6-K 1 a121025b3q.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

October 25, 2012
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.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

   Yes      No   
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.













Introduction

This report filed on Form 6-K contains certain information about Credit Suisse AG to be incorporated by reference in the Registration Statement on Form F-3 (file no. 333-180300). Credit Suisse Group AG’s financial release for the third quarter of 2012 (Credit Suisse Financial Release 3Q12) is attached as an exhibit to this Form 6-K and was filed with the US Securities and Exchange Commission (SEC) on October 25, 2012. The Bank is incorporating by reference the Credit Suisse Financial Release 3Q12 (except for the sections entitled “Dear shareholders”, “Investor information” and “Financial calendar and contacts”). On or about November 6, 2012, Credit Suisse will publish and file with the SEC the Financial Report 3Q12, which will include additional disclosures on (i) fair value of financial instruments, (ii) loans, allowance for loan losses and credit quality, (iii) derivatives and hedging activities, (iv) investment securities, (v) guarantees and commitments, (vi) assets pledged or assigned, (vii) transfers of financial assets and variable interest entities, and (viii) tax.

Unless the context otherwise requires, reference herein to “Credit Suisse Group”, “Credit Suisse”, “the Group”, “we”, “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries.

The Bank, a Swiss bank and joint stock corporation established under Swiss law, 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.

The Credit Suisse Financial Release 3Q12 contains information for the three and nine months ended September 30, 2012. The Group's independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the three and nine months ended September 30, 2012 and the Group has not finalized its Financial Report for the period. Accordingly, such financial information is subject to completion of quarter-end procedures which may result in changes to that information.




Forward-Looking Statements

This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.

When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2011 (the Credit Suisse 2011 20-F), and subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC and the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.




Key information




Selected financial data



Selected operations statement information
in 3Q12 3Q11 % change 9M12 9M11 % change
Statements of operations (CHF million)  
Net revenues  5,786 6,363 (9) 17,847 21,002 (15)
Provision for credit losses  19 63 (70) 51 42 21
Compensation and benefits  3,044 3,001 1 9,735 10,070 (3)
General and administrative expenses  1,846 2,214 (17) 5,166 5,529 (7)
Commission expenses  424 480 (12) 1,308 1,494 (12)
Total other operating expenses  2,270 2,694 (16) 6,474 7,023 (8)
Total operating expenses  5,314 5,695 (7) 16,209 17,093 (5)
Income before taxes  453 605 (25) 1,587 3,867 (59)
Income tax expense  101 221 (54) 378 923 (59)
Net income  352 384 (8) 1,209 2,944 (59)
Net income attributable to noncontrolling interests  (683) (141) 384 (395) 858
Net income attributable to shareholders  1,035 525 97 1,604 2,086 (23)



Selected balance sheet information
end of 3Q12 4Q11 % change
Balance sheet statistics (CHF million)  
Total assets  1,007,482 1,034,787 (3)
Share capital  4,400 4,400 0



For additional information on the condensed consolidating statements of operations for the three and nine months ended September 30, 2012 and 2011 and the condensed consolidating balance sheets as of September 30, 2012 and December 31, 2011, refer to Note 29 – Subsidiary guarantee information in III – Condensed consolidated financial statements – unaudited in the Credit Suisse Financial Release 3Q12. For a detailed description of factors that affect the results of operations of the Bank, refer to II – Operating and financial review – Operating environment in the Credit Suisse 2011 20-F and I – Credit Suisse results – Operating environment in the Credit Suisse Financial Release 3Q12.

BIS statistics (Basel II.5)
end of 3Q12 4Q11 % change
Capital (CHF million)  
Tier 1 capital  39,263 35,098 12
   of which hybrid instruments  8,897 10,888 (18)
Total BIS eligible capital  47,224 48,390 (2)
Capital ratios (%)  
Tier 1 ratio  17.5 15.1
Total capital ratio  21.1 20.8






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 Private Banking, Investment Banking and Asset Management segments. These segment results are included in Core Results. Certain other assets, liabilities and results of operations are managed as part of the activities of the three 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 the activities of Neue Aargauer Bank and BANK-now, which are managed as part of Private Banking. Core Results also includes certain Group corporate center activities that are not applicable to the Bank.

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.



Differences between the Group and the Bank businesses
Entity Principal business activity
Neue Aargauer Bank  Banking (in the Swiss canton of Aargau)
BANK-now  Private credit and car leasing (in Switzerland)
Financing vehicles of the Group    Special purpose vehicles for various funding activities of the Group, including for purposes of raising consolidated capital
Credit Suisse AG merged with Clariden Leu on April 2, 2012, assuming all of its rights and obligations. The process of integrating all the business activities of Clariden Leu was
completed in 3Q12.



Comparison of selected operations statement information
  Bank Group
in 3Q12 3Q11 3Q12 3Q11
Statements of operations (CHF million)  
Net revenues  5,786 6,363 5,844 6,689
Total operating expenses  5,314 5,695 5,383 5,761
Income before taxes  453 605 420 844
Net income  352 384 319 512
Net income attributable to shareholders  1,035 525 254 683



Comparison of selected operations statement information
  Bank Group
in 9M12 9M11 9M12 9M11
Statements of operations (CHF million)  
Net revenues  17,847 21,002 18,166 21,737
Total operating expenses  16,209 17,093 16,317 17,197
Income before taxes  1,587 3,867 1,749 4,450
Net income  1,209 2,944 1,353 3,382
Net income attributable to shareholders  1,604 2,086 1,086 2,590



Comparison of selected balance sheet information
  Bank Group
end of 3Q12 4Q11 3Q12 4Q11
Balance sheet statistics (CHF million)  
Total assets  1,007,482 1,034,787 1,023,292 1,049,165
Total liabilities  964,619 996,436 980,459 1,008,080



For information on the operating and financial review and prospects of the Bank, refer to I – Credit Suisse results on pages 6 to 38. This section is included in the Credit Suisse Financial Release 3Q12.




Treasury and Risk Management

For information on the Bank’s treasury and risk management, refer to II – Treasury, risk, balance sheet and off-balance sheet on pages 40 to 62 of the Credit Suisse Financial Release 3Q12.


Exhibits

No. Description



99.1 Credit Suisse Financial Release 3Q12




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: October 25, 2012





By:

/s/ Brady W. Dougan

Brady W. Dougan

Chief Executive Officer





By:

/s/ David R. Mathers

David R. Mathers

Chief Financial Officer