Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Credit Suisse (CHF million) | |||||||||||||||||
Net revenues | 5,581 | 5,387 | 5,595 | 4 | 0 | 10,968 | 11,231 | (2) | |||||||||
Provision for credit losses | 25 | 81 | 73 | (69) | (66) | 106 | 121 | (12) | |||||||||
Total operating expenses | 4,254 | 4,244 | 4,470 | 0 | (5) | 8,498 | 9,004 | (6) | |||||||||
Income before taxes | 1,302 | 1,062 | 1,052 | 23 | 24 | 2,364 | 2,106 | 12 | |||||||||
Net income attributable to shareholders | 937 | 749 | 647 | 25 | 45 | 1,686 | 1,341 | 26 | |||||||||
Cost/income ratio (%) | 76.2 | 78.8 | 79.9 | – | – | 77.5 | 80.2 | – | |||||||||
Effective tax rate (%) | 28.0 | 29.5 | 37.8 | – | – | 28.7 | 36.1 | – | |||||||||
Basic earnings per share (CHF) | 0.37 | 0.29 | 0.25 | 28 | 48 | 0.66 | 0.52 | 27 | |||||||||
Diluted earnings per share (CHF) | 0.36 | 0.29 | 0.25 | 24 | 44 | 0.65 | 0.51 | 27 | |||||||||
Return on equity (%) | 8.5 | 6.9 | 6.1 | – | – | 7.7 | 6.4 | – | |||||||||
Return on tangible equity (%) | 9.7 | 7.8 | 6.9 | – | – | 8.7 | 7.2 | – | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management | 1,459.9 | 1,431.3 | 1,398.7 | 2.0 | 4.4 | 1,459.9 | 1,398.7 | 4.4 | |||||||||
Net new assets | 23.2 | 35.8 | 15.3 | (35.2) | 51.6 | 59.0 | 40.3 | 46.4 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 784,216 | 793,636 | 798,158 | (1) | (2) | 784,216 | 798,158 | (2) | |||||||||
Net loans | 293,797 | 292,970 | 287,660 | 0 | 2 | 293,797 | 287,660 | 2 | |||||||||
Total shareholders' equity | 43,673 | 43,825 | 43,470 | 0 | 0 | 43,673 | 43,470 | 0 | |||||||||
Tangible shareholders' equity | 38,726 | 38,794 | 38,461 | 0 | 1 | 38,726 | 38,461 | 1 | |||||||||
Basel III regulatory capital and leverage statistics (%) | |||||||||||||||||
CET1 ratio | 12.5 | 12.6 | 12.8 | – | – | 12.5 | 12.8 | – | |||||||||
CET1 leverage ratio | 4.1 | 4.1 | 3.9 | – | – | 4.1 | 3.9 | – | |||||||||
Look-through tier 1 leverage ratio | 5.3 | 5.2 | 5.2 | – | – | 5.3 | 5.2 | – | |||||||||
Share information | |||||||||||||||||
Shares outstanding (million) | 2,507.8 | 2,507.8 | 2,550.0 | 0 | (2) | 2,507.8 | 2,550.0 | (2) | |||||||||
of which common shares issued | 2,556.0 | 2,556.0 | 2,556.0 | 0 | 0 | 2,556.0 | 2,556.0 | 0 | |||||||||
of which treasury shares | (48.2) | (48.2) | (6.0) | 0 | – | (48.2) | (6.0) | – | |||||||||
Book value per share (CHF) | 17.42 | 17.48 | 17.05 | 0 | 2 | 17.42 | 17.05 | 2 | |||||||||
Tangible book value per share (CHF) | 15.44 | 15.47 | 15.08 | 0 | 2 | 15.44 | 15.08 | 2 | |||||||||
Market capitalization (CHF million) | 29,918 | 29,663 | 38,212 | 1 | (22) | 29,918 | 38,212 | (22) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,360 | 46,200 | 45,430 | 0 | 2 | 46,360 | 45,430 | 2 | |||||||||
See relevant tables for additional information on these metrics.
|
Market volumes (growth in %) | |||||||||
Global | Europe | ||||||||
end of 2Q19 | QoQ | YoY | QoQ | YoY | |||||
Equity trading volume 1 | 4 | (13) | 9 | (24) | |||||
Announced mergers and acquisitions 2 | 10 | (4) | 41 | (37) | |||||
Completed mergers and acquisitions 2 | (16) | (31) | (29) | (38) | |||||
Equity underwriting 2 | 74 | (5) | 112 | (18) | |||||
Debt underwriting 2 | (6) | 4 | (22) | (16) | |||||
Syndicated lending – investment grade 2 | (10) | (55) | 3 | – | – | ||||
1
London Stock Exchange, Borsa Italiana, Deutsche Börse and BME. Global also includes
ICE and NASDAQ.
|
|||||||||
2
Dealogic.
|
|||||||||
3
6M19 versus 6M18.
|
Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 2,001 | 1,532 | 1,593 | 31 | 26 | 3,533 | 3,178 | 11 | |||||||||
Commissions and fees | 2,927 | 2,612 | 3,159 | 12 | (7) | 5,539 | 6,205 | (11) | |||||||||
Trading revenues 1 | 182 | 840 | 528 | (78) | (66) | 1,022 | 1,106 | (8) | |||||||||
Other revenues | 471 | 403 | 315 | 17 | 50 | 874 | 742 | 18 | |||||||||
Net revenues | 5,581 | 5,387 | 5,595 | 4 | 0 | 10,968 | 11,231 | (2) | |||||||||
Provision for credit losses | 25 | 81 | 73 | (69) | (66) | 106 | 121 | (12) | |||||||||
Compensation and benefits | 2,545 | 2,518 | 2,547 | 1 | 0 | 5,063 | 5,085 | 0 | |||||||||
General and administrative expenses | 1,395 | 1,413 | 1,420 | (1) | (2) | 2,808 | 2,928 | (4) | |||||||||
Commission expenses | 314 | 313 | 328 | 0 | (4) | 627 | 672 | (7) | |||||||||
Restructuring expenses | – | – | 175 | – | – | – | 319 | – | |||||||||
Total other operating expenses | 1,709 | 1,726 | 1,923 | (1) | (11) | 3,435 | 3,919 | (12) | |||||||||
Total operating expenses | 4,254 | 4,244 | 4,470 | 0 | (5) | 8,498 | 9,004 | (6) | |||||||||
Income before taxes | 1,302 | 1,062 | 1,052 | 23 | 24 | 2,364 | 2,106 | 12 | |||||||||
Income tax expense | 365 | 313 | 398 | 17 | (8) | 678 | 760 | (11) | |||||||||
Net income | 937 | 749 | 654 | 25 | 43 | 1,686 | 1,346 | 25 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 7 | – | (100) | 0 | 5 | (100) | |||||||||
Net income attributable to shareholders | 937 | 749 | 647 | 25 | 45 | 1,686 | 1,341 | 26 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 11.6 | 9.5 | 9.1 | – | – | 10.6 | 9.1 | – | |||||||||
Cost/income ratio | 76.2 | 78.8 | 79.9 | – | – | 77.5 | 80.2 | – | |||||||||
Effective tax rate | 28.0 | 29.5 | 37.8 | – | – | 28.7 | 36.1 | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings per share | 0.37 | 0.29 | 0.25 | 28 | 48 | 0.66 | 0.52 | 27 | |||||||||
Diluted earnings per share | 0.36 | 0.29 | 0.25 | 24 | 44 | 0.65 | 0.51 | 27 | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity | 8.5 | 6.9 | 6.1 | – | – | 7.7 | 6.4 | – | |||||||||
Return on tangible equity 2 | 9.7 | 7.8 | 6.9 | – | – | 8.7 | 7.2 | – | |||||||||
Book value per share (CHF) | |||||||||||||||||
Book value per share | 17.42 | 17.48 | 17.05 | 0 | 2 | 17.42 | 17.05 | 2 | |||||||||
Tangible book value per share 2 | 15.44 | 15.47 | 15.08 | 0 | 2 | 15.44 | 15.08 | 2 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 784,216 | 793,636 | 798,158 | (1) | (2) | 784,216 | 798,158 | (2) | |||||||||
Risk-weighted assets | 290,798 | 290,098 | 277,125 | 0 | 5 | 290,798 | 277,125 | 5 | |||||||||
Leverage exposure | 897,916 | 901,814 | 920,002 | 0 | (2) | 897,916 | 920,002 | (2) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 46,360 | 46,200 | 45,430 | 0 | 2 | 46,360 | 45,430 | 2 | |||||||||
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.
|
|||||||||||||||||
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 |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,476 | 1,369 | 913 | 1,553 | 454 | (184) | – | 5,581 | |||||||||
Provision for credit losses | 10 | 9 | (1) | 2 | 1 | 4 | – | 25 | |||||||||
Compensation and benefits | 492 | 583 | 410 | 638 | 319 | 103 | – | 2,545 | |||||||||
Total other operating expenses | 320 | 333 | 267 | 556 | 128 | 105 | – | 1,709 | |||||||||
of which general and administrative expenses | 270 | 279 | 207 | 426 | 124 | 89 | – | 1,395 | |||||||||
Total operating expenses | 812 | 916 | 677 | 1,194 | 447 | 208 | – | 4,254 | |||||||||
Income/(loss) before taxes | 654 | 444 | 237 | 357 | 6 | (396) | – | 1,302 | |||||||||
Return on regulatory capital (%) | 20.1 | 28.9 | 17.0 | 11.0 | 0.8 | – | – | 11.6 | |||||||||
Cost/income ratio (%) | 55.0 | 66.9 | 74.2 | 76.9 | 98.5 | – | – | 76.2 | |||||||||
Total assets | 229,705 | 94,591 | 106,592 | 217,930 | 17,667 | 117,731 | – | 784,216 | |||||||||
Goodwill | 612 | 1,530 | 1,496 | 460 | 633 | 0 | – | 4,731 | |||||||||
Risk-weighted assets | 76,973 | 43,505 | 37,009 | 58,146 | 26,112 | 49,053 | – | 290,798 | |||||||||
Leverage exposure | 261,165 | 101,263 | 112,060 | 254,198 | 42,846 | 126,384 | – | 897,916 | |||||||||
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 | |||||||||
2Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,419 | 1,344 | 914 | 1,426 | 644 | 24 | (176) | 5,595 | |||||||||
Provision for credit losses | 35 | 5 | 7 | 12 | 15 | 0 | (1) | 73 | |||||||||
Compensation and benefits | 485 | 565 | 390 | 595 | 367 | 74 | 71 | 2,547 | |||||||||
Total other operating expenses | 346 | 341 | 300 | 671 | 152 | (9) | 122 | 1,923 | |||||||||
of which general and administrative expenses | 259 | 253 | 227 | 484 | 120 | (30) | 107 | 1,420 | |||||||||
of which restructuring expenses | 27 | 28 | 20 | 56 | 31 | 0 | 13 | 175 | |||||||||
Total operating expenses | 831 | 906 | 690 | 1,266 | 519 | 65 | 193 | 4,470 | |||||||||
Income/(loss) before taxes | 553 | 433 | 217 | 148 | 110 | (41) | (368) | 1,052 | |||||||||
Return on regulatory capital (%) | 17.7 | 31.8 | 14.8 | 4.2 | 13.9 | – | – | 9.1 | |||||||||
Cost/income ratio (%) | 58.6 | 67.4 | 75.5 | 88.8 | 80.6 | – | – | 79.9 | |||||||||
Total assets | 220,030 | 92,622 | 109,336 | 228,941 | 18,546 | 101,244 | 27,439 | 798,158 | |||||||||
Goodwill | 615 | 1,563 | 1,513 | 465 | 641 | 0 | 0 | 4,797 | |||||||||
Risk-weighted assets | 72,700 | 38,791 | 33,577 | 58,918 | 22,520 | 30,171 | 20,448 | 277,125 | |||||||||
Leverage exposure | 252,173 | 99,109 | 117,721 | 266,020 | 43,441 | 102,846 | 38,692 | 920,002 | |||||||||
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.
|
Overview of Results (continued) | |||||||||||||||||
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 |
|||||||
6M19 (CHF million) | |||||||||||||||||
Net revenues | 2,855 | 2,786 | 1,767 | 3,025 | 810 | (275) | – | 10,968 | |||||||||
Provision for credit losses | 39 | 19 | 16 | 13 | 9 | 10 | – | 106 | |||||||||
Compensation and benefits | 967 | 1,161 | 798 | 1,274 | 630 | 233 | – | 5,063 | |||||||||
Total other operating expenses | 645 | 639 | 533 | 1,099 | 258 | 261 | – | 3,435 | |||||||||
of which general and administrative expenses | 540 | 531 | 416 | 841 | 251 | 229 | – | 2,808 | |||||||||
Total operating expenses | 1,612 | 1,800 | 1,331 | 2,373 | 888 | 494 | – | 8,498 | |||||||||
Income/(loss) before taxes | 1,204 | 967 | 420 | 639 | (87) | (779) | – | 2,364 | |||||||||
Return on regulatory capital (%) | 18.6 | 32.2 | 15.3 | 10.0 | (4.7) | – | – | 10.6 | |||||||||
Cost/income ratio (%) | 56.5 | 64.6 | 75.3 | 78.4 | 109.6 | – | – | 77.5 | |||||||||
6M18 (CHF million) | |||||||||||||||||
Net revenues | 2,850 | 2,747 | 1,905 | 2,972 | 1,172 | (36) | (379) | 11,231 | |||||||||
Provision for credit losses | 69 | 4 | 17 | 16 | 16 | 0 | (1) | 121 | |||||||||
Compensation and benefits | 972 | 1,152 | 801 | 1,212 | 683 | 129 | 136 | 5,085 | |||||||||
Total other operating expenses | 693 | 674 | 636 | 1,301 | 304 | 48 | 263 | 3,919 | |||||||||
of which general and administrative expenses | 517 | 507 | 486 | 937 | 241 | 7 | 233 | 2,928 | |||||||||
of which restructuring expenses | 55 | 54 | 26 | 98 | 61 | 1 | 24 | 319 | |||||||||
Total operating expenses | 1,665 | 1,826 | 1,437 | 2,513 | 987 | 177 | 399 | 9,004 | |||||||||
Income/(loss) before taxes | 1,116 | 917 | 451 | 443 | 169 | (213) | (777) | 2,106 | |||||||||
Return on regulatory capital (%) | 17.7 | 33.6 | 15.9 | 6.5 | 11.1 | – | – | 9.1 | |||||||||
Cost/income ratio (%) | 58.4 | 66.5 | 75.4 | 84.6 | 84.2 | – | – | 80.2 | |||||||||
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 |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Net revenues | 1,476 | 1,369 | 913 | 1,553 | 454 | (184) | – | 5,581 | |||||||||
Real estate (gains)/losses | (87) | (13) | 0 | 0 | 0 | 25 | – | (75) | |||||||||
Net revenues adjusted | 1,389 | 1,356 | 913 | 1,553 | 454 | (159) | – | 5,506 | |||||||||
Provision for credit losses | 10 | 9 | (1) | 2 | 1 | 4 | – | 25 | |||||||||
Total operating expenses | 812 | 916 | 677 | 1,194 | 447 | 208 | – | 4,254 | |||||||||
Major litigation provisions | (3) | 0 | 0 | 0 | 0 | (26) | – | (29) | |||||||||
Expenses related to real estate disposals | 0 | (2) | 0 | (9) | (5) | 0 | – | (16) | |||||||||
Total operating expenses adjusted | 809 | 914 | 677 | 1,185 | 442 | 182 | – | 4,209 | |||||||||
Income/(loss) before taxes | 654 | 444 | 237 | 357 | 6 | (396) | – | 1,302 | |||||||||
Total adjustments | (84) | (11) | 0 | 9 | 5 | 51 | – | (30) | |||||||||
Adjusted income/(loss) before taxes | 570 | 433 | 237 | 366 | 11 | (345) | – | 1,272 | |||||||||
Adjusted return on regulatory capital (%) | 17.5 | 28.2 | 17.0 | 11.3 | 1.4 | – | – | 11.3 |
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 |
2Q18 (CHF million) | |||||||||||||||||
Net revenues | 1,419 | 1,344 | 914 | 1,426 | 644 | 24 | (176) | 5,595 | |||||||||
Provision for credit losses | 35 | 5 | 7 | 12 | 15 | 0 | (1) | 73 | |||||||||
Total operating expenses | 831 | 906 | 690 | 1,266 | 519 | 65 | 193 | 4,470 | |||||||||
Restructuring expenses | (27) | (28) | (20) | (56) | (31) | 0 | (13) | (175) | |||||||||
Major litigation provisions | 0 | 0 | (29) | 0 | 0 | 0 | (26) | (55) | |||||||||
Expenses related to business sales | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | |||||||||
Total operating expenses adjusted | 804 | 878 | 641 | 1,210 | 488 | 65 | 153 | 4,239 | |||||||||
Income/(loss) before taxes | 553 | 433 | 217 | 148 | 110 | (41) | (368) | 1,052 | |||||||||
Total adjustments | 27 | 28 | 49 | 56 | 31 | 0 | 40 | 231 | |||||||||
Adjusted income/(loss) before taxes | 580 | 461 | 266 | 204 | 141 | (41) | (328) | 1,283 | |||||||||
Adjusted return on regulatory capital (%) | 18.6 | 33.9 | 18.3 | 5.8 | 17.8 | – | – | 11.1 | |||||||||
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.
