||||
Total adjustments | 109,785 | 113,785 | (4) | ||||
Leverage exposure | 906,173 | 885,854 | 2 | ||||
1
Includes adjustments for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the scope of regulatory consolidation and tier 1 capital deductions related to balance sheet assets.
|
BIS leverage metrics – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Capital and leverage exposure (CHF million) | |||||||
CET1 capital | 40,211 | 38,915 | 3 | ||||
Tier 1 capital | 49,756 | 48,231 | 3 | ||||
Leverage exposure | 906,173 | 885,854 | 2 | ||||
Leverage ratios (%) | |||||||
CET1 leverage ratio | 4.4 | 4.4 | – | ||||
Tier 1 leverage ratio | 5.5 | 5.4 | – |
Swiss capital metrics – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Swiss capital and risk-weighted assets (CHF million) | |||||||
Swiss CET1 capital | 40,077 | 38,810 | 3 | ||||
Going concern capital | 53,159 | 51,634 | 3 | ||||
Gone concern capital | 36,465 | 35,683 | 2 | ||||
Total loss-absorbing capacity | 89,624 | 87,317 | 3 | ||||
Swiss risk-weighted assets | 291,819 | 286,682 | 2 | ||||
Swiss capital ratios (%) | |||||||
Swiss CET1 ratio | 13.7 | 13.5 | – | ||||
Going concern capital ratio | 18.2 | 18.0 | – | ||||
Gone concern capital ratio | 12.5 | 12.4 | – | ||||
TLAC ratio | 30.7 | 30.5 | – |
Swiss capital and risk-weighted assets – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Swiss capital (CHF million) | |||||||
CET1 capital – BIS | 40,211 | 38,915 | 3 | ||||
Swiss regulatory adjustments 1 | (134) | (105) | 28 | ||||
Swiss CET1 capital | 40,077 | 38,810 | 3 | ||||
Additional tier 1 high-trigger capital instruments | 5,753 | 5,624 | 2 | ||||
Grandfathered capital instruments | 7,329 | 7,200 | 2 | ||||
of which additional tier 1 low-trigger capital instruments | 3,792 | 3,692 | 3 | ||||
of which tier 2 low-trigger capital instruments | 3,537 | 3,508 | 1 | ||||
Swiss additional tier 1 capital | 13,082 | 12,824 | 2 | ||||
Going concern capital | 53,159 | 51,634 | 3 | ||||
Bail-in debt instruments | 35,434 | 33,897 | 5 | ||||
Tier 2 instruments subject to phase-out | 370 | 691 | (46) | ||||
Tier 2 amortization component | 661 | 1,095 | (40) | ||||
Gone concern capital | 36,465 | 35,683 | 2 | ||||
Total loss-absorbing capacity | 89,624 | 87,317 | 3 | ||||
Risk-weighted assets (CHF million) | |||||||
Risk-weighted assets – BIS | 291,199 | 286,081 | 2 | ||||
Swiss regulatory adjustments 2 | 620 | 601 | 3 | ||||
Swiss risk-weighted assets | 291,819 | 286,682 | 2 | ||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Bank | |||||||
Phase-in | |||||||
% change | |||||||
end of | 1Q19 | 4Q18 | QoQ | ||||
Swiss capital and leverage exposure (CHF million) | |||||||
Swiss CET1 capital | 40,077 | 38,810 | 3 | ||||
Going concern capital | 53,159 | 51,634 | 3 | ||||
Gone concern capital | 36,465 | 35,683 | 2 | ||||
Total loss-absorbing capacity | 89,624 | 87,317 | 3 | ||||
Leverage exposure | 906,173 | 885,854 | 2 | ||||
Swiss leverage ratios (%) | |||||||
Swiss CET1 leverage ratio | 4.4 | 4.4 | – | ||||
Going concern leverage ratio | 5.9 | 5.8 | – | ||||
Gone concern leverage ratio | 4.0 | 4.0 | – | ||||
TLAC leverage ratio | 9.9 | 9.9 | – |
Shareholders' equity and share metrics | |||||||
end of |
1Q19 |
4Q18 |
% change QoQ |
||||
Shareholders' equity (CHF million) | |||||||
Common shares | 102 | 102 | 0 | ||||
Additional paid-in capital | 35,212 | 34,889 | 1 | ||||
Retained earnings | 27,964 | 26,973 | 4 | ||||
Treasury shares, at cost | (580) | (61) | – | ||||
Accumulated other comprehensive loss | (18,873) | (17,981) | 5 | ||||
Total shareholders' equity | 43,825 | 43,922 | 0 | ||||
Goodwill | (4,807) | (4,766) | 1 | ||||
Other intangible assets | (224) | (219) | 2 | ||||
Tangible shareholders' equity 1 | 38,794 | 38,937 | 0 | ||||
Shares outstanding (million) | |||||||
Common shares issued | 2,556.0 | 2,556.0 | 0 | ||||
Treasury shares | (48.2) | (5.4) | – | ||||
Shares outstanding | 2,507.8 | 2,550.6 | (2) | ||||
Par value (CHF) | |||||||
Par value | 0.04 | 0.04 | 0 | ||||
Book value per share (CHF) | |||||||
Book value per share | 17.48 | 17.22 | 2 | ||||
Goodwill per share | (1.92) | (1.87) | 3 | ||||
Other intangible assets per share | (0.09) | (0.08) | 13 | ||||
Tangible book value per share 1 | 15.47 | 15.27 | 1 | ||||
1
Management believes that tangible shareholders' equity and tangible book value per share, both non-GAAP financial measures, are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
|
in / end of | % change | ||||||
1Q19 | 4Q18 | QoQ | |||||
Available economic capital (CHF million, except where indicated) | |||||||
BIS CET1 capital (Basel III) | 36,556 | 35,824 | 2 | ||||
Economic adjustments 1 | 14,115 | 13,355 | 6 | ||||
Available economic capital | 50,671 | 49,179 | 3 | ||||
Position risk (CHF million) | |||||||
Credit risk | 1,727 | 2,155 | (20) | ||||
Non-traded credit spread risk | 2,843 | 3,463 | (18) | ||||
Securitized products | 2,448 | 1,706 | 43 | ||||
Traded risk | 1,199 | 1,574 | (24) | ||||
Emerging markets country event risk | 595 | 697 | (15) | ||||
Equity investments | 471 | 417 | 13 | ||||
Diversification benefit 2 | (1,265) | (1,195) | 6 | ||||
Position risk (99% confidence level for risk management purposes) | 8,018 | 8,817 | (9) | ||||
Economic risk capital (CHF million) | |||||||
Position risk (99.97% confidence level) | 18,869 | 19,471 | (3) | ||||
Operational risk | 6,700 | 6,702 | 0 | ||||
Other risks 3 | 3,521 | 3,248 | 8 | ||||
Economic risk capital | 29,090 | 29,421 | (1) | ||||
Economic risk capital coverage ratio (%) 4 | 174 | 167 | – | ||||
1
Includes primarily high- and low-trigger capital instruments, adjustments to unrealized gains on owned real estate, reduced recognition of deferred tax assets and adjustments to treatment of pension assets and obligations. Economic adjustments are made to BIS CET1 capital to enable comparison between economic risk capital and available economic capital under the Basel III framework.
|
|||||||
2
Reflects the net difference between the sum of the position risk categories and the position risk on the total portfolio.
|
|||||||
3
Includes owned real estate risk, expense risk, pension risk, foreign exchange risk between available economic capital and economic risk capital, interest rate risk on treasury positions, diversification benefits and the impact from deferred share-based compensation awards.
|
|||||||
4
Ratio of available economic capital to economic risk capital.
|
End of period | Average | ||||||||||||
1Q19 |
4Q18 |
% change QoQ |
1Q19 |
4Q18 |
% change QoQ |
||||||||
CHF million | |||||||||||||
Swiss Universal Bank | 5,305 | 5,562 | (5) | 5,433 | 5,467 | (1) | |||||||
International Wealth Management | 3,220 | 3,128 | 3 | 3,174 | 3,090 | 3 | |||||||
Asia Pacific | 4,874 | 4,499 | 8 | 4,686 | 4,196 | 12 | |||||||
Global Markets | 8,070 | 7,819 | 3 | 7,944 | 7,673 | 4 | |||||||
Investment Banking & Capital Markets | 3,394 | 3,815 | (11) | 3,604 | 3,651 | (1) | |||||||
Strategic Resolution Unit 1 | – | 3,006 | – | – | 3,193 | – | |||||||
Corporate Center 1 | 4,227 | 1,592 | 2 | 166 | 4,414 | 1,666 | 2 | 165 | |||||
Economic risk capital - Group | 29,090 | 29,421 | (1) | 29,255 | 28,936 | 1 | |||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center. 1Q19 average economic risk capital of the Strategic Resolution Unit is included in the Corporate Center.
|
|||||||||||||
2
Included primarily operational risk and expense risk.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
||||||||
Risk management VaR (CHF million) | |||||||||||||||
1Q19 | |||||||||||||||
Average | 15 | 19 | 4 | 2 | 10 | (23) | 27 | ||||||||
Minimum | 12 | 17 | 3 | 1 | 8 | – | 1 | 24 | |||||||
Maximum | 19 | 20 | 6 | 2 | 14 | – | 1 | 31 | |||||||
End of period | 13 | 18 | 4 | 2 | 9 | (22) | 24 | ||||||||
4Q18 | |||||||||||||||
Average | 16 | 18 | 4 | 1 | 13 | (24) | 28 | ||||||||
Minimum | 11 | 17 | 3 | 1 | 9 | – | 1 | 22 | |||||||
Maximum | 23 | 21 | 5 | 2 | 24 | – | 1 | 36 | |||||||
End of period | 16 | 19 | 3 | 1 | 14 | (23) | 30 | ||||||||
Risk management VaR (USD million) | |||||||||||||||
1Q19 | |||||||||||||||
Average | 15 | 19 | 4 | 2 | 10 | (23) | 27 | ||||||||
Minimum | 12 | 17 | 3 | 1 | 8 | – | 1 | 24 | |||||||
Maximum | 19 | 20 | 6 | 2 | 14 | – | 1 | 32 | |||||||
End of period | 13 | 18 | 4 | 2 | 9 | (22) | 24 | ||||||||
4Q18 | |||||||||||||||
Average | 16 | 18 | 4 | 1 | 13 | (24) | 28 | ||||||||
Minimum | 11 | 17 | 3 | 1 | 9 | – | 1 | 22 | |||||||
Maximum | 23 | 22 | 5 | 2 | 24 | – | 1 | 36 | |||||||
End of period | 16 | 19 | 3 | 1 | 14 | (23) | 30 | ||||||||
Excludes risks associated with counterparty and own credit exposures.
|
|||||||||||||||
1
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Diversi- fication benefit |
2 |
Credit Suisse |
||||||
Average risk management VaR (CHF million) | |||||||||||||||||
1Q19 | 0 | 2 | 11 | 22 | – | 3 | (11) | 27 | |||||||||
4Q18 | 0 | 2 | 14 | 23 | 3 | 0 | (14) | 28 | |||||||||
Average risk management VaR (USD million) | |||||||||||||||||
1Q19 | 0 | 2 | 11 | 22 | – | 3 | (11) | 27 | |||||||||
4Q18 | 0 | 2 | 14 | 23 | 3 | 0 | (14) | 28 | |||||||||
Excludes risks associated with counterparty and own credit exposures. Investment Banking & Capital Markets has only banking book positions.
|
|||||||||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center.
|
|||||||||||||||||
2
Difference between the sum of the standalone VaR for each division and the VaR for the Group.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Mortgages | 103,206 | 3,997 | 1,437 | 0 | 0 | – | 61 | 108,701 | |||||||||
Loans collateralized by securities | 7,290 | 19,786 | 14,429 | 0 | 1,589 | – | 32 | 43,126 | |||||||||
Consumer finance | 3,547 | 890 | 6 | 10 | 0 | – | 84 | 4,537 | |||||||||
Consumer | 114,043 | 24,673 | 15,872 | 10 | 1,589 | – | 177 | 156,364 | |||||||||
Real estate | 22,619 | 2,277 | 1,430 | 292 | 230 | – | 17 | 26,865 | |||||||||
Commercial and industrial loans | 30,330 | 24,692 | 23,158 | 5,570 | 3,948 | – | 607 | 88,305 | |||||||||
Financial institutions | 2,276 | 1,561 | 3,661 | 9,835 | 581 | – | 574 | 18,488 | |||||||||
Governments and public institutions | 698 | 243 | 829 | 2,032 | 0 | – | 225 | 4,027 | |||||||||
Corporate & institutional | 55,923 | 2 | 28,773 | 3 | 29,078 | 4 | 17,729 | 4,759 | – | 1,423 | 137,685 | ||||||
Gross loans | 169,966 | 53,446 | 44,950 | 17,739 | 6,348 | – | 1,600 | 294,049 | |||||||||
of which held at fair value | 35 | 75 | 5,311 | 7,878 | 1,362 | – | 644 | 15,305 | |||||||||
Net (unearned income) / deferred expenses | 87 | (117) | (29) | (40) | (14) | – | 0 | (113) | |||||||||
Allowance for loan losses 5 | (522) | (144) | (95) | (67) | (75) | – | (63) | (966) | |||||||||
Net loans | 169,531 | 53,185 | 44,826 | 17,632 | 6,259 | – | 1,537 | 292,970 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Mortgages | 102,358 | 3,979 | 1,435 | 0 | 0 | 73 | 0 | 107,845 | |||||||||
Loans collateralized by securities | 6,978 | 19,416 | 14,161 | 0 | 1,444 | 35 | 0 | 42,034 | |||||||||
Consumer finance | 3,298 | 508 | 3 | 13 | 0 | 83 | 0 | 3,905 | |||||||||
Consumer | 112,634 | 23,903 | 15,599 | 13 | 1,444 | 191 | 0 | 153,784 | |||||||||
Real estate | 22,902 | 2,109 | 1,273 | 184 | 242 | 17 | 0 | 26,727 | |||||||||
Commercial and industrial loans | 30,291 | 24,095 | 21,938 | 5,182 | 3,567 | 458 | 167 | 85,698 | |||||||||
Financial institutions | 2,294 | 1,592 | 4,175 | 9,080 | 632 | 521 | 200 | 18,494 | |||||||||
Governments and public institutions | 694 | 245 | 843 | 1,876 | 0 | 235 | 0 | 3,893 | |||||||||
Corporate & institutional | 56,181 | 2 | 28,041 | 3 | 28,229 | 4 | 16,322 | 4,441 | 1,231 | 367 | 134,812 | ||||||
Gross loans | 168,815 | 51,944 | 43,828 | 16,335 | 5,885 | 1,422 | 367 | 288,596 | |||||||||
of which held at fair value | 37 | 85 | 5,263 | 7,572 | 1,221 | 695 | 0 | 14,873 | |||||||||
Net (unearned income) / deferred expenses | 82 | (118) | (33) | (32) | (11) | (1) | 0 | (113) | |||||||||
Allowance for loan losses 5 | (504) | (131) | (82) | (60) | (69) | (56) | 0 | (902) | |||||||||
Net loans | 168,393 | 51,695 | 43,713 | 16,243 | 5,805 | 1,365 | 367 | 287,581 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center.
|
|||||||||||||||||
2
The values of financial collateral and mortgages related to secured loans, considered up to the amount of the related loans, were CHF 10,346 million and CHF 33,490 million, respectively, as of the end of 1Q19, and CHF 10,834 million and CHF 33,533 million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
3
The values of financial collateral and mortgages related to secured loans, considered up to the amount of the related loans, were CHF 22,725 million and CHF 2,326 million, respectively, as of the end of 1Q19, and CHF 22,040 million and CHF 2,151 million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
4
The values of financial collateral and mortgages related to secured loans, considered up to the amount of the related loans, were CHF 18,309 million and CHF 189 million, respectively, as of the end of 1Q19, and CHF 17,220 million and CHF 183 million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
5
Allowance for loan losses is only based on loans that are not carried at fair value.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Non-performing loans | 362 | 556 | 195 | 29 | 37 | – | 53 | 1,232 | |||||||||
Non-interest-earning loans | 269 | 43 | 0 | 0 | 0 | – | 12 | 324 | |||||||||
Non-performing and non-interest-earning loans | 631 | 599 | 195 | 29 | 37 | – | 65 | 1,556 | |||||||||
Restructured loans | 55 | 135 | 0 | 4 | 5 | – | 83 | 282 | |||||||||
Potential problem loans | 111 | 180 | 6 | 9 | 0 | – | 4 | 310 | |||||||||
Other impaired loans | 166 | 315 | 6 | 13 | 5 | – | 87 | 592 | |||||||||
Gross impaired loans 2 | 797 | 914 | 3 | 201 | 42 | 42 | – | 152 | 2,148 | ||||||||
of which loans with a specific allowance | 729 | 420 | 190 | 38 | 37 | – | 147 | 1,561 | |||||||||
of which loans without a specific allowance | 68 | 494 | 11 | 4 | 5 | – | 5 | 587 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Non-performing loans | 365 | 534 | 183 | 29 | 37 | 55 | 0 | 1,203 | |||||||||
Non-interest-earning loans | 245 | 43 | 0 | 0 | 0 | 12 | 0 | 300 | |||||||||
Non-performing and non-interest-earning loans | 610 | 577 | 183 | 29 | 37 | 67 | 0 | 1,503 | |||||||||
Restructured loans | 76 | 130 | 0 | 5 | 8 | 80 | 0 | 299 | |||||||||
Potential problem loans | 247 | 128 | 2 | 9 | 0 | 4 | 0 | 390 | |||||||||
Other impaired loans | 323 | 258 | 2 | 14 | 8 | 84 | 0 | 689 | |||||||||
Gross impaired loans 2 | 933 | 835 | 3 | 185 | 43 | 45 | 151 | 0 | 2,192 | ||||||||
of which loans with a specific allowance | 842 | 308 | 100 | 38 | 37 | 145 | 0 | 1,470 | |||||||||
of which loans without a specific allowance | 91 | 527 | 85 | 5 | 8 | 6 | 0 | 722 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center.
|
|||||||||||||||||
2
Impaired loans are only based on loans that are not carried at fair value.
|
|||||||||||||||||
3
Includes gross impaired loans of CHF 60 million and CHF 62 million as of the end of 1Q19 and 4Q18, respectively, which are mostly secured by guarantees provided by investment-grade export credit agencies.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Balance at beginning of period 2 | 504 | 131 | 82 | 60 | 69 | 56 | 0 | 902 | |||||||||
of which individually evaluated for impairment | 358 | 91 | 47 | 27 | 30 | 55 | 0 | 608 | |||||||||
of which collectively evaluated for impairment | 146 | 40 | 35 | 33 | 39 | 1 | 0 | 294 | |||||||||
Transfers and reclassifications | 0 | 0 | 0 | 0 | 0 | (56) | 56 | 0 | |||||||||
Net movements recognized in statements of operations | 31 | 10 | 18 | 5 | 5 | – | 6 | 75 | |||||||||
Gross write-offs | (17) | (2) | (10) | 0 | 0 | – | 0 | (29) | |||||||||
Recoveries | 1 | 0 | 0 | 1 | 1 | – | 0 | 3 | |||||||||
Net write-offs | (16) | (2) | (10) | 1 | 1 | – | 0 | (26) | |||||||||
Provisions for interest | 2 | 4 | 4 | 0 | 0 | – | 1 | 11 | |||||||||
Foreign currency translation impact and other adjustments, net | 1 | 1 | 1 | 1 | 0 | – | 0 | 4 | |||||||||
Balance at end of period 2 | 522 | 144 | 95 | 67 | 75 | – | 63 | 966 | |||||||||
of which individually evaluated for impairment | 373 | 100 | 54 | 29 | 31 | – | 62 | 649 | |||||||||
of which collectively evaluated for impairment | 149 | 44 | 41 | 38 | 44 | – | 1 | 317 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center.
|
|||||||||||||||||
2
Allowance for loan losses is only based on loans that are not carried at fair value.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
1Q19 (%) | |||||||||||||||||
Non-performing and non-interest-earning loans / Gross loans | 0.4 | 1.1 | 0.5 | 0.3 | 0.7 | – | 6.8 | 0.6 | |||||||||
Gross impaired loans / Gross loans | 0.5 | 1.7 | 0.5 | 0.4 | 0.8 | – | 15.9 | 0.8 | |||||||||
Allowance for loan losses / Gross loans | 0.3 | 0.3 | 0.2 | 0.7 | 1.5 | – | 6.6 | 0.3 | |||||||||
Specific allowance for loan losses / Gross impaired loans | 46.8 | 10.9 | 26.9 | 69.0 | 73.8 | – | 40.8 | 30.2 | |||||||||
4Q18 (%) | |||||||||||||||||
Non-performing and non-interest-earning loans / Gross loans | 0.4 | 1.1 | 0.5 | 0.3 | 0.8 | 9.2 | 0.0 | 0.5 | |||||||||
Gross impaired loans / Gross loans | 0.6 | 1.6 | 0.5 | 0.5 | 1.0 | 20.8 | 0.0 | 0.8 | |||||||||
Allowance for loan losses / Gross loans | 0.3 | 0.3 | 0.2 | 0.7 | 1.5 | 7.7 | 0.0 | 0.3 | |||||||||
Specific allowance for loan losses / Gross impaired loans | 38.4 | 10.9 | 25.4 | 62.8 | 66.7 | 36.4 | – | 27.7 | |||||||||
Gross loans and gross impaired loans exclude loans carried at fair value and the allowance for loan losses is only based on loans that are not carried at fair value.
|
|||||||||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit within the Corporate Center.
