Comparison of consolidated statements of operations | |||||||||||||||||
Bank | Group | Bank | Group | ||||||||||||||
in | 3Q22 | 3Q21 | 3Q22 | 3Q21 | 9M22 | 9M21 | 9M22 | 9M21 | |||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 3,863 | 5,504 | 3,804 | 5,437 | 11,993 | 18,386 | 11,861 | 18,114 | |||||||||
Total operating expenses | 4,170 | 4,694 | 4,125 | 4,573 | 14,101 | 13,188 | 13,829 | 12,825 | |||||||||
Income/(loss) before taxes | (328) | 955 | (342) | 1,008 | (2,082) | 970 | (1,943) | 1,064 | |||||||||
Net income/(loss) | (4,008) | 405 | (4,040) | 438 | (5,983) | 414 | (5,909) | 454 | |||||||||
Net income/(loss) attributable to shareholders | (3,995) | 395 | (4,034) | 434 | (5,969) | 507 | (5,900) | 435 |
Comparison of consolidated balance sheets | |||||||||
Bank | Group | ||||||||
end of | 3Q22 | 4Q21 | 3Q22 | 4Q21 | |||||
Balance sheet statistics (CHF million) | |||||||||
Total assets | 703,274 | 759,214 | 700,358 | 755,833 | |||||
Total liabilities | 656,778 | 711,127 | 656,849 | 711,603 |
Capitalization and indebtedness | |||||||||
Bank | Group | ||||||||
end of | 3Q22 | 4Q21 | 3Q22 | 4Q21 | |||||
Capitalization and indebtedness (CHF million) | |||||||||
Due to banks | 17,570 | 18,960 | 17,572 | 18,965 | |||||
Customer deposits | 372,514 | 393,841 | 371,270 | 392,819 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 22,282 | 35,368 | 22,187 | 35,274 | |||||
Long-term debt | 155,834 | 160,695 | 162,605 | 166,896 | |||||
All other liabilities | 88,578 | 102,263 | 83,215 | 97,649 | |||||
Total liabilities | 656,778 | 711,127 | 656,849 | 711,603 | |||||
Total equity | 46,496 | 48,087 | 43,509 | 44,230 | |||||
Total capitalization and indebtedness | 703,274 | 759,214 | 700,358 | 755,833 |
BIS capital metrics | |||||||||
Bank | Group | ||||||||
end of | 3Q22 | 4Q21 | 3Q22 | 4Q21 | |||||
Capital and risk-weighted assets (CHF million) | |||||||||
CET1 capital | 39,879 | 44,185 | 34,423 | 38,529 | |||||
Tier 1 capital | 54,628 | 59,110 | 50,110 | 54,373 | |||||
Total eligible capital | 54,628 | 59,589 | 50,110 | 54,852 | |||||
Risk-weighted assets | 272,439 | 266,934 | 273,598 | 267,787 | |||||
Capital ratios (%) | |||||||||
CET1 ratio | 14.6 | 16.6 | 12.6 | 14.4 | |||||
Tier 1 ratio | 20.1 | 22.1 | 18.3 | 20.3 | |||||
Total capital ratio | 20.1 | 22.3 | 18.3 | 20.5 |
Condensed consolidated statements of operations | |||||||||||||
in | 3Q22 | 3Q21 | % change | 9M22 | 9M21 | % change | |||||||
Condensed consolidated statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 3,333 | 2,378 | 40 | 8,018 | 7,365 | 9 | |||||||
Interest expense | (2,133) | (913) | 134 | (4,133) | (2,787) | 48 | |||||||
Net interest income | 1,200 | 1,465 | (18) | 3,885 | 4,578 | (15) | |||||||
Commissions and fees | 2,149 | 3,246 | (34) | 6,955 | 10,172 | (32) | |||||||
Trading revenues | 112 | 599 | (81) | 66 | 2,523 | (97) | |||||||
Other revenues | 402 | 194 | 107 | 1,087 | 1,113 | (2) | |||||||
Net revenues | 3,863 | 5,504 | (30) | 11,993 | 18,386 | (35) | |||||||
Provision for credit losses | 21 | (145) | – | (26) | 4,228 | – | |||||||
Compensation and benefits | 1,629 | 2,002 | (19) | 5,870 | 6,098 | (4) | |||||||
General and administrative expenses | 2,247 | 2,387 | (6) | 7,242 | 6,051 | 20 | |||||||
Commission expenses | 250 | 305 | (18) | 802 | 959 | (16) | |||||||
Goodwill impairment | 0 | 0 | – | 23 | 0 | – | |||||||
Restructuring expenses | 44 | – | – | 164 | 80 | 105 | |||||||
Total other operating expenses | 2,541 | 2,692 | (6) | 8,231 | 7,090 | 16 | |||||||
Total operating expenses | 4,170 | 4,694 | (11) | 14,101 | 13,188 | 7 | |||||||
Income/(loss) before taxes | (328) | 955 | – | (2,082) | 970 | – | |||||||
Income tax expense | 3,680 | 550 | – | 3,901 | 556 | – | |||||||
Net income/(loss) | (4,008) | 405 | – | (5,983) | 414 | – | |||||||
Net income/(loss) attributable to noncontrolling interests | (13) | 10 | – | (14) | (93) | (85) | |||||||
Net income/(loss) attributable to shareholders | (3,995) | 395 | – | (5,969) | 507 | – |
Condensed consolidated balance sheets | |||||||
end of | 3Q22 | 4Q21 | % change | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 148,424 | 164,026 | (10) | ||||
Interest-bearing deposits with banks | 607 | 1,256 | (52) | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 107,705 | 103,906 | 4 | ||||
Securities received as collateral | 6,788 | 15,017 | (55) | ||||
Trading assets | 90,549 | 111,299 | (19) | ||||
Investment securities | 1,747 | 1,003 | 74 | ||||
Other investments | 5,759 | 5,788 | (1) | ||||
Net loans | 290,264 | 300,358 | (3) | ||||
Goodwill | 2,984 | 2,881 | 4 | ||||
Other intangible assets | 424 | 276 | 54 | ||||
Brokerage receivables | 10,790 | 16,689 | (35) | ||||
Other assets | 37,233 | 36,715 | 1 | ||||
Total assets | 703,274 | 759,214 | (7) | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 17,570 | 18,960 | (7) | ||||
Customer deposits | 372,514 | 393,841 | (5) | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 22,282 | 35,368 | (37) | ||||
Obligation to return securities received as collateral | 6,788 | 15,017 | (55) | ||||
Trading liabilities | 27,251 | 27,539 | (1) | ||||
Short-term borrowings | 24,550 | 25,336 | (3) | ||||
Long-term debt | 155,834 | 160,695 | (3) | ||||
Brokerage payables | 8,212 | 13,062 | (37) | ||||
Other liabilities | 21,777 | 21,309 | 2 | ||||
Total liabilities | 656,778 | 711,127 | (8) | ||||
Total shareholder's equity | 45,810 | 47,390 | (3) | ||||
Noncontrolling interests | 686 | 697 | (2) | ||||
Total equity | 46,496 | 48,087 | (3) | ||||
Total liabilities and equity | 703,274 | 759,214 | (7) |
BIS statistics (Basel III) | |||||||
end of | 3Q22 | 4Q21 | % change | ||||
Eligible capital (CHF million) | |||||||
Common equity tier 1 (CET1) capital | 39,879 | 44,185 | (6) | ||||
Tier 1 capital | 54,628 | 59,110 | (5) | ||||
Total eligible capital | 54,628 | 59,589 | (6) | ||||
Capital ratios (%) | |||||||
CET1 ratio | 14.6 | 16.6 | – | ||||
Tier 1 ratio | 20.1 | 22.1 | – | ||||
Total capital ratio | 20.1 | 22.3 | – |
Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Credit Suisse (CHF million) | |||||||||||||||||
Net revenues | 3,804 | 3,645 | 5,437 | 4 | (30) | 11,861 | 18,114 | (35) | |||||||||
Provision for credit losses | 21 | 64 | (144) | (67) | – | (25) | 4,225 | – | |||||||||
Total operating expenses | 4,125 | 4,754 | 4,573 | (13) | (10) | 13,829 | 12,825 | 8 | |||||||||
Income/(loss) before taxes | (342) | (1,173) | 1,008 | (71) | – | (1,943) | 1,064 | – | |||||||||
Net income/(loss) attributable to shareholders | (4,034) | (1,593) | 434 | 153 | – | (5,900) | 435 | – | |||||||||
Cost/income ratio (%) | 108.4 | 130.4 | 84.1 | – | – | 116.6 | 70.8 | – | |||||||||
Effective tax rate (%) | – | (35.7) | 56.5 | – | – | (204.1) | 57.3 | – | |||||||||
Basic earnings/(loss) per share (CHF) | (1.53) | (0.60) | 0.16 | 155 | – | (2.24) | 0.17 | – | |||||||||
Diluted earnings/(loss) per share (CHF) | (1.53) | (0.60) | 0.16 | 155 | – | (2.24) | 0.17 | – | |||||||||
Return on equity (%) | (35.5) | (13.9) | 4.0 | – | – | (17.3) | 1.3 | – | |||||||||
Return on tangible equity (%) | (38.3) | (15.0) | 4.5 | – | – | (18.7) | 1.5 | – | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management | 1,400.6 | 1,453.9 | 1,623.0 | (3.7) | (13.7) | 1,400.6 | 1,623.0 | (13.7) | |||||||||
Net new assets/(net asset outflows) | (12.9) | (7.7) | 5.6 | 67.5 | – | (12.7) | 29.3 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 700,358 | 727,365 | 820,233 | (4) | (15) | 700,358 | 820,233 | (15) | |||||||||
Net loans | 281,792 | 285,573 | 296,593 | (1) | (5) | 281,792 | 296,593 | (5) | |||||||||
Total shareholders' equity | 43,267 | 45,842 | 44,498 | (6) | (3) | 43,267 | 44,498 | (3) | |||||||||
Tangible shareholders' equity | 39,825 | 42,528 | 39,649 | (6) | 0 | 39,825 | 39,649 | 0 | |||||||||
Basel III regulatory capital and leverage statistics (%) | |||||||||||||||||
CET1 ratio | 12.6 | 13.5 | 14.4 | – | – | 12.6 | 14.4 | – | |||||||||
CET1 leverage ratio | 4.1 | 4.3 | 4.3 | – | – | 4.1 | 4.3 | – | |||||||||
Tier 1 leverage ratio | 6.0 | 6.1 | 6.0 | – | – | 6.0 | 6.0 | – | |||||||||
Share information | |||||||||||||||||
Shares outstanding (million) | 2,616.7 | 2,610.8 | 2,392.1 | 0 | 9 | 2,616.7 | 2,392.1 | 9 | |||||||||
of which common shares issued | 2,650.7 | 2,650.7 | 2,650.7 | 0 | 0 | 2,650.7 | 2,650.7 | 0 | |||||||||
of which treasury shares | (34.0) | (39.9) | (258.6) | (15) | (87) | (34.0) | (258.6) | (87) | |||||||||
Book value per share (CHF) | 16.53 | 17.56 | 18.60 | (6) | (11) | 16.53 | 18.60 | (11) | |||||||||
Tangible book value per share (CHF) | 15.22 | 16.29 | 16.57 | (7) | (8) | 15.22 | 16.57 | (8) | |||||||||
Market capitalization (CHF million) | 10,440 | 14,231 | 24,403 | (27) | (57) | 10,440 | 24,403 | (57) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 51,680 | 51,410 | 50,140 | 1 | 3 | 51,680 | 50,140 | 3 | |||||||||
See relevant tables and related narratives for additional information on these metrics.