|
Reconciliation of adjusted results (continued) | |||||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Corporate Center |
1 |
Strategic Resolution Unit |
1 |
Credit Suisse |
|||||||
6M19 (CHF million) | |||||||||||||||||
Net revenues | 2,855 | 2,786 | 1,767 | 3,025 | 810 | (275) | – | 10,968 | |||||||||
Real estate (gains)/losses | (117) | (13) | 0 | 0 | 0 | 25 | – | (105) | |||||||||
Net revenues adjusted | 2,738 | 2,773 | 1,767 | 3,025 | 810 | (250) | – | 10,863 | |||||||||
Provision for credit losses | 39 | 19 | 16 | 13 | 9 | 10 | – | 106 | |||||||||
Total operating expenses | 1,612 | 1,800 | 1,331 | 2,373 | 888 | 494 | – | 8,498 | |||||||||
Major litigation provisions | (3) | 27 | 0 | 0 | 0 | (59) | – | (35) | |||||||||
Expenses related to real estate disposals | (10) | (12) | 0 | (17) | (12) | 0 | – | (51) | |||||||||
Total operating expenses adjusted | 1,599 | 1,815 | 1,331 | 2,356 | 876 | 435 | – | 8,412 | |||||||||
Income/(loss) before taxes | 1,204 | 967 | 420 | 639 | (87) | (779) | – | 2,364 | |||||||||
Total adjustments | (104) | (28) | 0 | 17 | 12 | 84 | – | (19) | |||||||||
Adjusted income/(loss) before taxes | 1,100 | 939 | 420 | 656 | (75) | (695) | – | 2,345 | |||||||||
Adjusted return on regulatory capital (%) | 17.0 | 31.3 | 15.3 | 10.3 | (4.1) | – | – | 10.5 |
6M18 (CHF million) | |||||||||||||||||
Net revenues | 2,850 | 2,747 | 1,905 | 2,972 | 1,172 | (36) | (379) | 11,231 | |||||||||
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 | 2,813 | 2,711 | 1,905 | 2,972 | 1,172 | (36) | (380) | 11,157 | |||||||||
Provision for credit losses | 69 | 4 | 17 | 16 | 16 | 0 | (1) | 121 | |||||||||
Total operating expenses | 1,665 | 1,826 | 1,437 | 2,513 | 987 | 177 | 399 | 9,004 | |||||||||
Restructuring expenses | (55) | (54) | (26) | (98) | (61) | (1) | (24) | (319) | |||||||||
Major litigation provisions | 0 | 0 | (77) | 0 | 0 | 0 | (63) | (140) | |||||||||
Expenses related to business sales | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | |||||||||
Total operating expenses adjusted | 1,610 | 1,772 | 1,334 | 2,415 | 926 | 176 | 311 | 8,544 | |||||||||
Income/(loss) before taxes | 1,116 | 917 | 451 | 443 | 169 | (213) | (777) | 2,106 | |||||||||
Total adjustments | 18 | 18 | 103 | 98 | 61 | 1 | 87 | 386 | |||||||||
Adjusted income/(loss) before taxes | 1,134 | 935 | 554 | 541 | 230 | (212) | (690) | 2,492 | |||||||||
Adjusted return on regulatory capital (%) | 18.0 | 34.3 | 19.6 | 7.9 | 15.2 | – | – | 10.8 | |||||||||
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.
|
Results by business activity | |||||||||||||||||
2Q19 | 1Q19 | ||||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Corporate Center |
1 |
Credit Suisse |
Credit Suisse |
||||||||
Related to private banking (CHF million) | |||||||||||||||||
Net revenues | 828 | 989 | 437 | – | – | – | 2,254 | 2,159 | |||||||||
of which net interest income | 419 | 372 | 168 | – | – | – | 959 | 928 | |||||||||
of which recurring | 202 | 295 | 106 | – | – | – | 603 | 601 | |||||||||
of which transaction-based | 120 | 310 | 163 | – | – | – | 593 | 600 | |||||||||
Provision for credit losses | 10 | 7 | 0 | – | – | – | 17 | 21 | |||||||||
Total operating expenses | 462 | 642 | 272 | – | – | – | 1,376 | 1,332 | |||||||||
Income before taxes | 356 | 340 | 165 | – | – | – | 861 | 806 | |||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||||
Net revenues | 648 | – | – | – | – | – | 648 | 637 | |||||||||
of which net interest income | 303 | – | – | – | – | – | 303 | 307 | |||||||||
of which recurring | 165 | – | – | – | – | – | 165 | 160 | |||||||||
of which transaction-based | 195 | – | – | – | – | – | 195 | 187 | |||||||||
Provision for credit losses | 0 | – | – | – | – | – | 0 | 18 | |||||||||
Total operating expenses | 350 | – | – | – | – | – | 350 | 342 | |||||||||
Income before taxes | 298 | – | – | – | – | – | 298 | 277 | |||||||||
Related to investment banking (CHF million) | |||||||||||||||||
Net revenues | – | – | 476 | 1,553 | 454 | – | 2,483 | 2,284 | |||||||||
of which fixed income sales and trading | – | – | 87 | 899 | – | – | 986 | 981 | |||||||||
of which equity sales and trading | – | – | 212 | 509 | – | – | 721 | 738 | |||||||||
of which underwriting and advisory | – | – | 177 | 2 | 238 | 480 | – | 895 | 692 | ||||||||
Provision for credit losses | – | – | (1) | 2 | 1 | – | 2 | 36 | |||||||||
Total operating expenses | – | – | 405 | 1,194 | 447 | – | 2,046 | 2,007 | |||||||||
Income before taxes | – | – | 72 | 357 | 6 | – | 435 | 241 | |||||||||
Related to asset management (CHF million) | |||||||||||||||||
Net revenues | – | 380 | – | – | – | – | 380 | 398 | |||||||||
Provision for credit losses | – | 2 | – | – | – | – | 2 | 0 | |||||||||
Total operating expenses | – | 274 | – | – | – | – | 274 | 277 | |||||||||
Income before taxes | – | 104 | – | – | – | – | 104 | 121 | |||||||||
Related to corporate center (CHF million) | |||||||||||||||||
Net revenues | – | – | – | – | – | (184) | (184) | (91) | |||||||||
Provision for credit losses | – | – | – | – | – | 4 | 4 | 6 | |||||||||
Total operating expenses | – | – | – | – | – | 208 | 208 | 286 | |||||||||
Income/(loss) before taxes | – | – | – | – | – | (396) | (396) | (383) | |||||||||
Total (CHF million) | |||||||||||||||||
Net revenues | 1,476 | 1,369 | 913 | 1,553 | 454 | (184) | 5,581 | 5,387 | |||||||||
Provision for credit losses | 10 | 9 | (1) | 2 | 1 | 4 | 25 | 81 | |||||||||
Total operating expenses | 812 | 916 | 677 | 1,194 | 447 | 208 | 4,254 | 4,244 | |||||||||
Income/(loss) before taxes | 654 | 444 | 237 | 357 | 6 | (396) | 1,302 | 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.
|
Results by business activity (continued) | |||||||||||||||
6M19 | |||||||||||||||
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 | 1,570 | 2,008 | 835 | – | – | – | 4,413 | ||||||||
of which net interest income | 831 | 742 | 314 | – | – | – | 1,887 | ||||||||
of which recurring | 401 | 590 | 213 | – | – | – | 1,204 | ||||||||
of which transaction-based | 221 | 664 | 308 | – | – | – | 1,193 | ||||||||
Provision for credit losses | 21 | 17 | 0 | – | – | – | 38 | ||||||||
Total operating expenses | 920 | 1,249 | 539 | – | – | – | 2,708 | ||||||||
Income before taxes | 629 | 742 | 296 | – | – | – | 1,667 | ||||||||
Related to corporate & institutional banking (CHF million) | |||||||||||||||
Net revenues | 1,285 | – | – | – | – | – | 1,285 | ||||||||
of which net interest income | 610 | – | – | – | – | – | 610 | ||||||||
of which recurring | 325 | – | – | – | – | – | 325 | ||||||||
of which transaction-based | 382 | – | – | – | – | – | 382 | ||||||||
Provision for credit losses | 18 | – | – | – | – | – | 18 | ||||||||
Total operating expenses | 692 | – | – | – | – | – | 692 | ||||||||
Income before taxes | 575 | – | – | – | – | – | 575 | ||||||||
Related to investment banking (CHF million) | |||||||||||||||
Net revenues | – | – | 932 | 3,025 | 810 | – | 4,767 | ||||||||
of which fixed income sales and trading | – | – | 178 | 1,789 | – | – | 1,967 | ||||||||
of which equity sales and trading | – | – | 410 | 1,049 | – | – | 1,459 | ||||||||
of which underwriting and advisory | – | – | 344 | 2 | 379 | 864 | – | 1,587 | |||||||
Provision for credit losses | – | – | 16 | 13 | 9 | – | 38 | ||||||||
Total operating expenses | – | – | 792 | 2,373 | 888 | – | 4,053 | ||||||||
Income/(loss) before taxes | – | – | 124 | 639 | (87) | – | 676 | ||||||||
Related to asset management (CHF million) | |||||||||||||||
Net revenues | – | 778 | – | – | – | – | 778 | ||||||||
Provision for credit losses | – | 2 | – | – | – | – | 2 | ||||||||
Total operating expenses | – | 551 | – | – | – | – | 551 | ||||||||
Income before taxes | – | 225 | – | – | – | – | 225 | ||||||||
Related to corporate center (CHF million) | |||||||||||||||
Net revenues | – | – | – | – | – | (275) | (275) | ||||||||
Provision for credit losses | – | – | – | – | – | 10 | 10 | ||||||||
Total operating expenses | – | – | – | – | – | 494 | 494 | ||||||||
Loss before taxes | – | – | – | – | – | (779) | (779) | ||||||||
Total (CHF million) | |||||||||||||||
Net revenues | 2,855 | 2,786 | 1,767 | 3,025 | 810 | (275) | 10,968 | ||||||||
Provision for credit losses | 39 | 19 | 16 | 13 | 9 | 10 | 106 | ||||||||
Total operating expenses | 1,612 | 1,800 | 1,331 | 2,373 | 888 | 494 | 8,498 | ||||||||
Income/(loss) before taxes | 1,204 | 967 | 420 | 639 | (87) | (779) | 2,364 | ||||||||
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.
|
Employees and other headcount | |||||||
end of | 2Q19 | 1Q19 | 2Q18 | ||||
Employees (full-time equivalents) | |||||||
Swiss Universal Bank | 12,190 | 11,980 | 12,180 | ||||
International Wealth Management | 10,120 | 10,400 | 10,070 | ||||
Asia Pacific | 7,800 | 7,680 | 7,170 | ||||
Global Markets | 11,830 | 11,460 | 11,270 | ||||
Investment Banking & Capital Markets | 3,090 | 3,080 | 3,040 | ||||
Strategic Resolution Unit 1 | – | – | 1,390 | ||||
Corporate Center 1 | 1,330 | 1,600 | 310 | ||||
Total employees | 46,360 | 46,200 | 45,430 | ||||
Other headcount | |||||||
Outsourced roles, contractors and consultants 2 | 13,180 | 13,520 | 13,720 | ||||
Total employees and other headcount | 59,540 | 59,720 | 59,150 | ||||
1
Beginning in 2019, the Strategic Resolution Unit has ceased to exist as a separate
division of the Group.
