Comparison of consolidated statements of operations | |||||||||
Bank | Group | ||||||||
in | 1Q19 | 1Q18 | 1Q19 | 1Q18 | |||||
Statements of operations (CHF million) | |||||||||
Net revenues | 5,435 | 5,585 | 5,387 | 5,636 | |||||
Total operating expenses | 4,363 | 4,627 | 4,244 | 4,534 | |||||
Income before taxes | 991 | 910 | 1,062 | 1,054 | |||||
Net income | 629 | 611 | 749 | 692 | |||||
Net income attributable to shareholders | 626 | 611 | 749 | 694 |
Comparison of consolidated balance sheets | |||||||||
Bank | Group | ||||||||
end of | 1Q19 | 4Q18 | 1Q19 | 4Q18 | |||||
Balance sheet statistics (CHF million) | |||||||||
Total assets | 796,388 | 772,069 | 793,636 | 768,916 | |||||
Total liabilities | 750,101 | 726,075 | 749,705 | 724,897 |
Capitalization and indebtedness | |||||||||
Bank | Group | ||||||||
end of | 1Q19 | 4Q18 | 1Q19 | 4Q18 | |||||
Capitalization and indebtedness (CHF million) | |||||||||
Due to banks | 18,800 | 15,220 | 18,780 | 15,220 | |||||
Customer deposits | 368,494 | 365,263 | 367,147 | 363,925 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,618 | 24,623 | 20,617 | 24,623 | |||||
Long-term debt | 159,322 | 153,433 | 160,261 | 154,308 | |||||
Other liabilities | 182,867 | 167,536 | 182,900 | 166,821 | |||||
Total liabilities | 750,101 | 726,075 | 749,705 | 724,897 | |||||
Total equity | 46,287 | 45,994 | 43,931 | 44,019 | |||||
Total capitalization and indebtedness | 796,388 | 772,069 | 793,636 | 768,916 |
BIS capital metrics | |||||||||
Bank | Group | ||||||||
end of | 1Q19 | 4Q18 | 1Q19 | 4Q18 | |||||
Capital and risk-weighted assets (CHF million) | |||||||||
CET1 capital | 40,211 | 38,915 | 36,556 | 35,824 | |||||
Tier 1 capital | 49,756 | 48,231 | 47,032 | 46,040 | |||||
Total eligible capital | 53,663 | 52,431 | 50,939 | 50,239 | |||||
Risk-weighted assets | 291,199 | 286,081 | 290,098 | 284,582 | |||||
Capital ratios (%) | |||||||||
CET1 ratio | 13.8 | 13.6 | 12.6 | 12.6 | |||||
Tier 1 ratio | 17.1 | 16.9 | 16.2 | 16.2 | |||||
Total capital ratio | 18.4 | 18.3 | 17.6 | 17.7 |
Condensed consolidated statements of operations | |||||||
in | 1Q19 | 1Q18 | % change | ||||
Condensed consolidated statements of operations (CHF million) | |||||||
Interest and dividend income | 4,821 | 4,452 | 8 | ||||
Interest expense | (3,273) | (2,836) | 15 | ||||
Net interest income | 1,548 | 1,616 | (4) | ||||
Commissions and fees | 2,579 | 3,006 | (14) | ||||
Trading revenues | 856 | 514 | 67 | ||||
Other revenues | 452 | 449 | 1 | ||||
Net revenues | 5,435 | 5,585 | (3) | ||||
Provision for credit losses | 81 | 48 | 69 | ||||
Compensation and benefits | 2,304 | 2,348 | (2) | ||||
General and administrative expenses | 1,745 | 1,823 | (4) | ||||
Commission expenses | 314 | 344 | (9) | ||||
Restructuring expenses | – | 112 | – | ||||
Total other operating expenses | 2,059 | 2,279 | (10) | ||||
Total operating expenses | 4,363 | 4,627 | (6) | ||||
Income before taxes | 991 | 910 | 9 | ||||
Income tax expense | 362 | 299 | 21 | ||||
Net income | 629 | 611 | 3 | ||||
Net income/(loss) attributable to noncontrolling interests | 3 | 0 | – | ||||
Net income attributable to shareholders | 626 | 611 | 2 |
Condensed consolidated balance sheets | |||||||
end of | 1Q19 | 4Q18 | % change | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 93,984 | 99,314 | (5) | ||||
Interest-bearing deposits with banks | 894 | 1,074 | (17) | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 116,151 | 117,095 | (1) | ||||
Securities received as collateral | 49,472 | 41,696 | 19 | ||||
Trading assets | 145,070 | 133,859 | 8 | ||||
Investment securities | 1,714 | 1,477 | 16 | ||||
Other investments | 4,797 | 4,824 | (1) | ||||
Net loans | 298,841 | 292,875 | 2 | ||||
Goodwill | 4,093 | 4,056 | 1 | ||||
Other intangible assets | 224 | 219 | 2 | ||||
Brokerage receivables | 42,309 | 38,907 | 9 | ||||
Other assets | 38,839 | 36,673 | 6 | ||||
Total assets | 796,388 | 772,069 | 3 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 18,800 | 15,220 | 24 | ||||
Customer deposits | 368,494 | 365,263 | 1 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,618 | 24,623 | (16) | ||||
Obligation to return securities received as collateral | 49,472 | 41,696 | 19 | ||||
Trading liabilities | 39,544 | 42,171 | (6) | ||||
Short-term borrowings | 27,055 | 22,419 | 21 | ||||
Long-term debt | 159,322 | 153,433 | 4 | ||||
Brokerage payables | 37,942 | 30,923 | 23 | ||||
Other liabilities | 28,854 | 30,327 | (5) | ||||
Total liabilities | 750,101 | 726,075 | 3 | ||||
Total shareholder's equity | 45,570 | 45,296 | 1 | ||||
Noncontrolling interests | 717 | 698 | 3 | ||||
Total equity | 46,287 | 45,994 | 1 | ||||
Total liabilities and equity | 796,388 | 772,069 | 3 |
BIS statistics (Basel III) | |||||||
end of | 1Q19 | 4Q18 | % change | ||||
Eligible capital (CHF million) | |||||||
Common equity tier 1 (CET1) capital | 40,211 | 38,915 | 3 | ||||
Tier 1 capital | 49,756 | 48,231 | 3 | ||||
Total eligible capital | 53,663 | 52,431 | 2 | ||||
Capital ratios (%) | |||||||
CET1 ratio | 13.8 | 13.6 | – | ||||
Tier 1 ratio | 17.1 | 16.9 | – | ||||
Total capital ratio | 18.4 | 18.3 | – |
Key metrics | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Credit Suisse (CHF million) | |||||||||||
Net revenues | 5,387 | 4,801 | 5,636 | 12 | (4) | ||||||
Provision for credit losses | 81 | 59 | 48 | 37 | 69 | ||||||
Total operating expenses | 4,244 | 4,147 | 4,534 | 2 | (6) | ||||||
Income before taxes | 1,062 | 595 | 1,054 | 78 | 1 | ||||||
Net income attributable to shareholders | 749 | 259 | 694 | 189 | 8 | ||||||
Cost/income ratio (%) | 78.8 | 86.4 | 80.4 | – | – | ||||||
Effective tax rate (%) | 29.5 | 57.1 | 34.3 | – | – | ||||||
Basic earnings per share (CHF) | 0.29 | 0.10 | 0.27 | 190 | 7 | ||||||
Diluted earnings per share (CHF) | 0.29 | 0.10 | 0.26 | 190 | 12 | ||||||
Return on equity (%) | 6.9 | 2.4 | 6.7 | – | – | ||||||
Return on tangible equity (%) | 7.8 | 2.7 | 7.6 | – | – | ||||||
Assets under management and net new assets (CHF billion) | |||||||||||
Assets under management | 1,431.3 | 1,347.3 | 1,379.9 | 6.2 | 3.7 | ||||||
Net new assets | 35.8 | 0.5 | 25.0 | – | 43.2 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 793,636 | 768,916 | 809,052 | 3 | (2) | ||||||
Net loans | 292,970 | 287,581 | 283,854 | 2 | 3 | ||||||
Total shareholders' equity | 43,825 | 43,922 | 42,540 | 0 | 3 | ||||||
Tangible shareholders' equity | 38,794 | 38,937 | 37,661 | 0 | 3 | ||||||
Basel III regulatory capital and leverage statistics (%) | |||||||||||
CET1 ratio | 12.6 | 12.6 | 12.9 | – | – | ||||||
CET1 leverage ratio | 4.1 | 4.1 | 3.8 | – | – | ||||||
Look-through tier 1 leverage ratio | 5.2 | 5.2 | 5.1 | – | – | ||||||
Share information | |||||||||||
Shares outstanding (million) | 2,507.8 | 2,550.6 | 2,539.6 | (2) | (1) | ||||||
of which common shares issued | 2,556.0 | 2,556.0 | 2,556.0 | 0 | 0 | ||||||
of which treasury shares | (48.2) | (5.4) | (16.4) | – | 194 | ||||||
Book value per share (CHF) | 17.48 | 17.22 | 16.75 | 2 | 4 | ||||||
Market capitalization (CHF million) | 29,663 | 27,605 | 40,871 | 7 | (27) | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 46,200 | 45,680 | 46,370 | 1 | 0 | ||||||
See relevant tables for additional information on these metrics.
