Selected operations statement information | |||||||||||||
in | 4Q13 | 4Q12 | % change | 2013 | 2012 | % change | |||||||
Statements of operations (CHF million) | |||||||||||||
Net revenues | 6,090 | 5,592 | 9 | 25,396 | 23,178 | 10 | |||||||
Provision for credit losses | 24 | 37 | (35) | 82 | 88 | (7) | |||||||
Compensation and benefits | 2,798 | 2,640 | 6 | 11,199 | 12,219 | (8) | |||||||
General and administrative expenses | 2,335 | 2,086 | 12 | 7,762 | 7,204 | 8 | |||||||
Commission expenses | 386 | 427 | (10) | 1,726 | 1,685 | 2 | |||||||
Total other operating expenses | 2,721 | 2,513 | 8 | 9,488 | 8,889 | 7 | |||||||
Total operating expenses | 5,519 | 5,153 | 7 | 20,687 | 21,108 | (2) | |||||||
Income from continuing operations before taxes | 547 | 402 | 36 | 4,627 | 1,982 | 133 | |||||||
Income tax expense | 128 | 85 | 51 | 1,390 | 447 | 211 | |||||||
Income from continuing operations | 419 | 317 | 32 | 3,237 | 1,535 | 111 | |||||||
Income from discontinued operations, net of tax | (2) | (31) | (94) | 145 | (40) | – | |||||||
Net income | 417 | 286 | 46 | 3,382 | 1,495 | 126 | |||||||
Net income/(loss) attributable to noncontrolling interests | 18 | (205) | – | 860 | (600) | – | |||||||
Net income attributable to shareholders | 399 | 491 | (19) | 2,522 | 2,095 | 20 | |||||||
of which from continuing operations | 401 | 522 | (23) | 2,377 | 2,135 | 11 | |||||||
of which from discontinued operations | (2) | (31) | (94) | 145 | (40) | – |
Selected balance sheet information | |||||||
end of | 4Q13 | 4Q12 | % change | ||||
Balance sheet statistics (CHF million) | |||||||
Total assets | 854,208 | 908,160 | (6) | ||||
Share capital | 4,400 | 4,400 | 0 |
BIS statistics (Basel III) | |||||||
end of | 4Q13 | 4Q12 | 1 | % change | |||
Eligible capital (CHF million) | |||||||
Common equity tier 1 (CET1) capital | 38,770 | 36,717 | 6 | ||||
Total tier 1 capital | 41,847 | 40,477 | 3 | ||||
Total eligible capital | 52,808 | 49,306 | 7 | ||||
Capital ratios (%) | |||||||
CET1 ratio | 14.7 | 13.0 | – | ||||
Tier 1 ratio | 15.8 | 14.3 | – | ||||
Total capital ratio | 20.0 | 17.5 | – | ||||
1
Basel III became effective as of January 1, 2013. 4Q12 amounts, which are presented in order to show meaningful comparative information, are calculated as if Basel III had been implemented in Switzerland at such time.
|
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 |
Comparison of selected operations statement information | |||||||||
Bank | Group | ||||||||
in | 4Q13 | 4Q12 | 4Q13 | 4Q12 | |||||
Statements of operations (CHF million) | |||||||||
Net revenues | 6,090 | 5,592 | 6,205 | 5,706 | |||||
Total operating expenses | 5,519 | 5,153 | 5,540 | 5,188 | |||||
Income from continuing operations before taxes | 547 | 402 | 624 | 448 | |||||
Income from continuing operations | 419 | 317 | 473 | 363 | |||||
Net income attributable to shareholders | 399 | 491 | 267 | 263 | |||||
of which from continuing operations | 401 | 522 | 269 | 294 |
Comparison of selected operations statement information | |||||||||
Bank | Group | ||||||||
in | 2013 | 2012 | 2013 | 2012 | |||||
Statements of operations (CHF million) | |||||||||
Net revenues | 25,396 | 23,178 | 25,922 | 23,611 | |||||
Total operating expenses | 20,687 | 21,108 | 20,714 | 21,251 | |||||
Income from continuing operations before taxes | 4,627 | 1,982 | 5,053 | 2,190 | |||||
Income from continuing operations | 3,237 | 1,535 | 3,563 | 1,725 | |||||
Net income attributable to shareholders | 2,522 | 2,095 | 3,069 | 1,349 | |||||
of which from continuing operations | 2,377 | 2,135 | 2,924 | 1,389 |
Comparison of selected balance sheet information | |||||||||
Bank | Group | ||||||||
end of | 4Q13 | 4Q12 | 4Q13 | 4Q12 | |||||
Balance sheet statistics (CHF million) | |||||||||
Total assets | 854,208 | 908,160 | 872,602 | 924,280 | |||||
Total liabilities | 809,903 | 865,999 | 824,693 | 881,996 |
Financial highlights | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Net income (CHF million) | |||||||||||||||||
Net income attributable to shareholders | 267 | 454 | 263 | (41) | 2 | 3,069 | 1,349 | 128 | |||||||||
of which from continuing operations | 269 | 304 | 294 | (12) | (9) | 2,924 | 1,389 | 111 | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | (53) | (27) | 1.57 | 0.82 | 91 | |||||||||
Basic earnings per share | 0.08 | 0.26 | 0.09 | (69) | (11) | 1.65 | 0.79 | 109 | |||||||||
Diluted earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | (53) | (27) | 1.57 | 0.82 | 91 | |||||||||
Diluted earnings per share | 0.08 | 0.26 | 0.09 | (69) | (11) | 1.65 | 0.79 | 109 | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity attributable to shareholders | 2.5 | 4.3 | 2.9 | – | – | 7.5 | 3.9 | – | |||||||||
Core Results (CHF million) 1 | |||||||||||||||||
Net revenues | 5,986 | 5,449 | 5,627 | 10 | 6 | 25,283 | 23,251 | 9 | |||||||||
Provision for credit losses | 41 | 41 | 70 | 0 | (41) | 155 | 170 | (9) | |||||||||
Total operating expenses | 5,517 | 4,720 | 5,172 | 17 | 7 | 20,667 | 21,193 | (2) | |||||||||
Income from continuing operations before taxes | 428 | 688 | 385 | (38) | 11 | 4,461 | 1,888 | 136 | |||||||||
Core Results statement of operations metrics (%) 1 | |||||||||||||||||
Cost/income ratio | 92.2 | 86.6 | 91.9 | – | – | 81.7 | 91.1 | – | |||||||||
Pre-tax income margin | 7.2 | 12.6 | 6.8 | – | – | 17.6 | 8.1 | – | |||||||||
Effective tax rate | 35.3 | 53.5 | 22.1 | – | – | 33.4 | 24.6 | – | |||||||||
Net income margin 2 | 4.5 | 8.3 | 4.7 | – | – | 12.1 | 5.8 | – | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management from continuing operations | 1,253.4 | 1,239.3 | 1,197.8 | 1.1 | 4.6 | 1,253.4 | 1,197.8 | 4.6 | |||||||||
Net new assets from continuing operations | 4.2 | 8.8 | 7.1 | (52.3) | (40.8) | 36.1 | 11.4 | 216.7 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 872,602 | 895,169 | 924,280 | (3) | (6) | 872,602 | 924,280 | (6) | |||||||||
Net loans | 247,065 | 245,232 | 242,223 | 1 | 2 | 247,065 | 242,223 | 2 | |||||||||
Total shareholders' equity | 42,907 | 42,162 | 35,498 | 2 | 21 | 42,907 | 35,498 | 21 | |||||||||
Tangible shareholders' equity 3 | 34,698 | 33,838 | 26,866 | 3 | 29 | 34,698 | 26,866 | 29 | |||||||||
Book value per share outstanding (CHF) | |||||||||||||||||
Total book value per share | 26.97 | 26.48 | 27.44 | 2 | (2) | 26.97 | 27.44 | (2) | |||||||||
Tangible book value per share 3 | 21.81 | 21.25 | 20.77 | 3 | 5 | 21.81 | 20.77 | 5 | |||||||||
Shares outstanding (million) | |||||||||||||||||
Common shares issued | 1,596.1 | 1,595.4 | 1,320.8 | 0 | 21 | 1,596.1 | 1,320.8 | 21 | |||||||||
Treasury shares | (5.2) | (3.0) | (27.0) | 73 | (81) | (5.2) | (27.0) | (81) | |||||||||
Shares outstanding | 1,590.9 | 1,592.4 | 1,293.8 | 0 | 23 | 1,590.9 | 1,293.8 | 23 | |||||||||
Market capitalization | |||||||||||||||||
Market capitalization (CHF million) | 43,526 | 44,066 | 29,402 | (1) | 48 | 43,526 | 29,402 | 48 | |||||||||
Market capitalization (USD million) | 49,224 | 48,741 | 32,440 | 1 | 52 | 49,224 | 32,440 | 52 | |||||||||
BIS statistics (Basel III) | |||||||||||||||||
Risk-weighted assets (CHF million) | 273,846 | 269,263 | 292,481 | 2 | (6) | 273,846 | 292,481 | (6) | |||||||||
CET 1 ratio (%) | 16.0 | 16.3 | 14.2 | – | – | 16.0 | 14.2 | – | |||||||||
Tier 1 ratio (%) | 17.1 | 17.0 | 15.2 | – | – | 17.1 | 15.2 | – | |||||||||
Dividend per share (CHF) | |||||||||||||||||
Dividend per share | – | – | – | – | – | 0.70 | 4 | 0.75 | 5 | – | |||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,000 | 46,400 | 47,400 | (1) | (3) | 46,000 | 47,400 | (3) | |||||||||
1
Refer to "Credit Suisse Reporting structure and Core Results" in I – Credit Suisse results – Credit Suisse for further information on Core Results.
|
|||||||||||||||||
2
Based on amounts attributable to shareholders.
|
|||||||||||||||||
3
A non-GAAP financial measure. Tangible shareholders' equity is calculated by deducting goodwill and other intangible assets from total shareholders' equity.
|
|||||||||||||||||
4
Proposal of the Board of Directors to the Annual General Meeting on May 9, 2014; to be paid out of reserves from capital contributions.
|
|||||||||||||||||
5
Paid out of reserves from capital contributions.
|
Core pre-tax income | Net income attributable to shareholders | ||||||||||||||||||||
end of | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||||||||
Overview of significant items (CHF million) | |||||||||||||||||||||
Reported results | 428 | 688 | 385 | 4,461 | 1,888 | 267 | 454 | 263 | 3,069 | 1,349 | |||||||||||
Reported return on equity | – | – | – | – | – | 2.5% | 4.3% | 2.9% | 7.5% | 3.9% | |||||||||||
Reconciling items | |||||||||||||||||||||
Fair value impact from movement in own credit spreads | 202 | 163 | 376 | 315 | 2,939 | 169 | 143 | 304 | 261 | 2,261 | |||||||||||
Realignment costs | 131 | 38 | 285 | 394 | 680 | 98 | 30 | 190 | 290 | 477 | |||||||||||
IT architecture simplification | 69 | 40 | 0 | 128 | 0 | 57 | 31 | 0 | 103 | 0 | |||||||||||
Certain litigation provisions | 473 | 0 | 227 | 473 | 363 | 338 | 0 | 134 | 338 | 230 | |||||||||||
Business disposals | 6 | (14) | 37 | 9 | (388) | 19 | (144) | 27 | (96) | (336) | |||||||||||
Impairment and other losses | 80 | 18 | 30 | 98 | 68 | 52 | 11 | 18 | 63 | 41 | |||||||||||
Gain on sale of real estate | (68) | 0 | (151) | (68) | (533) | (61) | 0 | (120) | (61) | (445) | |||||||||||
UK deferred tax asset reduction | 0 | 0 | 0 | 0 | 0 | 0 | 173 | 0 | 173 | 160 | |||||||||||
Underlying results | 1,321 | 933 | 1,189 | 5,810 | 5,017 | 939 | 698 | 816 | 4,140 | 3,737 | |||||||||||
Underlying return on equity | – | – | – | – | – | 8.7% | 6.6% | 8.7% | 10.1% | 10.4% |
Market volumes (growth in %) | |||||||||
Global | Europe | ||||||||
end of 4Q13 | QoQ | YoY | QoQ | YoY | |||||
Equity trading volume 1 | 11 | 11 | 13 | 17 | |||||
Announced mergers and acquisitions 2 | (9) | (13) | (9) | (24) | |||||
Completed mergers and acquisitions 2 | 16 | (10) | (9) | 2 | |||||
Equity underwriting 2 | 62 | 60 | 244 | 91 | |||||
Debt underwriting 2 | (4) | (17) | 16 | 5 | |||||
Syndicated lending - investment grade 2, 3 | 6 | 14 | – | – | |||||
1
London Stock Exchange, Borsa Italiana, Deutsche Börse, BME and Euronext. Global also includes New York Stock Exchange and NASDAQ.
|
|||||||||
2
Dealogic.
|
|||||||||
3
2013 vs 2012.
|
Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 6,205 | 5,676 | 5,706 | 9 | 9 | 25,922 | 23,611 | 10 | |||||||||
Provision for credit losses | 41 | 41 | 70 | 0 | (41) | 155 | 170 | (9) | |||||||||
Compensation and benefits | 2,820 | 2,532 | 2,649 | 11 | 6 | 11,269 | 12,303 | (8) | |||||||||
General and administrative expenses | 2,331 | 1,771 | 2,106 | 32 | 11 | 7,707 | 7,246 | 6 | |||||||||
Commission expenses | 389 | 422 | 433 | (8) | (10) | 1,738 | 1,702 | 2 | |||||||||
Total other operating expenses | 2,720 | 2,193 | 2,539 | 24 | 7 | 9,445 | 8,948 | 6 | |||||||||
Total operating expenses | 5,540 | 4,725 | 5,188 | 17 | 7 | 20,714 | 21,251 | (3) | |||||||||
Income from continuing operations before taxes | 624 | 910 | 448 | (31) | 39 | 5,053 | 2,190 | 131 | |||||||||
Income tax expense | 151 | 368 | 85 | (59) | 78 | 1,490 | 465 | 220 | |||||||||
Income from continuing operations | 473 | 542 | 363 | (13) | 30 | 3,563 | 1,725 | 107 | |||||||||
Income/(loss) from discontinued operations | (2) | 150 | (31) | – | (94) | 145 | (40) | – | |||||||||
Net income | 471 | 692 | 332 | (32) | 42 | 3,708 | 1,685 | 120 | |||||||||
Net income attributable to noncontrolling interests | 204 | 238 | 69 | (14) | 196 | 639 | 336 | 90 | |||||||||
Net income attributable to shareholders | 267 | 454 | 263 | (41) | 2 | 3,069 | 1,349 | 128 | |||||||||
of which from continuing operations | 269 | 304 | 294 | (12) | (9) | 2,924 | 1,389 | 111 | |||||||||
of which from discontinued operations | (2) | 150 | (31) | – | (94) | 145 | (40) | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | (53) | (27) | 1.57 | 0.82 | 91 | |||||||||
Basic earnings per share | 0.08 | 0.26 | 0.09 | (69) | (11) | 1.65 | 0.79 | 109 | |||||||||
Diluted earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | (53) | (27) | 1.57 | 0.82 | 91 | |||||||||
Diluted earnings per share | 0.08 | 0.26 | 0.09 | (69) | (11) | 1.65 | 0.79 | 109 | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity attributable to shareholders | 2.5 | 4.3 | 2.9 | – | – | 7.5 | 3.9 | – | |||||||||
Return on tangible equity attributable to shareholders 1 | 3.1 | 5.4 | 3.9 | – | – | 9.5 | 5.2 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,000 | 46,400 | 47,400 | (1) | (3) | 46,000 | 47,400 | (3) | |||||||||
1
Based on tangible shareholders' equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity attributable to shareholders. Management believes that the return on tangible shareholders' equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired.
|
Credit Suisse and Core Results | |||||||||||||||||||
Core Results | Noncontrolling interests without SEI | Credit Suisse | |||||||||||||||||
in | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 5,986 | 5,449 | 5,627 | 219 | 227 | 79 | 6,205 | 5,676 | 5,706 | ||||||||||
Provision for credit losses | 41 | 41 | 70 | 0 | 0 | 0 | 41 | 41 | 70 | ||||||||||
Compensation and benefits | 2,801 | 2,529 | 2,634 | 19 | 3 | 15 | 2,820 | 2,532 | 2,649 | ||||||||||
General and administrative expenses | 2,327 | 1,769 | 2,105 | 4 | 2 | 1 | 2,331 | 1,771 | 2,106 | ||||||||||
Commission expenses | 389 | 422 | 433 | 0 | 0 | 0 | 389 | 422 | 433 | ||||||||||
Total other operating expenses | 2,716 | 2,191 | 2,538 | 4 | 2 | 1 | 2,720 | 2,193 | 2,539 | ||||||||||
Total operating expenses | 5,517 | 4,720 | 5,172 | 23 | 5 | 16 | 5,540 | 4,725 | 5,188 | ||||||||||
Income from continuing operations before taxes | 428 | 688 | 385 | 196 | 222 | 63 | 624 | 910 | 448 | ||||||||||
Income tax expense | 151 | 368 | 85 | 0 | 0 | 0 | 151 | 368 | 85 | ||||||||||
Income from continuing operations | 277 | 320 | 300 | 196 | 222 | 63 | 473 | 542 | 363 | ||||||||||
Income/(loss) from discontinued operations | (2) | 150 | (31) | 0 | 0 | 0 | (2) | 150 | (31) | ||||||||||
Net income | 275 | 470 | 269 | 196 | 222 | 63 | 471 | 692 | 332 | ||||||||||
Net income attributable to noncontrolling interests | 8 | 16 | 6 | 196 | 222 | 63 | 204 | 238 | 69 | ||||||||||
Net income attributable to shareholders | 267 | 454 | 263 | – | – | – | 267 | 454 | 263 | ||||||||||
of which from continuing operations | 269 | 304 | 294 | – | – | – | 269 | 304 | 294 | ||||||||||
of which from discontinued operations | (2) | 150 | (31) | – | – | – | (2) | 150 | (31) | ||||||||||
Statement of operations metrics (%) | |||||||||||||||||||
Cost/income ratio | 92.2 | 86.6 | 91.9 | – | – | – | 89.3 | 83.2 | 90.9 | ||||||||||
Pre-tax income margin | 7.2 | 12.6 | 6.8 | – | – | – | 10.1 | 16.0 | 7.9 | ||||||||||
Effective tax rate | 35.3 | 53.5 | 22.1 | – | – | – | 24.2 | 40.4 | 19.0 | ||||||||||
Net income margin 1 | 4.5 | 8.3 | 4.7 | – | – | – | 4.3 | 8.0 | 4.6 | ||||||||||
1
Based on amounts attributable to shareholders.
|
Core Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 1,742 | 1,919 | 1,930 | (9) | (10) | 8,100 | 7,126 | 14 | |||||||||
Commissions and fees | 3,430 | 3,021 | 3,461 | 14 | (1) | 13,249 | 12,751 | 4 | |||||||||
Trading revenues | 356 | 273 | (155) | 30 | – | 2,819 | 1,162 | 143 | |||||||||
Other revenues | 458 | 236 | 391 | 94 | 17 | 1,115 | 2,212 | (50) | |||||||||
Net revenues | 5,986 | 5,449 | 5,627 | 10 | 6 | 25,283 | 23,251 | 9 | |||||||||
of which strategic results | 6,064 | 5,692 | 6,083 | 7 | 0 | 25,569 | 25,493 | 0 | |||||||||
of which non-strategic results | (78) | (243) | (456) | (68) | (83) | (286) | (2,242) | (87) | |||||||||
Provision for credit losses | 41 | 41 | 70 | 0 | (41) | 155 | 170 | (9) | |||||||||
Compensation and benefits | 2,801 | 2,529 | 2,634 | 11 | 6 | 11,234 | 12,267 | (8) | |||||||||
General and administrative expenses | 2,327 | 1,769 | 2,105 | 32 | 11 | 7,695 | 7,224 | 7 | |||||||||
Commission expenses | 389 | 422 | 433 | (8) | (10) | 1,738 | 1,702 | 2 | |||||||||
Total other operating expenses | 2,716 | 2,191 | 2,538 | 24 | 7 | 9,433 | 8,926 | 6 | |||||||||
Total operating expenses | 5,517 | 4,720 | 5,172 | 17 | 7 | 20,667 | 21,193 | (2) | |||||||||
of which strategic results | 4,567 | 4,282 | 4,342 | 7 | 5 | 18,329 | 19,099 | (4) | |||||||||
of which non-strategic results | 950 | 438 | 830 | 117 | 14 | 2,338 | 2,094 | 12 | |||||||||
Income/(loss) from continuing operations before taxes | 428 | 688 | 385 | (38) | 11 | 4,461 | 1,888 | 136 | |||||||||
of which strategic results | 1,461 | 1,390 | 1,691 | 5 | (14) | 7,145 | 6,267 | 14 | |||||||||
of which non-strategic results | (1,033) | (702) | (1,306) | 47 | (21) | (2,684) | (4,379) | (39) | |||||||||
Income tax expense | 151 | 368 | 85 | (59) | 78 | 1,490 | 465 | 220 | |||||||||
Income from continuing operations | 277 | 320 | 300 | (13) | (8) | 2,971 | 1,423 | 109 | |||||||||
Income/(loss) from discontinued operations | (2) | 150 | (31) | – | (94) | 145 | (40) | – | |||||||||
Net income | 275 | 470 | 269 | (41) | 2 | 3,116 | 1,383 | 125 | |||||||||
Net income attributable to noncontrolling interests | 8 | 16 | 6 | (50) | 33 | 47 | 34 | 38 | |||||||||
Net income/(loss) attributable to shareholders | 267 | 454 | 263 | (41) | 2 | 3,069 | 1,349 | 128 | |||||||||
of which strategic results | 1,070 | 969 | 1,279 | 10 | (16) | 5,073 | 4,796 | 6 | |||||||||
of which non-strategic results | (803) | (515) | (1,016) | 56 | (21) | (2,004) | (3,447) | (42) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on Basel III capital 1 | 4.5 | 7.1 | 3.9 | – | – | 11.6 | 4.6 | – | |||||||||
Cost/income ratio | 92.2 | 86.6 | 91.9 | – | – | 81.7 | 91.1 | – | |||||||||
Pre-tax income margin | 7.2 | 12.6 | 6.8 | – | – | 17.6 | 8.1 | – | |||||||||
Effective tax rate | 35.3 | 53.5 | 22.1 | – | – | 33.4 | 24.6 | – | |||||||||
Net income margin 2 | 4.5 | 8.3 | 4.7 | – | – | 12.1 | 5.8 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,000 | 46,400 | 47,400 | (1) | (3) | 46,000 | 47,400 | (3) | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 4Q13 and 3Q13, 28% in 2013, 25% in 4Q12 and 2012 and capital allocated at 10% of average risk-weighted assets.
|
|||||||||||||||||
2
Based on amounts attributable to shareholders.
|
Strategic and non-strategic results | |||||||||||||||||||
Strategic results | Non-strategic results | Core Results | |||||||||||||||||
in / end of | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 6,064 | 5,692 | 6,083 | (78) | (243) | (456) | 5,986 | 5,449 | 5,627 | ||||||||||
Provision for credit losses | 36 | 20 | 50 | 5 | 21 | 20 | 41 | 41 | 70 | ||||||||||
Compensation and benefits | 2,612 | 2,376 | 2,328 | 189 | 153 | 306 | 2,801 | 2,529 | 2,634 | ||||||||||
Total other operating expenses | 1,955 | 1,906 | 2,014 | 761 | 285 | 524 | 2,716 | 2,191 | 2,538 | ||||||||||
Total operating expenses | 4,567 | 4,282 | 4,342 | 950 | 438 | 830 | 5,517 | 4,720 | 5,172 | ||||||||||
Income/(loss) from continuing operations before taxes | 1,461 | 1,390 | 1,691 | (1,033) | (702) | (1,306) | 428 | 688 | 385 | ||||||||||
Income tax expense/(benefit) | 383 | 405 | 406 | (232) | (37) | (321) | 151 | 368 | 85 | ||||||||||
Income/(loss) from continuing operations | 1,078 | 985 | 1,285 | (801) | (665) | (985) | 277 | 320 | 300 | ||||||||||
Income/(loss) from discontinued operations | 0 | 0 | 0 | (2) | 150 | (31) | (2) | 150 | (31) | ||||||||||
Net income/(loss) | 1,078 | 985 | 1,285 | (803) | (515) | (1,016) | 275 | 470 | 269 | ||||||||||
Net income attributable to noncontrolling interests | 8 | 16 | 6 | 0 | 0 | 0 | 8 | 16 | 6 | ||||||||||
Net income/(loss) attributable to shareholders | 1,070 | 969 | 1,279 | (803) | (515) | (1,016) | 267 | 454 | 263 | ||||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||||
Risk-weighted assets – Basel III 1 | 242,475 | 236,895 | 255,130 | 23,628 | 24,161 | 28,980 | 266,103 | 261,056 | 284,110 | ||||||||||
Total assets | 820,992 | 838,098 | 862,101 | 47,986 | 52,971 | 58,073 | 868,978 | 891,069 | 920,174 | ||||||||||
Swiss leverage exposure | 1,031,101 | 1,076,039 | – | 99,300 | 107,509 | – | 1,130,401 | 1,183,548 | – | ||||||||||
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.
|
Core Results reporting by region | |||||||||||||||||
in | % change | in | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Net revenues (CHF million) | |||||||||||||||||
Switzerland | 1,735 | 1,839 | 1,783 | (6) | (3) | 7,224 | 7,400 | (2) | |||||||||
EMEA | 1,234 | 1,303 | 1,340 | (5) | (8) | 6,189 | 6,737 | (8) | |||||||||
Americas | 2,514 | 2,129 | 2,349 | 18 | 7 | 9,624 | 9,507 | 1 | |||||||||
Asia Pacific | 680 | 597 | 506 | 14 | 34 | 3,036 | 2,388 | 27 | |||||||||
Corporate Center | (177) | (419) | (351) | (58) | (50) | (790) | (2,781) | (72) | |||||||||
Net revenues | 5,986 | 5,449 | 5,627 | 10 | 6 | 25,283 | 23,251 | 9 | |||||||||
Income/(loss) from continuing operations before taxes (CHF million) | |||||||||||||||||
Switzerland | 546 | 673 | 572 | (19) | (5) | 2,475 | 2,544 | (3) | |||||||||
EMEA | (165) | 38 | (9) | – | – | 650 | 872 | (25) | |||||||||
Americas | 324 | 468 | 725 | (31) | (55) | 2,034 | 2,512 | (19) | |||||||||
Asia Pacific | 125 | 68 | (79) | 84 | – | 770 | (151) | – | |||||||||
Corporate Center | (402) | (559) | (824) | (28) | (51) | (1,468) | (3,889) | (62) | |||||||||
Income from continuing operations before taxes | 428 | 688 | 385 | (38) | 11 | 4,461 | 1,888 | 136 | |||||||||
A significant portion of our business requires inter-regional coordination in order to facilitate the needs of our clients. The methodology for allocating our results by region is dependent on management judgment. For Wealth Management Clients and Corporate & Institutional Clients, results are allocated based on the management reporting structure of our relationship managers and the region where the transaction is recorded. For Asset Management, results are allocated based on the location of the investment advisors and sales teams. For Investment Banking, trading results are allocated based on where the risk is primarily managed and fee-based results are allocated where the client is domiciled.
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Overview of Core Results | |||||||||||||||||||||||||||||||||||||
Private Banking & Wealth Management | Investment Banking | Corporate Center | Core Results | 1 | of which strategic results | of which non-strategic results | |||||||||||||||||||||||||||||||
in / end of period | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | |||||||||||||||||||
Statements of operations (CHF million) | |||||||||||||||||||||||||||||||||||||
Net revenues | 3,438 | 3,316 | 3,314 | 2,725 | 2,552 | 2,664 | (177) | (419) | (351) | 5,986 | 5,449 | 5,627 | 6,064 | 5,692 | 6,083 | (78) | (243) | (456) | |||||||||||||||||||
Provision for credit losses | 32 | 34 | 68 | 8 | 7 | 2 | 1 | 0 | 0 | 41 | 41 | 70 | 36 | 20 | 50 | 5 | 21 | 20 | |||||||||||||||||||
Compensation and benefits | 1,314 | 1,285 | 1,293 | 1,355 | 1,129 | 1,172 | 132 | 115 | 169 | 2,801 | 2,529 | 2,634 | 2,612 | 2,376 | 2,328 | 189 | 153 | 306 | |||||||||||||||||||
General and administrative expenses | 1,018 | 787 | 849 | 1,200 | 961 | 941 | 109 | 21 | 315 | 2,327 | 1,769 | 2,105 | 1,583 | 1,494 | 1,614 | 744 | 275 | 491 | |||||||||||||||||||
Commission expenses | 204 | 192 | 193 | 202 | 226 | 251 | (17) | 4 | (11) | 389 | 422 | 433 | 372 | 412 | 400 | 17 | 10 | 33 | |||||||||||||||||||
Total other operating expenses | 1,222 | 979 | 1,042 | 1,402 | 1,187 | 1,192 | 92 | 25 | 304 | 2,716 | 2,191 | 2,538 | 1,955 | 1,906 | 2,014 | 761 | 285 | 524 | |||||||||||||||||||
Total operating expenses | 2,536 | 2,264 | 2,335 | 2,757 | 2,316 | 2,364 | 224 | 140 | 473 | 5,517 | 4,720 | 5,172 | 4,567 | 4,282 | 4,342 | 950 | 438 | 830 | |||||||||||||||||||
Income/(loss) from continuing operations before taxes | 870 | 1,018 | 911 | (40) | 229 | 298 | (402) | (559) | (824) | 428 | 688 | 385 | 1,461 | 1,390 | 1,691 | (1,033) | (702) | (1,306) | |||||||||||||||||||
Income tax expense | – | – | – | – | – | – | – | – | – | 151 | 368 | 85 | 383 | 405 | 406 | (232) | (37) | (321) | |||||||||||||||||||
Income/(loss) from continuing operations | – | – | – | – | – | – | – | – | – | 277 | 320 | 300 | 1,078 | 985 | 1,285 | (801) | (665) | (985) | |||||||||||||||||||
Income from discontinued operations | – | – | – | – | – | – | – | – | – | (2) | 150 | (31) | 0 | 0 | 0 | (2) | 150 | (31) | |||||||||||||||||||
Net income | – | – | – | – | – | – | – | – | – | 275 | 470 | 269 | 1,078 | 985 | 1,285 | (803) | (515) | (1,016) | |||||||||||||||||||
Net income attributable to noncontrolling interests | – | – | – | – | – | – | – | – | – | 8 | 16 | 6 | 8 | 16 | 6 | 0 | 0 | 0 | |||||||||||||||||||
Net income attributable to shareholders | – | – | – | – | – | – | – | – | – | 267 | 454 | 263 | 1,070 | 969 | 1,279 | (803) | (515) | (1,016) | |||||||||||||||||||
Statement of operations metrics (%) | |||||||||||||||||||||||||||||||||||||
Return on Basel III capital | 26.1 | 30.0 | 28.0 | – | 4.0 | 5.1 | – | – | – | 4.5 | 2 | 7.1 | 2 | 3.9 | 2 | 17.1 | 2 | 15.8 | 2 | 19.2 | 2 | – | – | – | |||||||||||||
Cost/income ratio | 73.8 | 68.3 | 70.5 | 101.2 | 90.8 | 88.7 | – | – | – | 92.2 | 86.6 | 91.9 | 75.3 | 75.2 | 71.4 | – | – | – | |||||||||||||||||||
Pre-tax income margin | 25.3 | 30.7 | 27.5 | (1.5) | 9.0 | 11.2 | – | – | – | 7.2 | 12.6 | 6.8 | 24.1 | 24.4 | 27.8 | – | – | – | |||||||||||||||||||
Effective tax rate | – | – | – | – | – | – | – | – | – | 35.3 | 53.5 | 22.1 | 26.2 | 29.1 | 24.0 | – | – | – | |||||||||||||||||||
Net income margin | – | – | – | – | – | – | – | – | – | 4.5 | 8.3 | 4.7 | 17.6 | 17.0 | 21.0 | – | – | – | |||||||||||||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||||||||||||||||||||||
Risk-weighted assets – Basel III 3 | 94,395 | 92,434 | 96,009 | 156,402 | 152,638 | 171,511 | 15,306 | 15,984 | 16,590 | 266,103 | 261,056 | 284,110 | 242,475 | 236,895 | 255,130 | 23,628 | 24,161 | 28,980 | |||||||||||||||||||
Total assets | 279,150 | 275,421 | 275,683 | 502,799 | 528,762 | 563,758 | 87,029 | 86,886 | 80,733 | 868,978 | 891,069 | 920,174 | 820,992 | 838,098 | 862,101 | 47,986 | 52,971 | 58,073 | |||||||||||||||||||
Swiss leverage exposure | 324,494 | 323,092 | – | 722,500 | 781,225 | – | 83,407 | 79,231 | – | 1,130,401 | 1,183,548 | – | 1,031,101 | 1,076,039 | – | 99,300 | 107,509 | – | |||||||||||||||||||
Net loans | 215,724 | 214,095 | 207,702 | 31,319 | 31,115 | 34,501 | 22 | 22 | 20 | 247,065 | 245,232 | 242,223 | – | – | – | – | – | – | |||||||||||||||||||
Goodwill | 2,164 | 2,201 | 2,409 | 5,835 | 5,913 | 5,980 | – | – | – | 7,999 | 8,114 | 8,389 | – | – | – | – | – | – | |||||||||||||||||||
1
Core Results include the results of our integrated banking business, excluding revenues and expenses in respect of noncontrolling interests without SEI.
|
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2
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 4Q13 and 3Q13, 25% in 4Q12 and capital allocated at 10% of average risk-weighted assets.
|
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3
Represents risk-weighted assets on a fully phased-in "look-through" basis.
|
Number of employees by division | |||||||
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Number of employees by division (full-time equivalents) | |||||||
Private Banking & Wealth Management | 26,000 | 26,100 | 27,300 | ||||
Investment Banking | 19,700 | 20,000 | 19,800 | ||||
Corporate Center | 300 | 300 | 300 | ||||
Number of employees | 46,000 | 46,400 | 47,400 |
in / end of | Target | 4Q13 | 2013 | 2012 | |||||
Growth (%) | |||||||||
Collaboration revenues | 18 - 20% of net revenues | 18.6 | 17.7 | 18.6 | |||||
Efficiency and performance (%) | |||||||||
Total shareholder return (Credit Suisse) 1 | Superior return vs. peer group | (1.3) | 26.0 | 4.8 | |||||
Total shareholder return of peer group 1, 2 | – | 6.5 | 26.7 | 49.2 | |||||
Return on equity attributable to shareholders (annualized) | Above 15% | 2.5 | 7.5 | 3.9 | |||||
Core Results cost/income ratio | Below 70% | 92.2 | 81.7 | 91.1 | |||||
Capital (%) | |||||||||
Look-through Swiss Core Capital ratio | Above 10% | 11.0 | 11.0 | 9.0 | |||||
1
Source: Bloomberg. Total shareholder return is calculated as equal to the appreciation or depreciation of a particular share, plus any dividends, over a given period, expressed as a percentage of the share's value at the beginning of the period.
|
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2
The peer group for this comparison comprises Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, Société Générale and UBS. The total shareholder return of this peer group is calculated as a simple, unweighted average of the return reported by Bloomberg for each of the members of the peer group.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 3,438 | 3,316 | 3,314 | 4 | 4 | 13,451 | 13,474 | 0 | |||||||||
of which strategic results | 3,269 | 2,934 | 3,217 | 11 | 2 | 12,443 | 12,343 | 1 | |||||||||
of which non-strategic results | 169 | 382 | 97 | (56) | 74 | 1,008 | 1,131 | (11) | |||||||||
Provision for credit losses | 32 | 34 | 68 | (6) | (53) | 140 | 182 | (23) | |||||||||
Compensation and benefits | 1,314 | 1,285 | 1,293 | 2 | 2 | 5,331 | 5,561 | (4) | |||||||||
General and administrative expenses | 1,018 | 787 | 849 | 29 | 20 | 3,489 | 3,209 | 9 | |||||||||
Commission expenses | 204 | 192 | 193 | 6 | 6 | 805 | 747 | 8 | |||||||||
Total other operating expenses | 1,222 | 979 | 1,042 | 25 | 17 | 4,294 | 3,956 | 9 | |||||||||
Total operating expenses | 2,536 | 2,264 | 2,335 | 12 | 9 | 9,625 | 9,517 | 1 | |||||||||
of which strategic results | 2,185 | 2,113 | 2,141 | 3 | 2 | 8,725 | 8,830 | (1) | |||||||||
of which non-strategic results | 351 | 151 | 194 | 132 | 81 | 900 | 687 | 31 | |||||||||
Income/(loss) before taxes | 870 | 1,018 | 911 | (15) | (5) | 3,686 | 3,775 | (2) | |||||||||
of which strategic results | 1,057 | 808 | 1,029 | 31 | 3 | 3,636 | 3,374 | 8 | |||||||||
of which non-strategic results | (187) | 210 | (118) | – | 58 | 50 | 401 | (88) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on Basel III capital 1 | 26.1 | 30.0 | 28.0 | – | – | 27.4 | 29.0 | – | |||||||||
Cost/income ratio | 73.8 | 68.3 | 70.5 | – | – | 71.6 | 70.6 | – | |||||||||
Pre-tax income margin | 25.3 | 30.7 | 27.5 | – | – | 27.4 | 28.0 | – | |||||||||
Utilized economic capital and return | |||||||||||||||||
Average utilized economic capital (CHF million) | 9,334 | 9,569 | 9,809 | (2) | (5) | 9,554 | 9,965 | (4) | |||||||||
Pre-tax return on average utilized economic capital (%) 2 | 37.8 | 43.1 | 37.7 | – | – | 39.2 | 38.5 | – | |||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 1,282.4 | 1,268.2 | 1,250.8 | 1.1 | 2.5 | 1,282.4 | 1,250.8 | 2.5 | |||||||||
Net new assets | 4.4 | 8.1 | 6.8 | (45.7) | (35.3) | 32.1 | 10.8 | 197.2 | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 26,000 | 26,100 | 27,300 | 0 | (5) | 26,000 | 27,300 | (5) | |||||||||
Number of relationship managers | 4,330 | 4,340 | 4,550 | 0 | (5) | 4,330 | 4,550 | (5) | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 4Q13 and 3Q13, 29% in 2013, 25% in 4Q12 and 2012 and capital allocated at 10% of average risk-weighted assets.
|
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2
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 1,058 | 1,070 | 1,128 | (1) | (6) | 4,252 | 4,551 | (7) | |||||||||
Recurring commissions and fees | 1,232 | 1,235 | 1,183 | 0 | 4 | 4,956 | 4,797 | 3 | |||||||||
Transaction- and performance-based revenues | 1,195 | 798 | 1,054 | 50 | 13 | 3,976 | 3,678 | 8 | |||||||||
Other revenues 1 | (47) | 213 | (51) | – | (8) | 267 | 448 | (40) | |||||||||
Net revenues | 3,438 | 3,316 | 3,314 | 4 | 4 | 13,451 | 13,474 | 0 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 64 | 65 | 107 | (2) | (40) | 269 | 316 | (15) | |||||||||
Releases of provisions | (32) | (31) | (39) | 3 | (18) | (129) | (134) | (4) | |||||||||
Provision for credit losses | 32 | 34 | 68 | (6) | (53) | 140 | 182 | (23) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Net loans | 215,724 | 214,095 | 207,702 | 1 | 4 | 215,724 | 207,702 | 4 | |||||||||
of which Wealth Management Clients | 149,728 | 149,667 | 144,856 | 0 | 3 | 149,728 | 144,856 | 3 | |||||||||
of which Corporate & Institutional Clients | 62,446 | 60,780 | 58,877 | 3 | 6 | 62,446 | 58,877 | 6 | |||||||||
Deposits | 288,770 | 290,042 | 276,571 | 0 | 4 | 288,770 | 276,571 | 4 | |||||||||
of which Wealth Management Clients | 208,210 | 212,003 | 203,376 | (2) | 2 | 208,210 | 203,376 | 2 | |||||||||
of which Corporate & Institutional Clients | 74,459 | 71,631 | 65,849 | 4 | 13 | 74,459 | 65,849 | 13 | |||||||||
1
Includes investment-related gains/(losses), equity participations and other gains/(losses) and fair value gains/(losses) on the Clock Finance transaction.