|
Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 1,203 | 1,195 | 1,423 | 1 | (15) | 3,857 | 4,493 | (14) | |||||||||
Commissions and fees | 2,129 | 2,230 | 3,249 | (5) | (34) | 6,960 | 10,144 | (31) | |||||||||
Trading revenues 1 | 125 | 41 | 618 | 205 | (80) | 130 | 2,582 | (95) | |||||||||
Other revenues | 347 | 179 | 147 | 94 | 136 | 914 | 895 | 2 | |||||||||
Net revenues | 3,804 | 3,645 | 5,437 | 4 | (30) | 11,861 | 18,114 | (35) | |||||||||
Provision for credit losses | 21 | 64 | (144) | (67) | – | (25) | 4,225 | – | |||||||||
Compensation and benefits | 1,901 | 2,392 | 2,255 | (21) | (16) | 6,751 | 6,818 | (1) | |||||||||
General and administrative expenses | 1,919 | 2,005 | 2,012 | (4) | (5) | 6,072 | 4,977 | 22 | |||||||||
Commission expenses | 250 | 254 | 306 | (2) | (18) | 802 | 960 | (16) | |||||||||
Goodwill impairment | 0 | 23 | 0 | (100) | – | 23 | 0 | – | |||||||||
Restructuring expenses | 55 | 80 | – | (31) | – | 181 | 70 | 159 | |||||||||
Total other operating expenses | 2,224 | 2,362 | 2,318 | (6) | (4) | 7,078 | 6,007 | 18 | |||||||||
Total operating expenses | 4,125 | 4,754 | 4,573 | (13) | (10) | 13,829 | 12,825 | 8 | |||||||||
Income/(loss) before taxes | (342) | (1,173) | 1,008 | (71) | – | (1,943) | 1,064 | – | |||||||||
Income tax expense | 3,698 | 419 | 570 | – | – | 3,966 | 610 | – | |||||||||
Net income/(loss) | (4,040) | (1,592) | 438 | 154 | – | (5,909) | 454 | – | |||||||||
Net income/(loss) attributable to noncontrolling interests | (6) | 1 | 4 | – | – | (9) | 19 | – | |||||||||
Net income/(loss) attributable to shareholders | (4,034) | (1,593) | 434 | 153 | – | (5,900) | 435 | – | |||||||||
Economic profit (CHF million) | (1,273) | (1,907) | (185) | (33) | – | (4,506) | (2,036) | 121 | |||||||||
Statement of operations metrics | |||||||||||||||||
Cost/income ratio (%) | 108.4 | 130.4 | 84.1 | – | – | 116.6 | 70.8 | – | |||||||||
Effective tax rate (%) | – | (35.7) | 56.5 | – | – | (204.1) | 57.3 | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings/(loss) per share | (1.53) | (0.60) | 0.16 | 155 | – | (2.24) | 0.17 | – | |||||||||
Diluted earnings/(loss) per share | (1.53) | (0.60) | 0.16 | 155 | – | (2.24) | 0.17 | – | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity | (35.5) | (13.9) | 4.0 | – | – | (17.3) | 1.3 | – | |||||||||
Return on tangible equity | (38.3) | (15.0) | 4.5 | – | – | (18.7) | 1.5 | – | |||||||||
Book value per share (CHF) | |||||||||||||||||
Book value per share | 16.53 | 17.56 | 18.60 | (6) | (11) | 16.53 | 18.60 | (11) | |||||||||
Tangible book value per share | 15.22 | 16.29 | 16.57 | (7) | (8) | 15.22 | 16.57 | (8) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 700,358 | 727,365 | 820,233 | (4) | (15) | 700,358 | 820,233 | (15) | |||||||||
Risk-weighted assets | 273,598 | 274,442 | 278,139 | 0 | (2) | 273,598 | 278,139 | (2) | |||||||||
Leverage exposure | 836,881 | 862,737 | 937,419 | (3) | (11) | 836,881 | 937,419 | (11) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 51,680 | 51,410 | 50,140 | 1 | 3 | 51,680 | 50,140 | 3 | |||||||||
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. |
Results overview | |||||||||||||
in / end of |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Credit Suisse |
|||||||
3Q22 (CHF million) | |||||||||||||
Net revenues | 1,365 | 1,106 | 962 | 336 | 35 | 3,804 | |||||||
Provision for credit losses | 7 | (6) | 21 | (1) | 0 | 21 | |||||||
Compensation and benefits | 611 | 860 | 306 | 111 | 13 | 1,901 | |||||||
Total other operating expenses | 726 | 918 | 252 | 136 | 192 | 2,224 | |||||||
of which general and administrative expenses | 638 | 765 | 218 | 110 | 188 | 1,919 | |||||||
of which restructuring expenses | 11 | 30 | 6 | 3 | 5 | 55 | |||||||
Total operating expenses | 1,337 | 1,778 | 558 | 247 | 205 | 4,125 | |||||||
Income/(loss) before taxes | 21 | (666) | 383 | 90 | (170) | (342) | |||||||
Economic profit (CHF million) | (168) | (873) | 88 | 55 | – | (1,273) | |||||||
Cost/income ratio (%) | 97.9 | 160.8 | 58.0 | 73.5 | – | 108.4 | |||||||
Total assets | 201,828 | 237,127 | 216,135 | 3,881 | 41,387 | 700,358 | |||||||
Goodwill | 1,348 | 0 | 501 | 1,169 | 0 | 3,018 | |||||||
Risk-weighted assets | 63,344 | 82,529 | 71,445 | 8,522 | 47,758 | 273,598 | |||||||
Leverage exposure | 231,357 | 317,149 | 240,153 | 2,960 | 45,262 | 836,881 | |||||||
2Q22 (CHF million) | |||||||||||||
Net revenues | 1,266 | 1,109 | 1,050 | 311 | (91) | 3,645 | |||||||
Provision for credit losses | (11) | 55 | 18 | 2 | 0 | 64 | |||||||
Compensation and benefits | 774 | 1,090 | 365 | 158 | 5 | 2,392 | |||||||
Total other operating expenses | 599 | 1,080 | 265 | 121 | 297 | 2,362 | |||||||
of which general and administrative expenses | 505 | 878 | 229 | 96 | 297 | 2,005 | |||||||
of which goodwill impairment | 0 | 23 | 0 | 0 | 0 | 23 | |||||||
of which restructuring expenses | 15 | 60 | 3 | 1 | 1 | 80 | |||||||
Total operating expenses | 1,373 | 2,170 | 630 | 279 | 302 | 4,754 | |||||||
Income/(loss) before taxes | (96) | (1,116) | 402 | 30 | (393) | (1,173) | |||||||
Economic profit (CHF million) | (254) | (1,220) | 101 | 9 | – | (1,907) | |||||||
Cost/income ratio (%) | 108.5 | 195.7 | 60.0 | 89.7 | – | 130.4 | |||||||
Total assets | 205,387 | 254,561 | 219,151 | 3,785 | 44,481 | 727,365 | |||||||
Goodwill | 1,330 | 0 | 496 | 1,148 | 0 | 2,974 | |||||||
Risk-weighted assets | 62,158 | 81,722 | 71,584 | 8,580 | 50,398 | 274,442 | |||||||
Leverage exposure | 234,524 | 333,473 | 243,556 | 2,886 | 48,298 | 862,737 | |||||||
3Q21 (CHF million) | |||||||||||||
Net revenues | 1,656 | 2,514 | 1,053 | 292 | (78) | 5,437 | |||||||
Provision for credit losses | 18 | (168) | 3 | 1 | 2 | (144) | |||||||
Compensation and benefits | 695 | 972 | 361 | 125 | 102 | 2,255 | |||||||
Total other operating expenses | 541 | 869 | 235 | 148 | 525 | 2,318 | |||||||
of which general and administrative expenses | 448 | 731 | 206 | 120 | 507 | 2,012 | |||||||
Total operating expenses | 1,236 | 1,841 | 596 | 273 | 627 | 4,573 | |||||||
Income/(loss) before taxes | 402 | 841 | 454 | 18 | (707) | 1,008 | |||||||
Economic profit (CHF million) | 110 | 211 | 139 | 0 | – | (185) | |||||||
Cost/income ratio (%) | 74.6 | 73.2 | 56.6 | 93.5 | – | 84.1 | |||||||
Total assets | 216,846 | 320,291 | 224,798 | 3,728 | 54,570 | 820,233 | |||||||
Goodwill | 1,341 | 1,650 | 494 | 1,130 | 0 | 4,615 | |||||||
Risk-weighted assets | 64,602 | 87,721 | 69,873 | 8,395 | 47,548 | 278,139 | |||||||
Leverage exposure | 244,922 | 380,439 | 250,439 | 2,769 | 58,850 | 937,419 |
Results overview (continued) | |||||||||||||
in |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Credit Suisse |
|||||||
9M22 (CHF million) | |||||||||||||
Net revenues | 3,808 | 4,153 | 3,121 | 1,008 | (229) | 11,861 | |||||||
Provision for credit losses | 20 | (107) | 62 | 1 | (1) | (25) | |||||||
Compensation and benefits | 2,134 | 3,048 | 1,062 | 434 | 73 | 6,751 | |||||||
Total other operating expenses | 2,086 | 2,870 | 741 | 400 | 981 | 7,078 | |||||||
of which general and administrative expenses | 1,805 | 2,336 | 640 | 320 | 971 | 6,072 | |||||||
of which goodwill impairment | 0 | 23 | 0 | 0 | 0 | 23 | |||||||
of which restructuring expenses | 36 | 126 | 10 | 4 | 5 | 181 | |||||||
Total operating expenses | 4,220 | 5,918 | 1,803 | 834 | 1,054 | 13,829 | |||||||
Income/(loss) before taxes | (432) | (1,658) | 1,256 | 173 | (1,282) | (1,943) | |||||||
Economic profit (CHF million) | (870) | (2,390) | 343 | 92 | – | (4,506) | |||||||
Cost/income ratio (%) | 110.8 | 142.5 | 57.8 | 82.7 | – | 116.6 | |||||||
9M21 (CHF million) | |||||||||||||
Net revenues | 5,654 | 8,242 | 3,107 | 1,109 | 2 | 18,114 | |||||||
Provision for credit losses | 7 | 4,216 | 8 | 2 | (8) | 4,225 | |||||||
Compensation and benefits | 2,066 | 2,939 | 1,107 | 447 | 259 | 6,818 | |||||||
Total other operating expenses | 1,431 | 2,572 | 681 | 391 | 932 | 6,007 | |||||||
of which general and administrative expenses | 1,136 | 2,076 | 581 | 306 | 878 | 4,977 | |||||||
of which restructuring expenses | 12 | 46 | 10 | 3 | (1) | 70 | |||||||
Total operating expenses | 3,497 | 5,511 | 1,788 | 838 | 1,191 | 12,825 | |||||||
Income/(loss) before taxes | 2,150 | (1,485) | 1,311 | 269 | (1,181) | 1,064 | |||||||
Economic profit (CHF million) | 1,037 | (2,450) | 373 | 158 | – | (2,036) | |||||||
Cost/income ratio (%) | 61.9 | 66.9 | 57.5 | 75.6 | – | 70.8 |
in |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Credit Suisse |
|||||||
3Q22 (CHF million) | |||||||||||||
Net revenues | 1,365 | 1,106 | 962 | 336 | 35 | 3,804 | |||||||
(Gain)/loss on equity investment in Allfunds Group | (10) | 0 | 0 | 0 | 0 | (10) | |||||||
(Gain)/loss on equity investment in Pfandbriefbank | 0 | 0 | (6) | 0 | 0 | (6) | |||||||
Impairment on York Capital Management | 0 | 0 | 0 | 10 | 0 | 10 | |||||||
Adjusted net revenues | 1,355 | 1,106 | 956 | 346 | 35 | 3,798 | |||||||
Provision for credit losses | 7 | (6) | 21 | (1) | 0 | 21 | |||||||
Total operating expenses | 1,337 | 1,778 | 558 | 247 | 205 | 4,125 | |||||||
Restructuring expenses | (11) | (30) | (6) | (3) | (5) | (55) | |||||||
Major litigation provisions | (54) | 0 | 0 | 0 | (124) | (178) | |||||||
Expenses related to real estate disposals | (2) | (12) | 0 | (1) | 0 | (15) | |||||||
Archegos | 0 | (8) | 0 | 0 | 0 | (8) | |||||||