|
end of |
1Q19 |
4Q18 |
% change QoQ |
||||
Assets (CHF million) | |||||||
Cash and due from banks | 94,762 | 100,047 | (5) | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 116,151 | 117,095 | (1) | ||||
Trading assets | 144,922 | 133,635 | 8 | ||||
Net loans | 292,970 | 287,581 | 2 | ||||
Brokerage receivables | 42,309 | 38,907 | 9 | ||||
All other assets | 102,522 | 91,651 | 12 | ||||
Total assets | 793,636 | 768,916 | 3 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 18,780 | 15,220 | 23 | ||||
Customer deposits | 367,147 | 363,925 | 1 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,617 | 24,623 | (16) | ||||
Trading liabilities | 39,536 | 42,169 | (6) | ||||
Long-term debt | 160,261 | 154,308 | 4 | ||||
Brokerage payables | 37,942 | 30,923 | 23 | ||||
All other liabilities | 105,422 | 93,729 | 12 | ||||
Total liabilities | 749,705 | 724,897 | 3 | ||||
Total shareholders' equity | 43,825 | 43,922 | 0 | ||||
Noncontrolling interests | 106 | 97 | 9 | ||||
Total equity | 43,931 | 44,019 | 0 | ||||
Total liabilities and equity | 793,636 | 768,916 | 3 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Consolidated statements of operations (CHF million) | |||||||
Interest and dividend income | 4,818 | 5,514 | 4,451 | ||||
Interest expense | (3,286) | (3,102) | (2,866) | ||||
Net interest income | 1,532 | 2,412 | 1,585 | ||||
Commissions and fees | 2,612 | 2,864 | 3,046 | ||||
Trading revenues | 840 | (865) | 578 | ||||
Other revenues | 403 | 390 | 427 | ||||
Net revenues | 5,387 | 4,801 | 5,636 | ||||
Provision for credit losses | 81 | 59 | 48 | ||||
Compensation and benefits | 2,518 | 2,141 | 2,538 | ||||
General and administrative expenses | 1,413 | 1,569 | 1,508 | ||||
Commission expenses | 313 | 301 | 344 | ||||
Restructuring expenses | – | 136 | 144 | ||||
Total other operating expenses | 1,726 | 2,006 | 1,996 | ||||
Total operating expenses | 4,244 | 4,147 | 4,534 | ||||
Income before taxes | 1,062 | 595 | 1,054 | ||||
Income tax expense | 313 | 340 | 362 | ||||
Net income | 749 | 255 | 692 | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | (4) | (2) | ||||
Net income attributable to shareholders | 749 | 259 | 694 | ||||
Earnings/(loss) per share (CHF) | |||||||
Basic earnings per share | 0.29 | 0.10 | 0.27 | ||||
Diluted earnings per share | 0.29 | 0.10 | 0.26 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Comprehensive income/(loss) (CHF million) | |||||||
Net income | 749 | 255 | 692 | ||||
Gains/(losses) on cash flow hedges | 46 | 30 | (33) | ||||
Foreign currency translation | 199 | 125 | (502) | ||||
Unrealized gains/(losses) on securities | 14 | 1 | (6) | ||||
Actuarial gains/(losses) | 60 | (602) | 80 | ||||
Net prior service credit/(cost) | (24) | (50) | (31) | ||||
Gains/(losses) on liabilities related to credit risk | (1,121) | 1,327 | 391 | ||||
Other comprehensive income/(loss), net of tax | (826) | 831 | (101) | ||||
Comprehensive income/(loss) | (77) | 1,086 | 591 | ||||
Comprehensive income/(loss) attributable to noncontrolling interests | 2 | 0 | (11) | ||||
Comprehensive income/(loss) attributable to shareholders | (79) | 1,086 | 602 |
end of | 1Q19 | 4Q18 | |||
Assets (CHF million) | |||||
Cash and due from banks | 94,762 | 100,047 | |||
of which reported at fair value | 71 | 115 | |||
of which reported from consolidated VIEs | 173 | 173 | |||
Interest-bearing deposits with banks | 963 | 1,142 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 116,151 | 117,095 | |||
of which reported at fair value | 81,730 | 81,818 | |||
Securities received as collateral, at fair value | 49,472 | 41,696 | |||
of which encumbered | 30,454 | 25,711 | |||
Trading assets, at fair value | 144,922 | 133,635 | |||
of which encumbered | 40,212 | 32,452 | |||
of which reported from consolidated VIEs | 3,143 | 3,048 | |||
Investment securities | 1,716 | 1,479 | |||
of which reported at fair value | 1,716 | 1,479 | |||
Other investments | 4,839 | 4,890 | |||
of which reported at fair value | 2,364 | 2,434 | |||
of which reported from consolidated VIEs | 1,525 | 1,505 | |||
Net loans | 292,970 | 287,581 | |||
of which reported at fair value | 15,305 | 14,873 | |||
of which encumbered | 252 | 230 | |||
of which reported from consolidated VIEs | 396 | 387 | |||
allowance for loan losses | (966) | (902) | |||
Goodwill | 4,807 | 4,766 | |||
Other intangible assets | 224 | 219 | |||
of which reported at fair value | 168 | 163 | |||
Brokerage receivables | 42,309 | 38,907 | |||
Other assets | 40,501 | 37,459 | |||
of which reported at fair value | 9,001 | 7,263 | |||
of which encumbered | 276 | 279 | |||
of which reported from consolidated VIEs | 2,047 | 2,049 | |||
Total assets | 793,636 | 768,916 |
end of | 1Q19 | 4Q18 | |||
Liabilities and equity (CHF million) | |||||
Due to banks | 18,780 | 15,220 | |||
of which reported at fair value | 248 | 406 | |||
Customer deposits | 367,147 | 363,925 | |||
of which reported at fair value | 3,003 | 3,292 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,617 | 24,623 | |||
of which reported at fair value | 9,745 | 14,828 | |||
Obligation to return securities received as collateral, at fair value | 49,472 | 41,696 | |||
Trading liabilities, at fair value | 39,536 | 42,169 | |||
of which reported from consolidated VIEs | 4 | 3 | |||
Short-term borrowings | 26,557 | 21,926 | |||
of which reported at fair value | 9,514 | 8,068 | |||
of which reported from consolidated VIEs | 5,138 | 5,465 | |||
Long-term debt | 160,261 | 154,308 | |||
of which reported at fair value | 69,411 | 63,935 | |||
of which reported from consolidated VIEs | 2,116 | 1,764 | |||
Brokerage payables | 37,942 | 30,923 | |||
Other liabilities | 29,393 | 30,107 | |||
of which reported at fair value | 7,690 | 9,001 | |||
of which reported from consolidated VIEs | 298 | 277 | |||
Total liabilities | 749,705 | 724,897 | |||
Common shares | 102 | 102 | |||
Additional paid-in capital | 35,212 | 34,889 | |||
Retained earnings | 27,964 | 26,973 | |||
Treasury shares, at cost | (580) | (61) | |||
Accumulated other comprehensive income/(loss) | (18,873) | (17,981) | |||
Total shareholders' equity | 43,825 | 43,922 | |||
Noncontrolling interests | 106 | 97 | |||
Total equity | 43,931 | 44,019 | |||
Total liabilities and equity | 793,636 | 768,916 |
end of | 1Q19 | 4Q18 | |||
Additional share information | |||||
Par value (CHF) | 0.04 | 0.04 | |||
Authorized shares 1 | 3,271,129,950 | 3,271,129,950 | |||
Common shares issued | 2,556,011,720 | 2,556,011,720 | |||
Treasury shares | (48,217,358) | (5,427,691) | |||
Shares outstanding | 2,507,794,362 | 2,550,584,029 | |||
1
Includes issued shares and unissued shares (conditional, conversion and authorized capital).
|
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
1Q19 (CHF million) | |||||||||||||||||
Balance at beginning of period | 102 | 34,889 | 26,973 | (61) | (17,981) | 43,922 | 97 | 44,019 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (3) | (3) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 11 | 11 | |||||||||
Net income/(loss) | – | – | 749 | – | – | 749 | – | 749 | |||||||||
Cumulative effect of accounting changes, net of tax | – | – | 242 | – | (64) | 178 | – | 178 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (828) | (828) | 2 | (826) | |||||||||
Sale of treasury shares | – | 7 | – | 2,827 | – | 2,834 | – | 2,834 | |||||||||
Repurchase of treasury shares | – | – | – | (3,367) | – | (3,367) | – | (3,367) | |||||||||
Share-based compensation, net of tax | – | 253 | – | 21 | – | 274 | – | 274 | |||||||||
Financial instruments indexed to own shares 3 | – | 63 | – | – | – | 63 | – | 63 | |||||||||
Dividends paid | – | – | – | – | – | – | (1) | (1) | |||||||||
Balance at end of period | 102 | 35,212 | 27,964 | (580) | (18,873) | 43,825 | 106 | 43,931 | |||||||||
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
|
|||||||||||||||||
2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
|
|||||||||||||||||
3
Includes certain call options the Group purchased on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
4Q18 (CHF million) | |||||||||||||||||
Balance at beginning of period | 102 | 34,785 | 26,714 | (59) | (18,808) | 42,734 | 200 | 42,934 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – | (6) | (6) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – | 2 | 2 | |||||||||
Net income/(loss) | – | – | 259 | – | – | 259 | (4) | 255 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 827 | 827 | 4 | 831 | |||||||||
Sale of treasury shares | – | (15) | – | 2,530 | – | 2,515 | – | 2,515 | |||||||||
Repurchase of treasury shares | – | – | – | (2,563) | – | (2,563) | – | (2,563) | |||||||||
Share-based compensation, net of tax | – | 170 | – | 31 | – | 201 | – | 201 | |||||||||
Financial instruments indexed to own shares | – | (51) | – | – | – | (51) | – | (51) | |||||||||
Dividends paid | – | – | – | – | – | – | (1) | (1) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (98) | (98) | |||||||||
Balance at end of period | 102 | 34,889 | 26,973 | (61) | (17,981) | 43,922 | 97 | 44,019 | |||||||||
1Q18 (CHF million) | |||||||||||||||||
Balance at beginning of period | 102 | 35,668 | 24,973 | (103) | (18,738) | 41,902 | 287 | 42,189 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – | (21) | (21) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – | 9 | 9 | |||||||||
Net income/(loss) | – | – | 694 | – | – | 694 | (2) | 692 | |||||||||
Cumulative effect of accounting changes, net of tax | – | – | (24) | – | (21) | (45) | – | (45) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (92) | (92) | (9) | (101) | |||||||||
Sale of treasury shares | – | (10) | – | 3,443 | – | 3,433 | – | 3,433 | |||||||||
Repurchase of treasury shares | – | – | – | (3,655) | – | (3,655) | – | (3,655) | |||||||||
Share-based compensation, net of tax | – | 275 | – | 28 | – | 303 | – | 303 | |||||||||
Dividends paid | – | – | – | – | – | – | (3) | (3) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (104) | (104) | |||||||||
Balance at end of period | 102 | 35,933 | 25,643 | (287) | (18,851) | 42,540 | 157 | 42,697 |
in | 1Q19 | 1Q18 | |||
Operating activities (CHF million) | |||||
Net income | 749 | 692 | |||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities (CHF million) | |||||
Impairment, depreciation and amortization | 236 | 208 | |||
Provision for credit losses | 81 | 48 | |||
Deferred tax provision/(benefit) | 83 | 270 | |||
Share of net income/(loss) from equity method investments | (33) | 14 | |||
Trading assets and liabilities, net | (12,848) | 20,141 | |||
(Increase)/decrease in other assets | (2,749) | (10,541) | |||
Increase/(decrease) in other liabilities | 2,051 | (5,732) | |||
Other, net | 4,730 | (2,852) | |||
Total adjustments | (8,449) | 1,556 | |||
Net cash provided by/(used in) operating activities | (7,700) | 2,248 | |||
Investing activities (CHF million) | |||||
(Increase)/decrease in interest-bearing deposits with banks | 188 | (3) | |||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,247 | (7,863) | |||
Purchase of investment securities | (306) | (21) | |||
Proceeds from sale of investment securities | 3 | 15 | |||
Maturities of investment securities | 74 | 126 | |||
Investments in subsidiaries and other investments | (61) | (142) | |||
Proceeds from sale of other investments | 434 | 425 | |||
(Increase)/decrease in loans | (6,151) | (6,625) | 1 | ||
Proceeds from sales of loans | 1,660 | 1,562 | 1 | ||
Capital expenditures for premises and equipment and other intangible assets | (261) | (242) | |||
Proceeds from sale of premises and equipment and other intangible assets | 27 | 28 | |||
Other, net | 56 | 136 | |||
Net cash provided by/(used in) investing activities | (2,090) | (12,604) | |||
1
Prior period has been corrected.
|
in | 1Q19 | 1Q18 | |||
Financing activities (CHF million) | |||||
Increase/(decrease) in due to banks and customer deposits | 5,220 | 13,437 | |||
Increase/(decrease) in short-term borrowings | 3,708 | 6,733 | |||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (4,254) | 1,615 | |||
Issuances of long-term debt | 6,328 | 8,889 | |||
Repayments of long-term debt | (7,219) | (11,333) | |||
Sale of treasury shares | 2,834 | 3,433 | |||
Repurchase of treasury shares | (3,367) | (3,655) | |||
Dividends paid | (1) | (3) | |||
Other, net | 647 | 161 | |||
Net cash provided by/(used in) financing activities | 3,896 | 19,277 | |||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
Effect of exchange rate changes on cash and due from banks | 609 | (572) | |||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||
Net increase/(decrease) in cash and due from banks | (5,285) | 8,349 | |||
Cash and due from banks at beginning of period 1 | 100,047 | 109,815 | |||
Cash and due from banks at end of period 1 | 94,762 | 118,164 | |||
1
Includes restricted cash.
|
in | 1Q19 | 1Q18 | |||
Cash paid for income taxes and interest (CHF million) | |||||
Cash paid for income taxes | 185 | 138 | |||
Cash paid for interest | 3,490 | 3,020 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Net revenues (CHF million) | |||||||
Swiss Universal Bank | 1,379 | 1,373 | 1,431 | ||||
International Wealth Management | 1,417 | 1,402 | 1,403 | ||||
Asia Pacific | 854 | 677 | 991 | ||||
Global Markets | 1,472 | 965 | 1,546 | ||||
Investment Banking & Capital Markets | 356 | 475 | 528 | ||||
Strategic Resolution Unit 1 | – | (175) | (203) | ||||
Corporate Center | (91) | 84 | (60) | ||||
Net revenues | 5,387 | 4,801 | 5,636 | ||||
Income/(loss) before taxes (CHF million) | |||||||
Swiss Universal Bank | 550 | 498 | 563 | ||||
International Wealth Management | 523 | 410 | 484 | ||||
Asia Pacific | 183 | 37 | 234 | ||||
Global Markets | 282 | (193) | 295 | ||||
Investment Banking & Capital Markets | (93) | 105 | 59 | ||||
Strategic Resolution Unit 1 | – | (297) | (409) | ||||
Corporate Center | (383) | 35 | (172) | ||||
Income/(loss) before taxes | 1,062 | 595 | 1,054 | ||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
end of | 1Q19 | 4Q18 | |||
Total assets (CHF million) | |||||
Swiss Universal Bank | 228,664 | 224,301 | |||
International Wealth Management | 93,968 | 91,835 | |||
Asia Pacific | 105,868 | 99,809 | |||
Global Markets | 227,482 | 211,530 | |||
Investment Banking & Capital Markets | 17,494 | 16,156 | |||
Strategic Resolution Unit 1 | – | 20,874 | |||
Corporate Center | 120,160 | 104,411 | |||
Total assets | 793,636 | 768,916 | |||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Net interest income (CHF million) | |||||||
Loans | 1,787 | 1,792 | 1,603 | ||||
Investment securities | 3 | 28 | 10 | ||||
Trading assets | 1,500 | 2,181 | 1,572 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 781 | 771 | 657 | ||||
Other | 747 | 742 | 609 | ||||
Interest and dividend income | 4,818 | 5,514 | 4,451 | ||||
Deposits | (783) | (670) | (450) | ||||
Short-term borrowings | (97) | (74) | (82) | ||||
Trading liabilities | (714) | (722) | (860) | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (482) | (498) | (399) | ||||
Long-term debt | (904) | (892) | (910) | ||||
Other | (306) | (246) | (165) | ||||
Interest expense | (3,286) | (3,102) | (2,866) | ||||
Net interest income | 1,532 | 2,412 | 1,585 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Commissions and fees (CHF million) | |||||||
Lending business | 396 | 489 | 470 | ||||
Investment and portfolio management | 845 | 898 | 892 | ||||
Other securities business | 12 | 13 | 12 | ||||
Fiduciary business | 857 | 911 | 904 | ||||
Underwriting | 345 | 330 | 470 | ||||
Brokerage | 693 | 644 | 810 | ||||
Underwriting and brokerage | 1,038 | 974 | 1,280 | ||||
Other services | 321 | 490 | 392 | ||||
Commissions and fees | 2,612 | 2,864 | 3,046 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Trading revenues (CHF million) | |||||||
Interest rate products | 430 | (160) | 857 | ||||
Foreign exchange products | (215) | 56 | 184 | ||||
Equity/index-related products | 740 | (718) | (327) | ||||
Credit products | (328) | 11 | 34 | ||||
Commodity and energy products | 48 | 25 | 26 | ||||
Other products | 165 | (79) | (196) | ||||
Trading revenues | 840 | (865) | 578 | ||||
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Other revenues (CHF million) | |||||||
Noncontrolling interests without SEI | 0 | 0 | (1) | ||||
Loans held-for-sale | (9) | (4) | 10 | ||||
Long-lived assets held-for-sale | 29 | 10 | 16 | ||||
Equity method investments | 56 | 57 | 69 | ||||
Other investments | 102 | 120 | 128 | ||||
Other | 225 | 207 | 205 | ||||
Other revenues | 403 | 390 | 427 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Provision for credit losses (CHF million) | |||||||
Provision for loan losses | 75 | 57 | 36 | ||||
Provision for lending-related and other exposures | 6 | 2 | 12 | ||||
Provision for credit losses | 81 | 59 | 48 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Compensation and benefits (CHF million) | |||||||
Salaries and variable compensation | 2,170 | 1,813 | 2,189 | ||||
Social security | 159 | 142 | 160 | ||||
Other 1 | 189 | 186 | 189 | ||||
Compensation and benefits | 2,518 | 2,141 | 2,538 | ||||
1
Includes pension-related expenses of CHF 108 million, CHF 97 million and CHF 107 million in 1Q19, 4Q18 and 1Q18, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution pension plans.
|
in | 1Q19 | 4Q18 | 1Q18 | |||
General and administrative expenses (CHF million) | ||||||
Occupancy expenses | 282 | 243 | 240 | |||
IT, machinery, etc. | 323 | 325 | 277 | |||
Provisions and losses | 58 | 128 | 140 | |||
Travel and entertainment | 78 | 88 | 94 | |||
Professional services | 403 | 499 | 483 | |||
Amortization and impairment of other intangible assets | 2 | 2 | 3 | |||
Other 1 | 267 | 284 | 271 | |||
General and administrative expenses | 1,413 | 1,569 | 1,508 | |||
1
Includes pension-related expenses/(credits) of CHF (34) million, CHF (52) million and CHF (53) million in 1Q19, 4Q18 and 1Q18, respectively, relating to certain components of net periodic benefit costs for defined benefit plans.
|
in | 4Q18 | 1Q18 | |||
Restructuring expenses by segment (CHF million) | |||||
Swiss Universal Bank | 21 | 28 | |||
International Wealth Management | 33 | 26 | |||
Asia Pacific | 26 | 6 | |||
Global Markets | 80 | 42 | |||
Investment Banking & Capital Markets | 6 | 30 | |||
Strategic Resolution Unit 1 | (31) | 11 | |||
Corporate Center | 1 | 1 | |||
Total restructuring expenses | 136 | 144 | |||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
in | 4Q18 | 1Q18 | |||
Restructuring expenses by type (CHF million) | |||||
Compensation and benefits-related expenses | (1) | 103 | |||
of which severance expenses | (5) | 69 | |||
of which accelerated deferred compensation | 4 | 34 | |||
General and administrative-related expenses | 137 | 41 | |||
of which pension expenses | 16 | 27 | |||
Total restructuring expenses | 136 | 144 |
1Q19 | 4Q18 | 1Q18 | |||||||||||||||||
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
|||||||||||
Restructuring provision (CHF million) | |||||||||||||||||||
Balance at beginning of period | 156 | 190 | 346 | 176 | 175 | 351 | 196 | 110 | 306 | ||||||||||
Net additional charges 1 | – | – | – | (5) | 67 | 62 | 69 | 14 | 83 | ||||||||||
Reclassifications | (156) | 2 | (190) | 3 | (346) | – | – | – | – | – | – | ||||||||
Utilization | – | – | – | (15) | (52) | (67) | (61) | (16) | (77) | ||||||||||
Balance at end of period | 0 | 0 | 0 | 156 | 190 | 346 | 204 | 108 | 312 | ||||||||||
1
The following items for which expense accretion was accelerated in 4Q18 and 1Q18 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 1 million and CHF 26 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled pension obligations of CHF 16 million and CHF 27 million, respectively, which remain classified as pension liabilities; unsettled cash-based deferred compensation of CHF 3 million and CHF 8 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 54 million and CHF 0 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years.
|
|||||||||||||||||||
2
In 1Q19, CHF 97 million were transferred to litigation provisions and CHF 59 million were transferred to other liabilities.
|
|||||||||||||||||||
3
In 1Q19, CHF 167 million were transferred to right-of-use assets in accordance with ASU 2016-02 and CHF 23 million to other liabilities.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||
Net income attributable to shareholders for basic earnings per share | 749 | 259 | 694 | ||||
Net income attributable to shareholders for diluted earnings per share | 749 | 259 | 694 | ||||
Weighted-average shares outstanding (million) | |||||||
For basic earnings per share available for common shares | 2,573.1 | 2,564.3 | 2,586.4 | ||||
Dilutive share options and warrants | 3.4 | 4.0 | 2.2 | ||||
Dilutive share awards | 45.3 | 52.1 | 65.1 | ||||
For diluted earnings per share available for common shares 1 | 2,621.8 | 2,620.4 | 2,653.7 | ||||
Earnings/(loss) per share available for common shares (CHF) | |||||||
Basic earnings per share available for common shares | 0.29 | 0.10 | 0.27 | ||||
Diluted earnings per share available for common shares | 0.29 | 0.10 | 0.26 | ||||
1
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 6.7 million, 6.5 million and 11.6 million for 1Q19, 4Q18 and 1Q18, respectively.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Contracts with customers (CHF million) | |||||||
Investment and portfolio management | 845 | 898 | 892 | ||||
Other securities business | 12 | 13 | 12 | ||||
Underwriting | 345 | 330 | 470 | ||||
Brokerage | 694 | 647 | 810 | ||||
Other services | 322 | 492 | 487 | ||||
Total revenues from contracts with customers | 2,218 | 2,380 | 2,671 |
end of / in | 1Q19 | 4Q18 | 1Q18 | ||||
Contract balances (CHF million) | |||||||
Contract receivables | 839 | 791 | 758 | ||||
Contract liabilities | 58 | 56 | 67 | ||||
Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period | 7 | 16 | 13 |
end of | 1Q19 | 4Q18 | |||
Trading assets (CHF million) | |||||
Debt securities | 62,272 | 63,567 | 1 | ||
Equity securities | 58,845 | 46,463 | |||
Derivative instruments 2 | 18,353 | 18,312 | |||
Other | 5,452 | 5,293 | |||
Trading assets | 144,922 | 133,635 | 1 | ||
Trading liabilities (CHF million) | |||||
Short positions | 25,195 | 26,946 | |||
Derivative instruments 2 | 14,341 | 15,223 | |||
Trading liabilities | 39,536 | 42,169 | |||
1
Residential and commercial mortgage-backed securities that were previously reported in investment securities have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
|||||
2
Amounts shown after counterparty and cash collateral netting.
|
end of | 1Q19 | 4Q18 | |||
Cash collateral on derivatives instruments – netted (CHF million) 1 | |||||
Cash collateral paid | 18,520 | 20,216 | |||
Cash collateral received | 14,098 | 13,213 | |||
Cash collateral on derivatives instruments– not netted (CHF million) 2 | |||||
Cash collateral paid | 5,358 | 7,057 | |||
Cash collateral received | 6,867 | 6,903 | |||
1
Recorded as cash collateral netting on derivative instruments in Note 24 – Offsetting of financial assets and financial liabilities.