|
Strategic and non-strategic results | |||||||||||||||||||
Strategic results | Non-strategic results | Private Banking & Wealth Management | |||||||||||||||||
in / end of | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 3,269 | 2,934 | 3,217 | 169 | 382 | 97 | 3,438 | 3,316 | 3,314 | ||||||||||
Provision for credit losses | 27 | 13 | 47 | 5 | 21 | 21 | 32 | 34 | 68 | ||||||||||
Compensation and benefits | 1,242 | 1,205 | 1,202 | 72 | 80 | 91 | 1,314 | 1,285 | 1,293 | ||||||||||
Total other operating expenses | 943 | 908 | 939 | 279 | 71 | 103 | 1,222 | 979 | 1,042 | ||||||||||
Total operating expenses | 2,185 | 2,113 | 2,141 | 351 | 151 | 194 | 2,536 | 2,264 | 2,335 | ||||||||||
Income/(loss) before taxes | 1,057 | 808 | 1,029 | (187) | 210 | (118) | 870 | 1,018 | 911 | ||||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||||
Risk-weighted assets - Basel III | 88,316 | 85,965 | 88,281 | 6,079 | 6,469 | 7,728 | 94,395 | 92,434 | 96,009 | ||||||||||
Total assets | 258,447 | 253,224 | 251,716 | 20,703 | 22,197 | 23,967 | 279,150 | 275,421 | 275,683 | ||||||||||
Swiss leverage exposure | 302,894 | 299,996 | – | 21,600 | 23,096 | – | 324,494 | 323,092 | – |
Strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 1,038 | 1,044 | 1,103 | (1) | (6) | 4,155 | 4,438 | (6) | |||||||||
Recurring commissions and fees | 1,149 | 1,149 | 1,064 | 0 | 8 | 4,554 | 4,329 | 5 | |||||||||
Transaction- and performance-based revenues | 1,146 | 774 | 990 | 48 | 16 | 3,827 | 3,482 | 10 | |||||||||
Other revenues | (64) | (33) | 60 | 94 | – | (93) | 94 | – | |||||||||
Net revenues | 3,269 | 2,934 | 3,217 | 11 | 2 | 12,443 | 12,343 | 1 | |||||||||
New provisions | 58 | 44 | 85 | 32 | (32) | 210 | 274 | (23) | |||||||||
Releases of provisions | (31) | (31) | (38) | 0 | (18) | (128) | (135) | (5) | |||||||||
Provision for credit losses | 27 | 13 | 47 | 108 | (43) | 82 | 139 | (41) | |||||||||
Compensation and benefits | 1,242 | 1,205 | 1,202 | 3 | 3 | 5,027 | 5,186 | (3) | |||||||||
General and administrative expenses | 750 | 726 | 781 | 3 | (4) | 2,938 | 2,963 | (1) | |||||||||
Commission expenses | 193 | 182 | 158 | 6 | 22 | 760 | 681 | 12 | |||||||||
Total other operating expenses | 943 | 908 | 939 | 4 | 0 | 3,698 | 3,644 | 1 | |||||||||
Total operating expenses | 2,185 | 2,113 | 2,141 | 3 | 2 | 8,725 | 8,830 | (1) | |||||||||
Income before taxes | 1,057 | 808 | 1,029 | 31 | 3 | 3,636 | 3,374 | 8 | |||||||||
of which Wealth Management Clients | 475 | 509 | 483 | (7) | (2) | 2,059 | 1,971 | 4 | |||||||||
of which Corporate & Institutional Clients | 213 | 251 | 249 | (15) | (14) | 965 | 941 | 3 | |||||||||
of which Asset Management | 369 | 48 | 297 | – | 24 | 612 | 462 | 32 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on Basel III capital 1 | 34.0 | 25.7 | 34.5 | – | – | 29.1 | 28.2 | – | |||||||||
Cost/income ratio | 66.8 | 72.0 | 66.6 | – | – | 70.1 | 71.5 | – | |||||||||
Pre-tax income margin | 32.3 | 27.5 | 32.0 | – | – | 29.2 | 27.3 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 88,316 | 2 | 85,965 | 88,281 | 3 | 0 | 88,316 | 2 | 88,281 | 0 | |||||||
Total assets | 258,447 | 253,224 | 251,716 | 2 | 3 | 258,447 | 251,716 | 3 | |||||||||
Swiss leverage exposure | 302,894 | 299,996 | – | 1 | – | 302,894 | – | – | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 4Q13 and 3Q13, 29% in 2013, 25% in 4Q12 and 2012 and capital allocated at 10% of average risk-weighted assets.
|
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2
Includes the impact of an operational risk add-on of CHF 1.6 billion in 4Q13.
|
Results - Wealth Management Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 2,065 | 2,062 | 2,073 | 0 | 0 | 8,453 | 8,475 | 0 | |||||||||
Provision for credit losses | 18 | 21 | 36 | (14) | (50) | 78 | 110 | (29) | |||||||||
Total operating expenses | 1,572 | 1,532 | 1,554 | 3 | 1 | 6,316 | 6,394 | (1) | |||||||||
Income before taxes | 475 | 509 | 483 | (7) | (2) | 2,059 | 1,971 | 4 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 76.1 | 74.3 | 75.0 | – | – | 74.7 | 75.4 | – | |||||||||
Pre-tax income margin | 23.0 | 24.7 | 23.3 | – | – | 24.4 | 23.3 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 760 | 766 | 804 | (1) | (5) | 3,050 | 3,268 | (7) | |||||||||
Recurring commissions and fees | 742 | 747 | 685 | (1) | 8 | 2,956 | 2,811 | 5 | |||||||||
Transaction- and performance-based revenues | 563 | 549 | 584 | 3 | (4) | 2,447 | 2,355 | 4 | |||||||||
Other revenues 1 | 0 | 0 | 0 | – | – | 0 | 41 | (100) | |||||||||
Net revenues | 2,065 | 2,062 | 2,073 | 0 | 0 | 8,453 | 8,475 | 0 | |||||||||
Gross margin (annualized) (bp) 2 | |||||||||||||||||
Net interest income | 38 | 39 | 42 | – | – | 39 | 44 | – | |||||||||
Recurring commissions and fees | 38 | 38 | 36 | – | – | 37 | 38 | – | |||||||||
Transaction- and performance-based revenues | 28 | 28 | 31 | – | – | 31 | 32 | – | |||||||||
Other revenues | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Gross margin | 104 | 105 | 109 | – | – | 107 | 114 | – | |||||||||
Beginning in 2Q13, fees collected in an agent role in connection with certain customized fund services we provide to clients where those fees are passed on directly to a third-party investment manager are now presented on a net basis per the applicable accounting standards. These fees were previously recorded on a gross basis as fee income and commission expense. Prior periods have been restated to conform to the current presentation.
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1
Reflects gains of CHF 41 million in 2Q12 related to the sale of a non-core business from the integration of Clariden Leu.
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2
Net revenues divided by average assets under management.
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Relationship managers by region | |||||||
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Number of relationship managers | |||||||
Switzerland | 1,590 | 1,580 | 1,630 | ||||
EMEA | 1,180 | 1,180 | 1,300 | ||||
Americas | 560 | 590 | 620 | ||||
Asia Pacific | 440 | 430 | 440 | ||||
Number of relationship managers | 3,770 | 3,780 | 3,990 |
Assets under management - Wealth Management Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Assets under management by region (CHF billion) | |||||||||||||||||
Switzerland | 270.9 | 268.6 | 243.5 | 0.9 | 11.3 | 270.9 | 243.5 | 11.3 | |||||||||
EMEA | 231.3 | 231.0 | 243.2 | 0.1 | (4.9) | 231.3 | 243.2 | (4.9) | |||||||||
Americas | 172.9 | 171.0 | 164.5 | 1.1 | 5.1 | 172.9 | 164.5 | 5.1 | |||||||||
Asia Pacific | 115.6 | 112.3 | 106.8 | 2.9 | 8.2 | 115.6 | 106.8 | 8.2 | |||||||||
Assets under management | 790.7 | 782.9 | 758.0 | 1.0 | 4.3 | 790.7 | 758.0 | 4.3 | |||||||||
Average assets under management (CHF billion) | |||||||||||||||||
Average assets under management | 793.3 | 782.5 | 759.0 | 1.4 | 4.5 | 788.2 | 741.2 | 6.3 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 306.1 | 301.6 | 286.4 | 1.5 | 6.9 | 306.1 | 286.4 | 6.9 | |||||||||
EUR | 152.6 | 151.3 | 149.0 | 0.9 | 2.4 | 152.6 | 149.0 | 2.4 | |||||||||
CHF | 187.1 | 187.1 | 184.6 | 0.0 | 1.4 | 187.1 | 184.6 | 1.4 | |||||||||
Other | 144.9 | 142.9 | 138.0 | 1.4 | 5.0 | 144.9 | 138.0 | 5.0 | |||||||||
Assets under management | 790.7 | 782.9 | 758.0 | 1.0 | 4.3 | 790.7 | 758.0 | 4.3 | |||||||||
Net new assets by region (CHF billion) | |||||||||||||||||
Switzerland | (1.4) | (0.7) | 0.3 | 100.0 | – | 0.9 | 2.3 | (60.9) | |||||||||
EMEA | (0.7) | (0.8) | (2.0) | (12.5) | (65.0) | 1.8 | (2.0) | – | |||||||||
Americas | 1.1 | 2.0 | 3.6 | (45.0) | (69.4) | 4.7 | 10.2 | (53.9) | |||||||||
Asia Pacific | 2.7 | 3.3 | 1.7 | (18.2) | 58.8 | 11.5 | 10.1 | 13.9 | |||||||||
Net new assets | 1.7 | 3.8 | 3.6 | (55.3) | (52.8) | 18.9 | 20.6 | (8.3) | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 1.7 | 3.8 | 3.6 | – | – | 18.9 | 20.6 | – | |||||||||
Other effects | 6.1 | (3.2) | (7.2) | – | – | 13.8 | 27.9 | – | |||||||||
of which market movements | 15.5 | 19.3 | 11.0 | – | – | 40.2 | 47.4 | – | |||||||||
of which currency | (8.9) | (18.4) | (11.6) | – | – | (17.6) | (12.4) | – | |||||||||
of which other | (0.5) | (4.1) | (6.6) | – | – | (8.8) | (7.1) | – | |||||||||
Growth in assets under management | 7.8 | 0.6 | (3.6) | – | – | 32.7 | 48.5 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 0.9 | 1.9 | 1.9 | – | – | 2.5 | 2.9 | – | |||||||||
Other effects | 3.1 | (1.6) | (3.8) | – | – | 1.8 | 3.9 | – | |||||||||
Growth in assets under management (annualized) | 4.0 | 0.3 | (1.9) | – | – | 4.3 | 6.8 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 2.5 | 2.7 | 2.9 | – | – | – | – | – | |||||||||
Other effects | 1.8 | 0.1 | 3.9 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 4.3 | 2.8 | 6.8 | – | – | – | – | – |
Results - Corporate & Institutional Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 485 | 499 | 534 | (3) | (9) | 1,996 | 2,064 | (3) | |||||||||
Provision for credit losses | 9 | (8) | 11 | – | (18) | 4 | 29 | (86) | |||||||||
Total operating expenses | 263 | 256 | 274 | 3 | (4) | 1,027 | 1,094 | (6) | |||||||||
Income before taxes | 213 | 251 | 249 | (15) | (14) | 965 | 941 | 3 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 54.2 | 51.3 | 51.3 | – | – | 51.5 | 53.0 | – | |||||||||
Pre-tax income margin | 43.9 | 50.3 | 46.6 | – | – | 48.3 | 45.6 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 278 | 278 | 299 | 0 | (7) | 1,105 | 1,170 | (6) | |||||||||
Recurring commissions and fees | 108 | 117 | 114 | (8) | (5) | 451 | 448 | 1 | |||||||||
Transaction- and performance-based revenues | 102 | 105 | 102 | (3) | 0 | 455 | 457 | 0 | |||||||||
Other revenues 1 | (3) | (1) | 19 | 200 | – | (15) | (11) | 36 | |||||||||
Net revenues | 485 | 499 | 534 | (3) | (9) | 1,996 | 2,064 | (3) | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers (Switzerland) | 560 | 560 | 560 | 0 | 0 | 560 | 560 | 0 | |||||||||
1
Includes fair value losses of CHF 6 million on the Clock Finance transaction and gains of CHF 25 million related to a recovery case in 4Q12. Other periods presented relate to fair value gains/(losses) on the Clock Finance transaction.
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Results - Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 719 | 373 | 610 | 93 | 18 | 1,994 | 1,804 | 11 | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 350 | 325 | 313 | 8 | 12 | 1,382 | 1,342 | 3 | |||||||||
Income before taxes | 369 | 48 | 297 | – | 24 | 612 | 462 | 32 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 48.7 | 87.1 | 51.3 | – | – | 69.3 | 74.4 | – | |||||||||
Pre-tax income margin | 51.3 | 12.9 | 48.7 | – | – | 30.7 | 25.6 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Recurring commissions and fees | 299 | 285 | 265 | 5 | 13 | 1,147 | 1,070 | 7 | |||||||||
Transaction- and performance-based revenues | 481 | 120 | 304 | 301 | 58 | 925 | 670 | 38 | |||||||||
Other revenues | (61) | (32) | 41 | 91 | – | (78) | 64 | – | |||||||||
Net revenues | 719 | 373 | 610 | 93 | 18 | 1,994 | 1,804 | 11 | |||||||||
Net revenue detail by type (CHF million) | |||||||||||||||||
Asset management fees | 299 | 285 | 265 | 5 | 13 | 1,147 | 1,070 | 7 | |||||||||
Placement, transaction and other fees | 116 | 61 | 83 | 90 | 40 | 284 | 223 | 27 | |||||||||
Performance fees and carried interest | 342 | 36 | 203 | – | 68 | 542 | 346 | 57 | |||||||||
Equity participations income | 12 | 12 | 8 | 0 | 50 | 44 | 36 | 22 | |||||||||
Fee-based revenues | 769 | 394 | 559 | 95 | 38 | 2,017 | 1,675 | 20 | |||||||||
Investment-related gains/(losses) | 19 | (2) | 15 | – | 27 | 52 | 139 | (63) | |||||||||
Equity participations and other gains/(losses) | (68) | (18) | 35 | 278 | – | (86) | (7) | – | |||||||||
Other revenues 1 | (1) | (1) | 1 | 0 | – | 11 | (3) | – | |||||||||
Net revenues | 719 | 373 | 610 | 93 | 18 | 1,994 | 1,804 | 11 | |||||||||
Fee-based margin on assets under management (annualized) (bp) | |||||||||||||||||
Fee-based margin 2 | 87 | 45 | 69 | – | – | 58 | 52 | – | |||||||||
1
Includes allocated funding costs.
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2
Fee-based revenues divided by average assets under management.
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Assets under management - Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Hedge funds | 29.8 | 28.8 | 24.8 | 3.5 | 20.2 | 29.8 | 24.8 | 20.2 | |||||||||
Private equity | 0.6 | 0.4 | 0.4 | 50.0 | 50.0 | 0.6 | 0.4 | 50.0 | |||||||||
Real estate & commodities | 50.5 | 49.9 | 48.6 | 1.2 | 3.9 | 50.5 | 48.6 | 3.9 | |||||||||
Credit | 30.0 | 28.9 | 23.8 | 3.8 | 26.1 | 30.0 | 23.8 | 26.1 | |||||||||
Index strategies | 75.1 | 70.9 | 64.0 | 5.9 | 17.3 | 75.1 | 64.0 | 17.3 | |||||||||
Multi-asset class solutions | 104.0 | 106.9 | 103.1 | (2.7) | 0.9 | 104.0 | 103.1 | 0.9 | |||||||||
Fixed income & equities | 54.4 | 55.5 | 55.2 | (2.0) | (1.4) | 54.4 | 55.2 | (1.4) | |||||||||
Other | 7.9 | 7.7 | 5.4 | 2.6 | 46.3 | 7.9 | 5.4 | 46.3 | |||||||||
Assets under management | 352.3 | 349.0 | 325.3 | 0.9 | 8.3 | 352.3 | 325.3 | 8.3 | |||||||||
Average assets under management (CHF billion) | |||||||||||||||||
Average assets under management | 352.5 | 346.9 | 324.7 | 1.6 | 8.6 | 346.3 | 320.1 | 8.2 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 74.9 | 73.0 | 63.0 | 2.6 | 18.9 | 74.9 | 63.0 | 18.9 | |||||||||
EUR | 50.5 | 50.5 | 42.2 | 0.0 | 19.7 | 50.5 | 42.2 | 19.7 | |||||||||
CHF | 196.4 | 195.3 | 192.9 | 0.6 | 1.8 | 196.4 | 192.9 | 1.8 | |||||||||
Other | 30.5 | 30.2 | 27.2 | 1.0 | 12.1 | 30.5 | 27.2 | 12.1 | |||||||||
Assets under management | 352.3 | 349.0 | 325.3 | 0.9 | 8.3 | 352.3 | 325.3 | 8.3 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets 1 | (0.5) | 4.4 | 2.8 | – | – | 15.0 | (8.3) | – | |||||||||
Other effects | 3.8 | (1.5) | 0.8 | – | – | 12.0 | 14.6 | – | |||||||||
of which market movements | 6.5 | 3.9 | 3.5 | – | – | 17.7 | 24.2 | – | |||||||||
of which currency | (2.8) | (4.7) | (2.7) | – | – | (5.5) | (4.6) | – | |||||||||
of which other | 0.1 | (0.7) | 0.0 | – | – | (0.2) | (5.0) | – | |||||||||
Growth in assets under management | 3.3 | 2.9 | 3.6 | – | – | 27.0 | 6.3 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | (0.6) | 5.1 | 3.5 | – | – | 4.6 | (2.6) | – | |||||||||
Other effects | 4.4 | (1.7) | 1.0 | – | – | 3.7 | 4.6 | – | |||||||||
Growth in assets under management (annualized) | 3.8 | 3.4 | 4.5 | – | – | 8.3 | 2.0 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 4.6 | 5.7 | (2.6) | – | – | – | – | – | |||||||||
Other effects | 3.7 | 2.8 | 4.6 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 8.3 | 8.5 | 2.0 | – | – | – | – | – | |||||||||
Principal investments (CHF billion) | |||||||||||||||||
Principal investments | 0.9 | 0.9 | 1.1 | 0.0 | (18.2) | 0.9 | 1.1 | (18.2) | |||||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
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Non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 169 | 382 | 97 | (56) | 74 | 1,008 | 1,131 | (11) | |||||||||
Provision for credit losses | 5 | 21 | 21 | (76) | (76) | 58 | 43 | 35 | |||||||||
Compensation and benefits | 72 | 80 | 91 | (10) | (21) | 304 | 375 | (19) | |||||||||
Total other operating expenses | 279 | 71 | 103 | 293 | 171 | 596 | 312 | 91 | |||||||||
Total operating expenses | 351 | 151 | 194 | 132 | 81 | 900 | 687 | 31 | |||||||||
Income/(loss) before taxes | (187) | 210 | (118) | – | 58 | 50 | 401 | (88) | |||||||||
Revenue details (CHF million) | |||||||||||||||||
Restructuring of select onshore businesses | 28 | 25 | 39 | 12 | (28) | 164 | 149 | 10 | |||||||||
Legacy cross-border business and small markets | 52 | 49 | 52 | 6 | 0 | 202 | 209 | (3) | |||||||||
Restructuring of former Asset Management division | 54 | 288 | (32) | (81) | – | 534 | 660 | (19) | |||||||||
Other | 35 | 20 | 38 | 75 | (8) | 108 | 113 | (4) | |||||||||
Net revenues | 169 | 382 | 97 | (56) | 74 | 1,008 | 1,131 | (11) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 6,079 | 6,469 | 7,728 | (6) | (21) | 6,079 | 7,728 | (21) | |||||||||
Total assets | 20,703 | 22,197 | 23,967 | (7) | (14) | 20,703 | 23,967 | (14) | |||||||||
Swiss leverage exposure | 21,600 | 23,096 | – | (6) | – | 21,600 | – | – |
Assets under management - Private Banking & Wealth Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Assets under management by business (CHF billion) | |||||||||||||||||
Wealth Management Clients | 790.7 | 782.9 | 758.0 | 1.0 | 4.3 | 790.7 | 758.0 | 4.3 | |||||||||
Corporate & Institutional Clients | 250.0 | 241.1 | 223.8 | 3.7 | 11.7 | 250.0 | 223.8 | 11.7 | |||||||||
Asset Management | 352.3 | 349.0 | 325.3 | 0.9 | 8.3 | 352.3 | 325.3 | 8.3 | |||||||||
Non-strategic | 44.4 | 48.7 | 84.7 | (8.8) | (47.6) | 44.4 | 84.7 | (47.6) | |||||||||
Assets managed across businesses 1 | (155.0) | (153.5) | (141.0) | 1.0 | 9.9 | (155.0) | (141.0) | 9.9 | |||||||||
Assets under management | 1,282.4 | 1,268.2 | 1,250.8 | 1.1 | 2.5 | 1,282.4 | 1,250.8 | 2.5 | |||||||||
Average assets under management (CHF billion) | |||||||||||||||||
Average assets under management | 1,284.6 | 1,275.8 | 1,250.0 | 0.7 | 2.8 | 1,291.2 | 1,224.7 | 5.4 | |||||||||
Net new assets by business (CHF billion) | |||||||||||||||||
Wealth Management Clients | 1.7 | 3.8 | 3.6 | (55.3) | (52.8) | 18.9 | 20.6 | (8.3) | |||||||||
Corporate & Institutional Clients | 4.0 | 0.5 | 1.1 | – | 263.6 | 8.8 | 1.5 | 486.7 | |||||||||
Asset Management | (0.5) | 4.4 | 2.8 | – | – | 15.0 | (8.3) | – | |||||||||
Non-strategic | (1.0) | (1.2) | (0.9) | (16.7) | 11.1 | (5.9) | (2.1) | 181.0 | |||||||||
Assets managed across businesses 1 | 0.2 | 0.6 | 0.2 | (66.7) | 0.0 | (4.7) | (0.9) | 422.2 | |||||||||
Net new assets | 4.4 | 8.1 | 6.8 | (45.7) | (35.3) | 32.1 | 10.8 | 197.2 | |||||||||
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and non-strategic businesses.
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Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 2,725 | 2,552 | 2,664 | 7 | 2 | 12,622 | 12,558 | 1 | |||||||||
of which strategic results | 2,812 | 2,748 | 2,950 | 2 | (5) | 13,181 | 13,385 | (2) | |||||||||
of which non-strategic results | (87) | (196) | (286) | (56) | (70) | (559) | (827) | (32) | |||||||||
Provision for credit losses | 8 | 7 | 2 | 14 | 300 | 13 | (12) | – | |||||||||
Compensation and benefits | 1,355 | 1,129 | 1,172 | 20 | 16 | 5,435 | 6,070 | (10) | |||||||||
General and administrative expenses | 1,200 | 961 | 941 | 25 | 28 | 4,010 | 3,551 | 13 | |||||||||
Commission expenses | 202 | 226 | 251 | (11) | (20) | 921 | 947 | (3) | |||||||||
Total other operating expenses | 1,402 | 1,187 | 1,192 | 18 | 18 | 4,931 | 4,498 | 10 | |||||||||
Total operating expenses | 2,757 | 2,316 | 2,364 | 19 | 17 | 10,366 | 10,568 | (2) | |||||||||
of which strategic results | 2,319 | 2,070 | 2,197 | 12 | 6 | 9,300 | 9,970 | (7) | |||||||||
of which non-strategic results | 438 | 246 | 167 | 78 | 162 | 1,066 | 598 | 78 | |||||||||
Income/(loss) before taxes | (40) | 229 | 298 | – | – | 2,243 | 2,002 | 12 | |||||||||
of which strategic results | 485 | 671 | 750 | (28) | (35) | 3,870 | 3,427 | 13 | |||||||||
of which non-strategic results | (525) | (442) | (452) | 19 | 16 | (1,627) | (1,425) | 14 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on Basel III capital 1 | – | 4.0 | 5.1 | – | – | 9.8 | 7.8 | – | |||||||||
Cost/income ratio | 101.2 | 90.8 | 88.7 | – | – | 82.1 | 84.2 | – | |||||||||
Pre-tax income margin | (1.5) | 9.0 | 11.2 | – | – | 17.8 | 15.9 | – | |||||||||
Utilized economic capital and return | |||||||||||||||||
Average utilized economic capital (CHF million) | 19,905 | 19,666 | 19,228 | 1 | 4 | 19,910 | 20,241 | (2) | |||||||||
Pre-tax return on average utilized economic capital (%) 2 | (0.3) | 5.2 | 6.9 | – | – | 11.8 | 10.6 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 19,700 | 20,000 | 19,800 | (2) | (1) | 19,700 | 19,800 | (1) | |||||||||
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 4Q13 and 3Q13, 27% in 2013, 25% in 4Q12 and 2012 and capital allocated at 10% of average risk-weighted assets.
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2
Calculated using a return excluding interest costs for allocated goodwill.
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Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Debt underwriting | 482 | 424 | 508 | 14 | (5) | 1,902 | 1,617 | 18 | |||||||||
Equity underwriting | 273 | 129 | 167 | 112 | 63 | 766 | 552 | 39 | |||||||||
Total underwriting | 755 | 553 | 675 | 37 | 12 | 2,668 | 2,169 | 23 | |||||||||
Advisory and other fees | 194 | 152 | 307 | 28 | (37) | 658 | 1,042 | (37) | |||||||||
Total underwriting and advisory | 949 | 705 | 982 | 35 | (3) | 3,326 | 3,211 | 4 | |||||||||
Fixed income sales and trading | 746 | 833 | 887 | (10) | (16) | 4,823 | 5,349 | (10) | |||||||||
Equity sales and trading | 1,067 | 1,065 | 910 | 0 | 17 | 4,767 | 4,330 | 10 | |||||||||
Total sales and trading | 1,813 | 1,898 | 1,797 | (4) | 1 | 9,590 | 9,679 | (1) | |||||||||
Other | (37) | (51) | (115) | (27) | (68) | (294) | (332) | (11) | |||||||||
Net revenues | 2,725 | 2,552 | 2,664 | 7 | 2 | 12,622 | 12,558 | 1 | |||||||||
Average one-day, 98% risk management Value-at-Risk (CHF million) | |||||||||||||||||
Interest rate & credit spread | 35 | 38 | 44 | (8) | (20) | 40 | 53 | (25) | |||||||||
Foreign exchange | 9 | 9 | 9 | 0 | 0 | 9 | 15 | (40) | |||||||||
Commodity | 2 | 2 | 2 | 0 | 0 | 2 | 3 | (33) | |||||||||
Equity | 17 | 15 | 19 | 13 | (11) | 16 | 23 | (30) | |||||||||
Diversification benefit | (23) | (23) | (31) | 0 | (26) | (26) | (39) | (33) | |||||||||
Average one-day, 98% risk management Value-at-Risk | 40 | 41 | 43 | (2) | (7) | 41 | 55 | (25) |
Strategic and non-strategic results | |||||||||||||||||||
Strategic results | Non-strategic results | Investment Banking | |||||||||||||||||
in / end of | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 2,812 | 2,748 | 2,950 | (87) | (196) | (286) | 2,725 | 2,552 | 2,664 | ||||||||||
Provision for credit losses | 8 | 7 | 3 | 0 | 0 | (1) | 8 | 7 | 2 | ||||||||||
Compensation and benefits | 1,335 | 1,094 | 1,139 | 20 | 35 | 33 | 1,355 | 1,129 | 1,172 | ||||||||||
Total other operating expenses | 984 | 976 | 1,058 | 418 | 211 | 134 | 1,402 | 1,187 | 1,192 | ||||||||||
Total operating expenses | 2,319 | 2,070 | 2,197 | 438 | 246 | 167 | 2,757 | 2,316 | 2,364 | ||||||||||
Income/(loss) before taxes | 485 | 671 | 750 | (525) | (442) | (452) | (40) | 229 | 298 | ||||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||||
Risk-weighted assets - Basel III | 138,853 | 134,946 | 150,259 | 17,549 | 17,692 | 21,252 | 156,402 | 152,638 | 171,511 | ||||||||||
Risk-weighted assets - Basel III (USD) | 156,041 | 149,236 | 164,199 | 19,721 | 19,565 | 23,224 | 175,762 | 168,801 | 187,423 | ||||||||||
Total assets | 475,516 | 497,988 | 529,652 | 27,283 | 30,774 | 34,106 | 502,799 | 528,762 | 563,758 | ||||||||||
Swiss leverage exposure | 644,800 | 696,812 | – | 77,700 | 84,413 | – | 722,500 | 781,225 | – |
Strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Debt underwriting | 483 | 424 | 508 | 14 | (5) | 1,902 | 1,617 | 18 | |||||||||
Equity underwriting | 274 | 129 | 167 | 112 | 64 | 766 | 552 | 39 | |||||||||
Total underwriting | 757 | 553 | 675 | 37 | 12 | 2,668 | 2,169 | 23 | |||||||||
Advisory and other fees | 194 | 152 | 307 | 28 | (37) | 658 | 1,042 | (37) | |||||||||
Total underwriting and advisory | 951 | 705 | 982 | 35 | (3) | 3,326 | 3,211 | 4 | |||||||||
Fixed income sales and trading | 808 | 1,030 | 1,180 | (22) | (32) | 5,300 | 6,221 | (15) | |||||||||
Equity sales and trading | 1,087 | 1,095 | 900 | (1) | 21 | 4,866 | 4,285 | 14 | |||||||||
Total sales and trading | 1,895 | 2,125 | 2,080 | (11) | (9) | 10,166 | 10,506 | (3) | |||||||||
Other | (34) | (82) | (112) | (59) | (70) | (311) | (332) | (6) | |||||||||
Net revenues | 2,812 | 2,748 | 2,950 | 2 | (5) | 13,181 | 13,385 | (2) | |||||||||
Provision for credit losses | 8 | 7 | 3 | 14 | 167 | 11 | (12) | – | |||||||||
Compensation and benefits | 1,335 | 1,094 | 1,139 | 22 | 17 | 5,326 | 5,881 | (9) | |||||||||
General and administrative expenses | 790 | 754 | 810 | 5 | (2) | 3,078 | 3,149 | (2) | |||||||||
Commission expenses | 194 | 222 | 248 | (13) | (22) | 896 | 940 | (5) | |||||||||
Total other operating expenses | 984 | 976 | 1,058 | 1 | (7) | 3,974 | 4,089 | (3) | |||||||||
Total operating expenses | 2,319 | 2,070 | 2,197 | 12 | 6 | 9,300 | 9,970 | (7) | |||||||||
Income before taxes | 485 | 671 | 750 | (28) | (35) | 3,870 | 3,427 | 13 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on Basel III capital 1 | 9.9 | 13.4 | 14.6 | – | – | 19.0 | 15.6 | – | |||||||||
Cost/income ratio | 82.5 | 75.3 | 74.5 | – | – | 70.6 | 74.5 | – | |||||||||
Pre-tax income margin | 17.2 | 24.4 | 25.4 | – | – | 29.4 | 25.6 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets – Basel III | 138,853 | 134,946 | 150,259 | 3 | (8) | 138,853 | 150,259 | (8) | |||||||||
Risk-weighted assets – Basel III (USD) | 156,041 | 149,236 | 164,199 | 5 | (5) | 156,041 | 164,199 | (5) | |||||||||
Total assets | 475,516 | 497,988 | 529,652 | (5) | (10) | 475,516 | 529,652 | (10) | |||||||||
Swiss leverage exposure | 644,800 | 696,812 | – | (7) | – | 644,800 | – | – | |||||||||
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 4Q13 and 3Q13, 28% in 2013, 25% in 4Q12 and 2012 and capital allocated at 10% of average risk-weighted assets.
|
Non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (87) | (196) | (286) | (56) | (70) | (559) | (827) | (32) | |||||||||
Provision for credit losses | 0 | 0 | (1) | – | 100 | 2 | 0 | – | |||||||||
Compensation and benefits | 20 | 35 | 33 | (43) | (39) | 109 | 189 | (42) | |||||||||
Total other operating expenses | 418 | 211 | 134 | 98 | 212 | 957 | 409 | 134 | |||||||||
of which litigation | 375 | 150 | 78 | 150 | 381 | 753 | 192 | 292 | |||||||||
Total operating expenses | 438 | 246 | 167 | 78 | 162 | 1,066 | 598 | 78 | |||||||||
Income/(loss) before taxes | (525) | (442) | (452) | 19 | 16 | (1,627) | (1,425) | 14 | |||||||||
Revenue details (CHF million) | |||||||||||||||||
Fixed income wind-down | 60 | (66) | (132) | – | – | (32) | (597) | (95) | |||||||||
Legacy rates business | (1) | (8) | (59) | (88) | (98) | 12 | 40 | (70) | |||||||||
Legacy funding costs | (93) | (95) | (103) | (2) | (10) | (382) | (417) | (8) | |||||||||
Other | (53) | (27) | 8 | 96 | – | (157) | 147 | – | |||||||||
Net revenues | (87) | (196) | (286) | (56) | (70) | (559) | (827) | (32) | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets – Basel III | 17,549 | 17,692 | 21,252 | (1) | (17) | 17,549 | 21,252 | (17) | |||||||||
Risk-weighted assets – Basel III (USD) | 19,721 | 19,565 | 23,224 | 1 | (15) | 19,721 | 23,224 | (15) | |||||||||
Total assets | 27,283 | 30,774 | 34,106 | (11) | (20) | 27,283 | 34,106 | (20) | |||||||||
Swiss leverage exposure | 77,700 | 84,413 | – | (8) | – | 77,700 | – | – |
Corporate Center Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (177) | (419) | (351) | (58) | (50) | (790) | (2,781) | (72) | |||||||||
Provision for credit losses | 1 | 0 | 0 | – | – | 2 | 0 | – | |||||||||
Compensation and benefits | 132 | 115 | 169 | 15 | (22) | 468 | 636 | (26) | |||||||||
General and administrative expenses | 109 | 21 | 315 | 419 | (65) | 196 | 464 | (58) | |||||||||
Commission expenses | (17) | 4 | (11) | – | 55 | 12 | 8 | 50 | |||||||||
Total other operating expenses | 92 | 25 | 304 | 268 | (70) | 208 | 472 | (56) | |||||||||
Total operating expenses | 224 | 140 | 473 | 60 | (53) | 676 | 1,108 | (39) | |||||||||
Loss before taxes | (402) | (559) | (824) | (28) | (51) | (1,468) | (3,889) | (62) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III 1 | 15,306 | 15,984 | 16,590 | (4) | (8) | 15,306 | 16,590 | (8) | |||||||||
Total assets | 87,029 | 86,886 | 80,733 | 0 | 8 | 87,029 | 80,733 | 8 | |||||||||
Swiss leverage exposure | 83,407 | 79,231 | – | 5 | – | 83,407 | – | – | |||||||||
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.
|
Strategic and Non-strategic results | |||||||||||||||||||
Strategic results | Non-strategic results | Corporate Center | |||||||||||||||||
in | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | (17) | 10 | (84) | (160) | (429) | (267) | (177) | (419) | (351) | ||||||||||
Provision for credit losses | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||
Compensation and benefits | 35 | 77 | (13) | 97 | 38 | 182 | 132 | 115 | 169 | ||||||||||
Total other operating expenses | 28 | 22 | 17 | 64 | 3 | 287 | 92 | 25 | 304 | ||||||||||
Total operating expenses | 63 | 99 | 4 | 161 | 41 | 469 | 224 | 140 | 473 | ||||||||||
Income/(loss) before taxes | (81) | (89) | (88) | (321) | (470) | (736) | (402) | (559) | (824) |
Non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | 2013 | 2012 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (160) | (429) | (267) | (63) | (40) | (735) | (2,546) | (71) | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 161 | 41 | 469 | 293 | (66) | 372 | 809 | (54) | |||||||||
Income/(loss) before taxes | (321) | (470) | (736) | (32) | (56) | (1,107) | (3,355) | (67) | |||||||||
of which fair value impact from movements in own credit spreads | (202) | (163) | (376) | 24 | (46) | (315) | (2,939) | (89) | |||||||||
of which realignment costs 1 | (131) | (38) | (285) | 245 | (54) | (394) | (680) | (42) | |||||||||
of which IT architecture simplification expenses | (69) | (40) | – | 73 | – | (128) | – | – | |||||||||
of which real estate sales | 68 | – | 151 | – | (55) | 68 | 533 | (87) | |||||||||
of which litigation provisions 2 | – | – | (227) | – | 100 | – | (227) | 100 | |||||||||
of which legacy funding costs 3 | 6 | (20) | (21) | – | – | (57) | (85) | (33) | |||||||||
of which reclassifications to discontinued operations 4 | 5 | (213) | 15 | – | (67) | (220) | 9 | – | |||||||||
of which other non-strategic items | 2 | 4 | 7 | (50) | (71) | (61) | 34 | – | |||||||||
1
Business realignment costs relating to divisional realignment costs are prospectively presented in the relevant divisional non-strategic results beginning in 4Q13.
|
|||||||||||||||||
2
Represents litigation provisions related to National Century Financial Enterprises.
|
|||||||||||||||||
3
Represents legacy funding costs associated with non-Basel III compliant debt instruments.
|
|||||||||||||||||
4
Includes reclassifications to discontinued operations of revenues and expenses arising from the sale of ETF, secondary private equity and CFIG businesses and the announced sale of domestic private banking business booked in Germany.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||
Fair value gains/(losses) from movements in own credit spreads | (202) | (163) | (376) | (315) | (2,939) | |||||
of which fair value gains/(losses) on own long-term vanilla debt | (180) | (68) | (197) | (268) | (1,663) | |||||
of which fair value gains/(losses) from DVA on structured notes | (69) | (99) | (120) | (130) | (958) | |||||
of which fair value gains/(losses) on stand-alone derivatives | 47 | 4 | (59) | 83 | (318) |
Assets under management and client assets | |||||||||||
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Wealth Management Clients | 790.7 | 782.9 | 758.0 | 1.0 | 4.3 | ||||||
Corporate & Institutional Clients | 250.0 | 241.1 | 223.8 | 3.7 | 11.7 | ||||||
Asset Management 1 | 352.3 | 349.0 | 325.3 | 0.9 | 8.3 | ||||||
Non-strategic | 44.4 | 48.7 | 84.7 | (8.8) | (47.6) | ||||||
Assets managed across businesses 2 | (155.0) | (153.5) | (141.0) | 1.0 | 9.9 | ||||||
Assets under management | 1,282.4 | 1,268.2 | 1,250.8 | 1.1 | 2.5 | ||||||
of which continuing operations | 1,253.4 | 1,239.3 | 1,197.8 | 1.1 | 4.6 | ||||||
of which discontinued operations | 29.0 | 28.9 | 53.0 | 0.3 | (45.3) | ||||||
Assets under management from continuing operations | 1,253.4 | 1,239.3 | 1,197.8 | 1.1 | 4.6 | ||||||
of which discretionary assets | 397.6 | 393.3 | 365.5 | 1.1 | 8.8 | ||||||
of which advisory assets | 855.8 | 846.0 | 832.3 | 1.2 | 2.8 | ||||||
Client assets (CHF billion) | |||||||||||
Wealth Management Clients | 904.5 | 895.7 | 870.1 | 1.0 | 4.0 | ||||||
Corporate & Institutional Clients | 353.3 | 342.3 | 323.0 | 3.2 | 9.4 | ||||||
Asset Management 1 | 352.3 | 349.0 | 325.3 | 0.9 | 8.3 | ||||||
Non-strategic | 51.8 | 55.9 | 88.0 | (7.3) | (41.1) | ||||||
Assets managed across businesses 2 | (155.0) | (153.5) | (141.0) | 1.0 | 9.9 | ||||||
Client Assets | 1,506.9 | 1,489.4 | 1,465.4 | 1.2 | 2.8 | ||||||
of which continuing operations | 1,477.5 | 1,460.0 | 1,411.8 | 1.2 | 4.7 | ||||||
of which discontinued operations | 29.4 | 29.4 | 53.6 | 0.0 | (45.1) | ||||||
1
Excludes our portion of assets under management from our former investment in Aberdeen.