Adjusted total operating expenses | 1,270 | 1,728 | 552 | 243 | 76 | 3,869 | |||||||
Income/(loss) before taxes | 21 | (666) | 383 | 90 | (170) | (342) | |||||||
Adjusted income/(loss) before taxes | 78 | (616) | 383 | 104 | (41) | (92) | |||||||
Adjusted economic profit | (126) | (835) | 88 | 65 | – | (1,122) | |||||||
Adjusted return on tangible equity (%) | – | – | – | – | – | (10.3) |
2Q22 (CHF million) | |||||||||||||
Net revenues | 1,266 | 1,109 | 1,050 | 311 | (91) | 3,645 | |||||||
Real estate (gains)/losses | 0 | 0 | (13) | 0 | 0 | (13) | |||||||
(Gains)/losses on business sales | 1 | 0 | 0 | 0 | 0 | 1 | |||||||
(Gain)/loss on equity investment in Allfunds Group | 168 | 0 | 0 | 0 | 0 | 168 | |||||||
(Gain)/loss on equity investment in SIX Group AG | 9 | 0 | 10 | 0 | 0 | 19 | |||||||
Adjusted net revenues | 1,444 | 1,109 | 1,047 | 311 | (91) | 3,820 | |||||||
Provision for credit losses | (11) | 55 | 18 | 2 | 0 | 64 | |||||||
Total operating expenses | 1,373 | 2,170 | 630 | 279 | 302 | 4,754 | |||||||
Goodwill impairment | 0 | (23) | 0 | 0 | 0 | (23) | |||||||
Restructuring expenses | (15) | (60) | (3) | (1) | (1) | (80) | |||||||
Major litigation provisions | (16) | (191) | 0 | 0 | (227) | (434) | |||||||
Expenses related to real estate disposals | (1) | (5) | 0 | 0 | 0 | (6) | |||||||
Archegos | 0 | (13) | 0 | 0 | 0 | (13) | |||||||
Adjusted total operating expenses | 1,341 | 1,878 | 627 | 278 | 74 | 4,198 | |||||||
Income/(loss) before taxes | (96) | (1,116) | 402 | 30 | (393) | (1,173) | |||||||
Adjusted income/(loss) before taxes | 114 | (824) | 402 | 31 | (165) | (442) | |||||||
Adjusted economic profit | (97) | (1,001) | 101 | 10 | – | (1,383) | |||||||
Adjusted return on tangible equity (%) | – | – | – | – | – | (8.1) |
in |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Credit Suisse |
|||||||
3Q21 (CHF million) | |||||||||||||
Net revenues | 1,656 | 2,514 | 1,053 | 292 | (78) | 5,437 | |||||||
Real estate (gains)/losses | 0 | 0 | (4) | 0 | 0 | (4) | |||||||
(Gains)/losses on business sales | 41 | 0 | 0 | 0 | 1 | 42 | |||||||
Valuation adjustment related to major litigation | 0 | 0 | 0 | 0 | 69 | 69 | |||||||
(Gain)/loss on equity investment in Allfunds Group | (130) | 0 | 0 | 0 | 0 | (130) | |||||||
Impairment on York Capital Management | 0 | 0 | 0 | 113 | 0 | 113 | |||||||
Archegos | 0 | (23) | 0 | 0 | 0 | (23) | |||||||
Adjusted net revenues | 1,567 | 2,491 | 1,049 | 405 | (8) | 5,504 | |||||||
Provision for credit losses | 18 | (168) | 3 | 1 | 2 | (144) | |||||||
Archegos | 0 | 188 | 0 | 0 | 0 | 188 | |||||||
Adjusted provision for credit losses | 18 | 20 | 3 | 1 | 2 | 44 | |||||||
Total operating expenses | 1,236 | 1,841 | 596 | 273 | 627 | 4,573 | |||||||
Major litigation provisions | (70) | 0 | 0 | 0 | (425) | (495) | |||||||
Expenses related to real estate disposals | 0 | (3) | 0 | 0 | 0 | (3) | |||||||
Expenses related to equity investment in Allfunds Group | (1) | 0 | 0 | 0 | 0 | (1) | |||||||
Archegos | 0 | 24 | 0 | 0 | 0 | 24 | |||||||
Adjusted total operating expenses | 1,165 | 1,862 | 596 | 273 | 202 | 4,098 | |||||||
Income/(loss) before taxes | 402 | 841 | 454 | 18 | (707) | 1,008 | |||||||
Adjusted income/(loss) before taxes | 384 | 609 | 450 | 131 | (212) | 1,362 | |||||||
Adjusted economic profit | 97 | 37 | 136 | 85 | – | (24) | |||||||
Adjusted return on tangible equity (%) | – | – | – | – | – | 7.0 |
in |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Credit Suisse |
|||||||
9M22 (CHF million) | |||||||||||||
Net revenues | 3,808 | 4,153 | 3,121 | 1,008 | (229) | 11,861 | |||||||
Real estate (gains)/losses | (25) | (53) | (97) | (2) | 0 | (177) | |||||||
(Gains)/losses on business sales | 4 | 0 | 0 | 0 | 0 | 4 | |||||||
(Gain)/loss on equity investment in Allfunds Group | 511 | 0 | 0 | 0 | 0 | 511 | |||||||
(Gain)/loss on equity investment in SIX Group AG | 7 | 0 | 7 | 0 | 0 | 14 | |||||||
(Gain)/loss on equity investment in Pfandbriefbank | 0 | 0 | (6) | 0 | 0 | (6) | |||||||
Impairment on York Capital Management | 0 | 0 | 0 | 10 | 0 | 10 | |||||||
Archegos | 0 | (17) | 0 | 0 | 0 | (17) | |||||||
Adjusted net revenues | 4,305 | 4,083 | 3,025 | 1,016 | (229) | 12,200 | |||||||
Provision for credit losses | 20 | (107) | 62 | 1 | (1) | (25) | |||||||
Archegos | 0 | 155 | 0 | 0 | 0 | 155 | |||||||
Adjusted provision for credit losses | 20 | 48 | 62 | 1 | (1) | 130 | |||||||
Total operating expenses | 4,220 | 5,918 | 1,803 | 834 | 1,054 | 13,829 | |||||||
Goodwill impairment | 0 | (23) | 0 | 0 | 0 | (23) | |||||||
Restructuring expenses | (36) | (126) | (10) | (4) | (5) | (181) | |||||||
Major litigation provisions | (300) | (191) | 0 | 0 | (774) | (1,265) | |||||||
Expenses related to real estate disposals | (3) | (20) | 0 | (1) | 0 | (24) | |||||||
Archegos | 0 | (32) | 0 | 0 | 0 | (32) | |||||||
Adjusted total operating expenses | 3,881 | 5,526 | 1,793 | 829 | 275 | 12,304 | |||||||
Income/(loss) before taxes | (432) | (1,658) | 1,256 | 173 | (1,282) | (1,943) | |||||||
Adjusted income/(loss) before taxes | 404 | (1,491) | 1,170 | 186 | (503) | (234) | |||||||
Adjusted economic profit | (244) | (2,264) | 279 | 102 | – | (3,291) | |||||||
Adjusted return on tangible equity (%) | – | – | – | – | – | (4.8) |
9M21 (CHF million) | |||||||||||||
Net revenues | 5,654 | 8,242 | 3,107 | 1,109 | 2 | 18,114 | |||||||
Real estate (gains)/losses | 0 | 0 | (8) | 0 | 0 | (8) | |||||||
(Gains)/losses on business sales | 41 | 0 | 0 | 0 | 1 | 42 | |||||||
Major litigation recovery | (49) | 0 | 0 | 0 | 0 | (49) | |||||||
Valuation adjustment related to major litigation | 0 | 0 | 0 | 0 | 69 | 69 | |||||||
(Gain)/loss on equity investment in Allfunds Group | (591) | 0 | 0 | 0 | 0 | (591) | |||||||
Impairment on York Capital Management | 0 | 0 | 0 | 113 | 0 | 113 | |||||||
Archegos | 0 | 470 | 0 | 0 | 0 | 470 | |||||||
Adjusted net revenues | 5,055 | 8,712 | 3,099 | 1,222 | 72 | 18,160 | |||||||
Provision for credit losses | 7 | 4,216 | 8 | 2 | (8) | 4,225 | |||||||
Archegos | 0 | (4,312) | 0 | 0 | 0 | (4,312) | |||||||
Adjusted provision for credit losses | 7 | (96) | 8 | 2 | (8) | (87) | |||||||
Total operating expenses | 3,497 | 5,511 | 1,788 | 838 | 1,191 | 12,825 | |||||||
Restructuring expenses | (12) | (46) | (10) | (3) | 1 | (70) | |||||||
Major litigation provisions | (59) | 0 | 0 | 0 | (648) | (707) | |||||||
Expenses related to real estate disposals | (4) | (36) | (4) | (1) | 0 | (45) | |||||||
Expenses related to equity investment in Allfunds Group | (20) | 0 | 0 | 0 | 0 | (20) | |||||||
Archegos | 0 | (7) | 0 | 0 | 0 | (7) | |||||||
Adjusted total operating expenses | 3,402 | 5,422 | 1,774 | 834 | 544 | 11,976 | |||||||
Income/(loss) before taxes | 2,150 | (1,485) | 1,311 | 269 | (1,181) | 1,064 | |||||||
Adjusted income/(loss) before taxes | 1,646 | 3,386 | 1,317 | 386 | (464) | 6,271 | |||||||
Adjusted economic profit | 660 | 1,203 | 377 | 247 | – | 1,650 | |||||||
Adjusted return on tangible equity (%) | – | – | – | – | – | 15.6 |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,365 | 1,266 | 1,656 | 8 | (18) | 3,808 | 5,654 | (33) | |||||||||
Provision for credit losses | 7 | (11) | 18 | – | (61) | 20 | 7 | 186 | |||||||||
Compensation and benefits | 611 | 774 | 695 | (21) | (12) | 2,134 | 2,066 | 3 | |||||||||
General and administrative expenses | 638 | 505 | 448 | 26 | 42 | 1,805 | 1,136 | 59 | |||||||||
Commission expenses | 77 | 79 | 93 | (3) | (17) | 245 | 283 | (13) | |||||||||
Restructuring expenses | 11 | 15 | – | – | – | 36 | 12 | 200 | |||||||||
Total other operating expenses | 726 | 599 | 541 | 21 | 34 | 2,086 | 1,431 | 46 | |||||||||
Total operating expenses | 1,337 | 1,373 | 1,236 | (3) | 8 | 4,220 | 3,497 | 21 | |||||||||
Income/(loss) before taxes | 21 | (96) | 402 | – | (95) | (432) | 2,150 | – | |||||||||
Economic profit (CHF million) | (168) | (254) | 110 | (34) | – | (870) | 1,037 | – | |||||||||
Statement of operations metrics | |||||||||||||||||
Return on regulatory capital (%) | 0.7 | (3.2) | 12.6 | – | – | (4.7) | 22.6 | – | |||||||||
Cost/income ratio (%) | 97.9 | 108.5 | 74.6 | – | – | 110.8 | 61.9 | – |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 615 | 558 | 511 | 10 | 20 | 1,687 | 1,608 | 5 | |||||||||
Recurring commissions and fees | 382 | 408 | 464 | (6) | (18) | 1,210 | 1,381 | (12) | |||||||||
Transaction- and performance-based revenues | 357 | 478 | 593 | (25) | (40) | 1,413 | 2,068 | (32) | |||||||||
Other revenues | 11 | (178) | 88 | – | (88) | (502) | 597 | – | |||||||||
Net revenues | 1,365 | 1,266 | 1,656 | 8 | (18) | 3,808 | 5,654 | (33) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 201,828 | 205,387 | 216,846 | (2) | (7) | 201,828 | 216,846 | (7) | |||||||||
Net loans | 89,295 | 93,460 | 107,422 | (4) | (17) | 89,295 | 107,422 | (17) | |||||||||
Risk-weighted assets | 63,344 | 62,158 | 64,602 | 2 | (2) | 63,344 | 64,602 | (2) | |||||||||
Leverage exposure | 231,357 | 234,524 | 244,922 | (1) | (6) | 231,357 | 244,922 | (6) | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 83 | 73 | 87 | – | – | 73 | 101 | – | |||||||||
Net margin 2 | 1 | (6) | 21 | – | – | (8) | 38 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,880 | 1,940 | 1,900 | (3) | (1) | 1,880 | 1,900 | (1) | |||||||||
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.