|
|||||||
2
Excludes the headcount of certain managed service resources which are related to fixed
fee projects.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,476 | 1,379 | 1,419 | 7 | 4 | 2,855 | 2,850 | 0 | |||||||||
Provision for credit losses | 10 | 29 | 35 | (66) | (71) | 39 | 69 | (43) | |||||||||
Compensation and benefits | 492 | 475 | 485 | 4 | 1 | 967 | 972 | (1) | |||||||||
General and administrative expenses | 270 | 270 | 259 | 0 | 4 | 540 | 517 | 4 | |||||||||
Commission expenses | 50 | 55 | 60 | (9) | (17) | 105 | 121 | (13) | |||||||||
Restructuring expenses | – | – | 27 | – | – | – | 55 | – | |||||||||
Total other operating expenses | 320 | 325 | 346 | (2) | (8) | 645 | 693 | (7) | |||||||||
Total operating expenses | 812 | 800 | 831 | 2 | (2) | 1,612 | 1,665 | (3) | |||||||||
Income before taxes | 654 | 550 | 553 | 19 | 18 | 1,204 | 1,116 | 8 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 20.1 | 17.1 | 17.7 | – | – | 18.6 | 17.7 | – | |||||||||
Cost/income ratio | 55.0 | 58.0 | 58.6 | – | – | 56.5 | 58.4 | – | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 12,190 | 11,980 | 12,180 | 2 | 0 | 12,190 | 12,180 | 0 | |||||||||
Number of relationship managers | 1,810 | 1,800 | 1,820 | 1 | (1) | 1,810 | 1,820 | (1) |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Clients | 828 | 742 | 757 | 12 | 9 | 1,570 | 1,519 | 3 | |||||||||
Corporate & Institutional Clients | 648 | 637 | 662 | 2 | (2) | 1,285 | 1,331 | (3) | |||||||||
Net revenues | 1,476 | 1,379 | 1,419 | 7 | 4 | 2,855 | 2,850 | 0 | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 722 | 719 | 739 | 0 | (2) | 1,441 | 1,470 | (2) | |||||||||
Recurring commissions and fees | 367 | 359 | 386 | 2 | (5) | 726 | 766 | (5) | |||||||||
Transaction-based revenues | 315 | 288 | 305 | 9 | 3 | 603 | 604 | 0 | |||||||||
Other revenues | 72 | 13 | (11) | 454 | – | 85 | 10 | – | |||||||||
Net revenues | 1,476 | 1,379 | 1,419 | 7 | 4 | 2,855 | 2,850 | 0 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 31 | 45 | 48 | (31) | (35) | 76 | 95 | (20) | |||||||||
Releases of provisions | (21) | (16) | (13) | 31 | 62 | (37) | (26) | 42 | |||||||||
Provision for credit losses | 10 | 29 | 35 | (66) | (71) | 39 | 69 | (43) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 229,705 | 228,664 | 220,030 | 0 | 4 | 229,705 | 220,030 | 4 | |||||||||
Net loans | 170,835 | 169,531 | 167,342 | 1 | 2 | 170,835 | 167,342 | 2 | |||||||||
of which Private Clients | 115,113 | 114,272 | 112,557 | 1 | 2 | 115,113 | 112,557 | 2 | |||||||||
Risk-weighted assets | 76,973 | 76,757 | 72,700 | 0 | 6 | 76,973 | 72,700 | 6 | |||||||||
Leverage exposure | 261,165 | 259,380 | 252,173 | 1 | 4 | 261,165 | 252,173 | 4 | |||||||||
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 | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 828 | 742 | 757 | 648 | 637 | 662 | 1,476 | 1,379 | 1,419 | ||||||||||
Real estate gains | (87) | (30) | 0 | 0 | 0 | 0 | (87) | (30) | 0 | ||||||||||
Adjusted net revenues | 741 | 712 | 757 | 648 | 637 | 662 | 1,389 | 1,349 | 1,419 | ||||||||||
Provision for credit losses | 10 | 11 | 11 | 0 | 18 | 24 | 10 | 29 | 35 | ||||||||||
Total operating expenses | 462 | 458 | 478 | 350 | 342 | 353 | 812 | 800 | 831 | ||||||||||
Restructuring expenses | – | – | (17) | – | – | (10) | – | – | (27) | ||||||||||
Major litigation provisions | 0 | 0 | 0 | (3) | 0 | 0 | (3) | 0 | 0 | ||||||||||
Expenses related to real estate disposals | 0 | (7) | – | 0 | (3) | – | 0 | (10) | – | ||||||||||
Adjusted total operating expenses | 462 | 451 | 461 | 347 | 339 | 343 | 809 | 790 | 804 | ||||||||||
Income before taxes | 356 | 273 | 268 | 298 | 277 | 285 | 654 | 550 | 553 | ||||||||||
Total adjustments | (87) | (23) | 17 | 3 | 3 | 10 | (84) | (20) | 27 | ||||||||||
Adjusted income before taxes | 269 | 250 | 285 | 301 | 280 | 295 | 570 | 530 | 580 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 17.5 | 16.5 | 18.6 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted
results" in Credit Suisse for further information.
|
Reconciliation of adjusted results (continued) | |||||||||||||
Private Clients |
Corporate &
Institutional Clients |
Swiss
Universal Bank |
|||||||||||
in | 6M19 | 6M18 | 6M19 | 6M18 | 6M19 | 6M18 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 1,570 | 1,519 | 1,285 | 1,331 | 2,855 | 2,850 | |||||||
Real estate gains | (117) | 0 | 0 | 0 | (117) | 0 | |||||||
Gains on business sales | 0 | (19) | 0 | (18) | 0 | (37) | |||||||
Adjusted net revenues | 1,453 | 1,500 | 1,285 | 1,313 | 2,738 | 2,813 | |||||||
Provision for credit losses | 21 | 21 | 18 | 48 | 39 | 69 | |||||||
Total operating expenses | 920 | 965 | 692 | 700 | 1,612 | 1,665 | |||||||
Restructuring expenses | – | (39) | – | (16) | – | (55) | |||||||
Major litigation provisions | 0 | 0 | (3) | 0 | (3) | 0 | |||||||
Expenses related to real estate disposals | (7) | – | (3) | – | (10) | – | |||||||
Adjusted total operating expenses | 913 | 926 | 686 | 684 | 1,599 | 1,610 | |||||||
Income before taxes | 629 | 533 | 575 | 583 | 1,204 | 1,116 | |||||||
Total adjustments | (110) | 20 | 6 | (2) | (104) | 18 | |||||||
Adjusted income before taxes | 519 | 553 | 581 | 581 | 1,100 | 1,134 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 17.0 | 18.0 | |||||||
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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 828 | 742 | 757 | 12 | 9 | 1,570 | 1,519 | 3 | |||||||||
Provision for credit losses | 10 | 11 | 11 | (9) | (9) | 21 | 21 | 0 | |||||||||
Compensation and benefits | 276 | 266 | 275 | 4 | 0 | 542 | 552 | (2) | |||||||||
General and administrative expenses | 162 | 167 | 159 | (3) | 2 | 329 | 321 | 2 | |||||||||
Commission expenses | 24 | 25 | 27 | (4) | (11) | 49 | 53 | (8) | |||||||||
Restructuring expenses | – | – | 17 | – | – | – | 39 | – | |||||||||
Total other operating expenses | 186 | 192 | 203 | (3) | (8) | 378 | 413 | (8) | |||||||||
Total operating expenses | 462 | 458 | 478 | 1 | (3) | 920 | 965 | (5) | |||||||||
Income before taxes | 356 | 273 | 268 | 30 | 33 | 629 | 533 | 18 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 55.8 | 61.7 | 63.1 | – | – | 58.6 | 63.5 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 419 | 412 | 430 | 2 | (3) | 831 | 858 | (3) | |||||||||
Recurring commissions and fees | 202 | 199 | 211 | 2 | (4) | 401 | 417 | (4) | |||||||||
Transaction-based revenues | 120 | 101 | 116 | 19 | 3 | 221 | 225 | (2) | |||||||||
Other revenues | 87 | 30 | 0 | 190 | – | 117 | 19 | – | |||||||||
Net revenues | 828 | 742 | 757 | 12 | 9 | 1,570 | 1,519 | 3 | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 156 | 143 | 145 | – | – | 150 | 146 | – | |||||||||
Net margin 2 | 67 | 53 | 51 | – | – | 60 | 51 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,290 | 1,280 | 1,290 | 1 | 0 | 1,290 | 1,290 | 0 | |||||||||
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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 214.7 | 210.7 | 207.9 | 1.9 | 3.3 | 214.7 | 207.9 | 3.3 | |||||||||
Average assets under management | 212.9 | 207.2 | 208.4 | 2.8 | 2.2 | 210.0 | 208.1 | 0.9 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 33.2 | 33.1 | 30.1 | 0.3 | 10.3 | 33.2 | 30.1 | 10.3 | |||||||||
EUR | 20.7 | 21.0 | 21.8 | (1.4) | (5.0) | 20.7 | 21.8 | (5.0) | |||||||||
CHF | 151.3 | 147.0 | 145.8 | 2.9 | 3.8 | 151.3 | 145.8 | 3.8 | |||||||||
Other | 9.5 | 9.6 | 10.2 | (1.0) | (6.9) | 9.5 | 10.2 | (6.9) | |||||||||
Assets under management | 214.7 | 210.7 | 207.9 | 1.9 | 3.3 | 214.7 | 207.9 | 3.3 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 1.2 | 3.3 | 0.5 | – | – | 4.5 | 3.2 | – | |||||||||
Other effects | 2.8 | 9.4 | 0.7 | – | – | 12.2 | (3.6) | – | |||||||||
of which market movements | 3.9 | 9.4 | 0.8 | – | – | 13.3 | (2.8) | – | |||||||||
of which foreign exchange | (1.1) | 0.4 | 0.6 | – | – | (0.7) | 0.2 | – | |||||||||
of which other | 0.0 | (0.4) | (0.7) | – | – | (0.4) | (1.0) | – | |||||||||
Growth in assets under management | 4.0 | 12.7 | 1.2 | – | – | 16.7 | (0.4) | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 2.3 | 6.7 | 1.0 | – | – | 4.5 | 3.1 | – | |||||||||
Other effects | 5.3 | 19.0 | 1.3 | – | – | 12.4 | (3.5) | – | |||||||||
Growth in assets under management (annualized) | 7.6 | 25.7 | 2.3 | – | – | 16.9 | (0.4) | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 2.1 | 1.7 | 2.1 | – | – | – | – | – | |||||||||
Other effects | 1.2 | 0.2 | 1.1 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 3.3 | 1.9 | 3.2 | – | – | – | – | – |
Results – Corporate & Institutional Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 648 | 637 | 662 | 2 | (2) | 1,285 | 1,331 | (3) | |||||||||
Provision for credit losses | 0 | 18 | 24 | (100) | (100) | 18 | 48 | (63) | |||||||||
Compensation and benefits | 216 | 209 | 210 | 3 | 3 | 425 | 420 | 1 | |||||||||
General and administrative expenses | 108 | 103 | 100 | 5 | 8 | 211 | 196 | 8 | |||||||||
Commission expenses | 26 | 30 | 33 | (13) | (21) | 56 | 68 | (18) | |||||||||
Restructuring expenses | – | – | 10 | – | – | – | 16 | – | |||||||||
Total other operating expenses | 134 | 133 | 143 | 1 | (6) | 267 | 280 | (5) | |||||||||
Total operating expenses | 350 | 342 | 353 | 2 | (1) | 692 | 700 | (1) | |||||||||
Income before taxes | 298 | 277 | 285 | 8 | 5 | 575 | 583 | (1) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 54.0 | 53.7 | 53.3 | – | – | 53.9 | 52.6 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 303 | 307 | 309 | (1) | (2) | 610 | 612 | 0 | |||||||||
Recurring commissions and fees | 165 | 160 | 175 | 3 | (6) | 325 | 349 | (7) | |||||||||
Transaction-based revenues | 195 | 187 | 189 | 4 | 3 | 382 | 379 | 1 | |||||||||
Other revenues | (15) | (17) | (11) | (12) | 36 | (32) | (9) | 256 | |||||||||
Net revenues | 648 | 637 | 662 | 2 | (2) | 1,285 | 1,331 | (3) | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 520 | 520 | 530 | 0 | (2) | 520 | 530 | (2) |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,369 | 1,417 | 1,344 | (3) | 2 | 2,786 | 2,747 | 1 | |||||||||
Provision for credit losses | 9 | 10 | 5 | (10) | 80 | 19 | 4 | 375 | |||||||||
Compensation and benefits | 583 | 578 | 565 | 1 | 3 | 1,161 | 1,152 | 1 | |||||||||
General and administrative expenses | 279 | 252 | 253 | 11 | 10 | 531 | 507 | 5 | |||||||||
Commission expenses | 54 | 54 | 60 | 0 | (10) | 108 | 113 | (4) | |||||||||
Restructuring expenses | – | – | 28 | – | – | – | 54 | – | |||||||||
Total other operating expenses | 333 | 306 | 341 | 9 | (2) | 639 | 674 | (5) | |||||||||
Total operating expenses | 916 | 884 | 906 | 4 | 1 | 1,800 | 1,826 | (1) | |||||||||
Income before taxes | 444 | 523 | 433 | (15) | 3 | 967 | 917 | 5 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 28.9 | 35.4 | 31.8 | – | – | 32.2 | 33.6 | – | |||||||||
Cost/income ratio | 66.9 | 62.4 | 67.4 | – | – | 64.6 | 66.5 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 10,120 | 10,400 | 10,070 | (3) | 0 | 10,120 | 10,070 | 0 |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 989 | 1,019 | 992 | (3) | 0 | 2,008 | 2,035 | (1) | |||||||||
Asset Management | 380 | 398 | 352 | (5) | 8 | 778 | 712 | 9 | |||||||||
Net revenues | 1,369 | 1,417 | 1,344 | (3) | 2 | 2,786 | 2,747 | 1 | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 372 | 370 | 394 | 1 | (6) | 742 | 782 | (5) | |||||||||
Recurring commissions and fees | 553 | 539 | 565 | 3 | (2) | 1,092 | 1,112 | (2) | |||||||||
Transaction- and performance-based revenues | 446 | 510 | 405 | (13) | 10 | 956 | 838 | 14 | |||||||||
Other revenues | (2) | (2) | (20) | 0 | (90) | (4) | 15 | – | |||||||||
Net revenues | 1,369 | 1,417 | 1,344 | (3) | 2 | 2,786 | 2,747 | 1 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 11 | 12 | 9 | (8) | 22 | 23 | 14 | 64 | |||||||||
Releases of provisions | (2) | (2) | (4) | 0 | (50) | (4) | (10) | (60) | |||||||||
Provision for credit losses | 9 | 10 | 5 | (10) | 80 | 19 | 4 | 375 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 94,591 | 93,968 | 92,622 | 1 | 2 | 94,591 | 92,622 | 2 | |||||||||
Net loans | 54,115 | 53,185 | 52,260 | 2 | 4 | 54,115 | 52,260 | 4 | |||||||||
of which Private Banking | 54,103 | 53,174 | 52,252 | 2 | 4 | 54,103 | 52,252 | 4 | |||||||||
Risk-weighted assets | 43,505 | 42,571 | 38,791 | 2 | 12 | 43,505 | 38,791 | 12 | |||||||||
Leverage exposure | 101,263 | 100,552 | 99,109 | 1 | 2 | 101,263 | 99,109 | 2 |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Asset Management | International Wealth Management | |||||||||||||||||
in | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 989 | 1,019 | 992 | 380 | 398 | 352 | 1,369 | 1,417 | 1,344 | ||||||||||
Real estate gains | (13) | 0 | 0 | 0 | 0 | 0 | (13) | 0 | 0 | ||||||||||
Adjusted net revenues | 976 | 1,019 | 992 | 380 | 398 | 352 | 1,356 | 1,417 | 1,344 | ||||||||||
Provision for credit losses | 7 | 10 | 5 | 2 | 0 | 0 | 9 | 10 | 5 | ||||||||||
Total operating expenses | 642 | 607 | 640 | 274 | 277 | 266 | 916 | 884 | 906 | ||||||||||
Restructuring expenses | – | – | (25) | – | – | (3) | – | – | (28) | ||||||||||
Major litigation provisions | 0 | 27 | 0 | 0 | 0 | 0 | 0 | 27 | 0 | ||||||||||
Expenses related to real estate disposals | (2) | (8) | – | 0 | (2) | – | (2) | (10) | – | ||||||||||
Adjusted total operating expenses | 640 | 626 | 615 | 274 | 275 | 263 | 914 | 901 | 878 | ||||||||||
Income before taxes | 340 | 402 | 347 | 104 | 121 | 86 | 444 | 523 | 433 | ||||||||||
Total adjustments | (11) | (19) | 25 | 0 | 2 | 3 | (11) | (17) | 28 | ||||||||||
Adjusted income before taxes | 329 | 383 | 372 | 104 | 123 | 89 | 433 | 506 | 461 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 28.2 | 34.3 | 33.9 | ||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted
results" in Credit Suisse for further information.