|
|||||||||||
2
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.
|
Growth in assets under management | |||||||||||
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets from continuing operations | 4.2 | 8.8 | 7.1 | 36.1 | 11.4 | ||||||
Net new assets from discontinued operations | 0.2 | (0.7) | (0.3) | (4.0) | (0.6) | ||||||
Net new assets | 4.4 | 8.1 | 6.8 | 32.1 | 10.8 | ||||||
of which Wealth Management Clients | 1.7 | 3.8 | 3.6 | 18.9 | 20.6 | ||||||
of which Corporate & Institutional Clients | 4.0 | 0.5 | 1.1 | 8.8 | 1.5 | ||||||
of which Asset Management 1 | (0.5) | 4.4 | 2.8 | 15.0 | (8.3) | ||||||
of which non-strategic | (1.0) | (1.2) | (0.9) | (5.9) | (2.1) | ||||||
of which assets managed across businesses 2 | 0.2 | 0.6 | 0.2 | (4.7) | (0.9) | ||||||
Other effects from continuing operations | 9.9 | (14.9) | (6.3) | 19.5 | 52.9 | ||||||
Other effects from discontinued operations | (0.1) | (21.6) | (0.4) | (20.0) | 1.9 | ||||||
Other effects | 9.8 | (36.5) | (6.7) | (0.5) | 54.8 | ||||||
of which Wealth Management Clients | 6.1 | (3.2) | (7.2) | 13.8 | 27.8 | ||||||
of which Corporate & Institutional Clients | 4.9 | 2.3 | 2.4 | 17.4 | 19.3 | ||||||
of which Asset Management | 3.8 | (1.5) | 0.8 | 12.0 | 14.6 | ||||||
of which non-strategic | (3.3) | (33.9) | (1.1) | (34.4) | 2.2 | ||||||
of which assets managed across businesses 2 | (1.7) | (0.2) | (1.6) | (9.3) | (9.1) | ||||||
Growth in assets under management from continuing operations | 14.1 | (6.1) | 0.8 | 55.6 | 64.3 | ||||||
Growth in assets under management from discontinued operations | 0.1 | (22.3) | (0.7) | (24.0) | 1.3 | ||||||
Growth in assets under management | 14.2 | (28.4) | 0.1 | 31.6 | 65.6 | ||||||
of which Wealth Management Clients | 7.8 | 0.6 | (3.6) | 32.7 | 48.4 | ||||||
of which Corporate & Institutional Clients | 8.9 | 2.8 | 3.5 | 26.2 | 20.8 | ||||||
of which Asset Management 1 | 3.3 | 2.9 | 3.6 | 27.0 | 6.3 | ||||||
of which non-strategic | (4.3) | (35.1) | (2.0) | (40.3) | 0.1 | ||||||
of which assets managed across businesses 2 | (1.5) | 0.4 | (1.4) | (14.0) | (10.0) |
Growth in assets under management (continued) | |||||||||||
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets from continuing operations | 1.4 | 2.8 | 2.4 | 3.0 | 1.0 | ||||||
Net new assets from discontinued operations | 2.8 | (5.5) | (2.2) | (7.5) | (1.2) | ||||||
Net new assets | 1.4 | 2.5 | 2.2 | 2.5 | 0.9 | ||||||
of which Wealth Management Clients | 0.9 | 1.9 | 1.9 | 2.5 | 2.9 | ||||||
of which Corporate & Institutional Clients | 6.6 | 0.8 | 2.0 | 3.9 | 0.7 | ||||||
of which Asset Management 1 | (0.6) | 5.1 | 3.5 | 4.6 | (2.6) | ||||||
of which non-strategic | (8.2) | (5.7) | (4.2) | (7.0) | (2.5) | ||||||
of which assets managed across businesses 2 | (0.5) | (1.6) | (0.6) | 3.3 | 0.7 | ||||||
Other effects from continuing operations | 3.2 | (4.8) | (2.1) | 1.6 | 4.7 | ||||||
Other effects from discontinued operations | (1.4) | (168.7) | (3.0) | (37.8) | 3.6 | ||||||
Other effects | 3.1 | (11.3) | (2.2) | 0.0 | 4.6 | ||||||
of which Wealth Management Clients | 3.1 | (1.6) | (3.8) | 1.8 | 3.9 | ||||||
of which Corporate & Institutional Clients | 8.2 | 3.9 | 4.4 | 7.8 | 9.5 | ||||||
of which Asset Management | 4.4 | (1.7) | 1.0 | 3.7 | 4.6 | ||||||
of which non-strategic | (27.1) | (161.8) | (5.0) | (40.6) | 2.6 | ||||||
of which assets managed across businesses 2 | 4.4 | 0.6 | 4.6 | 6.6 | 6.9 | ||||||
Growth in assets under management continuing operations | 4.6 | (2.0) | 0.3 | 4.6 | 5.7 | ||||||
Growth in assets under management from discontinued operations | 1.4 | (174.2) | (5.2) | (45.3) | 2.4 | ||||||
Growth in assets under management | 4.5 | (8.8) | 0.0 | 2.5 | 5.5 | ||||||
of which Wealth Management Clients | 4.0 | 0.3 | (1.9) | 4.3 | 6.8 | ||||||
of which Corporate & Institutional Clients | 14.8 | 4.7 | 6.4 | 11.7 | 10.2 | ||||||
of which Asset Management 1 | 3.8 | 3.4 | 4.5 | 8.3 | 2.0 | ||||||
of which non-strategic | (35.3) | (167.5) | (9.2) | (47.6) | 0.1 | ||||||
of which assets managed across businesses 2 | 3.9 | (1.0) | 4.0 | 9.9 | 7.6 | ||||||
Growth in net new assets (rolling four-quarter average) (%) | |||||||||||
Net new assets from continuing operations | 3.0 | 3.3 | 1.0 | – | – | ||||||
Net new assets from discontinued operations | (7.5) | (8.4) | (1.2) | – | – | ||||||
Net new assets | 2.5 | 2.8 | 0.9 | ||||||||
of which Wealth Management Clients | 2.5 | 2.7 | 2.9 | – | – | ||||||
of which Corporate & Institutional Clients | 3.9 | 2.7 | 0.7 | – | – | ||||||
of which Asset Management 1 | 4.6 | 5.7 | (2.6) | – | – | ||||||
of which non-strategic | 3.3 | 3.4 | 0.7 | – | – | ||||||
of which Assets managed across businesses 2 | 0.0 | 0.0 | 0.0 | – | – | ||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||||||
2
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.
|
Net new assets | |||||||||||
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Net new assets (CHF billion) | |||||||||||
Wealth Management Clients | 1.7 | 3.8 | 3.6 | 18.9 | 20.6 | ||||||
Corporate & Institutional Clients | 4.0 | 0.5 | 1.1 | 8.8 | 1.5 | ||||||
Asset Management | (0.5) | 4.4 | 2.8 | 15.0 | (8.3) | ||||||
Non-strategic | (1.0) | (1.2) | (0.9) | (5.9) | (2.1) | ||||||
Assets managed across businesses 1 | 0.2 | 0.6 | 0.2 | (4.7) | (0.9) | ||||||
Net new assets | 4.4 | 8.1 | 6.8 | 32.1 | 10.8 | ||||||
of which continuing operations | 4.2 | 8.8 | 7.1 | 36.1 | 11.4 | ||||||
of which discontinued operations | 0.2 | (0.7) | (0.3) | (4.0) | (0.6) | ||||||
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.
|
Basel III phase-in requirements for Credit Suisse | |||||||||||||||||
Effective January 1, for the applicable year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||
Capital ratios | |||||||||||||||||
CET1 | 3.5% | 1 | 4.0% | 1 | 4.5% | 4.5% | 4.5% | 4.5% | 4.5% | ||||||||
Capital conservation buffer | 0.625% | 1 | 1.250% | 1 | 1.875% | 1 | 2.5% | ||||||||||
Progressive buffer for G-SIB | 0.375% | 1 | 0.750% | 1 | 1.125% | 1 | 1.5% | ||||||||||
Total CET1 | 3.5% | 4.0% | 4.5% | 5.5% | 6.5% | 7.5% | 8.5% | ||||||||||
Additional tier 1 | 1.0% | 1 | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | |||||||||
Total tier 1 | 4.5% | 5.5% | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% | ||||||||||
Tier 2 | 3.5% | 1 | 2.5% | 1 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | ||||||||
Total capital | 8.0% | 8.0% | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% | ||||||||||
Phase-in deductions from CET1 2 | 20.0% | 1 | 40.0% | 1 | 60.0% | 1 | 80.0% | 1 | 100.0% | 100.0% | |||||||
Capital instruments subject to phase out | Phased out over a 10-year horizon beginning 2013 through 2022 | ||||||||||||||||
1
Indicates transition period.
|
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2
Includes goodwill and other intangible assets, certain deferred tax assets and participations in financial institutions.
|
BIS statistics – Basel III | |||||||||||||||||
Group | Bank | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q13 | 3Q13 | 4Q12 | QoQ | 4Q13 | 3Q13 | 4Q12 | QoQ | |||||||||
Eligible capital (CHF million) | |||||||||||||||||
Total shareholders' equity | 42,907 | 42,162 | 35,498 | 2 | 40,734 | 36,260 | 34,767 | 12 | |||||||||
Mandatory and contingent convertible securities | – | 1 | – | 1 | 3,598 | 1 | – | – | – | – | – | ||||||
Regulatory adjustments | (1,069) | 2 | (1,044) | 2 | (303) | 2 | 2 | (3,504) | 3 | (4,247) | 3 | (3,879) | 3 | (17) | |||
Adjustments subject to phase in 4 | 1,894 | 2,662 | 2,707 | (29) | 1,540 | 5,906 | 5,829 | (74) | |||||||||
CET1 capital | 43,732 | 43,780 | 41,500 | 0 | 38,770 | 37,919 | 36,717 | 2 | |||||||||
Additional tier 1 instruments | 7,484 | 5 | 1,792 | 1,516 | 318 | 6,644 | 1,792 | 1,545 | 271 | ||||||||
Additional tier 1 instruments subject to phase out 6 | 3,652 | 8,967 | 10,416 | (59) | 3,652 | 8,967 | 10,416 | (59) | |||||||||
Deductions from additional tier 1 capital 7 | (8,064) | (8,662) | (9,075) | (7) | (7,219) | (7,770) | (8,201) | (7) | |||||||||
Additional tier 1 capital | 3,072 | 2,097 | 2,857 | 46 | 3,077 | 2,989 | 3,760 | 3 | |||||||||
Total tier 1 capital | 46,804 | 45,877 | 44,357 | 2 | 41,847 | 40,908 | 40,477 | 2 | |||||||||
Tier 2 instruments | 6,263 | 5 | 6,381 | 2,568 | (2) | 6,263 | 6,381 | 2,572 | (2) | ||||||||
Tier 2 instruments subject to phase out | 4,321 | 4,438 | 5,016 | (3) | 5,016 | 5,427 | 6,634 | (8) | |||||||||
Deductions from tier 2 capital | (357) | (341) | (422) | 5 | (318) | (300) | (377) | 6 | |||||||||
Tier 2 capital | 10,227 | 10,478 | 7,162 | (2) | 10,961 | 11,508 | 8,829 | (5) | |||||||||
Total eligible capital | 57,031 | 56,355 | 51,519 | 1 | 52,808 | 52,416 | 49,306 | 1 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Credit risk | 175,631 | 180,223 | 201,764 | (3) | 166,324 | 169,982 | 191,649 | (2) | |||||||||
Market risk | 39,133 | 37,989 | 39,466 | 3 | 39,111 | 37,977 | 39,438 | 3 | |||||||||
Operational risk | 53,075 | 44,788 | 45,125 | 19 | 53,075 | 44,788 | 45,125 | 19 | |||||||||
Non-counterparty risk | 6,007 | 6,263 | 6,126 | (4) | 5,758 | 6,009 | 5,873 | (4) | |||||||||
Risk-weighted assets | 273,846 | 269,263 | 292,481 | 2 | 264,268 | 258,756 | 282,085 | 2 | |||||||||
Capital ratios (%) | |||||||||||||||||
CET1 ratio | 16.0 | 16.3 | 14.2 | – | 14.7 | 14.7 | 13.0 | – | |||||||||
Tier 1 ratio | 17.1 | 17.0 | 15.2 | – | 15.8 | 15.8 | 14.3 | – | |||||||||
Total capital ratio | 20.8 | 20.9 | 17.6 | – | 20.0 | 20.3 | 17.5 | – | |||||||||
1
Converted and settled into 233.5 million shares on April 8, 2013 and reflected in total shareholders' equity as of that date.
|
|||||||||||||||||
2
Includes regulatory adjustments not subject to phase in, including a cumulative dividend accrual.
|
|||||||||||||||||
3
Includes regulatory adjustments not subject to phase in, including the cumulative dividend accrual, and an adjustment for tier 1 participation securities.
|
|||||||||||||||||
4
Includes an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements and other regulatory adjustments. For the years 2014 - 2018, there will be a five-year (20% per annum) phase in of goodwill and other intangible assets and other capital deductions (e.g., certain deferred tax assets and participations in financial institutions).
|
|||||||||||||||||
5
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 7.7 billion consists of capital instruments with a capital ratio write-down trigger of 7%, CHF 2.3 billion consists of capital instruments with a capital ratio write-down trigger of 5.125% and CHF 3.7 billion consists of capital instruments with a capital ratio write-down trigger of 5%.
|
|||||||||||||||||
6
Includes tier 1 participation securities and hybrid capital instruments that are subject to phase out.
|
|||||||||||||||||
7
Includes goodwill and other intangible assets of CHF 8.2 billion and other capital deductions, including gains/(losses) due to changes in own credit risks on fair valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented.
|
CET1 capital movement – Basel III | |||||
4Q13 | 3Q13 | ||||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 43,780 | 44,430 | |||
Net income | 267 | 454 | |||
Foreign exchange impact | (516) | (1,033) | |||
Other | 201 | 1 | (71) | 1 | |
Balance at end of period | 43,732 | 43,780 | |||
1
Reflects the effect of share-based compensation, a dividend accrual and a change in other regulatory adjustments.
|
Risk-weighted assets by division – Basel III | |||||||||||
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | Ytd | |||||||
Risk-weighted assets by division (CHF million) | |||||||||||
Private Banking & Wealth Management | 94,395 | 92,434 | 96,009 | 2 | (2) | ||||||
Investment Banking | 156,402 | 152,638 | 171,511 | 2 | (9) | ||||||
Corporate Center | 23,049 | 24,191 | 24,961 | (5) | (8) | ||||||
Risk-weighted assets | 273,846 | 269,263 | 292,481 | 2 | (6) |
Swiss Core and Total Capital ratios | |||||||||||||||||
Group | Bank | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q13 | 3Q13 | 4Q12 | QoQ | 4Q13 | 3Q13 | 4Q12 | QoQ | |||||||||
Capital development (CHF million) | |||||||||||||||||
CET1 capital | 43,732 | 43,780 | 41,500 | 0 | 38,770 | 37,919 | 36,717 | 2 | |||||||||
Swiss regulatory adjustments 1 | 1,658 | 1,907 | 2,481 | (13) | 1,711 | 2,858 | 2,864 | (40) | |||||||||
Swiss Core Capital | 45,390 | 45,687 | 43,981 | (1) | 40,481 | 40,777 | 39,581 | (1) | |||||||||
High-trigger capital instruments 2 | 7,743 | 4,052 | 4,084 | 91 | 7,743 | 4,052 | 4,084 | 91 | |||||||||
Low-trigger capital instruments 3 | 6,005 | 4,121 | – | 46 | 5,164 | 4,121 | – | 25 | |||||||||
Swiss Total Capital | 59,138 | 53,860 | 48,065 | 10 | 53,388 | 48,950 | 43,665 | 9 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 273,846 | 269,263 | 292,481 | 2 | 264,268 | 258,756 | 282,085 | 2 | |||||||||
Swiss regulatory adjustments 4 | 1,015 | 1,317 | 1,259 | (23) | 1,021 | 1,298 | 1,220 | (21) | |||||||||
Swiss risk-weighted assets | 274,861 | 270,580 | 293,740 | 2 | 265,289 | 260,054 | 283,305 | 2 | |||||||||
Capital ratios (%) | |||||||||||||||||
Swiss Core Capital ratio | 16.5 | 16.9 | 15.0 | – | 15.3 | 15.7 | 14.0 | – | |||||||||
Swiss Total Capital ratio | 21.5 | 19.9 | 16.4 | – | 20.1 | 18.8 | 15.4 | – | |||||||||
1
Consists of tier 1 participation securities of CHF 1.3 billion, additional tier 1 deductions for which there is not enough tier 1 capital available and is therefore deducted from Swiss Core Capital and other Swiss regulatory adjustments.
|
|||||||||||||||||
2
Consists of CHF 5.2 billion additional tier 1 instruments and CHF 2.5 billion tier 2 instruments.
|
|||||||||||||||||
3
Consists of CHF 2.3 billion additional tier 1 instruments and CHF 3.7 billion tier 2 instruments.
|
|||||||||||||||||
4
Includes increased regulatory thresholds resulting from additional Swiss Core Capital.
|
Swiss capital requirements and coverage | |||||||||||||||||||||
Group | Bank | ||||||||||||||||||||
Capital requirements | Capital requirements | ||||||||||||||||||||
end of |
Minimum component |
Buffer component |
Progressive component |
Excess |
4Q13 |
Minimum component |
Buffer component |
Progressive component |
Excess |
4Q13 |
|||||||||||
Risk-weighted assets (CHF billion) | |||||||||||||||||||||
Swiss risk-weighted assets | – | – | – | – | 274.9 | – | – | – | – | 265.3 | |||||||||||
2013 Swiss capital requirements 1 | |||||||||||||||||||||
Minimum Swiss Total Capital ratio | 3.5% | 3.5% | 1.1% | – | 8.1% | 3.5% | 3.5% | 1.1% | – | 8.1% | |||||||||||
Minimum Swiss Total Capital (CHF billion) | 9.6 | 9.6 | 3.0 | – | 22.3 | 9.3 | 9.3 | 2.9 | – | 21.5 | |||||||||||
Swiss capital coverage (CHF billion) | |||||||||||||||||||||
Swiss Core Capital | 9.6 | 1.9 | – | 33.9 | 45.4 | 9.3 | 1.5 | – | 29.7 | 40.5 | |||||||||||
High-trigger capital instruments | – | 7.7 | – | – | 7.7 | – | 7.7 | – | – | 7.7 | |||||||||||
Low-trigger capital instruments | – | – | 3.0 | 3.0 | 6.0 | – | – | 2.9 | 2.2 | 5.2 | |||||||||||
Swiss Total Capital | 9.6 | 9.6 | 3.0 | 36.9 | 59.1 | 9.3 | 9.3 | 2.9 | 31.9 | 53.4 | |||||||||||
Capital ratios (%) | |||||||||||||||||||||
Swiss Total Capital ratio | 3.5% | 3.5% | 1.1% | 13.4% | 21.5% | 3.5% | 3.5% | 1.1% | 12.0% | 20.1% | |||||||||||
Rounding differences may occur. Excludes countercyclical buffer that was required as of September 30, 2013.
|
|||||||||||||||||||||
1
The Swiss capital requirements are based on a percentage of RWA.
|
Swiss leverage ratio | |||||||||||||
Group | Bank | ||||||||||||
% change | % change | ||||||||||||
end of | 4Q13 | 3Q13 | QoQ | 4Q13 | 3Q13 | QoQ | |||||||
Swiss Total Capital (CHF million) | |||||||||||||
Swiss Total Capital | 59,138 | 53,860 | 10 | 53,388 | 48,950 | 9 | |||||||
Exposure (CHF million) 1 | |||||||||||||
Balance sheet assets | 890,175 | 903,593 | (1) | 872,030 | 885,852 | (2) | |||||||
Off-balance sheet exposures | 133,426 | 144,943 | (8) | 132,567 | 144,107 | (8) | |||||||
Regulatory adjustments | 130,149 | 157,302 | (17) | 127,794 | 154,818 | (17) | |||||||
Total average exposure | 1,153,750 | 1,205,838 | (4) | 1,132,391 | 1,184,777 | (4) | |||||||
Swiss leverage ratio (%) | |||||||||||||
Swiss leverage ratio | 5.1 | 4.5 | – | 4.7 | 4.1 | – | |||||||
1
Calculated as the average of the month-end amounts for the previous three calendar months.
|
Swiss leverage requirements and coverage | |||||||||||||||||||||
Group | Bank | ||||||||||||||||||||
Capital requirements | Capital requirements | ||||||||||||||||||||
end of |
Minimum component |
Buffer component |
Progressive component |
Excess |
4Q13 |
Minimum component |
Buffer component |
Progressive component |
Excess |
4Q13 |
|||||||||||
Exposure (CHF billion) | |||||||||||||||||||||
Total average exposure | – | – | – | – | 1,153.8 | – | – | – | – | 1,132.4 | |||||||||||
2013 Swiss leverage requirements 1 | |||||||||||||||||||||
Minimum Swiss leverage ratio | 0.84% | 0.84% | 0.26% | – | 1.94% | 0.84% | 0.84% | 0.26% | – | 1.94% | |||||||||||
Minimum Swiss leverage (CHF billion) | 9.7 | 9.7 | 3.1 | – | 22.4 | 9.5 | 9.5 | 3.0 | – | 22.0 | |||||||||||
Swiss capital coverage (CHF billion) | |||||||||||||||||||||
Swiss Core Capital | 9.7 | 1.9 | – | 33.8 | 45.4 | 9.5 | 1.8 | – | 29.2 | 40.5 | |||||||||||
High-trigger capital instruments | – | 7.7 | – | – | 7.7 | – | 7.7 | – | – | 7.7 | |||||||||||
Low-trigger capital instruments | – | – | 3.1 | 2.9 | 6.0 | – | – | 3.0 | 2.2 | 5.2 | |||||||||||
Swiss Total Capital | 9.7 | 9.7 | 3.1 | 36.7 | 59.1 | 9.5 | 9.5 | 3.0 | 31.4 | 53.4 | |||||||||||
Swiss leverage ratio (%) | |||||||||||||||||||||
Swiss leverage ratio | 0.84% | 0.84% | 0.26% | 3.2% | 5.1% | 0.84% | 0.84% | 0.26% | 2.8% | 4.7% | |||||||||||
Rounding differences may occur.
|
|||||||||||||||||||||
1
The leverage requirements are based on a percentage of total average exposure.
|
Capital | |||||||||||
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Shareholders' equity (CHF million) | |||||||||||
Common shares | 64 | 64 | 53 | 0 | 21 | ||||||
Additional paid-in capital | 27,852 | 27,503 | 23,636 | 1 | 18 | ||||||
Retained earnings | 31,004 | 30,859 | 28,171 | 0 | 10 | ||||||
Treasury shares, at cost | (139) | (85) | (459) | 64 | (70) | ||||||
Accumulated other comprehensive income/(loss) | (15,874) | (16,179) | (15,903) | (2) | 0 | ||||||
Total shareholders' equity | 42,907 | 42,162 | 35,498 | 2 | 21 | ||||||
Goodwill | (7,999) | (8,114) | (8,389) | (1) | (5) | ||||||
Other intangible assets | (210) | (210) | (243) | 0 | (14) | ||||||
Tangible shareholders' equity 1 | 34,698 | 33,838 | 26,866 | 3 | 29 | ||||||
Shares outstanding (million) | |||||||||||
Common shares issued | 1,596.1 | 1,595.4 | 1,320.8 | 0 | 21 | ||||||
Treasury shares | (5.2) | (3.0) | (27.0) | 73 | (81) | ||||||
Shares outstanding | 1,590.9 | 1,592.4 | 1,293.8 | 0 | 23 | ||||||
Par value (CHF) | |||||||||||
Par value | 0.04 | 0.04 | 0.04 | 0 | 0 | ||||||
Book value per share (CHF) | |||||||||||
Total book value per share | 26.97 | 26.48 | 27.44 | 2 | (2) | ||||||
Goodwill per share | (5.03) | (5.10) | (6.48) | (1) | (22) | ||||||
Other intangible assets per share | (0.13) | (0.13) | (0.19) | 0 | (32) | ||||||
Tangible book value per share 1 | 21.81 | 21.25 | 20.77 | 3 | 5 | ||||||
1
Management believes that tangible shareholders' equity and tangible book value per share, both non-GAAP financial measures, are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
|
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Position risk (CHF million) | |||||||||||
Fixed income trading 1 | 3,318 | 2,383 | 2,489 | 39 | 33 | ||||||
Equity trading & investments | 1,715 | 1,652 | 1,893 | 4 | (9) | ||||||
Private banking corporate & retail lending | 2,350 | 2,404 | 2,382 | (2) | (1) | ||||||
International lending & counterparty exposures | 4,957 | 4,801 | 4,260 | 3 | 16 | ||||||
Emerging markets country event risk | 1,412 | 1,046 | 1,041 | 35 | 36 | ||||||
Real estate & structured assets 2 | 1,862 | 1,755 | 1,985 | 6 | (6) | ||||||
Simple sum across risk categories | 15,614 | 14,041 | 14,050 | 11 | 11 | ||||||
Diversification benefit 3 | (3,571) | (2,831) | (2,820) | 26 | 27 | ||||||
Position risk (99% confidence level for risk management purposes) | 12,043 | 11,210 | 11,230 | 7 | 7 | ||||||
Prior-period balances have been restated for methodology changes in order to show meaningful trends.
|
|||||||||||
1
This category comprises fixed income trading, foreign exchange and commodity exposures.
|
|||||||||||
2
This category comprises commercial and residential real estate (including RMBS and CMBS), asset-backed securities exposure, real estate acquired at auction and real estate fund investments.
|
|||||||||||
3
Reflects the net difference between the sum of the position risk categories and the position risk on the total portfolio.
|
in / end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Economic capital resources (CHF million) | |||||||||||
Look-through CET1 capital (Basel III) | 27,513 | 26,617 | 22,690 | 3 | 21 | ||||||
Economic adjustments 1 | 11,216 | 9,170 | 9,391 | 22 | 19 | ||||||
Economic capital resources | 38,729 | 35,787 | 32,081 | 8 | 21 | ||||||
Utilized economic capital (CHF million) | |||||||||||
Position risk (99.97% confidence level) | 21,262 | 19,743 | 19,798 | 8 | 7 | ||||||
Operational risk | 4,195 | 4,093 | 4,093 | 2 | 2 | ||||||
Other risks 2 | 6,821 | 6,829 | 7,210 | 0 | (5) | ||||||
Utilized economic capital | 32,278 | 30,665 | 31,101 | 5 | 4 | ||||||
Utilized economic capital by segment (CHF million) | |||||||||||
Private Banking & Wealth Management | 9,200 | 9,469 | 9,646 | (3) | (5) | ||||||
Investment Banking | 20,852 | 18,959 | 19,232 | 10 | 8 | ||||||
Corporate Center 3 | 2,244 | 2,256 | 2,242 | (1) | 0 | ||||||
Utilized economic capital - Credit Suisse 4 | 32,278 | 30,665 | 31,101 | 5 | 4 | ||||||
Average utilized economic capital by segment (CHF million) | |||||||||||
Private Banking & Wealth Management | 9,334 | 9,569 | 9,809 | (2) | (5) | ||||||
Investment Banking | 19,905 | 19,666 | 19,228 | 1 | 4 | ||||||
Corporate Center 3 | 2,250 | 2,253 | 2,256 | 0 | 0 | ||||||
Average utilized economic capital - Credit Suisse 5 | 31,471 | 31,469 | 31,282 | 0 | 1 | ||||||
Prior-period balances have been restated for methodology changes in order to show meaningful trends.
|
|||||||||||
1
Includes primarily high-trigger capital instruments, adjustments to unrealized gains on owned real estate, reduced recognition of deferred tax assets and adjustments to treatment of pensions. Economic adjustments are made to Look-through CET1 capital to enable comparison between economic capital utilization and economic capital resources under the Basel III framework.
|
|||||||||||
2
Includes owned real estate risk, expense risk, pension risk, foreign exchange risk between economic capital resources and utilized economic capital, interest rate risk on treasury positions, diversification benefits, the impact from deferred share-based compensation awards and an estimate for the impacts of certain methodology changes planned for 2014.
|
|||||||||||
3
Includes primarily expense risk, diversification benefits from the divisions and foreign exchange risk between economic capital resources and utilized economic capital.
|
|||||||||||
4
Includes a diversification benefit of CHF 18 million, CHF 19 million and CHF 19 million as of the end of 4Q13, 3Q13 and 4Q12, respectively.
|
|||||||||||
5
Includes a diversification benefit of CHF 18 million, CHF 19 million and CHF 11 million as of the end of 4Q13, 3Q13 and 4Q12, respectively.
|
Risk management VaR (98%) |
Regulatory VaR (99%) |
||||||||||||||
in / end of |
Interest rate & credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
Total |
||||||||
4Q13 (CHF million) | |||||||||||||||
Average | 36 | 8 | 2 | 17 | (23) | 40 | 32 | ||||||||
Minimum | 33 | 3 | 1 | 13 | – | 1 | 33 | 22 | |||||||
Maximum | 38 | 15 | 3 | 24 | – | 1 | 45 | 44 | |||||||
End of period | 33 | 6 | 3 | 24 | (21) | 45 | 31 | ||||||||
3Q13 (CHF million) | |||||||||||||||
Average | 38 | 9 | 2 | 14 | (22) | 41 | 36 | ||||||||
Minimum | 33 | 3 | 1 | 11 | – | 1 | 33 | 27 | |||||||
Maximum | 45 | 17 | 4 | 20 | – | 1 | 48 | 52 | |||||||
End of period | 37 | 6 | 2 | 14 | (24) | 35 | 28 | ||||||||
4Q12 (CHF million) | |||||||||||||||
Average | 47 | 9 | 2 | 20 | (35) | 43 | 44 | ||||||||
Minimum | 36 | 4 | 1 | 15 | – | 1 | 34 | 34 | |||||||
Maximum | 63 | 16 | 5 | 32 | – | 1 | 56 | 53 | |||||||
End of period | 44 | 12 | 2 | 17 | (35) | 40 | 52 | ||||||||
Excludes risks associated with counterparty and own credit exposures.
|
|||||||||||||||
1
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
|
Risk management VaR (98%) |
Regulatory VaR (99%) |
||||||||||||||
in / end of |
Interest rate & credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
Total |
||||||||
4Q13 (USD million) | |||||||||||||||
Average | 39 | 9 | 2 | 18 | (24) | 44 | 35 | ||||||||
Minimum | 37 | 3 | 1 | 15 | – | 1 | 37 | 24 | |||||||
Maximum | 42 | 17 | 4 | 27 | – | 1 | 51 | 49 | |||||||
End of period | 37 | 7 | 3 | 27 | (23) | 51 | 35 | ||||||||
3Q13 (USD million) | |||||||||||||||
Average | 41 | 10 | 2 | 15 | (24) | 44 | 39 | ||||||||
Minimum | 35 | 4 | 1 | 12 | – | 1 | 35 | 30 | |||||||
Maximum | 49 | 18 | 4 | 22 | – | 1 | 51 | 54 | |||||||
End of period | 41 | 7 | 2 | 16 | (27) | 39 | 31 | ||||||||
4Q12 (USD million) | |||||||||||||||
Average | 50 | 9 | 3 | 22 | (38) | 46 | 47 | ||||||||
Minimum | 38 | 5 | 1 | 16 | – | 1 | 36 | 37 | |||||||
Maximum | 68 | 17 | 5 | 35 | – | 1 | 59 | 57 | |||||||
End of period | 49 | 13 | 2 | 18 | (38) | 44 | 57 | ||||||||
Excludes risks associated with counterparty and own credit exposures.
|
|||||||||||||||
1
As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.
|
Gross credit risk exposure |
Risk mitigation |
Net credit risk exposure |
Inventory |
2 |
Total credit risk exposure |
||||||||||||
end of 4Q13 |
|
CDS |
Other |
1 |
|
|
Net synthetic inventory |
3 |
Gross |
Net |
|||||||
Croatia (EUR billion) | |||||||||||||||||
Sovereigns | 0.6 | 0.0 | 0.5 | 0.1 | 0.0 | (0.2) | 0.6 | 0.1 | |||||||||
Total | 0.6 | 0.0 | 0.5 | 0.1 | 0.0 | (0.2) | 0.6 | 0.1 | |||||||||
Cyprus (EUR billion) | |||||||||||||||||
Corporates & other | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 | 0.6 | 0.0 | |||||||||
Total | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 | 0.6 | 0.0 | |||||||||
Greece (EUR billion) | |||||||||||||||||
Sovereigns | 0.2 | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.2 | 0.2 | |||||||||
Financial institutions | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | |||||||||
Corporates & other | 0.4 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | |||||||||
Total | 0.7 | 0.0 | 0.5 | 0.2 | 0.0 | 0.0 | 0.7 | 0.2 | |||||||||
Ireland (EUR billion) | |||||||||||||||||
Financial institutions | 1.1 | 0.0 | 0.4 | 0.7 | 0.1 | (0.1) | 1.2 | 0.8 | |||||||||
Corporates & other | 0.7 | 0.0 | 0.6 | 0.1 | 0.0 | 0.0 | 0.7 | 0.1 | |||||||||
Total | 1.8 | 0.0 | 1.0 | 0.8 | 0.1 | (0.1) | 1.9 | 0.9 | |||||||||
Italy (EUR billion) | |||||||||||||||||
Sovereigns | 3.2 | 2.6 | 0.3 | 0.3 | 0.1 | (0.5) | 3.3 | 0.4 | |||||||||
Financial institutions | 1.5 | 0.0 | 1.0 | 0.5 | 0.2 | 0.0 | 1.7 | 0.7 | |||||||||
Corporates & other | 2.5 | 0.2 | 1.6 | 0.7 | 0.1 | (0.2) | 2.6 | 0.8 | |||||||||
Total | 7.2 | 2.8 | 2.9 | 1.5 | 0.4 | (0.7) | 7.6 | 1.9 | |||||||||
Portugal (EUR billion) | |||||||||||||||||
Sovereigns | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | (0.1) | 0.1 | 0.0 | |||||||||
Financial institutions | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | (0.1) | 0.1 | 0.0 | |||||||||
Corporates & other | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.2 | 0.1 | |||||||||
Total | 0.3 | 0.0 | 0.3 | 0.0 | 0.1 | (0.2) | 0.4 | 0.1 | |||||||||
Spain (EUR billion) | |||||||||||||||||
Sovereigns | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||
Financial institutions | 0.6 | 0.0 | 0.3 | 0.3 | 0.5 | 0.2 | 1.1 | 0.8 | |||||||||
Corporates & other | 1.9 | 0.1 | 1.0 | 0.8 | 0.1 | 0.0 | 2.0 | 0.9 | |||||||||
Total | 2.5 | 0.1 | 1.3 | 1.1 | 0.7 | 0.3 | 3.2 | 1.8 | |||||||||
Total (EUR billion) | |||||||||||||||||
Sovereigns | 4.1 | 2.6 | 0.9 | 0.6 | 0.2 | (0.7) | 4.3 | 0.8 | |||||||||
Financial institutions | 3.4 | 0.0 | 1.9 | 1.5 | 0.8 | 0.0 | 4.2 | 2.3 | |||||||||
Corporates & other | 6.2 | 0.3 | 4.3 | 1.6 | 0.3 | (0.2) | 6.5 | 1.9 | |||||||||
Total | 13.7 | 2.9 | 7.1 | 3.7 | 1.3 | (0.9) | 15.0 | 5.0 | |||||||||
1
Includes other hedges (derivative instruments), guarantees, insurance and collateral.
|
|||||||||||||||||
2
Represents long inventory positions netted at issuer level.
|
|||||||||||||||||
3
Substantially all of which results from CDS; represents long positions net of short positions.
|
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Balance sheet (CHF million) | |||||||||||
Gross loans | 248,014 | 246,200 | 243,204 | 1 | 2 | ||||||
Loans held-for-sale | 18,914 | 17,663 | 19,894 | 7 | (5) | ||||||
Traded loans | 6,397 | 5,884 | 4,282 | 9 | 49 | ||||||
Derivative instruments 1 | 33,665 | 39,129 | 37,138 | (14) | (9) | ||||||
Total balance sheet | 306,990 | 308,876 | 304,518 | (1) | 1 | ||||||
Off-balance sheet (CHF million) | |||||||||||
Irrevocable loan commitments 2 | 96,990 | 96,194 | 100,219 | 1 | (3) | ||||||
Credit guarantees and similar instruments | 4,916 | 12,457 | 12,587 | (61) | (61) | ||||||
Irrevocable commitments under documentary credits | 5,512 | 5,574 | 6,258 | (1) | (12) | ||||||
Total off-balance sheet | 107,418 | 114,225 | 119,064 | (6) | (10) | ||||||
Total credit risk | 414,408 | 423,101 | 423,582 | (2) | (2) | ||||||
Before risk mitigation, for example, collateral, credit hedges.
|
|||||||||||
1
Positive replacement value after netting agreements.
|
|||||||||||
2
Irrevocable loan commitments do not include unused credit limits which are revocable at the Group's sole discretion upon notice to the client. Prior periods have been adjusted to the current presentation.
