6-K 1 a170426b1q.htm 6-K 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April 26, 2017
Commission File Number 001-33434
CREDIT SUISSE AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



Introduction
This report filed on Form 6-K contains certain information about Credit Suisse AG (Bank) relating to its results as of and for the three months ended March 31, 2017. On April 26, 2017, Credit Suisse Group AG (Group) announced its results for such three month period. A copy of the related Earnings Release is attached as an exhibit to this Form 6-K.
This Form 6-K (including the exhibit hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-202913) and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.
The 1Q17 Credit Suisse Financial Report as of and for the three months ended March 31, 2017 will be published on or about May 4, 2017.
Credit Suisse AG is a Swiss bank and joint stock corporation established under Swiss law, and is a wholly-owned subsidiary of the Group. The Bank’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.
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Key information
Selected financial data
Condensed consolidated statements of operations
in 1Q17 1Q16 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 4,043 4,586 (12)
Interest expense (2,348) (2,567) (9)
Net interest income 1,695 2,019 (16)
Commissions and fees 3,005 2,634 14
Trading revenues 525 (408) –
Other revenues 297 262 13
Net revenues  5,522 4,507 23
Provision for credit losses  53 150 (65)
Compensation and benefits 2,711 2,538 7
General and administrative expenses 1,673 1,892 (12)
Commission expenses 368 387 (5)
Restructuring expenses 94 233 (60)
Total other operating expenses 2,135 2,512 (15)
Total operating expenses  4,846 5,050 (4)
Income/(loss) before taxes  623 (693) –
Income tax expense/(benefit) 97 (290) –
Net income/(loss)  526 (403) –
Net income/(loss) attributable to noncontrolling interests (2) (7) (71)
Net income/(loss) attributable to shareholders  528 (396) –
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Condensed consolidated balance sheets
end of 1Q17 4Q16 % change
Assets (CHF million)   
Cash and due from banks 101,757 121,066 (16)
Interest-bearing deposits with banks 1,061 767 38
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 137,978 134,839 2
Securities received as collateral 37,622 32,564 16
Trading assets 160,091 165,392 (3)
Investment securities 2,623 2,486 6
Other investments 6,941 6,717 3
Net loans 279,430 278,960 0
Premises and equipment 4,623 4,666 (1)
Goodwill 4,115 4,189 (2)
Other intangible assets 202 213 (5)
Brokerage receivables 41,700 33,431 25
Other assets 35,952 36,775 (2)
Total assets  814,095 822,065 (1)
Liabilities and equity (CHF million)   
Due to banks 20,817 22,800 (9)
Customer deposits 353,561 357,224 (1)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 38,113 33,016 15
Obligation to return securities received as collateral 37,622 32,564 16
Trading liabilities 47,682 44,952 6
Short-term borrowings 13,784 15,385 (10)
Long-term debt 186,352 192,495 (3)
Brokerage payables 41,226 39,852 3
Other liabilities 31,183 39,919 (22)
Total liabilities  770,340 778,207 (1)
Total shareholder's equity  42,734 42,789 0
Noncontrolling interests 1,021 1,069 (4)
Total equity  43,755 43,858 0
Total liabilities and equity  814,095 822,065 (1)
BIS statistics (Basel III)
end of 1Q17 4Q16 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 35,392 37,356 (5)
Tier 1 capital 49,261 48,888 1
Total eligible capital 54,644 55,802 (2)
Capital ratios (%)   
CET1 ratio 13.3 13.8 –
Tier 1 ratio 18.5 18.1 –
Total capital ratio 20.6 20.6 –
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Operating and financial review and prospects
Except where noted, the business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Swiss Universal Bank, International Wealth Management, Asia Pacific, Global Markets, Investment Banking & Capital Markets and the Strategic Resolution Unit segments. These segment results are included in Core Results, except for the Strategic Resolution Unit, which is part of the Credit Suisse Results. Core Results also includes certain Corporate Center activities of the Group that are not applicable to the Bank. Certain other assets, liabilities and results of operations are managed as part of the activities of the six segments. However, since they are legally owned by the Group, they are not included in the Bank’s consolidated financial statements. These relate principally to:
– Neue Aargauer Bank AG, with banking activity in the Swiss canton of Aargau, which is managed as part of Swiss Universal Bank;
– BANK-now SA, with private credit and car leasing activity in Switzerland, which is managed as part of Swiss Universal Bank;
– financing vehicles of the Group, which include special purpose vehicles for various funding activities of the Group, including for the purpose of raising capital; and
– hedging activities relating to share-based compensation awards.
These operations and activities vary from period to period and give rise to differences between the Bank’s consolidated assets, liabilities, revenues and expenses, including pensions and taxes, and those of the Group.
Comparison of selected operations statement information
   Bank Group
in 1Q17 1Q16 1Q17 1Q16
Statements of operations (CHF million)   
Net revenues 5,522 4,507 5,534 4,638
Total operating expenses 4,846 5,050 4,811 4,972
Income/(loss) before taxes 623 (693) 670 (484)
Net income/(loss) 526 (403) 592 (305)
Net income/(loss) attributable to shareholders 528 (396) 596 (302)
   of which from continuing operations  528 (396) 596 (302)
Comparison of selected balance sheet information
   Bank Group
end of 1Q17 4Q16 1Q17 4Q16
Balance sheet statistics (CHF million)   
Total assets 814,095 822,065 811,979 819,861
Total liabilities 770,340 778,207 769,900 777,550
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Exhibits
No. Description
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CREDIT SUISSE AG
(Registrant)
 
 
Date: April 26, 2017
By:
/s/ Tidjane Thiam
Tidjane Thiam
Chief Executive Officer
By:
/s/ David R. Mathers
David R. Mathers
Chief Financial Officer
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