|
Results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net interest income | 1,532 | 2,412 | 1,585 | (36) | (3) | ||||||
Commissions and fees | 2,612 | 2,864 | 3,046 | (9) | (14) | ||||||
Trading revenues 1 | 840 | (865) | 578 | – | 45 | ||||||
Other revenues | 403 | 390 | 427 | 3 | (6) | ||||||
Net revenues | 5,387 | 4,801 | 5,636 | 12 | (4) | ||||||
Provision for credit losses | 81 | 59 | 48 | 37 | 69 | ||||||
Compensation and benefits | 2,518 | 2,141 | 2,538 | 18 | (1) | ||||||
General and administrative expenses | 1,413 | 1,569 | 1,508 | (10) | (6) | ||||||
Commission expenses | 313 | 301 | 344 | 4 | (9) | ||||||
Restructuring expenses | – | 136 | 144 | – | – | ||||||
Total other operating expenses | 1,726 | 2,006 | 1,996 | (14) | (14) | ||||||
Total operating expenses | 4,244 | 4,147 | 4,534 | 2 | (6) | ||||||
Income before taxes | 1,062 | 595 | 1,054 | 78 | 1 | ||||||
Income tax expense | 313 | 340 | 362 | (8) | (14) | ||||||
Net income | 749 | 255 | 692 | 194 | 8 | ||||||
Net income/(loss) attributable to noncontrolling interests | 0 | (4) | (2) | 100 | 100 | ||||||
Net income attributable to shareholders | 749 | 259 | 694 | 189 | 8 | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 9.5 | 5.4 | 9.1 | – | – | ||||||
Cost/income ratio | 78.8 | 86.4 | 80.4 | – | – | ||||||
Effective tax rate | 29.5 | 57.1 | 34.3 | – | – | ||||||
Earnings per share (CHF) | |||||||||||
Basic earnings per share | 0.29 | 0.10 | 0.27 | 190 | 7 | ||||||
Diluted earnings per share | 0.29 | 0.10 | 0.26 | 190 | 12 | ||||||
Return on equity (%, annualized) | |||||||||||
Return on equity | 6.9 | 2.4 | 6.7 | – | – | ||||||
Return on tangible equity 2 | 7.8 | 2.7 | 7.6 | – | – | ||||||
Book value per share (CHF) | |||||||||||
Book value per share | 17.48 | 17.22 | 16.75 | 2 | 4 | ||||||
Tangible book value per share 2 | 15.47 | 15.27 | 14.83 | 1 | 4 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 793,636 | 768,916 | 809,052 | 3 | (2) | ||||||
Risk-weighted assets | 290,098 | 284,582 | 271,015 | 2 | 7 | ||||||
Leverage exposure | 901,814 | 881,386 | 932,071 | 2 | (3) | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 46,200 | 45,680 | 46,370 | 1 | 0 | ||||||
1
Represent revenues on a product basis which are not representative of business results within our business segments as segment results utilize financial instruments across various
product types. In 4Q18, we were involved in a tender offer of an issuer with respect to its own common shares that resulted in negative trading revenues, offset by positive net interest income as a result of a related dividend distribution by the same issuer. |
|||||||||||
2
Based on tangible shareholders' equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other tangible assets from total shareholders' equity as presented in our balance sheet. Management believes that these metrics are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
|
Overview of Results | |||||||||||||||||
in / end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Strategic Resolution Unit |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,387 | |||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | – | 81 | |||||||||
Compensation and benefits | 475 | 578 | 388 | 636 | 311 | 130 | – | 2,518 | |||||||||
Total other operating expenses | 325 | 306 | 266 | 543 | 130 | 156 | – | 1,726 | |||||||||
of which general and administrative expenses | 270 | 252 | 209 | 415 | 127 | 140 | – | 1,413 | |||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | – | 4,244 | |||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | – | 1,062 | |||||||||
Return on regulatory capital (%) | 17.1 | 35.4 | 13.5 | 8.9 | (10.6) | – | – | 9.5 | |||||||||
Cost/income ratio (%) | 58.0 | 62.4 | 76.6 | 80.1 | 123.9 | – | – | 78.8 | |||||||||
Total assets | 228,664 | 93,968 | 105,868 | 227,482 | 17,494 | 120,160 | – | 793,636 | |||||||||
Goodwill | 619 | 1,560 | 1,518 | 467 | 643 | 0 | – | 4,807 | |||||||||
Risk-weighted assets | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | 50,053 | – | 290,098 | |||||||||
Leverage exposure | 259,380 | 100,552 | 110,684 | 259,420 | 42,161 | 129,617 | – | 901,814 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,373 | 1,402 | 677 | 965 | 475 | 84 | (175) | 4,801 | |||||||||
Provision for credit losses | 26 | 16 | 8 | 5 | 5 | 0 | (1) | 59 | |||||||||
Compensation and benefits | 452 | 607 | 330 | 518 | 241 | (64) | 57 | 2,141 | |||||||||
Total other operating expenses | 397 | 369 | 302 | 635 | 124 | 113 | 66 | 2,006 | |||||||||
of which general and administrative expenses | 322 | 280 | 213 | 439 | 114 | 107 | 94 | 1,569 | |||||||||
of which restructuring expenses | 21 | 33 | 26 | 80 | 6 | 1 | (31) | 136 | |||||||||
Total operating expenses | 849 | 976 | 632 | 1,153 | 365 | 49 | 123 | 4,147 | |||||||||
Income/(loss) before taxes | 498 | 410 | 37 | (193) | 105 | 35 | (297) | 595 | |||||||||
Return on regulatory capital (%) | 15.7 | 28.9 | 2.7 | (6.2) | 12.4 | – | – | 5.4 | |||||||||
Cost/income ratio (%) | 61.8 | 69.6 | 93.4 | 119.5 | 76.8 | – | – | 86.4 | |||||||||
Total assets | 224,301 | 91,835 | 99,809 | 211,530 | 16,156 | 104,411 | 20,874 | 768,916 | |||||||||
Goodwill | 615 | 1,544 | 1,506 | 463 | 638 | 0 | 0 | 4,766 | |||||||||
Risk-weighted assets | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 29,703 | 17,926 | 284,582 | |||||||||
Leverage exposure | 255,480 | 98,556 | 106,375 | 245,664 | 40,485 | 105,247 | 29,579 | 881,386 | |||||||||
1Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,431 | 1,403 | 991 | 1,546 | 528 | (60) | (203) | 5,636 | |||||||||
Provision for credit losses | 34 | (1) | 10 | 4 | 1 | 0 | 0 | 48 | |||||||||
Compensation and benefits | 487 | 587 | 411 | 617 | 316 | 55 | 65 | 2,538 | |||||||||
Total other operating expenses | 347 | 333 | 336 | 630 | 152 | 57 | 141 | 1,996 | |||||||||
of which general and administrative expenses | 258 | 254 | 259 | 453 | 121 | 37 | 126 | 1,508 | |||||||||
of which restructuring expenses | 28 | 26 | 6 | 42 | 30 | 1 | 11 | 144 | |||||||||
Total operating expenses | 834 | 920 | 747 | 1,247 | 468 | 112 | 206 | 4,534 | |||||||||
Income/(loss) before taxes | 563 | 484 | 234 | 295 | 59 | (172) | (409) | 1,054 | |||||||||
Return on regulatory capital (%) | 17.9 | 35.7 | 16.9 | 8.5 | 8.1 | – | – | 9.1 | |||||||||
Cost/income ratio (%) | 58.3 | 65.6 | 75.4 | 80.7 | 88.6 | – | – | 80.4 | |||||||||
Total assets | 217,179 | 89,313 | 107,851 | 239,432 | 15,380 | 109,734 | 30,163 | 809,052 | |||||||||
Goodwill | 603 | 1,518 | 1,473 | 451 | 622 | 0 | 0 | 4,667 | |||||||||
Risk-weighted assets | 70,558 | 37,580 | 33,647 | 57,990 | 20,866 | 28,135 | 22,239 | 271,015 | |||||||||
Leverage exposure | 246,997 | 93,921 | 115,709 | 282,778 | 38,731 | 110,767 | 43,168 | 932,071 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Strategic Resolution Unit |
1 |
Credit Suisse |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,387 | |||||||||
Real estate gains | (30) | 0 | 0 | 0 | 0 | 0 | – | (30) | |||||||||
Net revenues adjusted | 1,349 | 1,417 | 854 | 1,472 | 356 | (91) | – | 5,357 | |||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | – | 81 | |||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | – | 4,244 | |||||||||
Major litigation provisions | 0 | 27 | 0 | 0 | 0 | (33) | – | (6) | |||||||||
Expenses related to real estate disposals | (10) | (10) | 0 | (8) | (7) | 0 | – | (35) | |||||||||
Total operating expenses adjusted | 790 | 901 | 654 | 1,171 | 434 | 253 | – | 4,203 | |||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | – | 1,062 | |||||||||
Total adjustments | (20) | (17) | 0 | 8 | 7 | 33 | – | 11 | |||||||||
Adjusted income/(loss) before taxes | 530 | 506 | 183 | 290 | (86) | (350) | – | 1,073 | |||||||||
Adjusted return on regulatory capital (%) | 16.5 | 34.3 | 13.5 | 9.2 | (9.9) | – | – | 9.6 |
4Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,373 | 1,402 | 677 | 965 | 475 | 84 | (175) | 4,801 | |||||||||
Real estate gains | (6) | (2) | 0 | 0 | 0 | (4) | 0 | (12) | |||||||||
(Gains)/losses on business sales | 0 | (24) | 0 | 0 | 0 | 21 | 0 | (3) | |||||||||
Net revenues adjusted | 1,367 | 1,376 | 677 | 965 | 475 | 101 | (175) | 4,786 | |||||||||
Provision for credit losses | 26 | 16 | 8 | 5 | 5 | 0 | (1) | 59 | |||||||||
Total operating expenses | 849 | 976 | 632 | 1,153 | 365 | 49 | 123 | 4,147 | |||||||||
Restructuring expenses | (21) | (33) | (26) | (80) | (6) | (1) | 31 | (136) | |||||||||
Major litigation provisions | (35) | 0 | (1) | 0 | (1) | 0 | (45) | (82) | |||||||||
Expenses related to business sales | 0 | (47) | 0 | 0 | 0 | 0 | (1) | (48) | |||||||||
Total operating expenses adjusted | 793 | 896 | 605 | 1,073 | 358 | 48 | 108 | 3,881 | |||||||||
Income/(loss) before taxes | 498 | 410 | 37 | (193) | 105 | 35 | (297) | 595 | |||||||||
Total adjustments | 50 | 54 | 27 | 80 | 7 | 18 | 15 | 251 | |||||||||
Adjusted income/(loss) before taxes | 548 | 464 | 64 | (113) | 112 | 53 | (282) | 846 | |||||||||
Adjusted return on regulatory capital (%) | 17.2 | 32.7 | 4.7 | (3.7) | 13.3 | – | – | 7.7 |
1Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,431 | 1,403 | 991 | 1,546 | 528 | (60) | (203) | 5,636 | |||||||||
Real estate gains | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | |||||||||
(Gains)/losses on business sales | (37) | (36) | 0 | 0 | 0 | 0 | 0 | (73) | |||||||||
Net revenues adjusted | 1,394 | 1,367 | 991 | 1,546 | 528 | (60) | (204) | 5,562 | |||||||||
Provision for credit losses | 34 | (1) | 10 | 4 | 1 | 0 | 0 | 48 | |||||||||
Total operating expenses | 834 | 920 | 747 | 1,247 | 468 | 112 | 206 | 4,534 | |||||||||
Restructuring expenses | (28) | (26) | (6) | (42) | (30) | (1) | (11) | (144) | |||||||||
Major litigation provisions | 0 | 0 | (48) | 0 | 0 | 0 | (37) | (85) | |||||||||
Total operating expenses adjusted | 806 | 894 | 693 | 1,205 | 438 | 111 | 158 | 4,305 | |||||||||
Income/(loss) before taxes | 563 | 484 | 234 | 295 | 59 | (172) | (409) | 1,054 | |||||||||
Total adjustments | (9) | (10) | 54 | 42 | 30 | 1 | 47 | 155 | |||||||||
Adjusted income/(loss) before taxes | 554 | 474 | 288 | 337 | 89 | (171) | (362) | 1,209 | |||||||||
Adjusted return on regulatory capital (%) | 17.6 | 34.9 | 20.8 | 9.8 | 12.4 | – | – | 10.5 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Divisional results | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Provision for credit losses | 29 | 26 | 34 | 12 | (15) | |||||||
Compensation and benefits | 475 | 452 | 487 | 5 | (2) | |||||||
General and administrative expenses | 270 | 322 | 258 | (16) | 5 | |||||||
Commission expenses | 55 | 54 | 61 | 2 | (10) | |||||||
Restructuring expenses | – | 21 | 28 | – | – | |||||||
Total other operating expenses | 325 | 397 | 347 | (18) | (6) | |||||||
Total operating expenses | 800 | 849 | 834 | (6) | (4) | |||||||
Income before taxes | 550 | 498 | 563 | 10 | (2) | |||||||
Statement of operations metrics (%) | ||||||||||||
Return on regulatory capital | 17.1 | 15.7 | 17.9 | – | – | |||||||
Cost/income ratio | 58.0 | 61.8 | 58.3 | – | – | |||||||
Number of employees and relationship managers | ||||||||||||
Number of employees (full-time equivalents) | 11,980 | 11,950 | 12,420 | 0 | (4) | |||||||
Number of relationship managers | 1,800 | 1,780 | 1,850 | 1 | (3) |
Divisional results (continued) | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Net revenue detail (CHF million) | ||||||||||||
Private Clients | 742 | 740 | 762 | 0 | (3) | |||||||
Corporate & Institutional Clients | 637 | 633 | 669 | 1 | (5) | |||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 719 | 760 | 731 | (5) | (2) | |||||||
Recurring commissions and fees | 359 | 369 | 380 | (3) | (6) | |||||||
Transaction-based revenues | 288 | 248 | 299 | 16 | (4) | |||||||
Other revenues | 13 | (4) | 21 | – | (38) | |||||||
Net revenues | 1,379 | 1,373 | 1,431 | 0 | (4) | |||||||
Provision for credit losses (CHF million) | ||||||||||||
New provisions | 45 | 64 | 47 | (30) | (4) | |||||||
Releases of provisions | (16) | (38) | (13) | (58) | 23 | |||||||
Provision for credit losses | 29 | 26 | 34 | 12 | (15) | |||||||
Balance sheet statistics (CHF million) | ||||||||||||
Total assets | 228,664 | 224,301 | 217,179 | 2 | 5 | |||||||
Net loans | 169,531 | 168,393 | 166,537 | 1 | 2 | |||||||
of which Private Clients | 114,272 | 113,403 | 112,033 | 1 | 2 | |||||||
Risk-weighted assets | 76,757 | 76,475 | 70,558 | 0 | 9 | |||||||
Leverage exposure | 259,380 | 255,480 | 246,997 | 2 | 5 | |||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction-based revenues arise primarily from brokerage fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income. Other revenues include fair value gains/(losses) on synthetic securitized loan portfolios and other gains and losses.