|
Private Banking & Wealth Management |
Investment Banking |
Credit Suisse |
1 | ||||||||||||||||
end of | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | ||||||||||
Loans (CHF million) | |||||||||||||||||||
Mortgages | 94,978 | 94,369 | 91,872 | 0 | 0 | 0 | 94,978 | 94,369 | 91,872 | ||||||||||
Loans collateralized by securities | 31,565 | 30,872 | 27,363 | 0 | 0 | 0 | 31,565 | 30,872 | 27,363 | ||||||||||
Consumer finance | 5,672 | 5,942 | 6,290 | 266 | 287 | 611 | 5,938 | 6,229 | 6,901 | ||||||||||
Consumer | 132,215 | 131,183 | 125,525 | 266 | 287 | 611 | 132,481 | 131,470 | 126,136 | ||||||||||
Real estate | 26,557 | 25,628 | 25,253 | 755 | 860 | 2 | 548 | 2 | 27,312 | 26,488 | 2 | 25,801 | 2 | ||||||
Commercial and industrial loans | 48,953 | 49,018 | 48,860 | 14,356 | 14,194 | 2 | 14,148 | 2 | 63,334 | 63,236 | 2 | 63,028 | 2 | ||||||
Financial institutions | 7,538 | 7,804 | 7,616 | 14,302 | 14,314 | 2 | 18,286 | 2 | 21,840 | 22,118 | 2 | 25,902 | 2 | ||||||
Governments and public institutions | 1,236 | 1,262 | 1,272 | 1,811 | 1,626 | 2 | 1,065 | 2 | 3,047 | 2,888 | 2 | 2,337 | 2 | ||||||
Corporate & institutional | 84,284 | 3 | 83,712 | 3 | 83,001 | 3 | 31,224 | 30,994 | 34,047 | 115,533 | 114,730 | 117,068 | |||||||
Gross loans | 216,499 | 214,895 | 208,526 | 31,490 | 31,281 | 34,658 | 248,014 | 246,200 | 243,204 | ||||||||||
of which held at fair value | 226 | 231 | 257 | 19,231 | 18,792 | 19,743 | 19,457 | 19,023 | 20,000 | ||||||||||
Net (unearned income) / deferred expenses | (71) | (77) | (39) | (20) | (20) | (20) | (91) | (97) | (59) | ||||||||||
Allowance for loan losses 4 | (704) | (723) | (785) | (151) | (146) | (137) | (858) | (871) | (922) | ||||||||||
Net loans | 215,724 | 214,095 | 207,702 | 31,319 | 31,115 | 34,501 | 247,065 | 245,232 | 242,223 | ||||||||||
Impaired loans (CHF million) | |||||||||||||||||||
Non-performing loans | 608 | 645 | 604 | 251 | 246 | 255 | 862 | 893 | 859 | ||||||||||
Non-interest-earning loans | 280 | 301 | 309 | 1 | 1 | 4 | 281 | 302 | 313 | ||||||||||
Total non-performing and non-interest-earning loans | 888 | 946 | 913 | 252 | 247 | 259 | 1,143 | 1,195 | 1,172 | ||||||||||
Restructured loans | 6 | 0 | 0 | 0 | 19 | 30 | 6 | 19 | 30 | ||||||||||
Potential problem loans | 312 | 324 | 513 | 0 | 0 | 14 | 312 | 324 | 527 | ||||||||||
Total other impaired loans | 318 | 324 | 513 | 0 | 19 | 44 | 318 | 343 | 557 | ||||||||||
Gross impaired loans 4 | 1,206 | 1,270 | 1,426 | 252 | 266 | 303 | 1,461 | 1,538 | 1,729 | ||||||||||
of which loans with a specific allowance | 1,137 | 1,189 | 1,307 | 244 | 239 | 204 | 1,384 | 1,430 | 1,511 | ||||||||||
of which loans without a specific allowance | 69 | 81 | 119 | 8 | 27 | 99 | 77 | 108 | 218 | ||||||||||
Allowance for loan losses (CHF million) | |||||||||||||||||||
Balance at beginning of period 4 | 723 | 757 | 761 | 146 | 141 | 136 | 871 | 900 | 897 | ||||||||||
Change in scope of consolidation | 0 | (1) | 0 | 0 | 0 | 0 | 0 | (1) | 0 | ||||||||||
Net movements recognized in statements of operations | 29 | 34 | 67 | 12 | 9 | 17 | 42 | 43 | 84 | ||||||||||
Gross write-offs | (56) | (72) | (59) | (4) | (1) | (6) | (60) | (73) | (65) | ||||||||||
Recoveries | 7 | 10 | 6 | (1) | 2 | 1 | 6 | 12 | 7 | ||||||||||
Net write-offs | (49) | (62) | (53) | (5) | 1 | (5) | (54) | (61) | (58) | ||||||||||
Provisions for interest | 1 | 4 | 3 | 5 | 3 | 6 | 6 | 7 | 9 | ||||||||||
Foreign currency translation impact and other adjustments, net | 0 | (9) | 7 | (7) | (8) | (17) | (7) | (17) | (10) | ||||||||||
Balance at end of period 4 | 704 | 723 | 785 | 151 | 146 | 137 | 858 | 871 | 922 | ||||||||||
of which individually evaluated for impairment | 526 | 536 | 598 | 114 | 109 | 98 | 643 | 647 | 696 | ||||||||||
of which collectively evaluated for impairment | 178 | 187 | 187 | 37 | 37 | 39 | 215 | 224 | 226 | ||||||||||
Loan metrics (%) | |||||||||||||||||||
Total non-performing and non-interest-earning loans / Gross loans 5 | 0.4 | 0.4 | 0.4 | 2.1 | 2.0 | 1.7 | 0.5 | 0.5 | 0.5 | ||||||||||
Gross impaired loans / Gross loans 5 | 0.6 | 0.6 | 0.7 | 2.1 | 2.1 | 2.0 | 0.6 | 0.7 | 0.8 | ||||||||||
Allowance for loan losses / Total non-performing and non-interest-earning loans 4 | 79.3 | 76.4 | 86.0 | 59.9 | 59.1 | 52.9 | 75.1 | 72.9 | 78.7 | ||||||||||
Allowance for loan losses / Gross impaired loans 4 | 58.4 | 56.9 | 55.0 | 59.9 | 54.9 | 45.2 | 58.7 | 56.6 | 53.3 | ||||||||||
1
Includes Corporate Center, in addition to Private Banking & Wealth Management and Investment Banking.
|
|||||||||||||||||||
2
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions and from governments and public institutions to commercial and industrial loans, respectively.
|
|||||||||||||||||||
3
Includes loans secured by financial collateral and mortgages. The value of financial collateral and mortgages, considered up to the amount of the related loans, was CHF 67,522 million, CHF 65,953 million and CHF 64,536 million as of the end of 4Q13, 3Q13 and 4Q12, respectively.
|
|||||||||||||||||||
4
Impaired loans and allowance for loan losses are only based on loans which are not carried at fair value.
|
|||||||||||||||||||
5
Excludes loans carried at fair value.
|
end of | % change | ||||||||||
4Q13 | 3Q13 | 4Q12 | QoQ | YoY | |||||||
Assets (CHF million) | |||||||||||
Cash and due from banks | 68,692 | 69,600 | 61,763 | (1) | 11 | ||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 160,022 | 161,876 | 183,455 | (1) | (13) | ||||||
Trading assets | 229,413 | 244,422 | 256,399 | (6) | (11) | ||||||
Net loans | 247,065 | 245,232 | 242,223 | 1 | 2 | ||||||
Brokerage receivables | 52,045 | 56,699 | 45,768 | (8) | 14 | ||||||
All other assets | 115,365 | 117,340 | 134,672 | (2) | (14) | ||||||
Total assets | 872,602 | 895,169 | 924,280 | (3) | (6) | ||||||
Liabilities and equity (CHF million) | |||||||||||
Due to banks | 23,108 | 27,481 | 31,014 | (16) | (25) | ||||||
Customer deposits | 333,089 | 328,244 | 308,312 | 1 | 8 | ||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 94,032 | 94,193 | 132,721 | 0 | (29) | ||||||
Trading liabilities | 76,635 | 92,350 | 90,816 | (17) | (16) | ||||||
Long-term debt | 130,042 | 128,821 | 148,134 | 1 | (12) | ||||||
Brokerage payables | 73,154 | 78,445 | 64,676 | (7) | 13 | ||||||
All other liabilities | 94,633 | 96,624 | 106,323 | (2) | (11) | ||||||
Total liabilities | 824,693 | 846,158 | 881,996 | (3) | (6) | ||||||
Total shareholders' equity | 42,907 | 42,162 | 35,498 | 2 | 21 | ||||||
Noncontrolling interests | 5,002 | 6,849 | 6,786 | (27) | (26) | ||||||
Total equity | 47,909 | 49,011 | 42,284 | (2) | 13 | ||||||
Total liabilities and equity | 872,602 | 895,169 | 924,280 | (3) | (6) |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Consolidated statements of operations (CHF million) | |||||||||||
Interest and dividend income | 4,073 | 4,441 | 4,840 | 19,556 | 22,090 | ||||||
Interest expense | (2,326) | (2,519) | (2,902) | (11,441) | (14,947) | ||||||
Net interest income | 1,747 | 1,922 | 1,938 | 8,115 | 7,143 | ||||||
Commissions and fees | 3,425 | 3,015 | 3,455 | 13,226 | 12,724 | ||||||
Trading revenues | 364 | 272 | (147) | 2,808 | 1,196 | ||||||
Other revenues | 669 | 467 | 460 | 1,773 | 2,548 | ||||||
Net revenues | 6,205 | 5,676 | 5,706 | 25,922 | 23,611 | ||||||
Provision for credit losses | 41 | 41 | 70 | 155 | 170 | ||||||
Compensation and benefits | 2,820 | 2,532 | 2,649 | 11,269 | 12,303 | ||||||
General and administrative expenses | 2,331 | 1,771 | 2,106 | 7,707 | 7,246 | ||||||
Commission expenses | 389 | 422 | 433 | 1,738 | 1,702 | ||||||
Total other operating expenses | 2,720 | 2,193 | 2,539 | 9,445 | 8,948 | ||||||
Total operating expenses | 5,540 | 4,725 | 5,188 | 20,714 | 21,251 | ||||||
Income from continuing operations before taxes | 624 | 910 | 448 | 5,053 | 2,190 | ||||||
Income tax expense | 151 | 368 | 85 | 1,490 | 465 | ||||||
Income from continuing operations | 473 | 542 | 363 | 3,563 | 1,725 | ||||||
Income/(loss) from discontinued operations, net of tax | (2) | 150 | (31) | 145 | (40) | ||||||
Net income | 471 | 692 | 332 | 3,708 | 1,685 | ||||||
Net income attributable to noncontrolling interests | 204 | 238 | 69 | 639 | 336 | ||||||
Net income/(loss) attributable to shareholders | 267 | 454 | 263 | 3,069 | 1,349 | ||||||
of which from continuing operations | 269 | 304 | 294 | 2,924 | 1,389 | ||||||
of which from discontinued operations | (2) | 150 | (31) | 145 | (40) | ||||||
Basic earnings per share (CHF) | |||||||||||
Basic earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | 1.57 | 0.82 | ||||||
Basic earnings/(loss) per share from discontinued operations | 0.00 | 0.09 | (0.02) | 0.08 | (0.03) | ||||||
Basic earnings per share | 0.08 | 0.26 | 0.09 | 1.65 | 0.79 | ||||||
Diluted earnings per share (CHF) | |||||||||||
Diluted earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | 1.57 | 0.82 | ||||||
Diluted earnings/(loss) per share from discontinued operations | 0.00 | 0.09 | (0.02) | 0.08 | (0.03) | ||||||
Diluted earnings per share | 0.08 | 0.26 | 0.09 | 1.65 | 0.79 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Comprehensive income (CHF million) | |||||||||||
Net income | 471 | 692 | 332 | 3,708 | 1,685 | ||||||
Gains/(losses) on cash flow hedges | 11 | 20 | 12 | 18 | 37 | ||||||
Foreign currency translation | (577) | (1,204) | (886) | (1,020) | (1,114) | ||||||
Unrealized gains/(losses) on securities | (11) | 0 | (5) | (32) | (15) | ||||||
Actuarial gains/(losses) | 836 | 57 | (232) | 1,044 | (50) | ||||||
Net prior service credit/(cost) | (15) | (22) | 300 | (95) | 248 | ||||||
Other comprehensive income/(loss), net of tax | 244 | (1,149) | (811) | (85) | (894) | ||||||
Comprehensive income/(loss) | 715 | (457) | (479) | 3,623 | 791 | ||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 143 | 67 | (37) | 525 | 211 | ||||||
Comprehensive income/(loss) attributable to shareholders | 572 | (524) | (442) | 3,098 | 580 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 68,692 | 69,600 | 61,763 | ||||
of which reported at fair value | 527 | 278 | 569 | ||||
of which reported from consolidated VIEs | 952 | 1,263 | 1,750 | ||||
Interest-bearing deposits with banks | 1,515 | 1,664 | 1,945 | ||||
of which reported at fair value | 311 | 367 | 627 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 160,022 | 161,876 | 183,455 | ||||
of which reported at fair value | 96,587 | 91,288 | 113,664 | ||||
of which reported from consolidated VIEs | 1,959 | 1,848 | 117 | ||||
Securities received as collateral, at fair value | 22,800 | 24,640 | 30,045 | ||||
of which encumbered | 17,964 | 20,147 | 17,767 | ||||
Trading assets, at fair value | 229,413 | 244,422 | 256,399 | ||||
of which encumbered | 72,976 | 74,930 | 70,948 | ||||
of which reported from consolidated VIEs | 3,610 | 3,925 | 4,697 | ||||
Investment securities | 2,987 | 2,768 | 3,498 | ||||
of which reported at fair value | 2,987 | 2,768 | 3,498 | ||||
of which reported from consolidated VIEs | 100 | 126 | 23 | ||||
Other investments | 10,329 | 11,082 | 12,022 | ||||
of which reported at fair value | 7,596 | 8,183 | 8,994 | ||||
of which reported from consolidated VIEs | 1,983 | 2,049 | 2,289 | ||||
Net loans | 247,065 | 245,232 | 242,223 | ||||
of which reported at fair value | 19,457 | 19,023 | 20,000 | ||||
of which encumbered | 638 | 546 | 535 | ||||
of which reported from consolidated VIEs | 4,207 | 4,659 | 6,053 | ||||
allowance for loan losses | (858) | (871) | (922) | ||||
Premises and equipment | 5,091 | 5,287 | 5,618 | ||||
of which reported from consolidated VIEs | 513 | 524 | 581 | ||||
Goodwill | 7,999 | 8,114 | 8,389 | ||||
Other intangible assets | 210 | 210 | 243 | ||||
of which reported at fair value | 42 | 35 | 43 | ||||
Brokerage receivables | 52,045 | 56,699 | 45,768 | ||||
Other assets | 62,850 | 63,529 | 72,912 | ||||
of which reported at fair value | 31,518 | 31,679 | 37,275 | ||||
of which encumbered | 722 | 731 | 1,495 | ||||
of which reported from consolidated VIEs | 14,330 | 14,102 | 14,536 | ||||
Assets of discontinued operations held-for-sale | 1,584 | 46 | 0 | ||||
Total assets | 872,602 | 895,169 | 924,280 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 23,108 | 27,481 | 31,014 | ||||
of which reported at fair value | 1,450 | 1,820 | 3,413 | ||||
Customer deposits | 333,089 | 328,244 | 308,312 | ||||
of which reported at fair value | 3,252 | 3,657 | 4,643 | ||||
of which reported from consolidated VIEs | 265 | 212 | 247 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 94,032 | 94,193 | 132,721 | ||||
of which reported at fair value | 76,104 | 78,095 | 108,784 | ||||
Obligation to return securities received as collateral, at fair value | 22,800 | 24,640 | 30,045 | ||||
Trading liabilities, at fair value | 76,635 | 92,350 | 90,816 | ||||
of which reported from consolidated VIEs | 93 | 95 | 125 | ||||
Short-term borrowings | 20,193 | 20,094 | 18,641 | ||||
of which reported at fair value | 6,053 | 6,025 | 4,513 | ||||
of which reported from consolidated VIEs | 4,286 | 4,747 | 9,582 | ||||
Long-term debt | 130,042 | 128,821 | 148,134 | ||||
of which reported at fair value | 63,369 | 61,874 | 65,384 | ||||
of which reported from consolidated VIEs | 12,992 | 13,715 | 14,532 | ||||
Brokerage payables | 73,154 | 78,445 | 64,676 | ||||
Other liabilities | 50,500 | 51,884 | 57,637 | ||||
of which reported at fair value | 21,973 | 22,991 | 26,871 | ||||
of which reported from consolidated VIEs | 710 | 1,033 | 1,228 | ||||
Liabilities of discontinued operations held-for-sale | 1,140 | 6 | 0 | ||||
Total liabilities | 824,693 | 846,158 | 881,996 | ||||
Common shares | 64 | 64 | 53 | ||||
Additional paid-in capital | 27,852 | 27,503 | 23,636 | ||||
Retained earnings | 31,004 | 30,859 | 28,171 | ||||
Treasury shares, at cost | (139) | (85) | (459) | ||||
Accumulated other comprehensive income/(loss) | (15,874) | (16,179) | (15,903) | ||||
Total shareholders' equity | 42,907 | 42,162 | 35,498 | ||||
Noncontrolling interests | 5,002 | 6,849 | 6,786 | ||||
Total equity | 47,909 | 49,011 | 42,284 | ||||
Total liabilities and equity | 872,602 | 895,169 | 924,280 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Additional share information | |||||||
Par value (CHF) | 0.04 | 0.04 | 0.04 | ||||
Authorized shares 1 | 2,269,616,660 | 2,269,616,660 | 2,118,134,039 | ||||
Common shares issued | 1,596,119,349 | 1,595,433,898 | 1,320,829,922 | ||||
Treasury shares | (5,183,154) | (3,032,833) | (27,036,831) | ||||
Shares outstanding | 1,590,936,195 | 1,592,401,065 | 1,293,793,091 | ||||
1
Includes issued shares and unissued shares (conditional, conversion and authorized capital).
|
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
4Q13 (CHF million) | |||||||||||||||||
Balance at beginning of period | 64 | 27,503 | 30,859 | (85) | (16,179) | 42,162 | 6,849 | 49,011 | |||||||||
Purchase of subsidiary shares from non- controlling interests, changing ownership | – | 216 | – | – | – | 216 | (22) | 194 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (1,876) | (1,876) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 81 | 81 | |||||||||
Net income/(loss) | – | – | 267 | – | – | 267 | 213 | 3 | 480 | ||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 305 | 305 | (61) | 244 | |||||||||
Issuance of common shares | – | 18 | – | – | – | 18 | – | 18 | |||||||||
Sale of treasury shares | – | (6) | – | 2,847 | – | 2,841 | – | 2,841 | |||||||||
Repurchase of treasury shares | – | – | – | (2,904) | – | (2,904) | – | (2,904) | |||||||||
Share-based compensation, net of tax | – | 307 | 4 | – | 3 | – | 310 | – | 310 | ||||||||
Financial instruments indexed to own shares 5 | – | (172) | – | – | – | (172) | – | (172) | |||||||||
Dividends paid | – | – | (122) | – | – | (122) | (19) | (141) | |||||||||
Changes in redeemable noncontrolling interests | – | (5) | – | – | – | (5) | – | (5) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (163) | (163) | |||||||||
Other | – | (9) | – | – | – | (9) | – | (9) | |||||||||
Balance at end of period | 64 | 27,852 | 31,004 | (139) | (15,874) | 42,907 | 5,002 | 47,909 | |||||||||
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
|
|||||||||||||||||
2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
|
|||||||||||||||||
3
Net income attributable to noncontrolling interests excludes CHF (9) million due to redeemable noncontrolling interests.
|
|||||||||||||||||
4
Includes a net tax benefit of CHF 2 million from the excess fair value of shares delivered over recognized compensation expense.
|
|||||||||||||||||
5
The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
3Q13 (CHF million) | |||||||||||||||||
Balance at beginning of period | 64 | 27,196 | 30,405 | (62) | (15,201) | 42,402 | 7,005 | 49,407 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – | (212) | (212) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – | 59 | 59 | |||||||||
Net income/(loss) | – | – | 454 | – | – | 454 | 241 | 695 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (978) | (978) | (171) | (1,149) | |||||||||
Issuance of common shares | – | 30 | – | – | – | 30 | – | 30 | |||||||||
Sale of treasury shares | – | 1 | – | 1,794 | – | 1,795 | – | 1,795 | |||||||||
Repurchase of treasury shares | – | – | – | (1,819) | – | (1,819) | – | (1,819) | |||||||||
Share-based compensation, net of tax | – | 280 | – | 2 | – | 282 | – | 282 | |||||||||
Financial instruments indexed to own shares | – | (1) | – | – | – | (1) | – | (1) | |||||||||
Dividends paid | – | – | – | – | – | – | (17) | (17) | |||||||||
Changes in redeemable noncontrolling interests | – | (3) | – | – | – | (3) | – | (3) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (56) | (56) | |||||||||
Balance at end of period | 64 | 27,503 | 30,859 | (85) | (16,179) | 42,162 | 6,849 | 49,011 | |||||||||
4Q12 (CHF million) | |||||||||||||||||
Balance at beginning of period | 53 | 23,273 | 28,025 | (471) | (15,198) | 35,682 | 7,151 | 42,833 | |||||||||
Purchase of subsidiary shares from non- controlling interests, changing ownership | – | – | – | – | – | – | (4) | (4) | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – | (314) | (314) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – | 21 | 21 | |||||||||
Net income/(loss) | – | – | 263 | – | – | 263 | 73 | 336 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (705) | (705) | (106) | (811) | |||||||||
Issuance of common shares | – | 16 | – | – | – | 16 | – | 16 | |||||||||
Sale of treasury shares | – | (8) | – | 2,385 | – | 2,377 | – | 2,377 | |||||||||
Repurchase of treasury shares | – | – | – | (2,375) | – | (2,375) | – | (2,375) | |||||||||
Share-based compensation, net of tax | – | 356 | – | 2 | – | 358 | – | 358 | |||||||||
Financial instruments indexed to own shares | – | 1 | – | – | – | 1 | – | 1 | |||||||||
Dividends paid | – | – | (117) | – | – | (117) | (13) | (130) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (22) | (22) | |||||||||
Other | – | (2) | – | – | – | (2) | – | (2) | |||||||||
Balance at end of period | 53 | 23,636 | 28,171 | (459) | (15,903) | 35,498 | 6,786 | 42,284 |
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
2013 (CHF million) | |||||||||||||||||
Balance at beginning of period | 53 | 23,636 | 28,171 | (459) | (15,903) | 35,498 | 6,786 | 42,284 | |||||||||
Purchase of subsidiary shares from non- controlling interests, changing ownership | – | 216 | – | – | – | 216 | (22) | 194 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (2,467) | (2,467) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 438 | 438 | |||||||||
Net income/(loss) | – | – | 3,069 | – | – | 3,069 | 651 | 3 | 3,720 | ||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 29 | 29 | (114) | (85) | |||||||||
Issuance of common shares | 11 | 4,222 | – | – | – | 4,233 | – | 4,233 | |||||||||
Sale of treasury shares | – | (50) | – | 10,360 | – | 10,310 | – | 10,310 | |||||||||
Repurchase of treasury shares | – | – | – | (10,202) | – | (10,202) | – | (10,202) | |||||||||
Share-based compensation, net of tax | – | 212 | 4 | – | 162 | – | 374 | – | 374 | ||||||||
Financial instruments indexed to own shares 5 | – | (93) | – | – | – | (93) | – | (93) | |||||||||
Dividends paid | – | (269) | 6 | (236) | – | – | (505) | (59) | (564) | ||||||||
Changes in redeemable noncontrolling interests | – | (13) | – | – | – | (13) | – | (13) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (211) | (211) | |||||||||
Other | – | (9) | – | – | – | (9) | – | (9) | |||||||||
Balance at end of period | 64 | 27,852 | 31,004 | (139) | (15,874) | 42,907 | 5,002 | 47,909 | |||||||||
2012 (CHF million) | |||||||||||||||||
Balance at beginning of period | 49 | 21,796 | 27,053 | (90) | (15,134) | 33,674 | 7,411 | 41,085 | |||||||||
Purchase of subsidiary shares from non- controlling interests, changing ownership | – | 44 | – | – | – | 44 | (4) | 40 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – | (809) | (809) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – | 116 | 116 | |||||||||
Net income/(loss) | – | – | 1,349 | – | – | 1,349 | 347 | 1,696 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (769) | (769) | (125) | (894) | |||||||||
Issuance of common shares | 4 | 1,926 | – | – | – | 1,930 | – | 1,930 | |||||||||
Sale of treasury shares | – | (3) | – | 8,358 | – | 8,355 | – | 8,355 | |||||||||
Repurchase of treasury shares | – | – | – | (8,859) | – | (8,859) | – | (8,859) | |||||||||
Share-based compensation, net of tax | – | 932 | – | 132 | – | 1,064 | – | 1,064 | |||||||||
Financial instruments indexed to own shares | – | (9) | – | – | – | (9) | – | (9) | |||||||||
Dividends paid | – | (1,011) | (231) | – | – | (1,242) | (54) | (1,296) | |||||||||
Changes in redeemable noncontrolling interests | – | (7) | – | – | – | (7) | – | (7) | |||||||||
Change in scope of consolidation, net | – | – | – | – | – | – | (96) | (96) | |||||||||
Other | – | (32) | – | – | – | (32) | – | (32) | |||||||||
Balance at end of period | 53 | 23,636 | 28,171 | (459) | (15,903) | 35,498 | 6,786 | 42,284 | |||||||||
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
|
|||||||||||||||||
2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
|
|||||||||||||||||
3
Net income attributable to noncontrolling interests excludes CHF (12) million due to redeemable noncontrolling interests.
|
|||||||||||||||||
4
Includes a net tax charge of CHF 24 million from the excess recognized compensation expense over fair value of shares delivered.
|
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5
The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
|||||||||||||||||
6
Paid out of reserves from capital contributions.
|
in | 2013 | 2012 | |||
Operating activities of continuing operations (CHF million) | |||||
Net income | 3,708 | 1,685 | |||
(Income)/loss from discontinued operations, net of tax | (145) | 40 | |||
Income from continuing operations | 3,563 | 1,725 | |||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million) | |||||
Impairment, depreciation and amortization | 1,345 | 1,294 | |||
Provision for credit losses | 155 | 170 | |||
Deferred tax provision | 909 | (226) | |||
Share of net income from equity method investments | 34 | 80 | |||
Trading assets and liabilities, net | 13,986 | (14,348) | |||
(Increase)/decrease in other assets | (6,902) | (1,146) | |||
Increase/(decrease) in other liabilities | 9,023 | (4,772) | |||
Other, net | (39) | 4,584 | |||
Total adjustments | 18,511 | (14,364) | |||
Net cash provided by/(used in) operating activities of continuing operations | 22,074 | (12,639) | |||
Investing activities of continuing operations (CHF million) | |||||
(Increase)/decrease in interest-bearing deposits with banks | 538 | 184 | |||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 17,120 | 46,952 | |||
Purchase of investment securities | (677) | (480) | |||
Proceeds from sale of investment securities | 176 | 936 | |||
Maturities of investment securities | 832 | 1,626 | |||
Investments in subsidiaries and other investments | (1,792) | (2,039) | |||
Proceeds from sale of other investments | 3,737 | 3,104 | |||
(Increase)/decrease in loans | (9,126) | (11,022) | |||
Proceeds from sales of loans | 1,483 | 1,090 | |||
Capital expenditures for premises and equipment and other intangible assets | (903) | (1,242) | |||
Proceeds from sale of premises and equipment and other intangible assets | 9 | 26 | |||
Other, net | 122 | 3,683 | |||
Net cash provided by/(used in) investing activities of continuing operations | 11,519 | 42,818 |
in | 2013 | 2012 | |||
Financing activities of continuing operations (CHF million) | |||||
Increase/(decrease) in due to banks and customer deposits | 22,463 | (12,567) | |||
Increase/(decrease) in short-term borrowings | 6,002 | (7,840) | |||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (36,347) | (39,958) | |||
Issuances of long-term debt | 39,090 | 38,405 | |||
Repayments of long-term debt | (55,135) | (55,936) | |||
Issuances of common shares | 976 | 1,930 | |||
Sale of treasury shares | 9,764 | 8,355 | |||
Repurchase of treasury shares | (10,202) | (8,859) | |||
Dividends paid | (564) | (1,296) | |||
Other, net | (468) | 394 | |||
Net cash provided by/(used in) financing activities of continuing operations | (24,421) | (77,372) | |||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
Effect of exchange rate changes on cash and due from banks | (1,216) | (1,271) | |||
Net cash provided by/(used in) discontinued operations (CHF million) | |||||
Net cash provided by/(used in) discontinued operations | (1,027) | (346) | |||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||
Net increase/(decrease) in cash and due from banks | 6,929 | (48,810) | |||
Cash and due from banks at beginning of period | 61,763 | 110,573 | |||
Cash and due from banks at end of period | 68,692 | 61,763 |
in | 2013 | 2012 | |||
Cash paid for income taxes and interest (CHF million) | |||||
Cash paid for income taxes | 833 | 1,073 | |||
Cash paid for interest | 11,876 | 15,004 | |||
Assets acquired and liabilities assumed in business acquisitions (CHF million) | |||||
Fair value of assets acquired | 4 | 2,418 | |||
Fair value of liabilities assumed | 0 | 2,418 | |||
Assets and liabilities sold in business divestitures (CHF million) | |||||
Assets sold | 374 | 0 | |||
Liabilities sold | 170 | 0 |
end of | 4Q13 | 3Q13 | |||
German private banking business (CHF million) | |||||
Cash | 960 | – | |||
Loans | 575 | – | |||
Other assets | 18 | – | |||
Total assets held-for-sale | 1,553 | – | |||
CFIG (CHF million) | |||||
Fees receivable | 8 | 6 | |||
Goodwill | 23 | 32 | |||
Other intangible assets | 0 | 8 | |||
Total assets held-for-sale | 31 | 46 | |||
Group (CHF million) | |||||
Total assets held-for-sale | 1,584 | 46 |
end of | 4Q13 | 3Q13 | |||
German private banking business (CHF million) | |||||
Deposits | 1,118 | – | |||
Other liabilities | 22 | – | |||
Total liabilities held-for-sale | 1,140 | – | |||
CFIG (CHF million) | |||||
Fees payable | 0 | 6 | |||
Total liabilities held-for-sale | 0 | 6 | |||
Group (CHF million) | |||||
Total liabilities held-for-sale | 1,140 | 6 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Operations-related (CHF million) | |||||||||||
Net revenues | 48 | 43 | 73 | 233 | 288 | ||||||
of which German private banking business | 14 | 12 | 14 | 52 | 54 | ||||||
of which ETF business | – | 0 | 14 | 29 | 53 | ||||||
of which Strategic Partners | – | 5 | 15 | 33 | 60 | ||||||
of which CFIG | 33 | 25 | 29 | 114 | 116 | ||||||
Operating expenses | 28 | 19 | 89 | 158 | 296 | ||||||
of which German private banking business | 18 | 15 | 44 | 71 | 108 | ||||||
of which ETF business | – | 3 | 13 | 23 | 49 | ||||||
of which Strategic Partners | – | 0 | 11 | 8 | 38 | ||||||
of which CFIG | 10 | 0 | 19 | 51 | 88 | ||||||
Income tax expense/(benefit) | 7 | 9 | 15 | 38 | 32 | ||||||
of which German private banking business | (2) | (3) | 6 | (6) | 2 | ||||||
of which ETF business | – | 0 | 0 | 5 | 2 | ||||||
of which Strategic Partners | – | 1 | 3 | 10 | 15 | ||||||
of which CFIG | 9 | 11 | 6 | 29 | 16 | ||||||
Income/(loss), net of tax | 13 | 15 | (31) | 37 | (40) | ||||||
of which German private banking business | (2) | 0 | (36) | (13) | (56) | ||||||
of which ETF business | – | (3) | 1 | 1 | 2 | ||||||
of which Strategic Partners | – | 4 | 1 | 15 | 7 | ||||||
of which CFIG | 14 | 14 | 4 | 34 | 12 | ||||||
Transaction-related (CHF million) | |||||||||||
Gain on disposal | – | 237 | – | 237 | – | ||||||
of which ETF business | – | 146 | – | 146 | – | ||||||
of which Strategic Partners | – | 91 | – | 91 | – | ||||||
Transaction-related expenses | 25 | 48 | – | 93 | – | ||||||
of which ETF business | – | 5 | – | 11 | – | ||||||
of which Strategic Partners | – | 10 | – | 22 | – | ||||||
of which CFIG | 21 | 33 | – | 56 | – | ||||||
Income tax expense/(benefit) | (10) | 54 | – | 36 | – | ||||||
of which ETF business | – | 23 | – | 21 | – | ||||||
of which Strategic Partners | – | 45 | – | 40 | – | ||||||
of which CFIG | (9) | (14) | – | (24) | – | ||||||
Income/(loss), net of tax | (15) | 135 | – | 108 | – | ||||||
of which ETF business | – | 118 | – | 114 | – | ||||||
of which Strategic Partners | – | 36 | – | 29 | – | ||||||
of which CFIG | (12) | (19) | – | (32) | – | ||||||
Discontinued operations – total (CHF million) | |||||||||||
Income/(loss) from discontinued operations, net of tax | (2) | 150 | (31) | 145 | (40) | ||||||
of which German private banking business | (2) | 0 | (36) | (13) | (56) | ||||||
of which ETF business | – | 115 | 1 | 115 | 2 | ||||||
of which Strategic Partners | – | 40 | 1 | 44 | 7 | ||||||
of which CFIG | 2 | (5) | 4 | 2 | 12 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Net revenues (CHF million) | |||||||||||
Private Banking & Wealth Management | 3,438 | 3,316 | 3,314 | 13,451 | 13,474 | ||||||
Investment Banking | 2,725 | 2,552 | 2,664 | 12,622 | 12,558 | ||||||
Corporate Center | (177) | (419) | (351) | (790) | (2,781) | ||||||
Noncontrolling interests without SEI | 219 | 227 | 79 | 639 | 360 | ||||||
Net revenues | 6,205 | 5,676 | 5,706 | 25,922 | 23,611 | ||||||
Income/(loss) from continuing operations before taxes (CHF million) | |||||||||||
Private Banking & Wealth Management | 870 | 1,018 | 911 | 3,686 | 3,775 | ||||||
Investment Banking | (40) | 229 | 298 | 2,243 | 2,002 | ||||||
Corporate Center | (402) | (559) | (824) | (1,468) | (3,889) | ||||||
Noncontrolling interests without SEI | 196 | 222 | 63 | 592 | 302 | ||||||
Income from continuing operations before taxes | 624 | 910 | 448 | 5,053 | 2,190 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Total assets (CHF million) | |||||||
Private Banking & Wealth Management | 279,150 | 275,421 | 275,683 | ||||
Investment Banking | 502,799 | 528,762 | 563,758 | ||||
Corporate Center | 87,029 | 86,886 | 80,733 | ||||
Noncontrolling interests without SEI | 3,624 | 4,100 | 4,106 | ||||
Total assets | 872,602 | 895,169 | 924,280 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Net interest income (CHF million) | |||||||||||
Loans | 1,221 | 1,223 | 1,198 | 4,843 | 4,861 | ||||||
Investment securities | 10 | 10 | 5 | 45 | 64 | ||||||
Trading assets | 1,814 | 2,113 | 2,442 | 10,057 | 11,945 | ||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 556 | 585 | 650 | 2,517 | 2,940 | ||||||
Other | 472 | 510 | 545 | 2,094 | 2,280 | ||||||
Interest and dividend income | 4,073 | 4,441 | 4,840 | 19,556 | 22,090 | ||||||
Deposits | (225) | (235) | (280) | (978) | (1,345) | ||||||
Short-term borrowings | (17) | (18) | (81) | (132) | (184) | ||||||
Trading liabilities | (915) | (1,070) | (1,071) | (5,083) | (6,833) | ||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (212) | (211) | (356) | (1,156) | (1,677) | ||||||
Long-term debt | (895) | (922) | (1,055) | (3,846) | (4,632) | ||||||
Other | (62) | (63) | (59) | (246) | (276) | ||||||
Interest expense | (2,326) | (2,519) | (2,902) | (11,441) | (14,947) | ||||||
Net interest income | 1,747 | 1,922 | 1,938 | 8,115 | 7,143 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Commissions and fees (CHF million) | |||||||||||
Lending business | 460 | 424 | 483 | 1,814 | 1,513 | ||||||
Investment and portfolio management | 1,119 | 919 | 988 | 3,944 | 3,715 | ||||||
Other securities business | 25 | 27 | 24 | 106 | 110 | ||||||
Fiduciary business | 1,144 | 946 | 1,012 | 4,050 | 3,825 | ||||||
Underwriting | 446 | 303 | 418 | 1,647 | 1,561 | ||||||
Brokerage | 860 | 909 | 902 | 3,933 | 3,686 | ||||||
Underwriting and brokerage | 1,306 | 1,212 | 1,320 | 5,580 | 5,247 | ||||||
Other services | 515 | 433 | 640 | 1,782 | 2,139 | ||||||
Commissions and fees | 3,425 | 3,015 | 3,455 | 13,226 | 12,724 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Trading revenues (CHF million) | |||||||||||
Interest rate products | 50 | 439 | 196 | 1,077 | 2,707 | ||||||
Foreign exchange products | 298 | 2 | 469 | 1,203 | 559 | ||||||
Equity/index-related products | 552 | (67) | (190) | 974 | 140 | ||||||
Credit products | (538) | (297) | (664) | (879) | (3,306) | ||||||
Commodity, emission and energy products | 71 | 78 | (102) | 340 | 198 | ||||||
Other products | (69) | 117 | 144 | 93 | 898 | ||||||
Trading revenues | 364 | 272 | (147) | 2,808 | 1,196 | ||||||
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 | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Other revenues (CHF million) | |||||||||||
Noncontrolling interests without SEI | 211 | 231 | 69 | 658 | 336 | ||||||
Loans held-for-sale | (1) | (1) | (7) | (5) | (37) | ||||||
Long-lived assets held-for-sale | 45 | 7 | 95 | 30 | 458 | ||||||
Equity method investments | 147 | 38 | 68 | 251 | 150 | ||||||
Other investments | 142 | 32 | 119 | 313 | 749 | ||||||
Other | 125 | 160 | 116 | 526 | 892 | ||||||
Other revenues | 669 | 467 | 460 | 1,773 | 2,548 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||||
Provision for credit losses (CHF million) | ||||||||||||
Provision for loan losses | 42 | 43 | 84 | 154 | 159 | |||||||
Provision for lending-related and other exposures | (1) | (2) | (14) | 1 | 11 | |||||||
Provision for credit losses | 41 | 41 | 70 | 155 | 170 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Compensation and benefits (CHF million) | |||||||||||
Salaries and variable compensation | 2,431 | 2,212 | 2,272 | 9,687 | 10,717 | ||||||
Social security | 179 | 152 | 156 | 782 | 769 | ||||||
Other 1 | 210 | 168 | 221 | 800 | 817 | ||||||
Compensation and benefits 2 | 2,820 | 2,532 | 2,649 | 11,269 | 12,303 | ||||||
1
Includes pension and other post-retirement expense of CHF 134 million, CHF 89 million, CHF 128 million, CHF 490 million and CHF 532 million in 4Q13, 3Q13, 4Q12, 2013 and 2012, respectively.
|
|||||||||||
2
Includes severance and other compensation expense relating to headcount reductions of CHF 53 million, CHF 9 million, CHF 191 million, CHF 219 million and CHF 456 million as of 4Q13, 3Q13, 4Q12, 2013 and 2012, respectively.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
General and administrative expenses (CHF million) | |||||||||||
Occupancy expenses | 327 | 288 | 339 | 1,186 | 1,220 | ||||||
IT, machinery, etc. | 390 | 366 | 388 | 1,517 | 1,469 | ||||||
Provisions and losses | 590 | 210 | 375 | 1,243 | 694 | ||||||
Travel and entertainment | 92 | 82 | 106 | 355 | 394 | ||||||
Professional services | 577 | 473 | 547 | 1,952 | 1,919 | ||||||
Goodwill impairment | 12 | 0 | 0 | 12 | 0 | ||||||
Amortization and impairment of other intangible assets | 6 | 6 | 7 | 25 | 36 | ||||||
Other | 337 | 346 | 344 | 1,417 | 1,514 | ||||||
General and administrative expenses | 2,331 | 1,771 | 2,106 | 7,707 | 7,246 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||||
Basic net income attributable to shareholders (CHF million) | ||||||||||||
Income from continuing operations | 269 | 304 | 294 | 2,924 | 1,389 | |||||||
Income from discontinued operations, net of tax | (2) | 150 | (31) | 145 | (40) | |||||||
Net income attributable to shareholders | 267 | 454 | 263 | 3,069 | 1,349 | |||||||
Preferred securities dividends | (122) | – | (117) | (236) | (231) | |||||||
Net income attributable to shareholders for basic earnings per share | 145 | 454 | 146 | 2,833 | 1,118 | |||||||
Available for common shares | 135 | 421 | 116 | 2,529 | 1,044 | |||||||
Available for unvested share-based payment awards | 10 | 33 | 10 | 206 | 66 | |||||||
Available for mandatory convertible securities 1 | – | – | 20 | 98 | 8 | |||||||
Diluted net income attributable to shareholders (CHF million) | ||||||||||||
Net income attributable to shareholders for basic earnings per share | 145 | 454 | 146 | 2,833 | 1,118 | |||||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | – | – | – | |||||||
Net income attributable to shareholders for diluted earnings per share | 145 | 454 | 146 | 2,833 | 1,118 | |||||||
Available for common shares | 135 | 421 | 116 | 2,530 | 1,044 | |||||||
Available for unvested share-based payment awards | 10 | 33 | 10 | 205 | 66 | |||||||
Available for mandatory convertible securities 1 | – | – | 20 | 98 | 8 | |||||||
Weighted-average shares outstanding (million) | ||||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,601.9 | 1,600.0 | 1,342.4 | 1,532.9 | 1,320.4 | |||||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | – | – | – | |||||||
Dilutive share options and warrants | 1.7 | 1.7 | 3.3 | 1.8 | 4.9 | |||||||
Dilutive share awards | 0.8 | 1.3 | 1.8 | 1.4 | 1.8 | |||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,604.4 | 1,603.0 | 1,347.5 | 1,536.1 | 1,327.1 | |||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 122.0 | 125.6 | 115.1 | 125.0 | 97.3 | |||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | – | 233.5 | 63.0 | 97.1 | |||||||
Basic earnings per share available for common shares (CHF) | ||||||||||||
Basic earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | 1.57 | 0.82 | |||||||
Basic earnings/(loss) per share from discontinued operations | 0.00 | 0.09 | (0.02) | 0.08 | (0.03) | |||||||
Basic earnings per share available for common shares | 0.08 | 0.26 | 0.09 | 1.65 | 0.79 | |||||||
Diluted earnings per share available for common shares (CHF) | ||||||||||||
Diluted earnings per share from continuing operations | 0.08 | 0.17 | 0.11 | 1.57 | 0.82 | |||||||
Diluted earnings/(loss) per share from discontinued operations | 0.00 | 0.09 | (0.02) | 0.08 | (0.03) | |||||||
Diluted earnings per share available for common shares | 0.08 | 0.26 | 0.09 | 1.65 | 0.79 | |||||||
Prior periods have been adjusted to reflect the increase in the number of shares outstanding that arose from the 2Q13 stock dividend, as required under US GAAP.