|
Reconciliation of adjusted results (continued) | |||||||||||||
Private
Banking |
Asset
Management |
International
Wealth Management |
|||||||||||
in | 6M19 | 6M18 | 6M19 | 6M18 | 6M19 | 6M18 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 2,008 | 2,035 | 778 | 712 | 2,786 | 2,747 | |||||||
Real estate gains | (13) | 0 | 0 | 0 | (13) | 0 | |||||||
(Gains)/losses on business sales | 0 | (37) | 0 | 1 | 0 | (36) | |||||||
Adjusted net revenues | 1,995 | 1,998 | 778 | 713 | 2,773 | 2,711 | |||||||
Provision for credit losses | 17 | 4 | 2 | 0 | 19 | 4 | |||||||
Total operating expenses | 1,249 | 1,283 | 551 | 543 | 1,800 | 1,826 | |||||||
Restructuring expenses | – | (43) | – | (11) | – | (54) | |||||||
Major litigation provisions | 27 | 0 | 0 | 0 | 27 | 0 | |||||||
Expenses related to real estate disposals | (10) | – | (2) | – | (12) | – | |||||||
Adjusted total operating expenses | 1,266 | 1,240 | 549 | 532 | 1,815 | 1,772 | |||||||
Income before taxes | 742 | 748 | 225 | 169 | 967 | 917 | |||||||
Total adjustments | (30) | 6 | 2 | 12 | (28) | 18 | |||||||
Adjusted income before taxes | 712 | 754 | 227 | 181 | 939 | 935 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 31.3 | 34.3 | |||||||
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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 989 | 1,019 | 992 | (3) | 0 | 2,008 | 2,035 | (1) | |||||||||
Provision for credit losses | 7 | 10 | 5 | (30) | 40 | 17 | 4 | 325 | |||||||||
Compensation and benefits | 423 | 413 | 401 | 2 | 5 | 836 | 812 | 3 | |||||||||
General and administrative expenses | 182 | 157 | 172 | 16 | 6 | 339 | 348 | (3) | |||||||||
Commission expenses | 37 | 37 | 42 | 0 | (12) | 74 | 80 | (8) | |||||||||
Restructuring expenses | – | – | 25 | – | – | – | 43 | – | |||||||||
Total other operating expenses | 219 | 194 | 239 | 13 | (8) | 413 | 471 | (12) | |||||||||
Total operating expenses | 642 | 607 | 640 | 6 | 0 | 1,249 | 1,283 | (3) | |||||||||
Income before taxes | 340 | 402 | 347 | (15) | (2) | 742 | 748 | (1) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 64.9 | 59.6 | 64.5 | – | – | 62.2 | 63.0 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 372 | 370 | 394 | 1 | (6) | 742 | 782 | (5) | |||||||||
Recurring commissions and fees | 295 | 295 | 313 | 0 | (6) | 590 | 620 | (5) | |||||||||
Transaction- and performance-based revenues | 310 | 354 | 285 | (12) | 9 | 664 | 596 | 11 | |||||||||
Other revenues | 12 | 0 | 0 | – | – | 12 | 37 | (68) | |||||||||
Net revenues | 989 | 1,019 | 992 | (3) | 0 | 2,008 | 2,035 | (1) | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 109 | 113 | 107 | – | – | 111 | 110 | – | |||||||||
Net margin 2 | 37 | 45 | 37 | – | – | 41 | 41 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,180 | 1,150 | 1,120 | 3 | 5 | 1,180 | 1,120 | 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- 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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 363.1 | 356.4 | 370.7 | 1.9 | (2.1) | 363.1 | 370.7 | (2.1) | |||||||||
Average assets under management | 363.0 | 360.0 | 371.7 | 0.8 | (2.3) | 361.5 | 369.0 | (2.0) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 177.5 | 175.9 | 171.8 | 0.9 | 3.3 | 177.5 | 171.8 | 3.3 | |||||||||
EUR | 103.6 | 99.8 | 117.8 | 3.8 | (12.1) | 103.6 | 117.8 | (12.1) | |||||||||
CHF | 18.4 | 17.8 | 17.7 | 3.4 | 4.0 | 18.4 | 17.7 | 4.0 | |||||||||
Other | 63.6 | 62.9 | 63.4 | 1.1 | 0.3 | 63.6 | 63.4 | 0.3 | |||||||||
Assets under management | 363.1 | 356.4 | 370.7 | 1.9 | (2.1) | 363.1 | 370.7 | (2.1) | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 5.5 | 1.3 | 5.2 | – | – | 6.8 | 10.7 | – | |||||||||
Other effects | 1.2 | (2.4) | (4.2) | – | – | (1.2) | (6.9) | – | |||||||||
of which market movements | 6.7 | 14.3 | 0.4 | – | – | 21.0 | (0.3) | – | |||||||||
of which foreign exchange | (5.3) | 2.3 | 0.5 | – | – | (3.0) | (2.6) | – | |||||||||
of which other | (0.2) | (19.0) | (5.1) | – | – | (19.2) | (4.0) | – | |||||||||
Growth in assets under management | 6.7 | (1.1) | 1.0 | – | – | 5.6 | 3.8 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 6.2 | 1.5 | 5.6 | – | – | 3.8 | 5.8 | – | |||||||||
Other effects | 1.3 | (2.7) | (4.5) | – | – | (0.7) | (3.7) | – | |||||||||
Growth in assets under management (annualized) | 7.5 | (1.2) | 1.1 | – | – | 3.1 | 2.1 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 2.8 | 2.7 | 5.1 | – | – | – | – | – | |||||||||
Other effects | (4.9) | (6.3) | 5.1 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | (2.1) | (3.6) | 10.2 | – | – | – | – | – |
Results – Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 380 | 398 | 352 | (5) | 8 | 778 | 712 | 9 | |||||||||
Provision for credit losses | 2 | 0 | 0 | – | – | 2 | 0 | – | |||||||||
Compensation and benefits | 160 | 165 | 164 | (3) | (2) | 325 | 340 | (4) | |||||||||
General and administrative expenses | 97 | 95 | 81 | 2 | 20 | 192 | 159 | 21 | |||||||||
Commission expenses | 17 | 17 | 18 | 0 | (6) | 34 | 33 | 3 | |||||||||
Restructuring expenses | – | – | 3 | – | – | – | 11 | – | |||||||||
Total other operating expenses | 114 | 112 | 102 | 2 | 12 | 226 | 203 | 11 | |||||||||
Total operating expenses | 274 | 277 | 266 | (1) | 3 | 551 | 543 | 1 | |||||||||
Income before taxes | 104 | 121 | 86 | (14) | 21 | 225 | 169 | 33 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 72.1 | 69.6 | 75.6 | – | – | 70.8 | 76.3 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Management fees | 284 | 266 | 270 | 7 | 5 | 550 | 530 | 4 | |||||||||
Performance and placement revenues | 30 | 30 | 37 | 0 | (19) | 60 | 64 | (6) | |||||||||
Investment and partnership income | 66 | 102 | 45 | (35) | 47 | 168 | 118 | 42 | |||||||||
Net revenues | 380 | 398 | 352 | (5) | 8 | 778 | 712 | 9 | |||||||||
of which recurring commissions and fees | 258 | 244 | 252 | 6 | 2 | 502 | 492 | 2 | |||||||||
of which transaction- and performance-based revenues | 136 | 156 | 120 | (13) | 13 | 292 | 242 | 21 | |||||||||
of which other revenues | (14) | (2) | (20) | – | (30) | (16) | (22) | (27) | |||||||||
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.
|
Assets under management – Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Traditional investments | 243.5 | 233.0 | 224.3 | 4.5 | 8.6 | 243.5 | 224.3 | 8.6 | |||||||||
Alternative investments | 127.9 | 126.8 | 125.8 | 0.9 | 1.7 | 127.9 | 125.8 | 1.7 | |||||||||
Investments and partnerships | 42.6 | 44.7 | 51.3 | (4.7) | (17.0) | 42.6 | 51.3 | (17.0) | |||||||||
Assets under management | 414.0 | 404.5 | 401.4 | 2.3 | 3.1 | 414.0 | 401.4 | 3.1 | |||||||||
Average assets under management | 412.0 | 398.0 | 399.2 | 3.5 | 3.2 | 405.0 | 392.9 | 3.1 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 115.3 | 112.5 | 111.2 | 2.5 | 3.7 | 115.3 | 111.2 | 3.7 | |||||||||
EUR | 50.9 | 49.1 | 50.0 | 3.7 | 1.8 | 50.9 | 50.0 | 1.8 | |||||||||
CHF | 202.8 | 195.7 | 184.6 | 3.6 | 9.9 | 202.8 | 184.6 | 9.9 | |||||||||
Other | 45.0 | 47.2 | 55.6 | (4.7) | (19.1) | 45.0 | 55.6 | (19.1) | |||||||||
Assets under management | 414.0 | 404.5 | 401.4 | 2.3 | 3.1 | 414.0 | 401.4 | 3.1 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets 1 | 8.6 | (0.5) | 8.0 | – | – | 8.1 | 17.0 | – | |||||||||
Other effects | 0.9 | 16.3 | 2.2 | – | – | 17.2 | (1.2) | – | |||||||||
of which market movements | 5.1 | 14.5 | 1.0 | – | – | 19.6 | (1.1) | – | |||||||||
of which foreign exchange | (4.2) | 2.2 | 1.6 | – | – | (2.0) | 0.4 | – | |||||||||
of which other | 0.0 | (0.4) | (0.4) | – | – | (0.4) | (0.5) | – | |||||||||
Growth in assets under management | 9.5 | 15.8 | 10.2 | – | – | 25.3 | 15.8 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 8.5 | (0.5) | 8.2 | – | – | 4.2 | 8.8 | – | |||||||||
Other effects | 0.9 | 16.8 | 2.2 | – | – | 8.8 | (0.6) | – | |||||||||
Growth in assets under management | 9.4 | 16.3 | 10.4 | – | – | 13.0 | 8.2 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 3.3 | 3.2 | 5.3 | – | – | – | – | – | |||||||||
Other effects | (0.2) | 0.2 | 4.4 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 3.1 | 3.4 | 9.7 | – | – | – | – | – | |||||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded
commitments on which a fee is no longer earned.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 913 | 854 | 914 | 7 | 0 | 1,767 | 1,905 | (7) | |||||||||
Provision for credit losses | (1) | 17 | 7 | – | – | 16 | 17 | (6) | |||||||||
Compensation and benefits | 410 | 388 | 390 | 6 | 5 | 798 | 801 | 0 | |||||||||
General and administrative expenses | 207 | 209 | 227 | (1) | (9) | 416 | 486 | (14) | |||||||||
Commission expenses | 60 | 57 | 53 | 5 | 13 | 117 | 124 | (6) | |||||||||
Restructuring expenses | – | – | 20 | – | – | – | 26 | – | |||||||||
Total other operating expenses | 267 | 266 | 300 | 0 | (11) | 533 | 636 | (16) | |||||||||
Total operating expenses | 677 | 654 | 690 | 4 | (2) | 1,331 | 1,437 | (7) | |||||||||
Income before taxes | 237 | 183 | 217 | 30 | 9 | 420 | 451 | (7) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 17.0 | 13.5 | 14.8 | – | – | 15.3 | 15.9 | – | |||||||||
Cost/income ratio | 74.2 | 76.6 | 75.5 | – | – | 75.3 | 75.4 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 7,800 | 7,680 | 7,170 | 2 | 9 | 7,800 | 7,170 | 9 |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Net revenues (CHF million) | |||||||||||||||||
Wealth Management & Connected | 614 | 565 | 564 | 9 | 9 | 1,179 | 1,227 | (4) | |||||||||
Markets | 299 | 289 | 350 | 3 | (15) | 588 | 678 | (13) | |||||||||
Net revenues | 913 | 854 | 914 | 7 | 0 | 1,767 | 1,905 | (7) | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 13 | 19 | 9 | (32) | 44 | 32 | 20 | 60 | |||||||||
Releases of provisions | (14) | (2) | (2) | – | – | (16) | (3) | 433 | |||||||||
Provision for credit losses | (1) | 17 | 7 | – | – | 16 | 17 | (6) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 106,592 | 105,868 | 109,336 | 1 | (3) | 106,592 | 109,336 | (3) | |||||||||
Net loans | 45,332 | 44,826 | 44,487 | 1 | 2 | 45,332 | 44,487 | 2 | |||||||||
of which Private Banking | 34,864 | 34,412 | 35,926 | 1 | (3) | 34,864 | 35,926 | (3) | |||||||||
Risk-weighted assets | 37,009 | 37,826 | 33,577 | (2) | 10 | 37,009 | 33,577 | 10 | |||||||||
Leverage exposure | 112,060 | 110,684 | 117,721 | 1 | (5) | 112,060 | 117,721 | (5) |
Reconciliation of adjusted results | |||||||||||||||||||
Wealth Management & Connected | Markets | Asia Pacific | |||||||||||||||||
in | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 614 | 565 | 564 | 299 | 289 | 350 | 913 | 854 | 914 | ||||||||||
Provision for credit losses | 6 | 17 | 6 | (7) | 0 | 1 | (1) | 17 | 7 | ||||||||||
Total operating expenses | 392 | 378 | 390 | 285 | 276 | 300 | 677 | 654 | 690 | ||||||||||
Restructuring expenses | – | – | (11) | – | – | (9) | – | – | (20) | ||||||||||
Major litigation provisions | 0 | 0 | (29) | 0 | 0 | 0 | 0 | 0 | (29) | ||||||||||
Adjusted total operating expenses | 392 | 378 | 350 | 285 | 276 | 291 | 677 | 654 | 641 | ||||||||||
Income before taxes | 216 | 170 | 168 | 21 | 13 | 49 | 237 | 183 | 217 | ||||||||||
Total adjustments | 0 | 0 | 40 | 0 | 0 | 9 | 0 | 0 | 49 | ||||||||||
Adjusted income before taxes | 216 | 170 | 208 | 21 | 13 | 58 | 237 | 183 | 266 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 17.0 | 13.5 | 18.3 |
Wealth Management
& Connected |
Markets |
Asia Pacific |
|||||||||||