|
Reconciliation of adjusted results | |||||||||||||||||||
Private Clients | Corporate & Institutional Clients | Swiss Universal Bank | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 742 | 740 | 762 | 637 | 633 | 669 | 1,379 | 1,373 | 1,431 | ||||||||||
Real estate gains | (30) | (6) | 0 | 0 | 0 | 0 | (30) | (6) | 0 | ||||||||||
Gains on business sales | 0 | 0 | (19) | 0 | 0 | (18) | 0 | 0 | (37) | ||||||||||
Adjusted net revenues | 712 | 734 | 743 | 637 | 633 | 651 | 1,349 | 1,367 | 1,394 | ||||||||||
Provision for credit losses | 11 | (4) | 10 | 18 | 30 | 24 | 29 | 26 | 34 | ||||||||||
Total operating expenses | 458 | 466 | 487 | 342 | 383 | 347 | 800 | 849 | 834 | ||||||||||
Restructuring expenses | – | (10) | (22) | – | (11) | (6) | – | (21) | (28) | ||||||||||
Major litigation provisions | 0 | 0 | 0 | 0 | (35) | 0 | 0 | (35) | 0 | ||||||||||
Expenses related to real estate disposals | (7) | – | – | (3) | – | – | (10) | – | – | ||||||||||
Adjusted total operating expenses | 451 | 456 | 465 | 339 | 337 | 341 | 790 | 793 | 806 | ||||||||||
Income before taxes | 273 | 278 | 265 | 277 | 220 | 298 | 550 | 498 | 563 | ||||||||||
Total adjustments | (23) | 4 | 3 | 3 | 46 | (12) | (20) | 50 | (9) | ||||||||||
Adjusted income before taxes | 250 | 282 | 268 | 280 | 266 | 286 | 530 | 548 | 554 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 16.5 | 17.2 | 17.6 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results - Private Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 742 | 740 | 762 | 0 | (3) | |||||||
Provision for credit losses | 11 | (4) | 10 | – | 10 | |||||||
Compensation and benefits | 266 | 251 | 277 | 6 | (4) | |||||||
General and administrative expenses | 167 | 180 | 162 | (7) | 3 | |||||||
Commission expenses | 25 | 25 | 26 | 0 | (4) | |||||||
Restructuring expenses | – | 10 | 22 | – | – | |||||||
Total other operating expenses | 192 | 215 | 210 | (11) | (9) | |||||||
Total operating expenses | 458 | 466 | 487 | (2) | (6) | |||||||
Income before taxes | 273 | 278 | 265 | (2) | 3 | |||||||
Statement of operations metrics (%) | ||||||||||||
Cost/income ratio | 61.7 | 63.0 | 63.9 | – | – | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 412 | 440 | 428 | (6) | (4) | |||||||
Recurring commissions and fees | 199 | 209 | 206 | (5) | (3) | |||||||
Transaction-based revenues | 101 | 85 | 109 | 19 | (7) | |||||||
Other revenues | 30 | 6 | 19 | 400 | 58 | |||||||
Net revenues | 742 | 740 | 762 | 0 | (3) | |||||||
Margins on assets under management (annualized) (bp) | ||||||||||||
Gross margin 1 | 143 | 144 | 147 | – | – | |||||||
Net margin 2 | 53 | 54 | 51 | – | – | |||||||
Number of relationship managers | ||||||||||||
Number of relationship managers | 1,280 | 1,260 | 1,310 | 2 | (2) | |||||||
1
Net revenues divided by average assets under management.
|
||||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Assets under management (CHF billion) | ||||||||||||
Assets under management | 210.7 | 198.0 | 206.7 | 6.4 | 1.9 | |||||||
Average assets under management | 207.2 | 205.0 | 207.8 | 1.1 | (0.3) | |||||||
Assets under management by currency (CHF billion) | ||||||||||||
USD | 33.1 | 28.9 | 30.3 | 14.5 | 9.2 | |||||||
EUR | 21.0 | 20.1 | 23.1 | 4.5 | (9.1) | |||||||
CHF | 147.0 | 140.0 | 143.2 | 5.0 | 2.7 | |||||||
Other | 9.6 | 9.0 | 10.1 | 6.7 | (5.0) | |||||||
Assets under management | 210.7 | 198.0 | 206.7 | 6.4 | 1.9 | |||||||
Growth in assets under management (CHF billion) | ||||||||||||
Net new assets | 3.3 | (1.1) | 2.7 | – | – | |||||||
Other effects | 9.4 | (10.2) | (4.3) | – | – | |||||||
of which market movements | 9.4 | (9.7) | (3.6) | – | – | |||||||
of which foreign exchange | 0.4 | 0.2 | (0.4) | – | – | |||||||
of which other | (0.4) | (0.7) | (0.3) | – | – | |||||||
Growth in assets under management | 12.7 | (11.3) | (1.6) | – | – | |||||||
Growth in assets under management (annualized) (%) | ||||||||||||
Net new assets | 6.7 | (2.1) | 5.2 | – | – | |||||||
Other effects | 19.0 | (19.5) | (8.3) | – | – | |||||||
Growth in assets under management (annualized) | 25.7 | (21.6) | (3.1) | – | – | |||||||
Growth in assets under management (rolling four-quarter average) (%) | ||||||||||||
Net new assets | 1.7 | 1.4 | 2.7 | – | – | |||||||
Other effects | 0.2 | (6.3) | 1.6 | – | – | |||||||
Growth in assets under management (rolling four-quarter average) | 1.9 | (4.9) | 4.3 | – | – |
Results – Corporate & Institutional Clients | ||||||||||||
in / end of | % change | |||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | ||||||||
Statements of operations (CHF million) | ||||||||||||
Net revenues | 637 | 633 | 669 | 1 | (5) | |||||||
Provision for credit losses | 18 | 30 | 24 | (40) | (25) | |||||||
Compensation and benefits | 209 | 201 | 210 | 4 | 0 | |||||||
General and administrative expenses | 103 | 142 | 96 | (27) | 7 | |||||||
Commission expenses | 30 | 29 | 35 | 3 | (14) | |||||||
Restructuring expenses | – | 11 | 6 | – | – | |||||||
Total other operating expenses | 133 | 182 | 137 | (27) | (3) | |||||||
Total operating expenses | 342 | 383 | 347 | (11) | (1) | |||||||
Income before taxes | 277 | 220 | 298 | 26 | (7) | |||||||
Statement of operations metrics (%) | ||||||||||||
Cost/income ratio | 53.7 | 60.5 | 51.9 | – | – | |||||||
Net revenue detail (CHF million) | ||||||||||||
Net interest income | 307 | 320 | 303 | (4) | 1 | |||||||
Recurring commissions and fees | 160 | 160 | 174 | 0 | (8) | |||||||
Transaction-based revenues | 187 | 163 | 190 | 15 | (2) | |||||||
Other revenues | (17) | (10) | 2 | 70 | – | |||||||
Net revenues | 637 | 633 | 669 | 1 | (5) | |||||||
Number of relationship managers | ||||||||||||
Number of relationship managers | 520 | 520 | 540 | 0 | (4) |
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Compensation and benefits | 578 | 607 | 587 | (5) | (2) | ||||||
General and administrative expenses | 252 | 280 | 254 | (10) | (1) | ||||||
Commission expenses | 54 | 56 | 53 | (4) | 2 | ||||||
Restructuring expenses | – | 33 | 26 | – | – | ||||||
Total other operating expenses | 306 | 369 | 333 | (17) | (8) | ||||||
Total operating expenses | 884 | 976 | 920 | (9) | (4) | ||||||
Income before taxes | 523 | 410 | 484 | 28 | 8 | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 35.4 | 28.9 | 35.7 | – | – | ||||||
Cost/income ratio | 62.4 | 69.6 | 65.6 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 10,400 | 10,210 | 10,170 | 2 | 2 |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Private Banking | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Asset Management | 398 | 460 | 360 | (13) | 11 | ||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Net revenue detail (CHF million) | |||||||||||
Net interest income | 370 | 404 | 388 | (8) | (5) | ||||||
Recurring commissions and fees | 539 | 562 | 547 | (4) | (1) | ||||||
Transaction- and performance-based revenues | 510 | 439 | 433 | 16 | 18 | ||||||
Other revenues | (2) | (3) | 35 | (33) | – | ||||||
Net revenues | 1,417 | 1,402 | 1,403 | 1 | 1 | ||||||
Provision for credit losses (CHF million) | |||||||||||
New provisions | 12 | 20 | 5 | (40) | 140 | ||||||
Releases of provisions | (2) | (4) | (6) | (50) | (67) | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 93,968 | 91,835 | 89,313 | 2 | 5 | ||||||
Net loans | 53,185 | 51,695 | 51,454 | 3 | 3 | ||||||
of which Private Banking | 53,174 | 51,684 | 51,448 | 3 | 3 | ||||||
Risk-weighted assets | 42,571 | 40,116 | 37,580 | 6 | 13 | ||||||
Leverage exposure | 100,552 | 98,556 | 93,921 | 2 | 7 |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Asset Management | International Wealth Management | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 1,019 | 942 | 1,043 | 398 | 460 | 360 | 1,417 | 1,402 | 1,403 | ||||||||||
Real estate gains | 0 | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | ||||||||||
