Credit Suisse AG | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Net interest income | 1,799 | 2,685 | (33) | ||||
Commissions and fees | 3,058 | 4,806 | (36) | ||||
Trading revenues 1 | (2,146) | (46) | – | ||||
Other revenues | 14,391 | 685 | – | ||||
Net revenues | 17,102 | 8,130 | 110 | ||||
Provision for credit losses | 217 | (47) | – | ||||
Compensation and benefits | 4,013 | 4,241 | (5) | ||||
General and administrative expenses | 6,777 | 4,995 | 36 | ||||
Commission expenses | 419 | 552 | (24) | ||||
Goodwill impairment | 2,346 | 23 | – | ||||
Restructuring expenses | 391 | 120 | 226 | ||||
Total other operating expenses | 9,933 | 5,690 | 75 | ||||
Total operating expenses | 13,946 | 9,931 | 40 | ||||
Income/(loss) before taxes | 2,939 | (1,754) | – | ||||
Income tax expense | 765 | 221 | 246 | ||||
Net income/(loss) | 2,174 | (1,975) | – | ||||
Loss attributable to noncontrolling interests | (40) | (1) | – | ||||
Net income/(loss) attributable to shareholders | 2,214 | (1,974) | – | ||||
Statement of operations metrics | |||||||
Cost/income ratio (%) | 81.5 | 122.2 | – | ||||
Return on equity (%, annualized) | 8.7 | (8.1) | – | ||||
Return on tangible equity (%, annualized) | 9.2 | (8.7) | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 483,735 | 730,295 | (34) | ||||
Risk-weighted assets | 216,776 | 273,651 | (21) | ||||
Leverage exposure | 585,681 | 869,272 | (33) | ||||
Regulatory capital statistics | |||||||
CET1 capital (CHF million) | 45,542 | 42,443 | 7 | ||||
CET1 ratio (%) | 21.0 | 15.5 | – | ||||
Number of employees (full-time equivalents) | |||||||
Number of employees | 33,968 | 38,908 | (13) | ||||
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 |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
1 |
Credit Suisse AG |
||||||||
6M23 (CHF million) | |||||||||||||||||
Net revenues | 1,655 | 1,845 | 155 | 933 | (1,275) | 14,566 | (777) | 2 | 17,102 | ||||||||
Provision for credit losses | 42 | 121 | 1 | 29 | 23 | 1 | 0 | 217 | |||||||||
Compensation and benefits | 1,284 | 846 | 251 | 1,523 | 455 | 209 | (555) | 4,013 | |||||||||
Total other operating expenses | 3,052 | 722 | 1,304 | 1,781 | 1,428 | 1,017 | 629 | 9,933 | |||||||||
of which general and administrative expenses | 1,619 | 630 | 208 | 1,458 | 1,263 | 900 | 699 | 6,777 | |||||||||
of which goodwill impairment | 1,294 | 0 | 1,051 | 30 | 0 | 0 | (29) | 2,346 | |||||||||
of which restructuring expenses | 46 | 36 | 5 | 150 | 137 | 48 | (31) | 391 | |||||||||
Total operating expenses | 4,336 | 1,568 | 1,555 | 3,304 | 1,883 | 1,226 | 74 | 13,946 | |||||||||
Income/(loss) before taxes | (2,723) | 156 | (1,401) | (2,400) | (3,181) | 13,339 | (851) | 2,939 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio (%) | 262.0 | 85.0 | – | 354.1 | – | 8.4 | – | 81.5 | |||||||||
6M22 (CHF million) | |||||||||||||||||
Net revenues | 2,641 | 2,223 | 630 | 2,450 | 437 | (324) | 73 | 8,130 | |||||||||
Provision for credit losses | 6 | 41 | 0 | 25 | (118) | 0 | (1) | (47) | |||||||||
Compensation and benefits | 1,322 | 790 | 277 | 1,711 | 719 | 31 | (609) | 4,241 | |||||||||
Total other operating expenses | 1,166 | 504 | 255 | 1,310 | 858 | 761 | 836 | 5,690 | |||||||||
of which general and administrative expenses | 1,037 | 431 | 201 | 1,046 | 682 | 756 | 842 | 4,995 | |||||||||
of which goodwill impairment | 0 | 0 | 0 | 23 | 0 | 0 | 0 | 23 | |||||||||
of which restructuring expenses | 22 | 3 | 1 | 32 | 67 | 1 | (6) | 120 | |||||||||
Total operating expenses | 2,488 | 1,294 | 532 | 3,021 | 1,577 | 792 | 227 | 9,931 | |||||||||
Income/(loss) before taxes | 147 | 888 | 98 | (596) | (1,022) | (1,116) | (153) | (1,754) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio (%) | 94.2 | 58.2 | 84.4 | 123.3 | 360.9 | – | – | 122.2 | |||||||||
1
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by Credit Suisse.
|
|||||||||||||||||
2
Includes a gain of CHF 894 million from the write-down of additional tier 1 capital notes relating to Credit Suisse Group AG.
|
in |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
1 |
Credit Suisse AG |
||||||||
6M23 (CHF million) | |||||||||||||||||
Net revenues | 1,655 | 1,845 | 155 | 933 | (1,275) | 14,566 | (777) | 2 | 17,102 | ||||||||
Fair valuations | 20 | 37 | 283 | 304 | 1,527 | 33 | 0 | 2,204 | |||||||||
Write-down of additional tier 1 capital notes | 0 | 0 | 0 | 0 | 0 | (15,007) | 894 | (14,113) | |||||||||
Real estate (gains)/losses | 0 | (1) | 0 | 0 | 0 | 0 | 0 | (1) | |||||||||
(Gains)/losses on business sales | 4 | 0 | 0 | 0 | (726) | 0 | 0 | (722) | |||||||||
(Gain)/loss on equity investment in SIX Group AG | 16 | 16 | 0 | 0 | 0 | 0 | 0 | 32 | |||||||||
Write-down of intangible assets | 0 | 0 | 0 | 0 | 38 | 0 | 0 | 38 | |||||||||
Adjusted net revenues | 1,695 | 1,897 | 438 | 1,237 | (436) | (408) | 117 | 4,540 | |||||||||
Provision for credit losses | 42 | 121 | 1 | 29 | 23 | 1 | 0 | 217 | |||||||||
Total operating expenses | 4,336 | 1,568 | 1,555 | 3,304 | 1,883 | 1,226 | 74 | 13,946 | |||||||||
Goodwill impairment | (1,294) | 0 | (1,051) | (30) | 0 | 0 | 29 | (2,346) | |||||||||
Restructuring expenses | (46) | (36) | (5) | (150) | (137) | (48) | 31 | (391) | |||||||||
Litigation provisions 3 | (434) | 0 | (8) | (7) | (311) | (753) | 146 | (1,367) | |||||||||
Impairments of internally developed software | (594) | (270) | (55) | (621) | (289) | (7) | 0 | (1,836) | |||||||||
Acquisition-related compensation expenses | (75) | (42) | (8) | (113) | (6) | 4 | 0 | (240) | |||||||||
Cancellation of contingent capital awards | 91 | 28 | 21 | 215 | 64 | (11) | 0 | 408 | |||||||||
Expenses related to real estate disposals | (6) | 0 | 0 | (26) | (6) | 0 | 0 | (38) | |||||||||
Expenses related to Archegos | 0 | 0 | 0 | 0 | (13) | 0 | 0 | (13) | |||||||||
Integration costs | (42) | (15) | (10) | (167) | (2) | (50) | 0 | (286) | |||||||||
Other acquisition-related adjustments 4 | (1) | 6 | (3) | 20 | (34) | (1) | 0 | (13) | |||||||||
Adjusted total operating expenses | 1,935 | 1,239 | 436 | 2,425 | 1,149 | 360 | 280 | 7,824 | |||||||||
Income/(loss) before taxes | (2,723) | 156 | (1,401) | (2,400) | (3,181) | 13,339 | (851) | 2,939 | |||||||||
Adjusted income/(loss) before taxes | (282) | 537 | 1 | (1,217) | (1,608) | (769) | (163) | (3,501) |
6M22 (CHF million) | |||||||||||||||||
Net revenues | 2,641 | 2,223 | 630 | 2,450 | 437 | (324) | 73 | 8,130 | |||||||||
Real estate (gains)/losses | (20) | (97) | (1) | (50) | (9) | 0 | 0 | (177) | |||||||||
(Gains)/losses on business sales | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | |||||||||
(Gain)/loss on InvestLab/Allfunds Group | 0 | 0 | 0 | 0 | 521 | 0 | 0 | 521 | |||||||||
(Gain)/loss on equity investment in SIX Group AG | 7 | 7 | 0 | 0 | 0 | 0 | 0 | 14 | |||||||||
Archegos | 0 | 0 | 0 | 0 | (17) | 0 | 0 | (17) | |||||||||
Adjusted net revenues | 2,632 | 2,133 | 629 | 2,400 | 932 | (324) | 73 | 8,475 | |||||||||
Provision for credit losses | 6 | 41 | 0 | 25 | (118) | 0 | (1) | (47) | |||||||||
Archegos | 0 | 0 | 0 | 0 | 155 | 0 | 0 | 155 | |||||||||
Adjusted provision for credit losses | 6 | 41 | 0 | 25 | 37 | 0 | (1) | 108 | |||||||||
Total operating expenses | 2,488 | 1,294 | 532 | 3,021 | 1,577 | 792 | 227 | 9,931 | |||||||||
Goodwill impairment | 0 | 0 | 0 | (23) | 0 | 0 | 0 | (23) | |||||||||
Restructuring expenses | (22) | (3) | (1) | (32) | (67) | (1) | 6 | (120) | |||||||||
Litigation provisions | (246) | 0 | 0 | (162) | (30) | (649) | 0 | (1,087) | |||||||||
Expenses related to real estate disposals | (1) | 0 | 0 | (5) | (3) | 0 | 0 | (9) | |||||||||
Expenses related to Archegos | 0 | 0 | 0 | 0 | (24) | 0 | 0 | (24) | |||||||||
Adjusted total operating expenses | 2,219 | 1,291 | 531 | 2,799 | 1,453 | 142 | 233 | 8,668 | |||||||||
Income/(loss) before taxes | 147 | 888 | 98 | (596) | (1,022) | (1,116) | (153) | (1,754) | |||||||||
Adjusted income/(loss) before taxes | 407 | 801 | 98 | (424) | (558) | (466) | (159) | (301) | |||||||||
1
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by Credit Suisse.
|
|||||||||||||||||
2
Includes a gain of CHF 894 million from the write-down of additional tier 1 capital notes relating to Credit Suisse Group AG.
|
|||||||||||||||||
3
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||||||||||||||
4
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Divisional results | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Net interest income | 629 | 1,128 | (44) | ||||
Recurring commissions and fees | 664 | 810 | (18) | ||||
Transaction- and performance-based revenues | 382 | 691 | (45) | ||||
Other revenues | (20) | 12 | – | ||||
Net revenues | 1,655 | 2,641 | (37) | ||||
Provision for credit losses | 42 | 6 | – | ||||
Compensation and benefits | 1,284 | 1,322 | (3) | ||||
General and administrative expenses | 1,619 | 1,037 | 56 | ||||
Commission expenses | 93 | 107 | (13) | ||||
Goodwill impairment | 1,294 | 0 | – | ||||
Restructuring expenses | 46 | 22 | 109 | ||||
Total other operating expenses | 3,052 | 1,166 | 162 | ||||
Total operating expenses | 4,336 | 2,488 | 74 | ||||
Income/(loss) before taxes | (2,723) | 147 | – | ||||
Statement of operations metrics | |||||||
Cost/income ratio (%) | 262.0 | 94.2 | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 95,610 | 160,436 | (40) | ||||
Gross loans | 72,391 | 94,967 | (24) | ||||
Risk-weighted assets | 42,556 | 51,066 | (17) | ||||
Leverage exposure | 106,285 | 169,276 | (37) | ||||
Margins on assets under management (annualized) (bp) | |||||||
Gross margin 1 | 65 | 74 | – | ||||
Net margin 2 | (107) | 4 | – | ||||
Number of relationship managers | |||||||
Number of relationship managers | 1,550 | 1,940 | (20) | ||||
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 from lending activities, 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 | 6M23 | 6M22 | |||
Results (CHF million) | |||||
Net revenues | 1,655 | 2,641 | |||
Fair valuations | 20 | – | |||
Real estate (gains)/losses | 0 | (20) | |||
(Gains)/losses on business sales | 4 | 4 | |||
(Gain)/loss on equity investment in SIX Group AG | 16 | 7 | |||
Adjusted net revenues | 1,695 | 2,632 | |||
Provision for credit losses | 42 | 6 | |||
Total operating expenses | 4,336 | 2,488 | |||
Goodwill impairment | (1,294) | 0 | |||
Restructuring expenses | (46) | (22) | |||
Litigation provisions 1 | (434) | (246) | |||
Impairments of internally developed software | (594) | – | |||
Acquisition-related compensation expenses | (75) | – | |||
Cancellation of contingent capital awards | 91 | – | |||
Expenses related to real estate disposals | (6) | (1) | |||
Integration costs | (42) | – | |||
Other acquisition-related adjustments 2 | (1) | – | |||
Adjusted total operating expenses | 1,935 | 2,219 | |||
Income/(loss) before taxes | (2,723) | 147 | |||
Adjusted income/(loss) before taxes | (282) | 407 | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||
2
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Assets under management | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Assets under management (CHF billion) | |||||||
Assets under management | 475.0 | 661.5 | (28.2) | ||||
Average assets under management | 510.7 | 709.0 | (28.0) | ||||
Assets under management by currency (CHF billion) | |||||||
USD | 230.4 | 323.2 | (28.7) | ||||
EUR | 89.5 | 120.8 | (25.9) | ||||
CHF | 54.5 | 69.3 | (21.4) | ||||
Other | 100.6 | 148.2 | (32.1) | ||||
Assets under management | 475.0 | 661.5 | (28.2) | ||||
Movements in assets under management (CHF billion) | |||||||
Net new assets/(net asset outflows) | (74.0) | 3.4 | – | ||||
Other effects | 8.5 | (84.5) | – | ||||
of which market movements | 20.9 | (73.3) | – | ||||
of which foreign exchange | (9.9) | 12.5 | – | ||||
of which other | (2.5) | (23.7) | – | ||||
Increase/(decrease) in assets under management | (65.5) | (81.1) | – |
Divisional results | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Net interest income | 1,013 | 1,172 | (14) | ||||
Recurring commissions and fees | 602 | 670 | (10) | ||||
Transaction-based revenues | 287 | 337 | (15) | ||||
Other revenues | (57) | 44 | – | ||||
Net revenues | 1,845 | 2,223 | (17) | ||||
Provision for credit losses | 121 | 41 | 195 | ||||
Compensation and benefits | 846 | 790 | 7 | ||||
General and administrative expenses | 630 | 431 | 46 | ||||
Commission expenses | 56 | 70 | (20) | ||||
Restructuring expenses | 36 | 3 | – | ||||
Total other operating expenses | 722 | 504 | 43 | ||||
Total operating expenses | 1,568 | 1,294 | 21 | ||||
Income/(loss) before taxes | 156 | 888 | (82) | ||||
Statement of operations metrics | |||||||
Cost/income ratio (%) | 85.0 | 58.2 | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 189,213 | 219,988 | (14) | ||||
Gross loans | 154,096 | 162,183 | (5) | ||||
Risk-weighted assets | 67,283 | 71,989 | (7) | ||||
Leverage exposure | 210,274 | 244,393 | (14) | ||||
Margins on assets under management (annualized) (bp) | |||||||
Gross margin 1 | 70 | 77 | – | ||||
Net margin 2 | 6 | 31 | – | ||||
Number of relationship managers | |||||||
Number of relationship managers | 1,650 | 1,680 | (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 from lending activities, 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, corporate advisory fees, revenues from our Swiss investment banking business, 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 | 6M23 | 6M22 | |||
Results (CHF million) | |||||
Net revenues | 1,845 | 2,223 | |||
Fair valuations | 37 | – | |||
Real estate (gains)/losses | (1) | (97) | |||
(Gain)/loss on equity investment in SIX Group AG | 16 | 7 | |||
Adjusted net revenues | 1,897 | 2,133 | |||
Provision for credit losses | 121 | 41 | |||
Total operating expenses | 1,568 | 1,294 | |||
Restructuring expenses | (36) | (3) | |||
Impairments of internally developed software | (270) | – | |||
Acquisition-related compensation expenses | (42) | – | |||