in | 6M19 | 6M18 | 6M19 | 6M18 | 6M19 | 6M18 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 1,179 | 1,227 | 588 | 678 | 1,767 | 1,905 | |||||||
Provision for credit losses | 23 | 15 | (7) | 2 | 16 | 17 | |||||||
Total operating expenses | 770 | 839 | 561 | 598 | 1,331 | 1,437 | |||||||
Restructuring expenses | – | (14) | – | (12) | – | (26) | |||||||
Major litigation provisions | 0 | (77) | 0 | 0 | 0 | (77) | |||||||
Adjusted total operating expenses | 770 | 748 | 561 | 586 | 1,331 | 1,334 | |||||||
Income before taxes | 386 | 373 | 34 | 78 | 420 | 451 | |||||||
Total adjustments | 0 | 91 | 0 | 12 | 0 | 103 | |||||||
Adjusted income before taxes | 386 | 464 | 34 | 90 | 420 | 554 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 15.3 | 19.6 | |||||||
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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 614 | 565 | 564 | 9 | 9 | 1,179 | 1,227 | (4) | |||||||||
Provision for credit losses | 6 | 17 | 6 | (65) | 0 | 23 | 15 | 53 | |||||||||
Compensation and benefits | 265 | 256 | 238 | 4 | 11 | 521 | 508 | 3 | |||||||||
General and administrative expenses | 114 | 109 | 129 | 5 | (12) | 223 | 289 | (23) | |||||||||
Commission expenses | 13 | 13 | 12 | 0 | 8 | 26 | 28 | (7) | |||||||||
Restructuring expenses | – | – | 11 | – | – | – | 14 | – | |||||||||
Total other operating expenses | 127 | 122 | 152 | 4 | (16) | 249 | 331 | (25) | |||||||||
Total operating expenses | 392 | 378 | 390 | 4 | 1 | 770 | 839 | (8) | |||||||||
Income before taxes | 216 | 170 | 168 | 27 | 29 | 386 | 373 | 3 | |||||||||
of which Private Banking | 165 | 131 | 148 | 26 | 11 | 296 | 318 | (7) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 63.8 | 66.9 | 69.1 | – | – | 65.3 | 68.4 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 437 | 398 | 412 | 10 | 6 | 835 | 867 | (4) | |||||||||
of which net interest income | 168 | 146 | 158 | 15 | 6 | 314 | 317 | (1) | |||||||||
of which recurring commissions and fees | 106 | 107 | 112 | (1) | (5) | 213 | 223 | (4) | |||||||||
of which transaction-based revenues | 163 | 145 | 142 | 12 | 15 | 308 | 327 | (6) | |||||||||
Advisory, underwriting and financing | 177 | 167 | 152 | 6 | 16 | 344 | 360 | (4) | |||||||||
Net revenues | 614 | 565 | 564 | 9 | 9 | 1,179 | 1,227 | (4) | |||||||||
Private Banking margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 79 | 75 | 80 | – | – | 77 | 86 | – | |||||||||
Net margin 2 | 30 | 25 | 29 | – | – | 27 | 32 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 600 | 600 | 610 | 0 | (2) | 600 | 610 | (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-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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 218.7 | 219.0 | 205.6 | (0.1) | 6.4 | 218.7 | 205.6 | 6.4 | |||||||||
Average assets under management | 221.5 | 212.3 | 205.4 | 4.3 | 7.8 | 216.9 | 201.5 | 7.6 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 120.8 | 117.8 | 107.3 | 2.5 | 12.6 | 120.8 | 107.3 | 12.6 | |||||||||
EUR | 6.4 | 6.1 | 6.5 | 4.9 | (1.5) | 6.4 | 6.5 | (1.5) | |||||||||
CHF | 1.8 | 1.8 | 1.8 | 0.0 | 0.0 | 1.8 | 1.8 | 0.0 | |||||||||
Other | 89.7 | 93.3 | 90.0 | (3.9) | (0.3) | 89.7 | 90.0 | (0.3) | |||||||||
Assets under management | 218.7 | 219.0 | 205.6 | (0.1) | 6.4 | 218.7 | 205.6 | 6.4 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 2.8 | 5.0 | 3.4 | – | – | 7.8 | 9.6 | – | |||||||||
Other effects | (3.1) | 12.3 | 3.1 | – | – | 9.2 | (0.8) | – | |||||||||
of which market movements | 0.9 | 11.3 | (1.9) | – | – | 12.2 | (3.8) | – | |||||||||
of which foreign exchange | (3.9) | 2.3 | 4.9 | – | – | (1.6) | 1.7 | – | |||||||||
of which other | (0.1) | (1.3) | 0.1 | – | – | (1.4) | 1.3 | – | |||||||||
Growth in assets under management | (0.3) | 17.3 | 6.5 | – | – | 17.0 | 8.8 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 5.1 | 9.9 | 6.8 | – | – | 7.7 | 9.8 | – | |||||||||
Other effects | (5.6) | 24.4 | 6.3 | – | – | 9.2 | (0.9) | – | |||||||||
Growth in assets under management (annualized) | (0.5) | 34.3 | 13.1 | – | – | 16.9 | 8.9 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 7.5 | 8.0 | 9.4 | – | – | – | – | – | |||||||||
Other effects | (1.1) | 2.0 | 6.2 | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 6.4 | 10.0 | 15.6 | – | – | – | – | – |
Results - Markets | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 299 | 289 | 350 | 3 | (15) | 588 | 678 | (13) | |||||||||
Provision for credit losses | (7) | 0 | 1 | – | – | (7) | 2 | – | |||||||||
Compensation and benefits | 145 | 132 | 152 | 10 | (5) | 277 | 293 | (5) | |||||||||
General and administrative expenses | 93 | 100 | 98 | (7) | (5) | 193 | 197 | (2) | |||||||||
Commission expenses | 47 | 44 | 41 | 7 | 15 | 91 | 96 | (5) | |||||||||
Restructuring expenses | – | – | 9 | – | – | – | 12 | – | |||||||||
Total other operating expenses | 140 | 144 | 148 | (3) | (5) | 284 | 305 | (7) | |||||||||
Total operating expenses | 285 | 276 | 300 | 3 | (5) | 561 | 598 | (6) | |||||||||
Income before taxes | 21 | 13 | 49 | 62 | (57) | 34 | 78 | (56) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 95.3 | 95.5 | 85.7 | – | – | 95.4 | 88.2 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Equity sales and trading | 212 | 198 | 230 | 7 | (8) | 410 | 473 | (13) | |||||||||
Fixed income sales and trading | 87 | 91 | 120 | (4) | (28) | 178 | 205 | (13) | |||||||||
Net revenues | 299 | 289 | 350 | 3 | (15) | 588 | 678 | (13) |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,553 | 1,472 | 1,426 | 6 | 9 | 3,025 | 2,972 | 2 | |||||||||
Provision for credit losses | 2 | 11 | 12 | (82) | (83) | 13 | 16 | (19) | |||||||||
Compensation and benefits | 638 | 636 | 595 | 0 | 7 | 1,274 | 1,212 | 5 | |||||||||
General and administrative expenses | 426 | 415 | 484 | 3 | (12) | 841 | 937 | (10) | |||||||||
Commission expenses | 130 | 128 | 131 | 2 | (1) | 258 | 266 | (3) | |||||||||
Restructuring expenses | – | – | 56 | – | – | – | 98 | – | |||||||||
Total other operating expenses | 556 | 543 | 671 | 2 | (17) | 1,099 | 1,301 | (16) | |||||||||
Total operating expenses | 1,194 | 1,179 | 1,266 | 1 | (6) | 2,373 | 2,513 | (6) | |||||||||
Income before taxes | 357 | 282 | 148 | 27 | 141 | 639 | 443 | 44 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 11.0 | 8.9 | 4.2 | – | – | 10.0 | 6.5 | – | |||||||||
Cost/income ratio | 76.9 | 80.1 | 88.8 | – | – | 78.4 | 84.6 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 11,830 | 11,460 | 11,270 | 3 | 5 | 11,830 | 11,270 | 5 |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Fixed income sales and trading | 899 | 890 | 803 | 1 | 12 | 1,789 | 1,663 | 8 | |||||||||
Equity sales and trading | 509 | 540 | 489 | (6) | 4 | 1,049 | 979 | 7 | |||||||||
Underwriting | 238 | 141 | 249 | 69 | (4) | 379 | 537 | (29) | |||||||||
Other 1 | (93) | (99) | (115) | (6) | (19) | (192) | (207) | (7) | |||||||||
Net revenues | 1,553 | 1,472 | 1,426 | 6 | 9 | 3,025 | 2,972 | 2 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 217,930 | 227,482 | 228,941 | (4) | (5) | 217,930 | 228,941 | (5) | |||||||||
Risk-weighted assets | 58,146 | 58,131 | 58,918 | 0 | (1) | 58,146 | 58,918 | (1) | |||||||||
Risk-weighted assets (USD) | 59,513 | 58,301 | 59,365 | 2 | 0 | 59,513 | 59,365 | 0 | |||||||||
Leverage exposure | 254,198 | 259,420 | 266,020 | (2) | (4) | 254,198 | 266,020 | (4) | |||||||||
Leverage exposure (USD) | 260,176 | 260,181 | 268,037 | 0 | (3) | 260,176 | 268,037 | (3) | |||||||||
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 | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||||||||
Adjusted results (CHF million) | ||||||||||||||||
Net revenues | 1,553 | 1,472 | 1,426 | 3,025 | 2,972 | |||||||||||
Provision for credit losses | 2 | 11 | 12 | 13 | 16 | |||||||||||
Total operating expenses | 1,194 | 1,179 | 1,266 | 2,373 | 2,513 | |||||||||||
Restructuring expenses | – | – | (56) | – | (98) | |||||||||||
Expenses related to real estate disposals | (9) | (8) | – | (17) | – | |||||||||||
Adjusted total operating expenses | 1,185 | 1,171 | 1,210 | 2,356 | 2,415 | |||||||||||
Income before taxes | 357 | 282 | 148 | 639 | 443 | |||||||||||
Total adjustments | 9 | 8 | 56 | 17 | 98 | |||||||||||
Adjusted income before taxes | 366 | 290 | 204 | 656 | 541 | |||||||||||
Adjusted return on regulatory capital (%) | 11.3 | 9.2 | 5.8 | 10.3 | 7.9 | |||||||||||
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 | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 454 | 356 | 644 | 28 | (30) | 810 | 1,172 | (31) | |||||||||
Provision for credit losses | 1 | 8 | 15 | (88) | (93) | 9 | 16 | (44) | |||||||||
Compensation and benefits | 319 | 311 | 367 | 3 | (13) | 630 | 683 | (8) | |||||||||
General and administrative expenses | 124 | 127 | 120 | (2) | 3 | 251 | 241 | 4 | |||||||||
Commission expenses | 4 | 3 | 1 | 33 | 300 | 7 | 2 | 250 | |||||||||
Restructuring expenses | – | – | 31 | – | – | – | 61 | – | |||||||||
Total other operating expenses | 128 | 130 | 152 | (2) | (16) | 258 | 304 | (15) | |||||||||
Total operating expenses | 447 | 441 | 519 | 1 | (14) | 888 | 987 | (10) | |||||||||
Income/(loss) before taxes | 6 | (93) | 110 | – | (95) | (87) | 169 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 0.8 | (10.6) | 13.9 | – | – | (4.7) | 11.1 | – | |||||||||
Cost/income ratio | 98.5 | 123.9 | 80.6 | – | – | 109.6 | 84.2 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 3,090 | 3,080 | 3,040 | 0 | 2 | 3,090 | 3,040 | 2 |
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Advisory and other fees | 158 | 140 | 265 | 13 | (40) | 298 | 437 | (32) | |||||||||
Debt underwriting | 211 | 186 | 272 | 13 | (22) | 397 | 528 | (25) | |||||||||
Equity underwriting | 111 | 58 | 105 | 91 | 6 | 169 | 208 | (19) | |||||||||
Other | (26) | (28) | 2 | (7) | – | (54) | (1) | – | |||||||||
Net revenues | 454 | 356 | 644 | 28 | (30) | 810 | 1,172 | (31) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 17,667 | 17,494 | 18,546 | 1 | (5) | 17,667 | 18,546 | (5) | |||||||||
Risk-weighted assets | 26,112 | 24,760 | 22,520 | 5 | 16 | 26,112 | 22,520 | 16 | |||||||||
Risk-weighted assets (USD) | 26,726 | 24,833 | 22,691 | 8 | 18 | 26,726 | 22,691 | 18 | |||||||||
Leverage exposure | 42,846 | 42,161 | 43,441 | 2 | (1) | 42,846 | 43,441 | (1) | |||||||||
Leverage exposure (USD) | 43,854 | 42,285 | 43,770 | 4 | 0 | 43,854 | 43,770 | 0 |
Reconciliation of adjusted results | ||||||||||||||||
Investment Banking & Capital Markets | ||||||||||||||||
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||||||||
Adjusted results (CHF million) | ||||||||||||||||
Net revenues | 454 | 356 | 644 | 810 | 1,172 | |||||||||||
Provision for credit losses | 1 | 8 | 15 | 9 | 16 | |||||||||||
Total operating expenses | 447 | 441 | 519 | 888 | 987 | |||||||||||
Restructuring expenses | – | – | (31) | – | (61) | |||||||||||
Expenses related to real estate disposals | (5) | (7) | – | (12) | – | |||||||||||
Adjusted total operating expenses | 442 | 434 | 488 | 876 | 926 | |||||||||||
Income/(loss) before taxes | 6 | (93) | 110 | (87) | 169 | |||||||||||
Total adjustments | 5 | 7 | 31 | 12 | 61 | |||||||||||
Adjusted income/(loss) before taxes | 11 | (86) | 141 | (75) | 230 | |||||||||||
Adjusted return on regulatory capital (%) | 1.4 | (9.9) | 17.8 | (4.1) | 15.2 | |||||||||||
Adjusted results are non-GAAP financial measures. Refer to "Reconciliation of adjusted
results" in Credit Suisse for further information.