|
Reconciliation of adjustment items | |||||||||||
Wealth Management | |||||||||||
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Results (CHF million) | |||||||||||
Net revenues | 1,365 | 1,266 | 1,656 | 3,808 | 5,654 | ||||||
Real estate (gains)/losses | 0 | 0 | 0 | (25) | 0 | ||||||
(Gains)/losses on business sales | 0 | 1 | 41 | 4 | 41 | ||||||
Major litigation recovery | 0 | 0 | 0 | 0 | (49) | ||||||
(Gain)/loss on equity investment in Allfunds Group | (10) | 168 | (130) | 511 | (591) | ||||||
(Gain)/loss on equity investment in SIX Group AG | 0 | 9 | 0 | 7 | 0 | ||||||
Adjusted net revenues | 1,355 | 1,444 | 1,567 | 4,305 | 5,055 | ||||||
Provision for credit losses | 7 | (11) | 18 | 20 | 7 | ||||||
Total operating expenses | 1,337 | 1,373 | 1,236 | 4,220 | 3,497 | ||||||
Restructuring expenses | (11) | (15) | – | (36) | (12) | ||||||
Major litigation provisions | (54) | (16) | (70) | (300) | (59) | ||||||
Expenses related to real estate disposals | (2) | (1) | 0 | (3) | (4) | ||||||
Expenses related to equity investment in Allfunds Group | 0 | 0 | (1) | 0 | (20) | ||||||
Adjusted total operating expenses | 1,270 | 1,341 | 1,165 | 3,881 | 3,402 | ||||||
Income/(loss) before taxes | 21 | (96) | 402 | (432) | 2,150 | ||||||
Adjusted income before taxes | 78 | 114 | 384 | 404 | 1,646 | ||||||
Adjusted economic profit | (126) | (97) | 97 | (244) | 660 | ||||||
Adjusted return on regulatory capital (%) | 2.5 | 3.8 | 12.0 | 4.4 | 17.3 | ||||||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment
items” in Credit Suisse for further information.
|
Assets under management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 635.4 | 661.5 | 760.6 | (3.9) | (16.5) | 635.4 | 760.6 | (16.5) | |||||||||
Average assets under management | 657.1 | 693.6 | 758.8 | (5.3) | (13.4) | 691.7 | 747.4 | (7.5) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 318.3 | 323.2 | 374.3 | (1.5) | (15.0) | 318.3 | 374.3 | (15.0) | |||||||||
EUR | 112.4 | 120.8 | 146.1 | (7.0) | (23.1) | 112.4 | 146.1 | (23.1) | |||||||||
CHF | 64.1 | 69.3 | 77.1 | (7.5) | (16.9) | 64.1 | 77.1 | (16.9) | |||||||||
Other | 140.6 | 148.2 | 163.1 | (5.1) | (13.8) | 140.6 | 163.1 | (13.8) | |||||||||
Assets under management | 635.4 | 661.5 | 760.6 | (3.9) | (16.5) | 635.4 | 760.6 | (16.5) | |||||||||
Movements in assets under management (CHF billion) | |||||||||||||||||
Net new assets/(net asset outflows) | (6.4) | (1.4) | 5.4 | – | – | (3.0) | 13.4 | – | |||||||||
Other effects | (19.7) | (44.1) | (14.2) | – | – | (104.2) | 40.3 | – | |||||||||
of which market movements | (19.7) | (41.7) | (11.2) | – | – | (93.0) | 23.2 | – | |||||||||
of which foreign exchange | 1.1 | 6.0 | (1.1) | – | – | 13.6 | 25.6 | – | |||||||||
of which other | (1.1) | (8.4) | (1.9) | – | – | (24.8) | (8.5) | – | |||||||||
Increase/(decrease) in assets under management | (26.1) | (45.5) | (8.8) | – | – | (107.2) | 53.7 | – | |||||||||
Movements in assets under management (annualized) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | (3.9) | (0.8) | 2.8 | – | – | (0.5) | 2.5 | – | |||||||||
Other effects | (11.9) | (24.9) | (7.4) | – | – | (18.7) | 7.6 | – | |||||||||
Increase/(decrease) in assets under management (annualized) | (15.8) | (25.7) | (4.6) | – | – | (19.2) | 10.1 | – | |||||||||
Movements in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | (0.8) | 0.8 | 2.1 | – | – | – | – | – | |||||||||
Other effects | (15.7) | (14.8) | 8.7 | – | – | – | – | – | |||||||||
Increase/(decrease) in assets under management (rolling four-quarter average) | (16.5) | (14.0) | 10.8 | – | – | – | – | – |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,106 | 1,109 | 2,514 | 0 | (56) | 4,153 | 8,242 | (50) | |||||||||
Provision for credit losses | (6) | 55 | (168) | – | (96) | (107) | 4,216 | – | |||||||||
Compensation and benefits | 860 | 1,090 | 972 | (21) | (12) | 3,048 | 2,939 | 4 | |||||||||
General and administrative expenses | 765 | 878 | 731 | (13) | 5 | 2,336 | 2,076 | 13 | |||||||||
Commission expenses | 123 | 119 | 138 | 3 | (11) | 385 | 450 | (14) | |||||||||
Goodwill impairment | 0 | 23 | 0 | (100) | – | 23 | 0 | – | |||||||||
Restructuring expenses | 30 | 60 | – | (50) | – | 126 | 46 | 174 | |||||||||
Total other operating expenses | 918 | 1,080 | 869 | (15) | 6 | 2,870 | 2,572 | 12 | |||||||||
Total operating expenses | 1,778 | 2,170 | 1,841 | (18) | (3) | 5,918 | 5,511 | 7 | |||||||||
Income/(loss) before taxes | (666) | (1,116) | 841 | (40) | – | (1,658) | (1,485) | 12 | |||||||||
Economic profit | (873) | (1,220) | 211 | (28) | – | (2,390) | (2,450) | (2) | |||||||||
Statement of operations metrics | |||||||||||||||||
Return on regulatory capital (%) | (16.1) | (25.7) | 18.1 | – | – | (12.8) | (9.4) | – | |||||||||
Cost/income ratio (%) | 160.8 | 195.7 | 73.2 | – | – | 142.5 | 66.9 | – |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Fixed income sales and trading | 547 | 600 | 759 | (9) | (28) | 1,888 | 3,065 | (38) | |||||||||
Equity sales and trading | 239 | 330 | 514 | (28) | (54) | 1,073 | 1,422 | (25) | |||||||||
Capital markets | 96 | 38 | 897 | 153 | (89) | 564 | 3,054 | (82) | |||||||||
Advisory and other fees | 225 | 183 | 349 | 23 | (36) | 612 | 711 | (14) | |||||||||
Other revenues 1 | (1) | (42) | (5) | (98) | (80) | 16 | (10) | – | |||||||||
Net revenues | 1,106 | 1,109 | 2,514 | 0 | (56) | 4,153 | 8,242 | (50) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 237,127 | 254,561 | 320,291 | (7) | (26) | 237,127 | 320,291 | (26) | |||||||||
Net loans | 30,492 | 29,253 | 24,374 | 4 | 25 | 30,492 | 24,374 | 25 | |||||||||
Risk-weighted assets | 82,529 | 81,722 | 87,721 | 1 | (6) | 82,529 | 87,721 | (6) | |||||||||
Risk-weighted assets (USD) | 84,273 | 85,517 | 93,854 | (1) | (10) | 84,273 | 93,854 | (10) | |||||||||
Leverage exposure | 317,149 | 333,473 | 380,439 | (5) | (17) | 317,149 | 380,439 | (17) | |||||||||
Leverage exposure (USD) | 323,852 | 348,958 | 407,039 | (7) | (20) | 323,852 | 407,039 | (20) | |||||||||
1
Other revenues include treasury funding costs and changes in the carrying value of
certain investments.
|
Reconciliation of adjustment items | |||||||||||
Investment Bank | |||||||||||
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Results (CHF million) | |||||||||||
Net revenues | 1,106 | 1,109 | 2,514 | 4,153 | 8,242 | ||||||
Real estate (gains)/losses | 0 | 0 | 0 | (53) | 0 | ||||||
Archegos | 0 | 0 | (23) | (17) | 470 | ||||||
Adjusted net revenues | 1,106 | 1,109 | 2,491 | 4,083 | 8,712 | ||||||
Provision for credit losses | (6) | 55 | (168) | (107) | 4,216 | ||||||
Archegos | 0 | 0 | 188 | 155 | (4,312) | ||||||
Adjusted provision for credit losses | (6) | 55 | 20 | 48 | (96) | ||||||
Total operating expenses | 1,778 | 2,170 | 1,841 | 5,918 | 5,511 | ||||||
Goodwill impairment | 0 | (23) | 0 | (23) | 0 | ||||||
Restructuring expenses | (30) | (60) | – | (126) | (46) | ||||||
Major litigation provisions | 0 | (191) | 0 | (191) | 0 | ||||||
Expenses related to real estate disposals | (12) | (5) | (3) | (20) | (36) | ||||||
Archegos | (8) | (13) | 24 | (32) | (7) | ||||||
Adjusted total operating expenses | 1,728 | 1,878 | 1,862 | 5,526 | 5,422 | ||||||
Income/(loss) before taxes | (666) | (1,116) | 841 | (1,658) | (1,485) | ||||||
Adjusted income/(loss) before taxes | (616) | (824) | 609 | (1,491) | 3,386 | ||||||
Adjusted economic profit | (835) | (1,001) | 37 | (2,264) | 1,203 | ||||||
Adjusted return on regulatory capital (%) | (14.9) | (19.0) | 13.2 | (11.5) | 23.2 | ||||||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment
items” in Credit Suisse for further information.