Cancellation of contingent capital awards | 28 | – | |||
Integration costs | (15) | – | |||
Other acquisition-related adjustments 1 | 6 | – | |||
Adjusted total operating expenses | 1,239 | 1,291 | |||
Income/(loss) before taxes | 156 | 888 | |||
Adjusted income before taxes | 537 | 801 | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Assets under management | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Assets under management (CHF billion) | |||||||
Assets under management | 523.9 | 544.5 | (3.8) | ||||
Average assets under management | 530.2 | 578.8 | (8.4) | ||||
Assets under management by currency (CHF billion) | |||||||
USD | 53.4 | 56.8 | (6.0) | ||||
EUR | 22.4 | 22.3 | 0.4 | ||||
CHF | 442.1 | 457.7 | (3.4) | ||||
Other | 6.0 | 7.7 | (22.1) | ||||
Assets under management | 523.9 | 544.5 | (3.8) | ||||
Movements in assets under management (CHF billion) | |||||||
Net new assets/(net asset outflows) | (14.6) | 4.4 | – | ||||
Other effects | 12.7 | (57.8) | – | ||||
of which market movements | 16.7 | (60.7) | – | ||||
of which foreign exchange | (2.3) | 1.5 | – | ||||
of which other | (1.7) | 1.4 | – | ||||
Increase/(decrease) in assets under management | (1.9) | (53.4) | – |
Divisional results | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Management fees | 449 | 530 | (15) | ||||
Performance and transaction revenues | 46 | 9 | 411 | ||||
Investment and partnership income | (340) | 91 | – | ||||
Net revenues | 155 | 630 | (75) | ||||
of which recurring commissions and fees | 449 | 530 | (15) | ||||
of which transaction- and performance-based revenues | 68 | 110 | (38) | ||||
of which other revenues | (362) | (10) | – | ||||
Provision for credit losses | 1 | 0 | – | ||||
Compensation and benefits | 251 | 277 | (9) | ||||
General and administrative expenses | 208 | 201 | 3 | ||||
Commission expenses | 40 | 53 | (25) | ||||
Goodwill impairment | 1,051 | 0 | – | ||||
Restructuring expenses | 5 | 1 | 400 | ||||
Total other operating expenses | 1,304 | 255 | 411 | ||||
Total operating expenses | 1,555 | 532 | 192 | ||||
Income/(loss) before taxes | (1,401) | 98 | – | ||||
Statement of operations metrics | |||||||
Cost/income ratio (%) | – | 84.4 | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 1,538 | 3,794 | (59) | ||||
Risk-weighted assets | 6,488 | 8,714 | (26) | ||||
Leverage exposure | 1,715 | 2,894 | (41) | ||||
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. 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 | 6M23 | 6M22 | |||
Results (CHF million) | |||||
Net revenues | 155 | 630 | |||
Fair valuations | 283 | – | |||
Real estate (gains)/losses | 0 | (1) | |||
Adjusted net revenues | 438 | 629 | |||
Provision for credit losses | 1 | 0 | |||
Total operating expenses | 1,555 | 532 | |||
Goodwill impairment | (1,051) | 0 | |||
Restructuring expenses | (5) | (1) | |||
Litigation provisions 1 | (8) | 0 | |||
Impairments of internally developed software | (55) | – | |||
Acquisition-related compensation expenses | (8) | – | |||
Cancellation of contingent capital awards | 21 | – | |||
Integration costs | (10) | – | |||
Other acquisition-related adjustments 2 | (3) | – | |||
Adjusted total operating expenses | 436 | 531 | |||
Income/(loss) before taxes | (1,401) | 98 | |||
Adjusted income/(loss) before taxes | 1 | 98 | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||
2
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Assets under management | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Assets under management (CHF billion) | |||||||
Traditional investments | 236.5 | 261.7 | (9.6) | ||||
Alternative investments | 109.8 | 111.2 | (1.3) | ||||
Investments and partnerships | 44.0 | 54.1 | (18.7) | ||||
Assets under management | 390.3 | 427.0 | (8.6) | ||||
Average assets under management | 401.2 | 458.8 | (12.6) | ||||
Assets under management by currency (CHF billion) | |||||||
USD | 88.4 | 105.1 | (15.9) | ||||
EUR | 38.3 | 46.4 | (17.5) | ||||
CHF | 213.8 | 215.4 | (0.7) | ||||
Other | 49.8 | 60.1 | (17.1) | ||||
Assets under management | 390.3 | 427.0 | (8.6) | ||||
Movements in assets under management (CHF billion) | |||||||
Net new assets/(net asset outflows) 1 | (20.2) | (6.7) | – | ||||
Other effects | 8.1 | (43.1) | – | ||||
of which market movements | 15.0 | (45.3) | – | ||||
of which foreign exchange | (6.9) | 3.1 | – | ||||
of which other | 0.0 | (0.9) | – | ||||
Increase/(decrease) in assets under management | (12.1) | (49.8) | – | ||||
1
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 | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Fixed income sales and trading | 336 | 489 | (31) | ||||
Equity sales and trading | 437 | 1,166 | (63) | ||||
Capital markets | 67 | 437 | (85) | ||||
Advisory and other fees | 156 | 404 | (61) | ||||
Other revenues 1 | (63) | (46) | 37 | ||||
Net revenues | 933 | 2,450 | (62) | ||||
Provision for credit losses | 29 | 25 | 16 | ||||
Compensation and benefits | 1,523 | 1,711 | (11) | ||||
General and administrative expenses | 1,458 | 1,046 | 39 | ||||
Commission expenses | 143 | 209 | (32) | ||||
Goodwill impairment | 30 | 23 | 30 | ||||
Restructuring expenses | 150 | 32 | 369 | ||||
Total other operating expenses | 1,781 | 1,310 | 36 | ||||
Total operating expenses | 3,304 | 3,021 | 9 | ||||
Loss before taxes | (2,400) | (596) | 303 | ||||
Statement of operations metrics | |||||||
Cost/income ratio (%) | 354.1 | 123.3 | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 86,514 | 138,027 | (37) | ||||
Gross loans | 6,638 | 8,079 | (18) | ||||
Risk-weighted assets | 35,805 | 44,521 | (20) | ||||
Risk-weighted assets (USD) | 39,969 | 46,588 | (14) | ||||
Leverage exposure | 131,239 | 198,068 | (34) | ||||
Leverage exposure (USD) | 146,501 | 207,266 | (29) | ||||
1
Other revenues include treasury funding costs and changes in the carrying value of certain investments.
|
Reconciliation of adjustment items | |||||
Investment Bank |
|||||
in | 6M23 | 6M22 | |||
Results (CHF million) | |||||
Net revenues | 933 | 2,450 | |||
Fair valuations | 304 | – | |||
Real estate (gains)/losses | 0 | (50) | |||
Adjusted net revenues | 1,237 | 2,400 | |||
Provision for credit losses | 29 | 25 | |||
Total operating expenses | 3,304 | 3,021 | |||
Goodwill impairment | (30) | (23) | |||
Restructuring expenses | (150) | (32) | |||
Litigation provisions 1 | (7) | (162) | |||
Impairments of internally developed software | (621) | – | |||
Acquisition-related compensation expenses | (113) | – | |||
Cancellation of contingent capital awards | 215 | – | |||
Expenses related to real estate disposals | (26) | (5) | |||
Integration costs | (167) | – | |||
Other acquisition-related adjustments 2 | 20 | – | |||
Adjusted total operating expenses | 2,425 | 2,799 | |||
Loss before taxes | (2,400) | (596) | |||
Adjusted loss before taxes | (1,217) | (424) | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||
2
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Capital Release Unit | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Net revenues | (1,275) | 437 | – | ||||
Provision for credit losses | 23 | (118) | – | ||||
Compensation and benefits | 455 | 719 | (37) | ||||
General and administrative expenses | 1,263 | 682 | 85 | ||||
Commission expenses | 28 | 109 | (74) | ||||
Restructuring expenses | 137 | 67 | 104 | ||||
Total other operating expenses | 1,428 | 858 | 66 | ||||
Total operating expenses | 1,883 | 1,577 | 19 | ||||
Loss before taxes | (3,181) | (1,022) | 211 | ||||
Statement of operations metrics (%) | |||||||
Cost/income ratio | – | 360.9 | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 67,046 | 170,685 | (61) | ||||
Gross loans | 17,744 | 21,039 | (16) | ||||
Risk-weighted assets | 33,220 | 53,513 | (34) | ||||
Risk-weighted assets (USD) | 37,083 | 55,998 | (34) | ||||
Leverage exposure | 84,585 | 214,458 | (58) | ||||
Leverage exposure (USD) | 94,422 | 224,417 | (58) |
Reconciliation of adjustment items | |||||
Capital Release Unit |
|||||
in | 6M23 | 6M22 | |||
Adjusted results (CHF million) | |||||
Net revenues | (1,275) | 437 | |||
Fair valuations | 1,527 | – | |||
Real estate (gains)/losses | 0 | (9) | |||
(Gains)/losses on business sales | (726) | 0 | |||
(Gain)/loss on InvestLab/Allfunds Group | – | 521 | |||
Archegos | 0 | (17) | |||
Write-down of intangible assets | 38 | 0 | |||
Adjusted net revenues | (436) | 932 | |||
Provision for credit losses | 23 | (118) | |||
Archegos | 0 | 155 | |||
Adjusted provision for credit losses | 23 | 37 | |||
Total operating expenses | 1,883 | 1,577 | |||
Restructuring expenses | (137) | (67) | |||
Litigation provisions 1 | (311) | (30) | |||
Impairments of internally developed software | (289) | – | |||
Acquisition-related compensation expenses | (6) | – | |||
Cancellation of contingent capital awards | 64 | – | |||
Expenses related to real estate disposals | (6) | (3) | |||
Expenses related to Archegos | (13) | (24) | |||
Integration costs | (2) | – | |||
Other acquisition-related adjustments 2 | (34) | – | |||
Adjusted total operating expenses | 1,149 | 1,453 | |||
Loss before taxes | (3,181) | (1,022) | |||
Adjusted loss before taxes | (1,608) | (558) | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||
2
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Corporate Center results | |||||||
in / end of | % change | ||||||
6M23 | 6M22 | YoY | |||||
Statements of operations (CHF million) | |||||||
Treasury results | 14,440 | (410) | – | ||||
Other | 126 | 86 | 47 | ||||
Net revenues | 14,566 | (324) | – | ||||
Provision for credit losses | 1 | 0 | – | ||||
Compensation and benefits | 209 | 31 | – | ||||
General and administrative expenses | 900 | 756 | 19 | ||||
Commission expenses | 69 | 4 | – | ||||
Restructuring expenses | 48 | 1 | – | ||||
Total other operating expenses | 1,017 | 761 | 34 | ||||
Total operating expenses | 1,226 | 792 | 55 | ||||
Income/(loss) before taxes | 13,339 | (1,116) | – | ||||
Statement of operations metrics (%) | |||||||
Cost/income ratio | 8.4 | – | – | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 47,734 | 34,435 | 39 | ||||
Risk-weighted assets | 32,368 | 44,639 | (27) | ||||
Leverage exposure | 51,767 | 33,648 | 54 |
Reconciliation of adjustment items | |||||
Corporate Center |
|||||
in | 6M23 | 6M22 | |||
Results (CHF million) | |||||
Net revenues | 14,566 | (324) | |||
Fair valuations | 33 | – | |||
Write-down of additional tier 1 capital notes | (15,007) | 0 | |||
Adjusted net revenues | (408) | (324) | |||
Provision for credit losses | 1 | 0 | |||
Total operating expenses | 1,226 | 792 | |||
Restructuring expenses | (48) | (1) | |||
Litigation provisions 1 | (753) | (649) | |||
Impairments of internally developed software | (7) | – | |||
Acquisition-related compensation expenses | 4 | – | |||
Cancellation of contingent capital awards | (11) | – | |||
Integration costs | (50) | – | |||
Other acquisition-related adjustments 2 | (1) | – | |||
Adjusted total operating expenses | 360 | 142 | |||
Income/(loss) before taxes | 13,339 | (1,116) | |||
Adjusted loss before taxes | (769) | (466) | |||
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse AG for further information.
|
|||||
1
Reflects major litigation provisions as previously disclosed, and all litigation expenses post-acquisition date.
|
|||||
2
Includes various acquisition-related items that are not reflected in any of the above categories.
|
Assets under management and client assets | |||||||
end of | % change | ||||||
2Q23 | 4Q22 | Ytd | |||||
Assets under management (CHF billion) | |||||||
Wealth Management | 475.0 | 540.5 | (12.1) | ||||
Swiss Bank | 523.9 | 525.8 | (0.4) | ||||
Asset Management | 390.3 | 402.4 | (3.0) | ||||
Assets managed across businesses 1 | (173.9) | (175.1) | (0.7) | ||||
Adjustments 2 | (2.0) | (2.1) | (4.8) | ||||
Assets under management | 1,213.3 | 1,291.5 | (6.1) | ||||
of which discretionary assets | 415.5 | 438.7 | (5.3) | ||||
of which advisory assets | 797.8 | 852.8 | (6.4) | ||||
Client assets (CHF billion) 3 | |||||||
Wealth Management | 640.8 | 723.4 | (11.4) | ||||
Swiss Bank | 614.2 | 626.8 | (2.0) | ||||
Asset Management | 390.3 | 402.4 | (3.0) | ||||
Assets managed across businesses | (173.9) | (175.1) | (0.7) | ||||
Adjustments 2 | (2.0) | (2.1) | (4.8) | ||||
Client assets | 1,469.4 | 1,575.4 | (6.7) | ||||
1
Represents assets managed by Asset Management for the other businesses.
|
|||||||
2
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank.
|
|||||||
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.
|
Movements in assets under management | |||||
in | 6M23 | 6M22 | |||
Net new assets (CHF billion) | |||||
Wealth Management | (74.0) | 3.4 | |||
Swiss Bank | (14.6) | 4.4 | |||
Asset Management 1 | (20.2) | (6.7) | |||
Assets managed across businesses 2 | 8.4 | (0.9) | |||
Adjustments 3 | 0.1 | 0.5 | |||
Net new assets/(net asset outflows) | (100.3) | 0.7 | |||
Other effects (CHF billion) | |||||
Wealth Management | 8.5 | (84.5) | |||
Swiss Bank | 12.7 | (57.8) | |||
Asset Management | 8.1 | (43.1) | |||
Assets managed across businesses 2 | (7.2) | 25.1 | |||
Adjustments 3 | 0.0 | (0.1) | |||
Other effects | 22.1 | (160.4) | |||
of which market movements | 44.8 | (153.9) | |||
of which foreign exchange | (18.5) | 16.7 | |||
of which other | (4.2) | (23.2) | |||
Movements in assets under management (CHF billion) | |||||
Wealth Management | (65.5) | (81.1) | |||
Swiss Bank | (1.9) | (53.4) | |||
Asset Management 1 | (12.1) | (49.8) | |||
Assets managed across businesses 2 | 1.2 | 24.2 | |||
Adjustments 3 | 0.1 | 0.4 | |||
Increase/(decrease) in assets under management | (78.2) | (159.7) | |||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||
2
Represents assets managed by Asset Management for the other businesses.
|
|||||
3
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank.