(Gains)/losses on business sales | 0 | 0 | (37) | 0 | (24) | 1 | 0 | (24) | (36) | ||||||||||
Adjusted net revenues | 1,019 | 940 | 1,006 | 398 | 436 | 361 | 1,417 | 1,376 | 1,367 | ||||||||||
Provision for credit losses | 10 | 16 | (1) | 0 | 0 | 0 | 10 | 16 | (1) | ||||||||||
Total operating expenses | 607 | 628 | 643 | 277 | 348 | 277 | 884 | 976 | 920 | ||||||||||
Restructuring expenses | – | (25) | (18) | – | (8) | (8) | – | (33) | (26) | ||||||||||
Major litigation provisions | 27 | 0 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | ||||||||||
Expenses related to real estate disposals | (8) | – | – | (2) | – | – | (10) | – | – | ||||||||||
Expenses related to business sales | 0 | 0 | 0 | 0 | (47) | 0 | 0 | (47) | 0 | ||||||||||
Adjusted total operating expenses | 626 | 603 | 625 | 275 | 293 | 269 | 901 | 896 | 894 | ||||||||||
Income before taxes | 402 | 298 | 401 | 121 | 112 | 83 | 523 | 410 | 484 | ||||||||||
Total adjustments | (19) | 23 | (19) | 2 | 31 | 9 | (17) | 54 | (10) | ||||||||||
Adjusted income before taxes | 383 | 321 | 382 | 123 | 143 | 92 | 506 | 464 | 474 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 34.3 | 32.7 | 34.9 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Provision for credit losses | 10 | 16 | (1) | (38) | – | ||||||
Compensation and benefits | 413 | 382 | 411 | 8 | 0 | ||||||
General and administrative expenses | 157 | 184 | 176 | (15) | (11) | ||||||
Commission expenses | 37 | 37 | 38 | 0 | (3) | ||||||
Restructuring expenses | – | 25 | 18 | – | – | ||||||
Total other operating expenses | 194 | 246 | 232 | (21) | (16) | ||||||
Total operating expenses | 607 | 628 | 643 | (3) | (6) | ||||||
Income before taxes | 402 | 298 | 401 | 35 | 0 | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 59.6 | 66.7 | 61.6 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Net interest income | 370 | 404 | 388 | (8) | (5) | ||||||
Recurring commissions and fees | 295 | 305 | 307 | (3) | (4) | ||||||
Transaction- and performance-based revenues | 354 | 229 | 311 | 55 | 14 | ||||||
Other revenues | 0 | 4 | 37 | (100) | (100) | ||||||
Net revenues | 1,019 | 942 | 1,043 | 8 | (2) | ||||||
Margins on assets under management (annualized) (bp) | |||||||||||
Gross margin 1 | 113 | 103 | 114 | – | – | ||||||
Net margin 2 | 45 | 33 | 44 | – | – | ||||||
Number of relationship managers | |||||||||||
Number of relationship managers | 1,150 | 1,110 | 1,130 | 4 | 2 | ||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction- and performance-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction- and performance-based income.
|
|||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Assets under management | 356.4 | 357.5 | 369.7 | (0.3) | (3.6) | ||||||
Average assets under management | 360.0 | 365.5 | 366.2 | (1.5) | (1.7) | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 175.9 | 170.3 | 164.5 | 3.3 | 6.9 | ||||||
EUR | 99.8 | 106.7 | 116.0 | (6.5) | (14.0) | ||||||
CHF | 17.8 | 17.5 | 22.4 | 1.7 | (20.5) | ||||||
Other | 62.9 | 63.0 | 66.8 | (0.2) | (5.8) | ||||||
Assets under management | 356.4 | 357.5 | 369.7 | (0.3) | (3.6) | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets | 1.3 | 0.5 | 5.5 | – | – | ||||||
Other effects | (2.4) | (11.4) | (2.7) | – | – | ||||||
of which market movements | 14.3 | (13.7) | (0.7) | – | – | ||||||
of which foreign exchange | 2.3 | 2.1 | (3.1) | – | – | ||||||
of which other | (19.0) | 1 | 0.2 | 1.1 | – | – | |||||
Growth in assets under management | (1.1) | (10.9) | 2.8 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | 1.5 | 0.5 | 6.0 | – | – | ||||||
Other effects | (2.7) | (12.3) | (2.9) | – | – | ||||||
Growth in assets under management (annualized) | (1.2) | (11.8) | 3.1 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 2.7 | 3.9 | 4.9 | – | – | ||||||
Other effects | (6.3) | (6.5) | 5.1 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | (3.6) | (2.6) | 10.0 | – | – | ||||||
1
Mainly reflecting the introduction of an updated assets under management policy. Refer to "Assets under management" for further information.
|
Results – Asset Management | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 398 | 460 | 360 | (13) | 11 | ||||||
Provision for credit losses | 0 | 0 | 0 | – | – | ||||||
Compensation and benefits | 165 | 225 | 176 | (27) | (6) | ||||||
General and administrative expenses | 95 | 96 | 78 | (1) | 22 | ||||||
Commission expenses | 17 | 19 | 15 | (11) | 13 | ||||||
Restructuring expenses | – | 8 | 8 | – | – | ||||||
Total other operating expenses | 112 | 123 | 101 | (9) | 11 | ||||||
Total operating expenses | 277 | 348 | 277 | (20) | 0 | ||||||
Income before taxes | 121 | 112 | 83 | 8 | 46 | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 69.6 | 75.7 | 76.9 | – | – | ||||||
Net revenue detail (CHF million) 1 | |||||||||||
Management fees | 266 | 275 | 260 | (3) | 2 | ||||||
Performance and placement revenues | 30 | 38 | 27 | (21) | 11 | ||||||
Investment and partnership income | 102 | 147 | 73 | (31) | 40 | ||||||
Net revenues | 398 | 460 | 360 | (13) | 11 | ||||||
of which recurring commissions and fees | 244 | 257 | 240 | (5) | 2 | ||||||
of which transaction- and performance-based revenues | 156 | 210 | 122 | (26) | 28 | ||||||
of which other revenues | (2) | (7) | (2) | (71) | 0 | ||||||
Management fees include fees on assets under management, asset administration revenues and transaction fees related to the acquisition and disposal of investments in the funds being managed. Performance revenues relate to the performance or return of the funds being managed and includes investment-related gains and losses from proprietary funds. Placement revenues arise from our third-party private equity fundraising activities and secondary private equity market advisory services. Investment and partnership income includes equity participation income from seed capital returns and from minority investments in third-party asset managers, income from strategic partnerships and distribution agreements, and other revenues.
|
|||||||||||
1
Prior periods have been reclassified to conform to the current presentation.
|
Assets under management – Asset Management | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Traditional investments | 233.0 | 218.9 | 218.4 | 6.4 | 6.7 | ||||||
Alternative investments | 126.8 | 124.6 | 121.6 | 1 | 1.8 | 4.3 | |||||
Investments and partnerships | 44.7 | 45.2 | 51.2 | 1 | (1.1) | (12.7) | |||||
Assets under management | 404.5 | 388.7 | 391.2 | 4.1 | 3.4 | ||||||
Average assets under management | 398.0 | 401.7 | 386.6 | (0.9) | 2.9 | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 112.5 | 107.2 | 102.6 | 4.9 | 9.6 | ||||||
EUR | 49.1 | 49.0 | 50.1 | 0.2 | (2.0) | ||||||
CHF | 195.7 | 184.9 | 181.5 | 5.8 | 7.8 | ||||||
Other | 47.2 | 47.6 | 57.0 | (0.8) | (17.2) | ||||||
Assets under management | 404.5 | 388.7 | 391.2 | 4.1 | 3.4 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets 2 | (0.5) | 0.7 | 9.0 | – | – | ||||||
Other effects | 16.3 | (15.7) | (3.4) | – | – | ||||||
of which market movements | 14.5 | (11.3) | (2.1) | – | – | ||||||
of which foreign exchange | 2.2 | 1.7 | (1.2) | – | – | ||||||
of which other | (0.4) | (6.1) | (0.1) | – | – | ||||||
Growth in assets under management | 15.8 | (15.0) | 5.6 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | (0.5) | 0.7 | 9.3 | – | – | ||||||
Other effects | 16.8 | (15.6) | (3.5) | – | – | ||||||
Growth in assets under management | 16.3 | (14.9) | 5.8 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 3.2 | 5.8 | 3.9 | – | – | ||||||
Other effects | 0.2 | (5.0) | 2.7 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | 3.4 | 0.8 | 6.6 | – | – | ||||||
1
Prior periods have been reclassified to conform to the current presentation.