|
|||||
2
Recorded as cash collateral on derivative instruments in Note 20 – Other assets and other liabilities.
|
end of | 1Q19 | 4Q18 | |||
Investment securities (CHF million) | |||||
Debt securities available-for-sale | 1,716 | 1,479 | 1 | ||
Total investment securities | 1,716 | 1,479 | 1 | ||
1
Previously included residential and commercial mortgage-backed securities which have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
1Q19 | 4Q18 | ||||||||||||||||
end of |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||
Investment securities by type (CHF million) | |||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 302 | 0 | 0 | 302 | 2 | 0 | 0 | 2 | |||||||||
Debt securities issued by foreign governments | 756 | 10 | 0 | 766 | 821 | 7 | 0 | 828 | |||||||||
Corporate debt securities | 631 | 17 | 0 | 648 | 649 | 0 | 0 | 649 | |||||||||
Debt securities available-for-sale | 1,689 | 27 | 0 | 1,716 | 1,472 | 7 | 0 | 1,479 | 1 | ||||||||
1
Previously included residential and commercial mortgage-backed securities which have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
in | 1Q19 | 1Q18 | |||
Additional information – debt securities (CHF million) | |||||
Proceeds from sales | 3 | 15 |
Debt securities available-for-sale |
|||||||
end of |
Amortized cost |
Fair value |
Average yield (in %) |
||||
1Q19 (CHF million, except where indicated) | |||||||
Due within 1 year | 1,071 | 1,074 | 0.57 | ||||
Due from 1 to 5 years | 5 | 5 | 5.20 | ||||
Due from 5 to 10 years | 613 | 637 | 0.85 | ||||
Total debt securities | 1,689 | 1,716 | 0.68 |
end of | 1Q19 | 4Q18 | |||
Other investments (CHF million) | |||||
Equity method investments | 2,469 | 2,467 | |||
Equity securities (without a readily determinable fair value) 1 | 1,132 | 1,207 | |||
of which at net asset value | 442 | 530 | |||
of which at measurement alternative | 248 | 227 | |||
of which at fair value | 205 | 208 | |||
of which at cost less impairment | 237 | 242 | |||
Real estate held-for-investment 2 | 79 | 79 | |||
Life finance instruments 3 | 1,159 | 1,137 | |||
Total other investments | 4,839 | 4,890 | |||
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee.
|
|||||
2
As of the end of 1Q19 and 4Q18, real estate held for investment included foreclosed or repossessed real estate of CHF 3 million, all related to residential real estate.
|
|||||
3
Includes life settlement contracts at investment method and single premium immediate annuity contracts.
|
in / end of | 1Q19 | Cumulative | 1Q18 | ||||
Impairments and adjustments (CHF million) | |||||||
Impairments and downward adjustments | 0 | (7) | (3) |
end of | 1Q19 | 4Q18 | |||
Loans (CHF million) | |||||
Mortgages | 108,701 | 107,845 | |||
Loans collateralized by securities | 43,126 | 42,034 | |||
Consumer finance | 4,537 | 3,905 | |||
Consumer | 156,364 | 153,784 | |||
Real estate | 26,865 | 26,727 | |||
Commercial and industrial loans | 88,305 | 85,698 | |||
Financial institutions | 18,488 | 18,494 | |||
Governments and public institutions | 4,027 | 3,893 | |||
Corporate & institutional | 137,685 | 134,812 | |||
Gross loans | 294,049 | 288,596 | |||
of which held at amortized cost | 278,744 | 273,723 | |||
of which held at fair value | 15,305 | 14,873 | |||
Net (unearned income)/deferred expenses | (113) | (113) | |||
Allowance for loan losses | (966) | (902) | |||
Net loans | 292,970 | 287,581 | |||
Gross loans by location (CHF million) | |||||
Switzerland | 161,797 | 160,444 | |||
Foreign | 132,252 | 128,152 | |||
Gross loans | 294,049 | 288,596 | |||
Impaired loan portfolio (CHF million) | |||||
Non-performing loans | 1,232 | 1,203 | |||
Non-interest-earning loans | 324 | 300 | |||
Non-performing and non-interest-earning loans | 1,556 | 1,503 | |||
Restructured loans | 282 | 299 | |||
Potential problem loans | 310 | 390 | |||
Other impaired loans | 592 | 689 | |||
Gross impaired loans | 2,148 | 2,192 |
1Q19 | 4Q18 | 1Q18 | |||||||||||||||||
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||||||
Allowance for loan losses (CHF million) | |||||||||||||||||||
Balance at beginning of period | 187 | 715 | 902 | 192 | 720 | 912 | 220 | 662 | 882 | ||||||||||
Net movements recognized in statements of operations | 12 | 63 | 75 | (7) | 64 | 57 | 4 | 32 | 36 | ||||||||||
Gross write-offs | (23) | (6) | (29) | (13) | (94) | (107) | (24) | (54) | (78) | ||||||||||
Recoveries | 1 | 2 | 3 | 11 | 15 | 26 | 3 | 13 | 16 | ||||||||||
Net write-offs | (22) | (4) | (26) | (2) | (79) | (81) | (21) | (41) | (62) | ||||||||||
Provisions for interest | 2 | 9 | 11 | 2 | 7 | 9 | 2 | 6 | 8 | ||||||||||
Foreign currency translation impact and other adjustments, net | 2 | 2 | 4 | 2 | 3 | 5 | (1) | (5) | (6) | ||||||||||
Balance at end of period | 181 | 785 | 966 | 187 | 715 | 902 | 204 | 654 | 858 | ||||||||||
of which individually evaluated for impairment | 140 | 509 | 649 | 146 | 462 | 608 | 164 | 464 | 628 | ||||||||||
of which collectively evaluated for impairment | 41 | 276 | 317 | 41 | 253 | 294 | 40 | 190 | 230 | ||||||||||
Gross loans held at amortized cost (CHF million) | |||||||||||||||||||
Balance at end of period | 156,339 | 122,405 | 278,744 | 153,761 | 119,962 | 273,723 | 154,726 | 115,386 | 270,112 | ||||||||||
of which individually evaluated for impairment 1 | 671 | 1,477 | 2,148 | 677 | 1,515 | 2,192 | 646 | 1,320 | 1,966 | ||||||||||
of which collectively evaluated for impairment | 155,668 | 120,928 | 276,596 | 153,084 | 118,447 | 271,531 | 154,080 | 114,066 | 268,146 |
1Q19 | 4Q18 | 1Q18 | |||||||||||||||||
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
1 |
Total |
|||||||||
Loans held at amortized cost (CHF million) | |||||||||||||||||||
Purchases 2 | 0 | 505 | 505 | 0 | 556 | 556 | 0 | 493 | 493 | ||||||||||
Reclassifications from loans held-for-sale 3 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Reclassifications to loans held-for-sale 4 | 0 | 1,193 | 1,193 | 0 | 849 | 849 | 0 | 361 | 361 | ||||||||||
Sales 4 | 0 | 1,115 | 1,115 | 0 | 878 | 878 | 0 | 330 | 330 | ||||||||||
1
Prior period has been corrected.
|
|||||||||||||||||||
2
Includes drawdowns under purchased loan commitments.
|
|||||||||||||||||||
3
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
|
|||||||||||||||||||
4
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale.
|
Investment grade |
Non-investment grade |
||||||||
end of | AAA to BBB | BB to C | D | Total | |||||
1Q19 (CHF million) | |||||||||
Mortgages | 98,268 | 10,032 | 401 | 108,701 | |||||
Loans collateralized by securities | 39,691 | 3,367 | 68 | 43,126 | |||||
Consumer finance | 1,973 | 2,368 | 171 | 4,512 | |||||
Consumer | 139,932 | 15,767 | 640 | 156,339 | |||||
Real estate | 19,408 | 6,583 | 100 | 26,091 | |||||
Commercial and industrial loans | 42,492 | 38,490 | 1,242 | 82,224 | |||||
Financial institutions | 10,630 | 2,168 | 102 | 12,900 | |||||
Governments and public institutions | 1,145 | 45 | 0 | 1,190 | |||||
Corporate & institutional | 73,675 | 47,286 | 1,444 | 122,405 | |||||
Gross loans held at amortized cost | 213,607 | 63,053 | 2,084 | 278,744 | |||||
Value of collateral 1 | 195,534 | 48,800 | 1,459 | 245,793 | |||||
4Q18 (CHF million) | |||||||||
Mortgages | 97,404 | 10,046 | 395 | 107,845 | |||||
Loans collateralized by securities | 39,281 | 2,676 | 77 | 42,034 | |||||
Consumer finance | 1,465 | 2,247 | 170 | 3,882 | |||||
Consumer | 138,150 | 14,969 | 642 | 153,761 | |||||
Real estate | 19,461 | 6,494 | 110 | 26,065 | |||||
Commercial and industrial loans | 40,872 | 37,633 | 1,268 | 79,773 | |||||
Financial institutions | 10,715 | 2,138 | 86 | 12,939 | |||||
Governments and public institutions | 1,132 | 53 | 0 | 1,185 | |||||
Corporate & institutional | 72,180 | 46,318 | 1,464 | 119,962 | |||||
Gross loans held at amortized cost | 210,330 | 61,287 | 2,106 | 273,723 | |||||
Value of collateral 1 | 192,579 | 47,999 | 1,456 | 242,034 | |||||
1
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Group's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency.
|
Current | Past due | ||||||||||||||
end of |
|
Up to 30 days |
31–60 days |
61–90 days |
More than 90 days |
Total |
Total |
||||||||
1Q19 (CHF million) | |||||||||||||||
Mortgages | 108,267 | 104 | 38 | 27 | 265 | 434 | 108,701 | ||||||||
Loans collateralized by securities | 42,982 | 24 | 46 | 5 | 69 | 144 | 43,126 | ||||||||
Consumer finance | 3,864 | 424 | 45 | 30 | 149 | 648 | 4,512 | ||||||||
Consumer | 155,113 | 552 | 129 | 62 | 483 | 1,226 | 156,339 | ||||||||
Real estate | 25,792 | 174 | 56 | 8 | 61 | 299 | 26,091 | ||||||||
Commercial and industrial loans | 81,058 | 270 | 71 | 67 | 758 | 1,166 | 82,224 | ||||||||
Financial institutions | 12,612 | 215 | 6 | 1 | 66 | 288 | 12,900 | ||||||||
Governments and public institutions | 1,182 | 5 | 0 | 0 | 3 | 8 | 1,190 | ||||||||
Corporate & institutional | 120,644 | 664 | 133 | 76 | 888 | 1,761 | 122,405 | ||||||||
Gross loans held at amortized cost | 275,757 | 1,216 | 262 | 138 | 1,371 | 2,987 | 278,744 | ||||||||
4Q18 (CHF million) | |||||||||||||||
Mortgages | 107,364 | 155 | 23 | 10 | 293 | 481 | 107,845 | ||||||||
Loans collateralized by securities | 41,936 | 21 | 0 | 0 | 77 | 98 | 42,034 | ||||||||
Consumer finance | 3,383 | 286 | 35 | 32 | 146 | 499 | 3,882 | ||||||||
Consumer | 152,683 | 462 | 58 | 42 | 516 | 1,078 | 153,761 | ||||||||
Real estate | 25,914 | 63 | 4 | 0 | 84 | 151 | 26,065 | ||||||||
Commercial and industrial loans | 78,439 | 378 | 96 | 82 | 778 | 1,334 | 79,773 | ||||||||
Financial institutions | 12,768 | 104 | 19 | 3 | 45 | 171 | 12,939 | ||||||||
Governments and public institutions | 1,172 | 13 | 0 | 0 | 0 | 13 | 1,185 | ||||||||
Corporate & institutional | 118,293 | 558 | 119 | 85 | 907 | 1,669 | 119,962 | ||||||||
Gross loans held at amortized cost | 270,976 | 1,020 | 177 | 127 | 1,423 | 2,747 | 273,723 |
Non-performing and non-interest-earning loans |
Other impaired loans |
||||||||||||||
end of |
Non- performing |
Non- interest- earning |
Total |
Re- structured |
Potential problem |
Total |
Total |
||||||||
1Q19 (CHF million) | |||||||||||||||
Mortgages | 322 | 11 | 333 | 28 | 61 | 89 | 422 | 1 | |||||||
Loans collateralized by securities | 57 | 13 | 70 | 0 | 0 | 0 | 70 | ||||||||
Consumer finance | 171 | 6 | 177 | 0 | 2 | 2 | 179 | ||||||||
Consumer | 550 | 30 | 580 | 28 | 63 | 91 | 671 | ||||||||
Real estate | 57 | 5 | 62 | 0 | 40 | 40 | 102 | ||||||||
Commercial and industrial loans | 562 | 247 | 809 | 254 | 206 | 460 | 1,269 | ||||||||
Financial institutions | 63 | 42 | 105 | 0 | 1 | 1 | 106 | ||||||||
Corporate & institutional | 682 | 294 | 976 | 254 | 247 | 501 | 1,477 | ||||||||
Gross impaired loans | 1,232 | 324 | 1,556 | 282 | 310 | 592 | 2,148 | ||||||||
4Q18 (CHF million) | |||||||||||||||
Mortgages | 304 | 12 | 316 | 34 | 72 | 106 | 422 | 1 | |||||||
Loans collateralized by securities | 62 | 13 | 75 | 0 | 3 | 3 | 78 | ||||||||
Consumer finance | 170 | 6 | 176 | 0 | 1 | 1 | 177 | ||||||||
Consumer | 536 | 31 | 567 | 34 | 76 | 110 | 677 | ||||||||
Real estate | 80 | 4 | 84 | 0 | 38 | 38 | 122 | ||||||||
Commercial and industrial loans | 547 | 223 | 770 | 265 | 272 | 537 | 1,307 | ||||||||
Financial institutions | 40 | 42 | 82 | 0 | 4 | 4 | 86 | ||||||||
Corporate & institutional | 667 | 269 | 936 | 265 | 314 | 579 | 1,515 | ||||||||
Gross impaired loans | 1,203 | 300 | 1,503 | 299 | 390 | 689 | 2,192 | ||||||||
1
As of the end of 1Q19 and 4Q18, CHF 128 million and CHF 123 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process.
|
1Q19 | 4Q18 | ||||||||||||
end of |
Recorded investment |
Unpaid principal balance |
Associated specific allowance |
Recorded investment |
Unpaid principal balance |
Associated specific allowance |
|||||||
CHF million | |||||||||||||
Mortgages | 266 | 249 | 24 | 278 | 262 | 21 | |||||||
Loans collateralized by securities | 70 | 57 | 26 | 77 | 63 | 35 | |||||||
Consumer finance | 175 | 154 | 90 | 174 | 154 | 90 | |||||||
Consumer | 511 | 460 | 140 | 529 | 479 | 146 | |||||||
Real estate | 62 | 54 | 10 | 82 | 73 | 10 | |||||||
Commercial and industrial loans | 899 | 866 | 437 | 773 | 742 | 401 | |||||||
Financial institutions | 89 | 86 | 62 | 86 | 84 | 51 | |||||||
Corporate & institutional | 1,050 | 1,006 | 509 | 941 | 899 | 462 | |||||||
Gross impaired loans with a specific allowance | 1,561 | 1,466 | 649 | 1,470 | 1,378 | 608 | |||||||
Mortgages | 156 | 156 | – | 144 | 144 | – | |||||||
Loans collateralized by securities | 0 | 0 | – | 1 | 1 | – | |||||||
Consumer finance | 4 | 4 | – | 3 | 3 | – | |||||||
Consumer | 160 | 160 | – | 148 | 148 | – | |||||||
Real estate | 40 | 40 | – | 40 | 40 | – | |||||||
Commercial and industrial loans | 370 | 370 | – | 534 | 534 | – | |||||||
Financial institutions | 17 | 17 | – | 0 | 0 | – | |||||||
Corporate & institutional | 427 | 427 | – | 574 | 574 | – | |||||||
Gross impaired loans without specific allowance | 587 | 587 | – | 722 | 722 | – | |||||||
Gross impaired loans | 2,148 | 2,053 | 649 | 2,192 | 2,100 | 608 | |||||||
of which consumer | 671 | 620 | 140 | 677 | 627 | 146 | |||||||
of which corporate & institutional | 1,477 | 1,433 | 509 | 1,515 | 1,473 | 462 |
1Q19 | 4Q18 | 1Q18 | |||||||||||||||||
in |
Average recorded investment |
Interest income recognized |
Interest income recognized (cash basis) |
Average recorded investment |
Interest income recognized |
Interest income recognized (cash basis) |
Average recorded investment |
Interest income recognized |
Interest income recognized (cash basis) |
||||||||||
CHF million | |||||||||||||||||||
Mortgages | 272 | 0 | 0 | 261 | 0 | 0 | 255 | 0 | 0 | ||||||||||
Loans collateralized by securities | 73 | 0 | 0 | 78 | 0 | 0 | 102 | 1 | 1 | ||||||||||
Consumer finance | 174 | 1 | 0 | 173 | 1 | 1 | 176 | 0 | 0 | ||||||||||
Consumer | 519 | 1 | 0 | 512 | 1 | 1 | 533 | 1 | 1 | ||||||||||
Real estate | 67 | 0 | 0 | 72 | 0 | 0 | 87 | 0 | 0 | ||||||||||
Commercial and industrial loans | 833 | 4 | 1 | 842 | 2 | 1 | 903 | 7 | 4 | ||||||||||
Financial institutions | 88 | 1 | 0 | 86 | 1 | 0 | 45 | 0 | 0 | ||||||||||
Governments and public institutions | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||
Corporate & institutional | 988 | 5 | 1 | 1,000 | 3 | 1 | 1,036 | 7 | 4 | ||||||||||
Gross impaired loans with a specific allowance | 1,507 | 6 | 1 | 1,512 | 4 | 2 | 1,569 | 8 | 5 | ||||||||||
Mortgages | 152 | 1 | 0 | 100 | 0 | 0 | 87 | 1 | 0 | ||||||||||
Loans collateralized by securities | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | ||||||||||
Consumer finance | 3 | 0 | 0 | 3 | 0 | 0 | 3 | 0 | 0 | ||||||||||
Consumer | 155 | 1 | 0 | 104 | 0 | 0 | 91 | 1 | 0 | ||||||||||
Real estate | 42 | 0 | 0 | 39 | 0 | 0 | 2 | 0 | 0 | ||||||||||
Commercial and industrial loans | 472 | 3 | 1 | 336 | 7 | 1 | 323 | 3 | 0 | ||||||||||
Financial institutions | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Corporate & institutional | 522 | 3 | 1 | 375 | 7 | 1 | 325 | 3 | 0 | ||||||||||
Gross impaired loans without specific allowance | 677 | 4 | 1 | 479 | 7 | 1 | 416 | 4 | 0 | ||||||||||
Gross impaired loans | 2,184 | 10 | 2 | 1,991 | 11 | 3 | 1,985 | 12 | 5 | ||||||||||
of which consumer | 674 | 2 | 0 | 616 | 1 | 1 | 624 | 2 | 1 | ||||||||||
of which corporate & institutional | 1,510 | 8 | 2 | 1,375 | 10 | 2 | 1,361 | 10 | 4 |
1Q19 | 4Q18 | 1Q18 | |||||||||||||||||
in |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
||||||||||
CHF million, except where indicated | |||||||||||||||||||
Mortgages | 1 | 7 | 7 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Commercial and industrial loans | 0 | 0 | 0 | 9 | 144 | 123 | 3 | 15 | 14 | ||||||||||
Total | 1 | 7 | 7 | 9 | 144 | 123 | 3 | 15 | 14 |
1Q19 | 4Q18 | 1Q18 | |||||||||||
in |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
|||||||
CHF million, except where indicated | |||||||||||||
Mortgages | 1 | 13 | 1 | 8 | 0 | 0 | |||||||
Commercial and industrial loans | 0 | 0 | 0 | 0 | 7 | 40 | |||||||
Total | 1 | 13 | 1 | 8 | 7 | 40 |
1Q19 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Credit Suisse Group |
1 | ||||||
Gross amount of goodwill (CHF million) | |||||||||||||
Balance at beginning of period | 615 | 1,544 | 2,278 | 3,182 | 1,026 | 8,657 | |||||||
Foreign currency translation impact | 4 | 16 | 12 | 4 | 5 | 41 | |||||||
Balance at end of period | 619 | 1,560 | 2,290 | 3,186 | 1,031 | 8,698 | |||||||
Accumulated impairment (CHF million) | |||||||||||||
Balance at beginning of period | 0 | 0 | 772 | 2,719 | 388 | 3,891 | |||||||
Balance at end of period | 0 | 0 | 772 | 2,719 | 388 | 3,891 | |||||||
Net book value (CHF million) | |||||||||||||
Net book value | 619 | 1,560 | 1,518 | 467 | 643 | 4,807 | |||||||
1
Gross amounts include goodwill of CHF 12 million related to legacy business transferred to the former Strategic Resolution Unit in 4Q15 and fully written off at the time of transfer, in addition to the divisions disclosed.
|
end of | 1Q19 | 4Q18 | |||
Other assets (CHF million) | |||||
Cash collateral on derivative instruments | 5,358 | 7,057 | |||
Cash collateral on non-derivative transactions | 392 | 465 | |||
Derivative instruments used for hedging | 86 | 33 | |||
Assets held-for-sale | 8,371 | 6,744 | |||
of which loans 1 | 8,285 | 6,630 | |||
of which real estate 2 | 54 | 54 | |||
of which long-lived assets | 32 | 60 | |||
Premises, equipment and right-of-use assets 3 | 8,079 | 4,838 | |||
Assets held for separate accounts | 123 | 125 | |||
Interest and fees receivable | 5,330 | 5,055 | |||
Deferred tax assets | 4,920 | 4,943 | |||
Prepaid expenses | 485 | 613 | |||
of which cloud computing arrangement implementation costs | 3 | – | |||
Failed purchases | 1,400 | 1,283 | |||
Defined benefit pension and post-retirement plan assets | 1,973 | 1,794 | |||
Other | 3,984 | 4,509 | |||
Other assets | 40,501 | 37,459 | |||
Other liabilities (CHF million) | |||||
Cash collateral on derivative instruments | 6,867 | 6,903 | |||
Cash collateral on non-derivative transactions | 145 | 514 | |||
Derivative instruments used for hedging | 0 | 8 | |||
Operating leases liabilities | 3,468 | – | |||
Provisions | 1,026 | 928 | |||
of which off-balance sheet risk | 155 | 151 | |||
Restructuring liabilities | – | 346 | |||
Liabilities held for separate accounts | 123 | 125 | |||
Interest and fees payable | 5,126 | 5,159 | |||
Current tax liabilities | 926 | 927 | |||
Deferred tax liabilities | 456 | 438 | |||
Failed sales | 735 | 2,187 | |||
Defined benefit pension and post-retirement plan liabilities | 518 | 518 | |||
Other | 10,003 | 12,054 | |||
Other liabilities | 29,393 | 30,107 | |||
1
Included as of the end of 1Q19 and 4Q18 were CHF 705 million and CHF 687 million, respectively, in restricted loans, which represented collateral on secured borrowings.