|
||||||||||||
1
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
|
||||||||||||
2
Reflects changes in the fair value of the PAF2 units which are reflected in the net profit of the Group until the awards are finally settled. Fair value of the PAF2 units which are reflected in the net profit of the Group are not adjusted for 4Q13, 3Q13, 4Q12, 2013 and 2012, respectively, as the effect would be antidilutive.
|
||||||||||||
3
Reflects weighted-average shares outstanding on PAF2 units. Weighted-average shares on PAF2 units for 4Q13, 3Q13, 4Q12, 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.
|
||||||||||||
4
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 36.0 million, 33.7 million, 50.6 million, 35.9 million and 50.3 million for 4Q13, 3Q13, 4Q12, 2013 and 2012, respectively.
|
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Trading assets (CHF million) | |||||||
Debt securities | 110,116 | 117,354 | 135,871 | ||||
Equity securities 1 | 76,695 | 78,605 | 74,895 | ||||
Derivative instruments 2 | 31,603 | 36,764 | 33,208 | ||||
Other | 10,999 | 11,699 | 12,425 | ||||
Trading assets | 229,413 | 244,422 | 256,399 | ||||
Trading liabilities (CHF million) | |||||||
Short positions | 40,161 | 47,483 | 51,303 | ||||
Derivative instruments 2 | 36,474 | 44,867 | 39,513 | ||||
Trading liabilities | 76,635 | 92,350 | 90,816 | ||||
1
Including convertible bonds.
|
|||||||
2
Amounts shown net of cash collateral receivables and payables.
|
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Cash collateral – netted (CHF million) 1 | |||||||
Cash collateral paid | 23,870 | 24,209 | 36,662 | ||||
Cash collateral received | 20,500 | 21,794 | 33,373 | ||||
Cash collateral – not netted (CHF million) 2 | |||||||
Cash collateral paid | 8,359 | 8,739 | 10,904 | ||||
Cash collateral received | 11,663 | 12,013 | 12,224 | ||||
1
Recorded as cash collateral netting on derivative instruments in Note 20 – Offsetting of financial assets and financial liabilities.
|
|||||||
2
Recorded as cash collateral on derivative instruments in Note 17 – Other assets and other liabilities.
|
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Investment securities (CHF million) | |||||||
Securities available-for-sale | 2,987 | 2,768 | 3,498 | ||||
Total investment securities | 2,987 | 2,768 | 3,498 |
4Q13 | 4Q12 | ||||||||||||||||
end of |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||
Investment securities by type (CHF million) | |||||||||||||||||
Debt securities issued by the Swiss federal, cantonal or local governmental entities | 389 | 15 | 2 | 402 | 452 | 31 | 0 | 483 | |||||||||
Debt securities issued by foreign governments | 1,350 | 39 | 1 | 1,388 | 1,523 | 82 | 0 | 1,605 | |||||||||
Corporate debt securities | 590 | 16 | 0 | 606 | 823 | 22 | 0 | 845 | |||||||||
Collateralized debt obligations | 480 | 11 | 1 | 490 | 448 | 22 | 0 | 470 | |||||||||
Debt securities available-for-sale | 2,809 | 81 | 4 | 2,886 | 3,246 | 157 | 0 | 3,403 | |||||||||
Banks, trust and insurance companies | 74 | 18 | 0 | 92 | 73 | 14 | 0 | 87 | |||||||||
Industry and all other | 9 | 0 | 0 | 9 | 8 | 0 | 0 | 8 | |||||||||
Equity securities available-for-sale | 83 | 18 | 0 | 101 | 81 | 14 | 0 | 95 | |||||||||
Securities available-for-sale | 2,892 | 99 | 4 | 2,987 | 3,327 | 171 | 0 | 3,498 |
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 |
|||||||
4Q13 (CHF million) | |||||||||||||
Debt securities issued by the Swiss federal, cantonal or local governmental entities | 168 | 2 | 0 | 0 | 168 | 2 | |||||||
Debt securities issued by foreign governments | 109 | 1 | 0 | 0 | 109 | 1 | |||||||
Collateralized debt obligation | 10 | 1 | 0 | 0 | 10 | 1 | |||||||
Debt securities available-for-sale | 287 | 4 | 0 | 0 | 287 | 4 |
2013 | 2012 | ||||||||
in |
Debt securities |
Equity securities |
Debt securities |
Equity securities |
|||||
Additional information (CHF million) | |||||||||
Proceeds from sales | 163 | 13 | 294 | 642 | |||||
Realized gains | 8 | 1 | 14 | 294 | |||||
Realized losses | (3) | 0 | (2) | 0 |
Debt securities available-for-sale |
|||||||
end of |
Amortized cost |
Fair value |
Average yield (in %) |
||||
4Q13 (CHF million) | |||||||
Due within 1 year | 543 | 547 | 1.43 | ||||
Due from 1 to 5 years | 1,702 | 1,760 | 2.11 | ||||
Due from 5 to 10 years | 475 | 491 | 2.13 | ||||
Due after 10 years | 89 | 88 | 1.46 | ||||
Total debt securities | 2,809 | 2,886 | 1.96 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Loans (CHF million) | |||||||
Mortgages | 94,978 | 94,369 | 91,872 | ||||
Loans collateralized by securities | 31,565 | 30,872 | 27,363 | ||||
Consumer finance | 5,938 | 6,229 | 6,901 | ||||
Consumer | 132,481 | 131,470 | 126,136 | ||||
Real estate 1 | 27,312 | 26,488 | 25,801 | ||||
Commercial and industrial loans 1 | 63,334 | 63,236 | 63,028 | ||||
Financial institutions 1 | 21,840 | 22,118 | 25,902 | ||||
Governments and public institutions 1 | 3,047 | 2,888 | 2,337 | ||||
Corporate & institutional | 115,533 | 114,730 | 117,068 | ||||
Gross loans | 248,014 | 246,200 | 243,204 | ||||
of which held at amortized cost | 228,557 | 227,177 | 223,204 | ||||
of which held at fair value | 19,457 | 19,023 | 20,000 | ||||
Net (unearned income)/deferred expenses | (91) | (97) | (59) | ||||
Allowance for loan losses | (858) | (871) | (922) | ||||
Net loans | 247,065 | 245,232 | 242,223 | ||||
Gross loans by location (CHF million) | |||||||
Switzerland | 151,992 | 151,547 | 151,226 | ||||
Foreign | 96,022 | 94,653 | 91,978 | ||||
Gross loans | 248,014 | 246,200 | 243,204 | ||||
Impaired loan portfolio (CHF million) | |||||||
Non-performing loans | 862 | 893 | 859 | ||||
Non-interest-earning loans | 281 | 302 | 313 | ||||
Total non-performing and non-interest-earning loans | 1,143 | 1,195 | 1,172 | ||||
Restructured loans | 6 | 19 | 30 | ||||
Potential problem loans | 312 | 324 | 527 | ||||
Total other impaired loans | 318 | 343 | 557 | ||||
Gross impaired loans | 1,461 | 1,538 | 1,729 | ||||
1
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions and from governments and public institutions to commercial and industrial loans, respectively.
|
4Q13 | 3Q13 | 4Q12 | |||||||||||||||||
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||||||
Allowance for loan losses (CHF million) | |||||||||||||||||||
Balance at beginning of period | 271 | 600 | 871 | 282 | 618 | 900 | 287 | 610 | 897 | ||||||||||
Change in scope of consolidation | 0 | 0 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | ||||||||||
Net movements recognized in statements of operations | 19 | 23 | 42 | 21 | 22 | 43 | 26 | 58 | 84 | ||||||||||
Gross write-offs | (28) | (32) | (60) | (35) | (38) | (73) | (29) | (36) | (65) | ||||||||||
Recoveries | 6 | 0 | 6 | 6 | 6 | 12 | 3 | 4 | 7 | ||||||||||
Net write-offs | (22) | (32) | (54) | (29) | (32) | (61) | (26) | (32) | (58) | ||||||||||
Provisions for interest | 1 | 5 | 6 | 2 | 5 | 7 | 2 | 7 | 9 | ||||||||||
Foreign currency translation impact and other adjustments, net | (2) | (5) | (7) | (5) | (12) | (17) | (1) | (9) | (10) | ||||||||||
Balance at end of period | 267 | 591 | 858 | 271 | 600 | 871 | 288 | 634 | 922 | ||||||||||
of which individually evaluated for impairment | 217 | 426 | 643 | 220 | 427 | 647 | 239 | 457 | 696 | ||||||||||
of which collectively evaluated for impairment | 50 | 165 | 215 | 51 | 173 | 224 | 49 | 177 | 226 | ||||||||||
Gross loans held at amortized cost (CHF million) | |||||||||||||||||||
Balance at end of period | 132,470 | 96,087 | 228,557 | 131,461 | 95,716 | 227,177 | 126,124 | 97,080 | 223,204 | ||||||||||
of which individually evaluated for impairment 1 | 569 | 892 | 1,461 | 603 | 935 | 1,538 | 661 | 1,068 | 1,729 | ||||||||||
of which collectively evaluated for impairment | 131,901 | 95,195 | 227,096 | 130,858 | 94,781 | 225,639 | 125,463 | 96,012 | 221,475 |
2013 | 2012 | ||||||||||||
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||
Allowance for loan losses (CHF million) | |||||||||||||
Balance at beginning of period | 288 | 634 | 922 | 289 | 621 | 910 | |||||||
Change in scope of consolidation | 0 | (1) | (1) | (18) | 0 | (18) | |||||||
Net movements recognized in statements of operations | 76 | 78 | 154 | 95 | 64 | 159 | |||||||
Gross write-offs | (123) | (163) | (286) | (105) | (96) | (201) | |||||||
Recoveries | 24 | 30 | 54 | 22 | 22 | 44 | |||||||
Net write-offs | (99) | (133) | (232) | (83) | (74) | (157) | |||||||
Provisions for interest | 5 | 21 | 26 | 8 | 21 | 29 | |||||||
Foreign currency translation impact and other adjustments, net | (3) | (8) | (11) | (3) | 2 | (1) | |||||||
Balance at end of period | 267 | 591 | 858 | 288 | 634 | 922 | |||||||
1
Represents gross impaired loans both with and without a specific allowance.
|
4Q13 | 3Q13 | 4Q12 | |||||||||||||||||
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||||
Loans held at amortized cost (CHF million) | |||||||||||||||||||
Purchases 1 | 0 | 817 | 817 | 0 | 1,679 | 1,679 | 0 | 365 | 365 | ||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 80 | 80 | 0 | 89 | 89 | 0 | 91 | 91 | ||||||||||
Reclassifications to loans held-for-sale 3 | 0 | 503 | 503 | 0 | 185 | 185 | 0 | 246 | 246 | ||||||||||
Sales 3 | 0 | 424 | 424 | 0 | 87 | 87 | 0 | 330 | 330 |
2013 | 2012 | ||||||||||||
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||
Loans held at amortized cost (CHF million) | |||||||||||||
Purchases 1 | 0 | 4,611 | 4,611 | 348 | 4,605 | 4,953 | |||||||
Reclassifications from loans held-for-sale 2 | 0 | 275 | 275 | 0 | 216 | 216 | |||||||
Reclassifications to loans held-for-sale 3 | 0 | 996 | 996 | 0 | 1,323 | 1,323 | |||||||
Sales 3 | 0 | 698 | 698 | 0 | 1,058 | 1,058 | |||||||
1
Includes drawdowns under purchased loan commitments.
|
|||||||||||||
2
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
|
|||||||||||||
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.
|
end of | AAA | AA | A | BBB | BB | B | CCC | CC | C | D | Total | ||||||||||||
4Q13 (CHF million) | |||||||||||||||||||||||
Mortgages | 302 | 2,257 | 17,398 | 57,033 | 16,857 | 883 | 39 | 0 | 0 | 209 | 94,978 | ||||||||||||
Loans collateralized by securities | 182 | 349 | 4,214 | 24,497 | 2,131 | 90 | 2 | 6 | 0 | 94 | 31,565 | ||||||||||||
Consumer finance | 0 | 14 | 226 | 2,501 | 1,952 | 824 | 43 | 0 | 119 | 248 | 5,927 | ||||||||||||
Consumer | 484 | 2,620 | 21,838 | 84,031 | 20,940 | 1,797 | 84 | 6 | 119 | 551 | 132,470 | ||||||||||||
Real estate | 1,344 | 1,050 | 3,511 | 13,669 | 6,897 | 322 | 0 | 1 | 0 | 72 | 26,866 | ||||||||||||
Commercial and industrial loans | 183 | 740 | 1,901 | 21,232 | 23,131 | 3,621 | 232 | 6 | 6 | 671 | 51,723 | ||||||||||||
Financial institutions | 1,319 | 1,706 | 4,041 | 5,625 | 2,440 | 776 | 14 | 1 | 0 | 112 | 16,034 | ||||||||||||
Governments and public institutions | 78 | 324 | 178 | 440 | 148 | 73 | 223 | 0 | 0 | 0 | 1,464 | ||||||||||||
Corporate & institutional | 2,924 | 3,820 | 9,631 | 40,966 | 32,616 | 4,792 | 469 | 8 | 6 | 855 | 96,087 | ||||||||||||
Gross loans held at amortized cost | 3,408 | 6,440 | 31,469 | 124,997 | 53,556 | 6,589 | 553 | 14 | 125 | 1,406 | 228,557 | ||||||||||||
Value of collateral 1 | 2,553 | 5,046 | 28,186 | 116,971 | 45,376 | 3,372 | 102 | 1 | 10 | 616 | 202,233 | ||||||||||||
4Q12 (CHF million) | |||||||||||||||||||||||
Mortgages | 387 | 730 | 12,176 | 58,491 | 19,255 | 599 | 13 | 9 | 0 | 212 | 91,872 | ||||||||||||
Loans collateralized by securities | 79 | 57 | 948 | 23,357 | 2,728 | 92 | 6 | 1 | 0 | 95 | 27,363 | ||||||||||||
Consumer finance | 0 | 6 | 100 | 3,324 | 2,065 | 901 | 39 | 0 | 129 | 325 | 6,889 | ||||||||||||
Consumer | 466 | 793 | 13,224 | 85,172 | 24,048 | 1,592 | 58 | 10 | 129 | 632 | 126,124 | ||||||||||||
Real estate 2 | 333 | 374 | 2,199 | 14,537 | 7,762 | 195 | 0 | 0 | 0 | 55 | 25,455 | ||||||||||||
Commercial and industrial loans 2 | 166 | 325 | 1,580 | 22,040 | 23,070 | 3,467 | 209 | 1 | 47 | 763 | 51,668 | ||||||||||||
Financial institutions 2 | 2,288 | 2,087 | 4,661 | 5,260 | 3,566 | 382 | 0 | 33 | 14 | 147 | 18,438 | ||||||||||||
Governments and public institutions | 131 | 50 | 360 | 521 | 127 | 101 | 229 | 0 | 0 | 0 | 1,519 | ||||||||||||
Corporate & institutional | 2,918 | 2,836 | 8,800 | 42,358 | 34,525 | 4,145 | 438 | 34 | 61 | 965 | 97,080 | ||||||||||||
Gross loans held at amortized cost | 3,384 | 3,629 | 22,024 | 127,530 | 58,573 | 5,737 | 496 | 44 | 190 | 1,597 | 223,204 | ||||||||||||
Value of collateral 1 | 2,918 | 2,616 | 19,526 | 116,583 | 48,342 | 3,210 | 189 | 44 | 15 | 791 | 194,234 | ||||||||||||
1
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan.
|
|||||||||||||||||||||||
2
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.
|
Current | Past due | ||||||||||||||
end of |
|
Up to 30 days |
31–60 days |
61–90 days |
More than 90 days |
Total |
Total |
||||||||
4Q13 (CHF million) | |||||||||||||||
Mortgages | 94,657 | 103 | 26 | 25 | 167 | 321 | 94,978 | ||||||||
Loans collateralized by securities | 31,365 | 95 | 2 | 12 | 91 | 200 | 31,565 | ||||||||
Consumer finance | 5,218 | 377 | 93 | 55 | 184 | 709 | 5,927 | ||||||||
Consumer | 131,240 | 575 | 121 | 92 | 442 | 1,230 | 132,470 | ||||||||
Real estate | 26,774 | 19 | 2 | 2 | 69 | 92 | 26,866 | ||||||||
Commercial and industrial loans | 50,879 | 343 | 77 | 74 | 350 | 844 | 51,723 | ||||||||
Financial institutions | 15,841 | 87 | 2 | 1 | 103 | 193 | 16,034 | ||||||||
Governments and public institutions | 1,459 | 5 | 0 | 0 | 0 | 5 | 1,464 | ||||||||
Corporate & institutional | 94,953 | 454 | 81 | 77 | 522 | 1,134 | 96,087 | ||||||||
Gross loans held at amortized cost | 226,193 | 1,029 | 202 | 169 | 964 | 2,364 | 228,557 | ||||||||
4Q12 (CHF million) | |||||||||||||||
Mortgages | 91,527 | 156 | 17 | 11 | 161 | 345 | 91,872 | ||||||||
Loans collateralized by securities | 27,034 | 220 | 3 | 3 | 103 | 329 | 27,363 | ||||||||
Consumer finance | 6,116 | 420 | 90 | 52 | 211 | 773 | 6,889 | ||||||||
Consumer | 124,677 | 796 | 110 | 66 | 475 | 1,447 | 126,124 | ||||||||
Real estate 1 | 25,296 | 107 | 2 | 2 | 48 | 159 | 25,455 | ||||||||
Commercial and industrial loans 1 | 50,407 | 720 | 27 | 138 | 376 | 1,261 | 51,668 | ||||||||
Financial institutions 1 | 18,205 | 53 | 2 | 34 | 144 | 233 | 18,438 | ||||||||
Governments and public institutions | 1,484 | 35 | 0 | 0 | 0 | 35 | 1,519 | ||||||||
Corporate & institutional | 95,392 | 915 | 31 | 174 | 568 | 1,688 | 97,080 | ||||||||
Gross loans held at amortized cost | 220,069 | 1,711 | 141 | 240 | 1,043 | 3,135 | 223,204 | ||||||||
1
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions.
|
Non-performing and non-interest-earning loans |
Other impaired loans |
||||||||||||||
end of |
Non- performing loans |
Non- interest- earning loans |
Total |
Restruc- tured loans |
Potential problem loans |
Total |
Total |
||||||||
4Q13 (CHF million) | |||||||||||||||
Mortgages | 167 | 13 | 180 | 0 | 45 | 45 | 225 | ||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 4 | 4 | 95 | ||||||||
Consumer finance | 244 | 5 | 249 | 0 | 0 | 0 | 249 | ||||||||
Consumer | 431 | 89 | 520 | 0 | 49 | 49 | 569 | ||||||||
Real estate | 53 | 15 | 68 | 0 | 5 | 5 | 73 | ||||||||
Commercial and industrial loans | 307 | 144 | 451 | 6 | 230 | 236 | 687 | ||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | ||||||||
Corporate & institutional | 431 | 192 | 623 | 6 | 263 | 269 | 892 | ||||||||
Gross impaired loans | 862 | 281 | 1,143 | 6 | 312 | 318 | 1,461 | ||||||||
4Q12 (CHF million) | |||||||||||||||
Mortgages | 154 | 16 | 170 | 0 | 69 | 69 | 239 | ||||||||
Loans collateralized by securities | 18 | 74 | 92 | 0 | 3 | 3 | 95 | ||||||||
Consumer finance | 315 | 10 | 325 | 0 | 2 | 2 | 327 | ||||||||
Consumer | 487 | 100 | 587 | 0 | 74 | 74 | 661 | ||||||||
Real estate | 46 | 5 | 51 | 0 | 15 | 15 | 66 | ||||||||
Commercial and industrial loans | 268 | 170 | 438 | 30 | 373 | 403 | 841 | ||||||||
Financial institutions | 58 | 38 | 96 | 0 | 65 | 65 | 161 | ||||||||
Corporate & institutional | 372 | 213 | 585 | 30 | 453 | 483 | 1,068 | ||||||||
Gross impaired loans | 859 | 313 | 1,172 | 30 | 527 | 557 | 1,729 |
4Q13 | 4Q12 | ||||||||||||
end of |
Recorded investment |
Unpaid principal balance |
Associated specific allowance |
Recorded investment |
Unpaid principal balance |
Associated specific allowance |
|||||||
Gross impaired loan detail (CHF million) | |||||||||||||
Mortgages | 207 | 197 | 28 | 206 | 197 | 32 | |||||||
Loans collateralized by securities | 67 | 63 | 55 | 68 | 66 | 53 | |||||||
Consumer finance | 231 | 211 | 134 | 302 | 280 | 154 | |||||||
Consumer | 505 | 471 | 217 | 576 | 543 | 239 | |||||||
Real estate | 71 | 65 | 15 | 63 | 55 | 22 | |||||||
Commercial and industrial loans | 677 | 629 | 329 | 715 | 677 | 342 | |||||||
Financial institutions | 131 | 127 | 82 | 157 | 155 | 93 | |||||||
Corporate & institutional | 879 | 821 | 426 | 935 | 887 | 457 | |||||||
Gross impaired loans with a specific allowance | 1,384 | 1,292 | 643 | 1,511 | 1,430 | 696 | |||||||
Mortgages | 18 | 18 | – | 33 | 33 | – | |||||||
Loans collateralized by securities | 28 | 28 | – | 27 | 28 | – | |||||||
Consumer finance | 18 | 18 | – | 25 | 25 | – | |||||||
Consumer | 64 | 64 | – | 85 | 86 | – | |||||||
Real estate | 2 | 2 | – | 3 | 3 | – | |||||||
Commercial and industrial loans | 10 | 10 | – | 126 | 128 | – | |||||||
Financial institutions | 1 | 1 | – | 4 | 4 | – | |||||||
Corporate & institutional | 13 | 13 | – | 133 | 135 | – | |||||||
Gross impaired loans without specific allowance | 77 | 77 | – | 218 | 221 | – | |||||||
Gross impaired loans | 1,461 | 1,369 | 643 | 1,729 | 1,651 | 696 | |||||||
of which consumer | 569 | 535 | 217 | 661 | 629 | 239 | |||||||
of which corporate & institutional | 892 | 834 | 426 | 1,068 | 1,022 | 457 |
4Q13 | 3Q13 | 4Q12 | |||||||||||||||||
in |
Average recorded investment |
Interest income recognized |
Interest income recognized on a cash basis |
Average recorded investment |
Interest income recognized |
Interest income recognized on a cash basis |
Average recorded investment |
Interest income recognized |
Interest income recognized on a cash basis |
||||||||||
Gross impaired loan detail (CHF million) | |||||||||||||||||||
Mortgages | 205 | 0 | 0 | 210 | 0 | 0 | 201 | 0 | 0 | ||||||||||
Loans collateralized by securities | 68 | 2 | 2 | 70 | 0 | 0 | 67 | 0 | 0 | ||||||||||
Consumer finance | 244 | 0 | 0 | 253 | 0 | 0 | 291 | 0 | 1 | ||||||||||
Consumer | 517 | 2 | 2 | 533 | 0 | 0 | 559 | 0 | 1 | ||||||||||
Real estate | 73 | 1 | 1 | 80 | 0 | 0 | 63 | 0 | 0 | ||||||||||
Commercial and industrial loans | 677 | 1 | 1 | 761 | 1 | 1 | 657 | 0 | 1 | ||||||||||
Financial institutions | 130 | 0 | 0 | 130 | 0 | 0 | 162 | 1 | 1 | ||||||||||
Governments and public institutions | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | ||||||||||
Corporate & institutional | 880 | 2 | 2 | 971 | 1 | 1 | 886 | 1 | 2 | ||||||||||
Gross impaired loans with a specific allowance | 1,397 | 4 | 4 | 1,504 | 1 | 1 | 1,445 | 1 | 3 | ||||||||||
Mortgages | 22 | 0 | 0 | 17 | 0 | 0 | 32 | 0 | 0 | ||||||||||
Loans collateralized by securities | 28 | 0 | 0 | 26 | 0 | 0 | 28 | 0 | 0 | ||||||||||
Consumer finance | 18 | 0 | 0 | 17 | 0 | 0 | 35 | 0 | 0 | ||||||||||
Consumer | 68 | 0 | 0 | 60 | 0 | 0 | 95 | 0 | 0 | ||||||||||
Real estate | 15 | 0 | 0 | 16 | 0 | 0 | 3 | 0 | 0 | ||||||||||
Commercial and industrial loans | 20 | 0 | 0 | 24 | 0 | 0 | 163 | 0 | 1 | ||||||||||
Financial institutions | 1 | 0 | 0 | 1 | 0 | 0 | 4 | 0 | 0 | ||||||||||
Corporate & institutional | 36 | 0 | 0 | 41 | 0 | 0 | 170 | 0 | 1 | ||||||||||
Gross impaired loans without specific allowance | 104 | 0 | 0 | 101 | 0 | 0 | 265 | 0 | 1 | ||||||||||
Gross impaired loans | 1,501 | 4 | 4 | 1,605 | 1 | 1 | 1,710 | 1 | 4 | ||||||||||
of which consumer | 585 | 2 | 2 | 593 | 0 | 0 | 654 | 0 | 1 | ||||||||||
of which corporate & institutional | 916 | 2 | 2 | 1,012 | 1 | 1 | 1,056 | 1 | 3 |
2013 | 2012 | ||||||||||||
in |
Average recorded investment |
Interest income recognized |
Interest income recognized on a cash basis |
Average recorded investment |
Interest income recognized |
Interest income recognized on a cash basis |
|||||||
Gross impaired loan detail (CHF million) | |||||||||||||
Mortgages | 204 | 1 | 1 | 217 | 1 | 1 | |||||||
Loans collateralized by securities | 70 | 2 | 2 | 68 | 1 | 0 | |||||||
Consumer finance | 256 | 0 | 0 | 277 | 3 | 3 | |||||||
Consumer | 530 | 3 | 3 | 562 | 5 | 4 | |||||||
Real estate | 72 | 1 | 1 | 58 | 0 | 0 | |||||||
Commercial and industrial loans | 747 | 5 | 5 | 620 | 3 | 2 | |||||||
Financial institutions | 136 | 0 | 0 | 201 | 2 | 2 | |||||||
Governments and public institutions | 0 | 0 | 0 | 6 | 0 | 0 | |||||||
Corporate & institutional | 955 | 6 | 6 | 885 | 5 | 4 | |||||||
Gross impaired loans with a specific allowance | 1,485 | 9 | 9 | 1,447 | 10 | 8 | |||||||
Mortgages | 26 | 0 | 0 | 40 | 0 | 0 | |||||||
Loans collateralized by securities | 27 | 0 | 0 | 8 | 0 | 0 | |||||||
Consumer finance | 22 | 0 | 0 | 41 | 0 | 0 | |||||||
Consumer | 75 | 0 | 0 | 89 | 0 | 0 | |||||||
Real estate | 11 | 0 | 0 | 13 | 0 | 0 | |||||||
Commercial and industrial loans | 59 | 0 | 0 | 215 | 3 | 3 | |||||||
Financial institutions | 2 | 0 | 0 | 8 | 0 | 0 | |||||||
Corporate & institutional | 72 | 0 | 0 | 236 | 3 | 3 | |||||||
Gross impaired loans without specific allowance | 147 | 0 | 0 | 325 | 3 | 3 | |||||||
Gross impaired loans | 1,632 | 9 | 9 | 1,772 | 13 | 11 | |||||||
of which consumer | 605 | 3 | 3 | 651 | 5 | 4 | |||||||
of which corporate & institutional | 1,027 | 6 | 6 | 1,121 | 8 | 7 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Other assets (CHF million) | |||||||
Cash collateral on derivative instruments | 8,359 | 8,739 | 10,904 | ||||
Cash collateral on non-derivative transactions | 1,412 | 1,866 | 1,995 | ||||
Derivative instruments used for hedging | 2,062 | 2,365 | 3,930 | ||||
Assets held-for-sale | 19,306 | 18,128 | 20,343 | ||||
of which loans | 18,914 | 17,663 | 19,894 | ||||
of which real estate | 392 | 465 | 442 | ||||
Assets held for separate accounts | 11,236 | 11,921 | 13,414 | ||||
Interest and fees receivable | 4,859 | 4,958 | 5,861 | ||||
Deferred tax assets | 5,971 | 6,106 | 7,102 | ||||
Prepaid expenses | 552 | 713 | 538 | ||||
Failed purchases | 2,365 | 2,421 | 2,699 | ||||
Other | 6,728 | 6,312 | 6,126 | ||||
Other assets | 62,850 | 63,529 | 72,912 | ||||
Other liabilities (CHF million) | |||||||
Cash collateral on derivative instruments | 11,663 | 12,013 | 12,224 | ||||
Cash collateral on non-derivative transactions | 955 | 1,064 | 1,246 | ||||
Derivative instruments used for hedging | 384 | 469 | 1,182 | ||||
Provisions 1 | 1,732 | 1,340 | 1,362 | ||||
of which off-balance sheet risk | 60 | 61 | 60 | ||||
Liabilities held for separate accounts | 11,236 | 11,921 | 13,414 | ||||
Interest and fees payable | 5,605 | 6,238 | 6,752 | ||||
Current tax liabilities | 864 | 943 | 863 | ||||
Deferred tax liabilities | 394 | 167 | 130 | ||||
Failed sales | 2,396 | 2,596 | 4,336 | ||||
Other | 15,271 | 15,133 | 16,128 | ||||
Other liabilities | 50,500 | 51,884 | 57,637 | ||||
1
Includes provisions for bridge commitments.
|
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Long-term debt (CHF million) | |||||||
Senior | 96,048 | 95,910 | 115,861 | ||||
Subordinated | 21,002 | 19,196 | 17,741 | ||||
Non-recourse liabilities from consolidated VIEs | 12,992 | 13,715 | 14,532 | ||||
Long-term debt | 130,042 | 128,821 | 148,134 | ||||
of which reported at fair value | 63,369 | 61,874 | 65,384 |
end of | 4Q13 | 3Q13 | 4Q12 | ||||
Structured notes (CHF million) | |||||||
Equity | 23,313 | 24,166 | 23,761 | ||||
Fixed income | 5,573 | 5,688 | 6,559 | ||||
Emerging markets 1 | 1,766 | 1,954 | 3,304 | ||||
Credit | 3,453 | 2,442 | 1,893 | ||||
Other | 710 | 902 | 1,120 | ||||
Total structured notes | 34,815 | 35,152 | 36,637 | ||||
1
Transactions where the return is based on a referenced underlying or counterparty specific to emerging markets.
|
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Accumu- lated other compre- hensive income |
||||||||
4Q13 (CHF million) | |||||||||||||
Balance at beginning of period | (22) | (13,157) | 63 | (3,593) | 530 | (16,179) | |||||||
Increase/(decrease) | 8 | (514) | (6) | 738 | 0 | 226 | |||||||
Increase/(decrease) due to equity method investments | 6 | 0 | 0 | 0 | 0 | 6 | |||||||
Reclassification adjustments, included in net income | (3) | (2) | (5) | 98 | (15) | 73 | |||||||
Total increase/(decrease) | 11 | (516) | (11) | 836 | (15) | 305 | |||||||
Balance at end of period | (11) | (13,673) | 52 | (2,757) | 515 | (15,874) | |||||||
3Q13 (CHF million) | |||||||||||||
Balance at beginning of period | (42) | (12,124) | 63 | (3,650) | 552 | (15,201) | |||||||
Increase/(decrease) | 15 | (1,071) | 0 | (9) | 0 | (1,065) | |||||||
Increase/(decrease) due to equity method investments | 5 | 0 | 0 | 0 | 0 | 5 | |||||||
Reclassification adjustments, included in net income | 0 | 38 | 0 | 66 | (22) | 82 | |||||||
Total increase/(decrease) | 20 | (1,033) | 0 | 57 | (22) | (978) | |||||||
Balance at end of period | (22) | (13,157) | 63 | (3,593) | 530 | (16,179) | |||||||
4Q12 (CHF million) | |||||||||||||
Balance at beginning of period | (41) | (11,987) | 89 | (3,569) | 310 | (15,198) | |||||||
Increase/(decrease) | 0 | (804) | 3 | (346) | 319 | (828) | |||||||
Increase/(decrease) due to equity method investments | 12 | 0 | 0 | 0 | 0 | 12 | |||||||
Reclassification adjustments, included in net income | 0 | 24 | (8) | 114 | (19) | 111 | |||||||
Total increase/(decrease) | 12 | (780) | (5) | (232) | 300 | (705) | |||||||
Balance at end of period | (29) | (12,767) | 84 | (3,801) | 610 | (15,903) | |||||||
2013 (CHF million) | |||||||||||||
Balance at beginning of period | (29) | (12,767) | 84 | (3,801) | 610 | (15,903) | |||||||
Increase/(decrease) | 6 | (990) | (27) | 750 | 0 | (261) | |||||||
Increase/(decrease) due to equity method investments | 13 | 0 | 0 | 0 | 0 | 13 | |||||||
Reclassification adjustments, included in net income | (1) | 84 | (5) | 294 | (95) | 277 | |||||||
Total increase/(decrease) | 18 | (906) | (32) | 1,044 | (95) | 29 | |||||||
Balance at end of period | (11) | (13,673) | 52 | (2,757) | 515 | (15,874) | |||||||
2012 (CHF million) | |||||||||||||
Balance at beginning of period | (66) | (11,778) | 99 | (3,751) | 362 | (15,134) | |||||||
Increase/(decrease) | 7 | (1,040) | 227 | (291) | 319 | (778) | |||||||
Increase/(decrease) due to equity method investments | 30 | 0 | 0 | 0 | 0 | 30 | |||||||
Reclassification adjustments, included in net income | 0 | 51 | (242) | 241 | (71) | (21) | |||||||
Total increase/(decrease) | 37 | (989) | (15) | (50) | 248 | (769) | |||||||
Balance at end of period | (29) | (12,767) | 84 | (3,801) | 610 | (15,903) |
in | 4Q13 | 3Q13 | 2013 | ||||
Reclassification adjustments, included in net income (CHF million) | |||||||
Cumulative translation adjustments | |||||||
Sale of subsidiaries 1 | (2) | 38 | 84 | ||||
Actuarial gains/(losses) | |||||||
Amortization of recognized actuarial losses 2 | 129 | 87 | 390 | ||||
Tax expense/(benefit) | (31) | (21) | (96) | ||||
Net of tax | 98 | 66 | 294 | ||||
Net prior service credit/(cost) | |||||||
Amortization of recognized prior service credit/(cost) 2 | (19) | (27) | (120) | ||||
Tax expense/(benefit) | 4 | 5 | 25 | ||||
Net of tax | (15) | (22) | (95) | ||||
1
Includes net releases of CHF 38 million and CHF 46 million in 3Q13 and 1Q13, respectively, on the sale of JO Hambro which was settled in 3Q13. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction.
|
|||||||
2
These components are included in the computation of total pension costs. Refer to "Note 23 – Pension and other post-retirement benefits" for further information.
|
4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||||
Common shares issued | |||||||||||
Balance at beginning of period | 1,595,433,898 | 1,594,295,735 | 1,320,087,848 | 1,320,829,922 | 1,224,333,062 | ||||||
Issuance of common shares | 685,451 | 1,138,163 | 742,074 | 275,289,427 | 96,496,860 | ||||||
of which MACCS settlement | 0 | 0 | 0 | 199,964,015 | 0 | ||||||
of which share-based compensation | 685,451 | 1,138,163 | 742,074 | 37,773,125 | 38,812,660 | ||||||
Balance at end of period | 1,596,119,349 | 1,595,433,898 | 1,320,829,922 | 1,596,119,349 | 1,320,829,922 | ||||||
Treasury shares | |||||||||||
Balance at beginning of period | (3,032,833) | (2,328,381) | (27,423,014) | (27,036,831) | (4,010,074) | ||||||
Sale of treasury shares | 104,952,416 | 65,251,532 | 109,063,051 | 401,126,114 | 394,686,376 | ||||||
of which MACCS settlement | 0 | 0 | 0 | 33,488,655 | 0 | ||||||
Repurchase of treasury shares | (107,185,940) | (66,054,256) | (108,788,150) | (385,369,391) | (423,704,092) | ||||||
Share-based compensation | 83,203 | 98,272 | 111,282 | 6,096,954 | 5,990,959 | ||||||
Balance at end of period | (5,183,154) | (3,032,833) | (27,036,831) | (5,183,154) | (27,036,831) | ||||||
Common shares outstanding | |||||||||||
Balance at end of period | 1,590,936,195 | 1 | 1,592,401,065 | 2 | 1,293,793,091 | 3 | 1,590,936,195 | 1 | 1,293,793,091 | 3 | |
1
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments.
|
|||||||||||
2
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,735,049 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments.
|
|||||||||||
3
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 771,499,654 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 732,326,910 of these shares were reserved for capital instruments (including MACCS).
|
4Q13 | 4Q12 | ||||||||
end of |
Derivative assets |
Derivative liabilities |
Derivative assets |
Derivative liabilities |
|||||
Gross derivatives subject to enforcable master netting agreements (CHF billion) | |||||||||
OTC-cleared | 265.4 | 262.1 | 365.3 | 365.5 | |||||
OTC | 183.0 | 178.1 | 337.6 | 327.9 | |||||
Exchange-traded | 0.3 | 0.0 | 0.3 | 0.2 | |||||
Interest rate products | 448.7 | 440.2 | 703.2 | 693.6 | |||||
OTC | 58.5 | 68.2 | 60.5 | 73.2 | |||||
Exchange-traded | 0.1 | 0.2 | 0.0 | 0.0 | |||||
Foreign exchange products | 58.6 | 68.4 | 60.5 | 73.2 | |||||
OTC | 15.5 | 18.6 | 12.7 | 15.2 | |||||
Exchange-traded | 14.8 | 15.1 | 13.7 | 14.1 | |||||
Equity/index-related products | 30.3 | 33.7 | 26.4 | 29.3 | |||||
OTC-cleared | 5.2 | 5.1 | 3.0 | 2.7 | |||||
OTC | 20.8 | 21.2 | 27.1 | 26.8 | |||||
Credit derivatives | 26.0 | 26.3 | 30.1 | 29.5 | |||||
OTC | 4.4 | 4.0 | 5.8 | 5.6 | |||||
Exchange-traded | 0.5 | 0.8 | 1.5 | 1.7 | |||||
Other products | 4.9 | 4.8 | 7.3 | 7.3 | |||||
OTC-cleared | 270.6 | 267.2 | 368.3 | 368.2 | |||||
OTC | 282.2 | 290.1 | 443.7 | 448.7 | |||||
Exchange-traded | 15.7 | 16.1 | 15.5 | 16.0 | |||||
Total gross derivatives subject to enforceable master netting agreements | 568.5 | 573.4 | 827.5 | 832.9 | |||||
Offsetting (CHF billion) | |||||||||
OTC-cleared | (269.1) | (267.0) | (367.2) | (367.5) | |||||
OTC | (260.7) | (265.7) | (418.7) | (421.8) | |||||
Exchange-traded | (15.1) | (15.1) | (14.3) | (14.2) | |||||
Offsetting | (544.9) | (547.8) | (800.2) | (803.5) | |||||
of which counterparty netting | (523.9) | (523.9) | (766.8) | (766.8) | |||||
of which cash collateral netting | (21.0) | (23.9) | (33.4) | (36.7) | |||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
OTC-cleared | 1.5 | 0.2 | 1.1 | 0.7 | |||||
OTC | 21.5 | 24.4 | 25.0 | 26.9 | |||||
Exchange-traded | 0.6 | 1.0 | 1.2 | 1.8 | |||||
Total net derivatives subject to enforceable master netting agreements | 23.6 | 25.6 | 27.3 | 29.4 | |||||
Total derivatives not subject to enforceable master netting agreements 1 | 10.1 | 11.3 | 9.8 | 11.3 | |||||
Total net derivatives presented in the consolidated balance sheets | 33.7 | 36.9 | 37.1 | 40.7 | |||||
of which recorded in trading assets and trading liabilities | 31.6 | 36.5 | 33.2 | 39.5 | |||||
of which recorded in other assets and other liabilities | 2.1 | 0.4 | 3.9 | 1.2 | |||||
1
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.