|
in | % change | in | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Global advisory and underwriting revenues (USD million) | |||||||||||||||||
Global advisory and underwriting revenues | 924 | 769 | 1,156 | 20 | (20) | 1,693 | 2,262 | (25) | |||||||||
of which advisory and other fees | 208 | 171 | 313 | 22 | (34) | 379 | 564 | (33) | |||||||||
of which debt underwriting | 463 | 460 | 568 | 1 | (18) | 923 | 1,184 | (22) | |||||||||
of which equity underwriting | 253 | 138 | 275 | 83 | (8) | 391 | 514 | (24) |
Corporate Center results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Treasury results | (208) | (118) | (5) | 76 | – | (326) | (114) | 186 | |||||||||
Asset Resolution Unit | (24) | (35) | – | (31) | – | (59) | – | – | |||||||||
Other | 48 | 62 | 29 | (23) | 66 | 110 | 78 | 41 | |||||||||
Net revenues | (184) | (91) | 24 | 102 | – | (275) | (36) | – | |||||||||
Provision for credit losses | 4 | 6 | 0 | (33) | – | 10 | 0 | – | |||||||||
Compensation and benefits | 103 | 130 | 74 | (21) | 39 | 233 | 129 | 81 | |||||||||
General and administrative expenses | 89 | 140 | (30) | (36) | – | 229 | 7 | – | |||||||||
Commission expenses | 16 | 16 | 21 | 0 | (24) | 32 | 40 | (20) | |||||||||
Restructuring expenses | – | – | 0 | – | – | – | 1 | – | |||||||||
Total other operating expenses | 105 | 156 | (9) | (33) | – | 261 | 48 | 444 | |||||||||
Total operating expenses | 208 | 286 | 65 | (27) | 220 | 494 | 177 | 179 | |||||||||
Income/(loss) before taxes | (396) | (383) | (41) | 3 | – | (779) | (213) | 266 | |||||||||
of which Asset Resolution Unit | (93) | (103) | – | (10) | – | (196) | – | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 117,731 | 120,160 | 101,244 | (2) | 16 | 117,731 | 101,244 | 16 | |||||||||
Risk-weighted assets | 49,053 | 50,053 | 30,171 | (2) | 63 | 49,053 | 30,171 | 63 | |||||||||
Leverage exposure | 126,384 | 129,617 | 102,846 | (2) | 23 | 126,384 | 102,846 | 23 | |||||||||
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 | in | % change | ||||||||||||||
2Q19 | 1Q19 | 2Q18 | QoQ | YoY | 6M19 | 6M18 | YoY | ||||||||||
Expense allocation to divisions (CHF million) | |||||||||||||||||
Compensation and benefits | 753 | 772 | 734 | (2) | 3 | 1,525 | 1,437 | 6 | |||||||||
General and administrative expenses | 554 | 621 | 516 | (11) | 7 | 1,175 | 1,070 | 10 | |||||||||
Commission expenses | 16 | 16 | 21 | 0 | (24) | 32 | 40 | (20) | |||||||||
Restructuring expenses | – | – | 95 | – | – | – | 129 | – | |||||||||
Total other operating expenses | 570 | 637 | 632 | (11) | (10) | 1,207 | 1,239 | (3) | |||||||||
Total operating expenses before allocation to divisions | 1,323 | 1,409 | 1,366 | (6) | (3) | 2,732 | 2,676 | 2 | |||||||||
Net allocation to divisions | 1,115 | 1,123 | 1,301 | (1) | (14) | 2,238 | 2,499 | (10) | |||||||||
of which Swiss Universal Bank | 259 | 254 | 272 | 2 | (5) | 513 | 525 | (2) | |||||||||
of which International Wealth Management | 213 | 213 | 229 | 0 | (7) | 426 | 439 | (3) | |||||||||
of which Asia Pacific | 186 | 184 | 194 | 1 | (4) | 370 | 391 | (5) | |||||||||
of which Global Markets | 372 | 381 | 428 | (2) | (13) | 753 | 827 | (9) | |||||||||
of which Investment Banking & Capital Markets | 85 | 91 | 100 | (7) | (15) | 176 | 181 | (3) | |||||||||
of which Strategic Resolution Unit 1 | – | – | 78 | – | – | – | 136 | – | |||||||||
Total operating expenses | 208 | 286 | 65 | (27) | 220 | 494 | 177 | 179 | |||||||||
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 | % change | in / end of | |||||||
2Q19 | 1Q19 | QoQ | 6M19 | ||||||
Statements of operations (CHF million) | |||||||||
Revenues from portfolio assets | 30 | 21 | 43 | 51 | |||||
Asset funding costs | (54) | (56) | (4) | (110) | |||||
Net revenues | (24) | (35) | (31) | (59) | |||||
Provision for credit losses | 4 | 6 | (33) | 10 | |||||
Compensation and benefits | 41 | 34 | 21 | 75 | |||||
General and administrative expenses | 21 | 26 | (19) | 47 | |||||
Commission expenses | 3 | 2 | 50 | 5 | |||||
Total other operating expenses | 24 | 28 | (14) | 52 | |||||
Total operating expenses | 65 | 62 | 5 | 127 | |||||
Income/(loss) before taxes | (93) | (103) | (10) | (196) | |||||
Balance sheet statistics (CHF million) | |||||||||
Total assets | 20,153 | 20,880 | (3) | 20,153 | |||||
Risk-weighted assets (USD) | 8,514 | 1 | 11,691 | 1 | (27) | 8,514 | |||
Leverage exposure (USD) | 29,018 | 29,336 | (1) | 29,018 | |||||
1
Risk-weighted assets excluding operational risk were USD 6,766 million and USD 6,564
million as of the end of 2Q19 and 1Q19, respectively.
|
Assets under management and client assets | |||||||||
end of |
2Q19 |
1Q19 |
2Q18 |
% change
QoQ |
|||||
Assets under management (CHF billion) | |||||||||
Swiss Universal Bank - Private Clients | 214.7 | 210.7 | 207.9 | 1.9 | |||||
Swiss Universal Bank - Corporate & Institutional Clients | 410.7 | 395.9 | 355.8 | 3.7 | |||||
International Wealth Management - Private Banking | 363.1 | 356.4 | 370.7 | 1.9 | |||||
International Wealth Management - Asset Management | 414.0 | 404.5 | 401.4 | 2.3 | |||||
Asia Pacific - Private Banking | 218.7 | 219.0 | 205.6 | (0.1) | |||||
Strategic Resolution Unit 1 | – | – | 2.5 | – | |||||
Assets managed across businesses 2 | (161.3) | (155.2) | (145.2) | 3 | 3.9 | ||||
Assets under management | 1,459.9 | 1,431.3 | 1,398.7 | 3 | 2.0 | ||||
of which discretionary assets | 469.2 | 461.1 | 463.2 | 3 | 1.8 | ||||
of which advisory assets | 990.7 | 970.2 | 935.5 | 2.1 | |||||
Client assets (CHF billion) 4 | |||||||||
Swiss Universal Bank - Private Clients | 254.0 | 247.3 | 239.7 | 2.7 | |||||
Swiss Universal Bank - Corporate & Institutional Clients | 508.5 | 493.5 | 457.6 | 3.0 | |||||
International Wealth Management - Private Banking | 460.9 | 457.9 | 468.3 | 0.7 | |||||
International Wealth Management - Asset Management | 414.0 | 404.5 | 401.4 | 2.3 | |||||
Asia Pacific - Private Banking | 272.7 | 274.1 | 263.0 | (0.5) | |||||
Strategic Resolution Unit 1 | – | – | 4.9 | – | |||||
Assets managed across businesses 2 | (161.3) | (155.2) | (145.2) | 3 | 3.9 | ||||
Client Assets | 1,748.8 | 1,722.1 | 1,689.7 | 3 | 1.6 | ||||
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.
|
|||||||||
2
Represents assets managed by Asset Management within International Wealth Management
for the other businesses.
|
|||||||||
3
Prior period has been corrected.
|
|||||||||
4
Client assets is a broader measure than assets under management as it includes transactional
accounts and assets under custody (assets held solely for transaction-related or safekeeping/custody
purposes) and assets of corporate clients and public institutions used primarily for
cash management or transaction-related purposes.
|
Growth in assets under management | |||||||||||
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Growth in assets under management (CHF billion) | |||||||||||
Net new assets | 23.2 | 35.8 | 15.3 | 1 | 59.0 | 40.3 | 1 | ||||
of which Swiss Universal Bank - Private Clients | 1.2 | 3.3 | 0.5 | 4.5 | 3.2 | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 8.9 | 27.6 | 0.9 | 36.5 | 4.7 | ||||||
of which International Wealth Management - Private Banking | 5.5 | 1.3 | 5.2 | 6.8 | 10.7 | ||||||
of which International Wealth Management - Asset Management 2 | 8.6 | (0.5) | 8.0 | 8.1 | 17.0 | ||||||
of which Asia Pacific - Private Banking | 2.8 | 5.0 | 3.4 | 7.8 | 9.6 | ||||||
of which Strategic Resolution Unit 3 | – | – | (0.1) | – | (0.2) | ||||||
of which assets managed across businesses 4 | (3.8) | (0.9) | (2.6) | 1 | (4.7) | (4.7) | 1 | ||||
Other effects | 5.4 | 48.2 | 3.5 | 1 | 53.6 | (17.7) | 1 | ||||
of which Swiss Universal Bank - Private Clients | 2.8 | 9.4 | 0.7 | 12.2 | (3.6) | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 5.9 | 19.6 | 2.9 | 25.5 | (3.6) | ||||||
of which International Wealth Management - Private Banking | 1.2 | (2.4) | (4.2) | (1.2) | (6.9) | ||||||
of which International Wealth Management - Asset Management | 0.9 | 16.3 | 2.2 | 17.2 | (1.2) | ||||||
of which Asia Pacific - Private Banking | (3.1) | 12.3 | 3.1 | 9.2 | (0.8) | ||||||
of which Strategic Resolution Unit 3 | – | (0.5) | 0.0 | (0.5) | (2.3) | ||||||
of which assets managed across businesses 4 | (2.3) | (6.5) | (1.2) | 1 | (8.8) | 0.7 | 1 | ||||
Growth in assets under management | 28.6 | 84.0 | 18.8 | 112.6 | 22.6 | 1 | |||||
of which Swiss Universal Bank - Private Clients | 4.0 | 12.7 | 1.2 | 16.7 | (0.4) | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 14.8 | 47.2 | 3.8 | 62.0 | 1.1 | ||||||
of which International Wealth Management - Private Banking | 6.7 | (1.1) | 1.0 | 5.6 | 3.8 | ||||||
of which International Wealth Management - Asset Management 2 | 9.5 | 15.8 | 10.2 | 25.3 | 15.8 | ||||||
of which Asia Pacific - Private Banking | (0.3) | 17.3 | 6.5 | 17.0 | 8.8 | ||||||
of which Strategic Resolution Unit 3 | – | (0.5) | (0.1) | (0.5) | (2.5) | ||||||
of which assets managed across businesses 4 | (6.1) | (7.4) | (3.8) | (13.5) | (4.0) | 1 | |||||
Growth in assets under management (annualized) (%) | |||||||||||
Net new assets | 6.5 | 10.6 | 4.4 | 1 | 8.8 | 5.9 | |||||
of which Swiss Universal Bank - Private Clients | 2.3 | 6.7 | 1.0 | 4.5 | 3.1 | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 9.0 | 31.7 | 1.0 | 20.9 | 2.7 | ||||||
of which International Wealth Management - Private Banking | 6.2 | 1.5 | 5.6 | 3.8 | 5.8 | ||||||
of which International Wealth Management - Asset Management 2 | 8.5 | (0.5) | 8.2 | 4.2 | 8.8 | ||||||
of which Asia Pacific - Private Banking | 5.1 | 9.9 | 6.8 | 7.7 | 9.8 | ||||||
of which Strategic Resolution Unit 3 | – | – | (15.4) | – | (8.0) | ||||||
of which assets managed across businesses 4 | 9.8 | 2.4 | 7.4 | 1 | 6.4 | 6.7 | 1 | ||||
Other effects | 1.5 | 14.3 | 1.0 | 7.9 | (2.6) | 1 | |||||
of which Swiss Universal Bank - Private Clients | 5.3 | 19.0 | 1.3 | 12.4 | (3.5) | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 6.0 | 22.4 | 3.3 | 14.7 | (2.1) | ||||||
of which International Wealth Management - Private Banking | 1.3 | (2.7) | (4.5) | (0.7) | (3.7) | ||||||
of which International Wealth Management - Asset Management | 0.9 | 16.8 | 2.2 | 8.8 | (0.6) | ||||||
of which Asia Pacific - Private Banking | (5.6) | 24.4 | 6.3 | 9.2 | (0.9) | ||||||
of which Strategic Resolution Unit 3 | – | (400.0) | 0.0 | (200.0) | (92.0) | ||||||
of which assets managed across businesses 4 | 5.9 | 17.6 | 3.3 | 1 | 11.9 | (1.0) | 1 | ||||
Growth in assets under management | 8.0 | 24.9 | 5.4 | 1 | 16.7 | 3.3 | 1 | ||||
of which Swiss Universal Bank - Private Clients | 7.6 | 25.7 | 2.3 | 16.9 | (0.4) | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 15.0 | 54.1 | 4.3 | 35.6 | 0.6 | ||||||
of which International Wealth Management - Private Banking | 7.5 | (1.2) | 1.1 | 3.1 | 2.1 | ||||||
of which International Wealth Management - Asset Management 2 | 9.4 | 16.3 | 10.4 | 13.0 | 8.2 | ||||||
of which Asia Pacific - Private Banking | (0.5) | 34.3 | 13.1 | 16.9 | 8.9 | ||||||
of which Strategic Resolution Unit 3 | – | (400.0) | (15.4) | (200.0) | (100.0) | ||||||
of which assets managed across businesses 4 | 15.7 | 20.0 | 10.7 | 18.3 | 5.7 | 1 | |||||
1
Prior period has been corrected.
|
|||||||||||
2
Includes outflows for private equity assets reflecting realizations at cost and unfunded
commitments on which a fee is no longer earned.
|
|||||||||||
3
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.
|
|||||||||||
4
Represents assets managed by Asset Management within International Wealth Management
for the other businesses.
|
Growth in assets under management (continued) | |||||||||||
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Growth in net new assets (rolling four-quarter average) (%) | |||||||||||
Net new assets | 5.4 | 4.9 | 3.2 | – | – | ||||||
of which Swiss Universal Bank - Private Clients | 2.1 | 1.7 | 2.1 | – | – | ||||||
of which Swiss Universal Bank - Corporate & Institutional Clients | 11.4 | 9.2 | (2.6) | – | – | ||||||
of which International Wealth Management - Private Banking | 2.8 | 2.7 | 5.1 | – | – | ||||||
of which International Wealth Management - Asset Management 1 | 3.3 | 3.2 | 5.3 | – | – | ||||||
of which Asia Pacific - Private Banking | 7.5 | 8.0 | 9.4 | – | – | ||||||
of which Strategic Resolution Unit 2 | (4.0) | (7.7) | (17.9) | – | – | ||||||
of which assets managed across businesses 3 | 5.8 | 5.1 | 4.0 | 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.
|
Liquidity pool – Group | |||||||||||||||
End of | 2Q19 | 1Q19 | 4Q18 | ||||||||||||
Swiss
franc |
US
dollar |
Euro |
Other
currencies |
Total |
Total |
Total |
|||||||||
Liquid assets (CHF million) | |||||||||||||||
Cash held at central banks | 58,032 | 10,854 | 7,504 | 2,283 | 78,673 | 86,015 | 85,494 | ||||||||
Securities | 6,622 | 47,260 | 9,266 | 20,141 | 83,289 | 74,721 | 74,360 | ||||||||
Liquid assets 1 | 64,654 | 58,114 | 16,770 | 22,424 | 161,962 | 160,736 | 159,854 | ||||||||
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||||||||
1
Reflects a pre-cancellation view.
|
Liquidity coverage ratio – Group | |||||||||
End of | 2Q19 | 1Q19 | 4Q18 | ||||||
Unweighted
value |
1 |
Weighted
value |
2 |
Weighted
value |
2 |
Weighted
value |
2 | ||
High-quality liquid assets (CHF million) | |||||||||
High-quality liquid assets 3 | – | 161,276 | 161,401 | 161,231 | |||||
Cash outflows (CHF million) | |||||||||
Retail deposits and deposits from small business customers | 164,422 | 21,393 | 20,775 | 20,765 | |||||
Unsecured wholesale funding | 218,340 | 88,429 | 89,051 | 89,065 | |||||
Secured wholesale funding | – | 56,631 | 53,940 | 54,879 | |||||
Additional requirements | 160,454 | 33,533 | 36,562 | 36,921 | |||||
Other contractual funding obligations | 58,676 | 58,675 | 56,811 | 65,526 | |||||
Other contingent funding obligations | 217,084 | 5,617 | 5,168 | 5,391 | |||||
Total cash outflows | – | 264,278 | 262,307 | 272,547 | |||||
Cash inflows (CHF million) | |||||||||
Secured lending | 131,514 | 87,596 | 86,165 | 85,678 | |||||
Inflows from fully performing exposures | 69,657 | 33,292 | 33,006 | 31,785 | |||||
Other cash inflows | 60,012 | 60,012 | 58,631 | 67,273 | |||||
Total cash inflows | 261,183 | 180,900 | 177,802 | 184,736 | |||||
Liquidity coverage ratio | |||||||||
High-quality liquid assets (CHF million) | – | 161,276 | 161,401 | 161,231 | |||||
Net cash outflows (CHF million) | – | 83,378 | 84,505 | 87,811 | |||||
Liquidity coverage ratio (%) | – | 193 | 191 | 184 | |||||
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||
1
Calculated as outstanding balances maturing or callable within 30 days.