|
Liquidity pool | |||||||||||||
6M23 | 2022 | ||||||||||||
average |
Swiss franc |
US dollar |
Euro |
Other currencies |
Total |
Total |
|||||||
Liquid assets (CHF million) | |||||||||||||
Cash held at central banks | 38,064 | 34,535 | 11,576 | 1,932 | 86,107 | 62,263 | |||||||
Securities | 10,881 | 19,310 | 5,326 | 7,902 | 43,419 | 56,221 | |||||||
Liquid assets 1 | 48,945 | 53,845 | 16,902 | 9,834 | 129,526 | 118,484 | |||||||
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||||||
1
Reflectes a pre-cancellation view.
|
Liquidity coverage ratio | |||||||
6M23 | 2022 | ||||||
average |
Unweighted value |
1 |
Weighted value |
2 |
Weighted value |
2 | |
High-quality liquid assets (CHF million) | |||||||
High-quality liquid assets 3 | – | 131,725 | 119,978 | ||||
Cash outflows (CHF million) | |||||||
Retail deposits and deposits from small business customers | 83,660 | 9,326 | 13,444 | ||||
Unsecured wholesale funding | 97,446 | 37,482 | 58,893 | ||||
Secured wholesale funding | 19,331 | 2,629 | 9,692 | ||||
Additional requirements | 123,871 | 24,142 | 33,328 | ||||
Other contractual funding obligations | 18,472 | 18,472 | 43,948 | ||||
Other contingent funding obligations | 148,499 | 2,021 | 2,303 | ||||
Total cash outflows | – | 94,072 | 161,608 | ||||
Cash inflows (CHF million) | |||||||
Secured lending | 14,149 | 3,599 | 12,106 | ||||
Inflows from fully performing exposures | 49,256 | 22,593 | 24,714 | ||||
Other cash inflows | 16,566 | 16,566 | 43,549 | ||||
Total cash inflows | 79,971 | 42,758 | 80,369 | ||||
Liquidity coverage ratio | |||||||
High-quality liquid assets (CHF million) | – | 131,725 | 119,978 | ||||
Net cash outflows (CHF million) | – | 51,314 | 81,239 | ||||
Liquidity coverage ratio (%) | – | 257 | 148 | ||||
Calculated using a three-month average, which was 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 reflected a post-cancellation view.
|
Net stable funding ratio | |||
end of | 6M23 | ||
Net stable funding ratio | |||
Available stable funding (CHF million) | 295,741 | ||
Required stable funding (CHF million) | 246,214 | ||
Net stable funding ratio (%) | 120 |
Debt issuances and redemptions | |||||||||
in 6M23 |
Senior |
Senior bail-in |
Sub- ordinated |
Long-term debt |
|||||
Long-term debt (CHF billion, notional value) | |||||||||
Issuances | 6.1 | 0.0 | 0.4 | 6.5 | |||||
of which unsecured | 4.7 | 0.0 | 0.4 | 5.1 | |||||
of which secured 1 | 1.4 | 0.0 | 0.0 | 1.4 | |||||
Maturities / Redemptions / Write-downs 2 | (6.3) | (3.9) | (15.5) | (25.7) | |||||
of which unsecured | (5.9) | (3.9) | (15.5) | (25.3) | |||||
of which secured 1 | (0.4) | 0.0 | 0.0 | (0.4) | |||||
Excluded structured notes.
|
|||||||||
1
Includes covered bonds.
|
|||||||||
2
Includes the write-down of Additional Tier 1 capital notes.
|
Issuances and redemptions | |||||||||||
Currency |
Par value at issuance (million) |
Coupon rate (%) |
Description |
Year of maturity |
|||||||
Issuances – capital instruments | |||||||||||
6M23 | SGD | 700 | 6.18 | Perpetual contingent capital notes | – | 1 | |||||
Redemptions – bail-in instruments | |||||||||||
6M23 | AUD | 125 | 3.5 | Senior notes | 2024 | ||||||
AUD | 175 | floating rate | Senior notes | 2024 | |||||||
USD | 1,050 | floating rate | Senior notes | 2024 | |||||||
CHF | 1,000 | 1.0 | Senior notes | 2023 | |||||||
USD | 2,000 | 3.8 | Senior notes | 2023 | |||||||
July 2023 to date | USD | 2,500 | 6.5 | Senior notes | 2023 | ||||||
Write-down – perpetual contingent capital notes | |||||||||||
6M23 | CHF | 300 | 3.5 | Capital notes | – | 2 | |||||
CHF | 200 | 3.875 | Capital notes | – | 2 | ||||||
CHF | 525 | 3.0 | Capital notes | – | 2 | ||||||
USD | 1,500 | 4.5 | Capital notes | – | 2 | ||||||
USD | 1,500 | 5.25 | Capital notes | – | 2 | ||||||
SGD | 750 | 5.625 | Capital notes | – | 2 | ||||||
USD | 1,000 | 5.1 | Capital notes | – | 2 | ||||||
USD | 2,500 | 6.25 | Capital notes | – | 2 | ||||||
USD | 1,750 | 6.375 | Capital notes | – | 2 | ||||||
USD | 2,250 | 7.5 | Capital notes | – | 2 | ||||||
USD | 2,000 | 7.5 | Capital notes | – | 2 | ||||||
USD | 1,500 | 7.25 | Capital notes | – | 2 | ||||||
USD | 1,650 | 9.75 | Capital notes | – | 2 | ||||||
1
Loss-absorbing additional tier 1 capital instrument, downstreamed from UBS.
|
|||||||||||
2
On March 19, 2023, FINMA ordered the write-down to zero of all additional tier 1 capital notes following the announced acquisition of Credit Suisse Group AG by UBS.
|
BIS capital metrics | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Capital and risk-weighted assets (CHF million) | |||||||
CET1 capital | 45,542 | 40,987 | 11 | ||||
Tier 1 capital | 46,004 | 54,843 | (16) | ||||
Total eligible capital | 46,004 | 54,843 | (16) | ||||
Risk-weighted assets | 216,776 | 249,536 | (13) | ||||
Capital ratios (%) | |||||||
CET1 ratio | 21.0 | 16.4 | – | ||||
Tier 1 ratio | 21.2 | 22.0 | – | ||||
Total capital ratio | 21.2 | 22.0 | – |
Eligible capital | |||||||
end of |
6M23 |
2022 |
% change Ytd |
||||
Eligible capital (CHF million) | |||||||
Total shareholders' equity | 45,588 | 47,871 | (5) | ||||
Adjustments | |||||||
Regulatory adjustments 1 | (253) | (483) | (48) | ||||
Goodwill 2 | (468) | (2,837) | (84) | ||||
Other intangible assets 2 | (15) | (47) | (68) | ||||
Deferred tax assets that rely on future profitability | (64) | (138) | (54) | ||||
Shortfall of provisions to expected losses | (105) | (121) | (13) | ||||
(Gains)/losses due to changes in own credit on fair-valued liabilities | 243 | (3,999) | – | ||||
Defined benefit pension assets 2 | (394) | (408) | (3) | ||||
Investments in own shares | (3) | (7) | (57) | ||||
Other adjustments 3 | 1,013 | 1,156 | (12) | ||||
Total adjustments | (46) | (6,884) | (99) | ||||
CET1 capital | 45,542 | 40,987 | 11 | ||||
High-trigger capital instruments (7% trigger) | 462 | 10,495 | (96) | ||||
Low-trigger capital instruments (5.125% trigger) | 0 | 3,361 | (100) | ||||
Additional tier 1 capital | 462 | 13,856 | (97) | ||||
Tier 1 capital | 46,004 | 54,843 | (16) | ||||
Total eligible capital | 46,004 | 54,843 | (16) | ||||
1
Includes certain adjustments, including, until 2022, a cumulative dividend accrual.
|
|||||||
2
Net of deferred tax liability.
|
|||||||
3
Includes reversals of cash flow hedge reserves.
|
6M23 Capital movement | |||
CET1 capital (CHF million) | |||
Balance at beginning of period | 40,987 | ||
Net income/(loss) attributable to shareholders | 2,214 | ||
Foreign exchange impact 1 | (940) | ||
Regulatory adjustment of goodwill and intangible assets, net of deferred tax liability | 2,352 | ||
Other 2 | 929 | ||
Balance at end of period | 45,542 | ||
Additional tier 1 capital (CHF million) | |||
Balance at beginning of period | 13,856 | ||
Foreign exchange impact | 135 | ||
Write-down of additional tier 1 capital notes | (13,993) | ||
Issuances | 462 | 3 | |
Other | 2 | ||
Balance at end of period | 462 | ||
Eligible capital (CHF million) | |||
Balance at end of period | 46,004 | ||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||
2
Includes the net effect of share-based compensation and the regulatory adjustment of own credit on fair-valued financial liabilities.
|
|||
3
Represents a SGD 700 million loss-absorbing additional tier 1 capital instrument, downstreamed from UBS.
|
Risk-weighted assets | |||||||||||||||||
end of |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
1 |
Credit Suisse AG |
||||||||
6M23 (CHF million) | |||||||||||||||||
Credit risk | 28,362 | 60,023 | 4,623 | 20,665 | 22,594 | 6,736 | (944) | 142,059 | |||||||||
Market risk | 150 | 103 | 22 | 4,050 | 3,400 | 805 | 0 | 8,530 | |||||||||
Operational risk | 14,044 | 7,157 | 1,843 | 11,090 | 7,226 | 24,827 | 0 | 66,187 | |||||||||
Risk-weighted assets | 42,556 | 67,283 | 6,488 | 35,805 | 33,220 | 32,368 | (944) | 216,776 | |||||||||
2022 (CHF million) | |||||||||||||||||
Credit risk | 32,680 | 62,189 | 6,366 | 24,101 | 29,492 | 6,187 | (1,004) | 160,011 | |||||||||
Market risk | 248 | 77 | 40 | 5,041 | 8,851 | 768 | 0 | 15,025 | |||||||||
Operational risk | 14,313 | 7,380 | 2,002 | 10,505 | 7,831 | 32,469 | 0 | 74,500 | |||||||||
Risk-weighted assets | 47,241 | 69,646 | 8,408 | 39,647 | 46,174 | 39,424 | (1,004) | 249,536 | |||||||||
1
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by Credit Suisse.
|
Risk-weighted asset movement by risk type | |||||||||||||||||
6M23 |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
1 |
Credit Suisse AG |
||||||||
Credit risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 32,680 | 62,189 | 6,366 | 24,101 | 29,492 | 6,187 | (1,004) | 160,011 | |||||||||
Foreign exchange impact | (637) | (391) | (50) | (766) | (835) | (130) | (7) | (2,816) | |||||||||
Movements in risk levels | (4,547) | (2,889) | (1,693) | (2,319) | (6,165) | 678 | 67 | (16,868) | |||||||||
of which credit risk – book size 2 | (1,667) | (1,947) | (1,562) | (3,333) | (5,732) | 615 | 67 | (13,559) | |||||||||
of which credit risk – book quality 3 | (2,880) | (942) | (131) | 1,014 | (433) | 63 | 0 | (3,309) | |||||||||
Model and parameter updates – internal 4 | 485 | 952 | 0 | (394) | 169 | 1 | 0 | 1,213 | |||||||||
Model and parameter updates – external 5 | 381 | 162 | 0 | 43 | (67) | 0 | 0 | 519 | |||||||||
Balance at end of period | 28,362 | 60,023 | 4,623 | 20,665 | 22,594 | 6,736 | (944) | 142,059 | |||||||||
Market risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 248 | 77 | 40 | 5,041 | 8,851 | 768 | 0 | 15,025 | |||||||||
Foreign exchange impact | (7) | (4) | (2) | (146) | (183) | (33) | 0 | (375) | |||||||||
Movements in risk levels | (93) | 29 | (14) | (891) | (5,311) | 69 | 0 | (6,211) | |||||||||
Model and parameter updates – internal 4 | 2 | 1 | (2) | 46 | 43 | 1 | 0 | 91 | |||||||||
Balance at end of period | 150 | 103 | 22 | 4,050 | 3,400 | 805 | 0 | 8,530 | |||||||||
Operational risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 14,313 | 7,380 | 2,002 | 10,505 | 7,831 | 32,469 | 0 | 74,500 | |||||||||
Foreign exchange impact | (494) | (248) | (65) | (384) | (277) | (1,053) | 0 | (2,521) | |||||||||
Movements in risk levels | 217 | 21 | (95) | 963 | (332) | (6,606) | 0 | (5,832) | |||||||||
Model and parameter updates – internal 4 | 8 | 4 | 1 | 6 | 4 | 17 | 0 | 40 | |||||||||
Balance at end of period | 14,044 | 7,157 | 1,843 | 11,090 | 7,226 | 24,827 | 0 | 66,187 | |||||||||
Total (CHF million) | |||||||||||||||||
Balance at beginning of period | 47,241 | 69,646 | 8,408 | 39,647 | 46,174 | 39,424 | (1,004) | 249,536 | |||||||||
Foreign exchange impact | (1,138) | (643) | (117) | (1,296) | (1,295) | (1,216) | (7) | (5,712) | |||||||||
Movements in risk levels | (4,423) | (2,839) | (1,802) | (2,247) | (11,808) | (5,859) | 67 | (28,911) | |||||||||
Model and parameter updates – internal 4 | 495 | 957 | (1) | (342) | 216 | 19 | 0 | 1,344 | |||||||||
Model and parameter updates – external 5 | 381 | 162 | 0 | 43 | (67) | 0 | 0 | 519 | |||||||||
Balance at end of period | 42,556 | 67,283 | 6,488 | 35,805 | 33,220 | 32,368 | (944) | 216,776 | |||||||||
1
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by Credit Suisse.
|
|||||||||||||||||
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.
|
Leverage exposure | |||||
end of | 6M23 | 2022 | |||
Leverage exposure (CHF million) | |||||
Wealth Management | 106,285 | 140,377 | |||
Swiss Bank | 210,274 | 220,792 | |||
Asset Managemnt | 1,715 | 2,508 | |||
Investment Bank | 131,239 | 129,190 | |||
Capital Release Unit | 84,585 | 133,409 | |||
Corporate Center | 51,767 | 24,275 | |||
Adjustments 1 | (184) | 3,000 | |||
Leverage exposure | 585,681 | 653,551 | |||
1
Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by Credit Suisse.