|
4Q13 | 4Q12 | ||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | |||||||||||||
Securities purchased under resale agreements | 112.0 | (25.1) | 86.9 | 141.4 | (41.1) | 100.3 | |||||||
Securities borrowing transactions | 22.7 | (1.7) | 21.0 | 20.9 | (2.0) | 18.9 | |||||||
Total subject to enforceable master netting agreements | 134.7 | (26.8) | 107.9 | 162.3 | (43.1) | 119.2 | |||||||
Total not subject to enforceable master netting agreements 1 | 52.1 | – | 52.1 | 64.3 | – | 64.3 | |||||||
Total | 186.8 | (26.8) | 160.0 | 2 | 226.6 | (43.1) | 183.5 | 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 96,587 million and CHF 113,664 million of the total net amount as of the end of 4Q13 and 4Q12, respectively, are reported at fair value.
|
4Q13 | 4Q12 | ||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | |||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | |||||||||||||
Securities sold under repurchase agreements | 86.5 | (26.8) | 59.7 | 99.7 | (43.1) | 56.6 | |||||||
Securities lending transactions | 6.6 | 0.0 | 6.6 | 10.8 | 0.0 | 10.8 | |||||||
Obligation to return securities received as collateral, at fair value | 18.5 | 0.0 | 18.5 | 25.9 | 0.0 | 25.9 | |||||||
Total subject to enforceable master netting agreements | 111.6 | (26.8) | 84.8 | 136.4 | (43.1) | 93.3 | |||||||
Total not subject to enforceable master netting agreements 1 | 32.0 | – | 32.0 | 69.5 | – | 69.5 | |||||||
Total | 143.6 | (26.8) | 116.8 | 205.9 | (43.1) | 162.8 | |||||||
of which securities sold under repurchase agreements and securities lending transactions | 120.8 | (26.8) | 94.0 | 2 | 175.8 | (43.1) | 132.7 | 2 | |||||
of which obligation to return securities received as collateral, at fair value | 22.8 | 0.0 | 22.8 | 30.1 | 0.0 | 30.1 | |||||||
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 76,104 million and CHF 108,784 million of the total net amount as of the end of 4Q13 and 4Q12, respectively, are reported at fair value.
|
4Q13 | 4Q12 | ||||||||||||||||
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 | 23.6 | 4.9 | 0.1 | 18.6 | 27.3 | 5.8 | 0.0 | 21.5 | |||||||||
Securities purchased under resale agreements | 86.9 | 86.9 | 0.0 | 0.0 | 100.3 | 100.3 | 0.0 | 0.0 | |||||||||
Securities borrowing transactions | 21.0 | 20.2 | 0.0 | 0.8 | 18.9 | 17.4 | 0.0 | 1.5 | |||||||||
Total financial assets subject to enforceable master netting agreements | 131.5 | 112.0 | 0.1 | 19.4 | 146.5 | 123.5 | 0.0 | 23.0 | |||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives | 25.6 | 9.9 | 0.0 | 15.7 | 29.4 | 10.8 | 0.0 | 18.6 | |||||||||
Securities sold under repurchase agreements | 59.7 | 59.7 | 0.0 | 0.0 | 56.6 | 56.4 | 0.2 | 0.0 | |||||||||
Securities lending transactions | 6.6 | 6.2 | 0.0 | 0.4 | 10.8 | 10.2 | 0.0 | 0.6 | |||||||||
Obligation to return securities received as collateral, at fair value | 18.5 | 17.5 | 0.0 | 1.0 | 25.9 | 24.2 | 0.0 | 1.7 | |||||||||
Total financial liabilities subject to enforceable master netting agreements | 110.4 | 93.3 | 0.0 | 17.1 | 122.7 | 101.6 | 0.2 | 20.9 | |||||||||
1
The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Effective tax rate (%) | |||||||||||
Effective tax rate | 24.2 | 40.4 | 19.0 | 29.5 | 21.2 |
in | 4Q13 | ||
Reconciliation of taxes computed at the Swiss statutory rate (CHF million) | |||
Income tax expense computed at the statutory tax rate of 22% | 137 | ||
Increase/(decrease) in income taxes resulting from | |||
Foreign tax rate differential | 73 | ||
Changes in tax law and rates | 11 | ||
Other non-deductible expenses | 54 | ||
Changes in deferred tax valuation allowance | 276 | ||
Lower taxed income | (6) | ||
Income taxable to noncontrolling interests | (80) | ||
Tax deductible impairments of Swiss subsidiary investments | (255) | ||
Other | (59) | ||
Income tax expense | 151 |
end of | 4Q13 | 3Q13 | |||
Net deferred tax assets (CHF million) | |||||
Deferred tax assets | 5,971 | 6,106 | |||
of which net operating losses | 1,369 | 1,607 | |||
of which deductible temporary differences | 4,602 | 4,499 | |||
Deferred tax liabilities | (394) | (167) | |||
Net deferred tax assets | 5,577 | 5,939 |
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Deferred compensation expense (CHF million) | |||||||||||
Share awards | 174 | 183 | 186 | 814 | 786 | ||||||
Performance share awards | 122 | 138 | 81 | 590 | 366 | ||||||
Plus Bond awards 1 | 11 | 10 | 0 | 37 | 0 | ||||||
2011 Partner Asset Facility awards 2 | 57 | 50 | 60 | 77 | 677 | ||||||
Adjustable Performance Plan share awards | 6 | 6 | 44 | 33 | 74 | ||||||
Adjustable Performance Plan cash awards | 3 | 7 | 18 | 9 | 286 | ||||||
Restricted Cash Awards | 28 | 26 | 37 | 145 | 165 | ||||||
Scaled Incentive Share Units | 10 | 8 | 14 | 42 | 97 | ||||||
Incentive Share Units 3 | (1) | 0 | 11 | (3) | 62 | ||||||
2008 Partner Asset Facility awards 4 | 13 | 27 | 48 | 93 | 173 | ||||||
Other cash awards | 100 | 97 | 103 | 434 | 362 | ||||||
Discontinued operations | (4) | (11) | (5) | (21) | (23) | ||||||
Total deferred compensation expense | 519 | 541 | 597 | 2,250 | 3,025 | ||||||
1
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period.
|
|||||||||||
2
2011 Partner Asset Facility awards were granted and expensed in 1Q12. For subsequent periods, compensation expense mainly includes the change in underlying fair value of the indexed assets during the period.
|
|||||||||||
3
Includes clawbacks.
|
|||||||||||
4
Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period.
|
end of | 4Q13 | ||
Estimated unrecognized deferred compensation expense (CHF million) | |||
Share awards | 804 | ||
Performance share awards | 221 | ||
Plus Bond awards | 18 | ||
Adjustable Performance Plan share awards | 11 | ||
Adjustable Performance Plan cash awards | 13 | ||
Restricted Cash Awards | 136 | ||
Other cash awards | 111 | ||
Total | 1,314 | ||
Aggregate remaining weighted-average requisite service period (years) | |||
Aggregate remaining weighted-average requisite service period | 1.3 |
4Q13 | 2013 | ||||||||||||||||||||
Number of awards (in millions) |
Share awards |
Performance share awards |
Adjustable Performance Plan share awards |
SISU awards |
ISU awards |
Share awards |
Performance share awards |
Adjustable Performance Plan share awards |
SISU awards |
ISU awards |
|||||||||||
Share-based award activities | |||||||||||||||||||||
Balance at beginning of period | 73.7 | 41.4 | 14.5 | 4.7 | 1.5 | 55.8 | 23.3 | 30.8 | 9.6 | 3.6 | |||||||||||
Granted | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 40.4 | 26.6 | 1.2 | 1 | 0.0 | 0.0 | ||||||||||
Settled | (0.7) | 0.0 | 0.0 | 0.0 | (0.1) | (20.0) | (7.6) | (17.2) | (4.8) | (1.8) | |||||||||||
Forfeited | (0.7) | 0.0 | 0.0 | 0.0 | (0.2) | (3.3) | (0.9) | (0.3) | (0.1) | (0.6) | |||||||||||
Balance at end of period | 72.9 | 41.4 | 14.5 | 4.7 | 1.2 | 72.9 | 41.4 | 14.5 | 4.7 | 1.2 | |||||||||||
of which vested | 5.8 | 2.7 | 1.2 | 1.2 | 0.1 | 5.8 | 2.7 | 1.2 | 1.2 | 0.1 | |||||||||||
of which unvested | 67.1 | 38.7 | 13.3 | 3.5 | 1.1 | 67.1 | 38.7 | 13.3 | 3.5 | 1.1 | |||||||||||
1
Represents additional units earned in 1Q13 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Total pension costs (CHF million) | |||||||||||
Service costs on benefit obligation | 90 | 93 | 93 | 371 | 378 | ||||||
Interest costs on benefit obligation | 108 | 109 | 128 | 434 | 513 | ||||||
Expected return on plan assets | (184) | (184) | (195) | (736) | (781) | ||||||
Amortization of recognized prior service cost/(credit) | (23) | (23) | (14) | (92) | (55) | ||||||
Amortization of recognized actuarial losses | 90 | 87 | 58 | 350 | 231 | ||||||
Net periodic pension costs | 81 | 82 | 70 | 327 | 286 | ||||||
Settlement losses/(gains) | 39 | 0 | 90 | 40 | 90 | ||||||
Curtailment losses/(gains) | 4 | (4) | (11) | (28) | (35) | ||||||
Special termination benefits | 3 | 4 | 4 | 19 | 19 | ||||||
Total pension costs | 127 | 82 | 153 | 358 | 360 |
Trading | Hedging | 1 | |||||||||||
end of 4Q13 |
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 | 9,366.2 | 2.5 | 2.6 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 30,589.6 | 399.6 | 393.8 | 68.5 | 2.8 | 0.7 | |||||||
Options bought and sold (OTC) | 3,889.5 | 44.3 | 44.9 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 830.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0.0 | 0.0 | 0.0 | |||||||
Interest rate products | 45,382.0 | 446.7 | 441.5 | 68.5 | 2.8 | 0.7 | |||||||
Forwards | 2,098.0 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | |||||||
Swaps | 1,382.1 | 28.9 | 39.2 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0.0 | 0.0 | |||||||
Futures | 48.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0.0 | 0.0 | 0.0 | |||||||
Foreign exchange products | 4,350.0 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | |||||||
Forwards | 4.0 | 0.7 | 0.1 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 236.1 | 5.4 | 7.9 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 225.3 | 12.2 | 12.0 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 50.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 416.2 | 17.0 | 17.2 | 0.0 | 0.0 | 0.0 | |||||||
Equity/index-related products | 932.2 | 35.3 | 37.2 | 0.0 | 0.0 | 0.0 | |||||||
Credit derivatives 2 | 1,483.3 | 26.8 | 27.2 | 0.0 | 0.0 | 0.0 | |||||||
Forwards | 19.2 | 0.7 | 1.1 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 45.4 | 2.9 | 2.5 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 35.2 | 1.1 | 1.0 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 31.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0.0 | 0.0 | 0.0 | |||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0.0 | 0.0 | 0.0 | |||||||
Total derivative instruments | 52,327.3 | 575.5 | 583.9 | 108.4 | 3.1 | 0.8 | |||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013.
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Primarily credit default swaps.
|
|||||||||||||
3
Primarily precious metals, commodity, energy and emission products.
|
Trading | Hedging | 1 | |||||||||||
end of 4Q12 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
Derivative instruments (CHF billion) | |||||||||||||
Forwards and forward rate agreements | 8,055.9 | 2.6 | 2.5 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 29,155.2 | 635.6 | 630.1 | 62.8 | 3.9 | 1.5 | |||||||
Options bought and sold (OTC) | 3,739.9 | 62.4 | 62.6 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 1,145.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 952.0 | 0.3 | 0.2 | 0.0 | 0.0 | 0.0 | |||||||
Interest rate products | 43,048.4 | 700.9 | 695.4 | 62.8 | 3.9 | 1.5 | |||||||
Forwards | 2,133.4 | 21.6 | 21.3 | 19.6 | 0.2 | 0.1 | |||||||
Swaps | 1,336.3 | 32.2 | 46.6 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 985.3 | 9.7 | 10.7 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 83.8 | 2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
Options bought and sold (exchange-traded) | 3.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Foreign exchange products | 4,542.4 | 63.5 | 78.6 | 19.6 | 0.2 | 0.1 | |||||||
Forwards | 5.5 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 211.0 | 4.6 | 5.8 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 214.9 | 11.4 | 11.1 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 74.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (exchange-traded) | 338.2 | 13.7 | 14.1 | 0.0 | 0.0 | 0.0 | |||||||
Equity/index-related products | 844.0 | 30.3 | 31.0 | 0.0 | 0.0 | 0.0 | |||||||
Credit derivatives 3 | 1,694.4 | 30.6 | 29.8 | 0.0 | 0.0 | 0.0 | |||||||
Forwards | 31.3 | 1.1 | 1.4 | 0.0 | 0.0 | 0.0 | |||||||
Swaps | 55.3 | 3.6 | 3.1 | 0.0 | 0.0 | 0.0 | |||||||
Options bought and sold (OTC) | 54.2 | 1.6 | 1.6 | 0.0 | 0.0 | 0.0 | |||||||
Futures | 35.6 | 2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
Options bought and sold (exchange-traded) | 50.4 | 1.6 | 1.7 | 0.0 | 0.0 | 0.0 | |||||||
Other products 4 | 226.8 | 7.9 | 7.8 | 0.0 | 0.0 | 0.0 | |||||||
Total derivative instruments | 50,356.0 | 833.2 | 842.6 | 82.4 | 4.1 | 1.6 | |||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 50,438.4 billion, CHF 837.3 billion and CHF 844.2 billion, respectively, as of December 31, 2012.
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Prior period has been corrected to reclassify the notional amounts from other products to foreign exchange products.
|
|||||||||||||
3
Primarily credit default swaps.
|
|||||||||||||
4
Primarily precious metals, commodity, energy and emission products.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Gains/(losses) recognized in income on derivatives (CHF million) | |||||||||||
Interest rate products | 59 | 41 | 101 | 437 | 834 | ||||||
Foreign exchange products | (1) | 0 | 1 | (9) | (13) | ||||||
Total | 58 | 41 | 102 | 428 | 821 | ||||||
Gains/(losses) recognized in income on hedged items (CHF million) | |||||||||||
Interest rate products | (55) | (41) | (108) | (435) | (878) | ||||||
Foreign exchange products | 1 | 0 | 0 | 9 | 13 | ||||||
Total | (54) | (41) | (108) | (426) | (865) | ||||||
Details of fair value hedges (CHF million) | |||||||||||
Net gains/(losses) on the ineffective portion | 4 | 0 | (6) | 2 | (44) | ||||||
Represents gains/(losses) recognized in trading revenues.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | |||||||||||
Interest rate products | 9 | 18 | 0 | 7 | 8 | ||||||
Foreign exchange products | 6 | 5 | 12 | 13 | 30 | ||||||
Total | 15 | 23 | 12 | 20 | 38 | ||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | |||||||||||
Interest rate products 1 | 2 | 1 | 0 | 3 | 0 | ||||||
Foreign exchange products 2 | 0 | (1) | 0 | (3) | 0 | ||||||
Total | 2 | 0 | 0 | 0 | 0 | ||||||
Details of cash flow hedges (CHF million) | |||||||||||
Net gains/(losses) on the ineffective portion 1 | 0 | 1 | (1) | 1 | 0 | ||||||
1
Included in trading revenues.
|
|||||||||||
2
Included in other revenues.
|
in | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | |||||||||||
Foreign exchange products | 198 | 597 | 325 | 504 | (81) | ||||||
Total | 198 | 597 | 325 | 504 | (81) | ||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | |||||||||||
Foreign exchange products 1 | 0 | 2 | (2) | 2 | 75 | ||||||
Total | 0 | 2 | (2) | 2 | 75 | ||||||
Represents gains/(losses) on effective portion.
|
|||||||||||
1
Included in other revenues.
|
4Q13 | 4Q12 | ||||||||||||||||
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 | 11.7 | 1.1 | 0.1 | 12.9 | 15.3 | 1.4 | 0.6 | 17.3 | |||||||||
Collateral posted | 10.6 | 1.2 | – | 11.8 | 13.4 | 1.4 | – | 14.8 | |||||||||
Additional collateral required in a one-notch downgrade event | 0.6 | 0.8 | 0.0 | 1.4 | 0.2 | 0.5 | 0.0 | 0.7 | |||||||||
Additional collateral required in a two-notch downgrade event | 2.3 | 1.1 | 0.0 | 3.4 | 2.7 | 1 | 1.5 | 0.5 | 4.7 | ||||||||
1
Additional collateral required in a two-notch downgrade event has been corrected.
|
4Q13 | 4Q12 | ||||||||||||||||||||
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 | (305.9) | 287.9 | (18.0) | 37.7 | 5.2 | (394.6) | 373.9 | (20.7) | 56.0 | 2.5 | |||||||||||
Non-investment grade | (108.7) | 104.9 | (3.8) | 10.5 | 2.5 | (135.4) | 129.3 | (6.1) | 11.3 | (0.4) | |||||||||||
Total single-name instruments | (414.6) | 392.8 | (21.8) | 48.2 | 7.7 | (530.0) | 3 | 503.2 | 3 | (26.8) | 67.3 | 3 | 2.1 | 3 | |||||||
of which sovereigns | (88.1) | 85.0 | (3.1) | 8.9 | (0.4) | (119.4) | 117.1 | (2.3) | 10.3 | (0.7) | |||||||||||
of which non-sovereigns | (326.5) | 307.8 | (18.7) | 39.3 | 8.1 | (410.6) | 386.1 | (24.5) | 57.0 | 2.8 | |||||||||||
Multi-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 | (219.1) | 212.1 | (7.0) | 47.3 | 3.3 | (222.2) | 207.1 | (15.1) | 20.6 | (0.7) | |||||||||||
Non-investment grade | (65.0) | 59.0 | 4 | (6.0) | 13.5 | 1.5 | (62.8) | 56.1 | 4 | (6.7) | 9.8 | (1.6) | |||||||||
Total multi-name instruments | (284.1) | 271.1 | (13.0) | 60.8 | 4.8 | (285.0) | 3 | 263.2 | 3 | (21.8) | 30.4 | 3 | (2.3) | 3 | |||||||
of which sovereigns | (10.8) | 10.9 | 0.1 | 1.1 | 0.0 | (13.5) | 13.1 | (0.4) | 0.4 | (0.1) | |||||||||||
of which non-sovereigns | (273.3) | 260.2 | (13.1) | 59.7 | 4.8 | (271.5) | 250.1 | (21.4) | 30.0 | (2.2) | |||||||||||
Total instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 | (525.0) | 500.0 | (25.0) | 85.0 | 8.5 | (616.8) | 581.0 | (35.8) | 76.6 | 1.8 | |||||||||||
Non-investment grade | (173.7) | 163.9 | (9.8) | 24.0 | 4.0 | (198.2) | 185.4 | (12.8) | 21.1 | (2.0) | |||||||||||
Total instruments | (698.7) | 663.9 | (34.8) | 109.0 | 12.5 | (815.0) | 766.4 | (48.6) | 97.7 | (0.2) | |||||||||||
of which sovereigns | (98.9) | 95.9 | (3.0) | 10.0 | (0.4) | (132.9) | 130.2 | (2.7) | 10.7 | (0.8) | |||||||||||
of which non-sovereigns | (599.8) | 568.0 | (31.8) | 99.0 | 12.9 | (682.1) | 636.2 | (45.9) | 87.0 | 0.6 | |||||||||||
1
Represents credit protection purchased with identical underlyings and recoveries.
|
|||||||||||||||||||||
2
Based on internal ratings of BBB and above.
|
|||||||||||||||||||||
3
Credit protection instruments have been corrected to reclassify certain single-name instruments to multi-name instruments.
|
|||||||||||||||||||||
4
Includes the Clock Finance transaction.
|
end of | 4Q13 | 4Q12 | |||
Credit derivatives (CHF billion) | |||||
Credit protection sold | 698.7 | 815.0 | |||
Credit protection purchased | 663.9 | 766.4 | |||
Other protection purchased | 109.0 | 97.7 | |||
Other instruments 1 | 11.7 | 15.3 | |||
Total credit derivatives | 1,483.3 | 1,694.4 | |||
1
Consists of certain cash collateralized debt obligations, 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 |
|||||
4Q13 (CHF billion) | |||||||||
Single-name instruments | 91.2 | 281.4 | 42.0 | 414.6 | |||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | |||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 | |||||
4Q12 (CHF billion) | |||||||||
Single-name instruments | 125.0 | 326.0 | 79.0 | 530.0 | |||||
Multi-name instruments | 42.7 | 171.0 | 71.3 | 285.0 | |||||
Total instruments | 167.7 | 497.0 | 150.3 | 815.0 |
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Carrying value |
Collateral received |
||||||
4Q13 (CHF million) | |||||||||||||
Credit guarantees and similar instruments | 2,826 | 2,090 | 4,916 | 4,768 | 34 | 2,333 | |||||||
Performance guarantees and similar instruments | 4,428 | 2,937 | 7,365 | 6,444 | 87 | 3,312 | |||||||
Securities lending indemnifications | 11,479 | 0 | 11,479 | 11,479 | 0 | 11,479 | |||||||
Derivatives 2 | 18,247 | 13,403 | 31,650 | 31,650 | 715 | – | 3 | ||||||
Other guarantees | 4,003 | 1,212 | 5,215 | 5,191 | 3 | 2,631 | |||||||
Total guarantees | 40,983 | 19,642 | 60,625 | 59,532 | 839 | 19,755 | |||||||
4Q12 (CHF million) | |||||||||||||
Credit guarantees and similar instruments 4 | 10,104 | 2,483 | 12,587 | 12,200 | 53 | 1,920 | |||||||
Performance guarantees and similar instruments | 5,160 | 4,371 | 9,531 | 8,793 | 139 | 3,336 | |||||||
Securities lending indemnifications | 12,211 | 0 | 12,211 | 12,211 | 0 | 12,211 | |||||||
Derivatives 2 | 21,197 | 14,218 | 35,415 | 35,415 | 985 | – | 3 | ||||||
Other guarantees | 4,297 | 1,122 | 5,419 | 5,397 | 3 | 2,812 | |||||||
Total guarantees | 52,969 | 22,194 | 75,163 | 74,016 | 1,180 | 20,279 | |||||||
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||
2
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
|
|||||||||||||
3
Collateral for derivatives accounted for as guarantees is not significant.
|
|||||||||||||
4
Prior period has been corrected.
|
January 1, 2004 to December 31, 2013 (USD billion) | |||
Government-sponsored enterprises | 8.2 | ||
Private investors 1 | 23.5 | ||
Non-agency securitizations | 133.8 | 2 | |
Total residential mortgage loans sold | 165.5 | ||
1
Primarily banks.
|
|||
2
The outstanding balance of residential mortgage loans sold was USD 26.2 billion as of the end of 4Q13. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 4Q13 is attributable to borrower payments of USD 88.9 billion and losses of USD 18.7 billion due to loan defaults.
|
4Q13 | 3Q13 | ||||||||||||||||
Government- sponsored enterprises |
Private investors |
Non-agency securitiza- tions |
Total |
Government- sponsored enterprises |
Private investors |
Non-agency securitiza- tions |
Total |
||||||||||
Outstanding repurchase claims (USD million) | |||||||||||||||||
Balance at beginning of period | 66 | 419 | 72 | 557 | 81 | 420 | 1,194 | 1,695 | |||||||||
New claims | 21 | 2 | 541 | 564 | 12 | 22 | 9 | 43 | |||||||||
Claims settled through repurchases | 0 | (1) | 0 | (1) | 1 | 0 | 0 | 0 | 0 | ||||||||
Other settlements | (5) | 0 | (4) | (9) | 2 | (18) | (23) | 0 | (41) | 2 | |||||||
Total claims settled | (5) | (1) | (4) | (10) | (18) | (23) | 0 | (41) | |||||||||
Claims rescinded | (5) | 0 | (9) | (14) | (9) | 0 | 0 | (9) | |||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | (517) | (517) | 0 | 0 | (1,131) | 4 | (1,131) | ||||||||
Balance at end of period | 77 | 420 | 83 | 580 | 66 | 419 | 72 | 557 |
4Q12 | |||||||||
Government- sponsored enterprises |
Private investors |
Non-agency securitiza- tions |
Total |
||||||
Outstanding repurchase claims (USD million) | |||||||||
Balance at beginning of period | 62 | 467 | 1,147 | 1,676 | |||||
New claims | 14 | 3 | 754 | 771 | |||||
Claims settled through repurchases | (1) | 0 | (2) | (3) | 1 | ||||
Other settlements | (3) | (6) | (19) | (28) | 2 | ||||
Total claims settled | (4) | (6) | (21) | (31) | |||||
Claims rescinded | (5) | 0 | 0 | (5) | |||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | (485) | (485) | |||||
Balance at end of period | 67 | 464 | 1,395 | 1,926 | |||||
1
Settled at a repurchase price of USD 0 million and USD 2 million in 4Q13 and 4Q12, respectively.
|
|||||||||
2
Settled at USD 6 million, USD 20 million and USD 21 million in 4Q13, 3Q13 and 4Q12, respectively.
|
|||||||||
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.
|
|||||||||
4
Transfers to arbitration and litigation disclosed in 3Q13 include portfolios of claims of approximately USD 0.6 billion for which formal legal proceedings had commenced in prior periods.
|
2013 | 2012 | ||||||||||||||||
Government- sponsored enterprises |
Private investors |
Non-agency securitiza- tions |
Total |
Government- sponsored enterprises |
Private investors |
Non-agency securitiza- tions |
Total |
||||||||||
Outstanding repurchase claims (USD million) | |||||||||||||||||
Balance at beginning of period | 67 | 464 | 1,395 | 1,926 | 68 | 432 | 243 | 743 | |||||||||
New claims | 69 | 139 | 1,039 | 1,247 | 58 | 57 | 2,032 | 2,147 | |||||||||
Claims settled through repurchases | (4) | (1) | (2) | (7) | 1 | (7) | 0 | (7) | (14) | 1 | |||||||
Other settlements | (31) | (178) | (11) | (220) | 2 | (15) | (7) | (32) | (54) | 2 | |||||||
Total claims settled | (35) | (179) | (13) | (227) | (22) | (7) | (39) | (68) | |||||||||
Claims rescinded | (24) | (4) | (9) | (37) | (37) | (18) | 0 | (55) | |||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | (2,329) | 4 | (2,329) | 0 | 0 | (841) | (841) | ||||||||
Balance at end of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | |||||||||
1
Settled at a repurchase price of USD 6 million and USD 15 million in 2013 and 2012, respectively.
|
|||||||||||||||||
2
Settled at USD 51 million and USD 41 million in 2013 and 2012, respectively.
|
|||||||||||||||||
3
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation.
|
|||||||||||||||||
4
Transfers to arbitration and litigation disclosed in 2013 include portfolios of claims of approximately USD 0.3 billion for which formal legal proceedings had commenced in prior periods.
|
4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | |||||||
Provisions for outstanding repurchase claims (USD million) 1 | |||||||||||
Balance at beginning of period | 88 | 98 | 53 | 55 | 59 | ||||||
Increase/(decrease) in provisions, net | 14 | 10 | 25 | 98 | 52 | ||||||
Realized losses 2 | (6) | 3 | (20) | 4 | (23) | 5 | (57) | 4 | (56) | 3 | |
Balance at end of period 6 | 96 | 88 | 55 | 96 | 55 | ||||||
1
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 29 – Litigation" for further information.
|
|||||||||||
2
Includes indemnifications paid to resolve loan repurchase claims.
|
|||||||||||
3
Primarily related to government-sponsored enterprises and non-agency securitizations.
|
|||||||||||
4
Primarily related to government-sponsored enterprises and private investors.
|
|||||||||||
5
Primarily related to non-agency securitizations.
|
|||||||||||
6
Primarily related to government-sponsored enterprises.
|
4Q13 | 4Q12 | ||||||||||||||||||||
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
|||||||||
Other commitments (CHF million) | |||||||||||||||||||||
Irrevocable commitments under documentary credits | 5,484 | 28 | 5,512 | 5,452 | 3,381 | 6,217 | 41 | 6,258 | 6,061 | 3,219 | |||||||||||
Irrevocable loan commitments 2 | 27,250 | 69,740 | 96,990 | 92,732 | 47,996 | 32,794 | 67,425 | 100,219 | 94,748 | 32,765 | |||||||||||
Forward reverse repurchase agreements | 26,893 | 0 | 26,893 | 26,893 | 26,893 | 45,556 | 0 | 45,556 | 45,556 | 45,556 | |||||||||||
Other commitments | 2,481 | 1,410 | 3,891 | 3,891 | 350 | 949 | 1,612 | 2,561 | 2,561 | 131 | |||||||||||
Total other commitments | 62,108 | 71,178 | 133,286 | 128,968 | 78,620 | 85,516 | 69,078 | 154,594 | 148,926 | 81,671 | |||||||||||
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 90,254 million and CHF 78,887 million of unused credit limits as of the end of 4Q13 and 4Q12, respectively, which were revocable at the Group's sole discretion upon notice to the client. The prior period has been adjusted to the current presentation.
|
in | 2013 | 2012 | |||
Gains and cash flows (CHF million) | |||||
CMBS | |||||
Net gain 1 | 4 | 56 | |||
Proceeds from transfer of assets | 5,574 | 6,156 | |||
Cash received on interests that continue to be held | 70 | 57 | |||
RMBS | |||||
Net gain/(loss) 1 | (8) | 3 | |||
Proceeds from transfer of assets | 24,523 | 15,143 | |||
Purchases of previously transferred financial assets or its underlying collateral | (10) | (25) | |||
Servicing fees | 4 | 3 | |||
Cash received on interests that continue to be held | 486 | 554 | |||
Other asset-backed financings | |||||
Net gain 1 | 15 | 83 | |||
Proceeds from transfer of assets | 915 | 591 | |||
Purchases of previously transferred financial assets or its underlying collateral 2 | (213) | (621) | |||
Cash received on interests that continue to be held | 633 | 1,350 | |||
1
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
|
|||||
2
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present.
|
end of | 4Q13 | 4Q12 | |||
CHF million | |||||
CMBS | |||||
Principal amount outstanding | 37,308 | 30,050 | |||
Total assets of SPE | 48,715 | 45,407 | |||
RMBS | |||||
Principal amount outstanding | 45,571 | 58,112 | |||
Total assets of SPE | 48,741 | 60,469 | |||
Other asset-backed financings | |||||
Principal amount outstanding | 27,854 | 32,805 | |||
Total assets of SPE | 27,854 | 32,805 | |||
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties.
|
4Q13 | 4Q12 | ||||||||||||||||
at time of transfer | CMBS | RMBS | CMBS | RMBS | |||||||||||||
CHF million, except where indicated | |||||||||||||||||
Fair value of beneficial interests | 633 | 2,993 | 761 | 2,219 | |||||||||||||
of which level 2 | 476 | 2,879 | 654 | 2,090 | |||||||||||||
of which level 3 | 156 | 114 | 107 | 129 | |||||||||||||
Weighted-average life, in years | 7.3 | 7.7 | 8.4 | 5.0 | |||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 2.0 | – | 31.0 | – | 2 | 0.1 | – | 34.9 | |||||||
Cash flow discount rate (rate per annum), in % 3 | 1.6 | – | 11.6 | 0.0 | – | 45.9 | 0.8 | – | 10.7 | 0.1 | – | 25.7 | |||||
Expected credit losses (rate per annum), in % | 0.0 | – | 7.5 | 0.0 | – | 45.8 | 0.5 | – | 9.0 | 0.0 | – | 25.1 | |||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table.
|
|||||||||||||||||
1
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
|
|||||||||||||||||
2
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||
3
The rate was based on the weighted-average yield on the beneficial interests.
|
4Q13 | 4Q12 | ||||||||||||||||||||||||
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 | ||||||||||||||||
CHF million, except where indicated | |||||||||||||||||||||||||
Fair value of beneficial interests | 1,132 | 2,354 | 284 | 274 | 1,929 | 692 | |||||||||||||||||||
of which non-investment grade | 26 | 359 | 204 | 90 | 342 | 686 | |||||||||||||||||||
Weighted-average life, in years | 6.5 | 8.6 | 3.7 | 4.0 | 5.2 | 3.6 | |||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1.0 | – | 23.5 | – | – | 0.1 | – | 27.6 | – | |||||||||||||||
Impact on fair value from 10% adverse change | – | (26.5) | – | – | (38.5) | – | |||||||||||||||||||
Impact on fair value from 20% adverse change | – | (48.6) | – | – | (74.3) | – | |||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1.0 | – | 23.1 | 1.1 | – | 50.2 | 0.2 | – | 42.8 | 0.7 | – | 51.7 | |||||||
Impact on fair value from 10% adverse change | (25.5) | (65.0) | (2.4) | (14.8) | (62.8) | (1.0) | |||||||||||||||||||
Impact on fair value from 20% adverse change | (50.0) | (124.9) | (4.9) | (19.9) | (93.5) | (1.8) | |||||||||||||||||||
Expected credit losses (rate per annum), in % | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21.0 | 0.9 | – | 49.5 | 0.9 | – | 42.8 | 0.3 | – | 51.4 | |||||||
Impact on fair value from 10% adverse change | (10.9) | (42.2) | (0.4) | (14.4) | (55.9) | (0.8) | |||||||||||||||||||
Impact on fair value from 20% adverse change | (21.5) | (79.6) | (0.7) | (19.2) | (80.3) | (1.6) | |||||||||||||||||||
1
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||||||||||
2
CDOs within this category are generally structured to be protected from prepayment risk.
|
|||||||||||||||||||||||||
3
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR .
|
|||||||||||||||||||||||||
4
The rate was based on the weighted-average yield on the beneficial interests.
|
end of | 4Q13 | 4Q12 | |||
CHF million | |||||
CMBS | |||||
Other assets | 432 | 467 | |||
Liability to SPE, included in Other liabilities | (432) | (467) | |||
Other asset-backed financings | |||||
Trading assets | 216 | 1,171 | |||
Other assets | 157 | 913 | |||
Liability to SPE, included in Other liabilities | (373) | (2,084) |
Financial intermediation | |||||||||||||||
end of |
CDO |
CP Conduit |
Securi- tizations |
Funds |
Loans |
Other |
Total |
||||||||
4Q13 (CHF million) | |||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | ||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | ||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | ||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | ||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | ||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 447 | 66 | 513 | ||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 308 | 1,680 | 14,330 | ||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | ||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,777 | 3,164 | 27,654 | ||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | ||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | ||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | (1) | 4,286 | ||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | ||||||||
Other liabilities | 34 | 16 | 67 | 2 | 153 | 438 | 710 | ||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 254 | 1,227 | 18,346 | ||||||||
4Q12 (CHF million) | |||||||||||||||
Cash and due from banks | 1,534 | 27 | 0 | 125 | 44 | 20 | 1,750 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 117 | 0 | 0 | 0 | 0 | 117 | ||||||||
Trading assets | 1,064 | 196 | 14 | 1,861 | 565 | 997 | 4,697 | ||||||||
Investment securities | 0 | 23 | 0 | 0 | 0 | 0 | 23 | ||||||||
Other investments | 0 | 0 | 0 | 0 | 1,712 | 577 | 2,289 | ||||||||
Net loans | 0 | 4,360 | 859 | 0 | 405 | 429 | 6,053 | ||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 509 | 72 | 581 | ||||||||
Other assets | 7,369 | 1,637 | 3,111 | 4 | 572 | 1,843 | 14,536 | ||||||||
of which loans held-for-sale | 7,324 | 0 | 3,110 | 0 | 71 | 0 | 10,505 | ||||||||
Total assets of consolidated VIEs | 9,967 | 6,360 | 3,984 | 1,990 | 3,807 | 3,938 | 30,046 | ||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 247 | 247 | ||||||||
Trading liabilities | 20 | 0 | 0 | 0 | 4 | 101 | 125 | ||||||||
Short-term borrowings | 0 | 5,776 | 0 | 3 | 0 | 3,803 | 9,582 | ||||||||
Long-term debt | 9,944 | 14 | 3,608 | 500 | 38 | 428 | 14,532 | ||||||||
Other liabilities | 45 | 6 | 97 | 7 | 168 | 905 | 1,228 | ||||||||
Total liabilities of consolidated VIEs | 10,009 | 5,796 | 3,705 | 510 | 210 | 5,484 | 25,714 |
Financial intermediation | |||||||||||||
end of |
CDO |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
4Q13 (CHF million) | |||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | |||||||
Net loans | 2 | 613 | 2,812 | 2,856 | 1,282 | 7,565 | |||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | |||||||
Total variable interest assets | 185 | 5,533 | 3,838 | 3,581 | 2,001 | 15,138 | |||||||
Maximum exposure to loss | 186 | 7,496 | 4,026 | 7,433 | 2,090 | 21,231 | |||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 18,881 | 217,269 | |||||||
4Q12 (CHF million) | |||||||||||||
Trading assets | 100 | 3,210 | 1,143 | 868 | 600 | 5,921 | |||||||
Net loans | 8 | 111 | 2,148 | 3,572 | 1,668 | 7,507 | |||||||
Other assets | 0 | 17 | 49 | 0 | 4 | 70 | |||||||
Total variable interest assets | 108 | 3,338 | 3,340 | 4,440 | 2,272 | 13,498 | |||||||
Maximum exposure to loss | 108 | 14,123 | 3,575 | 4,906 | 3,039 | 25,751 | |||||||
Non-consolidated VIE assets | 5,163 | 103,990 | 52,268 | 22,304 | 15,491 | 199,216 |
end of 4Q13 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Total |
|||||
Assets (CHF million) | |||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | ||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | ||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | ||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | ||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | ||||||
Equity | 20,741 | 58 | 0 | 0 | 20,799 | ||||||
Securities received as collateral | 21,150 | 1,650 | 0 | 0 | 22,800 | ||||||
Debt | 41,829 | 63,218 | 5,069 | 0 | 110,116 | ||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | ||||||
of which corporates | 14 | 24,268 | 2,128 | 0 | 26,410 | ||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | ||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | ||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | ||||||
Equity | 70,322 | 5,778 | 595 | 0 | 76,695 | ||||||
Derivatives | 6,610 | 563,649 | 5,217 | (543,873) | 31,603 | ||||||
of which interest rate products | 1,065 | 444,056 | 1,574 | – | – | ||||||
of which foreign exchange products | 8 | 60,807 | 484 | – | – | ||||||
of which equity/index-related products | 5,278 | 28,763 | 1,240 | – | – | ||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | ||||||
Other | 3,691 | 4,479 | 2,829 | 0 | 10,999 | ||||||
Trading assets | 122,452 | 637,124 | 13,710 | (543,873) | 229,413 | ||||||
Debt | 1,788 | 1,098 | 0 | 0 | 2,886 | ||||||
of which foreign governments | 1,386 | 2 | 0 | 0 | 1,388 | ||||||
of which corporates | 0 | 606 | 0 | 0 | 606 | ||||||
of which CDO | 0 | 490 | 0 | 0 | 490 | ||||||
Equity | 2 | 97 | 2 | 0 | 101 | ||||||
Investment securities | 1,790 | 1,195 | 2 | 0 | 2,987 | ||||||
Private equity | 0 | 0 | 3,345 | 0 | 3,345 | ||||||
of which equity funds | 0 | 0 | 2,236 | 0 | 2,236 | ||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | ||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | ||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | ||||||
of which private | 0 | 15 | 1,630 | 0 | 1,645 | ||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | ||||||
Other investments | 283 | 344 | 6,969 | 0 | 7,596 | ||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | ||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | ||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | ||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | ||||||
Other assets | 4,861 | 21,530 | 6,159 | (1,032) | 31,518 | ||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | ||||||
Total assets at fair value | 150,536 | 770,523 | 35,084 | (544,905) | 411,238 | ||||||
Less other investments - equity at fair value attributable to noncontrolling interests | (246) | (149) | (2,781) | 0 | (3,176) | ||||||
Less assets consolidated under ASU 2009-17 2 | 0 | (8,996) | (2,458) | 0 | (11,454) | ||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 150,290 | 761,378 | 29,845 | (544,905) | 396,608 | ||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||
2
Assets of consolidated VIEs that are not risk-weighted under the Basel framework.