|
|||||||||||
2
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 854 | 677 | 991 | 26 | (14) | ||||||
Provision for credit losses | 17 | 8 | 10 | 113 | 70 | ||||||
Compensation and benefits | 388 | 330 | 411 | 18 | (6) | ||||||
General and administrative expenses | 209 | 213 | 259 | (2) | (19) | ||||||
Commission expenses | 57 | 63 | 71 | (10) | (20) | ||||||
Restructuring expenses | – | 26 | 6 | – | – | ||||||
Total other operating expenses | 266 | 302 | 336 | (12) | (21) | ||||||
Total operating expenses | 654 | 632 | 747 | 3 | (12) | ||||||
Income before taxes | 183 | 37 | 234 | 395 | (22) | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 13.5 | 2.7 | 16.9 | – | – | ||||||
Cost/income ratio | 76.6 | 93.4 | 75.4 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 7,680 | 7,440 | 7,270 | 3 | 6 |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenues (CHF million) | |||||||||||
Wealth Management & Connected | 565 | 506 | 663 | 12 | (15) | ||||||
Markets | 289 | 171 | 328 | 69 | (12) | ||||||
Net revenues | 854 | 677 | 991 | 26 | (14) | ||||||
Provision for credit losses (CHF million) | |||||||||||
New provisions | 19 | 10 | 11 | 90 | 73 | ||||||
Releases of provisions | (2) | (2) | (1) | 0 | 100 | ||||||
Provision for credit losses | 17 | 8 | 10 | 113 | 70 | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 105,868 | 99,809 | 107,851 | 6 | (2) | ||||||
Net loans | 44,826 | 43,713 | 44,940 | 3 | 0 | ||||||
of which Private Banking | 34,412 | 32,877 | 36,680 | 5 | (6) | ||||||
Risk-weighted assets | 37,826 | 37,156 | 33,647 | 2 | 12 | ||||||
Leverage exposure | 110,684 | 106,375 | 115,709 | 4 | (4) |
Reconciliation of adjusted results | |||||||||||||||||||
Wealth Management & Connected | Markets | Asia Pacific | |||||||||||||||||
in | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | 1Q19 | 4Q18 | 1Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 565 | 506 | 663 | 289 | 171 | 328 | 854 | 677 | 991 | ||||||||||
Provision for credit losses | 17 | 9 | 9 | 0 | (1) | 1 | 17 | 8 | 10 | ||||||||||
Total operating expenses | 378 | 359 | 449 | 276 | 273 | 298 | 654 | 632 | 747 | ||||||||||
Restructuring expenses | – | (10) | (3) | – | (16) | (3) | – | (26) | (6) | ||||||||||
Major litigation provisions | 0 | (1) | (48) | 0 | 0 | 0 | 0 | (1) | (48) | ||||||||||
Adjusted total operating expenses | 378 | 348 | 398 | 276 | 257 | 295 | 654 | 605 | 693 | ||||||||||
Income/(loss) before taxes | 170 | 138 | 205 | 13 | (101) | 29 | 183 | 37 | 234 | ||||||||||
Total adjustments | 0 | 11 | 51 | 0 | 16 | 3 | 0 | 27 | 54 | ||||||||||
Adjusted income/(loss) before taxes | 170 | 149 | 256 | 13 | (85) | 32 | 183 | 64 | 288 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 13.5 | 4.7 | 20.8 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Results - Wealth Management & Connected | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 565 | 506 | 663 | 12 | (15) | ||||||
Provision for credit losses | 17 | 9 | 9 | 89 | 89 | ||||||
Compensation and benefits | 256 | 219 | 270 | 17 | (5) | ||||||
General and administrative expenses | 109 | 112 | 160 | (3) | (32) | ||||||
Commission expenses | 13 | 18 | 16 | (28) | (19) | ||||||
Restructuring expenses | – | 10 | 3 | – | – | ||||||
Total other operating expenses | 122 | 140 | 179 | (13) | (32) | ||||||
Total operating expenses | 378 | 359 | 449 | 5 | (16) | ||||||
Income before taxes | 170 | 138 | 205 | 23 | (17) | ||||||
of which Private Banking | 131 | 97 | 170 | 35 | (23) | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 66.9 | 70.9 | 67.7 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Private Banking | 398 | 358 | 455 | 11 | (13) | ||||||
of which net interest income | 146 | 156 | 159 | (6) | (8) | ||||||
of which recurring commissions and fees | 107 | 93 | 111 | 15 | (4) | ||||||
of which transaction-based revenues | 145 | 108 | 185 | 34 | (22) | ||||||
Advisory, underwriting and financing | 167 | 148 | 208 | 13 | (20) | ||||||
Net revenues | 565 | 506 | 663 | 12 | (15) | ||||||
Private Banking margins on assets under management (annualized) (bp) | |||||||||||
Gross margin 1 | 75 | 70 | 92 | – | – | ||||||
Net margin 2 | 25 | 19 | 34 | – | – | ||||||
Number of relationship managers | |||||||||||
Number of relationship managers | 600 | 580 | 600 | 3 | 0 | ||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income.
|
|||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Assets under management | 219.0 | 201.7 | 199.1 | 8.6 | 10.0 | ||||||
Average assets under management | 212.3 | 206.0 | 197.6 | 3.1 | 7.4 | ||||||
Assets under management by currency (CHF billion) | |||||||||||
USD | 117.8 | 106.4 | 104.4 | 10.7 | 12.8 | ||||||
EUR | 6.1 | 5.8 | 6.7 | 5.2 | (9.0) | ||||||
CHF | 1.8 | 1.8 | 2.0 | 0.0 | (10.0) | ||||||
Other | 93.3 | 87.7 | 86.0 | 6.4 | 8.5 | ||||||
Assets under management | 219.0 | 201.7 | 199.1 | 8.6 | 10.0 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets | 5.0 | 1.2 | 6.2 | – | – | ||||||
Other effects | 12.3 | (7.0) | (3.9) | – | – | ||||||
of which market movements | 11.3 | (9.1) | (1.9) | – | – | ||||||
of which foreign exchange | 2.3 | 2.1 | (3.2) | – | – | ||||||
of which other | (1.3) | 0.0 | 1.2 | – | – | ||||||
Growth in assets under management | 17.3 | (5.8) | 2.3 | – | – | ||||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | 9.9 | 2.3 | 12.6 | – | – | ||||||
Other effects | 24.4 | (13.5) | (7.9) | – | – | ||||||
Growth in assets under management (annualized) | 34.3 | (11.2) | 4.7 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||
Net new assets | 8.0 | 8.7 | 10.0 | – | – | ||||||
Other effects | 2.0 | (6.2) | 2.2 | – | – | ||||||
Growth in assets under management (rolling four-quarter average) | 10.0 | 2.5 | 12.2 | – | – |
Results - Markets | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 289 | 171 | 328 | 69 | (12) | ||||||
Provision for credit losses | 0 | (1) | 1 | 100 | (100) | ||||||
Compensation and benefits | 132 | 111 | 141 | 19 | (6) | ||||||
General and administrative expenses | 100 | 101 | 99 | (1) | 1 | ||||||
Commission expenses | 44 | 45 | 55 | (2) | (20) | ||||||
Restructuring expenses | – | 16 | 3 | – | – | ||||||
Total other operating expenses | 144 | 162 | 157 | (11) | (8) | ||||||
Total operating expenses | 276 | 273 | 298 | 1 | (7) | ||||||
Income/(loss) before taxes | 13 | (101) | 29 | – | (55) | ||||||
Statement of operations metrics (%) | |||||||||||
Cost/income ratio | 95.5 | 159.6 | 90.9 | – | – | ||||||
Net revenue detail (CHF million) | |||||||||||
Equity sales and trading | 198 | 169 | 243 | 17 | (19) | ||||||
Fixed income sales and trading | 91 | 2 | 85 | – | 7 | ||||||
Net revenues | 289 | 171 | 328 | 69 | (12) |
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 1,472 | 965 | 1,546 | 53 | (5) | ||||||
Provision for credit losses | 11 | 5 | 4 | 120 | 175 | ||||||
Compensation and benefits | 636 | 518 | 617 | 23 | 3 | ||||||
General and administrative expenses | 415 | 439 | 453 | (5) | (8) | ||||||
Commission expenses | 128 | 116 | 135 | 10 | (5) | ||||||
Restructuring expenses | – | 80 | 42 | – | – | ||||||
Total other operating expenses | 543 | 635 | 630 | (14) | (14) | ||||||
Total operating expenses | 1,179 | 1,153 | 1,247 | 2 | (5) | ||||||
Income/(loss) before taxes | 282 | (193) | 295 | – | (4) | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | 8.9 | (6.2) | 8.5 | – | – | ||||||
Cost/income ratio | 80.1 | 119.5 | 80.7 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 11,460 | 11,350 | 11,610 | 1 | (1) |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Fixed income sales and trading | 890 | 473 | 860 | 88 | 3 | ||||||
Equity sales and trading | 540 | 356 | 490 | 52 | 10 | ||||||
Underwriting | 141 | 242 | 288 | (42) | (51) | ||||||
Other 1 | (99) | (106) | (92) | (7) | 8 | ||||||
Net revenues | 1,472 | 965 | 1,546 | 53 | (5) | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 227,482 | 211,530 | 239,432 | 8 | (5) | ||||||
Risk-weighted assets | 58,131 | 59,016 | 57,990 | (1) | 0 | ||||||
Risk-weighted assets (USD) | 58,301 | 59,836 | 60,732 | (3) | (4) | ||||||
Leverage exposure | 259,420 | 245,664 | 282,778 | 6 | (8) | ||||||
Leverage exposure (USD) | 260,181 | 249,076 | 296,149 | 4 | (12) | ||||||
1
Other revenues include treasury funding costs and the impact of collaboration with other divisions, in particular with respect to the International Trading Solution (ITS) franchise.
|
Reconciliation of adjusted results | |||||||
Global Markets | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Adjusted results (CHF million) | |||||||
Net revenues | 1,472 | 965 | 1,546 | ||||
Provision for credit losses | 11 | 5 | 4 | ||||
Total operating expenses | 1,179 | 1,153 | 1,247 | ||||
Restructuring expenses | – | (80) | (42) | ||||
Expenses related to real estate disposals | (8) | – | – | ||||
Adjusted total operating expenses | 1,171 | 1,073 | 1,205 | ||||
Income/(loss) before taxes | 282 | (193) | 295 | ||||
Total adjustments | 8 | 80 | 42 | ||||
Adjusted income/(loss) before taxes | 290 | (113) | 337 | ||||
Adjusted return on regulatory capital (%) | 9.2 | (3.7) | 9.8 | ||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
Divisional results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Net revenues | 356 | 475 | 528 | (25) | (33) | ||||||
Provision for credit losses | 8 | 5 | 1 | 60 | – | ||||||
Compensation and benefits | 311 | 241 | 316 | 29 | (2) | ||||||
General and administrative expenses | 127 | 114 | 121 | 11 | 5 | ||||||
Commission expenses | 3 | 4 | 1 | (25) | 200 | ||||||
Restructuring expenses | – | 6 | 30 | – | – | ||||||
Total other operating expenses | 130 | 124 | 152 | 5 | (14) | ||||||
Total operating expenses | 441 | 365 | 468 | 21 | (6) | ||||||
Income/(loss) before taxes | (93) | 105 | 59 | – | – | ||||||
Statement of operations metrics (%) | |||||||||||
Return on regulatory capital | (10.6) | 12.4 | 8.1 | – | – | ||||||
Cost/income ratio | 123.9 | 76.8 | 88.6 | – | – | ||||||
Number of employees (full-time equivalents) | |||||||||||
Number of employees | 3,080 | 3,100 | 3,120 | (1) | (1) |
Divisional results (continued) | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Net revenue detail (CHF million) | |||||||||||
Advisory and other fees | 140 | 276 | 172 | (49) | (19) | ||||||
Debt underwriting | 186 | 183 | 256 | 2 | (27) | ||||||
Equity underwriting | 58 | 15 | 103 | 287 | (44) | ||||||
Other | (28) | 1 | (3) | – | – | ||||||
Net revenues | 356 | 475 | 528 | (25) | (33) | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 17,494 | 16,156 | 15,380 | 8 | 14 | ||||||
Risk-weighted assets | 24,760 | 24,190 | 20,866 | 2 | 19 | ||||||
Risk-weighted assets (USD) | 24,833 | 24,526 | 21,853 | 1 | 14 | ||||||
Leverage exposure | 42,161 | 40,485 | 38,731 | 4 | 9 | ||||||
Leverage exposure (USD) | 42,285 | 41,047 | 40,562 | 3 | 4 |
Reconciliation of adjusted results | |||||||
Investment Banking & Capital Markets | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Adjusted results (CHF million) | |||||||
Net revenues | 356 | 475 | 528 | ||||
Provision for credit losses | 8 | 5 | 1 | ||||
Total operating expenses | 441 | 365 | 468 | ||||
Restructuring expenses | – | (6) | (30) | ||||
Major litigation provisions | 0 | (1) | 0 | ||||
Expenses related to real estate disposals | (7) | – | – | ||||
Adjusted total operating expenses | 434 | 358 | 438 | ||||
Income/(loss) before taxes | (93) | 105 | 59 | ||||
Total adjustments | 7 | 7 | 30 | ||||
Adjusted income/(loss) before taxes | (86) | 112 | 89 | ||||
Adjusted return on regulatory capital (%) | (9.9) | 13.3 | 12.4 | ||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted results" in Credit Suisse for further information.