|
Leverage exposure components | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Leverage exposure (CHF million) | |||||||
Total assets | 483,735 | 530,039 | (9) | ||||
Adjustments | |||||||
Difference in scope of consolidation and tier 1 capital deductions 1 | (2,990) | (5,199) | (42) | ||||
Derivative financial instruments | 34,703 | 44,611 | (22) | ||||
Securities financing transactions | 1,112 | 2,402 | (54) | ||||
Off-balance sheet exposures | 65,671 | 78,842 | (17) | ||||
Other | 3,450 | 2,856 | 21 | ||||
Total adjustments | 101,946 | 123,512 | (17) | ||||
Leverage exposure | 585,681 | 653,551 | (10) | ||||
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 | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Capital and leverage exposure (CHF million) | |||||||
CET1 capital | 45,542 | 40,987 | 11 | ||||
Tier 1 capital | 46,004 | 54,843 | (16) | ||||
Leverage exposure | 585,681 | 653,551 | (10) | ||||
Leverage ratios (%) | |||||||
CET1 leverage ratio | 7.8 | 6.3 | – | ||||
Tier 1 leverage ratio | 7.9 | 8.4 | – |
Swiss capital metrics | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Swiss capital and risk-weighted assets (CHF million) | |||||||
Swiss CET1 capital | 45,542 | 40,987 | 11 | ||||
Going concern capital | 46,004 | 54,843 | (16) | ||||
Gone concern capital | 39,375 | 42,930 | (8) | ||||
Total loss-absorbing capacity | 85,379 | 97,773 | (13) | ||||
Swiss risk-weighted assets | 217,102 | 249,953 | (13) | ||||
Swiss capital ratios (%) | |||||||
Swiss CET1 ratio | 21.0 | 16.4 | – | ||||
Going concern capital ratio | 21.2 | 21.9 | – | ||||
Gone concern capital ratio | 18.1 | 17.2 | – | ||||
TLAC ratio | 39.3 | 39.1 | – |
Swiss capital and risk-weighted assets | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Swiss capital (CHF million) | |||||||
CET1 capital – BIS | 45,542 | 40,987 | 11 | ||||
Swiss CET1 capital | 45,542 | 40,987 | 11 | ||||
Additional tier 1 high-trigger capital instruments | 462 | 10,495 | (96) | ||||
Grandfathered additional tier 1 low-trigger capital instruments | 0 | 3,361 | (100) | ||||
Swiss additional tier 1 capital | 462 | 13,856 | (97) | ||||
Going concern capital | 46,004 | 54,843 | (16) | ||||
Bail-in debt instruments | 39,375 | 42,930 | (8) | ||||
Gone concern capital | 39,375 | 42,930 | (8) | ||||
Total loss-absorbing capacity | 85,379 | 97,773 | (13) | ||||
Risk-weighted assets (CHF million) | |||||||
Risk-weighted assets – BIS | 216,776 | 249,536 | (13) | ||||
Swiss regulatory adjustments 1 | 326 | 417 | (22) | ||||
Swiss risk-weighted assets | 217,102 | 249,953 | (13) | ||||
1
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics | |||||||
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Swiss capital and leverage exposure (CHF million) | |||||||
Swiss CET1 capital | 45,542 | 40,987 | 11 | ||||
Going concern capital | 46,004 | 54,843 | (16) | ||||
Gone concern capital | 39,375 | 42,930 | (8) | ||||
Total loss-absorbing capacity | 85,379 | 97,773 | (13) | ||||
Leverage exposure | 585,681 | 653,551 | (10) | ||||
Swiss leverage ratios (%) | |||||||
Swiss CET1 leverage ratio | 7.8 | 6.3 | – | ||||
Going concern leverage ratio | 7.9 | 8.4 | – | ||||
Gone concern leverage ratio | 6.7 | 6.6 | – | ||||
TLAC leverage ratio | 14.6 | 15.0 | – |
Shareholders' equity and share metrics | |||||||
end of |
6M23 |
2022 |
% change Ytd |
||||
Shareholders' equity (CHF million) | |||||||
Common shares | 4,400 | 4,400 | 0 | ||||
Additional paid-in capital | 51,220 | 50,879 | 1 | ||||
Retained earnings | 9,868 | 7,659 | 29 | ||||
Accumulated other comprehensive income/(loss) | (19,900) | (15,067) | 32 | ||||
Total shareholders' equity | 45,588 | 47,871 | (5) | ||||
Shares outstanding (million) | |||||||
Common shares issued | 4,399.7 | 4,399.7 | 0 | ||||
Shares outstanding | 4,399.7 | 4,399.7 | 0 | ||||
Par value (CHF) | |||||||
Par value | 1.00 | 1.00 | 0 |
end of |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
Credit Suisse AG |
|||||||||
6M23 (CHF million) | |||||||||||||||||
Mortgages | 11,581 | 92,609 | 0 | 0 | 0 | 12 | 0 | 104,202 | |||||||||
Loans collateralized by securities | 28,171 | 2,398 | 0 | 1,172 | 32 | 3 | 0 | 31,776 | |||||||||
Consumer finance | 543 | 5,270 | 10 | 4 | 47 | 3 | 0 | 5,877 | |||||||||
Consumer | 40,295 | 100,277 | 10 | 1,176 | 79 | 18 | 0 | 141,855 | |||||||||
Real estate | 3,766 | 18,606 | 0 | 382 | 399 | 0 | 0 | 23,153 | |||||||||
Commercial and industrial loans | 24,765 | 26,902 | 0 | 4,073 | 1,692 | 541 | 692 | 58,665 | |||||||||
Financial institutions | 3,161 | 7,577 | 10 | 1,007 | 14,454 | 0 | 755 | 26,964 | |||||||||
Governments and public institutions | 404 | 734 | 0 | 0 | 1,120 | 0 | 0 | 2,258 | |||||||||
Corporate & institutional | 32,096 | 53,819 | 10 | 5,462 | 17,665 | 541 | 1,447 | 111,040 | |||||||||
Gross loans | 72,391 | 154,096 | 20 | 6,638 | 17,744 | 559 | 1,447 | 252,895 | |||||||||
of which held at fair value | 1,651 | 72 | 0 | 1,178 | 1,656 | 0 | (1) | 4,556 | |||||||||
Net (unearned income) / deferred expenses | (91) | 87 | 0 | (18) | (64) | 0 | 0 | (86) | |||||||||
Allowance for credit losses 1 | (575) | (592) | 0 | (106) | (249) | (1) | 1 | (1,522) | |||||||||
Net loans | 71,725 | 153,591 | 20 | 6,514 | 17,431 | 558 | 1,448 | 251,287 | |||||||||
2022 (CHF million) | |||||||||||||||||
Mortgages | 12,536 | 94,940 | 0 | 0 | 0 | 8 | 0 | 107,484 | |||||||||
Loans collateralized by securities | 33,335 | 2,699 | 0 | 1,572 | 31 | 2 | 0 | 37,639 | |||||||||
Consumer finance | 491 | 5,141 | 10 | 5 | 50 | 4 | 0 | 5,701 | |||||||||
Consumer | 46,362 | 102,780 | 10 | 1,577 | 81 | 14 | 0 | 150,824 | |||||||||
Real estate | 3,811 | 20,720 | 0 | 354 | 578 | 0 | 0 | 25,463 | |||||||||
Commercial and industrial loans | 25,791 | 27,437 | 0 | 4,207 | 4,016 | 606 | 683 | 62,740 | |||||||||
Financial institutions | 3,767 | 6,870 | 8 | 1,334 | 12,721 | 0 | 3,255 | 27,955 | |||||||||
Governments and public institutions | 414 | 772 | 0 | 0 | 1,369 | 0 | 0 | 2,555 | |||||||||
Corporate & institutional | 33,783 | 55,799 | 8 | 5,895 | 18,684 | 606 | 3,938 | 118,713 | |||||||||
Gross loans | 80,145 | 158,579 | 18 | 7,472 | 18,765 | 620 | 3,938 | 269,537 | |||||||||
of which held at fair value | 1,516 | 50 | 0 | 1,493 | 4,299 | 0 | 0 | 7,358 | |||||||||
Net (unearned income) / deferred expenses | (93) | 98 | 0 | (15) | (61) | 0 | 0 | (71) | |||||||||
Allowance for credit losses 1 | (569) | (528) | 0 | (100) | (164) | (2) | 1 | (1,362) | |||||||||
Net loans | 79,483 | 158,149 | 18 | 7,357 | 18,540 | 618 | 3,939 | 268,104 | |||||||||
Divisional metrics reflect where the loans are recorded and managed from a risk management view and do not reflect any revenue sharing arrangements that exist between divisions. Adjustments reflect loans of the Bank with other entities of the former Credit Suisse Group that were eliminated for divisional reporting.
|
|||||||||||||||||
1
Allowance for credit losses is only based on loans that are not carried at fair value.
|
end of |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
Credit Suisse AG |
|||||||||
6M23 (CHF million) | |||||||||||||||||
Non-performing loans | 982 | 366 | 0 | 2 | 270 | 7 | (1) | 1,626 | |||||||||
Non-interest-earning loans | 48 | 209 | 0 | 0 | 37 | 2 | (10) | 286 | |||||||||
Non-accrual loans | 1,030 | 575 | 0 | 2 | 307 | 9 | (11) | 1,912 | |||||||||
Potential problem loans | 594 | 289 | 0 | 48 | 391 | 0 | 1 | 1,323 | |||||||||
Gross impaired loans 1 | 1,624 | 2 | 864 | 0 | 50 | 698 | 9 | (10) | 3,235 | ||||||||
of which loans with a specific allowance | 1,444 | 784 | 0 | 50 | 688 | 7 | (10) | 2,963 | |||||||||
of which loans without a specific allowance | 180 | 80 | 0 | 0 | 10 | 2 | 0 | 272 | |||||||||
2022 (CHF million) | |||||||||||||||||
Non-performing loans | 984 | 349 | 0 | 38 | 236 | 7 | 0 | 1,614 | |||||||||
Non-interest-earning loans | 108 | 203 | 0 | 0 | 38 | 0 | (11) | 338 | |||||||||
Non-accrual loans | 1,092 | 552 | 0 | 38 | 274 | 7 | (11) | 1,952 | |||||||||
Restructured loans 3 | 347 | 107 | 0 | 19 | 11 | 0 | 0 | 484 | |||||||||
Potential problem loans | 337 | 258 | 0 | 104 | 278 | 0 | 0 | 977 | |||||||||
Other impaired loans | 684 | 365 | 0 | 123 | 289 | 0 | 0 | 1,461 | |||||||||
Gross impaired loans 1 | 1,776 | 2 | 917 | 0 | 161 | 563 | 7 | (11) | 3,413 | ||||||||
of which loans with a specific allowance | 1,490 | 758 | 0 | 95 | 535 | 5 | (11) | 2,872 | |||||||||
of which loans without a specific allowance | 286 | 159 | 0 | 66 | 28 | 2 | 0 | 541 | |||||||||
Divisional metrics reflect where the loans are recorded and managed from a risk management view and do not reflect any revenue sharing arrangements that exist between divisions. Adjustments reflect loans of the Bank with other entities of the former Credit Suisse Group that were eliminated for divisional reporting.
|
|||||||||||||||||
1
Impaired loans are only based on loans that are not carried at fair value.
|
|||||||||||||||||
2
Includes gross impaired loans of CHF 186 million and CHF 224 million as of the end of 6M23 and 2022, respectively, which are mostly secured by guarantees provided by investment-grade export credit agencies.
|
|||||||||||||||||
3
In connection with the adoption of new accounting guidance for loan modifications on January 1, 2023, the previous accounting guidance for troubled debt restructurings was superseded, with disclosures under the new accounting guidance applied prospectively. Accordingly, restructured loans were reclassified to either potential problem loans or non-impaired loans and are no longer presented as its own impaired loan category.
|
end of |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
Credit Suisse AG |
|||||||||
6M23 (CHF million) | |||||||||||||||||
Balance at beginning of period 1, 2 | 569 | 532 | 0 | 100 | 164 | 2 | (1) | 1,366 | |||||||||
of which individually evaluated for impairment | 369 | 352 | 0 | 29 | 98 | 1 | (1) | 848 | |||||||||
of which collectively evaluated for impairment | 200 | 180 | 0 | 71 | 66 | 1 | 0 | 518 | |||||||||
Current-period provision for expected credit losses | 83 | 116 | 0 | 20 | 34 | 0 | 0 | 253 | |||||||||
of which provisions for interest | 37 | 1 | 0 | (1) | 10 | 0 | 0 | 47 | |||||||||
Gross write-offs | (21) | (58) | 0 | 0 | 0 | 0 | 0 | (79) | |||||||||
Recoveries | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | |||||||||
Net write-offs | (21) | (54) | 0 | 0 | 0 | 0 | 0 | (75) | |||||||||
Foreign currency translation impact and other adjustments, net | (56) | (2) | 0 | (14) | 51 | (1) | 0 | (22) | |||||||||
Balance at end of period 1 | 575 | 592 | 0 | 106 | 249 | 1 | (1) | 1,522 | |||||||||
of which individually evaluated | 380 | 370 | 0 | 8 | 181 | 1 | (1) | 939 | |||||||||
of which collectively evaluated | 195 | 222 | 0 | 98 | 68 | 0 | 0 | 583 | |||||||||
Divisional metrics reflect where the loans are recorded and managed from a risk management view and do not reflect any revenue sharing arrangements that exist between divisions. Adjustments reflect loans of the Bank with other entities of the former Credit Suisse Group that were eliminated for divisional reporting.
|
|||||||||||||||||
1
Allowance for credit losses is only based on loans that are not carried at fair value.
|
|||||||||||||||||
2
Includes a net impact of CHF 4 million from the adoption of new accounting guidance for loan modifications on January 1, 2023, all of which are reflected in the Swiss Bank.
|
end of |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Capital Release Unit |
Corporate Center |
Adjustments |
Credit Suisse AG |
|||||||||
6M23 (%) | |||||||||||||||||
Non-accrual loans / Gross loans | 1.5 | 0.4 | 0.0 | 0.0 | 1.9 | 1.6 | (0.8) | 0.8 | |||||||||
Gross impaired loans / Gross loans | 2.3 | 0.6 | 0.0 | 0.9 | 4.3 | 1.6 | (0.7) | 1.3 | |||||||||
Allowance for credit losses / Gross loans | 0.8 | 0.4 | 0.0 | 1.9 | 1.5 | 0.2 | (0.1) | 0.6 | |||||||||
Specific allowance for credit losses / Gross impaired loans | 23.4 | 42.8 | – | 16.0 | 25.9 | 11.1 | 10.0 | 29.0 | |||||||||
2022 (%) | |||||||||||||||||
Non-accrual loans / Gross loans | 1.4 | 0.3 | 0.0 | 0.6 | 1.9 | 1.1 | (0.3) | 0.7 | |||||||||
Gross impaired loans / Gross loans | 2.3 | 0.6 | 0.0 | 2.7 | 3.9 | 1.1 | (0.3) | 1.3 | |||||||||
Allowance for credit losses / Gross loans | 0.7 | 0.3 | 0.0 | 1.7 | 1.1 | 0.3 | 0.0 | 0.5 | |||||||||
Specific allowance for credit losses / Gross impaired loans | 20.8 | 37.9 | – | 18.0 | 17.4 | 14.3 | 0.0 | 24.8 | |||||||||
Divisional metrics reflect where the loans are recorded and managed from a risk management view and do not reflect any revenue sharing arrangements that exist between divisions. Adjustments reflect loans of the Bank with other entities of the former Credit Suisse Group that were eliminated for divisional reporting.
|
|||||||||||||||||
Gross loans and gross impaired loans exclude loans carried at fair value and the allowance for credit losses is only based on loans that are not carried at fair value.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
1 |
Total |
|||||||
CHF million | |||||||||||||||
6M23 2 | |||||||||||||||
Average | 19 | 21 | 2 | 2 | 13 | (26) | 31 | ||||||||
Minimum | 12 | 17 | 1 | 1 | 11 | – | 3 | 25 | |||||||
Maximum | 36 | 31 | 4 | 3 | 15 | – | 3 | 42 | |||||||
End of period | 16 | 17 | 2 | 1 | 13 | (23) | 26 | ||||||||
6M22 | |||||||||||||||
Average | 17 | 40 | 4 | 3 | 17 | (34) | 47 | ||||||||
Minimum | 11 | 33 | 2 | 3 | 12 | – | 3 | 38 | |||||||
Maximum | 26 | 49 | 10 | 7 | 26 | – | 3 | 59 | |||||||
End of period | 22 | 38 | 5 | 3 | 14 | (35) | 47 | ||||||||
USD million | |||||||||||||||
6M23 2 | |||||||||||||||
Average | 21 | 23 | 2 | 2 | 14 | (28) | 34 | ||||||||
Minimum | 13 | 19 | 2 | 1 | 12 | – | 3 | 28 | |||||||
Maximum | 39 | 34 | 4 | 3 | 17 | – | 3 | 45 | |||||||
End of period | 17 | 19 | 2 | 1 | 14 | (24) | 29 | ||||||||
6M22 | |||||||||||||||
Average | 18 | 43 | 5 | 3 | 18 | (38) | 49 | ||||||||
Minimum | 12 | 34 | 2 | 3 | 12 | – | 3 | 40 | |||||||
Maximum | 28 | 52 | 10 | 8 | 28 | – | 3 | 64 | |||||||
End of period | 23 | 39 | 5 | 3 | 14 | (35) | 49 | ||||||||
Excludes risks associated with counterparty and own credit exposures. Risk management VaR measures the Bank'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
Risk management VaR does not include any impact from fair valuation adjustments recorded by the Bank as a result of the acquisition by UBS.