|
in | % change | in | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Investment banking & capital markets fees (USD million) | |||||||||||||||||
Advisory | 245 | 189 | 391 | 30 | (37) | 662 | 820 | (19) | |||||||||
Debt capital markets 1 | 153 | 182 | 447 | (16) | (66) | 682 | 1,691 | (60) | |||||||||
Equity capital markets | 82 | 80 | 501 | 2 | (84) | 279 | 1,640 | (83) | |||||||||
Investment banking & capital markets fees | 480 | 451 | 1,339 | 6 | (64) | 1,623 | 4,151 | (61) | |||||||||
1
Excludes mark-to-market movements of USD (120) million in 3Q22, USD (245) million
in 2Q22, USD (367) million in 9M22 and USD 34 million in 9M21.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 962 | 1,050 | 1,053 | (8) | (9) | 3,121 | 3,107 | 0 | |||||||||
Provision for credit losses | 21 | 18 | 3 | 17 | – | 62 | 8 | – | |||||||||
Compensation and benefits | 306 | 365 | 361 | (16) | (15) | 1,062 | 1,107 | (4) | |||||||||
General and administrative expenses | 218 | 229 | 206 | (5) | 6 | 640 | 581 | 10 | |||||||||
Commission expenses | 28 | 33 | 29 | (15) | (3) | 91 | 90 | 1 | |||||||||
Restructuring expenses | 6 | 3 | – | 100 | – | 10 | 10 | – | |||||||||
Total other operating expenses | 252 | 265 | 235 | (5) | 7 | 741 | 681 | 9 | |||||||||
Total operating expenses | 558 | 630 | 596 | (11) | (6) | 1,803 | 1,788 | 1 | |||||||||
Income before taxes | 383 | 402 | 454 | (5) | (16) | 1,256 | 1,311 | (4) | |||||||||
Economic profit (CHF million) | 88 | 101 | 139 | (13) | (37) | 343 | 373 | (8) | |||||||||
Statement of operations metrics | |||||||||||||||||
Return on regulatory capital (%) | 11.5 | 12.0 | 13.5 | – | – | 12.6 | 12.9 | – | |||||||||
Cost/income ratio (%) | 58.0 | 60.0 | 56.6 | – | – | 57.8 | 57.5 | – |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 525 | 595 | 589 | (12) | (11) | 1,696 | 1,758 | (4) | |||||||||
Recurring commissions and fees | 323 | 334 | 333 | (3) | (3) | 993 | 970 | 2 | |||||||||
Transaction-based revenues | 121 | 138 | 146 | (12) | (17) | 395 | 423 | (7) | |||||||||
Other revenues | (7) | (17) | (15) | (59) | (53) | 37 | (44) | – | |||||||||
Net revenues | 962 | 1,050 | 1,053 | (8) | (9) | 3,121 | 3,107 | 0 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 216,135 | 219,151 | 224,798 | (1) | (4) | 216,135 | 224,798 | (4) | |||||||||
Net loans | 160,947 | 161,763 | 163,483 | (1) | (2) | 160,947 | 163,483 | (2) | |||||||||
Risk-weighted assets | 71,445 | 71,584 | 69,873 | 0 | 2 | 71,445 | 69,873 | 2 | |||||||||
Leverage exposure | 240,153 | 243,556 | 250,439 | (1) | (4) | 240,153 | 250,439 | (4) | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 71 | 74 | 71 | – | – | 73 | 72 | – | |||||||||
Net margin 2 | 28 | 28 | 31 | – | – | 29 | 30 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,660 | 1,680 | 1,650 | (1) | 1 | 1,660 | 1,650 | 1 | |||||||||
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.
|
|||||||||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
Reconciliation of adjustment items | |||||||||||
Swiss Bank | |||||||||||
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Results (CHF million) | |||||||||||
Net revenues | 962 | 1,050 | 1,053 | 3,121 | 3,107 | ||||||
Real estate (gains)/losses | 0 | (13) | (4) | (97) | (8) | ||||||
(Gain)/loss on equity investment in SIX Group AG | 0 | 10 | 0 | 7 | 0 | ||||||
(Gain)/loss on equity investment in Pfandbriefbank | (6) | 0 | 0 | (6) | 0 | ||||||
Adjusted net revenues | 956 | 1,047 | 1,049 | 3,025 | 3,099 | ||||||
Provision for credit losses | 21 | 18 | 3 | 62 | 8 | ||||||
Total operating expenses | 558 | 630 | 596 | 1,803 | 1,788 | ||||||
Restructuring expenses | (6) | (3) | – | (10) | (10) | ||||||
Expenses related to real estate disposals | 0 | 0 | 0 | 0 | (4) | ||||||
Adjusted total operating expenses | 552 | 627 | 596 | 1,793 | 1,774 | ||||||
Income before taxes | 383 | 402 | 454 | 1,256 | 1,311 | ||||||
Adjusted income before taxes | 383 | 402 | 450 | 1,170 | 1,317 | ||||||
Adjusted economic profit | 88 | 101 | 136 | 279 | 377 | ||||||
Adjusted return on regulatory capital (%) | 11.5 | 12.0 | 13.4 | 11.7 | 13.0 | ||||||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment
items” in Credit Suisse for further information.
|
Assets under management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 527.1 | 544.5 | 588.8 | (3.2) | (10.5) | 527.1 | 588.8 | (10.5) | |||||||||
Average assets under management | 545.7 | 569.4 | 592.2 | (4.2) | (7.9) | 567.7 | 576.8 | (1.6) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 55.8 | 56.8 | 63.1 | (1.8) | (11.6) | 55.8 | 63.1 | (11.6) | |||||||||
EUR | 20.8 | 22.3 | 27.0 | (6.7) | (23.0) | 20.8 | 27.0 | (23.0) | |||||||||
CHF | 443.1 | 457.7 | 489.7 | (3.2) | (9.5) | 443.1 | 489.7 | (9.5) | |||||||||
Other | 7.4 | 7.7 | 9.0 | (3.9) | (17.8) | 7.4 | 9.0 | (17.8) | |||||||||
Assets under management | 527.1 | 544.5 | 588.8 | (3.2) | (10.5) | 527.1 | 588.8 | (10.5) | |||||||||
Movements in assets under management (CHF billion) | |||||||||||||||||
Net new assets/(net asset outflows) | (1.5) | (1.6) | 0.4 | – | – | 2.9 | 4.9 | – | |||||||||
Other effects | (15.9) | (36.4) | 0.2 | – | – | (73.7) | 32.9 | – | |||||||||
of which market movements | (16.2) | (37.8) | 0.2 | – | – | (76.9) | 28.5 | – | |||||||||
of which foreign exchange | 0.3 | 1.4 | 0.1 | – | – | 1.8 | 3.9 | – | |||||||||
of which other | 0.0 | 0.0 | (0.1) | – | – | 1.4 | 0.5 | – | |||||||||
Increase/(decrease) in assets under management | (17.4) | (38.0) | 0.6 | – | – | (70.8) | 37.8 | – | |||||||||
Movements in assets under management (annualized) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | (1.1) | (1.1) | 0.3 | – | – | 0.6 | 1.2 | – | |||||||||
Other effects | (11.7) | (25.0) | 0.1 | – | – | (16.4) | 7.9 | – | |||||||||
Increase/(decrease) in assets under management (annualized) | (12.8) | (26.1) | 0.4 | – | – | (15.8) | 9.1 | – | |||||||||
Movements in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | 0.7 | 1.0 | 1.6 | – | – | – | – | – | |||||||||
Other effects | (11.2) | (8.4) | 9.5 | – | – | – | – | – | |||||||||
Increase/(decrease) in assets under management (rolling four-quarter average) | (10.5) | (7.4) | 11.1 | – | – | – | – | – |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 336 | 311 | 292 | 8 | 15 | 1,008 | 1,109 | (9) | |||||||||
Provision for credit losses | (1) | 2 | 1 | – | – | 1 | 2 | (50) | |||||||||
Compensation and benefits | 111 | 158 | 125 | (30) | (11) | 434 | 447 | (3) | |||||||||
General and administrative expenses | 110 | 96 | 120 | 15 | (8) | 320 | 306 | 5 | |||||||||
Commission expenses | 23 | 24 | 28 | (4) | (18) | 76 | 82 | (7) | |||||||||
Restructuring expenses | 3 | 1 | – | 200 | – | 4 | 3 | 33 | |||||||||
Total other operating expenses | 136 | 121 | 148 | 12 | (8) | 400 | 391 | 2 | |||||||||
Total operating expenses | 247 | 279 | 273 | (11) | (10) | 834 | 838 | 0 | |||||||||
Income before taxes | 90 | 30 | 18 | 200 | 400 | 173 | 269 | (36) | |||||||||
Economic profit (CHF million) | 55 | 9 | 0 | – | – | 92 | 158 | (42) | |||||||||
Statement of operations metrics | |||||||||||||||||
Return on regulatory capital (%) | 42.6 | 14.1 | 7.8 | – | – | 27.6 | 38.0 | – | |||||||||
Cost/income ratio (%) | 73.5 | 89.7 | 93.5 | – | – | 82.7 | 75.6 | – |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Management fees | 250 | 258 | 287 | (3) | (13) | 780 | 851 | (8) | |||||||||
Performance, transaction and placement revenues | 33 | 5 | 75 | – | (56) | 84 | 246 | (66) | |||||||||
Investment and partnership income | 53 | 48 | (70) | 10 | – | 144 | 12 | – | |||||||||
Net revenues | 336 | 311 | 292 | 8 | 15 | 1,008 | 1,109 | (9) | |||||||||
of which recurring commissions and fees | 250 | 259 | 288 | (3) | (13) | 781 | 853 | (8) | |||||||||
of which transaction- and performance-based revenues | 67 | 73 | 122 | (8) | (45) | 219 | 347 | (37) | |||||||||
of which other revenues | 19 | (21) | (118) | – | – | 8 | (91) | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 3,881 | 3,785 | 3,728 | 3 | 4 | 3,881 | 3,728 | 4 | |||||||||
Risk-weighted assets | 8,522 | 8,580 | 8,395 | (1) | 2 | 8,522 | 8,395 | 2 | |||||||||
Leverage exposure | 2,960 | 2,886 | 2,769 | 3 | 7 | 2,960 | 2,769 | 7 | |||||||||
Management fees include fees on assets under management and asset administration revenues.
Performance revenues relate to the performance or return of the funds being managed
and includes investment-related gains and losses from proprietary funds. Transaction
fees relate to the acquisition and disposal of investments in the funds being managed.
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.
|
Reconciliation of adjustment items | |||||||||||
Asset Management | |||||||||||
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Results (CHF million) | |||||||||||
Net revenues | 336 | 311 | 292 | 1,008 | 1,109 | ||||||
Real estate (gains)/losses | 0 | 0 | 0 | (2) | 0 | ||||||
Impairment on York Capital Management | 10 | 0 | 113 | 10 | 113 | ||||||
Adjusted net revenues | 346 | 311 | 405 | 1,016 | 1,222 | ||||||
Provision for credit losses | (1) | 2 | 1 | 1 | 2 | ||||||
Total operating expenses | 247 | 279 | 273 | 834 | 838 | ||||||
Restructuring expenses | (3) | (1) | – | (4) | (3) | ||||||
Expenses related to real estate disposals | (1) | 0 | 0 | (1) | (1) | ||||||
Adjusted total operating expenses | 243 | 278 | 273 | 829 | 834 | ||||||
Income before taxes | 90 | 30 | 18 | 173 | 269 | ||||||
Adjusted income before taxes | 104 | 31 | 131 | 186 | 386 | ||||||
Adjusted economic profit | 65 | 10 | 85 | 102 | 247 | ||||||
Adjusted return on regulatory capital (%) | 48.7 | 14.6 | 57.2 | 29.6 | 54.6 | ||||||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment
items” in Credit Suisse for further information.