|
|||||
2
As of the end of 1Q19 and 4Q18, real estate held-for-sale included foreclosed or repossessed real estate of CHF 13 million and CHF 13 million, respectively, of which CHF 10 million and CHF 10 million, respectively were related to residential real estate.
|
|||||
3
Premises and equipment were previously presented separately in the consolidated balance sheet.
|
end of | 1Q19 | 4Q18 | |||
Premises and equipment (CHF million) | |||||
Buildings and improvements | 1,601 | 1,617 | |||
Land | 344 | 347 | |||
Leasehold improvements | 1,910 | 1,880 | |||
Software | 6,115 | 5,909 | |||
Equipment | 1,846 | 1,805 | |||
Premises and equipment | 11,816 | 11,558 | |||
Accumulated depreciation | (6,948) | (6,720) | |||
Total premises and equipment, net | 4,868 | 4,838 | |||
Right-of-use assets (CHF million) | |||||
Finance leases | 8 | 0 | |||
Operating leases | 3,203 | – | |||
Right-of-use assets | 3,211 | – | |||
Total premises, equipment and right-of-use assets | 8,079 | 4,838 |
in | 1Q19 | ||
Lease costs (CHF million) | |||
Operating lease costs | 114 | ||
Variable lease costs | 2 | ||
Sublease income | (18) | ||
Total lease costs | 98 |
in | 1Q19 | ||
Other information (CHF million) | |||
Gains/(losses) on sale and leaseback transactions | 30 | ||
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows | (141) | ||
Right-of-use assets obtained in exchange of new operating lease liabilities 1 | 13 | ||
Changes to right-of-use assets due to lease modifications for operating leases | (1) | ||
1
Includes right-of-use assets relating to changes in classification of scope of variable interest entities.
|
end of | 1Q19 | ||
Operating leases | |||
Remaining lease term (years) | 12.85 | ||
Discount rate (%) | 3.04 |
end of | 1Q19 | ||
Maturity (CHF million) | |||
Due within 1 year | 508 | ||
Due between 1 and 2 years | 465 | ||
Due between 2 and 3 years | 369 | ||
Due between 3 and 4 years | 342 | ||
Due between 4 and 5 years | 312 | ||
Thereafter | 2,204 | ||
Total | 4,200 | ||
Future interest payable | (732) | ||
Lease liabilities | 3,468 |
end of | 4Q18 | ||
Maturity (CHF million) | |||
2019 | 503 | ||
2020 | 484 | ||
2021 | 381 | ||
2022 | 354 | ||
2023 | 320 | ||
Thereafter | 2,209 | ||
Future operating lease commitments | 4,251 | ||
Less minimum non-cancellable sublease rentals | (190) | ||
Total net future minimum lease commitments | 4,061 |
in | 1Q19 | ||
Lease income (CHF million) | |||
Interest income on sales-type lease receivables | 1 | ||
Interest income on direct financing lease receivables | 27 | ||
Lease income from operating leases | 18 | ||
Variable lease income | 1 | ||
Total lease income | 47 |
end of 1Q19 |
Sales-type leases |
Direct financing leases |
|||
Net investment (CHF million) | |||||
Lease receivables | 166 | 3,391 | |||
Impairment recognized | (1) | (20) | |||
Total net investment | 165 | 3,371 |
end of 1Q19 |
Sales-type leases |
Direct financing leases |
Operating leases |
||||
Maturity (CHF million) | |||||||
Due within 1 year | 71 | 1,312 | 29 | ||||
Due between 1 and 2 years | 42 | 901 | 29 | ||||
Due between 2 and 3 years | 31 | 741 | 22 | ||||
Due between 3 and 4 years | 19 | 493 | 19 | ||||
Due between 4 and 5 years | 10 | 242 | 18 | ||||
Thereafter | 13 | 285 | 66 | ||||
Total | 186 | 3,974 | 183 | ||||
Future interest receivable | (20) | (583) | – | ||||
Lease receivables | 166 | 3,391 | – |
end of | 1Q19 | 4Q18 | |||
Long-term debt (CHF million) | |||||
Senior | 141,334 | 136,392 | |||
Subordinated | 16,811 | 16,152 | |||
Non-recourse liabilities from consolidated VIEs | 2,116 | 1,764 | |||
Long-term debt | 160,261 | 154,308 | |||
of which reported at fair value | 69,411 | 63,935 | |||
of which structured notes | 51,735 | 48,064 | |||
of which long-term finance leases | 8 | – |
end of | 1Q19 | 4Q18 | |||
Structured notes by product (CHF million) | |||||
Equity | 33,076 | 30,698 | |||
Fixed income | 14,436 | 13,128 | |||
Credit | 3,848 | 3,898 | |||
Other | 375 | 340 | |||
Total structured notes | 51,735 | 48,064 |
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Gains/ (losses) on liabilities relating to credit risk |
AOCI |
|||||||||
1Q19 (CHF million) | |||||||||||||||
Balance at beginning of period | (72) | (13,442) | 10 | (3,974) | 387 | (890) | (17,981) | ||||||||
Increase/(decrease) | 47 | 195 | 14 | 0 | 0 | (1,151) | (895) | ||||||||
Increase/(decrease) due to equity method investments | (4) | 0 | 0 | 0 | 0 | 0 | (4) | ||||||||
Reclassification adjustments, included in net income/(loss) | 3 | 2 | 0 | 60 | (24) | 30 | 71 | ||||||||
Cumulative effect of accounting changes, net of tax 1 | 0 | 0 | 0 | (42) | 0 | (22) | (64) | ||||||||
Total increase/(decrease) | 46 | 197 | 14 | 18 | (24) | (1,143) | (892) | ||||||||
Balance at end of period | (26) | (13,245) | 24 | (3,956) | 363 | (2,033) | (18,873) | ||||||||
4Q18 (CHF million) | |||||||||||||||
Balance at beginning of period | (102) | (13,563) | 9 | (3,372) | 437 | (2,217) | (18,808) | ||||||||
Increase/(decrease) | 24 | 100 | 1 | (708) | (26) | 1,329 | 720 | ||||||||
Increase/(decrease) due to equity method investments | (4) | 0 | 0 | 0 | 0 | 0 | (4) | ||||||||
Reclassification adjustments, included in net income/(loss) | 10 | 21 | 0 | 106 | (24) | (2) | 111 | ||||||||
Total increase/(decrease) | 30 | 121 | 1 | (602) | (50) | 1,327 | 827 | ||||||||
Balance at end of period | (72) | (13,442) | 10 | (3,974) | 387 | (890) | (17,981) | ||||||||
1Q18 (CHF million) | |||||||||||||||
Balance at beginning of period | (62) | (13,119) | 48 | (3,583) | 522 | (2,544) | (18,738) | ||||||||
Increase/(decrease) | (47) | (493) | (6) | 10 | 0 | 384 | (152) | ||||||||
Increase/(decrease) due to equity method investments | 1 | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||
Reclassification adjustments, included in net income/(loss) | 13 | 0 | 0 | 70 | (31) | 7 | 59 | ||||||||
Cumulative effect of accounting changes, net of tax | 0 | 0 | (21) | 0 | 0 | 0 | (21) | ||||||||
Total increase/(decrease) | (33) | (493) | (27) | 80 | (31) | 391 | (113) | ||||||||
Balance at end of period | (95) | (13,612) | 21 | (3,503) | 491 | (2,153) | (18,851) | ||||||||
1
Reflects the reclassification from AOCI to retained earnings as a result of the adoption of ASU 2018-02. Refer to "Note 2 - Recently issued accounting standards" for further information.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Reclassification adjustments, included in net income/(loss) (CHF million) | |||||||
Cumulative translation adjustments | |||||||
Reclassification adjustments | 2 | 21 | 1 | 0 | |||
Actuarial gains/(losses) | |||||||
Amortization of recognized actuarial losses 2 | 76 | 128 | 88 | ||||
Tax expense/(benefit) | (16) | (22) | (18) | ||||
Net of tax | 60 | 106 | 70 | ||||
Net prior service credit/(cost) | |||||||
Amortization of recognized prior service credit/(cost) 2 | (30) | (31) | (39) | ||||
Tax expense | 6 | 7 | 8 | ||||
Net of tax | (24) | (24) | (31) | ||||
1
Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 4Q18. These were reclassified from cumulative translation adjustments and included in net income in other revenues.
|
|||||||
2
These components are included in the computation of total benefit costs. Refer to "Note 27 – Pension and other post-retirement benefits" for further information.
|
1Q19 | 4Q18 | 1Q18 | |||||
Common shares issued | |||||||
Balance at beginning of period | 2,556,011,720 | 2,556,011,720 | 2,556,011,720 | ||||
Balance at end of period | 2,556,011,720 | 2,556,011,720 | 2,556,011,720 | ||||
Treasury shares | |||||||
Balance at beginning of period | (5,427,691) | (3,643,997) | (5,757,666) | ||||
Sale of treasury shares | 238,506,125 | 199,557,290 | 197,832,217 | ||||
Repurchase of treasury shares | (282,969,737) | (203,203,452) | (210,060,139) | ||||
Share-based compensation | 1,673,945 | 1,862,468 | 1,572,558 | ||||
Balance at end of period | (48,217,358) | (5,427,691) | (16,413,030) | ||||
Common shares outstanding | |||||||
Balance at end of period | 2,507,794,362 | 1 | 2,550,584,029 | 1 | 2,539,598,690 | 2 | |
1
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 111,193,477 of these shares were reserved for capital instruments.
|
|||||||
2
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 505,062,294 of these shares were reserved for capital instruments.
|
1Q19 | 4Q18 | ||||||||
end of |
Derivative assets |
Derivative liabilities |
Derivative assets |
Derivative liabilities |
|||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | |||||||||
OTC-cleared | 5.8 | 5.3 | 5.5 | 4.8 | |||||
OTC | 68.0 | 63.6 | 63.4 | 60.6 | |||||
Exchange-traded | 0.2 | 0.2 | 0.2 | 0.3 | |||||
Interest rate products | 74.0 | 69.1 | 69.1 | 65.7 | |||||
OTC-cleared | 0.2 | 0.2 | 0.1 | 0.2 | |||||
OTC | 23.2 | 27.7 | 26.9 | 31.1 | |||||
Foreign exchange products | 23.4 | 27.9 | 27.0 | 31.3 | |||||
OTC | 10.2 | 9.1 | 10.2 | 10.2 | |||||
Exchange-traded | 10.5 | 11.5 | 11.8 | 14.2 | |||||
Equity/index-related products | 20.7 | 20.6 | 22.0 | 24.4 | |||||
OTC-cleared | 2.5 | 2.8 | 1.5 | 1.6 | |||||
OTC | 3.7 | 4.9 | 3.8 | 4.9 | |||||
Credit derivatives | 6.2 | 7.7 | 5.3 | 6.5 | |||||
OTC | 1.0 | 0.4 | 1.2 | 0.4 | |||||
Exchange-traded | 0.0 | 0.0 | 0.1 | 0.3 | |||||
Other products 1 | 1.0 | 0.4 | 1.3 | 0.7 | |||||
OTC-cleared | 8.5 | 8.3 | 7.1 | 6.6 | |||||
OTC | 106.1 | 105.7 | 105.5 | 107.2 | |||||
Exchange-traded | 10.7 | 11.7 | 12.1 | 14.8 | |||||
Total gross derivatives subject to enforceable master netting agreements | 125.3 | 125.7 | 124.7 | 128.6 | |||||
Offsetting (CHF billion) | |||||||||
OTC-cleared | (7.4) | (7.3) | (5.9) | (5.8) | |||||
OTC | (93.1) | (97.5) | (92.6) | (99.0) | |||||
Exchange-traded | (10.1) | (10.2) | (11.6) | (12.5) | |||||
Offsetting | (110.6) | (115.0) | (110.1) | (117.3) | |||||
of which counterparty netting | (96.5) | (96.5) | (96.9) | (96.9) | |||||
of which cash collateral netting | (14.1) | (18.5) | (13.2) | (20.4) | |||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
OTC-cleared | 1.1 | 1.0 | 1.2 | 0.8 | |||||
OTC | 13.0 | 8.2 | 12.9 | 8.2 | |||||
Exchange-traded | 0.6 | 1.5 | 0.5 | 2.3 | |||||
Total net derivatives subject to enforceable master netting agreements | 14.7 | 10.7 | 14.6 | 11.3 | |||||
Total derivatives not subject to enforceable master netting agreements 2 | 3.7 | 3.6 | 3.7 | 3.9 | |||||
Total net derivatives presented in the consolidated balance sheets | 18.4 | 14.3 | 18.3 | 15.2 | |||||
of which recorded in trading assets and trading liabilities | 18.3 | 14.3 | 18.3 | 15.2 | |||||
of which recorded in other assets and other liabilities | 0.1 | 0.0 | 0.0 | 0.0 | |||||
1
Primarily precious metals, commodity and energy products.
|
|||||||||
2
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
1Q19 | 4Q18 | ||||||||||||
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | |||||||||||||
Securities purchased under resale agreements | 81.2 | (16.1) | 65.1 | 86.6 | (20.9) | 65.7 | |||||||
Securities borrowing transactions | 10.9 | (1.4) | 9.5 | 12.6 | (2.2) | 10.4 | |||||||
Total subject to enforceable master netting agreements | 92.1 | (17.5) | 74.6 | 99.2 | (23.1) | 76.1 | |||||||
Total not subject to enforceable master netting agreements 1 | 41.6 | – | 41.6 | 41.0 | – | 41.0 | |||||||
Total | 133.7 | (17.5) | 116.2 | 2 | 140.2 | (23.1) | 117.1 | 2 | |||||
1
Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
2
CHF 81,730 million and CHF 81,818 million of the total net amount as of the end of 1Q19 and 4Q18, respectively, are reported at fair value.
|
1Q19 | 4Q18 | ||||||||||||
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | |||||||||||||
Securities sold under repurchase agreements | 30.9 | (16.9) | 14.0 | 42.3 | (22.5) | 19.8 | |||||||
Securities lending transactions | 4.7 | (0.6) | 4.1 | 4.2 | (0.6) | 3.6 | |||||||
Obligation to return securities received as collateral, at fair value | 48.5 | 0.0 | 48.5 | 39.4 | 0.0 | 39.4 | |||||||
Total subject to enforceable master netting agreements | 84.1 | (17.5) | 66.6 | 85.9 | (23.1) | 62.8 | |||||||
Total not subject to enforceable master netting agreements 1 | 3.0 | – | 3.0 | 3.5 | – | 3.5 | |||||||
Total | 87.1 | (17.5) | 69.6 | 89.4 | (23.1) | 66.3 | |||||||
of which securities sold under repurchase agreements and securities lending transactions | 37.6 | (17.5) | 20.1 | 2 | 47.7 | (23.1) | 24.6 | 2 | |||||
of which obligation to return securities received as collateral, at fair value | 49.5 | 0.0 | 49.5 | 41.7 | 0.0 | 41.7 | |||||||
1
Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
2
CHF 9,745 million and CHF 14,828 million of the total net amount as of the end of 1Q19 and 4Q18, respectively, are reported at fair value.
|
1Q19 | 4Q18 | ||||||||||||||||
end of |
Net book value |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
Net book value |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
|||||
Financial assets subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives | 14.7 | 4.5 | 0.0 | 10.2 | 14.6 | 4.5 | 0.1 | 10.0 | |||||||||
Securities purchased under resale agreements | 65.1 | 65.1 | 0.0 | 0.0 | 65.7 | 65.7 | 0.0 | 0.0 | |||||||||
Securities borrowing transactions | 9.5 | 7.0 | 0.0 | 2.5 | 10.4 | 10.0 | 0.0 | 0.4 | |||||||||
Total financial assets subject to enforceable master netting agreements | 89.3 | 76.6 | 0.0 | 12.7 | 90.7 | 80.2 | 0.1 | 10.4 | |||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives | 10.7 | 1.4 | 0.0 | 9.3 | 11.3 | 1.4 | 0.0 | 9.9 | |||||||||
Securities sold under repurchase agreements | 14.0 | 14.0 | 0.0 | 0.0 | 19.8 | 19.7 | 0.1 | 0.0 | |||||||||
Securities lending transactions | 4.1 | 3.5 | 0.0 | 0.6 | 3.6 | 3.2 | 0.0 | 0.4 | |||||||||
Obligation to return securities received as collateral, at fair value | 48.5 | 41.6 | 0.0 | 6.9 | 39.4 | 34.3 | 0.0 | 5.1 | |||||||||
Total financial liabilities subject to enforceable master netting agreements | 77.3 | 60.5 | 0.0 | 16.8 | 74.1 | 58.6 | 0.1 | 15.4 | |||||||||
1
The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Effective tax rate (%) | 29.5 | 57.1 | 34.3 |
in | 1Q19 | ||
CHF million | |||
Income tax expense computed at the Swiss statutory tax rate of 22% | 234 | ||
Increase/(decrease) in income taxes resulting from | |||
Foreign tax rate differential | 1 | ||
Other non-deductible expenses | 84 | ||
Changes in deferred tax valuation allowance | (26) | ||
Lower taxed income | (17) | ||
Other | 37 | ||
Income tax expense | 313 |
end of | 1Q19 | 4Q18 | |||
Net deferred tax assets (CHF million) | |||||
Deferred tax assets | 4,920 | 4,943 | |||
of which net operating losses | 1,614 | 1,647 | |||
of which deductible temporary differences | 3,306 | 3,296 | |||
Deferred tax liabilities | (456) | (438) | |||
Net deferred tax assets | 4,464 | 4,505 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Deferred compensation expense (CHF million) | |||||||
Share awards | 151 | 127 | 148 | ||||
Performance share awards | 108 | 91 | 109 | ||||
Contingent Capital Awards | 77 | 16 | 52 | ||||
Contingent Capital share awards | 0 | 0 | 1 | ||||
Other cash awards | 94 | 29 | 57 | ||||
Total deferred compensation expense | 430 | 263 | 367 |
end of | 1Q19 | ||
Estimated unrecognized compensation expense (CHF million) | |||
Share awards | 943 | ||
Performance share awards | 565 | ||
Contingent Capital Awards | 360 | ||
Other cash awards | 263 | ||
Total | 2,131 | ||
Weighted-average requisite service period (years) | |||
Aggregate remaining weighted-average requisite service period | 1.5 |
1Q19 | |||||||
Number of awards (in millions) |
Share awards |
Performance share awards |
Contingent Capital share awards |
||||
Share-based award activities | |||||||
Balance at beginning of period | 83.2 | 51.7 | 3.4 | ||||
Granted | 59.2 | 46.1 | 0.0 | ||||
Settled | (2.8) | 0.0 | 0.0 | ||||
Forfeited | (0.4) | (0.1) | 0.0 | ||||
Balance at end of period | 139.2 | 97.7 | 3.4 | ||||
of which vested | 39.4 | 26.0 | 3.4 | ||||
of which unvested | 99.8 | 71.7 | 0.0 |
in | 1Q19 | 4Q18 | 1Q18 | ||||
Net periodic benefit costs/(credits) (CHF million) | |||||||
Service costs on benefit obligation | 67 | 64 | 65 | ||||
Interest costs on benefit obligation | 46 | 37 | 39 | ||||
Expected return on plan assets | (125) | (149) | (149) | ||||
Amortization of recognized prior service cost/(credit) | (30) | (32) | (32) | ||||
Amortization of recognized actuarial losses | 76 | 92 | 89 | ||||
Settlement losses/(gains) | 0 | 36 | (1) | ||||
Curtailment losses/(gains) | 0 | 0 | (7) | ||||
Special termination benefits | 8 | 13 | 7 | ||||
Net periodic benefit costs | 42 | 61 | 11 | ||||
Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, until the end of 4Q18, in restructuring expenses.
|
Trading | Hedging | 1 | |||||||||||
end of 1Q19 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
Derivative instruments (CHF billion) | |||||||||||||
Forwards and forward rate agreements | 8,670.8 | 3.5 | 3.6 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 12,613.8 | 52.6 | 48.0 | 95.5 | 0.2 | 0.1 | |||||||
Options bought and sold (OTC) | 1,819.4 | 18.6 | 18.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 315.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 175.1 | 0.2 | 0.3 | 0.0 | 0.0 | 0.0 | |||||||
Interest rate products | 23,594.4 | 74.9 | 70.0 | 95.5 | 0.2 | 0.1 | |||||||
Forwards | 1,095.4 | 7.2 | 7.8 | 12.6 | 0.1 | 0.0 | |||||||
Swaps | 443.8 | 13.5 | 16.8 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 334.0 | 3.6 | 4.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 9.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Foreign exchange products | 1,883.0 | 24.3 | 28.7 | 12.6 | 0.1 | 0.0 | |||||||
Forwards | 1.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 154.6 | 3.9 | 4.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 230.7 | 7.5 | 6.3 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 46.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 392.3 | 10.5 | 11.6 | 0.0 | 0.0 | 0.0 | |||||||
Equity/index-related products | 825.2 | 22.0 | 21.9 | 0.0 | 0.0 | 0.0 | |||||||
Credit derivatives 2 | 559.0 | 6.4 | 7.9 | 0.0 | 0.0 | 0.0 | |||||||
Forwards | 9.7 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 13.0 | 0.9 | 0.6 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 9.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 9.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Other products 3 | 42.7 | 1.1 | 0.7 | 0.0 | 0.0 | 0.0 | |||||||
Total derivative instruments | 26,904.3 | 128.7 | 129.2 | 108.1 | 0.3 | 0.1 | |||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 27,012.4 billion, CHF 129.0 billion and CHF 129.3 billion, respectively, as of the end of 1Q19.
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Primarily credit default swaps.
|
|||||||||||||
3
Primarily precious metals, commodity and energy products.
|
Trading | Hedging | 1 | |||||||||||
end of 4Q18 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
Derivative instruments (CHF billion) | |||||||||||||
Forwards and forward rate agreements | 7,477.7 | 3.6 | 3.7 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 13,160.7 | 2 | 49.0 | 45.4 | 104.4 | 2 | 0.1 | 0.2 | |||||
Options bought and sold (OTC) | 2,027.6 | 17.0 | 17.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 256.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 111.1 | 0.3 | 0.3 | 0.0 | 0.0 | 0.0 | |||||||
Interest rate products | 23,033.9 | 2 | 69.9 | 66.5 | 104.4 | 2 | 0.1 | 0.2 | |||||
Forwards | 1,124.5 | 9.5 | 10.5 | 12.0 | 0.1 | 0.1 | |||||||
Swaps | 456.6 | 14.4 | 17.4 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 313.0 | 3.9 | 4.3 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 10.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Foreign exchange products | 1,906.1 | 27.8 | 32.2 | 12.0 | 0.1 | 0.1 | |||||||
Forwards | 0.7 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 152.6 | 4.0 | 5.1 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 211.9 | 7.3 | 6.5 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 39.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 356.7 | 11.9 | 14.4 | 0.0 | 0.0 | 0.0 | |||||||
Equity/index-related products | 761.1 | 23.4 | 26.1 | 0.0 | 0.0 | 0.0 | |||||||
Credit derivatives 3 | 469.4 | 5.4 | 6.6 | 0.0 | 0.0 | 0.0 | |||||||
Forwards | 8.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 13.5 | 1.5 | 0.6 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 9.5 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 9.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 1.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Other products 4 | 42.4 | 1.7 | 0.8 | 0.0 | 0.0 | 0.0 | |||||||
Total derivative instruments | 26,212.9 | 2 | 128.2 | 132.2 | 116.4 | 2 | 0.2 | 0.3 | |||||
The notional amount, PRV and NRV (trading and hedging) was CHF 26,329.3 billion, CHF 128.4 billion and CHF 132.5 billion, respectively, as of the end of 4Q18.