|
|||||||||||||||
3
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
|
% change | |||||||
end of | 6M23 | 2022 | Ytd | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 100,124 | 67,746 | 48 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 52,769 | 58,798 | (10) | ||||
Trading assets | 37,238 | 65,955 | (44) | ||||
Net loans | 251,287 | 268,104 | (6) | ||||
Brokerage receivables | 4,005 | 13,818 | (71) | ||||
All other assets | 38,312 | 55,618 | (31) | ||||
Total assets | 483,735 | 530,039 | (9) | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 9,175 | 11,905 | (23) | ||||
Customer deposits | 182,557 | 234,554 | (22) | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 2,949 | 20,371 | (86) | ||||
Trading liabilities | 12,933 | 18,337 | (29) | ||||
Long-term debt | 134,577 | 150,661 | (11) | ||||
Brokerage payables | 1,800 | 11,442 | (84) | ||||
All other liabilities | 93,611 | 34,293 | 173 | ||||
Total liabilities | 437,602 | 481,563 | (9) | ||||
Total shareholders' equity | 45,588 | 47,871 | (5) | ||||
Noncontrolling interests | 545 | 605 | (10) | ||||
Total equity | 46,133 | 48,476 | (5) | ||||
Total liabilities and equity | 483,735 | 530,039 | (9) |
in | 6M23 | 6M22 | |||
Consolidated statements of operations (CHF million) | |||||
Interest and dividend income |
|
|
|||
Interest expense |
( |
( |
|||
Net interest income |
|
|
|||
Commissions and fees |
|
|
|||
Trading revenues |
( |
( |
|||
Other revenues |
|
|
|||
Net revenues |
|
|
|||
Provision for credit losses |
|
( |
|||
Compensation and benefits |
|
|
|||
General and administrative expenses |
|
|
|||
Commission expenses |
|
|
|||
Goodwill impairment |
|
|
|||
Restructuring expenses |
|
|
|||
Total other operating expenses |
|
|
|||
Total operating expenses |
|
|
|||
Income/(loss) before taxes |
|
( |
|||
Income tax expense |
|
|
|||
Net income/(loss) |
|
( |
|||
Loss attributable to noncontrolling interests |
( |
( |
|||
Net income/(loss) attributable to shareholders |
|
( |
in | 6M23 | 6M22 | |||
Comprehensive income/(loss) (CHF million) | |||||
Net income/(loss) |
|
( |
|||
Gains/(losses) on cash flow hedges |
|
( |
|||
Foreign currency translation |
( |
|
|||
Unrealized gains/(losses) on securities |
|
( |
|||
Actuarial gains/(losses) |
( |
|
|||
Net prior service credit/(cost) |
|
|
|||
Gains/(losses) on liabilities related to credit risk |
( |
|
|||
Other comprehensive income/(loss), net of tax |
( |
|
|||
Comprehensive income/(loss) |
( |
|
|||
Comprehensive income/(loss) attributable to noncontrolling interests |
( |
|
|||
Comprehensive income/(loss) attributable to shareholders |
( |
|
end of | 6M23 | 2022 | |||
Assets (CHF million) | |||||
Cash and due from banks |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Interest-bearing deposits with banks |
|
|
|||
of which reported at fair value |
|
|
|||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|||
of which reported at fair value |
|
|
|||
Securities received as collateral, at fair value |
|
|
|||
of which encumbered |
|
|
|||
Trading assets, at fair value |
|
|
|||
of which encumbered |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Investment securities |
|
|
|||
of which reported at fair value |
|
|
|||
of which encumbered |
|
|
|||
Other investments |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Net loans |
|
|
|||
of which reported at fair value |
|
|
|||
of which encumbered |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
allowance for credit losses |
( |
( |
|||
Goodwill |
|
|
|||
Other intangible assets |
|
|
|||
of which reported at fair value |
|
|
|||
Brokerage receivables |
|
|
|||
allowance for credit losses |
|
( |
|||
Other assets |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
of which loans held-for-sale (amortized cost base) |
|
|
|||
allowance for credit losses - other assets held at amortized cost |
( |
( |
|||
Total assets |
|
|
end of | 6M23 | 2022 | |||
Liabilities and equity (CHF million) | |||||
Due to banks |
|
|
|||
of which reported at fair value |
|
|
|||
Customer deposits |
|
|
|||
of which reported at fair value |
|
|
|||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|||
of which reported at fair value |
|
|
|||
Obligation to return securities received as collateral, at fair value |
|
|
|||
Trading liabilities, at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Short-term borrowings |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Long-term debt |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Brokerage payables |
|
|
|||
Other liabilities |
|
|
|||
of which reported at fair value |
|
|
|||
of which reported from consolidated VIEs |
|
|
|||
Total liabilities |
|
|
|||
Common shares |
|
|
|||
Additional paid-in capital |
|
|
|||
Retained earnings |
|
|
|||
Accumulated other comprehensive income/(loss) |
( |
( |
|||
Total shareholders' equity |
|
|
|||
Noncontrolling interests |
|
|
|||
Total equity |
|
|
|||
Total liabilities and equity |
|
|
end of | 6M23 | 2022 | |||
Additional share information | |||||
Par value (CHF) |
|
|
|||
Issued shares |
|
|
|||
Shares outstanding |
|
|
|||
|
Attributable to shareholders | |||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
|||||||||
6M23 (CHF million) | |||||||||||||||
Balance at beginning of period |
|
|
|
( |
|
|
|
||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – |
( |
( |
||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – |
|
|
||||||||
Net income/(loss) | – | – |
|
– |
|
( |
|
||||||||
Cumulative effect of accounting changes, net of tax | – | – |
( |
– |
( |
– |
( |
||||||||
Total other comprehensive income/(loss), net of tax | – | – | – |
( |
( |
( |
( |
||||||||
Share-based compensation, net of tax | – |
|
– | – |
|
– |
|
||||||||
Dividends on share-based compensation, net of tax | – |
|
– | – |
|
– |
|
||||||||
Dividends paid | – | – | – | – | – |
( |
( |
||||||||
Changes in scope of consolidation, net | – | – | – | – | – |
( |
( |
||||||||
Other | – |
|
– | – |
|
|
|
||||||||
Balance at end of period |
|
|
|
( |
|
|
|
||||||||
6M22 (CHF million) | |||||||||||||||
Balance at beginning of period |
|
|
|
( |
|
|
|
||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – |
( |
( |
||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – |
|
|
||||||||
Net income/(loss) | – | – |
( |
– |
( |
( |
( |
||||||||
Total other comprehensive income/(loss), net of tax | – | – | – |
|
|
|
|
||||||||
Share-based compensation, net of tax | – |
( |
– | – |
( |
– |
( |
||||||||
Dividends on share-based compensation, net of tax | – |
( |
– | – |
( |
– |
( |
||||||||
Dividends paid | – |
( |
– | – |
( |
( |
( |
||||||||
Changes in scope of consolidation, net | – | – | – | – | – |
( |
( |
||||||||
Balance at end of period |
|
|
|
( |
|
|
|
||||||||
1
|
|||||||||||||||
2
|
in | 6M23 | 6M22 | |||
Operating activities (CHF million) | |||||
Net income/(loss) |
|
( |
|||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities (CHF million) | |||||
Impairment, depreciation and amortization |
|
|
|||
Provision for credit losses |
|
( |
|||
Deferred tax provision/(benefit) |
|
( |
|||
Share-based compensation |
|
|
|||
Valuation adjustments relating to long-term debt |
|
( |
|||
Share of net income/(loss) from equity method investments |
( |
( |
|||
Trading assets and liabilities, net |
|
|
|||
(Increase)/decrease in other assets |
|
( |
|||
Increase/(decrease) in other liabilities |
( |
( |
|||
Debt extinguishment |
( |
|
|||
Other, net |
|
( |
|||
Total adjustments |
|
( |
|||
Net cash provided by/(used in) operating activities |
|
( |
|||
Investing activities (CHF million) | |||||
(Increase)/decrease in interest-bearing deposits with banks |
|
|
|||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
( |
( |
|||
Purchase of investment securities |
( |
( |
|||
Proceeds from sale of investment securities |
|
|
|||
Maturities of investment securities |
|
|
|||
Investments in subsidiaries and other investments |
( |
( |
|||
Proceeds from sale of other investments |
|
|
|||
(Increase)/decrease in loans |
|
|
|||
Proceeds from sales of loans |
|
|
|||
Capital expenditures for premises and equipment and other intangible assets |
( |
( |
|||
Disposal of business |
|
|
|||
Other, net |
|
|
|||
Net cash provided by/(used in) investing activities |
|
|
in | 6M23 | 6M22 | |||
Financing activities (CHF million) | |||||
Increase/(decrease) in due to banks and customer deposits |
( |
( |
|||
Increase/(decrease) in short-term borrowings |
|
|
|||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|||
Issuances of long-term debt |
|
|
|||
Repayments of long-term debt |
( |
( |
|||
Dividends paid |
( |
( |
|||
Other, net |
( |
( |
|||
Net cash provided by/(used in) financing activities |
( |
( |
|||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
Effect of exchange rate changes on cash and due from banks |
( |
|
|||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||
Net increase/(decrease) in cash and due from banks |
|
( |
|||
Cash and due from banks at beginning of period 1 |
|
|
|||
Cash and due from banks at end of period 1 |
|
|
|||
1
|
in | 6M23 | 6M22 | |||
Cash paid for income taxes and interest (CHF million) | |||||
Cash paid for income taxes |
|
|
|||
Cash paid for interest |
|
|
in | 6M23 | 6M22 | |||
Net revenues (CHF million) | |||||
Wealth Management |
|
|
|||
Swiss Bank |
|
|
|||
Asset Management |
|
|
|||
Investment Bank |
|
|
|||
Capital Release Unit |
( |
|
|||
Corporate Center |
|
( |
|||
Adjustments 1 |
( |
2 |
|
||
Net revenues |
|
|
|||
Income/(loss) before taxes (CHF million) | |||||
Wealth Management |
( |
|
|||
Swiss Bank |
|
|
|||
Asset Management |
( |
|
|||
Investment Bank |
( |
( |
|||
Capital Release Unit |
( |
( |
|||
Corporate Center |
|
( |
|||
Adjustments 1 |
( |
( |
|||
Income/(loss) before taxes |
|
( |
|||
1
Adjustments represent certain consolidating entries, including those relating to entitites that are managed but are not owned or wholly owned by the Bank.
|
|||||
2
Includes a gain of CHF
|
end of | 6M23 | 2022 | |||
Total assets (CHF million) | |||||
Wealth Management |
|
|
|||
Swiss Bank |
|
|
|||
Asset Management |
|
|
|||
Investment Bank |
|
|
|||
Capital Release Unit |
|
|
|||
Corporate Center |
|
|
|||
Adjustments 1 |
( |
( |
|||
Total assets |
|
|
|||
1
Adjustments represent certain consolidating entries, including those relating to entitites that are managed but are not owned or wholly owned by the Bank.
|
in | 6M23 | 6M22 | |||
Net interest income (CHF million) | |||||
Loans |
|
|
|||
Investment securities |
|
( |
|||
Trading assets, net of trading liabilities 1 |
|
|
|||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|||
Other |
|
|
|||
Interest and dividend income |
|
|
|||
Deposits |
( |
( |
|||
Short-term borrowings |
( |
( |
|||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|||
Long-term debt |
( |
( |
|||
Other |
( |
( |
|||
Interest expense |
( |
( |
|||
Net interest income |
|
|
|||
1
Interest and dividend income is presented on a net basis to align with the presentation of trading revenues for trading assets and liabilities.
|
in | 6M23 | 6M22 | |||
Trading revenues (CHF million) | |||||
Interest rate products |
( |
( |
|||
Foreign exchange products |
|
( |
|||
Equity/index-related products |
|
|
|||
Credit products |
( |
|
|||
Commodity and energy products |
( |
|
|||
Other products |
( |
( |
|||
Trading revenues |
( |
( |
|||
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 | 6M23 | 6M22 | |||
Provision for credit losses (CHF million) | |||||
Loans held at amortized cost |
|
|
|||
Other financial assets held at amortized cost |
|
( |
1 | ||
Off-balance sheet credit exposures |
( |
( |
|||
Provision for credit losses |
|
( |
|||
1
Primarily reflected a release of provision for credit losses of CHF (
|
in | 6M23 | 6M22 | |||
Restructuring expenses by type (CHF million) | |||||
Compensation and benefits-related expenses |
|
|
|||
of which severance expenses |
|
|
|||
of which accelerated deferred compensation |
|
|
|||
General and administrative-related expenses |
|
|
|||
of which pension expenses |
|
|
|||
Total restructuring expenses |
|
|
in | 6M23 | 6M22 | |||
Restructuring expenses by segment (CHF million) | |||||
Wealth Management |
|
|
|||
Swiss Bank |
|
|
|||
Asset Management |
|
|
|||
Investment Bank |
|
|
|||
Capital Release Unit |
|
|
|||
Corporate Center |
|
|
|||
Adjustments 1 |
( |
( |
|||
Total restructuring expenses |
|
|
|||
1
Adjustments represent certain consolidating entries, including those relating to entitites that are managed but are not owned or wholly owned by the Bank.
|
6M23 | 6M22 | ||||||||||||
in |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
|||||||
Restructuring liabilities (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Net additional charges 1 |
|
|
|
|
|
|
|||||||
Utilization |
( |
( |
( |
( |
( |
( |
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
1
The following items for which expense accretion was accelerated in 6M23 and 6M22 due to the restructuring of the Bank were not included in the restructuring liabilities: unsettled share-based compensation of CHF
|
in | 6M23 | 6M22 | |||
Contracts with customers (CHF million) | |||||
Investment and portfolio management |
|
|
|||
Other securities business |
|
|
|||
Underwriting |
|
|
|||
Brokerage |
|
|
|||
Other services |
|
|
|||
Total revenues from contracts with customers |
|
|
end of | 6M23 | 2022 | |||
Contract balances (CHF million) | |||||
Contract receivables |
|
|
|||
Contract liabilities |
|
|
in | 2Q23 | 1Q23 | |||
Revenue recognized (CHF million) | |||||
Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period |
|
|
end of | 6M23 | 2022 | |||
Investment securities (CHF million) | |||||
Debt securities held-to-maturity |
|
|
|||
Debt securities available-for-sale |
|
|
|||
Total investment securities |
|
|
6M23 | 2022 | ||||||||||||||||||||
end of |
Amortized cost |
Allowance for credit losses |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
Allowance for credit losses |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||||
Investment securities by type (CHF million) | |||||||||||||||||||||
Foreign governments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Debt securities held-to-maturity |
|
1 |
|
|
|
|
|
1 |
|
|
|
|
|||||||||
Corporate debt securities |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Debt securities available-for-sale |
|
2 |
|
|
|
|
|
2 |
|
|
|
|
|||||||||
1
Excludes accrued interest on debt securities held-to-maturity of CHF
|
|||||||||||||||||||||
2
Excludes accrued interest on debt securities available-for-sale of CHF
|
Less than 12 months | 12 months or more | Total | |||||||||||
end of |
Fair value |
Gross unrealized losses |
Fair value |
Gross unrealized losses |
Fair value |
Gross unrealized losses |
|||||||
6M23 (CHF million) | |||||||||||||
Corporate debt securities |
|
|
|
|
|
|
|||||||
Debt securities available-for-sale |
|
|
|
|
|
|
|||||||
2022 (CHF million) | |||||||||||||
Corporate debt securities |
|
|
|
|
|
|
|||||||
Debt securities available-for-sale |
|
|
|
|
|
|
in | 6M23 | 6M22 | |||
Sales of debt securities available-for-sale (CHF million) | |||||
Proceeds from sales |
|
|
|||
Realized losses |
|
( |
Debt securities held-to-maturity |
Debt securities available-for-sale |
||||||||||||
end of |
Amortized cost |
Fair value |
Average yield (in %) |
Amortized cost |
Fair value |
Average yield (in %) |
|||||||
6M23 (CHF million) | |||||||||||||
Due within 1 year |
|
|
|
|
|
|
|||||||
Due from 1 to 5 years |
|
|
|
|
|
|
|||||||
Due from 5 to 10 years |
|
|
|
|
|
|
|||||||
Total debt securities |
|
1 |
|
|
|
2 |
|
|
|||||
1
Excluded accrued interest on debt securities held-to-maturity of CHF
|
|||||||||||||
2
Excluded accrued interest on debt securities available-for-sale of CHF
|
end of | 6M23 | 2022 | |||
Other investments (CHF million) | |||||
Equity method investments |
|
|
|||
Equity securities (without a readily determinable fair value) 1 |
|
|
|||
of which at net asset value |
|
|
|||
of which at measurement alternative |
|
|
|||
of which at fair value |
|
|
|||
of which at cost less impairment |
|
|
|||
Real estate held-for-investment 2 |
|
|
|||
Life finance instruments 3 |
|
|
|||
Total other investments |
|
|
|||
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee.