|
in | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Global advisory and underwriting revenues (USD million) | |||||||||||
Global advisory and underwriting revenues | 769 | 761 | 1,106 | 1 | (30) | ||||||
of which advisory and other fees | 171 | 308 | 251 | (44) | (32) | ||||||
of which debt underwriting | 460 | 368 | 616 | 25 | (25) | ||||||
of which equity underwriting | 138 | 85 | 239 | 62 | (42) |
Corporate Center results | |||||||||||
in / end of | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Statements of operations (CHF million) | |||||||||||
Treasury results | (118) | 132 | (109) | – | 8 | ||||||
Asset Resolution Unit | (35) | – | – | – | – | ||||||
Other | 62 | (48) | 49 | – | 27 | ||||||
Net revenues | (91) | 84 | (60) | – | 52 | ||||||
Provision for credit losses | 6 | 0 | 0 | – | – | ||||||
Compensation and benefits | 130 | (64) | 55 | – | 136 | ||||||
General and administrative expenses | 140 | 107 | 37 | 31 | 278 | ||||||
Commission expenses | 16 | 5 | 19 | 220 | (16) | ||||||
Restructuring expenses | – | 1 | 1 | – | – | ||||||
Total other operating expenses | 156 | 113 | 57 | 38 | 174 | ||||||
Total operating expenses | 286 | 49 | 112 | 484 | 155 | ||||||
Income/(loss) before taxes | (383) | 35 | (172) | – | 123 | ||||||
of which Asset Resolution Unit | (103) | – | – | – | – | ||||||
Balance sheet statistics (CHF million) | |||||||||||
Total assets | 120,160 | 104,411 | 109,734 | 15 | 10 | ||||||
Risk-weighted assets | 50,053 | 29,703 | 28,135 | 69 | 78 | ||||||
Leverage exposure | 129,617 | 105,247 | 110,767 | 23 | 17 | ||||||
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Expense allocation to divisions | |||||||||||
in | % change | ||||||||||
1Q19 | 4Q18 | 1Q18 | QoQ | YoY | |||||||
Expense allocation to divisions (CHF million) | |||||||||||
Compensation and benefits | 772 | 589 | 703 | 31 | 10 | ||||||
General and administrative expenses | 621 | 639 | 554 | (3) | 12 | ||||||
Commission expenses | 16 | 5 | 19 | 220 | (16) | ||||||
Restructuring expenses | – | 128 | 34 | – | – | ||||||
Total other operating expenses | 637 | 772 | 607 | (17) | 5 | ||||||
Total operating expenses before allocation to divisions | 1,409 | 1,361 | 1,310 | 4 | 8 | ||||||
Net allocation to divisions | 1,123 | 1,312 | 1,198 | (14) | (6) | ||||||
of which Swiss Universal Bank | 254 | 268 | 253 | (5) | 0 | ||||||
of which International Wealth Management | 213 | 221 | 210 | (4) | 1 | ||||||
of which Asia Pacific | 184 | 208 | 197 | (12) | (7) | ||||||
of which Global Markets | 381 | 468 | 399 | (19) | (5) | ||||||
of which Investment Banking & Capital Markets | 91 | 81 | 81 | 12 | 12 | ||||||
of which Strategic Resolution Unit 1 | – | 66 | 58 | – | – | ||||||
Total operating expenses | 286 | 49 | 112 | 484 | 155 | ||||||
Corporate services and business support, including in finance, operations, human resources, legal, compliance, risk management and IT, are provided by corporate functions, and the related costs are allocated to the segments and the Corporate Center based on their requirements and other relevant measures.
|
|||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group.
|
Asset Resolution Unit | |||
in / end of | |||
1Q19 | |||
Statements of operations (CHF million) | |||
Revenues from portfolio assets | 21 | ||
Asset funding costs | (56) | ||
Net revenues | (35) | ||
Provision for credit losses | 6 | ||
Compensation and benefits | 34 | ||
General and administrative expenses | 26 | ||
Commission expenses | 2 | ||
Total other operating expenses | 28 | ||
Total operating expenses | 62 | ||
Income/(loss) before taxes | (103) | ||
Balance sheet statistics (CHF million) | |||
Total assets | 20,880 | ||
Risk-weighted assets (USD) | 11,691 | 1 | |
Leverage exposure (USD) | 29,336 | ||
1
Risk-weighted assets excluding operational risk were USD 6,564 million.
|
Assets under management | |||||||
% change | |||||||
1Q19 | 4Q18 | QoQ | |||||
Assets under management (CHF billion) | |||||||
Swiss Universal Bank - Private Clients | 210.7 | 198.0 | 6.4 | ||||
Swiss Universal Bank - Corporate & Institutional Clients | 395.9 | 348.7 | 13.5 | ||||
International Wealth Management - Private Banking | 356.4 | 357.5 | (0.3) | ||||
International Wealth Management - Asset Management | 404.5 | 388.7 | 4.1 | ||||
Asia Pacific - Private Banking | 219.0 | 201.7 | 8.6 | ||||
Strategic Resolution Unit 1 | – | 0.5 | – | ||||
Assets managed across businesses 2 | (155.2) | (147.8) | 5.0 | ||||
Assets under management | 1,431.3 | 1,347.3 | 6.2 | ||||
of which discretionary assets | 461.1 | 442.9 | 4.1 | ||||
of which advisory assets | 970.2 | 904.4 | 7.3 | ||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.
|
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2
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
Net new assets | |||||||
in | 1Q19 | 4Q18 | 1Q18 | ||||
Net new assets (CHF billion) | |||||||
Swiss Universal Bank – Private Clients | 3.3 | (1.1) | 2.7 | ||||
Swiss Universal Bank – Corporate & Institutional Clients | 27.6 | 2.1 | 3.8 | ||||
International Wealth Managment – Private Banking | 1.3 | 0.5 | 5.5 | ||||
International Wealth Managment – Asset Management 1 | (0.5) | 0.7 | 9.0 | ||||
Asia Pacific – Private Banking | 5.0 | 1.2 | 6.2 | ||||
Strategic Resolution Unit 2 | – | (0.1) | (0.1) | ||||
Assets managed across businesses 3 | (0.9) | (2.8) | (2.1) | 4 | |||
Net new assets | 35.8 | 0.5 | 25.0 | 4 | |||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||
2
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual assets under management were either transferred to other divisions or no longer qualify as assets under management.
|
|||||||
3
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
|||||||
4
Prior period has been corrected.
|
BIS capital and leverage metrics | |||||||||
Phase-in | Look-through | ||||||||
end of | 1Q19 | 4Q18 | 1Q19 | 4Q18 | |||||
Capital metrics | |||||||||
Risk-weighted assets (CHF billion) | 290.1 | 284.6 | 290.1 | 284.6 | |||||
CET1 ratio (%) | 12.6 | 12.6 | 12.6 | 12.6 | |||||
Tier 1 ratio (%) | 16.2 | 16.2 | 16.2 | 16.2 | |||||
Total capital ratio (%) | 17.6 | 17.7 | 17.4 | 17.4 |
Leverage metrics | |||||||||
Leverage exposure (CHF billion) | 901.8 | 881.4 | 901.8 | 881.4 | |||||
CET1 leverage ratio (%) | 4.1 | 4.1 | 4.1 | 4.1 | |||||
Tier 1 leverage ratio (%) | 5.2 | 5.2 | 5.2 | 5.2 | |||||
Refer to the Appendix for additional information on BIS and Swiss capital and leverage metrics.
|
Credit Suisse by business activity | |||||||||||||||
1Q19 | |||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
1 |
Credit Suisse |
|||||||
Related to private banking (CHF million) | |||||||||||||||
Net revenues | 742 | 1,019 | 398 | – | – | – | 2,159 | ||||||||
of which net interest income | 412 | 370 | 146 | – | – | – | 928 | ||||||||
of which recurring | 199 | 295 | 107 | – | – | – | 601 | ||||||||
of which transaction-based | 101 | 354 | 145 | – | – | – | 600 | ||||||||
Provision for credit losses | 11 | 10 | 0 | – | – | – | 21 | ||||||||
Total operating expenses | 458 | 607 | 267 | – | – | – | 1,332 | ||||||||
Income before taxes | 273 | 402 | 131 | – | – | – | 806 | ||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||
Net revenues | 637 | – | – | – | – | – | 637 | ||||||||
of which net interest income | 307 | – | – | – | – | – | 307 | ||||||||
of which recurring | 160 | – | – | – | – | – | 160 | ||||||||
of which transaction-based | 187 | – | – | – | – | – | 187 | ||||||||
Provision for credit losses | 18 | – | – | – | – | – | 18 | ||||||||
Total operating expenses | 342 | – | – | – | – | – | 342 | ||||||||
Income before taxes | 277 | – | – | – | – | – | 277 | ||||||||
Related to investment banking (CHF million) | |||||||||||||||
Net revenues | – | – | 456 | 1,472 | 356 | – | 2,284 | ||||||||
of which fixed income sales and trading | – | – | 91 | 890 | – | – | 981 | ||||||||
of which equity sales and trading | – | – | 198 | 540 | – | – | 738 | ||||||||
of which underwriting and advisory | – | – | 167 | 2 | 141 | 384 | – | 692 | |||||||
Provision for credit losses | – | – | 17 | 11 | 8 | – | 36 | ||||||||
Total operating expenses | – | – | 387 | 1,179 | 441 | – | 2,007 | ||||||||
Income/(loss) before taxes | – | – | 52 | 282 | (93) | – | 241 | ||||||||
Related to asset management (CHF million) | |||||||||||||||
Net revenues | – | 398 | – | – | – | – | 398 | ||||||||
Total operating expenses | – | 277 | – | – | – | – | 277 | ||||||||
Income before taxes | – | 121 | – | – | – | – | 121 | ||||||||
Related to corporate center (CHF million) | |||||||||||||||
Net revenues | – | – | – | – | – | (91) | (91) | ||||||||
Provision for credit losses | – | – | – | – | – | 6 | 6 | ||||||||
Total operating expenses | – | – | – | – | – | 286 | 286 | ||||||||
Income/(loss) before taxes | – | – | – | – | – | (383) | (383) | ||||||||
Total (CHF million) | |||||||||||||||
Net revenues | 1,379 | 1,417 | 854 | 1,472 | 356 | (91) | 5,387 | ||||||||
Provision for credit losses | 29 | 10 | 17 | 11 | 8 | 6 | 81 | ||||||||
Total operating expenses | 800 | 884 | 654 | 1,179 | 441 | 286 | 4,244 | ||||||||
Income/(loss) before taxes | 550 | 523 | 183 | 282 | (93) | (383) | 1,062 | ||||||||
Certain transaction-based revenues in Swiss Universal Bank and certain fixed income and equity sales and trading revenues in Asia Pacific and Global Markets relate to the Group’s global advisory and underwriting business. Refer to “Global advisory and underwriting revenues” in Investment Banking & Capital Markets for further information.