|
|||||||||
2
Calculated after the application of haircuts for high-quality liquid assets or inflow
and outflow rates.
|
|||||||||
3
Consists of cash and eligible securities as prescribed by FINMA and reflects a post-cancellation
view.
|
Debt issuances and redemptions | |||||||||
in 2Q19 |
Senior |
Senior
bail-in |
Sub-
ordinated |
Long-term
debt |
|||||
Long-term debt (CHF billion, notional value) | |||||||||
Issuances | 0.0 | 1.6 | 0.5 | 2.1 | |||||
of which unsecured | 0.0 | 1.6 | 0.5 | 2.1 | |||||
of which secured 1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Maturities / Redemptions | 4.5 | 0.0 | 0.0 | 4.5 | |||||
of which unsecured | 4.4 | 0.0 | 0.0 | 4.4 | |||||
of which secured 1 | 0.1 | 0.0 | 0.0 | 0.1 | |||||
Excludes structured notes.
|
|||||||||
1
Includes covered bonds, excluding a CHF 250 million issuance that settled in July
2019.
|
Issuances and redemptions | |||||||||||||
Currency |
Par value
at issuance (million) |
Coupon rate (%) |
Description |
Year of maturity |
|||||||||
Issuances – callable bail-in instruments | |||||||||||||
Second quarter of 2019 | USD | 100 | floored floating rate | Senior notes | 2023 | ||||||||
USD | 130 | 4.7 | Senior notes | 2049 | |||||||||
EUR | 100 | 1.59 | 1 | Senior notes | 2030 | ||||||||
EUR | 1,000 | 2 | 1.0 | Senior notes | 2027 | ||||||||
USD | 130 | 4.5 | Senior notes | 2049 | |||||||||
July 2019 to date | EUR | 500 | 2 | 1.0 | Senior notes | 2027 | |||||||
Issuances – high-trigger capital instruments | |||||||||||||
Second quarter of 2019 | SGD | 750 | 5.625 | Perpetual tier 1 contingent capital notes | – | ||||||||
1
Stepping down to 1.19%.
|
|||||||||||||
2
In July 2019, the offering was re-opened and the aggregate principal amount was increased
from EUR 1,000 million to EUR 1,500 million.
|
BIS capital metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Capital and risk-weighted assets (CHF million) | |||||||||||||||||
CET1 capital | 36,394 | 36,556 | 35,824 | 0 | 36,394 | 36,556 | 35,824 | 0 | |||||||||
Tier 1 capital | 47,397 | 47,032 | 46,040 | 1 | 47,397 | 47,032 | 46,040 | 1 | |||||||||
Total eligible capital | 51,298 | 50,939 | 50,239 | 1 | 50,926 | 50,569 | 49,548 | 1 | |||||||||
Risk-weighted assets | 290,798 | 290,098 | 284,582 | 0 | 290,798 | 290,098 | 284,582 | 0 | |||||||||
Capital ratios (%) | |||||||||||||||||
CET1 ratio | 12.5 | 12.6 | 12.6 | – | 12.5 | 12.6 | 12.6 | – | |||||||||
Tier 1 ratio | 16.3 | 16.2 | 16.2 | – | 16.3 | 16.2 | 16.2 | – | |||||||||
Total capital ratio | 17.6 | 17.6 | 17.7 | – | 17.5 | 17.4 | 17.4 | – |
Eligible capital – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Eligible capital (CHF million) | |||||||||||||||||
Total shareholders' equity | 43,673 | 43,825 | 43,922 | 0 | 43,673 | 43,825 | 43,922 | 0 | |||||||||
Regulatory adjustments 1 | (247) | (566) | (643) | (56) | (247) | (566) | (643) | (56) | |||||||||
Adjustments phased-in | |||||||||||||||||
Goodwill 2 | (4,732) | (4,803) | (4,762) | (1) | (4,732) | (4,803) | (4,762) | (1) | |||||||||
Other intangible assets 2 | (44) | (45) | (47) | (2) | (44) | (45) | (47) | (2) | |||||||||
Deferred tax assets that rely on future profitability | (1,678) | (1,614) | (1,647) | 4 | (1,678) | (1,614) | (1,647) | 4 | |||||||||
Shortfall of provisions to expected losses | (500) | (457) | (461) | 9 | (500) | (457) | (461) | 9 | |||||||||
(Gains)/losses due to changes in own credit on fair-valued liabilities | 2,283 | 2,029 | 804 | 13 | 2,283 | 2,029 | 804 | 13 | |||||||||
Defined benefit pension assets 2 | (2,236) | (1,515) | (1,374) | 48 | (2,236) | (1,515) | (1,374) | 48 | |||||||||
Investments in own shares | (74) | (304) | (32) | (76) | (74) | (304) | (32) | (76) | |||||||||
Other adjustments 3 | (51) | 6 | 64 | – | (51) | 6 | 64 | – | |||||||||
Adjustments phased-in 4 | (7,032) | (6,703) | (7,455) | 5 | (7,032) | (6,703) | (7,455) | 5 | |||||||||
CET1 capital | 36,394 | 36,556 | 35,824 | 0 | 36,394 | 36,556 | 35,824 | 0 | |||||||||
High-trigger capital instruments (7% trigger) | 6,256 | 5,752 | 5,615 | 9 | 6,256 | 5,752 | 5,615 | 9 | |||||||||
Low-trigger capital instruments (5.125% trigger) | 4,747 | 4,724 | 4,601 | 0 | 4,747 | 4,724 | 4,601 | 0 | |||||||||
Additional tier 1 capital | 11,003 | 10,476 | 10,216 | 5 | 11,003 | 10,476 | 10,216 | 5 | |||||||||
Tier 1 capital | 47,397 | 47,032 | 46,040 | 1 | 47,397 | 47,032 | 46,040 | 1 | |||||||||
Tier 2 low-trigger capital instruments (5% trigger) | 3,529 | 3,537 | 3,508 | 0 | 3,529 | 3,537 | 3,508 | 0 | |||||||||
Tier 2 instruments subject to phase-out | 372 | 370 | 691 | 1 | – | – | – | – | |||||||||
Tier 2 capital | 3,901 | 3,907 | 4,199 | 0 | 3,529 | 3,537 | 3,508 | 0 | |||||||||
Total eligible capital | 51,298 | 50,939 | 50,239 | 1 | 50,926 | 50,569 | 49,548 | 1 | |||||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend
accrual.
|
|||||||||||||||||
2
Net of deferred tax liability.
|
|||||||||||||||||
3
Includes cash flow hedge reserve.
|
|||||||||||||||||
4
Reflects 100% phased-in deductions since 2018, including goodwill, other intangible
assets and certain deferred tax assets.
|
Capital movement – Group | |||||
2Q19 |
Phase-in |
Look-
through |
|||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 36,556 | 36,556 | |||
Net income attributable to shareholders | 937 | 937 | |||
Foreign exchange impact | (480) | 1 | (480) | ||
Repurchase of shares under the share buyback program | (225) | (225) | |||
Other 2 | (394) | (394) | |||
Balance at end of period | 36,394 | 36,394 | |||
Additional tier 1 capital (CHF million) | |||||
Balance at beginning of period | 10,476 | 10,476 | |||
Foreign exchange impact | (196) | (196) | |||
Issuances | 543 | 543 | |||
Other | 180 | 3 | 180 | ||
Balance at end of period | 11,003 | 11,003 | |||
Tier 2 capital (CHF million) | |||||
Balance at beginning of period | 3,907 | 3,537 | |||
Foreign exchange impact | (59) | (52) | |||
Other | 53 | 44 | |||
Balance at end of period | 3,901 | 3,529 | |||
Eligible capital (CHF million) | |||||
Balance at end of period | 51,298 | 50,926 | |||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact
on regulatory CET1 adjustments.
|
|||||
2
Includes the net effect of share-based compensation and 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).
|
|||||
3
Primarily reflects valuation impacts.
|
Risk-weighted asset movement by risk type – Group | |||||||||||||||
2Q19 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Corporate Center |
Total |
||||||||
Credit risk (CHF million) | |||||||||||||||
Balance at beginning of period | 64,781 | 27,995 | 27,697 | 37,161 | 20,619 | 24,847 | 203,100 | ||||||||
Foreign exchange impact | (217) | (410) | (515) | (993) | (609) | (402) | (3,146) | ||||||||
Movements in risk levels | (275) | 266 | (731) | 852 | 1,448 | 374 | 1,934 | ||||||||
of which credit risk – book size 1 | (211) | 564 | (848) | 731 | 1,796 | 387 | 2,419 | ||||||||
of which credit risk – book quality 2 | (64) | (298) | 117 | 121 | (348) | (13) | (485) | ||||||||
Model and parameter updates – internal 3 | (205) | 35 | 32 | (133) | (13) | (12) | (296) | ||||||||
Model and parameter updates – external 4 | 412 | 867 | 201 | 382 | 577 | 452 | 2,891 | ||||||||
Balance at end of period | 64,496 | 28,753 | 26,684 | 37,269 | 22,022 | 25,259 | 204,483 | ||||||||
Market risk (CHF million) | |||||||||||||||
Balance at beginning of period | 1,230 | 1,672 | 2,947 | 7,901 | 136 | 2,637 | 16,523 | ||||||||
Foreign exchange impact | (21) | (30) | (54) | (174) | (3) | (46) | (328) | ||||||||
Movements in risk levels | (125) | (358) | 174 | 223 | 42 | (125) | (169) | ||||||||
Model and parameter updates – internal 3 | (3) | 216 | (117) | (1) | 0 | (50) | 45 | ||||||||
Model and parameter updates – external 4 | 0 | 0 | 0 | (12) | (105) | (114) | (231) | ||||||||
Balance at end of period | 1,081 | 1,500 | 2,950 | 7,937 | 70 | 2,302 | 15,840 | ||||||||
Operational risk (CHF million) | |||||||||||||||
Balance at beginning of period | 10,746 | 12,904 | 7,182 | 13,069 | 4,005 | 22,569 | 70,475 | ||||||||
Model and parameter updates – internal 3 | 650 | 348 | 193 | (129) | 15 | (1,077) | 0 | ||||||||
Balance at end of period | 11,396 | 13,252 | 7,375 | 12,940 | 4,020 | 21,492 | 70,475 | ||||||||
Total (CHF million) | |||||||||||||||
Balance at beginning of period | 76,757 | 42,571 | 37,826 | 58,131 | 24,760 | 50,053 | 290,098 | ||||||||
Foreign exchange impact | (238) | (440) | (569) | (1,167) | (612) | (448) | (3,474) | ||||||||
Movements in risk levels | (400) | (92) | (557) | 1,075 | 1,490 | 249 | 1,765 | ||||||||
Model and parameter updates – internal 3 | 442 | 599 | 108 | (263) | 2 | (1,139) | (251) | ||||||||
Model and parameter updates – external 4 | 412 | 867 | 201 | 370 | 472 | 338 | 2,660 | ||||||||
Balance at end of period | 76,973 | 43,505 | 37,009 | 58,146 | 26,112 | 49,053 | 290,798 | ||||||||
1
Represents changes in portfolio size.
|
|||||||||||||||
2
Represents changes in average risk weighting across credit risk classes.
|
|||||||||||||||
3
Represents movements arising from internally driven updates to models and recalibrations
of model parameters specific only to Credit Suisse.
|
|||||||||||||||
4
Represents movements arising from externally mandated updates to models and recalibrations
of model parameters specific only to Credit Suisse.
|
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 |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Credit risk | 64,496 | 28,753 | 26,684 | 37,269 | 22,022 | – | 25,259 | 204,483 | |||||||||
Market risk | 1,081 | 1,500 | 2,950 | 7,937 | 70 | – | 2,302 | 15,840 | |||||||||
Operational risk | 11,396 | 13,252 | 7,375 | 12,940 | 4,020 | – | 21,492 | 70,475 | |||||||||
Risk-weighted assets | 76,973 | 43,505 | 37,009 | 58,146 | 26,112 | – | 49,053 | 290,798 | |||||||||
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.
|
Leverage exposure – Group | |||||||
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Leverage exposure (CHF million) | |||||||
Swiss Universal Bank | 261,165 | 259,380 | 255,480 | ||||
International Wealth Management | 101,263 | 100,552 | 98,556 | ||||
Asia Pacific | 112,060 | 110,684 | 106,375 | ||||
Global Markets | 254,198 | 259,420 | 245,664 | ||||
Investment Banking & Capital Markets | 42,846 | 42,161 | 40,485 | ||||
Strategic Resolution Unit 1 | – | – | 29,579 | ||||
Corporate Center 1 | 126,384 | 129,617 | 105,247 | ||||
Leverage exposure | 897,916 | 901,814 | 881,386 | ||||
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.
|
Leverage exposure components – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Leverage exposure (CHF million) | |||||||||||||||||
Balance sheet assets | 784,216 | 793,636 | 768,916 | (1) | 784,216 | 793,636 | 768,916 | (1) | |||||||||
Adjustments | |||||||||||||||||
Difference in scope of consolidation and tier 1 capital deductions 1 | (14,099) | (13,280) | (12,655) | 6 | (14,099) | (13,280) | (12,655) | 6 | |||||||||
Derivative financial instruments | 74,518 | 75,806 | 73,110 | (2) | 74,518 | 75,806 | 73,110 | (2) | |||||||||
Securities financing transactions | (35,025) | (40,169) | (32,278) | (13) | (35,025) | (40,169) | (32,278) | (13) | |||||||||
Off-balance sheet exposures | 88,306 | 85,821 | 84,293 | 3 | 88,306 | 85,821 | 84,293 | 3 | |||||||||
Total adjustments | 113,700 | 108,178 | 112,470 | 5 | 113,700 | 108,178 | 112,470 | 5 | |||||||||
Leverage exposure | 897,916 | 901,814 | 881,386 | 0 | 897,916 | 901,814 | 881,386 | 0 | |||||||||
1
Includes adjustments for investments in banking, financial, insurance or commercial
entities that are consolidated for accounting purposes but outside the scope of regulatory
consolidation and tier 1 capital deductions related to balance sheet assets.