|
|||||
2
As of the end of 6M23 and 2022, real estate held-for-investment included foreclosed or repossessed real estate of CHF
|
|||||
3
Includes single premium immediate annuity contracts.
|
in / end of | 6M23 | Cumulative | 6M22 | ||||
Impairments and adjustments (CHF million) | |||||||
Impairments and downward adjustments |
( |
( |
( |
||||
Upward adjustments |
|
|
|
end of | 6M23 | 2022 | |||
Loans (CHF million) | |||||
Mortgages |
|
|
|||
Loans collateralized by securities |
|
|
|||
Consumer finance |
|
|
|||
Consumer |
|
|
|||
Real estate |
|
|
|||
Commercial and industrial loans |
|
|
|||
Financial institutions |
|
|
|||
Governments and public institutions |
|
|
|||
Corporate & institutional |
|
|
|||
Gross loans |
|
|
|||
of which held at amortized cost |
|
|
|||
of which held at fair value |
|
|
|||
Net (unearned income)/deferred expenses |
( |
( |
|||
Allowance for credit losses |
( |
( |
|||
Net loans |
|
|
|||
Gross loans by location (CHF million) | |||||
Switzerland |
|
|
|||
Foreign |
|
|
|||
Gross loans |
|
|
|||
Impaired loan portfolio (CHF million) | |||||
Non-performing loans |
|
|
|||
Non-interest-earning loans |
|
|
|||
Non-accrual loans |
|
|
|||
Restructured loans 1 | – |
|
|||
Potential problem loans |
|
|
|||
Other impaired loans |
|
|
|||
Gross impaired loans 2 |
|
|
|||
1
In connection with the adoption of new accounting guidance for loan modifications on January 1, 2023, the previous accounting guidance for troubled debt restructurings was superseded, with disclosures under the new accounting guidance applied prospectively. Accordingly, restructured loans were reclassified to either potential problem loans or non-impaired loans and are no longer presented as its own impaired loan category.
|
|||||
2
As of the end of 6M23 and 2022, CHF
|
6M23 | 2022 | ||||||||||||
end of |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
|||||
CHF million | |||||||||||||
Cash and due from banks |
|
( |
|
|
|
|
|||||||
Interest-bearing deposits with banks |
|
2 |
|
|
|
4 |
|
|
|||||
Securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
4 |
|
|
||||||
Debt securities held-to-maturity |
|
2 |
|
|
|
4 |
|
|
|||||
Loans |
|
2,3 |
( |
|
|
4,5 |
( |
|
|||||
Brokerage receivables |
|
|
|
|
( |
|
|||||||
Other assets |
|
( |
|
|
( |
|
|||||||
Total |
|
( |
|
|
( |
|
|||||||
1
Net of unearned income/deferred expenses, as applicable.
|
|||||||||||||
2
Excluded accrued interest in the total amount of CHF
|
|||||||||||||
3
Included interest of CHF
|
|||||||||||||
4
Excluded accrued interest in the total amount of CHF
|
|||||||||||||
5
Included interest of CHF
|
end of 6M23 |
Forecast 2023 |
Forecast 2024 |
|||
US real GDP growth rate (%) | |||||
Baseline |
|
|
|||
Mild debt crisis |
|
( |
|||
Stagflationary geopolitical crisis |
( |
( |
|||
World industrial production (%) | |||||
Baseline |
|
|
|||
Mild debt crisis |
( |
( |
|||
Stagflationary geopolitical crisis |
( |
( |
|||
China real GDP growth rate (%) | |||||
Baseline |
|
|
|||
Mild debt crisis |
|
|
|||
Stagflationary geopolitical crisis |
|
( |
|||
EU nominal GDP growth rate (%) | |||||
Baseline |
|
|
|||
Mild debt crisis |
|
( |
|||
Stagflationary geopolitical crisis |
|
|
|||
Swiss nominal GDP growth rate (%) | |||||
Baseline |
|
|
|||
Mild debt crisis |
|
( |
|||
Stagflationary geopolitical crisis |
|
|
|||
Forecasts represent the four-quarter average estimate of the respective macroeconomic factor as determined at the end of each reporting period.
|
end of 2022 |
Forecast 2023 |
Forecast 2024 |
|||
US real GDP growth rate (%) | |||||
Downside |
( |
|
|||
Baseline |
|
|
|||
Upside |
|
|
|||
World industrial production (%) | |||||
Downside |
( |
|
|||
Baseline |
|
|
|||
Upside |
|
|
|||
China real GDP growth rate (%) | |||||
Downside |
( |
|
|||
Baseline |
|
|
|||
Upside |
|
|
|||
EU nominal GDP growth rate (%) | |||||
Downside |
|
|
|||
Baseline |
|
|
|||
Upside |
|
|
|||
Swiss nominal GDP growth rate (%) | |||||
Downside |
|
|
|||
Baseline |
|
|
|||
Upside |
|
|
|||
Forecasts represent the four-quarter average estimate of the respective macroeconomic factor as determined at the end of each reporting period.
|
6M23 | 6M22 | ||||||||||||
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||
Allowance for credit losses (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
1 |
|
|
|
||||||
Current-period provision for expected credit losses |
|
|
|
|
|
|
|||||||
of which provisions for interest 2 |
|
|
|
|
|
|
|||||||
Gross write-offs |
( |
( |
( |
( |
( |
( |
|||||||
Recoveries |
|
|
|
|
|
|
|||||||
Net write-offs |
( |
( |
( |
( |
( |
( |
|||||||
Foreign currency translation impact and other adjustments, net |
( |
( |
( |
|
|
|
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
of which individually evaluated |
|
|
|
|
|
|
|||||||
of which collectively evaluated |
|
|
|
|
|
|
|||||||
1
Includes a net impact of CHF
|
|||||||||||||
2
Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income.
|
6M23 | 6M22 | ||||||||||||
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||
Loans held at amortized cost (CHF million) | |||||||||||||
Purchases 1 |
|
|
|
|
|
|
|||||||
Reclassifications from loans held-for-sale 2 |
|
|
|
|
|
|
|||||||
Reclassifications to loans held-for-sale 3 |
|
|
|
|
|
|
|||||||
Sales 3 |
|
|
|
|
|
|
|||||||
Reclassifications from loans held-for-sale and reclassifications to loans held-for-sale represent non-cash transactions.
|
|||||||||||||
1
Includes drawdowns under purchased loan commitments.
|
|||||||||||||
2
Reflects loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held at amortized cost.
|
|||||||||||||
3
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.
|
6M23 | 6M22 | ||||
Allowance for credit losses (CHF million) | |||||
Balance at beginning of period |
|
|
|||
Current-period provision for expected credit losses |
|
( |
|||
Gross write-offs |
( |
( |
|||
Recoveries |
|
|
|||
Net write-offs |
( |
( |
|||
Foreign currency translation impact and other adjustments, net |
( |
|
|||
Balance at end of period |
|
|
|||
of which individually evaluated |
|
|
|||
of which collectively evaluated |
|
|
6M23 | 2022 | ||||||||||||||||||
Investment grade |
Non-investment grade |
Gross write-offs (YTD) |
Investment grade |
Non-investment grade |
|||||||||||||||
end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||||
CHF million | |||||||||||||||||||
Mortgages | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Loans collateralized by securities | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans 1 |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer finance | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer – total | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
1
Lombard loans are generally classified as revolving loans.
|
6M23 | 2022 | ||||||||||||||||||
Investment grade |
Non-investment grade |
Gross write-offs (YTD) |
Investment grade |
Non-investment grade |
|||||||||||||||
end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||||
CHF million | |||||||||||||||||||
Real estate | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial loans | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Financial institutions | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
( |
|
|
( |
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Governments and public institutions | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate & institutional – total | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
6M23 | 2022 | ||||||||||||||||||
Investment grade |
Non-investment grade |
Gross write-offs (YTD) |
Investment grade |
Non-investment grade |
|||||||||||||||
end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||||
CHF million | |||||||||||||||||||
Loans held at amortized cost – total | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term loans |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total loans to third parties |
|
|
|
|
|
|
|
|
|
||||||||||
Total loans to entities under common control |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
1 |
|
|
|
|
|
1 | ||||||||
1
Excluded accrued interest on loans held at amortized cost of CHF
|
6M23 | 2022 | ||||||||||||||||||
Investment grade |
Non-investment grade |
Gross write-offs (YTD) |
Investment grade |
Non-investment grade |
|||||||||||||||
end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||||
CHF million | |||||||||||||||||||
Other financial assets held at amortized cost | |||||||||||||||||||
2023 / 2022 |
|
|
|
|
|
|
|
|
|
||||||||||
2022 / 2021 |
|
|
|
|
|
|
|
|
|
||||||||||
2021 / 2020 |
|
|
|
|
|
|
|
|
|
||||||||||
2020 / 2019 |
|
|
|
|
|
|
|
|
|
||||||||||
2019 / 2018 |
|
|
|
|
|
|
|
|
|
||||||||||
Prior years |
|
|
|
|
|
|
|
|
|
||||||||||
Total term positions |
|
|
|
|
|
|
|
|
|
||||||||||
Revolving positions |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
||||||||||
Includes primarily mortgage servicing advances and failed purchases.
|
Current | Past due | ||||||||||||||
end of |
|
Up to 30 days |
31–60 days |
61–90 days |
More than 90 days |
Total |
Total |
||||||||
6M23 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
|
|
|
|
|
||||||||
Governments and public institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Total loans to third parties |
|
|
|
|
|
|
|
||||||||
Total loans to entities under common control |
|
|
|
|
|
|
|
||||||||
Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
2022 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
|
|
|
|
|
||||||||
Governments and public institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Total loans to third parties |
|
|
|
|
|
|
|
||||||||
Total loans to entities under common control |
|
|
|
|
|
|
|
||||||||
Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
1
Excluded accrued interest on loans held at amortized cost of CHF
|
6M23 | 6M22 | ||||||||||||||||
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
||||||||||
CHF million | |||||||||||||||||
Mortgages |
|
|
|
|
|
|
|
|
|||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
|
|||||||||
Consumer finance |
|
|
|
|
|
|
|
|
|||||||||
Consumer |
|
|
|
|
|
|
|
|
|||||||||
Real estate |
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
|
|||||||||
Financial institutions |
|
|
|
|
|
|
|
|
|||||||||
Governments and public institutions |
|
|
|
|
|
|
|
|
|||||||||
Corporate & institutional |
|
|
|
|
|
|
|
|
|||||||||
Total loans held at amortized cost |
|
|
|
|
|
|
|
|
6M23 | |||||
in |
Period-end amortized cost (CHF million) |
In percent of class of financing receivables (%) |
|||
Principal forgiveness (PF) | |||||
Mortgages |
|
|
|||
Commercial and industrial loans |
|
|
|||
Total |
|
– | |||
Interest rate reduction (IRR) | |||||
Mortgages |
|
|
|||
Loans collateralized by securities |
|
|
|||
Consumer finance |
|
|
|||
Real estate |
|
|
|||
Commercial and industrial loans |
|
|
|||
Total |
|
– | |||
Term extension (TE) | |||||
Mortgages |
|
|
|||
Real estate |
|
|
|||
Commercial and industrial loans |
|
|
|||
Financial institutions |
|
|
|||
Total |
|
– | |||
Other than insignificant payment delay (OtIPD) | |||||
Commercial and industrial loans |
|
|
|||
Combination of IRR and TE | |||||
Commercial and industrial loans |
|
|
|||
Combination of TE and OtIPD | |||||
Commercial and industrial loans |
|
|
|||
Total loan modifications | |||||
Mortgages |
|
|
|||
Loans collateralized by securities |
|
|
|||
Real estate |
|
|
|||
Commercial and industrial loans |
|
|
|||
Financial institutions |
|
|
|||
Total |
|
|
|||
PF = Principal forgiveness; IRR = Interest rate reduction; TE = Term extension; OtIPD = Other than insignificant payment delay.
|
in | 6M23 | ||
Principal forgiveness (PF) (CHF million) | |||
Mortgages |
|
||
Commercial and industrial loans |
|
||
Total |
|
||
Interest rate reduction (IRR) (WAIRR in %) | |||
Mortgages |
|
||
Loans collateralized by securities |
|
||
Consumer finance |
|
||
Real estate |
|
||
Commercial and industrial loans |
|
||
Total |
|
||
Term extension (TE) (WATE in years) | |||
Mortgages |
|
||
Real estate |
|
||
Commercial and industrial loans |
|
||
Financial institutions |
|
||
Total |
|
||
Other than insignificant payment delay (OtIPD) (CHF million) | |||
Commercial and industrial loans |
|
||
Combination of IRR and TE | |||
Commercial and industrial loans | |||
Interest rate reduction (%) |
|
||
Term extension (Years) |
|
||
Combination of TE and OtIPD | |||
Commercial and industrial loans | |||
Term extension (Years) |
|
||
Payment delay (CHF million) |
|
||
PF = Principal forgiveness; IRR = Interest rate reduction; TE = Term extension; OtIPD = Other than insignificant payment delay; WAIRR = Weighted average interest rate reduction; WATE = Weighted average term extension.
|
6M22 | |||||||
in |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
||||
CHF million, except where indicated | |||||||
Real estate |
|
|
|
||||
Commercial and industrial loans |
|
|
|
||||
Total loans |
|
|
|
6M23 |
Wealth Management |
Swiss Bank |
Asset Management |
Investment Bank |
Bank |
1 | |||||
Gross amount of goodwill (CHF million) | |||||||||||
Balance at beginning of period |
|
|
|
|
|
||||||
Foreign currency translation impact |
( |
( |
( |
|
( |
||||||
Other |
|
|
( |
|
|
||||||
Balance at end of period |
|
|
|
|
|
||||||
Accumulated impairment (CHF million) | |||||||||||
Balance at beginning of period |
|
|
|
|
|
||||||
Impairment losses |
|
2 |
|
|
2 |
|
|
||||
Balance at end of period |
|
|
|
|
|
||||||
Net book value (CHF million) | |||||||||||
Net book value |
|
|
|
|
|
||||||
Segments are shown net of adjustments regarding certain consolidating entities, including those relating to entities that are managed but are not owned or fully owned by Credit Suisse.