|
end of 4Q13 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Total |
|||||
Liabilities (CHF million) | |||||||||||
Due to banks | 0 | 1,450 | 0 | 0 | 1,450 | ||||||
Customer deposits | 0 | 3,197 | 55 | 0 | 3,252 | ||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | ||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | ||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | ||||||
Equity | 20,741 | 58 | 0 | 0 | 20,799 | ||||||
Obligations to return securities received as collateral | 21,150 | 1,650 | 0 | 0 | 22,800 | ||||||
Debt | 19,037 | 5,311 | 2 | 0 | 24,350 | ||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | ||||||
of which corporates | 1 | 4,130 | 2 | 0 | 4,133 | ||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | ||||||
Derivatives | 5,879 | 572,444 | 5,545 | (547,385) | 36,483 | ||||||
of which interest rate products | 896 | 439,446 | 1,129 | – | – | ||||||
of which foreign exchange products | 14 | 71,547 | 938 | – | – | ||||||
of which equity/index-related products | 4,691 | 30,622 | 1,896 | – | – | ||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | ||||||
Trading liabilities | 40,392 | 578,064 | 5,564 | (547,385) | 76,635 | ||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | ||||||
Long-term debt | 0 | 53,589 | 9,780 | 0 | 63,369 | ||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | ||||||
of which structured notes over two years | 0 | 20,679 | 6,217 | 0 | 26,896 | ||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | ||||||
Other liabilities | 0 | 19,511 | 2,861 | (399) | 21,973 | ||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | ||||||
Total liabilities at fair value | 61,542 | 739,339 | 18,539 | (547,784) | 271,636 | ||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
end of 4Q12 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Total |
|||||
Assets (CHF million) | |||||||||||
Cash and due from banks | 0 | 569 | 0 | 0 | 569 | ||||||
Interest-bearing deposits with banks | 0 | 627 | 0 | 0 | 627 | ||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 113,664 | 0 | 0 | 113,664 | ||||||
Debt | 92 | 350 | 0 | 0 | 442 | ||||||
of which corporates | 0 | 320 | 0 | 0 | 320 | ||||||
Equity | 29,585 | 18 | 0 | 0 | 29,603 | ||||||
Securities received as collateral | 29,677 | 368 | 0 | 0 | 30,045 | ||||||
Debt | 55,592 | 74,391 | 5,888 | 0 | 135,871 | ||||||
of which foreign governments | 53,918 | 11,032 | 79 | 0 | 65,029 | ||||||
of which corporates | 1 | 25,932 | 3,192 | 0 | 29,125 | ||||||
of which RMBS | 0 | 30,392 | 724 | 0 | 31,116 | ||||||
of which CMBS | 0 | 4,335 | 1,023 | 0 | 5,358 | ||||||
of which CDO | 0 | 2,620 | 447 | 0 | 3,067 | ||||||
Equity | 66,664 | 7,746 | 485 | 0 | 74,895 | ||||||
Derivatives | 3,428 | 823,016 | 6,650 | (799,886) | 33,208 | ||||||
of which interest rate products | 703 | 698,297 | 1,859 | – | – | ||||||
of which foreign exchange products | 1 | 62,717 | 754 | – | – | ||||||
of which equity/index-related products | 2,538 | 25,820 | 1,920 | – | – | ||||||
of which credit derivatives | 0 | 29,274 | 1,294 | – | – | ||||||
Other | 7,203 | 2,736 | 2,486 | 0 | 12,425 | ||||||
Trading assets | 132,887 | 907,889 | 15,509 | (799,886) | 256,399 | ||||||
Debt | 2,066 | 1,168 | 169 | 0 | 3,403 | ||||||
of which foreign governments | 1,583 | 1 | 21 | 0 | 1,605 | ||||||
of which corporates | 0 | 720 | 125 | 0 | 845 | ||||||
of which CDO | 0 | 447 | 23 | 0 | 470 | ||||||
Equity | 4 | 90 | 1 | 0 | 95 | ||||||
Investment securities | 2,070 | 1,258 | 170 | 0 | 3,498 | ||||||
Private equity | 0 | 0 | 3,958 | 0 | 3,958 | ||||||
of which equity funds | 0 | 0 | 2,633 | 0 | 2,633 | ||||||
Hedge funds | 0 | 470 | 165 | 0 | 635 | ||||||
of which debt funds | 0 | 349 | 84 | 0 | 433 | ||||||
Other equity investments | 271 | 69 | 2,243 | 0 | 2,583 | ||||||
of which private | 0 | 61 | 2,245 | 0 | 2,306 | ||||||
Life finance instruments | 0 | 0 | 1,818 | 0 | 1,818 | ||||||
Other investments | 271 | 539 | 8,184 | 0 | 8,994 | ||||||
Loans | 0 | 13,381 | 6,619 | 0 | 20,000 | ||||||
of which commercial and industrial loans | 0 | 6,191 | 4,778 | 0 | 10,969 | ||||||
of which financial institutions | 0 | 5,934 | 1,530 | 0 | 7,464 | ||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 43 | 0 | 43 | ||||||
Other assets | 5,439 | 26,912 | 5,164 | (240) | 37,275 | ||||||
of which loans held-for-sale | 0 | 14,899 | 4,463 | 0 | 19,362 | ||||||
Total assets at fair value | 170,344 | 1,065,207 | 35,689 | (800,126) | 471,114 | ||||||
Less other investments - equity at fair value attributable to noncontrolling interests | (240) | (99) | (3,292) | 0 | (3,631) | ||||||
Less assets consolidated under ASU 2009-17 2 | 0 | (8,769) | (2,745) | 0 | (11,514) | ||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 170,104 | 1,056,339 | 29,652 | (800,126) | 455,969 | ||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||
2
Assets of consolidated VIEs that are not risk-weighted under the Basel framework.
|
end of 4Q12 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Total |
|||||
Liabilities (CHF million) | |||||||||||
Due to banks | 0 | 3,413 | 0 | 0 | 3,413 | ||||||
Customer deposits | 0 | 4,618 | 25 | 0 | 4,643 | ||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 108,784 | 0 | 0 | 108,784 | ||||||
Debt | 92 | 350 | 0 | 0 | 442 | ||||||
of which corporates | 0 | 320 | 0 | 0 | 320 | ||||||
Equity | 29,585 | 18 | 0 | 0 | 29,603 | ||||||
Obligations to return securities received as collateral | 29,677 | 368 | 0 | 0 | 30,045 | ||||||
Debt | 25,782 | 7,014 | 196 | 0 | 32,992 | ||||||
of which foreign governments | 25,623 | 1,476 | 0 | 0 | 27,099 | ||||||
of which corporates | 0 | 5,030 | 196 | 0 | 5,226 | ||||||
Equity | 17,912 | 389 | 6 | 0 | 18,307 | ||||||
Derivatives | 3,173 | 834,228 | 5,154 | (803,038) | 39,517 | ||||||
of which interest rate products | 628 | 693,430 | 1,357 | – | – | ||||||
of which foreign exchange products | 1 | 76,963 | 1,648 | – | – | ||||||
of which equity/index-related products | 2,305 | 27,684 | 1,003 | – | – | ||||||
of which credit derivatives | 0 | 28,952 | 819 | – | – | ||||||
Trading liabilities | 46,867 | 841,631 | 5,356 | (803,038) | 90,816 | ||||||
Short-term borrowings | 0 | 4,389 | 124 | 0 | 4,513 | ||||||
Long-term debt | 218 | 55,068 | 10,098 | 0 | 65,384 | ||||||
of which treasury debt over two years | 0 | 10,565 | 0 | 0 | 10,565 | ||||||
of which structured notes over two years | 0 | 22,543 | 6,189 | 0 | 28,732 | ||||||
of which non-recourse liabilities | 218 | 11,006 | 2,551 | 0 | 13,775 | ||||||
Other liabilities | 0 | 24,399 | 2,848 | (376) | 26,871 | ||||||
of which failed sales | 0 | 2,523 | 1,160 | 0 | 3,683 | ||||||
Total liabilities at fair value | 76,762 | 1,042,670 | 18,451 | (803,414) | 334,469 | ||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
2013 | 2012 | ||||||||
in |
Transfers to level 1 out of level 2 |
Transfers out of level 1 to level 2 |
Transfers to level 1 out of level 2 |
Transfers out of level 1 to level 2 |
|||||
Assets (CHF million) | |||||||||
Debt | 499 | 92 | 318 | 23,632 | |||||
Equity | 437 | 183 | 209 | 650 | |||||
Derivatives | 5,090 | 2 | 5,510 | 20 | |||||
Trading assets | 6,026 | 277 | 6,037 | 24,302 | |||||
Liabilities (CHF million) | |||||||||
Debt | 11 | 18 | 87 | 34 | |||||
Equity | 248 | 17 | 100 | 226 | |||||
Derivatives | 4,433 | 11 | 6,441 | 72 | |||||
Trading liabilities | 4,692 | 46 | 6,628 | 332 |
Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||
Trading revenues | Other revenues | ||||||||||||||||||||||||||
2013 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers in / out |
1 |
On all other |
On transfers in / out |
1 |
On all other |
Foreign currency translation impact |
Balance at end of period |
||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | 0 | 0 | 362 | (153) | 0 | 4 | 0 | 0 | (9) | 204 | ||||||||||||||
Debt | 5,888 | 1,418 | (1,977) | 6,363 | (7,043) | 0 | 0 | 165 | 465 | 0 | 0 | (210) | 5,069 | ||||||||||||||
of which corporates | 3,192 | 571 | (552) | 1,759 | (3,022) | 0 | 0 | 109 | 157 | 0 | 0 | (86) | 2,128 | ||||||||||||||
of which RMBS | 724 | 467 | (690) | 1,012 | (1,162) | 0 | 0 | 11 | 91 | 0 | 0 | (17) | 436 | ||||||||||||||
of which CMBS | 1,023 | 86 | (310) | 497 | (866) | 0 | 0 | (4) | 15 | 0 | 0 | (24) | 417 | ||||||||||||||
of which CDO | 447 | 55 | (357) | 3,072 | (1,810) | 0 | 0 | 36 | 197 | 0 | 0 | (73) | 1,567 | ||||||||||||||
Equity | 485 | 303 | (237) | 405 | (431) | 0 | 0 | 20 | 68 | (1) | 0 | (17) | 595 | ||||||||||||||
Derivatives | 6,650 | 1,442 | (2,208) | 0 | 0 | 1,766 | (2,446) | 230 | (53) | 0 | 0 | (164) | 5,217 | ||||||||||||||
of which interest rate products | 1,859 | 244 | (363) | 0 | 0 | 279 | (663) | 8 | 249 | 0 | 0 | (39) | 1,574 | ||||||||||||||
of which equity/index-related products | 1,920 | 223 | (1,020) | 0 | 0 | 207 | (538) | 184 | 330 | 0 | 0 | (66) | 1,240 | ||||||||||||||
of which credit derivatives | 1,294 | 923 | (633) | 0 | 0 | 627 | (631) | 38 | (461) | 0 | 0 | (19) | 1,138 | ||||||||||||||
Other | 2,486 | 288 | (487) | 3,266 | (2,656) | 0 | (65) | 8 | 83 | 0 | 0 | (94) | 2,829 | ||||||||||||||
Trading assets | 15,509 | 3,451 | (4,909) | 10,034 | (10,130) | 1,766 | (2,511) | 423 | 563 | (1) | 0 | (485) | 13,710 | ||||||||||||||
Investment securities | 170 | 0 | (230) | 165 | (82) | 0 | 0 | 0 | 9 | 0 | 0 | (30) | 2 | ||||||||||||||
Equity | 6,366 | 106 | (63) | 1,526 | (3,220) | 0 | 0 | 0 | (3) | 0 | 791 | (134) | 5,369 | ||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 189 | (365) | 0 | 0 | 0 | 1 | 0 | 0 | (43) | 1,600 | ||||||||||||||
Other investments | 8,184 | 106 | (63) | 1,715 | (3,585) | 0 | 0 | 0 | (2) | 0 | 791 | (177) | 6,969 | ||||||||||||||
Loans | 6,619 | 320 | (1,561) | 800 | (1,673) | 6,767 | (2,920) | 0 | (21) | 0 | 0 | (333) | 7,998 | ||||||||||||||
of which commercial and industrial loans | 4,778 | 305 | (315) | 727 | (1,280) | 3,541 | (2,171) | 1 | (85) | 0 | 0 | (192) | 5,309 | ||||||||||||||
of which financial institutions | 1,530 | 15 | (6) | 71 | (207) | 651 | (650) | 0 | (48) | 0 | 0 | (34) | 1,322 | ||||||||||||||
Other intangible assets | 43 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | (12) | (1) | 42 | ||||||||||||||
Other assets | 5,164 | 3,552 | (2,998) | 4,781 | (4,213) | 1,034 | (1,148) | 5 | 199 | 0 | 0 | (217) | 6,159 | ||||||||||||||
of which loans held-for-sale 2 | 4,463 | 3,539 | (2,918) | 4,456 | (3,964) | 1,034 | (1,147) | 5 | 348 | 0 | 0 | (201) | 5,615 | ||||||||||||||
Total assets at fair value | 35,689 | 7,429 | (9,761) | 17,507 | (19,683) | 9,929 | (6,732) | 428 | 752 | (1) | 779 | (1,252) | 35,084 | ||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 51 | (3) | 0 | (13) | 0 | 0 | (5) | 55 | ||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | 0 | (5) | 114 | ||||||||||||||
Trading liabilities | 5,356 | 1,503 | (1,537) | 66 | (197) | 1,561 | (2,556) | 235 | 1,302 | 0 | 0 | (169) | 5,564 | ||||||||||||||
of which interest rate derivatives | 1,357 | 75 | (134) | 0 | 0 | 107 | (508) | 10 | 254 | 0 | 0 | (32) | 1,129 | ||||||||||||||
of which foreign exchange derivatives | 1,648 | 13 | (21) | 0 | 0 | 15 | (662) | (16) | (21) | 0 | 0 | (18) | 938 | ||||||||||||||
of which equity/index-related derivatives | 1,003 | 360 | (676) | 0 | 0 | 632 | (380) | 210 | 831 | 0 | 0 | (84) | 1,896 | ||||||||||||||
of which credit derivatives | 819 | 1,001 | (590) | 0 | 0 | 655 | (856) | 39 | 186 | 0 | 0 | (24) | 1,230 | ||||||||||||||
Short-term borrowings | 124 | 43 | (99) | 0 | 0 | 318 | (216) | 0 | 3 | 0 | 0 | (8) | 165 | ||||||||||||||
Long-term debt | 10,098 | 2,322 | (2,375) | 0 | 0 | 5,006 | (5,330) | 25 | 321 | 0 | (1) | (286) | 9,780 | ||||||||||||||
of which structured notes over two years | 6,189 | 453 | (1,226) | 0 | 0 | 3,602 | (2,534) | (18) | (36) | 0 | (1) | (212) | 6,217 | ||||||||||||||
of which non-recourse liabilities | 2,551 | 1,836 | (670) | 0 | 0 | 818 | (2,128) | 24 | 151 | 0 | 0 | (30) | 2,552 | ||||||||||||||
Other liabilities | 2,848 | 227 | (149) | 213 | (393) | 10 | (86) | (17) | 70 | 26 | 217 | (105) | 2,861 | ||||||||||||||
of which failed sales | 1,160 | 176 | (82) | 154 | (308) | 0 | 0 | 0 | 72 | 0 | 0 | (29) | 1,143 | ||||||||||||||
Total liabilities at fair value | 18,451 | 4,095 | (4,160) | 279 | (590) | 7,065 | (8,191) | 243 | 1,683 | 26 | 216 | (578) | 18,539 | ||||||||||||||
Net assets/(liabilities) at fair value | 17,238 | 3,334 | (5,601) | 17,228 | (19,093) | 2,864 | 1,459 | 185 | (931) | (27) | 563 | (674) | 16,545 | ||||||||||||||
1
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period.
|
|||||||||||||||||||||||||||
2
Includes unrealized gains recorded in trading revenues of CHF 238 million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio.
|
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | |||||||||||||||||||||||||||
Trading revenues | Other revenues | ||||||||||||||||||||||||||
2012 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
|
Sales |
|
Issuances |
|
Settlements |
On transfers in / out |
1 |
On all other |
On transfers in / out |
1 |
On all other |
Foreign currency translation impact |
Balance at end of period |
|||||||||
Assets (CHF million) | |||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,204 | 0 | 0 | 0 | 0 | 0 | (1,174) | 0 | (28) | 0 | 0 | (2) | 0 | ||||||||||||||
Securities received as collateral | 193 | 0 | (188) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5) | 0 | ||||||||||||||
Debt | 10,028 | 2,312 | (5,035) | 7,479 | (8,826) | 0 | 0 | 72 | 129 | (4) | 0 | (267) | 5,888 | ||||||||||||||
of which corporates | 5,076 | 1,113 | (3,609) | 5,210 | (4,745) | 0 | 0 | 49 | 278 | (4) | 0 | (176) | 3,192 | ||||||||||||||
of which RMBS | 1,786 | 831 | (958) | 937 | (1,924) | 0 | 0 | 18 | 60 | 0 | 0 | (26) | 724 | ||||||||||||||
of which CMBS | 1,517 | 188 | (262) | 664 | (809) | 0 | 0 | (4) | (228) | 0 | 0 | (43) | 1,023 | ||||||||||||||
of which CDO | 727 | 158 | (121) | 483 | (851) | 0 | 0 | (4) | 67 | 0 | 0 | (12) | 447 | ||||||||||||||
Equity | 467 | 419 | (100) | 377 | (611) | 0 | 0 | 0 | (63) | 0 | 0 | (4) | 485 | ||||||||||||||
Derivatives | 9,587 | 1,465 | (2,175) | 0 | 0 | 1,007 | (3,262) | 60 | 163 | 0 | 0 | (195) | 6,650 | ||||||||||||||
of which interest rate products | 2,547 | 168 | (686) | 0 | 0 | 303 | (976) | 47 | 515 | 0 | 0 | (59) | 1,859 | ||||||||||||||
of which equity/index-related products | 2,732 | 681 | (844) | 0 | 0 | 346 | (844) | (31) | (56) | 0 | 0 | (64) | 1,920 | ||||||||||||||
of which credit derivatives | 2,171 | 592 | (544) | 0 | 0 | 161 | (914) | 43 | (179) | 0 | 0 | (36) | 1,294 | ||||||||||||||
Other | 2,196 | 179 | (366) | 2,842 | (2,290) | 0 | 0 | 2 | (3) | 0 | 0 | (74) | 2,486 | ||||||||||||||
Trading assets | 22,278 | 4,375 | (7,676) | 10,698 | (11,727) | 1,007 | (3,262) | 134 | 226 | (4) | 0 | (540) | 15,509 | ||||||||||||||
Investment securities | 102 | 0 | 0 | 94 | (17) | 0 | 0 | 0 | 0 | 0 | 0 | (9) | 170 | ||||||||||||||
Equity | 7,076 | 4 | (61) | 880 | (1,918) | 0 | 0 | 0 | 2 | 0 | 567 | (184) | 6,366 | ||||||||||||||
Life finance instruments | 1,969 | 0 | 0 | 102 | (274) | 0 | 0 | 0 | 72 | 0 | 0 | (51) | 1,818 | ||||||||||||||
Other investments | 9,045 | 4 | (61) | 982 | (2,192) | 0 | 0 | 0 | 74 | 0 | 567 | (235) | 8,184 | ||||||||||||||
Loans | 6,842 | 605 | (642) | 509 | (1,286) | 4,490 | (3,473) | 15 | (250) | 0 | 0 | (191) | 6,619 | ||||||||||||||
of which commercial and industrial loans | 4,559 | 537 | (391) | 275 | (469) | 3,084 | (2,773) | 15 | 76 | 0 | 0 | (135) | 4,778 | ||||||||||||||
of which financial institutions | 2,179 | 64 | (248) | 218 | (745) | 1,078 | (672) | (1) | (293) | 0 | 0 | (50) | 1,530 | ||||||||||||||
Other intangible assets | 70 | 0 | 0 | 11 | (16) | 0 | 0 | 0 | 0 | 0 | (20) | (2) | 43 | ||||||||||||||
Other assets | 7,469 | 2,509 | (2,949) | 3,007 | (3,356) | 298 | (2,319) | 128 | 580 | 0 | 0 | (203) | 5,164 | ||||||||||||||
of which loans held-for-sale | 6,901 | 2,471 | (2,948) | 2,801 | (3,182) | 298 | (2,319) | 127 | 486 | 0 | 0 | (172) | 4,463 | ||||||||||||||
Total assets at fair value | 47,203 | 7,493 | (11,516) | 15,301 | (18,594) | 5,795 | (10,228) | 277 | 602 | (4) | 547 | (1,187) | 35,689 | ||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | ||||||||||||||
Obligation to return securities received as collateral | 193 | 0 | (188) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5) | 0 | ||||||||||||||
Trading liabilities | 7,343 | 1,294 | (1,783) | 94 | (346) | 853 | (2,599) | 151 | 505 | 0 | 0 | (156) | 5,356 | ||||||||||||||
of which interest rate derivatives | 1,588 | 230 | (754) | 0 | 0 | 115 | (194) | 75 | 340 | 0 | 0 | (43) | 1,357 | ||||||||||||||
of which foreign exchange derivatives | 2,836 | 3 | (178) | 0 | 0 | 1 | (1,037) | 24 | 48 | 0 | 0 | (49) | 1,648 | ||||||||||||||
of which equity/index-related derivatives | 1,022 | 132 | (262) | 0 | 0 | 537 | (315) | (16) | (61) | 0 | 0 | (34) | 1,003 | ||||||||||||||
of which credit derivatives | 1,520 | 700 | (571) | 0 | 0 | 88 | (939) | 79 | (36) | 0 | 0 | (22) | 819 | ||||||||||||||
Short-term borrowings | 236 | 23 | (96) | 0 | 0 | 288 | (332) | (3) | 14 | 0 | 0 | (6) | 124 | ||||||||||||||
Long-term debt | 12,715 | 2,616 | (4,044) | 0 | 0 | 4,015 | (6,043) | 182 | 989 | (4) | 0 | (328) | 10,098 | ||||||||||||||
of which structured notes over two years | 7,576 | 789 | (1,668) | 0 | 0 | 1,925 | (2,867) | 32 | 604 | (4) | 0 | (198) | 6,189 | ||||||||||||||
of which non-recourse liabilities | 3,585 | 1,701 | (2,225) | 0 | 0 | 1,473 | (2,312) | 144 | 275 | 0 | 0 | (90) | 2,551 | ||||||||||||||
Other liabilities | 3,891 | 246 | (315) | 321 | (1,322) | 2 | (219) | (15) | 74 | 0 | 279 | (94) | 2,848 | ||||||||||||||
of which failed sales | 1,909 | 136 | (47) | 302 | (1,260) | 0 | 0 | 0 | 153 | 0 | 0 | (33) | 1,160 | ||||||||||||||
Total liabilities at fair value | 24,378 | 4,179 | (6,426) | 415 | (1,668) | 5,183 | (9,193) | 315 | 1,582 | (4) | 279 | (589) | 18,451 | ||||||||||||||
Net assets/(liabilities) at fair value | 22,825 | 3,314 | (5,090) | 14,886 | (16,926) | 612 | (1,035) | (38) | (980) | 0 | 268 | (598) | 17,238 | ||||||||||||||
1
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period.
|
2013 | 2012 | ||||||||||||
in |
Trading revenues |
Other revenues |
Total revenues |
Trading revenues |
Other revenues |
Total revenues |
|||||||
Gains and losses on assets and liabilities (CHF million) | |||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | (746) | 536 | (210) | 1 | (1,018) | 268 | (750) | 1 | |||||
Whereof: | |||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (2,850) | 414 | (2,436) | (1,209) | (82) | (1,291) | |||||||
1
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact.
|
end of 4Q13 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | |||||||
Debt | 5,069 | ||||||||||||
of which corporates | 2,128 | ||||||||||||
of which | 129 | Option model | Correlation, in % | (83) | 96 | 14 | |||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | |||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | |||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | |||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | |||||||
Prepayment rate, in % | 0 | 27 | 7 | ||||||||||
Default rate, in % | 0 | 25 | 5 | ||||||||||
Loss severity, in % | 0 | 100 | 48 | ||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | |||||||
Discount rate, in % | 1 | 30 | 9 | ||||||||||
Prepayment rate, in % | 0 | 20 | 10 | ||||||||||
Default rate, in % | 0 | 18 | 1 | ||||||||||
Loss severity, in % | 0 | 40 | 3 | ||||||||||
of which CDO | 1,567 | ||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | |||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | |||||||
Prepayment rate, in % | 0 | 30 | 7 | ||||||||||
Default rate, in % | 1 | 15 | 3 | ||||||||||
Loss severity, in % | 25 | 100 | 68 | ||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | |||||||
1
Cash instruments are generally presented on a weighted average basis while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.
|
end of 4Q13 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Equity | 595 | ||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | |||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | |||||||
Discount rate, in % | 15 | 15 | 15 | ||||||||||
Derivatives | 5,217 | ||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | |||||||
Prepayment rate, in % | 5 | 31 | 24 | ||||||||||
Volatility, in % | 2 | 31 | 6 | ||||||||||
Volatility skew, in % | (9) | 2 | (1) | ||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | ||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | (83) | 96 | 14 | |||||||
Volatility, in % | 2 | 252 | 26 | ||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | |||||||
Recovery rate, in % | 0 | 77 | 25 | ||||||||||
Discount rate, in % | 4 | 29 | 14 | ||||||||||
Default rate, in % | 1 | 16 | 6 | ||||||||||
Loss severity, in % | 10 | 100 | 59 | ||||||||||
Correlation, in % | 34 | 97 | 83 | ||||||||||
Prepayment rate, in % | 0 | 17 | 5 | ||||||||||
Other | 2,829 | ||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | |||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | |||||||
Trading assets | 13,710 | ||||||||||||
Investment securities | 2 | – | – | – | – | – | |||||||
Private equity | 3,345 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | ||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | ||
Other equity investments | 1,632 | ||||||||||||
of which private | 1,630 | ||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | |||||||
Contingent probability, in % | 59 | 59 | 59 | ||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | |||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | |||||||
Other investments | 6,969 | ||||||||||||
Loans | 7,998 | ||||||||||||
of which commercial and industrial loans | 5,309 | ||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | |||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | |||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | |||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | – | |||||||
Other assets | 6,159 | ||||||||||||
of which loans held-for-sale | 5,615 | ||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | |||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | |||||||
Recovery rate, in % | 1 | 1 | 0 | ||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | |||||||
Total level 3 assets at fair value | 35,084 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information.
|
end of 4Q12 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
||||||
CHF million, except where indicated | |||||||||||
Debt | 5,888 | ||||||||||
of which corporates | 3,192 | ||||||||||
of which | 754 | Option model | Correlation, in % | (87) | 97 | ||||||
Buyback probability, in % | 1 | 50 | 100 | ||||||||
of which | 797 | Market comparable | Price, in % | 0 | 146 | ||||||
of which | 1,231 | Discounted cash flow | Credit spread, in bp | 0 | 2,439 | ||||||
of which RMBS | 724 | Discounted cash flow | Discount rate, in % | 2 | 50 | ||||||
Prepayment rate, in % | 0 | 55 | |||||||||
Default rate, in % | 0 | 25 | |||||||||
Loss severity, in % | 0 | 100 | |||||||||
of which CMBS | 1,023 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | ||||||
Internal rate of return, in % | 9 | 15 | |||||||||
Discount rate, in % | 2 | 35 | |||||||||
Prepayment rate, in % | 0 | 10 | |||||||||
Default rate, in % | 0 | 40 | |||||||||
Loss severity, in % | 0 | 90 | |||||||||
of which CDO | 447 | ||||||||||
of which | 193 | Vendor price | Price, in % | 0 | 102 | ||||||
of which | 123 | Discounted cash flow | Discount rate, in % | 2 | 35 | ||||||
Prepayment rate, in % | 0 | 40 | |||||||||
Default rate, in % | 0 | 25 | |||||||||
Loss severity, in % | 0 | 100 | |||||||||
of which | 78 | Market comparable | Price, in % | 80 | 93 | ||||||
1
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument.
|
end of 4Q12 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
||||||
CHF million, except where indicated | |||||||||||
Equity | 485 | ||||||||||
of which | 237 | Market comparable | EBITDA multiple | 3 | 12 | ||||||
of which | 26 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | ||||||
Derivatives | 6,650 | ||||||||||
of which interest rate products | 1,859 | Option model | Correlation, in % | 17 | 100 | ||||||
Prepayment rate, in % | 2 | 45 | |||||||||
Volatility, in % | (5) | 31 | |||||||||
Credit spread, in bp | 34 | 157 | |||||||||
of which equity/index-related products | 1,920 | Option model | Correlation, in % | (87) | 97 | ||||||
Volatility, in % | 2 | 157 | |||||||||
of which credit derivatives | 1,294 | Discounted cash flow | Credit spread, in bp | 1 | 5,843 | ||||||
Recovery rate, in % | 0 | 75 | |||||||||
Discount rate, in % | 2 | 35 | |||||||||
Default rate, in % | 0 | 25 | |||||||||
Loss severity, in % | 0 | 100 | |||||||||
Correlation, in % | 30 | 97 | |||||||||
Prepayment rate, in % | 0 | 40 | |||||||||
Other | 2,486 | ||||||||||
of which | 1,891 | Market comparable | Price, in % | 0 | 103 | ||||||
of which | 564 | Discounted cash flow | Life expectancy, in years | 4 | 20 | ||||||
Trading assets | 15,509 | ||||||||||
Investment securities | 170 | – | – | – | – | ||||||
Private equity | 3,958 | – | 1 | – | 1 | – | 1 | – | 1 | ||
Hedge funds | 165 | – | 1 | – | 1 | – | 1 | – | 1 | ||
Other equity investments | 2,243 | ||||||||||
of which private | 2,245 | ||||||||||
of which | 759 | Discounted cash flow | Credit spread, in bp | 1,070 | 2,049 | ||||||
Contingent probability, in % | 50 | 50 | |||||||||
of which | 903 | Market comparable | EBITDA multiple | 2 | 13 | ||||||
Life finance instruments | 1,818 | Discounted cash flow | Life expectancy, in years | 1 | 23 | ||||||
Other investments | 8,184 | ||||||||||
Loans | 6,619 | ||||||||||
of which commercial and industrial loans | 4,778 | Discounted cash flow | Credit spread, in bp | 0 | 2,763 | ||||||
of which financial institutions | 1,530 | Discounted cash flow | Credit spread, in bp | 0 | 888 | ||||||
Other intangible assets (mortgage servicing rights) | 43 | – | – | – | – | ||||||
Other assets | 5,164 | ||||||||||
of which loans held-for-sale | 4,463 | ||||||||||
of which | 2,031 | Vendor price | Price, in % | 0 | 103 | ||||||
of which | 328 | Discounted cash flow | Credit spread, in bp | 20 | 1,458 | ||||||
of which | 2,009 | Market comparable | Price, in % | 0 | 115 | ||||||
Total level 3 assets at fair value | 35,689 | ||||||||||
1
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information.
|
end of 4Q13 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Customer deposits | 55 | – | – | – | – | – | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | |||||||
Trading liabilities | 5,564 | ||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | (5) | 148 | 74 | |||||||
Correlation, in % | 17 | 99 | 62 | ||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | |||||||||
Prepayment rate, in % | 5 | 31 | 23 | ||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | (10) | 70 | 48 | |||||||
Prepayment rate, in % | 19 | 31 | 25 | ||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | (83) | 96 | 14 | |||||||
Skew, in % | 79 | 152 | 118 | ||||||||||
Volatility, in % | 2 | 252 | 26 | ||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | |||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | |||||||
Discount rate, in % | 4 | 29 | 14 | ||||||||||
Default rate, in % | 1 | 15 | 6 | ||||||||||
Recovery rate, in % | 14 | 77 | 43 | ||||||||||
Loss severity, in % | 6 | 100 | 62 | ||||||||||
Correlation, in % | 34 | 98 | 55 | ||||||||||
Prepayment rate, in % | 0 | 17 | 2 | ||||||||||
Short-term borrowings | 165 | – | – | – | – | – | |||||||
Long-term debt | 9,780 | ||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | (83) | 99 | 16 | |||||||
Volatility, in % | 5 | 252 | 28 | ||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | |||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | |||||||||
of which non-recourse liabilities | 2,552 | ||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | |||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | |||||||
Other liabilities | 2,861 | ||||||||||||
of which failed sales | 1,143 | ||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | |||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | |||||||
Recovery rate, in % | 23 | 23 | 23 | ||||||||||
Total level 3 liabilities at fair value | 18,539 | ||||||||||||
1
Cash instruments are generally presented on a weighted average basis while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis.
|
|||||||||||||
2
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
|||||||||||||
3
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
4
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.
|
end of 4Q12 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
||||||
CHF million, except where indicated | |||||||||||
Customer deposits | 25 | – | – | – | – | ||||||
Trading liabilities | 5,356 | ||||||||||
of which interest rate derivatives | 1,357 | Option model | Basis spread, in bp | (28) | 54 | ||||||
Correlation, in % | 17 | 100 | |||||||||
Mean reversion, in % | 1 | (33) | 5 | ||||||||
Prepayment rate, in % | 4 | 45 | |||||||||
of which foreign exchange derivatives | 1,648 | Option model | Correlation, in % | (10) | 70 | ||||||
Prepayment rate, in % | 4 | 22 | |||||||||
of which equity/index-related derivatives | 1,003 | Option model | Correlation, in % | (87) | 97 | ||||||
Skew, in % | 56 | 128 | |||||||||
Volatility, in % | 2 | 157 | |||||||||
Buyback probability, in % | 2 | 50 | 100 | ||||||||
Gap risk, in % | 3 | 0 | 4 | ||||||||
of which credit derivatives | 819 | Discounted cash flow | Credit spread, in bp | 0 | 5,843 | ||||||
Discount rate, in % | 2 | 35 | |||||||||
Default rate, in % | 0 | 25 | |||||||||
Recovery rate, in % | 0 | 77 | |||||||||
Loss severity, in % | 0 | 100 | |||||||||
Correlation, in % | 0 | 47 | |||||||||
Prepayment rate, in % | 0 | 40 | |||||||||
Short-term borrowings | 124 | – | – | – | – | ||||||
Long-term debt | 10,098 | ||||||||||
of which structured notes over two years | 6,189 | Option model | Correlation, in % | (87) | 97 | ||||||
Volatility, in % | 2 | 157 | |||||||||
Buyback probability, in % | 2 | 50 | 100 | ||||||||
Gap risk, in % | 3 | 0 | 12 | ||||||||
of which non-recourse liabilities | 2,551 | ||||||||||
of which | 2,255 | Vendor price | Price, in % | 0 | 103 | ||||||
of which | 230 | Market comparable | Price, in % | 0 | 87 | ||||||
Other liabilities | 2,848 | ||||||||||
of which failed sales | 1,160 | ||||||||||
of which | 646 | Market comparable | Price, in % | 0 | 100 | ||||||
of which | 290 | Discounted cash flow | Credit spread, in bp | 0 | 1,532 | ||||||
Total level 3 liabilities at fair value | 18,451 | ||||||||||
1
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
|||||||||||
2
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||
3
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates.
|
4Q13 | 4Q12 | ||||||||||||||||
end of |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded commit- ments |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded commit- ments |
|||||||||
Fair value and unfunded commitments (CHF million) | |||||||||||||||||
Debt funds | 1 | 18 | 19 | 0 | 127 | 38 | 165 | 0 | |||||||||
Equity funds | 28 | 3,096 | 1 | 3,124 | 0 | 52 | 3,810 | 2 | 3,862 | 0 | |||||||
Equity funds sold short | 0 | (17) | (17) | 0 | 0 | (111) | (111) | 0 | |||||||||
Total funds held in trading assets and liabilities | 29 | 3,097 | 3,126 | 0 | 179 | 3,737 | 3,916 | 0 | |||||||||
Debt funds | 320 | 183 | 503 | 6 | 69 | 364 | 433 | 157 | |||||||||
Equity funds | 0 | 25 | 25 | 0 | 3 | 43 | 46 | 0 | |||||||||
Others | 0 | 153 | 153 | 31 | 3 | 153 | 156 | 46 | |||||||||
Hedge funds | 320 | 361 | 3 | 681 | 37 | 75 | 560 | 4 | 635 | 203 | |||||||
Debt funds | 53 | 0 | 53 | 2 | 97 | 0 | 97 | 17 | |||||||||
Equity funds | 2,236 | 0 | 2,236 | 464 | 2,633 | 0 | 2,633 | 724 | |||||||||
Real estate funds | 350 | 0 | 350 | 110 | 382 | 0 | 382 | 131 | |||||||||
Others | 706 | 0 | 706 | 250 | 846 | 0 | 846 | 198 | |||||||||
Private equities | 3,345 | 0 | 3,345 | 826 | 3,958 | 0 | 3,958 | 1,070 | |||||||||
Equity method investments | 349 | 0 | 349 | 0 | 385 | 0 | 385 | 0 | |||||||||
Total funds held in other investments | 4,014 | 361 | 4,375 | 863 | 4,418 | 560 | 4,978 | 1,273 | |||||||||
Total fair value | 4,043 | 5 | 3,458 | 6 | 7,501 | 863 | 7 | 4,597 | 5 | 4,297 | 6 | 8,894 | 1,273 | 7 | |||
1
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
|
|||||||||||||||||
2
57 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 17 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 13 % is redeemable on a monthly basis with a notice period primarily of less than 30 days and 13 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days .
|
|||||||||||||||||
3
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days and 21 % is redeemable on an annual basis with a notice period of more than 60 days .
|
|||||||||||||||||
4
66 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 19 % is redeemable on demand with a notice period primarily of less than 30 days and 11 % is redeemable on an annual basis with a notice period of more than 60 days .
|
|||||||||||||||||
5
Includes CHF 1,819 million and CHF 1,958 million attributable to noncontrolling interests in 4Q13 and 4Q12, respectively.
|
|||||||||||||||||
6
Includes CHF 107 million and CHF 107 million attributable to noncontrolling interests in 4Q13 and 4Q12, respectively.
|
|||||||||||||||||
7
Includes CHF 405 million and CHF 418 million attributable to noncontrolling interests in 4Q13 and 4Q12, respectively.
|
end of | 4Q13 | 4Q12 | |||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | |||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 0.3 | 0.5 | |||
of which level 3 | 0.3 | 0.5 |
4Q13 | 4Q12 | ||||||||||||
end of |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
|||||||
Loans (CHF million) | |||||||||||||
Non-interest-earning loans | 956 | 3,262 | (2,306) | 920 | 3,810 | (2,890) | |||||||
Financial instruments (CHF million) | |||||||||||||
Interest-bearing deposits with banks | 311 | 307 | 4 | 627 | 615 | 12 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 96,587 | 96,217 | 370 | 113,664 | 113,196 | 468 | |||||||
Loans | 19,457 | 19,653 | (196) | 20,000 | 20,278 | (278) | |||||||
Other assets 1 | 20,749 | 25,756 | (5,007) | 22,060 | 29,787 | (7,727) | |||||||
Due to banks and customer deposits | (690) | (680) | (10) | (531) | (493) | (38) | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (76,104) | (76,012) | (92) | (108,784) | (108,701) | (83) | |||||||
Short-term borrowings | (6,053) | (5,896) | (157) | (4,513) | (4,339) | (174) | |||||||
Long-term debt | (63,369) | (62,991) | (378) | (65,384) | (66,998) | 1,614 | |||||||
Other liabilities | (1,780) | (3,285) | 1,505 | (3,683) | (6,186) | 2,503 | |||||||
1
Primarily loans held-for-sale.