|
|||||||||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
|||||||||||||||
2
Reflects certain financing revenues in Asia Pacific that are not included in the Group’s global advisory and underwriting revenues.
|
BIS capital metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Capital and risk-weighted assets (CHF million) | |||||||||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Total eligible capital | 50,939 | 50,239 | 1 | 50,569 | 49,548 | 2 | |||||||
Risk-weighted assets | 290,098 | 284,582 | 2 | 290,098 | 284,582 | 2 | |||||||
Capital ratios (%) | |||||||||||||
CET1 ratio | 12.6 | 12.6 | – | 12.6 | 12.6 | – | |||||||
Tier 1 ratio | 16.2 | 16.2 | – | 16.2 | 16.2 | – | |||||||
Total capital ratio | 17.6 | 17.7 | – | 17.4 | 17.4 | – |
Eligible capital – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Eligible capital (CHF million) | |||||||||||||
Total shareholders' equity | 43,825 | 43,922 | 0 | 43,825 | 43,922 | 0 | |||||||
Regulatory adjustments 1 | (566) | (643) | (12) | (566) | (643) | (12) | |||||||
Adjustments phased-in 2 | (6,703) | (7,455) | (10) | (6,703) | (7,455) | 2 | (10) | ||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Additional tier 1 instruments | 10,476 | 3 | 10,216 | 3 | 10,476 | 10,216 | 3 | ||||||
Additional tier 1 capital | 10,476 | 10,216 | 3 | 10,476 | 10,216 | 3 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Tier 2 instruments | 3,537 | 4 | 3,508 | 1 | 3,537 | 3,508 | 1 | ||||||
Tier 2 instruments subject to phase-out | 370 | 691 | (46) | – | – | – | |||||||
Tier 2 capital | 3,907 | 4,199 | (7) | 3,537 | 3,508 | 1 | |||||||
Total eligible capital | 50,939 | 50,239 | 1 | 50,569 | 49,548 | 2 | |||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||||||||
2
Reflects 100% phased-in deductions since 2018, including goodwill, other intangible assets and certain deferred tax assets.
|
|||||||||||||
3
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 5.8 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 4.7 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
|||||||||||||
4
Consists of low-trigger capital instruments with a capital ratio write-down trigger of 5%.
|
Capital movement – Group | |||||
1Q19 |
Phase-in |
Look- through |
|||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 35,824 | 35,824 | |||
Net income attributable to shareholders | 749 | 749 | |||
Foreign exchange impact | 122 | 1 | 122 | ||
Methodology changes 2 | 178 | 178 | |||
Repurchase of shares under the share buyback program | (261) | (261) | |||
Other 3 | (56) | (56) | |||
Balance at end of period | 36,556 | 36,556 | |||
Additional tier 1 capital (CHF million) | |||||
Balance at beginning of period | 10,216 | 10,216 | |||
Foreign exchange impact | 102 | 102 | |||
Other | 158 | 4 | 158 | ||
Balance at end of period | 10,476 | 10,476 | |||
Tier 2 capital (CHF million) | |||||
Balance at beginning of period | 4,199 | 3,508 | |||
Foreign exchange impact | 15 | 10 | |||
Other | (307) | 5 | 19 | ||
Balance at end of period | 3,907 | 3,537 | |||
Eligible capital (CHF million) | |||||
Balance at end of period | 50,939 | 50,569 | |||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||||
2
Reflects the impact of a new accounting standard relating to leases.
|
|||||
3
Includes the net effect of share-based compensation and pensions, the impact of a dividend accrual and a change in other regulatory adjustments (e.g., the net regulatory impact of (gains)/losses on fair-valued financial liabilities due to changes in own credit risk).
|
|||||
4
Primarily reflects the impact of business movements and Contingent Capital Awards.
|
|||||
5
Primarily reflects the impact of the prescribed amortization requirement as instruments move closer to their maturity date.
|
Risk-weighted assets – Group | |||||||||||||||||
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Group |
|||||||
1Q19 (CHF million) | |||||||||||||||||
Credit risk | 64,781 | 27,995 | 27,697 | 37,161 | 20,619 | – | 24,847 | 203,100 | |||||||||
Market risk | 1,230 | 1,672 | 2,947 | 7,901 | 136 | – | 2,637 | 16,523 | |||||||||
Operational risk | 10,746 | 12,904 | 7,182 | 13,069 | 4,005 | – | 22,569 | 70,475 | |||||||||
Risk-weighted assets | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | – | 50,053 | 290,098 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Credit risk | 63,280 | 26,604 | 27,102 | 35,380 | 20,498 | 5,834 | 16,201 | 194,899 | |||||||||
Market risk | 1,315 | 1,669 | 3,507 | 9,158 | 200 | 1,305 | 1,489 | 18,643 | |||||||||
Operational risk | 11,880 | 11,843 | 6,547 | 14,478 | 3,492 | 10,787 | 12,013 | 71,040 | |||||||||
Risk-weighted assets | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 17,926 | 29,703 | 284,582 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
Risk-weighted asset movement by risk type – Group | |||||||||||||||||
1Q19 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Total |
|||||||
Credit risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 63,280 | 26,604 | 27,102 | 35,380 | 20,498 | 5,834 | 16,201 | 194,899 | |||||||||
Transfers | – | – | – | – | – | (5,834) | 5,834 | – | |||||||||
Foreign exchange impact | 107 | 170 | 273 | 356 | 250 | – | 223 | 1,379 | |||||||||
Movements in risk levels | 110 | 1,024 | 174 | 1,060 | (315) | – | (663) | 1,390 | |||||||||
Model and parameter updates – internal 2 | (5) | 62 | 14 | 44 | (1) | – | (4) | 110 | |||||||||
Model and parameter updates – external 3 | 1,289 | 135 | 134 | 321 | 187 | – | 76 | 2,142 | |||||||||
Methodology and policy changes 4 | 0 | 0 | 0 | 0 | 0 | – | 3,180 | 3,180 | |||||||||
Balance at end of period – phase-in | 64,781 | 27,995 | 27,697 | 37,161 | 20,619 | – | 24,847 | 203,100 | |||||||||
Market risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 1,315 | 1,669 | 3,507 | 9,158 | 200 | 1,305 | 1,489 | 18,643 | |||||||||
Transfers | – | – | – | – | – | (1,305) | 1,305 | – | |||||||||
Foreign exchange impact | 15 | 19 | 38 | 94 | 2 | – | 30 | 198 | |||||||||
Movements in risk levels | (92) | (500) | (285) | (750) | (65) | – | (133) | (1,825) | |||||||||
Model and parameter updates – internal 2 | (8) | 484 | (313) | (601) | (1) | – | (54) | (493) | |||||||||
Balance at end of period – phase-in | 1,230 | 1,672 | 2,947 | 7,901 | 136 | – | 2,637 | 16,523 | |||||||||
Operational risk (CHF million) | |||||||||||||||||
Balance at beginning of period | 11,880 | 11,843 | 6,547 | 14,478 | 3,492 | 10,787 | 12,013 | 71,040 | |||||||||
Transfers | – | – | – | – | – | (10,787) | 10,787 | – | |||||||||
Movements in risk levels | 1 | 1 | 0 | (1) | 0 | – | (22) | (21) | |||||||||
Model and parameter updates – internal 2 | (1,135) | 1,060 | 635 | (1,408) | 513 | – | (209) | (544) | |||||||||
Balance at end of period – phase-in | 10,746 | 12,904 | 7,182 | 13,069 | 4,005 | – | 22,569 | 70,475 | |||||||||
Total (CHF million) | |||||||||||||||||
Balance at beginning of period | 76,475 | 40,116 | 37,156 | 59,016 | 24,190 | 17,926 | 29,703 | 284,582 | |||||||||
Transfers | – | – | – | – | – | (17,926) | 17,926 | – | |||||||||
Foreign exchange impact | 122 | 189 | 311 | 450 | 252 | – | 253 | 1,577 | |||||||||
Movements in risk levels | 19 | 525 | (111) | 309 | (380) | – | (818) | (456) | |||||||||
Model and parameter updates – internal 2 | (1,148) | 1,606 | 336 | (1,965) | 511 | – | (267) | (927) | |||||||||
Model and parameter updates – external 3 | 1,289 | 135 | 134 | 321 | 187 | – | 76 | 2,142 | |||||||||
Methodology and policy changes 4 | 0 | 0 | 0 | 0 | 0 | – | 3,180 | 3,180 | |||||||||
Balance at end of period – phase-in / look-through | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | – | 50,053 | 290,098 | |||||||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center.
|
|||||||||||||||||
2
Represents movements arising from internally driven updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||||
3
Represents movements arising from externally mandated updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||||
4
Represents movements arising from externally mandated regulatory methodology and policy changes to accounting and exposure classification and treatment policies not only specific to Credit Suisse.