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Prior period has been corrected.
|
|||||||||||||
3
Primarily credit default swaps.
|
|||||||||||||
4
Primarily precious metals, commodity and energy products.
|
1Q19 | 4Q18 | 1Q18 | |||||||||||
In |
Interest and dividend income |
Trading revenues |
Interest and dividend income |
Trading revenues |
Interest and dividend income |
Trading revenues |
|||||||
Interest rate products (CHF million) | |||||||||||||
Hedged items | (707) | – | – | (802) | – | 690 | |||||||
Derivatives designated as hedging instruments | 643 | – | – | 757 | – | (649) | |||||||
Net gains/(losses) on the ineffective portion | – | – | – | (45) | – | 41 | |||||||
As a result of the adoption ASU 2017-12 on January 1, 2019, gains/(losses) for interest rate risk hedges are included in interest and dividend income while, in prior periods, they were included in trading revenue. The accrued interest on fair value hedges is recorded in interest and dividend income and is excluded from this table.
|
1Q19 | |||||||
Hedged items | |||||||
end of |
Carrying amount |
Hedging adjustments |
1 |
Disconti- nued hedges |
2 | ||
Assets and liabilities (CHF billion) | |||||||
Net loans | 14.5 | 0.3 | 0.8 | ||||
Long-term debt | 74.7 | 0.8 | (0.1) | ||||
1
Relates to cumulative amount of fair value hedging adjustments included in the carrying amount.
|
|||||||
2
Relates to cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Interest rate products (CHF million) | |||||||
Gains/(losses) recognized in AOCI on derivatives | 49 | 33 | (61) | ||||
Gains/(losses) reclassified from AOCI into interest and dividend income | 1 | (21) | (16) |
Foreign exchange products (CHF million) | |||||||
Gains/(losses) recognized in AOCI on derivatives | 3 | 4 | 3 | ||||
Trading revenues | (1) | 12 | 1 | ||||
Other revenues | (2) | (2) | (1) | ||||
Total other operating expenses | (1) | (4) | 0 | ||||
Total gains/(losses) reclassified from AOCI into income | (4) | 6 | 0 | ||||
Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 | (3) | – | – |
Interest rate and foreign exchange products (CHF million) | |||||||
Net gains/(losses) on the ineffective portion | – | 0 | (1) | 2 | |||
1
Related to the forward points of a foreign currency forward.
|
|||||||
2
Included in trading revenues.
|
In | 1Q19 | 4Q18 | 1Q18 | ||||
Foreign exchange products (CHF million) | |||||||
Gains/(losses) recognized in the cumulative translation adjustments section of AOCI | (130) | (149) | 17 | ||||
Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues | 0 | (2) | 0 |
1Q19 | 4Q18 | ||||||||||||||||
end of |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
|||||||||
Contingent credit risk (CHF billion) | |||||||||||||||||
Current net exposure | 3.2 | 0.1 | 0.3 | 3.6 | 3.6 | 0.1 | 0.3 | 4.0 | |||||||||
Collateral posted | 2.9 | 0.0 | – | 2.9 | 3.4 | 0.1 | – | 3.5 | |||||||||
Impact of a one-notch downgrade event | 0.2 | 0.1 | 0.0 | 0.3 | 0.2 | 0.0 | 0.0 | 0.2 | |||||||||
Impact of a two-notch downgrade event | 0.8 | 0.1 | 0.1 | 1.0 | 0.9 | 0.0 | 0.1 | 1.0 | |||||||||
Impact of a three-notch downgrade event | 0.9 | 0.1 | 0.2 | 1.2 | 1.0 | 0.1 | 0.2 | 1.3 |
1Q19 | 4Q18 | ||||||||||||||||||||
end of |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
|||||||||
Single-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 | (49.5) | 45.5 | (4.0) | 11.7 | 0.3 | (46.0) | 43.1 | (2.9) | 11.8 | 0.2 | |||||||||||
Non-investment grade | (29.6) | 27.9 | (1.7) | 19.5 | 0.1 | (26.2) | 24.3 | (1.9) | 17.7 | (0.2) | |||||||||||
Total single-name instruments | (79.1) | 73.4 | (5.7) | 31.2 | 0.4 | (72.2) | 67.4 | (4.8) | 29.5 | 0.0 | |||||||||||
of which sovereign | (16.5) | 14.6 | (1.9) | 4.8 | (0.1) | (16.4) | 15.0 | (1.4) | 5.5 | (0.1) | |||||||||||
of which non-sovereign | (62.6) | 58.8 | (3.8) | 26.4 | 0.5 | (55.8) | 52.4 | (3.4) | 24.0 | 0.1 | |||||||||||
Multi-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 | (127.1) | 124.5 | (2.6) | 25.6 | 0.0 | (102.9) | 102.4 | (0.5) | 25.1 | (0.8) | |||||||||||
Non-investment grade | (40.7) | 39.3 | (1.4) | 8.4 | 3 | 0.7 | (26.5) | 25.3 | (1.2) | 8.4 | 3 | 0.1 | |||||||||
Total multi-name instruments | (167.8) | 163.8 | (4.0) | 34.0 | 0.7 | (129.4) | 127.7 | (1.7) | 33.5 | (0.7) | |||||||||||
of which sovereign | (0.2) | 0.2 | 0.0 | 0.0 | 0.0 | (0.2) | 0.2 | 0.0 | 0.0 | 0.0 | |||||||||||
of which non-sovereign | (167.6) | 163.6 | (4.0) | 34.0 | 0.7 | (129.2) | 127.5 | (1.7) | 33.5 | (0.7) | |||||||||||
Total instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 | (176.6) | 170.0 | (6.6) | 37.3 | 0.3 | (148.9) | 145.5 | (3.4) | 36.9 | (0.6) | |||||||||||
Non-investment grade | (70.3) | 67.2 | (3.1) | 27.9 | 0.8 | (52.7) | 49.6 | (3.1) | 26.1 | (0.1) | |||||||||||
Total instruments | (246.9) | 237.2 | (9.7) | 65.2 | 1.1 | (201.6) | 195.1 | (6.5) | 63.0 | (0.7) | |||||||||||
of which sovereign | (16.7) | 14.8 | (1.9) | 4.8 | (0.1) | (16.6) | 15.2 | (1.4) | 5.5 | (0.1) | |||||||||||
of which non-sovereign | (230.2) | 222.4 | (7.8) | 60.4 | 1.2 | (185.0) | 179.9 | (5.1) | 57.5 | (0.6) | |||||||||||
1
Represents credit protection purchased with identical underlyings and recoveries.
|
|||||||||||||||||||||
2
Based on internal ratings of BBB and above.
|
|||||||||||||||||||||
3
Includes synthetic securitized loan portfolios.
|
end of | 1Q19 | 4Q18 | |||
Credit derivatives (CHF billion) | |||||
Credit protection sold | 246.9 | 201.6 | |||
Credit protection purchased | 237.2 | 195.1 | |||
Other protection purchased | 65.2 | 63.0 | |||
Other instruments 1 | 9.7 | 9.7 | |||
Total credit derivatives | 559.0 | 469.4 | |||
1
Consists of total return swaps and other derivative instruments.
|
end of |
Maturity less than 1 year |
Maturity between 1 to 5 years |
Maturity greater than 5 years |
Total |
|||||
1Q19 (CHF billion) | |||||||||
Single-name instruments | 15.8 | 57.1 | 6.2 | 79.1 | |||||
Multi-name instruments | 43.3 | 83.3 | 41.2 | 167.8 | |||||
Total instruments | 59.1 | 140.4 | 47.4 | 246.9 | |||||
4Q18 (CHF billion) | |||||||||
Single-name instruments | 13.1 | 54.9 | 4.2 | 72.2 | |||||
Multi-name instruments | 28.8 | 80.6 | 20.0 | 129.4 | |||||
Total instruments | 41.9 | 135.5 | 24.2 | 201.6 |
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Carrying value |
Collateral received |
||||||
1Q19 (CHF million) | |||||||||||||
Credit guarantees and similar instruments | 1,943 | 1,264 | 3,207 | 3,105 | 13 | 1,746 | |||||||
Performance guarantees and similar instruments | 4,897 | 2,320 | 7,217 | 6,414 | 42 | 3,147 | |||||||
Derivatives 2 | 12,819 | 7,446 | 20,265 | 20,265 | 634 | – | 3 | ||||||
Other guarantees | 4,926 | 2,069 | 6,995 | 6,922 | 53 | 3,986 | |||||||
Total guarantees | 24,585 | 13,099 | 37,684 | 36,706 | 742 | 8,879 | |||||||
4Q18 (CHF million) | |||||||||||||
Credit guarantees and similar instruments | 2,228 | 1,055 | 3,283 | 3,194 | 14 | 1,748 | |||||||
Performance guarantees and similar instruments | 5,008 | 2,136 | 7,144 | 6,278 | 44 | 3,153 | |||||||
Derivatives 2 | 17,594 | 6,029 | 23,623 | 23,623 | 919 | – | 3 | ||||||
Other guarantees | 4,325 | 2,562 | 6,887 | 6,814 | 56 | 4,169 | |||||||
Total guarantees | 29,155 | 11,782 | 40,937 | 39,909 | 1,033 | 9,070 | |||||||
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||
2
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
|
|||||||||||||
3
Collateral for derivatives accounted for as guarantees is not significant.
|
end of | 1Q19 | 4Q18 | |||||||||||||||||||
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
||||||||||
Other commitments (CHF million) | |||||||||||||||||||||
Irrevocable commitments under documentary credits | 3,995 | 159 | 4,154 | 4,011 | 2,564 | 5,056 | 182 | 5,238 | 5,077 | 3,651 | |||||||||||
Irrevocable loan commitments 2 | 21,741 | 93,703 | 115,444 | 111,036 | 54,558 | 26,882 | 89,191 | 116,073 | 111,967 | 57,153 | |||||||||||
Forward reverse repurchase agreements | 22 | 0 | 22 | 22 | 22 | 31 | 0 | 31 | 31 | 31 | |||||||||||
Other commitments | 547 | 174 | 721 | 721 | 0 | 329 | 163 | 492 | 492 | 4 | |||||||||||
Total other commitments | 26,305 | 94,036 | 120,341 | 115,790 | 57,144 | 32,298 | 89,536 | 121,834 | 117,567 | 60,839 | |||||||||||
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||||||||||
2
Irrevocable loan commitments do not include a total gross amount of CHF 119,054 million and CHF 113,580 million of unused credit limits as of the end of 1Q19 and 4Q18 respectively, which were revocable at the Group's sole discretion upon notice to the client.
|
in | 1Q19 | 1Q18 | |||
Gains/(losses) and cash flows (CHF million) | |||||
CMBS | |||||
Net gain/(loss) 1 | (2) | 5 | |||
Proceeds from transfer of assets | 1,504 | 1,675 | |||
Cash received on interests that continue to be held | 9 | 8 | |||
RMBS | |||||
Net gain/(loss) 1 | (4) | (6) | |||
Proceeds from transfer of assets | 5,729 | 2,950 | |||
Purchases of previously transferred financial assets or its underlying collateral | 0 | (1) | |||
Servicing fees | 1 | 1 | |||
Cash received on interests that continue to be held | 50 | 299 | |||
Other asset-backed financings | |||||
Net gain 1 | 17 | 11 | |||
Proceeds from transfer of assets | 1,295 | 1,626 | |||
Purchases of previously transferred financial assets or its underlying collateral | (61) | (128) | |||
Fees 2 | 36 | 36 | |||
Cash received on interests that continue to be held | 1 | 1 | |||
1
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
|
|||||
2
Represents management fees and performance fees earned for investment management services provided to managed CLOs.
|
end of | 1Q19 | 4Q18 | |||
CHF million | |||||
CMBS | |||||
Principal amount outstanding | 23,718 | 25,330 | |||
Total assets of SPE | 32,345 | 35,760 | |||
RMBS | |||||
Principal amount outstanding | 45,805 | 40,253 | |||
Total assets of SPE | 46,782 | 41,242 | |||
Other asset-backed financings | |||||
Principal amount outstanding | 23,171 | 23,036 | |||
Total assets of SPE | 48,438 | 47,542 | |||
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties.
|
1Q19 | 1Q18 | ||||||||||||||||
at time of transfer, in | CMBS | RMBS | CMBS | RMBS | |||||||||||||
CHF million, except where indicated | |||||||||||||||||
Fair value of beneficial interests | 91 | 425 | 249 | 975 | |||||||||||||
of which level 2 | 91 | 380 | 249 | 933 | |||||||||||||
of which level 3 | 0 | 45 | 0 | 42 | |||||||||||||
Weighted-average life, in years | 5.5 | 5.1 | 4.8 | 7.0 | |||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 2.0 | – | 19.8 | – | 2 | 5.8 | – | 13.5 | |||||||
Cash flow discount rate (rate per annum), in % 3 | 3.0 | – | 5.4 | 2.7 | – | 7.7 | 3.6 | – | 8.8 | 3.0 | – | 12.1 | |||||
Expected credit losses (rate per annum), in % 4 | 0.0 | – | 0.0 | 1.7 | – | 3.4 | 0.0 | – | 0.0 | 3.2 | – | 5.5 | |||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table.
|
|||||||||||||||||
1
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR.
|
|||||||||||||||||
2
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||
3
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||
4
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
1Q19 | 4Q18 | ||||||||||||||||||||||||
end of |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 | |||||||||||||||
CHF million, except where indicated | |||||||||||||||||||||||||
Fair value of beneficial interests | 588 | 1,627 | 220 | 805 | 2,006 | 226 | |||||||||||||||||||
of which non-investment grade | 146 | 274 | 20 | 112 | 307 | 26 | |||||||||||||||||||
Weighted-average life, in years | 4.7 | 6.9 | 5.3 | 5.7 | 7.9 | 5.6 | |||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 2.0 | – | 19.8 | – | – | 2.0 | – | 20.0 | – | |||||||||||||||
Impact on fair value from 10% adverse change | – | (20.8) | – | – | (22.3) | – | |||||||||||||||||||
Impact on fair value from 20% adverse change | – | (41.7) | – | – | (43.2) | – | |||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 2.9 | – | 17.7 | 2.7 | – | 24.5 | 0.8 | – | 21.2 | 3.4 | – | 14.3 | 3.0 | – | 21.3 | 1.0 | – | 21.2 | |||||||
Impact on fair value from 10% adverse change | (9.8) | (40.5) | (2.4) | (20.7) | (52.1) | (2.9) | |||||||||||||||||||
Impact on fair value from 20% adverse change | (19.3) | (78.7) | (4.7) | (37.6) | (101.3) | (5.7) | |||||||||||||||||||
Expected credit losses (rate per annum), in % 5 | 0.6 | – | 5.6 | 0.2 | – | 22.2 | 0.9 | – | 21.2 | 0.8 | – | 4.7 | 0.6 | – | 18.8 | 1.0 | – | 21.2 | |||||||
Impact on fair value from 10% adverse change | (5.1) | (22.5) | (2.3) | (10.2) | (23.8) | (2.4) | |||||||||||||||||||
Impact on fair value from 20% adverse change | (10.1) | (44.2) | (4.5) | (17.3) | (46.7) | (4.8) | |||||||||||||||||||
1
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||||||||||
2
CDOs and CLOs within this category are generally structured to be protected from prepayment risk.
|
|||||||||||||||||||||||||
3
PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR.
|
|||||||||||||||||||||||||
4
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||||||||||
5
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
end of | 1Q19 | 4Q18 | |||
CHF million | |||||
Other asset-backed financings | |||||
Trading assets | 261 | 255 | |||
Liability to SPE, included in other liabilities | (261) | (255) |
end of | 1Q19 | 4Q18 | |||
CHF billion | |||||
Government debt securities | 19.6 | 31.1 | |||
Corporate debt securities | 10.2 | 9.6 | |||
Asset-backed securities | 1.8 | 1.8 | |||
Other | 0.3 | 0.2 | |||
Securities sold under repurchase agreements | 31.9 | 42.7 | |||
Government debt securities | 1.1 | 1.4 | |||
Corporate debt securities | 0.4 | 0.2 | |||
Equity securities | 4.0 | 3.2 | |||
Other | 0.2 | 0.2 | |||
Securities lending transactions | 5.7 | 5.0 | |||
Government debt securities | 2.3 | 3.6 | |||
Corporate debt securities | 1.2 | 1.0 | |||
Asset-backed securities | 0.1 | 0.1 | |||
Equity securities | 45.9 | 37.0 | |||
Obligation to return securities received as collateral, at fair value | 49.5 | 41.7 | |||
Total | 87.1 | 89.4 |
Remaining contractual maturities | |||||||||||
end of |
On demand |
1 |
Up to 30 days |
2 |
31–90 days |
More than 90 days |
Total |
||||
1Q19 (CHF billion) | |||||||||||
Securities sold under repurchase agreements | 7.7 | 16.0 | 5.0 | 3.2 | 31.9 | ||||||
Securities lending transactions | 5.0 | 0.6 | 0.1 | 0.0 | 5.7 | ||||||
Obligation to return securities received as collateral, at fair value | 49.4 | 0.0 | 0.1 | 0.0 | 49.5 | ||||||
Total | 62.1 | 16.6 | 5.2 | 3.2 | 87.1 | ||||||
4Q18 (CHF billion) | |||||||||||
Securities sold under repurchase agreements | 7.4 | 26.3 | 6.7 | 2.3 | 42.7 | ||||||
Securities lending transactions | 4.1 | 0.9 | 0.0 | 0.0 | 5.0 | ||||||
Obligation to return securities received as collateral, at fair value | 41.4 | 0.1 | 0.2 | 0.0 | 41.7 | ||||||
Total | 52.9 | 27.3 | 6.9 | 2.3 | 89.4 | ||||||
1
Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period.
|
|||||||||||
2
Includes overnight transactions.
|
Financial intermediation | |||||||||||||||
end of |
CDO/ CLO |
CP Conduit |
Securi- tizations |
Funds |
Loans |
Other |
Total |
||||||||
1Q19 (CHF million) | |||||||||||||||
Cash and due from banks | 25 | 2 | 69 | 19 | 46 | 12 | 173 | ||||||||
Trading assets | 75 | 0 | 1,786 | 350 | 919 | 13 | 3,143 | ||||||||
Other investments | 0 | 0 | 0 | 159 | 1,089 | 277 | 1,525 | ||||||||
Net loans | 0 | 0 | 123 | 0 | 25 | 248 | 396 | ||||||||
Other assets | 75 | 17 | 812 | 5 | 133 | 1,005 | 2,047 | ||||||||
of which loans held-for-sale | 74 | 0 | 105 | 0 | 3 | 0 | 182 | ||||||||
of which premises and equipment | 0 | 0 | 0 | 0 | 38 | 0 | 38 | ||||||||
Total assets of consolidated VIEs | 175 | 19 | 2,790 | 533 | 2,212 | 1,555 | 7,284 | ||||||||
Trading liabilities | 0 | 0 | 0 | 0 | 4 | 0 | 4 | ||||||||
Short-term borrowings | 0 | 5,138 | 0 | 0 | 0 | 0 | 5,138 | ||||||||
Long-term debt | 57 | 0 | 1,831 | 181 | 13 | 34 | 2,116 | ||||||||
Other liabilities | 0 | 48 | 2 | 4 | 98 | 146 | 298 | ||||||||
Total liabilities of consolidated VIEs | 57 | 5,186 | 1,833 | 185 | 115 | 180 | 7,556 | ||||||||
4Q18 (CHF million) | |||||||||||||||
Cash and due from banks | 15 | 1 | 68 | 17 | 52 | 20 | 173 | ||||||||
Trading assets | 72 | 0 | 1,602 | 1 | 418 | 944 | 12 | 3,048 | |||||||
Other investments | 0 | 0 | 0 | 153 | 1,073 | 279 | 1,505 | ||||||||
Net loans | 0 | 0 | 119 | 0 | 23 | 245 | 387 | ||||||||
Other assets | 57 | 16 | 863 | 4 | 72 | 1,037 | 2,049 | ||||||||
of which loans held-for-sale | 57 | 0 | 107 | 0 | 3 | 0 | 167 | ||||||||
of which premises and equipment 2 | 0 | 0 | 0 | 0 | 39 | 0 | 39 | ||||||||
Total assets of consolidated VIEs | 144 | 17 | 2,652 | 592 | 2,164 | 1,593 | 7,162 | ||||||||
Trading liabilities | 0 | 0 | 0 | 0 | 3 | 0 | 3 | ||||||||
Short-term borrowings | 0 | 5,465 | 0 | 0 | 0 | 0 | 5,465 | ||||||||
Long-term debt | 48 | 0 | 1,487 | 174 | 26 | 29 | 1,764 | ||||||||
Other liabilities | 0 | 43 | 1 | 8 | 98 | 127 | 277 | ||||||||
Total liabilities of consolidated VIEs | 48 | 5,508 | 1,488 | 182 | 127 | 156 | 7,509 | ||||||||
1
Includes residential and commercial mortgage-backed securities previously reported in investment securities which have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
|||||||||||||||
2
Premises and equipment were previously presented separately in the consolidated balance sheet.