|
2013 | 2012 | ||||
in |
Net gains/ (losses) |
Net gains/ (losses) |
|||
Financial instruments (CHF million) | |||||
Cash and due from banks | 0 | (13) | 2 | ||
of which related to credit risk | 0 | (13) | |||
Interest-bearing deposits with banks | 10 | 1 | 12 | 1 | |
of which related to credit risk | (3) | 3 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,143 | 1 | 1,183 | 1 | |
Other trading assets | 0 | 10 | 2 | ||
Other investments | 126 | 3 | 144 | 3 | |
of which related to credit risk | 11 | 34 | |||
Loans | 1,470 | 1 | 925 | 1 | |
of which related to credit risk | 26 | 318 | |||
Other assets | 2,058 | 1 | 2,641 | 1 | |
of which related to credit risk | 604 | 355 | |||
Due to banks and customer deposits | 0 | (22) | 1 | ||
of which related to credit risk | (5) | 8 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (67) | 1 | (114) | 1 | |
Short-term borrowings | (256) | 2 | (350) | 2 | |
Long-term debt | (2,759) | 2 | (7,905) | 2 | |
of which related to credit risk 4 | (384) | (2,552) | |||
Other liabilities | 441 | 2 | 826 | 2 | |
of which related to credit risk | 112 | 912 | |||
1
Primarily recognized in net interest income.
|
|||||
2
Primarily recognized in trading revenues.
|
|||||
3
Primarily recognized in other revenues.
|
|||||
4
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (268) million and CHF (111) million in 2013, respectively, and CHF (1,663) million and CHF (931) million in 2012, respectively.
|
Carrying value |
Fair value |
||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | |||||||
4Q13 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,435 | 0 | 62,891 | 544 | 63,435 | ||||||
Loans | 223,913 | 0 | 225,652 | 3,940 | 229,592 | ||||||
Other financial assets 1 | 142,656 | 72,134 | 69,310 | 1,568 | 143,012 | ||||||
Financial liabilities | |||||||||||
Due to banks and deposits | 351,476 | 212,418 | 138,980 | 9 | 351,407 | ||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | ||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | ||||||
Long-term debt | 66,673 | 0 | 64,043 | 3,774 | 67,817 | ||||||
Other financial liabilities 2 | 96,574 | 1,129 | 94,386 | 1,085 | 96,600 | ||||||
4Q12 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 69,791 | 0 | 69,764 | 27 | 69,791 | ||||||
Loans | 218,281 | 0 | 221,030 | 4,482 | 225,512 | ||||||
Other financial assets 1 | 132,147 | 63,900 | 66,798 | 1,772 | 132,470 | ||||||
Financial liabilities | |||||||||||
Due to banks and deposits | 331,270 | 200,838 | 130,313 | 9 | 331,160 | ||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,937 | 0 | 23,939 | 0 | 23,939 | ||||||
Short-term borrowings | 14,128 | 0 | 14,131 | 0 | 14,131 | ||||||
Long-term debt | 82,750 | 0 | 79,846 | 4,546 | 84,392 | ||||||
Other financial liabilities 2 | 89,361 | 0 | 88,121 | 1,171 | 89,292 | ||||||
1
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
|
|||||||||||
2
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables.
|
end of | 4Q13 | 4Q12 | |||
Assets pledged (CHF million) | |||||
Total assets pledged or assigned as collateral | 142,952 | 151,419 | |||
of which encumbered | 92,300 | 90,745 |
end of | 4Q13 | 4Q12 | |||
Collateral (CHF million) | |||||
Fair value of collateral received with the right to sell or repledge | 359,517 | 402,793 | |||
of which sold or repledged | 267,896 | 292,514 |
in 4Q13 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 1,503 | 2,440 | 3,943 | 20 | 110 | 4,073 | |||||||
Interest expense | (927) | (1,379) | (2,306) | (23) | 3 | (2,326) | |||||||
Net interest income | 576 | 1,061 | 1,637 | (3) | 113 | 1,747 | |||||||
Commissions and fees | 988 | 2,418 | 3,406 | 2 | 17 | 3,425 | |||||||
Trading revenues | 206 | 178 | 384 | (23) | 3 | 364 | |||||||
Other revenues | 463 | 200 | 663 | 278 | 2 | (272) | 669 | ||||||
Net revenues | 2,233 | 3,857 | 6,090 | 254 | (139) | 6,205 | |||||||
Provision for credit losses | 2 | 22 | 24 | 0 | 17 | 41 | |||||||
Compensation and benefits | 854 | 1,944 | 2,798 | 12 | 10 | 2,820 | |||||||
General and administrative expenses | 789 | 1,546 | 2,335 | (31) | 27 | 2,331 | |||||||
Commission expenses | 51 | 335 | 386 | 1 | 2 | 389 | |||||||
Total other operating expenses | 840 | 1,881 | 2,721 | (30) | 29 | 2,720 | |||||||
Total operating expenses | 1,694 | 3,825 | 5,519 | (18) | 39 | 5,540 | |||||||
Income/(loss) from continuing operations before taxes | 537 | 10 | 547 | 272 | (195) | 624 | |||||||
Income tax expense/(benefit) | 133 | (5) | 128 | 5 | 18 | 151 | |||||||
Income/(loss) from continuing operations | 404 | 15 | 419 | 267 | (213) | 473 | |||||||
Income from discontinued operations, net of tax | (3) | 1 | (2) | 0 | 0 | (2) | |||||||
Net income/(loss) | 401 | 16 | 417 | 267 | (213) | 471 | |||||||
Net income/(loss) attributable to noncontrolling interests | 180 | (162) | 18 | 0 | 186 | 204 | |||||||
Net income/(loss) attributable to shareholders | 221 | 178 | 399 | 267 | (399) | 267 | |||||||
of which from continuing operations | 224 | 177 | 401 | 267 | (399) | 269 | |||||||
of which from discontinued operations | (3) | 1 | (2) | 0 | 0 | (2) | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 4Q13 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 401 | 16 | 417 | 267 | (213) | 471 | |||||||
Gains/(losses) on cash flow hedges | 0 | 5 | 5 | 6 | 0 | 11 | |||||||
Foreign currency translation | (370) | (1,411) | (1,781) | 0 | 1,204 | (577) | |||||||
Unrealized gains/(losses) on securities | (4) | (3) | (7) | 0 | (4) | (11) | |||||||
Actuarial gains/(losses) | 114 | (192) | (78) | 0 | 914 | 836 | |||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | (15) | (15) | |||||||
Other comprehensive income/(loss), net of tax | (260) | (1,601) | (1,861) | 6 | 2,099 | 244 | |||||||
Comprehensive income/(loss) | 141 | (1,585) | (1,444) | 273 | 1,886 | 715 | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 123 | (33) | 90 | 0 | 53 | 143 | |||||||
Comprehensive income/(loss) attributable to shareholders | 18 | (1,552) | (1,534) | 273 | 1,833 | 572 | |||||||
1
Includes eliminations and consolidation adjustments.
|
in 4Q12 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 1,855 | 2,855 | 4,710 | 13 | 117 | 4,840 | |||||||
Interest expense | (1,165) | (1,649) | (2,814) | (13) | (75) | (2,902) | |||||||
Net interest income | 690 | 1,206 | 1,896 | 0 | 42 | 1,938 | |||||||
Commissions and fees | 1,113 | 2,281 | 3,394 | 1 | 60 | 3,455 | |||||||
Trading revenues | 171 | (308) | (137) | 0 | (10) | (147) | |||||||
Other revenues | 130 | 309 | 439 | 242 | 2 | (221) | 460 | ||||||
Net revenues | 2,104 | 3,488 | 5,592 | 243 | (129) | 5,706 | |||||||
Provision for credit losses | (1) | 38 | 37 | 0 | 33 | 70 | |||||||
Compensation and benefits | 785 | 1,855 | 2,640 | 5 | 4 | 2,649 | |||||||
General and administrative expenses | 760 | 1,326 | 2,086 | (24) | 44 | 2,106 | |||||||
Commission expenses | 76 | 351 | 427 | 0 | 6 | 433 | |||||||
Total other operating expenses | 836 | 1,677 | 2,513 | (24) | 50 | 2,539 | |||||||
Total operating expenses | 1,621 | 3,532 | 5,153 | (19) | 54 | 5,188 | |||||||
Income/(loss) from continuing operations before taxes | 484 | (82) | 402 | 262 | (216) | 448 | |||||||
Income tax expense | 175 | (90) | 85 | (1) | 1 | 85 | |||||||
Income/(loss) from continuing operations | 309 | 8 | 317 | 263 | (217) | 363 | |||||||
Income from discontinued operations, net of tax | 6 | (37) | (31) | 0 | 0 | (31) | |||||||
Net income/(loss) | 315 | (29) | 286 | 263 | (217) | 332 | |||||||
Net income/(loss) attributable to noncontrolling interests | 30 | (235) | (205) | 0 | 274 | 69 | |||||||
Net income/(loss) attributable to shareholders | 285 | 206 | 491 | 263 | (491) | 263 | |||||||
of which from continuing operations | 279 | 243 | 522 | 263 | (491) | 294 | |||||||
of which from discontinued operations | 6 | (37) | (31) | 0 | 0 | (31) | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 4Q12 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 315 | (29) | 286 | 263 | (217) | 332 | |||||||
Gains/(losses) on cash flow hedges | 0 | 0 | 0 | 12 | 0 | 12 | |||||||
Foreign currency translation | (587) | (305) | (892) | 0 | 6 | (886) | |||||||
Unrealized gains/(losses) on securities | 0 | (11) | (11) | 0 | 6 | (5) | |||||||
Actuarial gains/(losses) | (15) | 26 | 11 | 0 | (243) | (232) | |||||||
Net prior service credit/(cost) | (1) | 1 | 0 | 0 | 300 | 300 | |||||||
Other comprehensive income/(loss), net of tax | (603) | (289) | (892) | 12 | 69 | (811) | |||||||
Comprehensive income/(loss) | (288) | (318) | (606) | 275 | (148) | (479) | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | (76) | (339) | (415) | 0 | 378 | (37) | |||||||
Comprehensive income/(loss) attributable to shareholders | (212) | 21 | (191) | 275 | (526) | (442) | |||||||
1
Includes eliminations and consolidation adjustments.
|
in 2013 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 6,551 | 12,470 | 19,021 | 62 | 473 | 19,556 | |||||||
Interest expense | (3,898) | (7,407) | (11,305) | (60) | (76) | (11,441) | |||||||
Net interest income | 2,653 | 5,063 | 7,716 | 2 | 397 | 8,115 | |||||||
Commissions and fees | 3,756 | 9,302 | 13,058 | 4 | 164 | 13,226 | |||||||
Trading revenues | (451) | 3,283 | 2,832 | (23) | (1) | 2,808 | |||||||
Other revenues | 1,361 | 429 | 1,790 | 3,031 | 2 | (3,048) | 1,773 | ||||||
Net revenues | 7,319 | 18,077 | 25,396 | 3,014 | (2,488) | 25,922 | |||||||
Provision for credit losses | 4 | 78 | 82 | 0 | 73 | 155 | |||||||
Compensation and benefits | 3,380 | 7,819 | 11,199 | 59 | 11 | 11,269 | |||||||
General and administrative expenses | 2,374 | 5,388 | 7,762 | (135) | 80 | 7,707 | |||||||
Commission expenses | 227 | 1,499 | 1,726 | 1 | 11 | 1,738 | |||||||
Total other operating expenses | 2,601 | 6,887 | 9,488 | (134) | 91 | 9,445 | |||||||
Total operating expenses | 5,981 | 14,706 | 20,687 | (75) | 102 | 20,714 | |||||||
Income/(loss) from continuing operations before taxes | 1,334 | 3,293 | 4,627 | 3,089 | (2,663) | 5,053 | |||||||
Income tax expense | 230 | 1,160 | 1,390 | 20 | 80 | 1,490 | |||||||
Income/(loss) from continuing operations | 1,104 | 2,133 | 3,237 | 3,069 | (2,743) | 3,563 | |||||||
Income from discontinued operations, net of tax | 66 | 79 | 145 | 0 | 0 | 145 | |||||||
Net income/(loss) | 1,170 | 2,212 | 3,382 | 3,069 | (2,743) | 3,708 | |||||||
Net income/(loss) attributable to noncontrolling interests | 575 | 285 | 860 | 0 | (221) | 639 | |||||||
Net income/(loss) attributable to shareholders | 595 | 1,927 | 2,522 | 3,069 | (2,522) | 3,069 | |||||||
of which from continuing operations | 529 | 1,848 | 2,377 | 3,069 | (2,522) | 2,924 | |||||||
of which from discontinued operations | 66 | 79 | 145 | 0 | 0 | 145 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 2013 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 1,170 | 2,212 | 3,382 | 3,069 | (2,743) | 3,708 | |||||||
Gains/(losses) on cash flow hedges | 0 | 2 | 2 | 16 | 0 | 18 | |||||||
Foreign currency translation | (648) | (1,569) | (2,217) | 0 | 1,197 | (1,020) | |||||||
Unrealized gains/(losses) on securities | (2) | (16) | (18) | 0 | (14) | (32) | |||||||
Actuarial gains/(losses) | 138 | (181) | (43) | 0 | 1,087 | 1,044 | |||||||
Net prior service cost | 0 | 0 | 0 | 0 | (95) | (95) | |||||||
Other comprehensive income/(loss), net of tax | (512) | (1,764) | (2,276) | 16 | 2,175 | (85) | |||||||
Comprehensive income/(loss) | 658 | 448 | 1,106 | 3,085 | (568) | 3,623 | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 471 | 352 | 823 | 0 | (298) | 525 | |||||||
Comprehensive income/(loss) attributable to shareholders | 187 | 96 | 283 | 3,085 | (270) | 3,098 | |||||||
1
Includes eliminations and consolidation adjustments.
|
in 2012 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income | 7,584 | 13,960 | 21,544 | 81 | 465 | 22,090 | |||||||
Interest expense | (4,472) | (10,262) | (14,734) | (79) | (134) | (14,947) | |||||||
Net interest income | 3,112 | 3,698 | 6,810 | 2 | 331 | 7,143 | |||||||
Commissions and fees | 3,940 | 8,609 | 12,549 | (12) | 187 | 12,724 | |||||||
Trading revenues | 1,638 | (309) | 1,329 | 1 | (134) | 1,196 | |||||||
Other revenues | 861 | 1,629 | 2,490 | 1,319 | 2 | (1,261) | 2,548 | ||||||
Net revenues | 9,551 | 13,627 | 23,178 | 1,310 | (877) | 23,611 | |||||||
Provision for credit losses | (5) | 93 | 88 | 0 | 82 | 170 | |||||||
Compensation and benefits | 3,601 | 8,618 | 12,219 | 56 | 28 | 12,303 | |||||||
General and administrative expenses | 2,130 | 5,074 | 7,204 | (101) | 143 | 7,246 | |||||||
Commission expenses | 252 | 1,433 | 1,685 | 1 | 16 | 1,702 | |||||||
Total other operating expenses | 2,382 | 6,507 | 8,889 | (100) | 159 | 8,948 | |||||||
Total operating expenses | 5,983 | 15,125 | 21,108 | (44) | 187 | 21,251 | |||||||
Income/(loss) from continuing operations before taxes | 3,573 | (1,591) | 1,982 | 1,354 | (1,146) | 2,190 | |||||||
Income tax expense/(benefit) | 1,333 | (886) | 447 | 5 | 13 | 465 | |||||||
Income/(loss) from continuing operations | 2,240 | (705) | 1,535 | 1,349 | (1,159) | 1,725 | |||||||
Income from discontinued operations, net of tax | 17 | (57) | (40) | 0 | 0 | (40) | |||||||
Net income/(loss) | 2,257 | (762) | 1,495 | 1,349 | (1,159) | 1,685 | |||||||
Net income/(loss) attributable to noncontrolling interests | 281 | (881) | (600) | 0 | 936 | 336 | |||||||
Net income/(loss) attributable to shareholders | 1,976 | 119 | 2,095 | 1,349 | (2,095) | 1,349 | |||||||
of which from continuing operations | 1,959 | 176 | 2,135 | 1,349 | (2,095) | 1,389 | |||||||
of which from discontinued operations | 17 | (57) | (40) | 0 | 0 | (40) | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under the equity method.
|
in 2012 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) | 2,257 | (762) | 1,495 | 1,349 | (1,159) | 1,685 | |||||||
Gains/(losses) on cash flow hedges | 0 | 7 | 7 | 30 | 0 | 37 | |||||||
Foreign currency translation | (575) | (658) | (1,233) | 1 | 118 | (1,114) | |||||||
Unrealized gains/(losses) on securities | 2 | (45) | (43) | 0 | 28 | (15) | |||||||
Actuarial gains/(losses) | 20 | 38 | 58 | 0 | (108) | (50) | |||||||
Net prior service cost | (2) | 1 | (1) | 0 | 249 | 248 | |||||||
Other comprehensive income/(loss), net of tax | (555) | (657) | (1,212) | 31 | 287 | (894) | |||||||
Comprehensive income/(loss) | 1,702 | (1,419) | 283 | 1,380 | (872) | 791 | |||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 186 | (997) | (811) | 0 | 1,022 | 211 | |||||||
Comprehensive income/(loss) attributable to shareholders | 1,516 | (422) | 1,094 | 1,380 | (1,894) | 580 | |||||||
1
Includes eliminations and consolidation adjustments.
|
end of 4Q13 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 4,787 | 63,290 | 68,077 | 795 | (180) | 68,692 | |||||||
Interest-bearing deposits with banks | 81 | 3,304 | 3,385 | 0 | (1,870) | 1,515 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 127,153 | 32,860 | 160,013 | 0 | 9 | 160,022 | |||||||
Securities received as collateral | 23,479 | (679) | 22,800 | 0 | 0 | 22,800 | |||||||
Trading assets | 73,580 | 156,156 | 229,736 | 0 | (323) | 229,413 | |||||||
Investment securities | 2 | 1,625 | 1,627 | 1,481 | (121) | 2,987 | |||||||
Other investments | 5,116 | 5,091 | 10,207 | 43,313 | (43,191) | 10,329 | |||||||
Net loans | 19,955 | 211,213 | 231,168 | 3,185 | 12,712 | 247,065 | |||||||
Premises and equipment | 891 | 4,004 | 4,895 | 0 | 196 | 5,091 | |||||||
Goodwill | 658 | 6,463 | 7,121 | 0 | 878 | 7,999 | |||||||
Other intangible assets | 78 | 132 | 210 | 0 | 0 | 210 | |||||||
Brokerage receivables | 25,667 | 26,377 | 52,044 | 0 | 1 | 52,045 | |||||||
Other assets | 18,149 | 43,192 | 61,341 | 243 | 1,266 | 62,850 | |||||||
Assets of discontinued operations held-for-sale | 11 | 1,573 | 1,584 | 0 | 0 | 1,584 | |||||||
Total assets | 299,607 | 554,601 | 854,208 | 49,017 | (30,623) | 872,602 | |||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks | 251 | 22,896 | 23,147 | 3,242 | (3,281) | 23,108 | |||||||
Customer deposits | 1 | 321,850 | 321,851 | 0 | 11,238 | 333,089 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,600 | (4,568) | 94,032 | 0 | 0 | 94,032 | |||||||
Obligation to return securities received as collateral | 23,479 | (679) | 22,800 | 0 | 0 | 22,800 | |||||||
Trading liabilities | 14,304 | 62,508 | 76,812 | 0 | (177) | 76,635 | |||||||
Short-term borrowings | 42,842 | (22,649) | 20,193 | 0 | 0 | 20,193 | |||||||
Long-term debt | 31,300 | 95,341 | 126,641 | 2,784 | 617 | 130,042 | |||||||
Brokerage payables | 55,749 | 17,405 | 73,154 | 0 | 0 | 73,154 | |||||||
Other liabilities | 11,020 | 39,113 | 50,133 | 84 | 283 | 50,500 | |||||||
Liabilities of discontinued operations held-for-sale | 19 | 1,121 | 1,140 | 0 | 0 | 1,140 | |||||||
Total liabilities | 277,565 | 532,338 | 809,903 | 6,110 | 8,680 | 824,693 | |||||||
Total shareholders' equity | 18,892 | 21,842 | 40,734 | 42,907 | (40,734) | 42,907 | |||||||
Noncontrolling interests | 3,150 | 421 | 3,571 | 0 | 1,431 | 5,002 | |||||||
Total equity | 22,042 | 22,263 | 44,305 | 42,907 | (39,303) | 47,909 | |||||||
Total liabilities and equity | 299,607 | 554,601 | 854,208 | 49,017 | (30,623) | 872,602 | |||||||
1
Includes eliminations and consolidation adjustments.
|
end of 4Q12 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks | 4,523 | 56,853 | 61,376 | 19 | 368 | 61,763 | |||||||
Interest-bearing deposits with banks | 82 | 3,637 | 3,719 | 0 | (1,774) | 1,945 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 130,175 | 53,271 | 183,446 | 0 | 9 | 183,455 | |||||||
Securities received as collateral | 34,980 | (4,935) | 30,045 | 0 | 0 | 30,045 | |||||||
Trading assets | 87,974 | 168,628 | 256,602 | 0 | (203) | 256,399 | |||||||
Investment securities | 22 | 1,917 | 1,939 | 0 | 1,559 | 3,498 | |||||||
Other investments | 6,252 | 5,564 | 11,816 | 35,088 | (34,882) | 12,022 | |||||||
Net loans | 22,945 | 204,553 | 227,498 | 4,459 | 10,266 | 242,223 | |||||||
Premises and equipment | 1,062 | 4,354 | 5,416 | 0 | 202 | 5,618 | |||||||
Goodwill | 581 | 6,929 | 7,510 | 0 | 879 | 8,389 | |||||||
Other intangible assets | 77 | 166 | 243 | 0 | 0 | 243 | |||||||
Brokerage receivables | 20,672 | 25,096 | 45,768 | 0 | 0 | 45,768 | |||||||
Other assets | 15,993 | 56,789 | 72,782 | 173 | (43) | 72,912 | |||||||
Total assets | 325,338 | 582,822 | 908,160 | 39,739 | (23,619) | 924,280 | |||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks | 164 | 30,410 | 30,574 | 3,753 | (3,313) | 31,014 | |||||||
Customer deposits | 1 | 297,689 | 297,690 | 0 | 10,622 | 308,312 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 130,411 | 2,310 | 132,721 | 0 | 0 | 132,721 | |||||||
Obligation to return securities received as collateral | 34,980 | (4,935) | 30,045 | 0 | 0 | 30,045 | |||||||
Trading liabilities | 23,332 | 67,759 | 91,091 | 0 | (275) | 90,816 | |||||||
Short-term borrowings | 22,157 | (7,319) | 14,838 | 0 | 3,803 | 18,641 | |||||||
Long-term debt | 35,485 | 111,512 | 146,997 | 437 | 700 | 148,134 | |||||||
Brokerage payables | 44,401 | 20,275 | 64,676 | 0 | 0 | 64,676 | |||||||
Other liabilities | 12,927 | 44,440 | 57,367 | 51 | 219 | 57,637 | |||||||
Total liabilities | 303,858 | 562,141 | 865,999 | 4,241 | 11,756 | 881,996 | |||||||
Total shareholders' equity | 17,970 | 16,797 | 34,767 | 35,498 | (34,767) | 35,498 | |||||||
Noncontrolling interests | 3,510 | 3,884 | 7,394 | 0 | (608) | 6,786 | |||||||
Total equity | 21,480 | 20,681 | 42,161 | 35,498 | (35,375) | 42,284 | |||||||
Total liabilities and equity | 325,338 | 582,822 | 908,160 | 39,739 | (23,619) | 924,280 | |||||||
1
Includes eliminations and consolidation adjustments.
|
in 2013 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Operating activities of continuing operations (CHF million) | |||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | 6,126 | 15,912 | 22,038 | 400 | 2 | (364) | 22,074 | ||||||
Investing activities of continuing operations (CHF million) | |||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | (1) | 444 | 443 | 0 | 95 | 538 | |||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (594) | 17,714 | 17,120 | 0 | 0 | 17,120 | |||||||
Purchase of investment securities | 0 | (676) | (676) | (1,402) | 1,401 | (677) | |||||||
Proceeds from sale of investment securities | 23 | 153 | 176 | 0 | 0 | 176 | |||||||
Maturities of investment securities | 0 | 673 | 673 | 0 | 159 | 832 | |||||||
Investments in subsidiaries and other investments | 232 | (1,570) | (1,338) | (2,458) | 2,004 | (1,792) | |||||||
Proceeds from sale of other investments | 2,139 | 1,026 | 3,165 | 481 | 91 | 3,737 | |||||||
(Increase)/decrease in loans | 2,456 | (10,306) | (7,850) | 1,228 | (2,504) | (9,126) | |||||||
Proceeds from sales of loans | 0 | 1,483 | 1,483 | 0 | 0 | 1,483 | |||||||
Capital expenditures for premises and equipment and other intangible assets | (238) | (657) | (895) | 0 | (8) | (903) | |||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 9 | 9 | 0 | 0 | 9 | |||||||
Other, net | (87) | 202 | 115 | 0 | 7 | 122 | |||||||
Net cash provided by/(used in) investing activities of continuing operations | 3,930 | 8,495 | 12,425 | (2,151) | 1,245 | 11,519 | |||||||
Financing activities of continuing operations (CHF million) | |||||||||||||
Increase/(decrease) in due to banks and customer deposits | 95 | 22,252 | 22,347 | (500) | 616 | 22,463 | |||||||
Increase/(decrease) in short-term borrowings | 22,124 | (16,122) | 6,002 | 0 | 0 | 6,002 | |||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (29,400) | (6,947) | (36,347) | 0 | 0 | (36,347) | |||||||
Issuances of long-term debt | 687 | 37,227 | 37,914 | 2,292 | (1,116) | 39,090 | |||||||
Repayments of long-term debt | (3,482) | (52,830) | (56,312) | 0 | 1,177 | (55,135) | |||||||
Issuances of common shares | 0 | 0 | 0 | 976 | 0 | 976 | |||||||
Sale of treasury shares | 0 | 0 | 0 | 58 | 9,706 | 9,764 | |||||||
Repurchase of treasury shares | 0 | 0 | 0 | (217) | (9,985) | (10,202) | |||||||
Dividends paid | 0 | (305) | (305) | (154) | (105) | (564) | |||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 1 | (1) | 0 | |||||||
Other, net | 258 | 923 | 1,181 | 75 | (1,724) | (468) | |||||||
Net cash provided by/(used in) financing activities of continuing operations | (9,718) | (15,802) | (25,520) | 2,531 | (1,432) | (24,421) | |||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||||||||||
Effect of exchange rate changes on cash and due from banks | (74) | (1,141) | (1,215) | (4) | 3 | (1,216) | |||||||
Net cash provided by/(used in) discontinued operations (CHF million) | |||||||||||||
Net cash provided by/(used in) discontinued operations | 0 | (1,027) | (1,027) | 0 | 0 | (1,027) | |||||||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||||||||||
Net increase/(decrease) in cash and due from banks | 264 | 6,437 | 6,701 | 776 | (548) | 6,929 | |||||||
Cash and due from banks at beginning of period | 4,523 | 56,853 | 61,376 | 19 | 368 | 61,763 | |||||||
Cash and due from banks at end of period | 4,787 | 63,290 | 68,077 | 795 | (180) | 68,692 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing.
|
in 2012 |
Credit Suisse (USA), Inc. consolidated |
Bank parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Other Group subsidiaries |
1 |
Credit Suisse Group |
|||||
Operating activities of continuing operations (CHF million) | |||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | (4,312) | (7,642) | (11,954) | 357 | 2 | (1,042) | (12,639) | ||||||
Investing activities of continuing operations (CHF million) | |||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | (2) | 317 | 315 | 0 | (131) | 184 | |||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 22,780 | 24,153 | 46,933 | 0 | 19 | 46,952 | |||||||
Purchase of investment securities | 0 | (276) | (276) | 0 | (204) | (480) | |||||||
Proceeds from sale of investment securities | 0 | 936 | 936 | 0 | 0 | 936 | |||||||
Maturities of investment securities | 0 | 1,442 | 1,442 | 0 | 184 | 1,626 | |||||||
Investments in subsidiaries and other investments | 34 | (1,981) | (1,947) | (3,584) | 3,492 | (2,039) | |||||||
Proceeds from sale of other investments | 1,922 | 996 | 2,918 | 110 | 76 | 3,104 | |||||||
(Increase)/decrease in loans | 1,075 | (11,326) | (10,251) | 1,154 | (1,925) | (11,022) | |||||||
Proceeds from sales of loans | 0 | 1,090 | 1,090 | 0 | 0 | 1,090 | |||||||
Capital expenditures for premises and equipment and other intangible assets | (364) | (863) | (1,227) | 0 | (15) | (1,242) | |||||||
Proceeds from sale of premises and equipment and other intangible assets | 16 | 10 | 26 | 0 | 0 | 26 | |||||||
Other, net | 235 | 3,441 | 3,676 | 28 | (21) | 3,683 | |||||||
Net cash provided by/(used in) investing activities of continuing operations | 25,696 | 17,939 | 43,635 | (2,292) | 1,475 | 42,818 | |||||||
Financing activities of continuing operations (CHF million) | |||||||||||||
Increase/(decrease) in due to banks and customer deposits | 78 | (14,532) | (14,454) | (1,015) | 2,902 | (12,567) | |||||||
Increase/(decrease) in short-term borrowings | 5,508 | (17,151) | (11,643) | 0 | 3,803 | (7,840) | |||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (20,167) | (19,791) | (39,958) | 0 | 0 | (39,958) | |||||||
Issuances of long-term debt | 879 | 36,338 | 37,217 | 10 | 1,178 | 38,405 | |||||||
Repayments of long-term debt | (5,094) | (49,371) | (54,465) | (1,149) | (322) | (55,936) | |||||||
Issuances of common shares | 0 | 0 | 0 | 1,930 | 0 | 1,930 | |||||||
Sale of treasury shares | 0 | 0 | 0 | 367 | 7,988 | 8,355 | |||||||
Repurchase of treasury shares | 0 | 0 | 0 | (495) | (8,364) | (8,859) | |||||||
Dividends paid | 0 | (321) | (321) | (944) | (31) | (1,296) | |||||||
Excess tax benefits related to share-based compensation | 0 | 42 | 42 | 0 | (42) | 0 | |||||||
Other, net | (1,714) | 5,317 | 3,603 | 3,180 | (6,389) | 394 | |||||||
Net cash provided by/(used in) financing activities of continuing operations | (20,510) | (59,469) | (79,979) | 1,884 | 723 | (77,372) | |||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||||||||||
Effect of exchange rate changes on cash and due from banks | (105) | (1,099) | (1,204) | 57 | (124) | (1,271) | |||||||
Net cash provided by/(used in) discontinued operations (CHF million) | |||||||||||||
Net cash provided by/(used in) discontinued operations | 6 | (352) | (346) | 0 | 0 | (346) | |||||||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||||||||||
Net increase/(decrease) in cash and due from banks | 775 | (50,623) | (49,848) | 6 | 1,032 | (48,810) | |||||||
Cash and due from banks at beginning of period | 3,748 | 107,476 | 111,224 | 13 | (664) | 110,573 | |||||||
Cash and due from banks at end of period | 4,523 | 56,853 | 61,376 | 19 | 368 | 61,763 | |||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Consists of dividend payments from Group companies of CHF 166 million and CHF 46 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing.
|
A | |||
ABS | Asset-Backed Securities | ||
ADS | American Depositary Share | ||
AMA | Advanced Measurement Approach | ||
AMF | Asset Management Finance LLC | ||
AOCI | Accumulated other comprehensive income/(loss) | ||
ASC | Accounting Standards Codification | ||
ASU | Accounting Standards Update | ||
B | |||
BCBS | Basel Committee on Banking Supervision | ||
BIS | Bank for International Settlements | ||
bp | Basis point | ||
C | |||
CCA | Contingent Capital Awards | ||
CDO | Collateralized debt obligation | ||
CDS | Credit default swaps | ||
CET1 | Common equity tier 1 | ||
CFIG | Customized Fund Investment Group | ||
CFTC | Commodity Futures Trading Commission | ||
CIFG | CIFG Assurance North America, Inc. | ||
CMBS | Commercial mortgage-backed securities | ||
CP | Commercial paper | ||
CPR | Constant prepayment rate | ||
CRD | Capital Requirement Directive IV | ||
CSS LLC | Credit Suisse Securities (USA) LLC | ||
CVA | Credit valuation adjustment | ||
D | |||
DVA | Debit valuation adjustment | ||
E | |||
EBITDA | Earnings before interest, taxes, depreciation and amortization | ||
ECB | European Central Bank | ||
EMEA | Europe, Middle East and Africa | ||
ETF | Exchange-traded funds | ||
EU | European Union | ||
F | |||
FASB | Financial Accounting Standards Board | ||
Fed | US Federal Reserve | ||
FINMA | Swiss Financial Market Supervisory Authority FINMA | ||
FMIA | Financial Market Infrastructure Act | ||
FSB | Financial Stability Board | ||
G | |||
G-7 | Group of seven leading industry nations | ||
G-SIB | Global systemically important banks | ||
GSE | Government-sponsored enterprise | ||
I | |||
IPO | Initial public offering | ||
ISDA | International Swaps and Derivatives Association, Inc. | ||
ISU | Incentive Share Unit |
K | |||
KPI | Key performance indicator | ||
L | |||
LCR | Liquidity coverage ratio | ||
M | |||
MACCS | Mandatory and contingent convertible securities | ||
M&A | Mergers and acquisitions | ||
N | |||
NAV | Net asset value | ||
NRV | Negative replacement value | ||
NSFR | Net stable funding ratio | ||
O | |||
OTC | Over-the-counter | ||
P | |||
PAF2 | 2011 Partner Asset Facility | ||
PRV | Positive replacement value | ||
PSA | Prepayment speed assumption | ||
Q | |||
QoQ | Quarter on quarter | ||
R | |||
RMBS | Residential mortgage-backed securities | ||
RWA | Risk-weighted assets | ||
S | |||
SCNY | Supreme Court of the State of New York, New York County | ||
SEC | US Securities and Exchange Commission | ||
SEI | Significant economic interest | ||
SISU | Scaled Incentive Share Unit | ||
SNB | Swiss National Bank | ||
SPE | Special purpose entity | ||
SPIA | Single Premium Immediate Annuity | ||
T | |||
TRS | Total return swap | ||
U | |||
UK | United Kingdom | ||
UHNWI | Ultra-high-net-worth individual | ||
US | United States of America | ||
US GAAP | US generally accepted accounting principles | ||
V | |||
VaR | Value-at-risk | ||
VARMC | Valuation and Risk Management Committee | ||
VIE | Variable interest entity | ||
VIX | Chicago Board Options Exchange Market Volatility Index | ||
Y | |||
YoY | Year on year | ||
Ytd | Year to date |
Share data | |||||||||
in / end of | |||||||||
2013 | 2012 | 2011 | 2010 | ||||||
Share price (common shares, CHF) | |||||||||
Average | 26.74 | 21.23 | 31.43 | 45.97 | |||||
Minimum | 22.90 | 16.01 | 19.65 | 37.04 | |||||
Maximum | 30.29 | 27.20 | 44.99 | 56.40 | |||||
End of period | 27.27 | 22.26 | 22.07 | 37.67 | |||||
Share price (American Depositary Shares, USD) | |||||||||
Average | 28.85 | 22.70 | 35.36 | 44.16 | |||||
Minimum | 24.56 | 16.20 | 21.20 | 36.54 | |||||
Maximum | 33.84 | 29.69 | 47.63 | 54.57 | |||||
End of period | 30.84 | 24.56 | 23.48 | 40.41 | |||||
Market capitalization | |||||||||
Market capitalization (CHF million) | 43,526 | 29,402 | 27,021 | 44,683 | |||||
Market capitalization (USD million) | 49,224 | 32,440 | 28,747 | 47,933 | |||||
Dividend per share (CHF) | |||||||||
Dividend per share | 0.70 | 1 | 0.75 | 2,4 | 0.75 | 3,4 | 1.30 | 4 | |
1
Proposal of the Board of Directors to the Annual General Meeting on May 9, 2014; to be paid out of reserves from capital contributions.
|
|||||||||
2
The distribution was payable in cash of CHF 0.10 per share and in the form of new shares with an approximate value of CHF 0.65 per share.
|
|||||||||
3
The distribution was payable in cash or, subject to any legal restrictions applicable in shareholders’ home jurisdictions, in new shares of Credit Suisse Group at the option of the shareholder.
|
|||||||||
4
Paid out of reserves from capital contributions.
|
Ticker symbols / stock exchange listings | |||||
Common shares | ADS | 1 | |||
Ticker symbols | |||||
Bloomberg | CSGN VX | CS US | |||
Reuters | CSGN.VX | CS.N | |||
Telekurs | CSGN,380 | CS,065 | |||
Stock exchange listings | |||||
Swiss security number | 1213853 | 570660 | |||
ISIN number | CH0012138530 | US2254011081 | |||
CUSIP number | – | 225 401 108 | |||
1
One American Depositary Share (ADS) represents one common share.
|
Bond ratings | |||||||
as of February 4, 2014 | Moody's | Standard & Poor's | Fitch Ratings | ||||
Credit Suisse Group ratings | |||||||
Short-term | – | – | F1 | ||||
Long-term | A2 | A- | A | ||||
Outlook | Stable | Stable | Stable | ||||
Credit Suisse (the Bank) ratings | |||||||
Short-term | P-1 | A-1 | F1 | ||||
Long-term | A1 | A | A | ||||
Outlook | Stable | Stable | Stable |
Financial calendar | |||
First quarter 2014 results | Wednesday, April 16, 2014 | ||
Annual General Meeting | Friday, May 9, 2014 | ||
Investor relations | |||
Phone | +41 44 333 71 49 | ||
investor.relations@credit-suisse.com | |||
Internet | www.credit-suisse.com/investors | ||
Media relations | |||
Phone | +41 844 33 88 44 | ||
media.relations@credit-suisse.com | |||
Internet | www.credit-suisse.com/news | ||
Additional information | |||
Results and financial information | www.credit-suisse.com/results | ||
Printed copies | Credit Suisse AG | ||
Publikationenbestellungen/TLSA 221 | |||
P.O. Box | |||
8070 Zurich | |||
Switzerland |
US share register and transfer agent | |||
ADS depositary bank | Deutsche Bank Trust Company Americas | ||
Address | Credit Suisse c/o | ||
American Stock Transfer & Trust Co. | |||
Peck Slip Station | |||
P.O. Box 2050 | |||
New York, NY 10272-2050 | |||
United States | |||
US and Canada phone | +1 800 301 35 17 | ||
Phone from outside US and Canada | +1 718 921 81 37 | ||
DB@amstock.com | |||
Swiss share register and transfer agent | |||
Address | Credit Suisse Group AG | ||
Share Register RXS | |||
8070 Zurich | |||
Switzerland | |||
Phone | +41 44 332 26 60 | ||
robert.rohner@credit-suisse.com |
Foreign currency translation rates | |||||||||||||||||
End of | Average in | Average in | |||||||||||||||
4Q13 | 3Q13 | 4Q12 | 4Q13 | 3Q13 | 4Q12 | 2013 | 2012 | ||||||||||
1 USD / 1 CHF | 0.89 | 0.90 | 0.92 | 0.90 | 0.93 | 0.93 | 0.93 | 0.93 | |||||||||
1 EUR / 1 CHF | 1.23 | 1.22 | 1.21 | 1.23 | 1.23 | 1.21 | 1.23 | 1.20 | |||||||||
1 GBP / 1 CHF | 1.47 | 1.46 | 1.48 | 1.47 | 1.43 | 1.49 | 1.45 | 1.48 | |||||||||
100 JPY / 1 CHF | 0.85 | 0.92 | 1.06 | 0.90 | 0.94 | 1.14 | 0.95 | 1.17 |
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