|
Assets under management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Traditional investments | 245.2 | 261.7 | 305.3 | (6.3) | (19.7) | 245.2 | 305.3 | (19.7) | |||||||||
Alternative investments | 113.5 | 111.2 | 118.5 | 2.1 | (4.2) | 113.5 | 118.5 | (4.2) | |||||||||
Investments and partnerships | 52.6 | 54.1 | 50.9 | (2.8) | 3.3 | 52.6 | 50.9 | 3.3 | |||||||||
Assets under management | 411.3 | 427.0 | 474.7 | (3.7) | (13.4) | 411.3 | 474.7 | (13.4) | |||||||||
Average assets under management | 429.3 | 449.9 | 472.2 | (4.6) | (9.1) | 449.0 | 461.2 | (2.6) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 101.4 | 105.1 | 124.5 | (3.5) | (18.6) | 101.4 | 124.5 | (18.6) | |||||||||
EUR | 42.9 | 46.4 | 59.1 | (7.5) | (27.4) | 42.9 | 59.1 | (27.4) | |||||||||
CHF | 208.7 | 215.4 | 234.7 | (3.1) | (11.1) | 208.7 | 234.7 | (11.1) | |||||||||
Other | 58.3 | 60.1 | 56.4 | (3.0) | 3.4 | 58.3 | 56.4 | 3.4 | |||||||||
Assets under management | 411.3 | 427.0 | 474.7 | (3.7) | (13.4) | 411.3 | 474.7 | (13.4) | |||||||||
Movements in assets under management (CHF billion) | |||||||||||||||||
Net new assets/(net asset outflows) 1 | (4.2) | (6.1) | (1.7) | – | – | (10.9) | 9.9 | – | |||||||||
Other effects | (11.5) | (28.9) | 5.0 | – | – | (54.6) | 24.5 | – | |||||||||
of which market movements | (10.6) | (30.3) | 4.8 | – | – | (55.9) | 24.5 | – | |||||||||
of which foreign exchange | (1.0) | 1.4 | 0.5 | – | – | 2.1 | 10.6 | – | |||||||||
of which other | 0.1 | 0.0 | (0.3) | – | – | (0.8) | (10.6) | 2 | – | ||||||||
Increase/(decrease) in assets under management | (15.7) | (35.0) | 3.3 | – | – | (65.5) | 34.4 | – | |||||||||
Movements in assets under management (annualized) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | (3.9) | (5.3) | (1.4) | – | – | (3.0) | 3.0 | – | |||||||||
Other effects | (10.8) | (25.0) | 4.2 | – | – | (15.3) | 7.4 | – | |||||||||
Increase/(decrease) in assets under management (annualized) | (14.7) | (30.3) | 2.8 | – | – | (18.3) | 10.4 | – | |||||||||
Movements in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets/(net asset outflows) | (1.3) | (0.8) | 3.7 | – | – | – | – | – | |||||||||
Other effects | (12.1) | (8.6) | 4.6 | – | – | – | – | – | |||||||||
Increase/(decrease) in assets under management (rolling four-quarter average) | (13.4) | (9.4) | 8.3 | – | – | – | – | – | |||||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded
commitments on which a fee is no longer earned.
|
|||||||||||||||||
2
Includes CHF 7.9 billion relating to the exit of our supply chain finance funds business.
|
Corporate Center results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Treasury results | (7) | (155) | (57) | (95) | (88) | (416) | (44) | – | |||||||||
Asset Resolution Unit | (1) | 22 | (34) | – | (97) | 60 | (110) | – | |||||||||
Other | 43 | 42 | 13 | 2 | 231 | 127 | 156 | (19) | |||||||||
Net revenues | 35 | (91) | (78) | – | – | (229) | 2 | – | |||||||||
Provision for credit losses | 0 | 0 | 2 | – | (100) | (1) | (8) | (88) | |||||||||
Compensation and benefits | 13 | 5 | 102 | 160 | (87) | 73 | 259 | (72) | |||||||||
General and administrative expenses | 188 | 297 | 507 | (37) | (63) | 971 | 878 | 11 | |||||||||
Commission expenses | (1) | (1) | 18 | 0 | – | 5 | 55 | (91) | |||||||||
Restructuring expenses | 5 | 1 | – | 400 | – | 5 | (1) | – | |||||||||
Total other operating expenses | 192 | 297 | 525 | (35) | (63) | 981 | 932 | 5 | |||||||||
Total operating expenses | 205 | 302 | 627 | (32) | (67) | 1,054 | 1,191 | (12) | |||||||||
Income/(loss) before taxes | (170) | (393) | (707) | (57) | (76) | (1,282) | (1,181) | 9 | |||||||||
of which Asset Resolution Unit | (28) | (7) | (73) | 300 | (62) | (25) | (220) | (89) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 41,387 | 44,481 | 54,570 | (7) | (24) | 41,387 | 54,570 | (24) | |||||||||
Risk-weighted assets | 47,758 | 50,398 | 47,548 | (5) | 0 | 47,758 | 47,548 | 0 | |||||||||
Leverage exposure | 45,262 | 48,298 | 58,850 | (6) | (23) | 45,262 | 58,850 | (23) |
Reconciliation of adjustment items | |||||||||||
Corporate Center | |||||||||||
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Results (CHF million) | |||||||||||
Net revenues | 35 | (91) | (78) | (229) | 2 | ||||||
(Gains)/losses on business sales | 0 | 0 | 1 | 0 | 1 | ||||||
Valuation adjustment related to major litigation | 0 | 0 | 69 | 0 | 69 | ||||||
Adjusted net revenues | 35 | (91) | (8) | (229) | 72 | ||||||
Provision for credit losses | 0 | 0 | 2 | (1) | (8) | ||||||
Total operating expenses | 205 | 302 | 627 | 1,054 | 1,191 | ||||||
Restructuring expenses | (5) | (1) | – | (5) | 1 | ||||||
Major litigation provisions | (124) | (227) | (425) | (774) | (648) | ||||||
Adjusted total operating expenses | 76 | 74 | 202 | 275 | 544 | ||||||
Income/(loss) before taxes | (170) | (393) | (707) | (1,282) | (1,181) | ||||||
Adjusted income/(loss) before taxes | (41) | (165) | (212) | (503) | (464) | ||||||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment
items” in Credit Suisse for further information.
|
Asset Resolution Unit | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | 9M22 | 9M21 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Revenues from portfolio assets | 21 | 46 | 12 | (54) | 75 | 128 | 29 | 341 | |||||||||
Asset funding costs | (22) | (24) | (46) | (8) | (52) | (68) | (139) | (51) | |||||||||
Net revenues | (1) | 22 | (34) | – | (97) | 60 | (110) | – | |||||||||
Provision for credit losses | (1) | 0 | 2 | – | – | (2) | 1 | – | |||||||||
Compensation and benefits | 14 | 15 | 20 | (7) | (30) | 44 | 58 | (24) | |||||||||
General and administrative expenses | 12 | 13 | 16 | (8) | (25) | 39 | 47 | (17) | |||||||||
Commission expenses | 2 | 1 | 1 | 100 | 100 | 4 | 4 | 0 | |||||||||
Total other operating expenses | 14 | 14 | 17 | 0 | (18) | 43 | 51 | (16) | |||||||||
Total operating expenses | 28 | 29 | 37 | (3) | (24) | 87 | 109 | (20) | |||||||||
Income/(loss) before taxes | (28) | (7) | (73) | 300 | (62) | (25) | (220) | (89) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 9,867 | 9,995 | 11,929 | (1) | (17) | 9,867 | 11,929 | (17) | |||||||||
Risk-weighted assets (USD) 1 | 5,525 | 6,021 | 7,618 | (8) | (27) | 5,525 | 7,618 | (27) | |||||||||
Leverage exposure (USD) | 13,662 | 15,279 | 18,574 | (11) | (26) | 13,662 | 18,574 | (26) | |||||||||
1
Risk-weighted assets excluding operational risk were USD 4,898 million, USD 5,403
million and USD 6,635 million as of the end of 3Q22, 2Q22 and 3Q21, respectively.
|
Assets under management, client assets and net new assets | |||||||||||
end of | % change | ||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Wealth Management | 635.4 | 661.5 | 760.6 | (3.9) | (16.5) | ||||||
Swiss Bank | 527.1 | 544.5 | 588.8 | (3.2) | (10.5) | ||||||
Asset Management | 411.3 | 427.0 | 474.7 | (3.7) | (13.4) | ||||||
Assets managed across businesses 1 | (173.2) | (179.1) | (201.1) | (3.3) | (13.9) | ||||||
Assets under management | 1,400.6 | 1,453.9 | 1,623.0 | (3.7) | (13.7) | ||||||
of which discretionary assets | 460.9 | 478.8 | 528.0 | (3.7) | (12.7) | ||||||
of which advisory assets | 939.7 | 975.1 | 1,095.0 | (3.6) | (14.2) | ||||||
Client assets (CHF billion) 2 | |||||||||||
Wealth Management | 826.3 | 880.4 | 1,009.5 | (6.1) | (18.1) | ||||||
Swiss Bank | 642.2 | 664.1 | 714.7 | (3.3) | (10.1) | ||||||
Asset Management | 411.3 | 427.0 | 474.7 | (3.7) | (13.4) | ||||||
Assets managed across businesses | (173.2) | (179.1) | (201.2) | (3.3) | (13.9) | ||||||
Client assets | 1,706.6 | 1,792.4 | 1,997.7 | (4.8) | (14.6) |
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Net new assets (CHF billion) | |||||||||||
Wealth Management | (6.4) | (1.4) | 5.4 | (3.0) | 13.4 | ||||||
Swiss Bank | (1.5) | (1.6) | 0.4 | 2.9 | 4.9 | ||||||
Asset Management 3 | (4.2) | (6.1) | (1.7) | (10.9) | 9.9 | ||||||
Assets managed across businesses 1 | (0.8) | 1.4 | 1.5 | (1.7) | 1.1 | ||||||
Net new assets/(net asset outflows) | (12.9) | (7.7) | 5.6 | (12.7) | 29.3 | ||||||
1
Represents assets managed by Asset Management for the other businesses.
|
|||||||||||
2
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.
|
|||||||||||
3
Includes outflows for private equity assets reflecting realizations at cost and unfunded
commitments on which a fee is no longer earned.
|
Assets under management and net new assets by region | |||||||||||
end of | % change | ||||||||||
3Q22 | 2Q22 | 3Q21 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Switzerland | 914.8 | 951.9 | 1,051.8 | (3.9) | (13.0) | ||||||
EMEA | 264.8 | 274.5 | 335.4 | (3.5) | (21.0) | ||||||
Asia Pacific | 249.3 | 260.3 | 282.8 | (4.2) | (11.8) | ||||||
Americas | 144.9 | 146.3 | 154.1 | (1.0) | (6.0) | ||||||
Assets managed across regions | (173.2) | (179.1) | (201.1) | (3.3) | (13.9) | ||||||
Assets under management | 1,400.6 | 1,453.9 | 1,623.0 | (3.7) | (13.7) |
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Net new assets (CHF billion) | |||||||||||
Switzerland | (5.5) | (6.0) | (0.4) | (1.5) | 12.5 | ||||||
EMEA | (2.2) | (3.1) | 0.8 | (5.1) | 5.6 | ||||||
Asia Pacific | (1.2) | 2.3 | 3.5 | 3.6 | 4.4 | ||||||
Americas | (3.2) | (2.3) | 0.2 | (8.0) | 5.7 | ||||||
Assets managed across regions | (0.8) | 1.4 | 1.5 | (1.7) | 1.1 | ||||||
Net new assets/(net asset outflows) | (12.9) | (7.7) | 5.6 | (12.7) | 29.3 |
BIS capital and leverage metrics | |||||||
end of | 3Q22 | 2Q22 | 4Q21 | ||||
Capital metrics | |||||||
Risk-weighted assets (CHF billion) | 273.6 | 274.4 | 267.8 | ||||
CET1 ratio (%) | 12.6 | 13.5 | 14.4 | ||||
Tier 1 ratio (%) | 18.3 | 19.2 | 20.3 | ||||
Total capital ratio (%) | 18.3 | 19.4 | 20.5 |
Leverage metrics | |||||||
Leverage exposure (CHF billion) | 836.9 | 862.7 | 889.1 | ||||
CET1 leverage ratio (%) | 4.1 | 4.3 | 4.3 | ||||
Tier 1 leverage ratio (%) | 6.0 | 6.1 | 6.1 | ||||
Refer to the Appendix for additional information on BIS and Swiss capital and leverage
metrics.