|
Financial intermediation | |||||||||||||
end of |
CDO/ CLO |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
1Q19 (CHF million) | |||||||||||||
Trading assets | 203 | 4,186 | 921 | 176 | 3,593 | 9,079 | |||||||
Net loans | 336 | 1,727 | 2,166 | 6,571 | 431 | 11,231 | |||||||
Other assets | 2 | 77 | 214 | 1 | 446 | 740 | |||||||
Total variable interest assets | 541 | 5,990 | 3,301 | 6,748 | 4,470 | 21,050 | |||||||
Maximum exposure to loss | 541 | 7,649 | 3,390 | 10,563 | 4,924 | 27,067 | |||||||
Total assets of non-consolidated VIEs | 7,133 | 129,753 | 112,307 | 23,323 | 33,138 | 305,654 | |||||||
4Q18 (CHF million) | |||||||||||||
Trading assets | 209 | 4,527 | 927 | 183 | 3,703 | 9,549 | |||||||
Net loans | 154 | 1,475 | 1,591 | 5,246 | 430 | 8,896 | |||||||
Other assets | 3 | 19 | 120 | 0 | 444 | 586 | |||||||
Total variable interest assets | 366 | 6,021 | 2,638 | 5,429 | 4,577 | 19,031 | |||||||
Maximum exposure to loss | 366 | 7,637 | 2,653 | 8,680 | 5,150 | 24,486 | |||||||
Total assets of non-consolidated VIEs | 7,033 | 96,483 | 68,258 | 20,804 | 31,336 | 223,914 |
end of 1Q19 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 0 | 71 | 0 | – | – | 71 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 81,730 | 0 | – | – | 81,730 | |||||||
Securities received as collateral | 45,653 | 3,802 | 17 | – | – | 49,472 | |||||||
Trading assets | 86,830 | 158,987 | 8,468 | (110,428) | 1,065 | 144,922 | |||||||
of which debt securities | 24,271 | 35,894 | 2,094 | – | 13 | 62,272 | |||||||
of which foreign governments | 23,413 | 4,430 | 241 | – | – | 28,084 | |||||||
of which corporates | 734 | 9,816 | 1,313 | – | 13 | 11,876 | |||||||
of which RMBS | 0 | 17,264 | 256 | – | – | 17,520 | |||||||
of which equity securities | 54,325 | 3,327 | 141 | – | 1,052 | 58,845 | |||||||
of which derivatives | 6,629 | 119,182 | 2,970 | (110,428) | – | 18,353 | |||||||
of which interest rate products | 3,515 | 70,840 | 537 | – | – | – | |||||||
of which foreign exchange products | 164 | 23,920 | 222 | – | – | – | |||||||
of which equity/index-related products | 2,941 | 18,424 | 658 | – | – | – | |||||||
of which credit derivatives | 0 | 5,699 | 714 | – | – | – | |||||||
of which other derivatives | 0 | 110 | 839 | – | – | – | |||||||
of which other trading assets | 1,605 | 584 | 3,263 | – | – | 5,452 | |||||||
Investment securities | 302 | 1,414 | 0 | – | – | 1,716 | |||||||
Other investments | 25 | 0 | 1,332 | – | 1,007 | 2,364 | |||||||
of which life finance instruments | 0 | 0 | 1,089 | – | – | 1,089 | |||||||
Loans | 0 | 10,799 | 4,506 | – | – | 15,305 | |||||||
of which real estate | 0 | 186 | 590 | – | – | 776 | |||||||
of which commercial and industrial loans | 0 | 4,217 | 1,863 | – | – | 6,080 | |||||||
of which financial institutions | 0 | 4,055 | 1,532 | – | – | 5,587 | |||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 168 | – | – | 168 | |||||||
Other assets | 109 | 7,420 | 1,648 | (176) | – | 9,001 | |||||||
of which loans held-for-sale | 0 | 5,652 | 1,403 | – | – | 7,055 | |||||||
Total assets at fair value | 132,919 | 264,223 | 16,139 | (110,604) | 2,072 | 304,749 | |||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
end of 1Q19 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
Liabilities (CHF million) | |||||||||||||
Due to banks | 0 | 248 | 0 | – | – | 248 | |||||||
Customer deposits | 0 | 2,516 | 487 | – | – | 3,003 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 9,745 | 0 | – | – | 9,745 | |||||||
Obligation to return securities received as collateral | 45,653 | 3,802 | 17 | – | – | 49,472 | |||||||
Trading liabilities | 27,015 | 123,925 | 3,476 | (114,885) | 5 | 39,536 | |||||||
of which debt securities | 5,160 | 4,720 | 14 | – | – | 9,894 | |||||||
of which foreign governments | 5,012 | 261 | 0 | – | – | 5,273 | |||||||
of which equity securities | 15,125 | 127 | 44 | – | 5 | 15,301 | |||||||
of which derivatives | 6,730 | 119,078 | 3,418 | (114,885) | – | 14,341 | |||||||
of which interest rate products | 3,670 | 66,022 | 200 | – | – | – | |||||||
of which foreign exchange products | 135 | 28,421 | 137 | – | – | – | |||||||
of which equity/index-related products | 2,917 | 17,702 | 1,355 | – | – | – | |||||||
of which credit derivatives | 0 | 6,700 | 1,244 | – | – | – | |||||||
Short-term borrowings | 0 | 8,417 | 1,097 | – | – | 9,514 | |||||||
Long-term debt | 0 | 55,021 | 14,390 | – | – | 69,411 | |||||||
of which structured notes over one year and up to two years | 0 | 7,639 | 785 | – | – | 8,424 | |||||||
of which structured notes over two years | 0 | 29,988 | 13,156 | – | – | 43,144 | |||||||
Other liabilities | 0 | 6,440 | 1,395 | (145) | – | 7,690 | |||||||
Total liabilities at fair value | 72,668 | 210,114 | 20,862 | (115,030) | 5 | 188,619 | |||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
end of 4Q18 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 0 | 115 | 0 | – | – | 115 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 81,818 | 0 | – | – | 81,818 | |||||||
Securities received as collateral | 37,962 | 3,704 | 30 | – | – | 41,696 | |||||||
Trading assets 3 | 76,124 | 157,332 | 8,980 | (109,927) | 1,126 | 133,635 | |||||||
of which debt securities | 23,726 | 37,587 | 2,242 | – | 12 | 63,567 | |||||||
of which foreign governments | 23,547 | 4,542 | 232 | – | – | 28,321 | |||||||
of which corporates | 66 | 7,984 | 1,260 | – | 12 | 9,322 | |||||||
of which RMBS | 0 | 20,919 | 432 | – | – | 21,351 | |||||||
of which equity securities | 42,758 | 2,459 | 132 | – | 1,114 | 46,463 | |||||||
of which derivatives | 7,999 | 116,942 | 3,298 | (109,927) | – | 18,312 | |||||||
of which interest rate products | 3,557 | 65,823 | 507 | – | – | – | |||||||
of which foreign exchange products | 25 | 27,526 | 258 | – | – | – | |||||||
of which equity/index-related products | 4,415 | 17,967 | 1,054 | – | – | – | |||||||
of which credit derivatives | 0 | 4,739 | 673 | – | – | – | |||||||
of which other derivatives | 1 | 633 | 806 | – | – | – | |||||||
of which other trading assets | 1,641 | 344 | 3,308 | – | – | 5,293 | |||||||
Investment securities 3 | 2 | 1,477 | 0 | – | – | 1,479 | |||||||
Other investments | 14 | 7 | 1,309 | – | 1,104 | 2,434 | |||||||
of which life finance instruments | 0 | 0 | 1,067 | – | – | 1,067 | |||||||
Loans | 0 | 10,549 | 4,324 | – | – | 14,873 | |||||||
of which real estate | 0 | 146 | 515 | – | – | 661 | |||||||
of which commercial and industrial loans | 0 | 3,976 | 1,949 | – | – | 5,925 | |||||||
of which financial institutions | 0 | 4,164 | 1,391 | – | – | 5,555 | |||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 163 | – | – | 163 | |||||||
Other assets | 117 | 5,807 | 1,543 | (204) | – | 7,263 | |||||||
of which loans held-for-sale | 0 | 4,238 | 1,235 | – | – | 5,473 | |||||||
Total assets at fair value | 114,219 | 260,809 | 16,349 | (110,131) | 2,230 | 283,476 | |||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
3
Residential and commercial mortgage-backed securities that were previously reported in investment securities have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
end of 4Q18 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
Liabilities (CHF million) | |||||||||||||
Due to banks | 0 | 406 | 0 | – | – | 406 | |||||||
Customer deposits | 0 | 2,839 | 453 | – | – | 3,292 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 14,828 | 0 | – | – | 14,828 | |||||||
Obligation to return securities received as collateral | 37,962 | 3,704 | 30 | – | – | 41,696 | |||||||
Trading liabilities | 31,940 | 123,615 | 3,589 | (116,985) | 10 | 42,169 | |||||||
of which debt securities | 4,460 | 3,511 | 25 | – | – | 7,996 | |||||||
of which foreign governments | 4,328 | 255 | 0 | – | – | 4,583 | |||||||
of which equity securities | 18,785 | 118 | 37 | – | 10 | 18,950 | |||||||
of which derivatives | 8,695 | 119,986 | 3,527 | (116,985) | – | 15,223 | |||||||
of which interest rate products | 3,699 | 62,649 | 189 | – | – | – | |||||||
of which foreign exchange products | 32 | 31,983 | 160 | – | – | – | |||||||
of which equity/index-related products | 4,961 | 19,590 | 1,500 | – | – | – | |||||||
of which credit derivatives | 0 | 5,485 | 1,140 | – | – | – | |||||||
Short-term borrowings | 0 | 7,284 | 784 | – | – | 8,068 | |||||||
Long-term debt | 0 | 51,270 | 12,665 | – | – | 63,935 | |||||||
of which structured notes over one year and up to two years | 0 | 7,242 | 528 | – | – | 7,770 | |||||||
of which structured notes over two years | 0 | 28,215 | 11,800 | – | – | 40,015 | |||||||
Other liabilities | 0 | 7,881 | 1,341 | (221) | – | 9,001 | |||||||
Total liabilities at fair value | 69,902 | 211,827 | 18,862 | (117,206) | 10 | 183,395 | |||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||||||
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||
1Q19 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
Foreign currency translation impact |
Balance at end of period |
||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||
Securities received as collateral | 30 | 0 | 0 | 0 | (13) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 | ||||||||||||||||
Trading assets | 8,980 | 382 | (872) | 2,151 | (2,301) | 307 | (458) | (93) | 274 | 0 | 0 | 0 | 0 | 98 | 8,468 | ||||||||||||||||
of which debt securities | 2,242 | 256 | (328) | 798 | (917) | 0 | 0 | (1) | 15 | 0 | 0 | 0 | 0 | 29 | 2,094 | ||||||||||||||||
of which foreign governments | 232 | 0 | 0 | 45 | (44) | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 2 | 241 | ||||||||||||||||
of which corporates | 1,260 | 207 | (159) | 519 | (518) | 0 | 0 | 1 | (19) | 0 | 0 | 0 | 0 | 22 | 1,313 | ||||||||||||||||
of which RMBS | 432 | 24 | (153) | 206 | (284) | 0 | 0 | (1) | 27 | 0 | 0 | 0 | 0 | 5 | 256 | ||||||||||||||||
of which equity securities | 132 | 35 | (37) | 14 | (9) | 0 | 0 | 1 | 4 | 0 | 0 | 0 | 0 | 1 | 141 | ||||||||||||||||
of which derivatives | 3,298 | 66 | (343) | 0 | 0 | 307 | (445) | (90) | 147 | 0 | 0 | 0 | 0 | 30 | 2,970 | ||||||||||||||||
of which interest rate products | 507 | 9 | (6) | 0 | 0 | 23 | (16) | 1 | 21 | 0 | 0 | 0 | 0 | (2) | 537 | ||||||||||||||||
of which foreign exchange derivatives | 258 | 1 | (11) | 0 | 0 | 3 | (5) | 0 | (27) | 0 | 0 | 0 | 0 | 3 | 222 | ||||||||||||||||
of which equity/index-related products | 1,054 | 31 | (291) | 0 | 0 | 105 | (155) | (83) | (14) | 0 | 0 | 0 | 0 | 11 | 658 | ||||||||||||||||
of which credit derivatives | 673 | 25 | (35) | 0 | 0 | 107 | (178) | (8) | 123 | 0 | 0 | 0 | 0 | 7 | 714 | ||||||||||||||||
of which other derivatives | 806 | 0 | 0 | 0 | 0 | 69 | (91) | 0 | 44 | 0 | 0 | 0 | 0 | 11 | 839 | ||||||||||||||||
of which other trading assets | 3,308 | 25 | (164) | 1,339 | (1,375) | 0 | (13) | (3) | 108 | 0 | 0 | 0 | 0 | 38 | 3,263 | ||||||||||||||||
Other investments | 1,309 | 0 | (5) | 13 | (57) | 0 | 0 | 0 | 54 | 0 | 3 | 0 | 0 | 15 | 1,332 | ||||||||||||||||
of which life finance instruments | 1,067 | 0 | 0 | 10 | (52) | 0 | 0 | 0 | 51 | 0 | 0 | 0 | 0 | 13 | 1,089 | ||||||||||||||||
Loans | 4,324 | 250 | (83) | 19 | (71) | 331 | (347) | 3 | 31 | 0 | 1 | 0 | 0 | 48 | 4,506 | ||||||||||||||||
of which real estate | 515 | 0 | 0 | 0 | 0 | 75 | (6) | 0 | (1) | 0 | 1 | 0 | 0 | 6 | 590 | ||||||||||||||||
of which commercial and industrial loans | 1,949 | 31 | (24) | 19 | (71) | 54 | (127) | 1 | 9 | 0 | 0 | 0 | 0 | 22 | 1,863 | ||||||||||||||||
of which financial institutions | 1,391 | 219 | 0 | 0 | 0 | 108 | (215) | 0 | 13 | 0 | 0 | 0 | 0 | 16 | 1,532 | ||||||||||||||||
Other intangible assets (mortgage servicing rights) | 163 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | (5) | 0 | 0 | 1 | 168 | ||||||||||||||||
Other assets | 1,543 | 69 | (129) | 433 | (323) | 78 | (24) | (6) | (8) | 0 | 0 | 0 | 0 | 15 | 1,648 | ||||||||||||||||
of which loans held-for-sale | 1,235 | 66 | (75) | 421 | (321) | 78 | (24) | (5) | 15 | 0 | 0 | 0 | 0 | 13 | 1,403 | ||||||||||||||||
Total assets at fair value | 16,349 | 701 | (1,089) | 2,625 | (2,765) | 716 | (829) | (96) | 351 | 0 | (1) | 0 | 0 | 177 | 16,139 | ||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||
Customer deposits | 453 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 | 0 | 0 | 0 | 0 | (4) | 487 | ||||||||||||||||
Obligation to return securities received as collateral | 30 | 0 | 0 | 0 | (13) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 | ||||||||||||||||
Trading liabilities | 3,589 | 100 | (211) | 199 | (202) | 785 | (1,001) | 19 | 159 | 0 | 0 | 0 | 0 | 39 | 3,476 | ||||||||||||||||
of which debt securities | 25 | 3 | (4) | 12 | (22) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | ||||||||||||||||
of which equity securities | 37 | 1 | 0 | 187 | (180) | 0 | 0 | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 44 | ||||||||||||||||
of which derivatives | 3,527 | 96 | (207) | 0 | 0 | 785 | (1,001) | 19 | 160 | 0 | 0 | 0 | 0 | 39 | 3,418 | ||||||||||||||||
of which interest rate derivatives | 189 | 1 | (2) | 0 | 0 | 7 | (6) | 1 | 10 | 0 | 0 | 0 | 0 | 0 | 200 | ||||||||||||||||
of which foreign exchange derivatives | 160 | 0 | (10) | 0 | 0 | 2 | (2) | (1) | (13) | 0 | 0 | 0 | 0 | 1 | 137 | ||||||||||||||||
of which equity/index-related derivatives | 1,500 | 52 | (149) | 0 | 0 | 205 | (399) | 14 | 116 | 0 | 0 | 0 | 0 | 16 | 1,355 | ||||||||||||||||
of which credit derivatives | 1,140 | 43 | (45) | 0 | 0 | 501 | (488) | 6 | 75 | 0 | 0 | 0 | 0 | 12 | 1,244 | ||||||||||||||||
Short-term borrowings | 784 | 92 | (102) | 0 | 0 | 435 | (219) | 3 | 97 | 0 | 0 | 0 | 0 | 7 | 1,097 | ||||||||||||||||
Long-term debt | 12,665 | 1,028 | (827) | 0 | 0 | 1,074 | (590) | 56 | 789 | 0 | 0 | 7 | 44 | 144 | 14,390 | ||||||||||||||||
of which structured notes over one year and up to two years | 528 | 150 | (51) | 0 | 0 | 214 | (120) | 6 | 46 | 0 | 0 | 0 | 6 | 6 | 785 | ||||||||||||||||
of which structured notes over two years | 11,800 | 866 | (703) | 0 | 0 | 683 | (444) | 49 | 724 | 0 | 0 | 7 | 39 | 135 | 13,156 | ||||||||||||||||
Other liabilities | 1,341 | 68 | (75) | 7 | (28) | 45 | (72) | (5) | 8 | 0 | 91 | 0 | 0 | 15 | 1,395 | ||||||||||||||||
Total liabilities at fair value | 18,862 | 1,288 | (1,215) | 206 | (243) | 2,339 | (1,882) | 73 | 1,091 | 0 | 91 | 7 | 44 | 201 | 20,862 | ||||||||||||||||
Net assets/(liabilities) at fair value | (2,513) | (587) | 126 | 2,419 | (2,522) | (1,623) | 1,053 | (169) | (740) | 0 | (92) | (7) | (44) | (24) | (4,723) |
Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||||||
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||
1Q18 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
Foreign currency translation impact |
Balance at end of period |
||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||
Securities received as collateral | 46 | 0 | (15) | 49 | (28) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | 51 | ||||||||||||||||
Trading assets 1 | 8,796 | 247 | (394) | 5,171 | (5,811) | 433 | (519) | (11) | 60 | 0 | 10 | 0 | 0 | (204) | 7,778 | ||||||||||||||||
of which debt securities | 2,334 | 166 | (212) | 649 | (716) | 0 | (113) | 0 | 0 | 0 | 6 | 0 | 0 | (52) | 2,062 | ||||||||||||||||
of which corporates | 1,412 | 87 | (109) | 519 | (657) | 0 | 0 | 0 | (38) | 0 | 5 | 0 | 0 | (32) | 1,187 | ||||||||||||||||
of which RMBS | 360 | 66 | (78) | 104 | (2) | 0 | (113) | (1) | 34 | 0 | 0 | 0 | 0 | (8) | 362 | ||||||||||||||||
of which CMBS | 18 | 10 | (1) | 1 | (2) | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 28 | ||||||||||||||||
of which CDO | 126 | 4 | (13) | 12 | (18) | 0 | 0 | 0 | (1) | 0 | 0 | 0 | 0 | (4) | 106 | ||||||||||||||||
of which equity securities | 163 | 7 | (18) | 15 | (26) | 0 | 0 | (3) | (4) | 0 | 4 | 0 | 0 | (3) | 135 | ||||||||||||||||
of which derivatives | 3,289 | 69 | (115) | 0 | 0 | 433 | (405) | (10) | 1 | 0 | 0 | 0 | 0 | (74) | 3,188 | ||||||||||||||||
of which interest rate products | 801 | 9 | (4) | 0 | 0 | 31 | (22) | 0 | (60) | 0 | 0 | 0 | 0 | (15) | 740 | ||||||||||||||||
of which equity/index-related products | 833 | 34 | (86) | 0 | 0 | 140 | (143) | (6) | 123 | 0 | 0 | 0 | 0 | (21) | 874 | ||||||||||||||||
of which credit derivatives | 634 | 23 | (25) | 0 | 0 | 175 | (94) | (4) | (36) | 0 | 0 | 0 | 0 | (15) | 658 | ||||||||||||||||
of which other trading assets | 3,010 | 5 | (49) | 4,507 | (5,069) | 0 | (1) | 2 | 63 | 0 | 0 | 0 | 0 | (75) | 2,393 | ||||||||||||||||
Other investments | 1,601 | 0 | (7) | 46 | (158) | 0 | 0 | 0 | (37) | 0 | 0 | 0 | 0 | (35) | 1,410 | ||||||||||||||||
of which other equity investments | 300 | 0 | (7) | 3 | (81) | 0 | 0 | 0 | (3) | 0 | 0 | 0 | 0 | (6) | 206 | ||||||||||||||||
of which life finance instruments | 1,301 | 0 | 0 | 43 | (77) | 0 | 0 | 0 | (34) | 0 | 0 | 0 | 0 | (29) | 1,204 | ||||||||||||||||
Loans | 4,530 | 427 | (29) | 0 | (41) | 211 | (810) | 0 | (42) | 0 | 0 | 0 | 0 | (111) | 4,135 | ||||||||||||||||
of which commercial and industrial loans | 2,207 | 7 | (24) | 0 | (19) | 60 | (269) | 0 | 13 | 0 | 0 | 0 | 0 | (53) | 1,922 | ||||||||||||||||
of which financial institutions | 1,480 | 308 | (5) | 0 | (12) | 109 | (540) | 0 | (10) | 0 | 0 | 0 | 0 | (38) | 1,292 | ||||||||||||||||
Other intangible assets (mortgage servicing rights) | 158 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | 150 | ||||||||||||||||
Other assets | 1,511 | 54 | (37) | 218 | (381) | 37 | (77) | 1 | 24 | 0 | 0 | 0 | 0 | (38) | 1,312 | ||||||||||||||||
of which loans held-for-sale | 1,350 | 44 | (33) | 204 | (349) | 37 | (77) | 0 | (3) | 0 | 0 | 0 | 0 | (34) | 1,139 | ||||||||||||||||
Total assets at fair value | 16,642 | 728 | (482) | 5,484 | (6,419) | 681 | (1,406) | (10) | 5 | 0 | 6 | 0 | 0 | (393) | 14,836 | ||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||
Customer deposits | 455 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 | 0 | 0 | 0 | (10) | (6) | 460 | ||||||||||||||||
Obligation to return securities received as collateral | 46 | 0 | (15) | 49 | (28) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | 51 | ||||||||||||||||
Trading liabilities | 3,226 | 114 | (167) | 16 | (20) | 471 | (429) | (22) | (96) | 0 | (1) | 0 | 0 | (73) | 3,019 | ||||||||||||||||
of which derivatives | 3,169 | 109 | (165) | 0 | (1) | 471 | (429) | (19) | (93) | 0 | 0 | 0 | 0 | (71) | 2,971 | ||||||||||||||||
of which interest rate derivatives | 317 | 9 | 0 | 0 | 0 | 104 | (25) | 3 | (129) | 0 | 0 | 0 | 0 | (7) | 272 | ||||||||||||||||
of which foreign exchange derivatives | 100 | 18 | 0 | 0 | 0 | 1 | 0 | 0 | (2) | 0 | 0 | 0 | 0 | (2) | 115 | ||||||||||||||||
of which equity/index-related derivatives | 1,301 | 36 | (112) | 0 | 0 | 191 | (214) | (18) | 17 | 0 | 0 | 0 | 0 | (30) | 1,171 | ||||||||||||||||
of which credit derivatives | 898 | 46 | (53) | 0 | 0 | 112 | (135) | (3) | 33 | 0 | 0 | 0 | 0 | (21) | 877 | ||||||||||||||||
Short-term borrowings | 845 | 9 | (93) | 0 | 0 | 730 | (490) | 15 | (69) | 0 | (5) | 0 | 7 | (17) | 932 | ||||||||||||||||
Long-term debt | 12,501 | 544 | (708) | 0 | 0 | 1,491 | (879) | 14 | (79) | 0 | 0 | (2) | (95) | (282) | 12,505 | ||||||||||||||||
of which structured notes over two years | 12,259 | 538 | (680) | 0 | 0 | 1,293 | (805) | 14 | (57) | 0 | 0 | (2) | (95) | (278) | 12,187 | ||||||||||||||||
Other liabilities | 1,478 | 2 | (1) | 2 | (58) | 0 | (27) | (2) | 0 | 0 | 56 | 0 | 0 | (30) | 1,420 | ||||||||||||||||
of which failed sales | 223 | 0 | 0 | 2 | (56) | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | (5) | 166 | ||||||||||||||||
Total liabilities at fair value | 18,551 | 669 | (984) | 67 | (106) | 2,692 | (1,825) | 5 | (223) | 0 | 50 | (2) | (98) | (409) | 18,387 | ||||||||||||||||
Net assets/(liabilities) at fair value | (1,909) | 59 | 502 | 5,417 | (6,313) | (2,011) | 419 | (15) | 228 | 0 | (44) | 2 | 98 | 16 | (3,551) | ||||||||||||||||
1
Residential and commercial mortgage-backed securities that were previously reported in investment securities have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
1Q19 | 1Q18 | ||||||||||||
in |
Trading revenues |
Other revenues |
Total revenues |
Trading revenues |
Other revenues |
Total revenues |
|||||||
Gains and losses on assets and liabilities (CHF million) | |||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | (909) | (92) | (1,001) | 1 | 213 | (44) | 169 | 1 | |||||
Whereof: | |||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (858) | 1 | (857) | 150 | (1) | 149 | |||||||
1
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact.