|
BIS leverage metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Capital and leverage exposure (CHF million) | |||||||||||||
CET1 capital | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Tier 1 capital | 47,032 | 46,040 | 2 | 47,032 | 46,040 | 2 | |||||||
Leverage exposure | 901,814 | 881,386 | 2 | 901,814 | 881,386 | 2 | |||||||
Leverage ratios (%) | |||||||||||||
CET1 leverage ratio | 4.1 | 4.1 | – | 4.1 | 4.1 | – | |||||||
Tier 1 leverage ratio | 5.2 | 5.2 | – | 5.2 | 5.2 | – |
Swiss capital metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity (TLAC) | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Swiss risk-weighted assets | 290,729 | 285,193 | 2 | 290,729 | 285,193 | 2 | |||||||
Swiss capital ratios (%) | |||||||||||||
Swiss CET1 ratio | 12.5 | 12.5 | – | 12.5 | 12.5 | – | |||||||
Going concern capital ratio | 17.3 | 17.3 | – | 16.1 | 16.1 | – | |||||||
Gone concern capital ratio | 12.5 | 12.5 | – | 13.6 | 13.3 | – | |||||||
TLAC ratio | 29.9 | 29.8 | – | 29.7 | 29.4 | – |
Swiss capital and risk-weighted assets – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital (CHF million) | |||||||||||||
CET1 capital – BIS | 36,556 | 35,824 | 2 | 36,556 | 35,824 | 2 | |||||||
Swiss regulatory adjustments 1 | (134) | (105) | 28 | (134) | (105) | 28 | |||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Additional tier 1 high-trigger capital instruments | 5,751 | 5,615 | 2 | 5,751 | 5,615 | 2 | |||||||
Grandfathered capital instruments | 8,261 | 8,109 | 2 | 4,724 | 4,601 | 3 | |||||||
of which additional tier 1 low-trigger capital instruments | 4,724 | 4,601 | 3 | 4,724 | 4,601 | 3 | |||||||
of which tier 2 low-trigger capital instruments | 3,537 | 3,508 | 1 | – | – | – | |||||||
Swiss additional tier 1 capital | 14,012 | 13,724 | 2 | 10,475 | 10,216 | 3 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Bail-in debt instruments | 35,435 | 33,892 | 5 | 35,435 | 33,892 | 5 | |||||||
Tier 2 instruments subject to phase-out | 370 | 691 | (46) | – | – | – | |||||||
Tier 2 amortization component | 661 | 1,095 | (40) | 523 | 509 | 3 | |||||||
Tier 2 low-trigger capital instruments | – | – | – | 3,537 | 3,508 | 1 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Risk-weighted assets (CHF million) | |||||||||||||
Risk-weighted assets – BIS | 290,098 | 284,582 | 2 | 290,098 | 284,582 | 2 | |||||||
Swiss regulatory adjustments 2 | 631 | 611 | 3 | 631 | 611 | 3 | |||||||
Swiss risk-weighted assets | 290,729 | 285,193 | 2 | 290,729 | 285,193 | 2 | |||||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 1Q19 | 4Q18 | QoQ | 1Q19 | 4Q18 | QoQ | |||||||
Swiss capital and leverage exposure (CHF million) | |||||||||||||
Swiss CET1 capital | 36,422 | 35,719 | 2 | 36,422 | 35,719 | 2 | |||||||
Going concern capital | 50,434 | 49,443 | 2 | 46,897 | 45,935 | 2 | |||||||
Gone concern capital | 36,466 | 35,678 | 2 | 39,495 | 37,909 | 4 | |||||||
Total loss-absorbing capacity | 86,900 | 85,121 | 2 | 86,392 | 83,844 | 3 | |||||||
Leverage exposure | 901,814 | 881,386 | 2 | 901,814 | 881,386 | 2 | |||||||
Swiss leverage ratios (%) | |||||||||||||
Swiss CET1 leverage ratio | 4.0 | 4.1 | – | 4.0 | 4.1 | – | |||||||
Going concern leverage ratio | 5.6 | 5.6 | – | 5.2 | 5.2 | – | |||||||
Gone concern leverage ratio | 4.0 | 4.0 | – | 4.4 | 4.3 | – | |||||||
TLAC leverage ratio | 9.6 | 9.7 | – | 9.6 | 9.5 | – | |||||||
Rounding differences may occur.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
||||||||
Risk management VaR (CHF million) | |||||||||||||||
1Q19 | |||||||||||||||
Average | 15 | 19 | 4 | 2 | 10 | (23) | 27 | ||||||||
Minimum | 12 | 17 | 3 | 1 | 8 | – | 1 | 24 | |||||||
Maximum | 19 | 20 | 6 | 2 | 14 | – | 1 | 31 | |||||||
End of period | 13 | 18 | 4 | 2 | 9 | (22) | 24 | ||||||||
4Q18 | |||||||||||||||
Average | 16 | 18 | 4 | 1 | 13 | (24) | 28 | ||||||||
Minimum | 11 | 17 | 3 | 1 | 9 | – | 1 | 22 | |||||||
Maximum | 23 | 21 | 5 | 2 | 24 | – | 1 | 36 | |||||||
End of period | 16 | 19 | 3 | 1 | 14 | (23) | 30 | ||||||||
Risk management VaR (USD million) | |||||||||||||||
1Q19 | |||||||||||||||
Average | 15 | 19 | 4 | 2 | 10 | (23) | 27 | ||||||||
Minimum | 12 | 17 | 3 | 1 | 8 | – | 1 | 24 | |||||||
Maximum | 19 | 20 | 6 | 2 | 14 | – | 1 | 32 | |||||||
End of period | 13 | 18 | 4 | 2 | 9 | (22) | 24 | ||||||||
4Q18 | |||||||||||||||
Average | 16 | 18 | 4 | 1 | 13 | (24) | 28 | ||||||||
Minimum | 11 | 17 | 3 | 1 | 9 | – | 1 | 22 | |||||||
Maximum | 23 | 22 | 5 | 2 | 24 | – | 1 | 36 | |||||||
End of period | 16 | 19 | 3 | 1 | 14 | (23) | 30 | ||||||||
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.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Consolidated statements of operations (CHF million) | |||||||
Interest and dividend income | 4,818 | 5,514 | 4,451 | ||||
Interest expense | (3,286) | (3,102) | (2,866) | ||||
Net interest income | 1,532 | 2,412 | 1,585 | ||||
Commissions and fees | 2,612 | 2,864 | 3,046 | ||||
Trading revenues | 840 | (865) | 578 | ||||
Other revenues | 403 | 390 | 427 | ||||
Net revenues | 5,387 | 4,801 | 5,636 | ||||
Provision for credit losses | 81 | 59 | 48 | ||||
Compensation and benefits | 2,518 | 2,141 | 2,538 | ||||
General and administrative expenses | 1,413 | 1,569 | 1,508 | ||||
Commission expenses | 313 | 301 | 344 | ||||
Restructuring expenses | – | 136 | 144 | ||||
Total other operating expenses | 1,726 | 2,006 | 1,996 | ||||
Total operating expenses | 4,244 | 4,147 | 4,534 | ||||
Income before taxes | 1,062 | 595 | 1,054 | ||||
Income tax expense | 313 | 340 | 362 | ||||
Net income | 749 | 255 | 692 | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | (4) | (2) | ||||
Net income attributable to shareholders | 749 | 259 | 694 | ||||
Earnings/(loss) per share (CHF) | |||||||
Basic earnings per share | 0.29 | 0.10 | 0.27 | ||||
Diluted earnings per share | 0.29 | 0.10 | 0.26 |
end of | 1Q19 | 4Q18 | |||
Assets (CHF million) | |||||
Cash and due from banks | 94,762 | 100,047 | |||
Interest-bearing deposits with banks | 963 | 1,142 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 116,151 | 117,095 | |||
Securities received as collateral, at fair value | 49,472 | 41,696 | |||
Trading assets, at fair value | 144,922 | 133,635 | |||
Investment securities | 1,716 | 1,479 | |||
Other investments | 4,839 | 4,890 | |||
Net loans | 292,970 | 287,581 | |||
Goodwill | 4,807 | 4,766 | |||
Other intangible assets | 224 | 219 | |||
Brokerage receivables | 42,309 | 38,907 | |||
Other assets | 40,501 | 37,459 | |||
Total assets | 793,636 | 768,916 | |||
Liabilities and equity (CHF million) | |||||
Due to banks | 18,780 | 15,220 | |||
Customer deposits | 367,147 | 363,925 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,617 | 24,623 | |||
Obligation to return securities received as collateral, at fair value | 49,472 | 41,696 | |||
Trading liabilities, at fair value | 39,536 | 42,169 | |||
Short-term borrowings | 26,557 | 21,926 | |||
Long-term debt | 160,261 | 154,308 | |||
Brokerage payables | 37,942 | 30,923 | |||
Other liabilities | 29,393 | 30,107 | |||
Total liabilities | 749,705 | 724,897 | |||
Common shares | 102 | 102 | |||
Additional paid-in capital | 35,212 | 34,889 | |||
Retained earnings | 27,964 | 26,973 | |||
Treasury shares, at cost | (580) | (61) | |||
Accumulated other comprehensive income/(loss) | (18,873) | (17,981) | |||
Total shareholders' equity | 43,825 | 43,922 | |||
Noncontrolling interests | 106 | 97 | |||
Total equity | 43,931 | 44,019 | |||
Total liabilities and equity | 793,636 | 768,916 |
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
1Q19 (CHF million) | |||||||||||||||||
Balance at beginning of period | 102 | 34,889 | 26,973 | (61) | (17,981) | 43,922 | 97 | 44,019 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (3) | (3) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 11 | 11 | |||||||||
Net income/(loss) | – | – | 749 | – | – | 749 | – | 749 | |||||||||
Cumulative effect of accounting changes, net of tax | – | – | 242 | – | (64) | 178 | – | 178 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (828) | (828) | 2 | (826) | |||||||||
Sale of treasury shares | – | 7 | – | 2,827 | – | 2,834 | – | 2,834 | |||||||||
Repurchase of treasury shares | – | – | – | (3,367) | – | (3,367) | – | (3,367) | |||||||||
Share-based compensation, net of tax | – | 253 | – | 21 | – | 274 | – | 274 | |||||||||
Financial instruments indexed to own shares 3 | – | 63 | – | – | – | 63 | – | 63 | |||||||||
Dividends paid | – | – | – | – | – | – | (1) | (1) | |||||||||
Balance at end of period | 102 | 35,212 | 27,964 | (580) | (18,873) | 43,825 | 106 | 43,931 | |||||||||
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
Includes certain call options the Group purchased 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.
|
in | 1Q19 | 4Q18 | 1Q18 | ||||
Net income/(loss) attributable to shareholders (CHF million) | |||||||
Net income attributable to shareholders for basic earnings per share | 749 | 259 | 694 | ||||
Net income attributable to shareholders for diluted earnings per share | 749 | 259 | 694 | ||||
Weighted-average shares outstanding (million) | |||||||
For basic earnings per share available for common shares | 2,573.1 | 2,564.3 | 2,586.4 | ||||
Dilutive share options and warrants | 3.4 | 4.0 | 2.2 | ||||
Dilutive share awards | 45.3 | 52.1 | 65.1 | ||||
For diluted earnings per share available for common shares 1 | 2,621.8 | 2,620.4 | 2,653.7 | ||||
Earnings/(loss) per share available for common shares (CHF) | |||||||
Basic earnings per share available for common shares | 0.29 | 0.10 | 0.27 | ||||
Diluted earnings per share available for common shares | 0.29 | 0.10 | 0.26 | ||||
1
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 6.7 million, 6.5 million and 11.6 million for 1Q19, 4Q18 and 1Q18, respectively.
|
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