|
|||||||||||
1
Gross amount of goodwill and accumulated impairment included CHF
|
|||||||||||
2
Includes adjustments regarding certain consolidating entities of CHF
|
end of | 6M23 | 2022 | |||
Other assets (CHF million) | |||||
Cash collateral on derivative instruments |
|
|
|||
Cash collateral on non-derivative transactions |
|
|
|||
Derivative instruments used for hedging 1 |
|
|
|||
Assets held-for-sale |
|
|
|||
of which loans 2 |
|
|
|||
allowance for loans held-for-sale |
( |
( |
|||
of which real estate 3 |
|
|
|||
of which long-lived assets |
|
|
|||
Premises and equipment, net and right-of-use assets |
|
|
|||
Assets held for separate accounts |
|
|
|||
Interest and fees receivable |
|
|
|||
Deferred tax assets |
|
|
|||
Prepaid expenses |
|
|
|||
of which cloud computing arrangement implementation costs |
|
|
|||
Failed purchases |
|
|
|||
Defined benefit pension and post-retirement plan assets |
|
|
|||
Other |
|
|
|||
of which digital asset safeguarding assets |
|
|
|||
Other assets |
|
|
|||
Other liabilities (CHF million) | |||||
Cash collateral on derivative instruments |
|
|
|||
Cash collateral on non-derivative transactions |
|
|
|||
Derivative instruments used for hedging 1 |
|
|
|||
Operating leases liabilities |
|
|
|||
Provisions |
|
|
|||
of which expected credit losses on off-balance sheet credit exposures |
|
|
|||
Restructuring liabilities |
|
|
|||
Liabilities held for separate accounts |
|
|
|||
Interest and fees payable |
|
|
|||
Current tax liabilities |
|
|
|||
Deferred tax liabilities |
|
|
|||
Failed sales |
|
|
|||
Defined benefit pension and post-retirement plan liabilities |
|
|
|||
Other |
|
|
|||
of which digital asset safeguarding liabilities |
|
|
|||
Other liabilities |
|
|
|||
1
Amounts shown after counterparty and cash collateral netting.
|
|||||
2
Included as of the end of 6M23 and 2022 were CHF
|
|||||
3
As of the end of 6M23 and 2022, real estate held-for-sale included foreclosed or repossessed real estate of CHF
|
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
1 |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Gains/ (losses) on liabilities relating to credit risk |
AOCI |
||||||||
6M23 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
( |
( |
( |
|
( |
||||||||
Increase/(decrease) |
|
( |
|
( |
|
|
|
||||||||
Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
|
( |
2 |
( |
|||||||
Total increase/(decrease) |
|
( |
|
( |
|
( |
( |
||||||||
Balance at end of period |
( |
( |
( |
( |
( |
( |
( |
||||||||
6M22 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
( |
( |
( |
||||||||
Increase/(decrease) |
( |
|
( |
|
( |
|
|
||||||||
Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
|
|
( |
||||||||
Total increase/(decrease) |
( |
|
( |
|
|
|
|
||||||||
Balance at end of period |
( |
( |
|
( |
( |
|
( |
||||||||
1
No impairments on available-for-sale debt securities were recognized in net income/(loss) in 6M23 and 6M22.
|
|||||||||||||||
2
Included the impact of the additional tier 1 capital notes write-down of CHF
|
in | 6M23 | 6M22 | |||
Reclassification adjustments, included in net income/(loss) (CHF million) | |||||
Cumulative translation adjustments | |||||
Reclassification adjustments 1 |
|
|
|||
Gains/(losses) on cash flow hedges | |||||
Gross gains/(losses) 2 |
( |
( |
|||
Tax expense/(benefit) |
|
|
|||
Net of tax |
( |
( |
|||
Actuarial gains/(losses) | |||||
Amortization of recognized actuarial losses 3 |
( |
|
|||
Tax expense/(benefit) |
|
( |
|||
Net of tax |
|
|
|||
Gains/(losses) on liabilities relating to credit risk | |||||
Reclassification adjustments 1 |
( |
|
|||
Tax expense/(benefit) |
|
|
|||
Net of tax |
( |
|
|||
1
Included in other revenues.
|
|||||
2
Included in interest and dividend income as well as operating expenses. Refer to "Note 20 - Derivatives and hedging activities" for further information.
|
|||||
3
These components are included in the computation of total benefit costs. Refer to "Note 19 – Pension and other post-retirement benefits" for further information.
|
6M23 | 2022 | ||||||||
end of |
Derivative assets |
Derivative liabilities |
Derivative assets |
Derivative liabilities |
|||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | |||||||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Interest rate products |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Foreign exchange products |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Equity/index-related products |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Credit derivatives |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Other products 1 |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Total gross derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
Offsetting (CHF billion) | |||||||||
OTC-cleared |
( |
( |
( |
( |
|||||
OTC |
( |
( |
( |
( |
|||||
Exchange-traded |
( |
( |
( |
( |
|||||
Offsetting |
( |
( |
( |
( |
|||||
of which counterparty netting |
( |
( |
( |
( |
|||||
of which cash collateral netting |
( |
( |
2 |
( |
( |
2 | |||
Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Total net derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
Total derivatives not subject to enforceable master netting agreements 3 |
|
|
|
|
|||||
Total net derivatives presented in the consolidated balance sheets |
|
|
|
|
|||||
of which recorded in trading assets and trading liabilities |
|
|
|
|
|||||
of which recorded in other assets and other liabilities |
|
|
|
|
|||||
1
Primarily precious metals, commodity and energy products.
|
|||||||||
2
Includes CHF
|
|||||||||
3
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.
|
6M23 | 2022 | ||||||||||||
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 |
|
( |
|
|
( |
|
|||||||
Securities borrowing transactions |
|
|
|
|
|
|
|||||||
Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
Total |
|
( |
|
2 |
|
( |
|
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
|
6M23 | 2022 | ||||||||||||
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 |
|
( |
|
|
( |
|
|||||||
Securities lending transactions |
|
|
|
|
|
|
|||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
Total |
|
( |
|
|
( |
|
|||||||
of which securities sold under repurchase agreements and securities lending transactions |
|
( |
|
2 |
|
( |
|
2 | |||||
of which obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
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
|
6M23 | 2022 | ||||||||||||||||
end of |
Net |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
Net |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
|||||
Financial assets subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives |
|
|
|
|
|
|
|
|
|||||||||
Securities purchased under resale agreements |
|
|
|
|
|
|
|
|
|||||||||
Securities borrowing transactions |
|
|
|
|
|
|
|
|
|||||||||
Total financial assets subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives |
|
|
|
|
|
|
|
|
|||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
|
|
|
|||||||||
Securities lending transactions |
|
|
|
|
|
|
|
|
|||||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|
|
|||||||||
Total financial liabilities subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
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.
|
end of | 6M23 | 2022 | |||
Net deferred tax assets (CHF million) | |||||
Deferred tax assets |
|
|
|||
of which net operating losses |
|
|
|||
of which deductible temporary differences |
|
|
|||
Deferred tax liabilities |
( |
( |
|||
Net deferred tax assets/(liabilities) |
( |
( |
in | 6M23 | 6M22 | |||
Net periodic benefit costs/(credits) (CHF million) | |||||
Service costs on benefit obligation |
|
|
|||
Interest costs on benefit obligation |
|
|
|||
Expected return on plan assets |
( |
( |
|||
Amortization of recognized prior service cost/(credit) |
|
|
|||
Amortization of recognized actuarial losses |
( |
|
|||
Net periodic benefit costs/(credits) |
( |
|
|||
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.
|
Trading | Hedging | 1 | |||||||||||
end of 6M23 |
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 |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Interest rate products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Foreign exchange products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Equity/index-related products |
|
|
|
|
|
|
|||||||
Credit derivatives 2 |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Other products 3 |
|
|
|
|
|
|
|||||||
Total derivative instruments |
|
|
|
|
|
|
|||||||
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
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 2022 |
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 |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Interest rate products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Foreign exchange products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Equity/index-related products |
|
|
|
|
|
|
|||||||
Credit derivatives 2 |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Other products 3 |
|
|
|
|
|
|
|||||||
Total derivative instruments |
|
|
|
|
|
|
|||||||
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
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.
|
in | 6M23 | 6M22 | |||
Interest rate products (CHF million) | |||||
Hedged items 1 |
|
|
|||
Derivatives designated as hedging instruments 1 |
( |
( |
|||
The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table.
|
|||||
1
Included in net interest income.
|
6M23 | 2022 | ||||||||||||
Hedged items | Hedged items | ||||||||||||
end of |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 | |||
Assets (CHF billion) | |||||||||||||
Investment securities |
|
( |
|
|
( |
|
|||||||
Net loans |
|
( |
( |
|
( |
( |
|||||||
Liabilities (CHF billion) | |||||||||||||
Long-term debt |
|
( |
( |
|
( |
( |
|||||||
1
Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount.
|
|||||||||||||
2
Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued.
|
in | 6M23 | 6M22 | |||
Interest rate products (CHF million) | |||||
Gains/(losses) recognized in AOCI on derivatives |
|
( |
|||
Gains/(losses) reclassified from AOCI into interest and dividend income |
|
|
Foreign exchange products (CHF million) | |||||
Gains/(losses) recognized in AOCI on derivatives |
|
( |
|||
Total other operating expenses |
( |
( |
|||
Gains/(losses) reclassified from AOCI into income |
( |
( |
in | 6M23 | 6M22 | |||
Foreign exchange products (CHF million) | |||||
Gains/(losses) recognized in the cumulative translation adjustments section of AOCI |
( |
( |
|||
Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues |
|
|
6M23 | 2022 | ||||||||||||||||
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 |
|
|
|
|
|
|
|
|
|||||||||
Collateral posted |
|
|
– |
|
|
|
– |
|
|||||||||
Impact of a one-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
Impact of a two-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
Impact of a three-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively.
|
6M23 | 2022 | ||||||||||||||||||||
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 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Non-investment grade |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
Total single-name instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
of which sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Multi-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Non-investment grade |
( |
|
( |
|
3 |
( |
( |
|
( |
|
3 |
( |
|||||||||
Total multi-name instruments |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
of which non-sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
Total instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Non-investment grade |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
Total instruments |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
of which sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
of which non-sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
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 | 6M23 | 2022 | |||
Credit derivatives (CHF billion) | |||||
Credit protection sold |
|
|
|||
Credit protection purchased |
|
|
|||
Other protection purchased |
|
|
|||
Other instruments 1 |
|
|
|||
Total credit derivatives |
|
|
|||
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 |
|||||
6M23 (CHF billion) | |||||||||
Single-name instruments |
|
|
|
|
|||||
Multi-name instruments |
|
|
|
|
|||||
Total instruments |
|
|
|
|
|||||
2022 (CHF billion) | |||||||||
Single-name instruments |
|
|
|
|
|||||
Multi-name instruments |
|
|
|
|
|||||
Total instruments |
|
|
|
|
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Carrying value |
Collateral received |
||||||
6M23 (CHF million) | |||||||||||||
Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Derivatives 2 |
|
|
|
|
|
– | |||||||
Other guarantees |
|
|
|
|
|
|
|||||||
Total guarantees |
|
|
|
|
|
|
|||||||
2022 (CHF million) | |||||||||||||
Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Derivatives 2 |
|
|
|
|
|
– | |||||||
Other guarantees |
|
|
|
|
|
|
|||||||
Total guarantees |
|
|
|
|
|
|
|||||||
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 Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
|
6M23 | 2022 | ||||||||||||||||
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
||||||||
Other commitments (CHF million) | |||||||||||||||||
Irrevocable commitments under documentary credits |
|
|
|
|
|
|
|
|
|||||||||
Irrevocable loan commitments |
|
|
|
2 |
|
|
|
|
2 |
|
|||||||
Forward reverse repurchase agreements |
|
|
|
|
|
|
|
|
|||||||||
Other commitments |
|
|
|
|
|
|
|
|
|||||||||
Total other commitments |
|
|
|
|
|
|
|
|
|||||||||
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
|
in | 6M23 | 6M22 | |||
Gains/(losses) and cash flows (CHF million) | |||||
CMBS | |||||
Net gain 1 |
|
|
|||
Proceeds from transfer of assets 2 |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
RMBS | |||||
Net gain/(loss) 1 |
|
( |
|||
Proceeds from transfer of assets 3 |
|
|
|||
Servicing fees |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
Other asset-backed financings | |||||
Net gain 1 |
|
|
|||
Proceeds from transfer of assets 4 |
|
|
|||
Purchases of previously transferred financial assets or its underlying collateral |
( |
( |
|||
Fees 5 |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
1
Includes primarily underwriting revenues, deferred origination fees 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.
|
|||||
2
Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF
|
|||||
3
Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF
|
|||||
4
Includes the receipt of non-cash beneficial interests (including risk retention securities) and seller financing of CHF
|
|||||
5
Represents primarily management fees and performance fees earned for investment management services provided to managed CLOs.
|
end of | 6M23 | 2022 | |||
CHF million | |||||
CMBS |
|
|
|||
RMBS |
|
|
|||
Other asset-backed financings |
|
|
|||
Principal amount outstanding relates to assets transferred from the Bank and does not include principal amounts for assets transferred from third parties.
|
end of | 6M23 | 2022 | |||
CHF million | |||||
Other asset-backed financings | |||||
Trading assets |
|
|
|||
Other assets |
|
|
|||
Liability to SPEs, included in other liabilities |
( |
( |
end of | 6M23 | 2022 | |||
CHF billion | |||||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Asset-backed securities |
|
|
|||
Equity securities |
|
|
|||
Other |
|
|
|||
Securities sold under repurchase agreements |
|
|
|||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Asset-backed securities |
|
|
|||
Equity securities |
|
|
|||
Other |
|
|
|||
Securities lending transactions |
|
|
|||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Asset-backed securities |
|
|
|||
Equity securities |
|
|
|||
Other |
|
|
|||
Obligation to return securities received as collateral, at fair value |
|
|
|||
Total |
|
|
Remaining contractual maturities | |||||||||||
end of |
No stated maturity |
Up to 30 days |
1 |
31-90 days |
More than 90 days |
Total |
|||||
6M23 (CHF billion) | |||||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
||||||
Securities lending transactions |
|
|
|
|
|
||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
Total |
|
|
|
|
|
||||||
2022 (CHF billion) | |||||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
||||||
Securities lending transactions |
|
|
|
|
|
||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
Total |
|
|
|
|
|
||||||
1
Includes overnight transactions.
|
Financial intermediation | |||||||||||||||
end of |
CDO/ CLO |
CP Conduit |
Securi- tizations |
Funds |
Loans |
Other |
Total |
||||||||
6M23 (CHF million) | |||||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|
||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Other investments |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
of which loans held-for-sale |
|
|
|
|
|
|
|
||||||||
of which premises and equipment |
|
|
|
|
|
|
|
||||||||
Total assets of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
Trading liabilities |
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
|
|
||||||||
Other liabilities |
|
|
|
|
|
|
|
||||||||
Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
2022 (CHF million) | |||||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|
||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Other investments |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
of which loans held-for-sale |
|
|
|
|
|
|
|
||||||||
Total assets of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
Trading liabilities |
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
|
|
||||||||
Other liabilities |
|
|
|
|
|
|
|
||||||||
Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|
Financial intermediation | |||||||||||||||
end of |
CDO/ CLO |
CP Conduit |
1 |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
6M23 (CHF million) | |||||||||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
Total variable interest assets |
|
|
|
|
|
|
|
||||||||
Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
2022 (CHF million) | |||||||||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
Total variable interest assets |
|
|
|
|
|
|
|
||||||||
Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
1
Includes liquidity facilities provided to third-party CP conduits through Alpine.