|
end of 1Q19 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Securities received as collateral | 17 | – | – | – | – | – | |||||||
Trading assets | 8,468 | ||||||||||||
of which debt securities | 2,094 | ||||||||||||
of which foreign governments | 241 | Discounted cash flow | Credit spread, in bp | 140 | 140 | 140 | |||||||
of which corporates | 1,313 | ||||||||||||
of which | 689 | Market comparable | Price, in % | 0 | 117 | 83 | |||||||
of which | 612 | Option model | Correlation, in % | (80) | 100 | 67 | |||||||
Volatility, in % | 1 | 247 | 26 | ||||||||||
of which RMBS | 256 | Discounted cash flow | Default rate, in % | 0 | 7 | 3 | |||||||
Discount rate, in % | 1 | 29 | 10 | ||||||||||
Loss severity, in % | 0 | 100 | 61 | ||||||||||
Prepayment rate, in % | 2 | 21 | 8 | ||||||||||
of which equity securities | 141 | ||||||||||||
of which | 76 | Market comparable | EBITDA multiple | 2 | 10 | 6 | |||||||
Price, in % | 12 | 12 | 12 | ||||||||||
of which | 57 | Vendor price | Price, in actuals | 0 | 450 | 1 | |||||||
of which derivatives | 2,970 | ||||||||||||
of which interest rate products | 537 | Option model | Correlation, in % | (4) | 100 | 67 | |||||||
Prepayment rate, in % | 1 | 27 | 9 | ||||||||||
Volatility skew, in % | (4) | 0 | (2) | ||||||||||
of which foreign exchange products | 222 | ||||||||||||
of which | 17 | Discounted cash flow | Contingent probability, in % | 95 | 95 | 95 | |||||||
of which | 200 | Option model | Correlation, in % | (16) | 70 | 25 | |||||||
Prepayment rate, in % | 22 | 27 | 24 | ||||||||||
Volatility, in % | 80 | 90 | 85 | ||||||||||
of which equity/index-related products | 658 | Option model | Buyback probability, in % | 50 | 100 | 75 | |||||||
Correlation, in % | (80) | 100 | 69 | ||||||||||
Gap risk, in % | 2 | 0 | 4 | 1 | |||||||||
Volatility, in % | 1 | 247 | 33 | ||||||||||
of which credit derivatives | 714 | Discounted cash flow | Correlation, in % | 97 | 97 | 97 | |||||||
Credit spread, in bp | 2 | 765 | 195 | ||||||||||
Default rate, in % | 1 | 20 | 4 | ||||||||||
Discount rate, in % | 5 | 36 | 17 | ||||||||||
Funding spread, in % | 0 | 1 | 0 | ||||||||||
Loss severity, in % | 12 | 85 | 49 | ||||||||||
Prepayment rate, in % | 0 | 9 | 5 | ||||||||||
Recovery rate, in % | 0 | 45 | 10 | ||||||||||
Market comparable | Price, in % | 79 | 106 | 92 | |||||||||
of which other derivatives | 839 | Discounted cash flow | Market implied life expectancy, in years | 2 | 16 | 5 | |||||||
Mortality rate, in % | 87 | 106 | 101 | ||||||||||
of which other trading assets | 3,263 | ||||||||||||
of which | 926 | Discounted cash flow | Market implied life expectancy, in years | 2 | 15 | 7 | |||||||
of which | 2,098 | Market comparable | Price, in % | 0 | 117 | 27 | |||||||
of which | 227 | Option model | Mortality rate, in % | 0 | 70 | 6 | |||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
end of 1Q19 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Other investments | 1,332 | ||||||||||||
of which life finance instruments | 1,089 | Discounted cash flow | Market implied life expectancy, in years | 2 | 17 | 6 | |||||||
Loans | 4,506 | ||||||||||||
of which real estate | 590 | Discounted cash flow | Credit spread, in bp | 114 | 1,047 | 593 | |||||||
Recovery rate, in % | 25 | 40 | 39 | ||||||||||
of which commercial and industrial loans | 1,863 | ||||||||||||
of which | 1,557 | Discounted cash flow | Credit spread, in bp | 147 | 1,362 | 542 | |||||||
Recovery rate, in % | 25 | 25 | 25 | ||||||||||
of which | 296 | Market comparable | Price, in % | 0 | 93 | 56 | |||||||
of which financial institutions | 1,532 | ||||||||||||
of which | 1,315 | Discounted cash flow | Credit spread, in bp | 60 | 1,026 | 412 | |||||||
of which | 106 | Market comparable | Price, in % | 100 | 105 | 102 | |||||||
Other intangible assets (mortgage servicing rights) | 168 | – | – | – | – | – | |||||||
Other assets | 1,648 | ||||||||||||
of which loans held-for-sale | 1,403 | ||||||||||||
of which | 450 | Discounted cash flow | Credit spread, in bp | 113 | 3,020 | 366 | |||||||
Recovery rate, in % | 25 | 87 | 43 | ||||||||||
of which | 891 | Market comparable | Price, in % | 0 | 150 | 84 | |||||||
Total level 3 assets at fair value | 16,139 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
end of 4Q18 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Securities received as collateral | 30 | – | – | – | – | – | |||||||
Trading assets 2 | 8,980 | ||||||||||||
of which debt securities | 2,242 | ||||||||||||
of which foreign governments | 232 | Discounted cash flow | Credit spread, in bp | 140 | 140 | 140 | |||||||
of which corporates | 1,260 | ||||||||||||
of which | 441 | Market comparable | Price, in % | 0 | 118 | 94 | |||||||
of which | 621 | Option model | Correlation, in % | (60) | 98 | 68 | |||||||
Volatility, in % | 0 | 178 | 30 | ||||||||||
of which RMBS | 432 | Discounted cash flow | Default rate, in % | 0 | 11 | 3 | |||||||
Discount rate, in % | 1 | 26 | 7 | ||||||||||
Loss severity, in % | 0 | 100 | 63 | ||||||||||
Prepayment rate, in % | 1 | 22 | 8 | ||||||||||
of which equity securities | 132 | ||||||||||||
of which | 76 | Market comparable | EBITDA multiple | 2 | 9 | 6 | |||||||
Price, in % | 100 | 100 | 100 | ||||||||||
of which | 49 | Vendor price | Price, in actuals | 0 | 355 | 1 | |||||||
of which derivatives | 3,298 | ||||||||||||
of which interest rate products | 507 | Option model | Correlation, in % | 0 | 100 | 69 | |||||||
Prepayment rate, in % | 1 | 26 | 9 | ||||||||||
Volatility skew, in % | (4) | 0 | (2) | ||||||||||
of which foreign exchange products | 258 | ||||||||||||
of which | 28 | Discounted cash flow | Contingent probability, in % | 95 | 95 | 95 | |||||||
of which | 218 | Option model | Correlation, in % | (23) | 70 | 24 | |||||||
Prepayment rate, in % | 21 | 26 | 23 | ||||||||||
Volatility, in % | 80 | 90 | 85 | ||||||||||
of which equity/index-related products | 1,054 | Option model | Buyback probability, in % | 50 | 100 | 74 | |||||||
Correlation, in % | (40) | 98 | 80 | ||||||||||
Gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Volatility, in % | 2 | 178 | 34 | ||||||||||
of which credit derivatives | 673 | Discounted cash flow | Correlation, in % | 97 | 97 | 97 | |||||||
Credit spread, in bp | 3 | 2,147 | 269 | ||||||||||
Default rate, in % | 1 | 20 | 4 | ||||||||||
Discount rate, in % | 3 | 28 | 15 | ||||||||||
Loss severity, in % | 16 | 85 | 56 | ||||||||||
Prepayment rate, in % | 0 | 12 | 6 | ||||||||||
Recovery rate, in % | 0 | 68 | 8 | ||||||||||
of which other derivatives | 806 | Discounted cash flow | Market implied life expectancy, in years | 2 | 16 | 5 | |||||||
Mortality rate, in % | 87 | 106 | 101 | ||||||||||
of which other trading assets | 3,308 | ||||||||||||
of which | 870 | Discounted cash flow | Market implied life expectancy, in years | 3 | 17 | 7 | |||||||
of which | 2,119 | Market comparable | Price, in % | 0 | 110 | 30 | |||||||
of which | 249 | Option model | Mortality rate, in % | 0 | 70 | 6 | |||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Residential and commercial mortgage-backed securities that were previously reported in investment securities have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
|||||||||||||
3
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
end of 4Q18 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Other investments | 1,309 | ||||||||||||
of which life finance instruments | 1,067 | Discounted cash flow | Market implied life expectancy, in years | 2 | 17 | 6 | |||||||
Loans | 4,324 | ||||||||||||
of which real estate | 515 | Discounted cash flow | Credit spread, in bp | 200 | 1,522 | 612 | |||||||
Recovery rate, in % | 25 | 40 | 39 | ||||||||||
of which commercial and industrial loans | 1,949 | ||||||||||||
of which | 1,531 | Discounted cash flow | Credit spread, in bp | 159 | 1,184 | 582 | |||||||
of which | 306 | Market comparable | Price, in % | 0 | 99 | 65 | |||||||
of which financial institutions | 1,391 | ||||||||||||
of which | 1,157 | Discounted cash flow | Credit spread, in bp | 88 | 1,071 | 596 | |||||||
of which | 73 | Market comparable | Price, in % | 1 | 100 | 74 | |||||||
Other intangible assets (mortgage servicing rights) | 163 | – | – | – | – | – | |||||||
Other assets | 1,543 | ||||||||||||
of which loans held-for-sale | 1,235 | ||||||||||||
of which | 422 | Discounted cash flow | Credit spread, in bp | 105 | 2,730 | 394 | |||||||
Recovery rate, in % | 25 | 87 | 56 | ||||||||||
of which | 739 | Market comparable | Price, in % | 0 | 130 | 82 | |||||||
Total level 3 assets at fair value | 16,349 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
end of 1Q19 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Customer deposits | 487 | – | – | – | – | – | |||||||
Obligation to return securities received as collateral | 17 | – | – | – | – | – | |||||||
Trading liabilities | 3,476 | ||||||||||||
of which debt securities | 14 | – | – | – | – | – | |||||||
of which equity securities | 44 | Vendor price | Price, in actuals | 0 | 15 | 1 | |||||||
of which derivatives | 3,418 | ||||||||||||
of which interest rate derivatives | 200 | Option model | Correlation, in % | 0 | 100 | 44 | |||||||
Prepayment rate, in % | 1 | 27 | 7 | ||||||||||
of which foreign exchange derivatives | 137 | ||||||||||||
of which | 46 | Discounted cash flow | Contingent probability, in % | 95 | 95 | 95 | |||||||
Credit spread, in bp | 179 | 529 | 443 | ||||||||||
of which | 37 | Market comparable | Price, in % | 100 | 100 | 100 | |||||||
of which | 51 | Option model | Correlation, in % | 35 | 70 | 53 | |||||||
Prepayment rate, in % | 22 | 27 | 24 | ||||||||||
of which equity/index-related derivatives | 1,355 | Option model | Buyback probability, in % | 2 | 50 | 100 | 75 | ||||||
Correlation, in % | (80) | 100 | 70 | ||||||||||
Volatility, in % | 0 | 247 | 25 | ||||||||||
of which credit derivatives | 1,244 | ||||||||||||
of which | 641 | Discounted cash flow | Correlation, in % | 38 | 82 | 46 | |||||||
Credit spread, in bp | 2 | 819 | 191 | ||||||||||
Default rate, in % | 1 | 20 | 4 | ||||||||||
Discount rate, in % | 5 | 36 | 17 | ||||||||||
Loss severity, in % | 12 | 93 | 50 | ||||||||||
Prepayment rate, in % | 0 | 10 | 5 | ||||||||||
Recovery rate, in % | 0 | 60 | 27 | ||||||||||
of which | 554 | Market comparable | Price, in % | 78 | 105 | 96 | |||||||
of which | 27 | Option model | Correlation, in % | 49 | 50 | 50 | |||||||
Credit spread, in bp | 3 | 1,128 | 286 | ||||||||||
Short-term borrowings | 1,097 | ||||||||||||
of which | 72 | Discounted cash flow | Credit spread, in bp | 903 | 1,028 | 993 | |||||||
Recovery rate, in % | 40 | 40 | 40 | ||||||||||
of which | 958 | Option model | Buyback probability, in % | 50 | 100 | 75 | |||||||
Correlation, in % | (80) | 100 | 67 | ||||||||||
Fund gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Volatility, in % | 1 | 247 | 30 | ||||||||||
Long-term debt | 14,390 | ||||||||||||
of which structured notes over one year and up to two years | 785 | ||||||||||||
of which | 3 | Discounted cash flow | Credit spread, in bp | 75 | 75 | 75 | |||||||
of which | 757 | Option model | Correlation, in % | (80) | 100 | 69 | |||||||
Fund gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Volatility, in % | 1 | 247 | 29 | ||||||||||
of which structured notes over two years | 13,156 | ||||||||||||
of which | 1,763 | Discounted cash flow | Credit spread, in bp | (11) | 695 | 96 | |||||||
of which | 34 | Market comparable | Price, in % | 12 | 48 | 39 | |||||||
of which | 10,420 | Option model | Buyback probability, in % | 2 | 50 | 100 | 75 | ||||||
Correlation, in % | (80) | 100 | 64 | ||||||||||
Gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Mean reversion, in % | 4 | (55) | 8 | (5) | |||||||||
Volatility, in % | 0 | 247 | 25 | ||||||||||
Other liabilities | 1,395 | – | – | – | – | – | |||||||
Total level 3 liabilities at fair value | 20,862 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Estimate of probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
3
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
4
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
end of 4Q18 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Customer deposits | 453 | – | – | – | – | – | |||||||
Obligation to return securities received as collateral | 30 | – | – | – | – | – | |||||||
Trading liabilities | 3,589 | ||||||||||||
of which debt securities | 25 | – | – | – | – | – | |||||||
of which equity securities | 37 | Vendor price | Price, in actuals | 0 | 3 | 0 | |||||||
of which derivatives | 3,527 | ||||||||||||
of which interest rate derivatives | 189 | Option model | Basis spread, in bp | (20) | 147 | 48 | |||||||
Correlation, in % | 1 | 100 | 41 | ||||||||||
Prepayment rate, in % | 1 | 26 | 7 | ||||||||||
of which foreign exchange derivatives | 160 | ||||||||||||
of which | 62 | Discounted cash flow | Contingent probability, in % | 95 | 95 | 95 | |||||||
Credit spread, in bp | 146 | 535 | 379 | ||||||||||
of which | 37 | Market comparable | Price, in % | 100 | 100 | 100 | |||||||
of which | 57 | Option model | Correlation, in % | 35 | 70 | 53 | |||||||
Prepayment rate, in % | 21 | 26 | 23 | ||||||||||
of which equity/index-related derivatives | 1,500 | Option model | Buyback probability, in % | 2 | 50 | 100 | 74 | ||||||
Correlation, in % | (60) | 98 | 74 | ||||||||||
Volatility, in % | 0 | 178 | 30 | ||||||||||
of which credit derivatives | 1,140 | ||||||||||||
of which | 566 | Discounted cash flow | Correlation, in % | 38 | 82 | 47 | |||||||
Credit spread, in bp | 3 | 2,937 | 262 | ||||||||||
Default rate, in % | 1 | 20 | 4 | ||||||||||
Discount rate, in % | 3 | 28 | 14 | ||||||||||
Loss severity, in % | 16 | 95 | 56 | ||||||||||
Prepayment rate, in % | 0 | 12 | 6 | ||||||||||
Recovery rate, in % | 0 | 80 | 14 | ||||||||||
of which | 508 | Market comparable | Price, in % | 75 | 104 | 89 | |||||||
of which | 20 | Option model | Correlation, in % | 50 | 50 | 50 | |||||||
Credit spread, in bp | 35 | 1,156 | 320 | ||||||||||
Short-term borrowings | 784 | ||||||||||||
of which | 61 | Discounted cash flow | Credit spread, in bp | 1,018 | 1,089 | 1,067 | |||||||
Recovery rate, in % | 40 | 40 | 40 | ||||||||||
of which | 644 | Option model | Buyback probability, in % | 50 | 100 | 74 | |||||||
Correlation, in % | (40) | 98 | 64 | ||||||||||
Fund gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Volatility, in % | 2 | 178 | 32 | ||||||||||
Long-term debt | 12,665 | ||||||||||||
of which structured notes over one year and up to two years | 528 | ||||||||||||
of which | 3 | Discounted cash flow | Credit spread, in bp | 112 | 112 | 112 | |||||||
of which | 427 | Option model | Correlation, in % | (40) | 98 | 71 | |||||||
Volatility, in % | 2 | 178 | 31 | ||||||||||
of which structured notes over two years | 11,800 | ||||||||||||
of which | 1,570 | Discounted cash flow | Credit spread, in bp | (11) | 1,089 | 136 | |||||||
of which | 43 | Market comparable | Price, in % | 0 | 46 | 30 | |||||||
of which | 9,533 | Option model | Buyback probability, in % | 2 | 50 | 100 | 74 | ||||||
Correlation, in % | (60) | 98 | 65 | ||||||||||
Gap risk, in % | 3 | 0 | 4 | 1 | |||||||||
Mean reversion, in % | 4 | (55) | (1) | (7) | |||||||||
Volatility, in % | 0 | 178 | 27 | ||||||||||
Other liabilities | 1,341 | – | – | – | – | – | |||||||
Total level 3 liabilities at fair value | 18,862 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Estimate of probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
3
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
4
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
1Q19 | 4Q18 | ||||||||||||||||
end of |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded commit- ments |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded commit- ments |
|||||||||
Fair value of investment funds and unfunded commitments (CHF million) | |||||||||||||||||
Debt funds | 13 | 0 | 13 | 0 | 12 | 0 | 12 | 0 | |||||||||
Equity funds | 62 | 990 | 1 | 1,052 | 53 | 103 | 1,011 | 2 | 1,114 | 53 | |||||||
Equity funds sold short | 0 | (5) | (5) | 0 | (8) | (2) | (10) | 0 | |||||||||
Funds held in trading assets and trading liabilities | 75 | 985 | 1,060 | 53 | 107 | 1,009 | 1,116 | 53 | |||||||||
Debt funds | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | |||||||||
Equity funds | 142 | 0 | 142 | 42 | 130 | 0 | 130 | 43 | |||||||||
Real estate funds | 222 | 0 | 222 | 30 | 214 | 0 | 214 | 34 | |||||||||
Other private equity funds | 20 | 6 | 26 | 28 | 24 | 5 | 29 | 29 | |||||||||
Private equity funds | 385 | 6 | 391 | 100 | 369 | 5 | 374 | 106 | |||||||||
Debt funds | 1 | 22 | 23 | 0 | 68 | 34 | 102 | 0 | |||||||||
Equity funds | 9 | 0 | 9 | 0 | 14 | 14 | 28 | 0 | |||||||||
Other hedge funds | 2 | 17 | 19 | 0 | 2 | 24 | 26 | 0 | |||||||||
Hedge funds | 12 | 39 | 3 | 51 | 0 | 84 | 72 | 4 | 156 | 0 | |||||||
Equity method investment funds | 49 | 516 | 565 | 21 | 52 | 522 | 574 | 21 | |||||||||
Funds held in other investments | 446 | 561 | 1,007 | 121 | 505 | 599 | 1,104 | 127 | |||||||||
Total fair value of investment funds and unfunded commitments | 521 | 5 | 1,546 | 2,067 | 174 | 6 | 612 | 5 | 1,608 | 2,220 | 180 | 6 | |||||
1
47% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 43% is redeemable on a monthly basis with a notice period of primarily more than 30 days and 10% is redeemable on a quarterly basis with a notice period of primarily more than 60 days.
|
|||||||||||||||||
2
46% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 40% is redeemable on a monthly basis with a notice period of primarily more than 30 days, 13% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 1% is redeemable on an annual basis with a notice period of less than 30 days.
|
|||||||||||||||||
3
72% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days and 28% is redeemable on demand with a notice period primarily of less than 30 days.
|
|||||||||||||||||
4
65% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days and 35% is redeemable on demand with a notice period primarily of less than 30 days.
|
|||||||||||||||||
5
Includes CHF 40 million and CHF 102 million attributable to noncontrolling interests as of the end of 1Q19 and 4Q18, respectively.
|
|||||||||||||||||
6
Includes CHF 23 million attributable to noncontrolling interests as of the end of 4Q18.
|
1Q19 | 4Q18 | ||||||||||||
end of |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
|||||||
Financial instruments (CHF million) | |||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,730 | 81,555 | 175 | 81,818 | 81,637 | 181 | |||||||
Loans | 15,305 | 15,755 | (450) | 14,873 | 15,441 | (568) | |||||||
Other assets 1 | 8,406 | 10,974 | (2,568) | 6,706 | 9,240 | (2,534) | |||||||
Due to banks and customer deposits | (552) | (516) | (36) | (859) | (778) | (81) | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (9,745) | (9,739) | (6) | (14,828) | (14,827) | (1) | |||||||
Short-term borrowings | (9,514) | (9,482) | (32) | (8,068) | (8,647) | 579 | |||||||
Long-term debt | (69,411) | (72,830) | 3,419 | (63,935) | (70,883) | 6,948 | |||||||
Other liabilities | (586) | (1,656) | 1,070 | (2,068) | (3,125) | 1,057 | |||||||
Non-performing and non-interest-earning loans 2 | 831 | 3,583 | (2,752) | 640 | 3,493 | (2,853) | |||||||
1
Primarily loans held-for-sale.
|
|||||||||||||
2
Included in loans or other assets.