|
BIS capital metrics – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Capital and risk-weighted assets (CHF million) | |||||||||
CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
Tier 1 capital | 50,110 | 52,736 | 54,373 | (5) | |||||
Total eligible capital | 50,110 | 53,217 | 54,852 | (6) | |||||
Risk-weighted assets | 273,598 | 274,442 | 267,787 | 0 | |||||
Capital ratios (%) | |||||||||
CET1 ratio | 12.6 | 13.5 | 14.4 | – | |||||
Tier 1 ratio | 18.3 | 19.2 | 20.3 | – | |||||
Total capital ratio | 18.3 | 19.4 | 20.5 | – |
Eligible capital – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Eligible capital (CHF million) | |||||||||
Total shareholders' equity | 43,267 | 45,842 | 43,954 | (6) | |||||
Adjustments | |||||||||
Regulatory adjustments 1 | (295) | (175) | 157 | 69 | |||||
Goodwill 2 | (2,987) | (2,953) | (2,893) | 1 | |||||
Other intangible assets 2 | (54) | (49) | (50) | 10 | |||||
Deferred tax assets that rely on future profitability | (142) | (1,124) | (881) | (87) | |||||
Shortfall of provisions to expected losses | (214) | (249) | (220) | (14) | |||||
(Gains)/losses due to changes in own credit on fair-valued liabilities | (2,967) | (1,536) | 2,144 | 93 | |||||
Defined benefit pension assets 2 | (3,475) | (3,463) | (3,280) | 0 | |||||
Investments in own shares | (36) | (79) | (477) | (54) | |||||
Other adjustments 3 | 1,326 | 835 | 75 | 59 | |||||
Total adjustments | (8,844) | (8,793) | (5,425) | 1 | |||||
CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
High-trigger capital instruments (7% trigger) | 11,193 | 11,223 | 11,399 | 0 | |||||
Low-trigger capital instruments (5.125% trigger) | 4,494 | 4,464 | 4,445 | 1 | |||||
Additional tier 1 capital | 15,687 | 15,687 | 15,844 | 0 | |||||
Tier 1 capital | 50,110 | 52,736 | 54,373 | (5) | |||||
Tier 2 low-trigger capital instruments (5% trigger) | 0 | 481 | 479 | (100) | |||||
Tier 2 capital | 0 | 481 | 479 | 4 | (100) | ||||
Total eligible capital | 50,110 | 53,217 | 54,852 | 4 | (6) | ||||
1
Includes certain adjustments, such as a cumulative dividend accrual.
|
|||||||||
2
Net of deferred tax liability.
|
|||||||||
3
Includes reversals of cash flow hedge reserves.
|
|||||||||
4
Amounts are shown on a look-through basis. Certain tier 2 instruments were subject
to phase out and are no longer eligible as of January 1, 2022. As of 4Q21, total eligible
capital was CHF 55,074 million, including CHF 222 million of such instruments, and the total capital ratio was 20.6%.
|
3Q22 Capital movement – Group | |||
CET1 capital (CHF million) | |||
Balance at beginning of period | 37,049 | ||
Net income/(loss) attributable to shareholders | (4,034) | ||
Foreign exchange impact 1 | 438 | ||
Regulatory adjustment of deferred tax assets relating to net operating losses | 1,005 | ||
of which valuation allowance 2 | 1,700 | ||
of which reclassification of deferred tax assets 3 | (441) | ||
of which other regulatory adjustments | (254) | ||
Other | (35) | ||
Balance at end of period | 34,423 | ||
Additional tier 1 capital (CHF million) | |||
Balance at beginning of period | 15,687 | ||
Foreign exchange impact | 347 | ||
Other 4 | (347) | ||
Balance at end of period | 15,687 | ||
Tier 2 capital (CHF million) | |||
Balance at beginning of period | 481 | ||
Foreign exchange impact | 12 | ||
Other 5 | (493) | ||
Balance at end of period | 0 | ||
Eligible capital (CHF million) | |||
Balance at end of period | 50,110 | ||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact
on regulatory CET1 adjustments.
|
|||
2
Reflects the partial reversal of the valuation allowance relating to the reassessment
of the deferred tax asset as a result of the comprehensive strategic review.
|
|||
3
Reflects the reclassification of deferred tax asset related to the Group’s tax election
to accelerate the tax loss recognition of a previously recognized deferred tax asset
on timing differences in 2021.
|
|||
4
Primarily reflects valuation impacts.
|
|||
5
Includes the impact of the prescribed amortization requirement as instruments move
closer to their maturity date.
|
Risk-weighted assets – Group | |||||||||||||
end of |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Group |
|||||||
3Q22 (CHF million) | |||||||||||||
Credit risk | 42,377 | 53,526 | 63,889 | 6,279 | 11,922 | 177,993 | |||||||
Market risk | 3,230 | 11,181 | 157 | 73 | 2,084 | 16,725 | |||||||
Operational risk | 17,737 | 17,822 | 7,399 | 2,170 | 33,752 | 78,880 | |||||||
Risk-weighted assets | 63,344 | 82,529 | 71,445 | 8,522 | 47,758 | 273,598 | |||||||
4Q21 (CHF million) | |||||||||||||
Credit risk | 41,061 | 56,389 | 61,917 | 6,395 | 18,043 | 183,805 | |||||||
Market risk | 2,899 | 11,524 | 88 | 69 | 1,775 | 16,355 | |||||||
Operational risk | 16,014 | 16,400 | 6,759 | 1,982 | 26,472 | 67,627 | |||||||
Risk-weighted assets | 59,974 | 84,313 | 68,764 | 8,446 | 46,290 | 267,787 |
Risk-weighted asset movement by risk type – Group | |||||||||||||
3Q22 |
Wealth Management |
Investment Bank |
Swiss Bank |
Asset Management |
Corporate Center |
Total |
|||||||
Credit risk (CHF million) | |||||||||||||
Balance at beginning of period | 42,020 | 53,912 | 64,345 | 6,422 | 18,796 | 185,495 | |||||||
Foreign exchange impact | 88 | 838 | 59 | 7 | 89 | 1,081 | |||||||
Movements in risk levels | (20) | (1,340) | (1,452) | (150) | (6,982) | (9,944) | |||||||
Model and parameter updates – internal 1 | (102) | 9 | 787 | 0 | 19 | 713 | |||||||
Model and parameter updates – external 2 | 391 | 107 | 150 | 0 | 0 | 648 | |||||||
Balance at end of period | 42,377 | 53,526 | 63,889 | 6,279 | 11,922 | 177,993 | |||||||
Market risk (CHF million) | |||||||||||||
Balance at beginning of period | 3,062 | 10,687 | 114 | 68 | 2,070 | 16,001 | |||||||
Foreign exchange impact | 77 | 272 | 3 | 2 | 52 | 406 | |||||||
Movements in risk levels | 213 | (94) | 122 | (5) | (189) | 47 | |||||||
Model and parameter updates – internal 1 | (122) | 316 | (82) | 8 | 151 | 271 | |||||||
Balance at end of period | 3,230 | 11,181 | 157 | 73 | 2,084 | 16,725 | |||||||
Operational risk (CHF million) | |||||||||||||
Balance at beginning of period | 17,076 | 17,123 | 7,125 | 2,090 | 29,532 | 72,946 | |||||||
Foreign exchange impact | 422 | 425 | 177 | 51 | 733 | 1,808 | |||||||
Movements in risk levels | (15) | 15 | 0 | 0 | 0 | 0 | |||||||
Model and parameter updates – internal 1 | 254 | 259 | 97 | 29 | 3,487 | 4,126 | |||||||
Balance at end of period | 17,737 | 17,822 | 7,399 | 2,170 | 33,752 | 78,880 | |||||||
Total (CHF million) | |||||||||||||
Balance at beginning of period | 62,158 | 81,722 | 71,584 | 8,580 | 50,398 | 274,442 | |||||||
Foreign exchange impact | 587 | 1,535 | 239 | 60 | 874 | 3,295 | |||||||
Movements in risk levels | 178 | (1,419) | (1,330) | (155) | (7,171) | (9,897) | |||||||
Model and parameter updates – internal 1 | 30 | 584 | 802 | 37 | 3,657 | 5,110 | |||||||
Model and parameter updates – external 2 | 391 | 107 | 150 | 0 | 0 | 648 | |||||||
Balance at end of period | 63,344 | 82,529 | 71,445 | 8,522 | 47,758 | 273,598 | |||||||
1
Represents movements arising from internally driven updates to models and recalibrations
of model parameters specific only to Credit Suisse.
|
|||||||||||||
2
Represents movements arising from externally mandated updates to models and recalibrations
of model parameters specific only to Credit Suisse.
|
BIS leverage metrics – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Capital and leverage exposure (CHF million) | |||||||||
CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
Tier 1 capital | 50,110 | 52,736 | 54,373 | (5) | |||||
Leverage exposure | 836,881 | 862,737 | 889,137 | (3) | |||||
Leverage ratios (%) | |||||||||
CET1 leverage ratio | 4.1 | 4.3 | 4.3 | – | |||||
Tier 1 leverage ratio | 6.0 | 6.1 | 6.1 | – |
Swiss capital metrics – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||
Swiss CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
Going concern capital | 50,110 | 52,736 | 54,372 | (5) | |||||
Gone concern capital | 47,288 | 44,160 | 46,648 | 7 | |||||
Total loss-absorbing capacity (TLAC) | 97,398 | 96,896 | 101,020 | 1 | |||||
Swiss risk-weighted assets | 274,138 | 274,997 | 268,418 | 0 | |||||
Swiss capital ratios (%) | |||||||||
Swiss CET1 ratio | 12.6 | 13.5 | 14.4 | – | |||||
Going concern capital ratio | 18.3 | 19.2 | 20.3 | – | |||||
Gone concern capital ratio | 17.2 | 16.1 | 17.4 | – | |||||
TLAC ratio | 35.5 | 35.2 | 37.6 | – | |||||
Rounding differences may occur.
|
Swiss capital and risk-weighted assets – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Swiss capital (CHF million) | |||||||||
CET1 capital – BIS | 34,423 | 37,049 | 38,529 | (7) | |||||
Swiss CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
Additional tier 1 high-trigger capital instruments | 11,193 | 11,223 | 11,398 | 0 | |||||
Grandfathered additional tier 1 low-trigger capital instruments | 4,494 | 4,464 | 4,445 | 1 | |||||
Swiss additional tier 1 capital | 15,687 | 15,687 | 15,843 | 0 | |||||
Going concern capital | 50,110 | 52,736 | 54,372 | (5) | |||||
Bail-in debt instruments | 47,288 | 41,753 | 44,251 | 13 | |||||
Tier 2 low-trigger capital instruments | 0 | 481 | 479 | (100) | |||||
Tier 2 amortization component | 0 | 1,926 | 1,918 | (100) | |||||
Gone concern capital | 47,288 | 44,160 | 46,648 | 1 | 7 | ||||
Total loss-absorbing capacity | 97,398 | 96,896 | 101,020 | 1 | |||||
Risk-weighted assets (CHF million) | |||||||||
Risk-weighted assets – BIS | 273,598 | 274,442 | 267,787 | 0 | |||||
Swiss regulatory adjustments 2 | 540 | 555 | 631 | (3) | |||||
Swiss risk-weighted assets | 274,138 | 274,997 | 268,418 | 0 | |||||
1
Amounts are shown on a look-through basis. Certain tier 2 instruments and their related
tier 2 amortization components were subject to phase out and are no longer eligible
as of January 1, 2022. As of 4Q21, gone concern capital was CHF 46,897 million, including CHF 249 million of such instruments.