|
end of 6M23 |
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 |
|
|
|
– | – |
|
|||||||
Interest-bearing deposits with banks |
|
|
|
– | – |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
Securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading assets |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– |
|
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– |
|
|
|||||||
of which RMBS |
|
|
|
– | – |
|
|||||||
of which CDO |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading assets |
|
|
|
– | – |
|
|||||||
Investment securities |
|
|
|
– | – |
|
|||||||
Other investments |
|
|
|
– |
|
|
|||||||
of which other equity investments |
|
|
|
– |
|
|
|||||||
of which life finance instruments |
|
|
|
– | – |
|
|||||||
Loans |
|
|
|
– | – |
|
|||||||
of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
of which financial institutions |
|
|
|
– | – |
|
|||||||
of which government and public institutions |
|
|
|
– | – |
|
|||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
Other assets |
|
|
|
( |
– |
|
|||||||
of which failed purchases |
|
|
|
– | – |
|
|||||||
of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
Total assets at fair value |
|
|
|
( |
|
|
|||||||
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 6M23 |
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 |
|
|
|
– | – |
|
|||||||
Customer deposits |
|
|
|
– | – |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading liabilities |
|
|
|
( |
– |
|
|||||||
of which short positions |
|
|
|
– | – |
|
|||||||
of which debt securities |
|
|
|
– | – |
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– | – |
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading liabilities |
|
|
|
– | – |
|
|||||||
Short-term borrowings |
|
|
|
– | – |
|
|||||||
Long-term debt |
|
|
|
– | – |
|
|||||||
of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
of which structured notes over two years |
|
|
|
– | – |
|
|||||||
of which other debt instruments over two years |
|
|
|
– | – |
|
|||||||
Other liabilities |
|
|
|
( |
– |
|
|||||||
Total liabilities at fair value |
|
|
|
( |
– |
|
|||||||
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 2022 |
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 |
|
|
|
– | – |
|
|||||||
Interest-bearing deposits with banks |
|
|
|
– | – |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
Securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading assets |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– |
|
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– |
|
|
|||||||
of which RMBS |
|
|
|
– | – |
|
|||||||
of which CDO |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading assets |
|
|
|
– | – |
|
|||||||
Investment securities |
|
|
|
– | – |
|
|||||||
Other investments |
|
|
|
– |
|
|
|||||||
of which other equity investments |
|
|
|
– |
|
|
|||||||
of which life finance instruments |
|
|
|
– | – |
|
|||||||
Loans |
|
|
|
– | – |
|
|||||||
of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
of which financial institutions |
|
|
|
– | – |
|
|||||||
of which government and public institutions |
|
|
|
– | – |
|
|||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
Other assets |
|
|
|
( |
– |
|
|||||||
of which failed purchases |
|
|
|
– | – |
|
|||||||
of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
Total assets at fair value |
|
|
|
( |
|
|
|||||||
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 2022 |
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 |
|
|
|
– | – |
|
|||||||
Customer deposits |
|
|
|
– | – |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading liabilities |
|
|
|
( |
– |
|
|||||||
of which short positions |
|
|
|
– | – |
|
|||||||
of which debt securities |
|
|
|
– | – |
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– | – |
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading liabilities |
|
|
|
– | – |
|
|||||||
Short-term borrowings |
|
|
|
– | – |
|
|||||||
Long-term debt |
|
|
|
– | – |
|
|||||||
of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
of which structured notes over two years |
|
|
|
– | – |
|
|||||||
of which other debt instruments over two years |
|
|
|
– | – |
|
|||||||
of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
Other liabilities |
|
|
|
( |
– |
|
|||||||
Total liabilities at fair value |
|
|
|
( |
– |
|
|||||||
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 |
|||||||||||||||||||||||||||||||
6M23 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||||
Trading assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
of which debt securities |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which corporates |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which RMBS |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
of which CDO |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
of which derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
of which interest rate products |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
of which equity/index-related products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
of which other derivatives |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
of which other trading assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
Other investments |
|
|
( |
|
( |
|
|
|
( |
|
( |
|
|
( |
|
( |
|||||||||||||||||
of which other equity investments |
|
|
( |
|
( |
|
|
|
( |
|
( |
|
|
( |
|
( |
|||||||||||||||||
of which life finance instruments |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
Loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
of which commercial and industrial loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which financial institutions |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
of which government and public institutions |
|
|
|
|
( |
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
Other assets |
|
|
( |
|
( |
|
( |
|
|
|
( |
|
|
( |
|
( |
|||||||||||||||||
of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
Total assets at fair value |
|
|
( |
|
( |
|
( |
|
( |
|
( |
|
|
( |
|
( |
|||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
Customer deposits |
|
|
|
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
Trading liabilities |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which equity/index-related products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which other derivatives |
|
( |
|
|
|
|
( |
( |
|
|
|
|
|
( |
|
|
|||||||||||||||||
Short-term borrowings |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
( |
|
|
( |
|
|
|||||||||||||||||
of which structured notes over two years |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
of which other debt instruments over two years |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
Other liabilities |
|
|
( |
|
( |
|
( |
( |
|
( |
( |
|
|
( |
|
|
|||||||||||||||||
Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
|
( |
( |
|
|
( |
|
|
|||||||||||||||||
Net assets/(liabilities) at fair value |
( |
( |
|
|
( |
( |
|
( |
( |
|
|
( |
( |
|
( |
( |
|||||||||||||||||
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 6M23, changes in net unrealized gains/(losses) of CHF (
|
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | |||||||||||||||||||||||||||||||||
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||
6M22 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Trading assets |
|
|
( |
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|||||||||||||||||
of which debt securities |
|
|
( |
|
( |
|
|
( |
( |
|
( |
|
|
|
|
|
|||||||||||||||||
of which corporates |
|
|
( |
|
( |
|
|
( |
( |
|
|
|
|
|
|
|
|||||||||||||||||
of which RMBS |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
of which derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
of which interest rate products |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
of which other derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which other trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
Other investments |
|
|
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|||||||||||||||||
of which other equity investments |
|
|
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|||||||||||||||||
of which life finance instruments |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
Loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which commercial and industrial loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which financial institutions |
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
of which government and public institutions |
|
|
|
|
|
|
|
( |
( |
|
|
|
|
|
|
( |
|||||||||||||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
Other assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets at fair value |
|
|
( |
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
Customer deposits |
|
|
|
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Trading liabilities |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which derivatives |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which equity/index-related products |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
( |
|||||||||||||||||
of which other derivatives |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
Short-term borrowings |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
|
|||||||||||||||||
Long-term debt |
|
|
( |
|
|
|
( |
( |
( |
|
|
( |
( |
|
|
( |
|||||||||||||||||
of which structured notes over two years |
|
|
( |
|
|
|
( |
( |
( |
|
|
( |
( |
|
|
( |
|||||||||||||||||
of which other debt instruments over two years |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
Other liabilities |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
|
|
|
|
|
|||||||||||||||||
Total liabilities at fair value |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
( |
( |
|
|
( |
|||||||||||||||||
Net assets/(liabilities) at fair value |
( |
( |
|
|
( |
( |
|
|
|
( |
( |
|
|
( |
( |
|
|||||||||||||||||
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 6M22, changes in net unrealized gains/(losses) of CHF
|
|||||||||||||||||||||||||||||||||
end of 6M23 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Trading assets |
|
||||||||||||
of which debt securities |
|
||||||||||||
of which corporates |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Price, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
of which CDO |
|
||||||||||||
of which |
|
Discounted cash flow | Discount rate, in % |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which equity/index-related products |
|
||||||||||||
of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
|
|
|
||||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
UK Mortality, in % |
|
|
|
||||||||||
of which other trading assets |
|
||||||||||||
of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Tax swap rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Mortality rate, in % |
|
|
|
|||||||
Other investments |
|
||||||||||||
of which other equity investments |
|
||||||||||||
of which |
|
Market comparable | Price, in actuals |
|
|
|
|||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
of which |
|
Option model | Price, in actuals |
|
|
|
|||||||
of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Loans |
|
||||||||||||
of which commercial and industrial loans |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which financial institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which government and public institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Other assets |
|
||||||||||||
of which loans held-for-sale |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
2
Estimate of probability of structured notes being put back to the Bank 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.
|
end of 2022 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Trading assets |
|
||||||||||||
of which debt securities |
|
||||||||||||
of which corporates |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Price, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
of which RMBS |
|
Discounted cash flow | Discount rate, in % |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which interest rate products |
|
||||||||||||
of which |
|
Discounted cash flow | Volatility, in % |
|
|
|
|||||||
of which |
|
Option model | Contingent probability, in % |
|
|
|
|||||||
Mean reversion, in % | 2 |
|
|
|
|||||||||
Prepayment rate, in % |
|
|
|
||||||||||
Volatility, in % |
( |
|
( |
||||||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
UK Mortality, in % |
|
|
|
||||||||||
of which other trading assets |
|
||||||||||||
of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Tax swap rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Mortality rate, in % |
|
|
|
|||||||
Other investments |
|
||||||||||||
of which other equity investments |
|
||||||||||||
of which |
|
Market comparable | Price, in actuals |
|
|
|
|||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
of which |
|
Discounted cash flow | Discount rate, in % |
|
|
|
|||||||
of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Loans |
|
||||||||||||
of which commercial and industrial loans |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which financial institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which government and public institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Other assets |
|
||||||||||||
of which loans held-for-sale |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
2
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
end of 6M23 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Trading liabilities |
|
||||||||||||
of which derivatives |
|
||||||||||||
of which equity/index-related products |
|
||||||||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Dividend yield, in % |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
of which credit derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Discount rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
UK Mortality, in % |
|
|
|
||||||||||
Short-term borrowings |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Buyback probability, in % | 2 |
|
|
|
|||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Unadjusted NAV, in actuals |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Long-term debt |
|
||||||||||||
of which structured notes over two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Credit spread, in bp |
|
|
|
||||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Mean reversion, in % | 4 |
|
|
|
|||||||||
Unadjusted NAV, in actuals |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which other debt instruments over two years |
|
||||||||||||
of which |
|
Option model | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
2
Estimate of probability of structured notes being put back to the Bank 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 2022 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Trading liabilities |
|
||||||||||||
of which derivatives |
|
||||||||||||
of which equity/index-related products |
|
||||||||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Dividend yield, in % |
|
|
|
||||||||||
Fund gap risk, in % | 2 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
of which credit derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Discount rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
UK Mortality, in % |
|
|
|
||||||||||
Short-term borrowings |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Buyback probability, in % | 3 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
Price, in actuals |
|
|
|
||||||||||
Long-term debt |
|
||||||||||||
of which structured notes over two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Option model | Buyback probability, in % | 3 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Credit spread, in bp |
|
|
|
||||||||||
Fund gap risk, in % | 2 |
|
|
|
|||||||||
Mean reversion, in % | 4 |
|
|
|
|||||||||
Unadjusted NAV, in actuals |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which |
|
Price | Price, in % |
|
|
|
|||||||
of which other debt instruments over two years |
|
||||||||||||
of which |
|
Option model | Buyback probability, in % | 3 |
|
|
|
||||||
Credit spread, in bp |
|
|
|
||||||||||
Price, in actuals |
|
|
|
||||||||||
of which |
|
Price | Price, in actuals |
|
|
|
|||||||
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
2
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
3
Estimate of probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
4
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
6M23 | 2022 | ||||||||||||
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 |
|
|
|
|
|
|
|||||||
Loans |
|
|
( |
|
|
( |
|||||||
Other assets 1 |
|
|
( |
|
|
( |
|||||||
Due to banks and customer deposits |
( |
( |
|
( |
( |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|
( |
( |
( |
|||||||
Short-term borrowings |
( |
( |
|
( |
( |
|
|||||||
Long-term debt 2 |
( |
( |
|
( |
( |
|
|||||||
Other liabilities |
( |
( |
|
( |
( |
|
|||||||
Non-accrual loans 3, 4 |
|
|
( |
|
|
( |
|||||||
1
Primarily loans held-for-sale.
|
|||||||||||||
2
Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal.
|
|||||||||||||
3
Generally, a loan is deemed non-accrual when the contractual payments of principal and/or interest are more than 90 days past due.
|
|||||||||||||
4
Included in loans or other assets.
|
Net gains/(losses) | |||||
in | 6M23 | 6M22 | |||
Financial instruments (CHF million) | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
1 |
|
1 | |
Other investments |
( |
2 |
( |
2 | |
of which related to credit risk |
|
( |
|||
Loans |
|
1 |
( |
1 | |
of which related to credit risk |
( |
( |
|||
Other assets |
|
2 |
|
1 | |
of which related to credit risk |
( |
( |
|||
Due to banks and customer deposits |
( |
2 |
( |
2 | |
of which related to credit risk |
( |
( |
|||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
1 |
( |
1 | |
Short-term borrowings |
( |
2 |
|
2 | |
of which related to credit risk |
|
|
|||
Long-term debt |
|
3 |
|
2 | |
of which related to credit risk |
|
|
|||
Other liabilities |
( |
2 |
( |
2 | |
of which related to credit risk |
( |
( |
|||
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 | 6M23 | Cumulative | 6M22 | 6M23 | 6M22 | ||||||
Financial instruments (CHF million) | |||||||||||
Customer deposits |
( |
( |
|
|
|
||||||
Short-term borrowings |
( |
( |
|
|
|
||||||
Long-term debt |
|
|
|
( |
|
||||||
of which treasury debt over two years |
|
|
|
( |
|
||||||
of which structured notes over two years |
( |
( |
|
( |
|
||||||
Total |
|
( |
|
( |
|
||||||
1
Amounts are reflected gross of tax.
|
Carrying value |
Fair value |
||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | |||||||
6M23 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
Investment securities |
|
|
|
|
|
||||||
Loans 1 |
|
|
|
|
|
||||||
Other financial assets 2 |
|
|
|
|
|
||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits |
|
|
|
|
|
||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
Short-term borrowings |
|
|
|
|
|
||||||
Long-term debt |
|
|
|
|
|
||||||
Other financial liabilities 3 |
|
|
|
|
|
||||||
2022 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
Investment securities |
|
|
|
|
|
||||||
Loans |
|
|
|
4 |
|
4 |
|
||||
Other financial assets 2 |
|
|
|
|
|
||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits |
|
|
|
|
|
||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
Short-term borrowings |
|
|
|
|
|
||||||
Long-term debt |
|
|
|
|
|
||||||
Other financial liabilities 3 |
|
|
|
|
|
||||||
1
As a result of the acquisition, Credit Suisse has applied a change in estimate to align the discount rate for the fair value determination of the Swiss accrual loan book to that of UBS.
|
|||||||||||
2
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.
|
|||||||||||
3
Primarily includes cash collateral on derivative instruments and interest and fee payables.
|
|||||||||||
4
|
end of | 6M23 | 2022 | |||
CHF million | |||||
Total assets pledged or assigned as collateral |
|
1 |
|
||
of which encumbered |
|
|
|||
1
Includes Swiss mortgages pledged to SNB in connection with the Emergency Liquidity Assistance (ELA) facility.
|
end of | 6M23 | 2022 | |||
CHF million | |||||
Fair value of collateral received with the right to sell or repledge |
|
|
|||
of which sold or repledged |
|
|
Foreign currency translation rates | |||||||||||||||||||
End of | Average in | Average in | |||||||||||||||||
2Q23 | 1Q23 | 4Q22 | 2Q22 | 2Q23 | 1Q23 | 2Q22 | 6M23 | 6M22 | |||||||||||
1 USD / CHF | 0.89 | 0.91 | 0.92 | 0.96 | 0.90 | 0.93 | 0.96 | 0.91 | 0.94 | ||||||||||
1 EUR / CHF | 0.98 | 0.99 | 0.99 | 1.00 | 0.98 | 0.99 | 1.02 | 0.99 | 1.03 | ||||||||||
1 GBP / CHF | 1.14 | 1.13 | 1.12 | 1.16 | 1.13 | 1.13 | 1.20 | 1.13 | 1.22 | ||||||||||
100 JPY / CHF | 0.62 | 0.69 | 0.70 | 0.70 | 0.65 | 0.70 | 0.74 | 0.67 | 0.77 |
Credit ratings and outlook | |||||||
as of September 28, 2023 |
Short-term debt |
Long-term debt |
|
Outlook |
|||
Credit Suisse AG | |||||||
Moody's | P-2 | A3 | Under review for upgrade | ||||
Standard & Poor's | A-1 | A+ | Stable | ||||
Fitch Ratings | F1 | A+ | Stable |