|
1Q19 | 1Q18 | ||||
in |
Net gains/ (losses) |
Net gains/ (losses) |
|||
Financial instruments (CHF million) | |||||
Interest-bearing deposits with banks | 12 | 2 | 2 | 1 | |
of which related to credit risk | 8 | 1 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 785 | 1 | 398 | 1 | |
Other investments | 68 | 2 | 124 | 2 | |
of which related to credit risk | 0 | (1) | |||
Loans | 329 | 1 | 313 | 1 | |
of which related to credit risk | 77 | (55) | |||
Other assets | 202 | 1 | 162 | 1 | |
of which related to credit risk | 60 | 11 | |||
Due to banks and customer deposits | (14) | 2 | (14) | 2 | |
of which related to credit risk | 0 | (10) | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (228) | 1 | (27) | 1 | |
Short-term borrowings | (545) | 2 | 1,935 | 2 | |
of which related to credit risk | (2) | (1) | |||
Long-term debt | (4,522) | 2 | 480 | 2 | |
of which related to credit risk | 1 | 22 | |||
Other liabilities | 66 | 2 | 50 | 3 | |
of which related to credit risk | 36 | 7 | |||
1
Primarily recognized in net interest income.
|
|||||
2
Primarily recognized in trading revenues.
|
|||||
3
Primarily recognized in other revenues.
|
Gains/(losses) recorded into AOCI |
1 |
Gains/(losses) recorded in AOCI transferred to net income |
1 | ||||||||
in | 1Q19 | Cumulative | 1Q18 | 1Q19 | 1Q18 | ||||||
Financial instruments (CHF million) | |||||||||||
Customer deposits | (26) | (41) | 11 | 0 | 0 | ||||||
Short-term borrowings | 0 | (58) | 18 | 0 | 1 | ||||||
Long-term debt | (1,167) | (2,132) | 351 | 30 | 7 | ||||||
of which treasury debt over two years | (422) | (336) | 211 | 0 | 0 | ||||||
of which structured notes over two years | (634) | (1,738) | 126 | 30 | 7 | ||||||
Total | (1,193) | (2,231) | 380 | 30 | 8 | ||||||
1
Amounts are reflected gross of tax.
|
Carrying value |
Fair value |
||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | |||||||
1Q19 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 34,421 | 0 | 34,421 | 0 | 34,421 | ||||||
Loans | 274,130 | 0 | 276,709 | 7,165 | 283,874 | ||||||
Other financial assets 1 | 110,260 | 94,755 | 14,840 | 1,155 | 110,750 | ||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits | 382,676 | 200,164 | 182,510 | 0 | 382,674 | ||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,871 | 0 | 10,871 | 0 | 10,871 | ||||||
Short-term borrowings | 17,043 | 0 | 17,045 | 0 | 17,045 | ||||||
Long-term debt | 90,842 | 0 | 91,666 | 818 | 92,484 | ||||||
Other financial liabilities 2 | 14,254 | 0 | 14,063 | 193 | 14,256 | ||||||
4Q18 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,277 | 0 | 35,243 | 35 | 35,278 | ||||||
Loans | 269,147 | 0 | 269,825 | 7,047 | 276,872 | ||||||
Other financial assets 1 | 117,353 | 99,976 | 16,750 | 797 | 117,523 | ||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits | 375,403 | 196,674 | 178,755 | 0 | 375,429 | ||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 0 | 9,795 | 0 | 9,795 | ||||||
Short-term borrowings | 13,857 | 0 | 13,859 | 0 | 13,859 | ||||||
Long-term debt | 90,373 | 0 | 89,651 | 854 | 90,505 | ||||||
Other financial liabilities 2 | 16,357 | 0 | 16,101 | 184 | 16,285 | ||||||
1
Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
|
|||||||||||
2
Primarily includes cash collateral on derivative instruments and interest and fee payables.
|
end of | 1Q19 | 4Q18 | |||
CHF million | |||||
Total assets pledged or assigned as collateral | 128,585 | 117,895 | |||
of which encumbered | 71,194 | 58,672 |
end of | 1Q19 | 4Q18 | |||
CHF million | |||||
Fair value of collateral received with the right to sell or repledge | 431,863 | 406,389 | |||
of which sold or repledged | 204,020 | 193,267 |
in 1Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 998 | 3,823 | 4,821 | 300 | (303) | 4,818 | |||||||
Interest expense | (1,062) | (2,211) | (3,273) | (313) | 300 | (3,286) | |||||||
Net interest income | (64) | 1,612 | 1,548 | (13) | (3) | 1,532 | |||||||
Commissions and fees | 704 | 1,875 | 2,579 | 6 | 27 | 2,612 | |||||||
Trading revenues | 205 | 651 | 856 | (10) | (6) | 840 | |||||||
Other revenues | 484 | (32) | 452 | 777 | 2 | (826) | 403 | ||||||
Net revenues | 1,329 | 4,106 | 5,435 | 760 | (808) | 5,387 | |||||||
Provision for credit losses | 6 | 75 | 81 | 0 | 0 | 81 | |||||||
Compensation and benefits | 732 | 1,572 | 2,304 | 18 | 196 | 2,518 | |||||||
General and administrative expenses | 449 | 1,296 | 1,745 | (7) | (325) | 1,413 | |||||||
Commission expenses | 51 | 263 | 314 | 0 | (1) | 313 | |||||||
Total other operating expenses | 500 | 1,559 | 2,059 | (7) | (326) | 1,726 | |||||||
Total operating expenses | 1,232 | 3,131 | 4,363 | 11 | (130) | 4,244 | |||||||
Income/(loss) before taxes | 91 | 900 | 991 | 749 | (678) | 1,062 | |||||||
Income tax expense/(benefit) | 40 | 322 | 362 | 0 | (49) | 313 | |||||||
Net income/(loss) | 51 | 578 | 629 | 749 | (629) | 749 | |||||||
Net income/(loss) attributable to noncontrolling interests | 0 | 3 | 3 | 0 | (3) | 0 | |||||||
Net income/(loss) attributable to shareholders | 51 | 575 | 626 | 749 | (626) | 749 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 1Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 51 | 578 | 629 | 749 | (629) | 749 | |||||||
Gains/(losses) on cash flow hedges | 0 | 48 | 48 | (2) | 0 | 46 | |||||||
Foreign currency translation | 176 | 11 | 187 | 3 | 9 | 199 | |||||||
Unrealized gains/(losses) on securities | 0 | 15 | 15 | 0 | (1) | 14 | |||||||
Actuarial gains/(losses) | 2 | 2 | 4 | 0 | 56 | 60 | |||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | (24) | (24) | |||||||
Gains/(losses) on liabilities related to credit risk | (37) | (985) | (1,022) | (29) | (70) | (1,121) | |||||||
Other comprehensive income/(loss), net of tax | 141 | (909) | (768) | (28) | (30) | (826) | |||||||
Comprehensive income/(loss) | 192 | (331) | (139) | 721 | (659) | (77) | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 1 | 9 | 10 | 0 | (8) | 2 | |||||||
Comprehensive income/(loss) attributable to shareholders | 191 | (340) | (149) | 721 | (651) | (79) | |||||||
1
Includes eliminations and consolidation adjustments.
|
in 1Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 948 | 3,504 | 4,452 | 182 | (183) | 4,451 | |||||||
Interest expense | (989) | (1,847) | (2,836) | (195) | 165 | (2,866) | |||||||
Net interest income | (41) | 1,657 | 1,616 | (13) | (18) | 1,585 | |||||||
Commissions and fees | 903 | 2,103 | 3,006 | 7 | 33 | 3,046 | |||||||
Trading revenues | 284 | 230 | 514 | 32 | 32 | 578 | |||||||
Other revenues | 309 | 140 | 449 | 679 | 2 | (701) | 427 | ||||||
Net revenues | 1,455 | 4,130 | 5,585 | 705 | (654) | 5,636 | |||||||
Provision for credit losses | 0 | 48 | 48 | 0 | 0 | 48 | |||||||
Compensation and benefits | 703 | 1,645 | 2,348 | 17 | 173 | 2,538 | |||||||
General and administrative expenses | 418 | 1,405 | 1,823 | (6) | (309) | 1,508 | |||||||
Commission expenses | 66 | 278 | 344 | 0 | 0 | 344 | |||||||
Restructuring expenses | 60 | 52 | 112 | 0 | 32 | 144 | |||||||
Total other operating expenses | 544 | 1,735 | 2,279 | (6) | (277) | 1,996 | |||||||
Total operating expenses | 1,247 | 3,380 | 4,627 | 11 | (104) | 4,534 | |||||||
Income/(loss) before taxes | 208 | 702 | 910 | 694 | (550) | 1,054 | |||||||
Income tax benefit | 39 | 260 | 299 | 0 | 63 | 362 | |||||||
Net income/(loss) | 169 | 442 | 611 | 694 | (613) | 692 | |||||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | (2) | (2) | |||||||
Net income/(loss) attributable to shareholders | 169 | 442 | 611 | 694 | (611) | 694 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 1Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 169 | 442 | 611 | 694 | (613) | 692 | |||||||
Gains/(losses) on cash flow hedges | 0 | (36) | (36) | 3 | 0 | (33) | |||||||
Foreign currency translation | (360) | (135) | (495) | 0 | (7) | (502) | |||||||
Unrealized gains/(losses) on securities | 0 | (5) | (5) | 0 | (1) | (6) | |||||||
Actuarial gains/(losses) | (1) | 5 | 4 | 0 | 76 | 80 | |||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | (31) | (31) | |||||||
Gains/(losses) on liabilities related to credit risk | (7) | 325 | 318 | 34 | 39 | 391 | |||||||
Other comprehensive income/(loss), net of tax | (368) | 154 | (214) | 37 | 76 | (101) | |||||||
Comprehensive income/(loss) | (199) | 596 | 397 | 731 | (537) | 591 | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | (3) | (18) | (21) | 0 | 10 | (11) | |||||||
Comprehensive income/(loss) attributable to shareholders | (196) | 614 | 418 | 731 | (547) | 602 | |||||||
1
Includes eliminations and consolidation adjustments.
|
end of 1Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 2,863 | 91,121 | 93,984 | 334 | 444 | 94,762 | |||||||
Interest-bearing deposits with banks | 22 | 872 | 894 | 504 | (435) | 963 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,794 | 79,357 | 116,151 | 0 | 0 | 116,151 | |||||||
Securities received as collateral | 3,296 | 46,176 | 49,472 | 0 | 0 | 49,472 | |||||||
Trading assets | 31,640 | 113,430 | 145,070 | 0 | (148) | 144,922 | |||||||
Investment securities | 0 | 1,714 | 1,714 | 25,629 | (25,627) | 1,716 | |||||||
Other investments | 800 | 3,997 | 4,797 | 48,466 | (48,424) | 4,839 | |||||||
Net loans | 12,740 | 286,101 | 298,841 | 0 | (5,871) | 292,970 | |||||||
Goodwill | 735 | 3,358 | 4,093 | 0 | 714 | 4,807 | |||||||
Other intangible assets | 206 | 18 | 224 | 0 | 0 | 224 | |||||||
Brokerage receivables | 18,120 | 24,189 | 42,309 | 0 | 0 | 42,309 | |||||||
Other assets | 12,967 | 25,872 | 38,839 | 540 | 1,122 | 40,501 | |||||||
Total assets | 120,183 | 676,205 | 796,388 | 75,473 | (78,225) | 793,636 | |||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks | 117 | 18,683 | 18,800 | 1,856 | (1,876) | 18,780 | |||||||
Customer deposits | 1 | 368,493 | 368,494 | 0 | (1,347) | 367,147 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 5,307 | 15,311 | 20,618 | 0 | (1) | 20,617 | |||||||
Obligation to return securities received as collateral | 3,296 | 46,176 | 49,472 | 0 | 0 | 49,472 | |||||||
Trading liabilities | 9,529 | 30,015 | 39,544 | 0 | (8) | 39,536 | |||||||
Short-term borrowings | 9,886 | 17,169 | 27,055 | 0 | (498) | 26,557 | |||||||
Long-term debt | 48,483 | 110,839 | 159,322 | 29,338 | (28,399) | 160,261 | |||||||
Brokerage payables | 17,378 | 20,564 | 37,942 | 0 | 0 | 37,942 | |||||||
Other liabilities | 9,871 | 18,983 | 28,854 | 454 | 85 | 29,393 | |||||||
Total liabilities | 103,868 | 646,233 | 750,101 | 31,648 | (32,044) | 749,705 | |||||||
Total shareholders' equity | 16,236 | 29,334 | 45,570 | 43,825 | (45,570) | 43,825 | |||||||
Noncontrolling interests | 79 | 638 | 717 | 0 | (611) | 106 | |||||||
Total equity | 16,315 | 29,972 | 46,287 | 43,825 | (46,181) | 43,931 | |||||||
Total liabilities and equity | 120,183 | 676,205 | 796,388 | 75,473 | (78,225) | 793,636 | |||||||
1
Includes eliminations and consolidation adjustments.
|
end of 4Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 2,540 | 96,774 | 99,314 | 324 | 409 | 100,047 | |||||||
Interest-bearing deposits with banks | 22 | 1,052 | 1,074 | 498 | (430) | 1,142 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,640 | 81,455 | 117,095 | 0 | 0 | 117,095 | |||||||
Securities received as collateral | 4,751 | 36,945 | 41,696 | 0 | 0 | 41,696 | |||||||
Trading assets 2 | 29,341 | 104,518 | 133,859 | 0 | (224) | 133,635 | |||||||
Investment securities 2 | 0 | 1,477 | 1,477 | 23,456 | (23,454) | 1,479 | |||||||
Other investments | 826 | 3,998 | 4,824 | 48,030 | (47,964) | 4,890 | |||||||
Net loans | 12,263 | 280,612 | 292,875 | 0 | (5,294) | 287,581 | |||||||
Goodwill | 727 | 3,329 | 4,056 | 0 | 710 | 4,766 | |||||||
Other intangible assets | 200 | 19 | 219 | 0 | 0 | 219 | |||||||
Brokerage receivables | 20,772 | 18,135 | 38,907 | 0 | 0 | 38,907 | |||||||
Other assets 3 | 12,967 | 23,706 | 36,673 | 547 | 239 | 37,459 | |||||||
Total assets | 120,049 | 652,020 | 772,069 | 72,855 | (76,008) | 768,916 | |||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks | 59 | 15,161 | 15,220 | 1,364 | (1,364) | 15,220 | |||||||
Customer deposits | 0 | 365,263 | 365,263 | 0 | (1,338) | 363,925 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 6,296 | 18,327 | 24,623 | 0 | 0 | 24,623 | |||||||
Obligation to return securities received as collateral | 4,751 | 36,945 | 41,696 | 0 | 0 | 41,696 | |||||||
Trading liabilities | 8,693 | 33,478 | 42,171 | 0 | (2) | 42,169 | |||||||
Short-term borrowings | 9,679 | 12,740 | 22,419 | 0 | (493) | 21,926 | |||||||
Long-term debt | 47,074 | 106,359 | 153,433 | 27,112 | (26,237) | 154,308 | |||||||
Brokerage payables | 17,452 | 13,471 | 30,923 | 0 | 0 | 30,923 | |||||||
Other liabilities | 9,995 | 20,332 | 30,327 | 457 | (677) | 30,107 | |||||||
Total liabilities | 103,999 | 622,076 | 726,075 | 28,933 | (30,111) | 724,897 | |||||||
Total shareholders' equity | 15,971 | 29,325 | 45,296 | 43,922 | (45,296) | 43,922 | |||||||
Noncontrolling interests | 79 | 619 | 698 | 0 | (601) | 97 | |||||||
Total equity | 16,050 | 29,944 | 45,994 | 43,922 | (45,897) | 44,019 | |||||||
Total liabilities and equity | 120,049 | 652,020 | 772,069 | 72,855 | (76,008) | 768,916 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Residential and commercial mortgage-backed securities that were previously reported in investment securities have been reclassified to trading assets as these securities are carried at fair value under the fair value option.
|
|||||||||||||
3
Includes premises and equipment which were previously presented separately in the consolidated balance sheet.
|
A | ||
ABS | Asset-backed securities | |
ADS | American Depositary Share | |
AOCI | Accumulated other comprehensive income/(loss) | |
ASC | Accounting Standards Codification | |
ASU | Accounting Standards Update | |
B | ||
BCBS | Basel Committee on Banking Supervision | |
BEAT | Base erosion and anti-abuse tax | |
BIS | Bank for International Settlements | |
bp | Basis point | |
C | ||
CCA | Contingent Capital Awards | |
CDO | Collateralized debt obligation | |
CDS | Credit default swaps | |
CDX | Credit default swap index | |
CECL | Current expected credit loss | |
CET1 | Common equity tier 1 | |
CLO | Collateralized loan obligations | |
CMBS | Commercial mortgage-backed securities | |
CP | Commercial paper | |
CPR | Constant prepayment rate | |
CVA | Credit valuation adjustment | |
E | ||
EBITDA | Earnings before interest, taxes, depreciation and amortization | |
ECB | European Central Bank | |
EMEA | Europe, Middle East and Africa | |
EU | European Union | |
F | ||
FASB | Financial Accounting Standards Board | |
Fed | US Federal Reserve System | |
FINMA | Swiss Financial Market Supervisory Authority FINMA | |
G | ||
GDP | Gross Domestic Product | |
G-SIB | Global systemically important bank | |
H | ||
HQLA | High-quality liquid assets | |
I | ||
IHC | Intermediate holding company | |
IPO | Initial public offering | |
IPRE | Income producing real estate | |
ISDA | International Swaps and Derivatives Association | |
ITS | International Trading Solutions |
L | ||
LCR | Liquidity coverage ratio | |
M | ||
M&A | Mergers and acquisitions | |
N | ||
NAV | Net asset value | |
NRV | Negative replacement value | |
NSFR | Net stable funding ratio | |
O | ||
OIS | Overnight Indexed Swap | |
OPEC | Organization of Petroleum Exporting Countries | |
OTC | Over-the-counter | |
P | ||
PRA | Prudential Regulatory Authority | |
PRV | Positive replacement value | |
PSA | Prepayment speed assumption | |
Q | ||
QoQ | Quarter on quarter | |
R | ||
RMBS | Residential mortgage-backed securities | |
RWA | Risk-weighted assets | |
S | ||
SDNY | US District Court for the Southern District of New York | |
SEI | Significant economic interest | |
SNB | Swiss National Bank | |
SOFR | Secured Overnight Financing Rate | |
SPE | Special purpose entity | |
T | ||
TLAC | Total loss-absorbing capacity | |
TRS | Total return swap | |
U | ||
UK | United Kingdom | |
US | United States of America | |
US GAAP | US generally accepted accounting principles | |
V | ||
VaR | Value-at-risk | |
VDAX | Deutsche Börse AG DAX Volatility Index | |
VIE | Variable interest entity | |
VIX | Chicago Board Options Exchange Market Volatility Index | |
Y | ||
YoY | Year on year | |
Ytd | Year to date |
Share data | |||||||||
in / end of | 1Q19 | 2018 | 2017 | 2016 | |||||
Share price (common shares, CHF) | |||||||||
Average | 11.89 | 15.17 | 15.11 | 13.71 | |||||
Minimum | 10.80 | 10.45 | 13.04 | 9.92 | |||||
Maximum | 12.48 | 18.61 | 17.84 | 21.31 | |||||
End of period | 11.605 | 10.80 | 17.40 | 14.61 | |||||
Share price (American Depositary Shares, USD) | |||||||||
Average | 11.93 | 15.50 | 15.35 | 13.88 | |||||
Minimum | 10.95 | 10.42 | 13.37 | 10.21 | |||||
Maximum | 12.48 | 19.98 | 18.02 | 21.36 | |||||
End of period | 11.65 | 10.86 | 17.85 | 14.31 | |||||
Market capitalization | |||||||||
Market capitalization (CHF million) | 29,663 | 27,605 | 44,475 | 30,533 | |||||
Dividend per share (CHF) | |||||||||
Dividend per share | – | 0.2625 | 1 | 0.25 | 1 | 0.70 | 1 | ||
1
Paid out of capital contribution reserves.
|
Ticker symbols / stock exchange listings | |||||
Common shares | ADS | 1 | |||
Ticker symbols | |||||
SIX Financial Information | CSGN | – | |||
New York Stock Exchange | – | CS | |||
Bloomberg | CSGN SW | CS US | |||
Reuters | CSGN.S | CS.N | |||
Stock exchange listings | |||||
Swiss security number | 1213853 | 570660 | |||
ISIN number | CH0012138530 | US2254011081 | |||
CUSIP number | – | 225 401 108 | |||
1
One American Depositary Share (ADS) represents one common share.
|
Credit ratings and outlook | |||||||
as of May 2, 2019 |
Short-term debt |
Long-term debt |
|
Outlook |
|||
Credit Suisse Group AG | |||||||
Moody's | – | Baa2 | Stable | ||||
Standard & Poor's | – | BBB+ | Stable | ||||
Fitch Ratings | F2 | A- | Positive | ||||
Rating and Investment Information | – | A | Stable | ||||
Credit Suisse AG | |||||||
Moody's | P-1 | A1 | Stable | ||||
Standard & Poor's | A-1 | A | Positive | ||||
Fitch Ratings | F1 | A | Positive |
Financial calendar | |
Second quarter results 2019 | Wednesday, July 31, 2019 |
Third quarter results 2019 | Wednesday, October 30, 2019 |
Investor relations | |
Phone | +41 44 333 71 49 |
investor.relations@credit-suisse.com | |
Internet | credit-suisse.com/investors |
Media relations | |
Phone | +41 844 33 88 44 |
media.relations@credit-suisse.com | |
Internet | credit-suisse.com/news |
Additional information | |
Results and financial information | credit-suisse.com/results |
Printed copies | credit-suisse.com/publications |
US share register and transfer agent | |
ADS depositary bank | The Bank of New York Mellon |
Shareholder correspondence address | BNY Mellon Shareowner Services |
P.O. Box 505000 | |
Louisville, KY 40233-5000 | |
Overnight correspondence address | BNY Mellon Shareowner Services |
462 South 4th Street, Suite 1600 | |
Louisville, KY 40202 | |
US and Canada phone | +1 866 886 0788 |
Phone from outside US and Canada | +1 201 680 6825 |
shrrelations@cpushareownerservices.com | |
Swiss share register and transfer agent | |
Address | Credit Suisse Group AG |
Share Register RXS | |
8070 Zurich, Switzerland | |
Phone | +41 44 332 02 02 |
share.register@credit-suisse.com |
Foreign currency translation rates | |||||||||||||
End of | Average in | ||||||||||||
1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||
1 USD / CHF | 1.00 | 0.99 | 0.95 | 0.99 | 0.99 | 0.95 | |||||||
1 EUR / CHF | 1.12 | 1.13 | 1.18 | 1.13 | 1.13 | 1.16 | |||||||
1 GBP / CHF | 1.30 | 1.26 | 1.34 | 1.30 | 1.27 | 1.32 | |||||||
100 JPY / CHF | 0.90 | 0.89 | 0.90 | 0.90 | 0.88 | 0.87 |
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