|
|||||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Group | |||||||||
% change | |||||||||
end of | 3Q22 | 2Q22 | 4Q21 | QoQ | |||||
Swiss capital and leverage exposure (CHF million) | |||||||||
Swiss CET1 capital | 34,423 | 37,049 | 38,529 | (7) | |||||
Going concern capital | 50,110 | 52,736 | 54,372 | (5) | |||||
Gone concern capital | 47,288 | 44,160 | 46,648 | 7 | |||||
Total loss-absorbing capacity | 97,398 | 96,896 | 101,020 | 1 | |||||
Leverage exposure | 836,881 | 862,737 | 889,137 | (3) | |||||
Swiss leverage ratios (%) | |||||||||
Swiss CET1 leverage ratio | 4.1 | 4.3 | 4.3 | – | |||||
Going concern leverage ratio | 6.0 | 6.1 | 6.1 | – | |||||
Gone concern leverage ratio | 5.7 | 5.1 | 5.2 | – | |||||
TLAC leverage ratio | 11.6 | 11.2 | 11.4 | – | |||||
Rounding differences may occur.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
1 | Total |
|||||||
CHF million | |||||||||||||||
3Q22 | |||||||||||||||
Average | 23 | 34 | 51 | 3 | 45 | (110) | 46 | ||||||||
Minimum | 18 | 31 | 17 | 2 | 18 | – | 2 | 40 | |||||||
Maximum | 29 | 39 | 57 | 3 | 54 | – | 2 | 52 | |||||||
End of period | 19 | 34 | 53 | 2 | 50 | (111) | 47 | ||||||||
2Q22 | |||||||||||||||
Average | 18 | 37 | 39 | 3 | 31 | (85) | 43 | ||||||||
Minimum | 14 | 33 | 10 | 3 | 16 | – | 2 | 38 | |||||||
Maximum | 28 | 42 | 49 | 4 | 39 | – | 2 | 49 | |||||||
End of period | 24 | 38 | 48 | 3 | 37 | (103) | 47 | ||||||||
4Q21 | |||||||||||||||
Average | 13 | 43 | 29 | 3 | 32 | (72) | 48 | ||||||||
Minimum | 10 | 37 | 24 | 2 | 30 | – | 2 | 44 | |||||||
Maximum | 15 | 51 | 32 | 3 | 37 | – | 2 | 58 | |||||||
End of period | 11 | 37 | 28 | 3 | 32 | (66) | 45 | ||||||||
USD million | |||||||||||||||
3Q22 | |||||||||||||||
Average | 23 | 35 | 52 | 3 | 46 | (112) | 47 | ||||||||
Minimum | 18 | 33 | 18 | 2 | 19 | – | 2 | 41 | |||||||
Maximum | 30 | 40 | 58 | 4 | 55 | – | 2 | 53 | |||||||
End of period | 19 | 35 | 54 | 2 | 52 | (114) | 48 | ||||||||
2Q22 | |||||||||||||||
Average | 19 | 38 | 40 | 3 | 32 | (87) | 45 | ||||||||
Minimum | 14 | 34 | 10 | 3 | 17 | – | 2 | 40 | |||||||
Maximum | 29 | 46 | 51 | 4 | 39 | – | 2 | 51 | |||||||
End of period | 25 | 39 | 51 | 3 | 39 | (108) | 49 | ||||||||
4Q21 | |||||||||||||||
Average | 14 | 47 | 31 | 3 | 35 | (77) | 53 | ||||||||
Minimum | 11 | 40 | 26 | 3 | 32 | – | 2 | 48 | |||||||
Maximum | 16 | 55 | 35 | 4 | 40 | – | 2 | 63 | |||||||
End of period | 12 | 40 | 30 | 3 | 35 | (71) | 49 | ||||||||
Excludes risks associated with counterparty and own credit exposures. Risk management
VaR measures the Group's risk exposure managed under the market risk framework and
generally includes the trading book positions and banking book positions held at fair
value.
|
|||||||||||||||
1
Diversification benefit represents the reduction in risk that occurs when combining
different, not perfectly correlated risk types in the same portfolio and is measured
as the difference between the sum of the individual risk types and the risk calculated
on the combined portfolio.
|
|||||||||||||||
2
As the maximum and minimum occur on different days for different risk types, it is
not meaningful to calculate a portfolio diversification benefit.
|
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Consolidated statements of operations (CHF million) | |||||||||||
Interest and dividend income | 3,329 | 2,474 | 2,392 | 8,037 | 7,405 | ||||||
Interest expense | (2,126) | (1,279) | (969) | (4,180) | (2,912) | ||||||
Net interest income | 1,203 | 1,195 | 1,423 | 3,857 | 4,493 | ||||||
Commissions and fees | 2,129 | 2,230 | 3,249 | 6,960 | 10,144 | ||||||
Trading revenues | 125 | 41 | 618 | 130 | 2,582 | ||||||
Other revenues | 347 | 179 | 147 | 914 | 895 | ||||||
Net revenues | 3,804 | 3,645 | 5,437 | 11,861 | 18,114 | ||||||
Provision for credit losses | 21 | 64 | (144) | (25) | 4,225 | ||||||
Compensation and benefits | 1,901 | 2,392 | 2,255 | 6,751 | 6,818 | ||||||
General and administrative expenses | 1,919 | 2,005 | 2,012 | 6,072 | 4,977 | ||||||
Commission expenses | 250 | 254 | 306 | 802 | 960 | ||||||
Goodwill impairment | 0 | 23 | 0 | 23 | 0 | ||||||
Restructuring expenses | 55 | 80 | – | 181 | 70 | ||||||
Total other operating expenses | 2,224 | 2,362 | 2,318 | 7,078 | 6,007 | ||||||
Total operating expenses | 4,125 | 4,754 | 4,573 | 13,829 | 12,825 | ||||||
Income/(loss) before taxes | (342) | (1,173) | 1,008 | (1,943) | 1,064 | ||||||
Income tax expense | 3,698 | 419 | 570 | 3,966 | 610 | ||||||
Net income/(loss) | (4,040) | (1,592) | 438 | (5,909) | 454 | ||||||
Net income/(loss) attributable to noncontrolling interests | (6) | 1 | 4 | (9) | 19 | ||||||
Net income/(loss) attributable to shareholders | (4,034) | (1,593) | 434 | (5,900) | 435 | ||||||
Earnings/(loss) per share (CHF) | |||||||||||
Basic earnings/(loss) per share | (1.53) | (0.60) | 0.16 | (2.24) | 0.17 | ||||||
Diluted earnings/(loss) per share | (1.53) | (0.60) | 0.16 | (2.24) | 0.17 |
end of | 3Q22 | 2Q22 | 4Q21 | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 149,191 | 159,472 | 164,818 | ||||
Interest-bearing deposits with banks | 681 | 851 | 1,323 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 107,705 | 104,156 | 103,906 | ||||
Securities received as collateral, at fair value | 6,788 | 7,386 | 15,017 | ||||
Trading assets, at fair value | 90,343 | 101,095 | 111,141 | ||||
Investment securities | 1,749 | 739 | 1,005 | ||||
Other investments | 5,813 | 5,783 | 5,826 | ||||
Net loans | 281,792 | 285,573 | 291,686 | ||||
Goodwill | 3,018 | 2,974 | 2,917 | ||||
Other intangible assets | 424 | 340 | 276 | ||||
Brokerage receivables | 10,790 | 15,060 | 16,687 | ||||
Other assets | 42,064 | 43,936 | 41,231 | ||||
Total assets | 700,358 | 727,365 | 755,833 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 17,572 | 23,616 | 18,965 | ||||
Customer deposits | 371,270 | 389,484 | 392,819 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 22,187 | 21,568 | 35,274 | ||||
Obligation to return securities received as collateral, at fair value | 6,788 | 7,386 | 15,017 | ||||
Trading liabilities, at fair value | 27,251 | 29,967 | 27,535 | ||||
Short-term borrowings | 17,798 | 20,145 | 19,393 | ||||
Long-term debt | 162,605 | 158,010 | 166,896 | ||||
Brokerage payables | 8,212 | 8,061 | 13,060 | ||||
Other liabilities | 23,166 | 23,062 | 22,644 | ||||
Total liabilities | 656,849 | 681,299 | 711,603 | ||||
Common shares | 106 | 106 | 106 | ||||
Additional paid-in capital | 34,770 | 34,631 | 34,938 | ||||
Retained earnings | 25,025 | 29,059 | 31,064 | ||||
Treasury shares, at cost | (359) | (417) | (828) | ||||
Accumulated other comprehensive income/(loss) | (16,275) | (17,537) | (21,326) | ||||
Total shareholders' equity | 43,267 | 45,842 | 43,954 | ||||
Noncontrolling interests | 242 | 224 | 276 | ||||
Total equity | 43,509 | 46,066 | 44,230 | ||||
Total liabilities and equity | 700,358 | 727,365 | 755,833 |
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 |
||||||||||
3Q22 (CHF million) | |||||||||||||||||
Balance at beginning of period | 106 | 34,631 | 29,059 | (417) | (17,537) | 45,842 | 224 | 46,066 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (13) | (13) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 40 | 40 | |||||||||
Net income/(loss) | – | – | (4,034) | – | – | (4,034) | (6) | (4,040) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 1,262 | 1,262 | (3) | 1,259 | |||||||||
Sale of treasury shares | – | (16) | – | 2,464 | – | 2,448 | – | 2,448 | |||||||||
Repurchase of treasury shares | – | – | – | (2,455) | – | (2,455) | – | (2,455) | |||||||||
Share-based compensation, net of tax | – | 155 | – | 49 | – | 204 | – | 204 | |||||||||
Balance at end of period | 106 | 34,770 | 25,025 | (359) | (16,275) | 43,267 | 242 | 43,509 | |||||||||
9M22 (CHF million) | |||||||||||||||||
Balance at beginning of period | 106 | 34,938 | 31,064 | (828) | (21,326) | 43,954 | 276 | 44,230 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (28) | (28) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 48 | 48 | |||||||||
Net income/(loss) | – | – | (5,900) | – | – | (5,900) | (9) | (5,909) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 5,051 | 5,051 | (1) | 5,050 | |||||||||
Sale of treasury shares | – | (60) | – | 10,513 | – | 10,453 | – | 10,453 | |||||||||
Repurchase of treasury shares | – | – | – | (10,591) | – | (10,591) | – | (10,591) | |||||||||
Share-based compensation, net of tax | – | 34 | – | 547 | – | 581 | – | 581 | |||||||||
Dividends paid | – | (140) | 3 | (139) | – | – | (279) | (1) | (280) | ||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | (43) | (43) | |||||||||
Other | – | (2) | – | – | – | (2) | – | (2) | |||||||||
Balance at end of period | 106 | 34,770 | 25,025 | (359) | (16,275) | 43,267 | 242 | 43,509 | |||||||||
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
Paid out of capital contribution reserves.
|
in | 3Q22 | 2Q22 | 3Q21 | 9M22 | 9M21 | ||||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income/(loss) attributable to shareholders for basic earnings per share | (4,034) | (1,593) | 434 | (5,900) | 435 | ||||||
Available for common shares | (4,034) | (1,593) | 401 | (5,900) | 427 | ||||||
Available for mandatory convertible notes | – | – | 33 | – | 8 | ||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | (4,034) | (1,593) | 434 | (5,900) | 435 | ||||||
Available for common shares | (4,034) | (1,593) | 402 | (5,900) | 427 | ||||||
Available for mandatory convertible notes | – | – | 32 | – | 8 | ||||||
Weighted-average shares outstanding (million) | |||||||||||
For basic earnings per share available for common shares | 2,643.4 | 2,646.5 | 2,430.1 | 2,635.9 | 2,443.5 | ||||||
Dilutive share options and warrants | 0.0 | 0.0 | 0.8 | 0.0 | 0.7 | ||||||
Dilutive share awards | 0.0 | 0.0 | 71.1 | 0.0 | 72.7 | ||||||
For diluted earnings per share available for common shares 1, 2 | 2,643.4 | 2,646.5 | 2,502.0 | 2,635.9 | 2,516.9 | ||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible notes | – | – | 202.4 | – | 111.1 | ||||||
Earnings/(loss) per share available for common shares (CHF) | |||||||||||
Basic earnings/(loss) per share available for common shares | (1.53) | (0.60) | 0.16 | (2.24) | 0.17 | ||||||
Diluted earnings/(loss) per share available for common shares | (1.53) | (0.60) | 0.16 | (2.24) | 0.17 | ||||||
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 8.4 million, 12.4 million, 11.1 million, 11.8 million and 9.1 million for 3Q22,
2Q22, 3Q21, 9M22 and 9M21, respectively.
|
|||||||||||
2
Due to the net losses in 3Q22, 2Q22 and 9M22, 6.9 million, 2.8 million and 3.5 million,
respectively, of weighted-average share options and warrants outstanding and 35.2
million, 32.5 million and 44.2 million, respectively, of weighted-average share awards
outstanding were excluded from the diluted earnings per share calculation, as the
effect would be antidilutive.
|