|
BIS leverage metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Capital and leverage exposure (CHF million) | |||||||||||||||||
CET1 capital | 36,394 | 36,556 | 35,824 | 0 | 36,394 | 36,556 | 35,824 | 0 | |||||||||
Tier 1 capital | 47,397 | 47,032 | 46,040 | 1 | 47,397 | 47,032 | 46,040 | 1 | |||||||||
Leverage exposure | 897,916 | 901,814 | 881,386 | 0 | 897,916 | 901,814 | 881,386 | 0 | |||||||||
Leverage ratios (%) | |||||||||||||||||
CET1 leverage ratio | 4.1 | 4.1 | 4.1 | – | 4.1 | 4.1 | 4.1 | – | |||||||||
Tier 1 leverage ratio | 5.3 | 5.2 | 5.2 | – | 5.3 | 5.2 | 5.2 | – |
Swiss capital metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||||||||||
Swiss CET1 capital | 36,240 | 36,422 | 35,719 | 0 | 36,240 | 36,422 | 35,719 | 0 | |||||||||
Going concern capital | 50,772 | 50,434 | 49,443 | 1 | 47,243 | 46,897 | 45,935 | 1 | |||||||||
Gone concern capital | 36,975 | 36,466 | 35,678 | 1 | 39,997 | 39,495 | 37,909 | 1 | |||||||||
Total loss-absorbing capacity (TLAC) | 87,747 | 86,900 | 85,121 | 1 | 87,240 | 86,392 | 83,844 | 1 | |||||||||
Swiss risk-weighted assets | 291,438 | 290,729 | 285,193 | 0 | 291,438 | 290,729 | 285,193 | 0 | |||||||||
Swiss capital ratios (%) | |||||||||||||||||
Swiss CET1 ratio | 12.4 | 12.5 | 12.5 | – | 12.4 | 12.5 | 12.5 | – | |||||||||
Going concern capital ratio | 17.4 | 17.3 | 17.3 | – | 16.2 | 16.1 | 16.1 | – | |||||||||
Gone concern capital ratio | 12.7 | 12.5 | 12.5 | – | 13.7 | 13.6 | 13.3 | – | |||||||||
TLAC ratio | 30.1 | 29.9 | 29.8 | – | 29.9 | 29.7 | 29.4 | – |
Swiss capital and risk-weighted assets – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Swiss capital (CHF million) | |||||||||||||||||
CET1 capital – BIS | 36,394 | 36,556 | 35,824 | 0 | 36,394 | 36,556 | 35,824 | 0 | |||||||||
Swiss regulatory adjustments 1 | (154) | (134) | (105) | 15 | (154) | (134) | (105) | 15 | |||||||||
Swiss CET1 capital | 36,240 | 36,422 | 35,719 | 0 | 36,240 | 36,422 | 35,719 | 0 | |||||||||
Additional tier 1 high-trigger capital instruments | 6,256 | 5,751 | 5,615 | 9 | 6,256 | 5,751 | 5,615 | 9 | |||||||||
Grandfathered capital instruments | 8,276 | 8,261 | 8,109 | 0 | 4,747 | 4,724 | 4,601 | 0 | |||||||||
of which additional tier 1 low-trigger capital instruments | 4,747 | 4,724 | 4,601 | 0 | 4,747 | 4,724 | 4,601 | 0 | |||||||||
of which tier 2 low-trigger capital instruments | 3,529 | 3,537 | 3,508 | 0 | – | – | – | – | |||||||||
Swiss additional tier 1 capital | 14,532 | 14,012 | 13,724 | 4 | 11,003 | 10,475 | 10,216 | 5 | |||||||||
Going concern capital | 50,772 | 50,434 | 49,443 | 1 | 47,243 | 46,897 | 45,935 | 1 | |||||||||
Bail-in debt instruments | 35,945 | 35,435 | 33,892 | 1 | 35,945 | 35,435 | 33,892 | 1 | |||||||||
Tier 2 instruments subject to phase-out | 373 | 370 | 691 | 1 | – | – | – | – | |||||||||
Tier 2 amortization component | 657 | 661 | 1,095 | (1) | 523 | 523 | 509 | 0 | |||||||||
Tier 2 low-trigger capital instruments | – | – | – | – | 3,529 | 3,537 | 3,508 | – | |||||||||
Gone concern capital | 36,975 | 36,466 | 35,678 | 1 | 39,997 | 39,495 | 37,909 | 1 | |||||||||
Total loss-absorbing capacity | 87,747 | 86,900 | 85,121 | 1 | 87,240 | 86,392 | 83,844 | 1 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Risk-weighted assets – BIS | 290,798 | 290,098 | 284,582 | 0 | 290,798 | 290,098 | 284,582 | 0 | |||||||||
Swiss regulatory adjustments 2 | 640 | 631 | 611 | 1 | 640 | 631 | 611 | 1 | |||||||||
Swiss risk-weighted assets | 291,438 | 290,729 | 285,193 | 0 | 291,438 | 290,729 | 285,193 | 0 | |||||||||
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 | 2Q19 | 1Q19 | 4Q18 | QoQ | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||||||
Swiss capital and leverage exposure (CHF million) | |||||||||||||||||
Swiss CET1 capital | 36,240 | 36,422 | 35,719 | 0 | 36,240 | 36,422 | 35,719 | 0 | |||||||||
Going concern capital | 50,772 | 50,434 | 49,443 | 1 | 47,243 | 46,897 | 45,935 | 1 | |||||||||
Gone concern capital | 36,975 | 36,466 | 35,678 | 1 | 39,997 | 39,495 | 37,909 | 1 | |||||||||
Total loss-absorbing capacity | 87,747 | 86,900 | 85,121 | 1 | 87,240 | 86,392 | 83,844 | 1 | |||||||||
Leverage exposure | 897,916 | 901,814 | 881,386 | 0 | 897,916 | 901,814 | 881,386 | 0 | |||||||||
Swiss leverage ratios (%) | |||||||||||||||||
Swiss CET1 leverage ratio | 4.0 | 4.0 | 4.1 | – | 4.0 | 4.0 | 4.1 | – | |||||||||
Going concern leverage ratio | 5.7 | 5.6 | 5.6 | – | 5.3 | 5.2 | 5.2 | – | |||||||||
Gone concern leverage ratio | 4.1 | 4.0 | 4.0 | – | 4.5 | 4.4 | 4.3 | – | |||||||||
TLAC leverage ratio | 9.8 | 9.6 | 9.7 | – | 9.7 | 9.6 | 9.5 | – | |||||||||
Rounding differences may occur.
|
BIS capital metrics – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Capital and risk-weighted assets (CHF million) | |||||||||
CET1 capital | 40,450 | 40,211 | 38,915 | 1 | |||||
Tier 1 capital | 50,516 | 49,756 | 48,231 | 2 | |||||
Total eligible capital | 54,417 | 53,663 | 52,431 | 1 | |||||
Risk-weighted assets | 291,410 | 291,199 | 286,081 | 0 | |||||
Capital ratios (%) | |||||||||
CET1 ratio | 13.9 | 13.8 | 13.6 | – | |||||
Tier 1 ratio | 17.3 | 17.1 | 16.9 | – | |||||
Total capital ratio | 18.7 | 18.4 | 18.3 | – |
Eligible capital and risk-weighted assets – Bank | |||||||||
Phase-in | |||||||||
end of |
2Q19 |
1Q19 |
4Q18 |
% change
QoQ |
|||||
Eligible capital (CHF million) | |||||||||
Total shareholders' equity | 45,322 | 45,570 | 45,296 | (1) | |||||
Regulatory adjustments 1 | (28) | (64) | (49) | (56) | |||||
Adjustments phased-in 2 | (4,844) | (5,295) | (6,332) | (9) | |||||
CET1 capital | 40,450 | 40,211 | 38,915 | 1 | |||||
Additional tier 1 instruments | 10,066 | 3 | 9,545 | 9,316 | 5 | ||||
Additional tier 1 capital | 10,066 | 9,545 | 9,316 | 5 | |||||
Tier 1 capital | 50,516 | 49,756 | 48,231 | 2 | |||||
Tier 2 low-trigger capital instruments (5% trigger) | 3,529 | 3,537 | 3,508 | 0 | |||||
Tier 2 instruments subject to phase-out | 372 | 370 | 692 | 1 | |||||
Tier 2 capital | 3,901 | 3,907 | 4,200 | 0 | |||||
Total eligible capital | 54,417 | 53,663 | 52,431 | 1 | |||||
Risk-weighted assets by risk type (CHF million) | |||||||||
Credit risk | 205,095 | 204,201 | 196,398 | 0 | |||||
Market risk | 15,840 | 16,523 | 18,643 | (4) | |||||
Operational risk | 70,475 | 70,475 | 71,040 | 0 | |||||
Risk-weighted assets | 291,410 | 291,199 | 286,081 | 0 | |||||
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
6.3 billion consists of capital instruments with a capital ratio write-down trigger
of 7% and CHF 3.8 billion consists of capital instruments with a capital ratio
write-down trigger of 5.125%.
|
Leverage exposure components – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Leverage exposure (CHF million) | |||||||||
Balance sheet assets | 786,828 | 796,388 | 772,069 | (1) | |||||
Adjustments | |||||||||
Difference in scope of consolidation and tier 1 capital deductions 1 | (11,819) | (11,806) | (11,493) | 0 | |||||
Derivative financial instruments | 74,570 | 75,934 | 73,258 | (2) | |||||
Securities financing transactions | (35,025) | (40,169) | (32,278) | (13) | |||||
Off-balance sheet exposures | 88,311 | 85,826 | 84,298 | 3 | |||||
Total adjustments | 116,037 | 109,785 | 113,785 | 6 | |||||
Leverage exposure | 902,865 | 906,173 | 885,854 | 0 | |||||
1
Includes adjustments for investments in banking, financial, insurance or commercial
entities that are consolidated for accounting purposes but outside the scope of regulatory
consolidation and tier 1 capital deductions related to balance sheet assets.
|
BIS leverage metrics – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Capital and leverage exposure (CHF million) | |||||||||
CET1 capital | 40,450 | 40,211 | 38,915 | 1 | |||||
Tier 1 capital | 50,516 | 49,756 | 48,231 | 2 | |||||
Leverage exposure | 902,865 | 906,173 | 885,854 | 0 | |||||
Leverage ratios (%) | |||||||||
CET1 leverage ratio | 4.5 | 4.4 | 4.4 | – | |||||
Tier 1 leverage ratio | 5.6 | 5.5 | 5.4 | – |
Swiss capital metrics – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||
Swiss CET1 capital | 40,297 | 40,077 | 38,810 | 1 | |||||
Going concern capital | 53,892 | 53,159 | 51,634 | 1 | |||||
Gone concern capital | 36,984 | 36,465 | 35,683 | 1 | |||||
Total loss-absorbing capacity | 90,876 | 89,624 | 87,317 | 1 | |||||
Swiss risk-weighted assets | 292,040 | 291,819 | 286,682 | 0 | |||||
Swiss capital ratios (%) | |||||||||
Swiss CET1 ratio | 13.8 | 13.7 | 13.5 | – | |||||
Going concern capital ratio | 18.5 | 18.2 | 18.0 | – | |||||
Gone concern capital ratio | 12.7 | 12.5 | 12.4 | – | |||||
TLAC ratio | 31.1 | 30.7 | 30.5 | – |
Swiss capital and risk-weighted assets – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Swiss capital (CHF million) | |||||||||
CET1 capital – BIS | 40,450 | 40,211 | 38,915 | 1 | |||||
Swiss regulatory adjustments 1 | (153) | (134) | (105) | 14 | |||||
Swiss CET1 capital | 40,297 | 40,077 | 38,810 | 1 | |||||
Additional tier 1 high-trigger capital instruments | 6,253 | 5,753 | 5,624 | 9 | |||||
Grandfathered capital instruments | 7,342 | 7,329 | 7,200 | 0 | |||||
of which additional tier 1 low-trigger capital instruments | 3,813 | 3,792 | 3,692 | 1 | |||||
of which tier 2 low-trigger capital instruments | 3,529 | 3,537 | 3,508 | 0 | |||||
Swiss additional tier 1 capital | 13,595 | 13,082 | 12,824 | 4 | |||||
Going concern capital | 53,892 | 53,159 | 51,634 | 1 | |||||
Bail-in debt instruments | 35,954 | 35,434 | 33,897 | 1 | |||||
Tier 2 instruments subject to phase-out | 373 | 370 | 691 | 1 | |||||
Tier 2 amortization component | 657 | 661 | 1,095 | (1) | |||||
Gone concern capital | 36,984 | 36,465 | 35,683 | 1 | |||||
Total loss-absorbing capacity | 90,876 | 89,624 | 87,317 | 1 | |||||
Risk-weighted assets (CHF million) | |||||||||
Risk-weighted assets – BIS | 291,410 | 291,199 | 286,081 | 0 | |||||
Swiss regulatory adjustments 2 | 630 | 620 | 601 | 2 | |||||
Swiss risk-weighted assets | 292,040 | 291,819 | 286,682 | 0 | |||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Bank | |||||||||
Phase-in | |||||||||
% change | |||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | |||||
Swiss capital and leverage exposure (CHF million) | |||||||||
Swiss CET1 capital | 40,297 | 40,077 | 38,810 | 1 | |||||
Going concern capital | 53,892 | 53,159 | 51,634 | 1 | |||||
Gone concern capital | 36,984 | 36,465 | 35,683 | 1 | |||||
Total loss-absorbing capacity | 90,876 | 89,624 | 87,317 | 1 | |||||
Leverage exposure | 902,865 | 906,173 | 885,854 | 0 | |||||
Swiss leverage ratios (%) | |||||||||
Swiss CET1 leverage ratio | 4.5 | 4.4 | 4.4 | – | |||||
Going concern leverage ratio | 6.0 | 5.9 | 5.8 | – | |||||
Gone concern leverage ratio | 4.1 | 4.0 | 4.0 | – | |||||
TLAC leverage ratio | 10.1 | 9.9 | 9.9 | – |
Shareholders' equity and share metrics | |||||||||
end of |
2Q19 |
1Q19 |
4Q18 |
% change
QoQ |
|||||
Shareholders' equity (CHF million) | |||||||||
Common shares | 102 | 102 | 102 | 0 | |||||
Additional paid-in capital | 34,219 | 35,212 | 34,889 | (3) | |||||
Retained earnings | 28,901 | 27,964 | 26,973 | 3 | |||||
Treasury shares, at cost | (603) | (580) | (61) | 4 | |||||
Accumulated other comprehensive loss | (18,946) | (18,873) | (17,981) | 0 | |||||
Total shareholders' equity | 43,673 | 43,825 | 43,922 | 0 | |||||
Goodwill | (4,731) | (4,807) | (4,766) | (2) | |||||
Other intangible assets | (216) | (224) | (219) | (4) | |||||
Tangible shareholders' equity 1 | 38,726 | 38,794 | 38,937 | 0 | |||||
Shares outstanding (million) | |||||||||
Common shares issued | 2,556.0 | 2,556.0 | 2,556.0 | 0 | |||||
Treasury shares | (48.2) | (48.2) | (5.4) | 0 | |||||
Shares outstanding | 2,507.8 | 2,507.8 | 2,550.6 | 0 | |||||
Par value (CHF) | |||||||||
Par value | 0.04 | 0.04 | 0.04 | 0 | |||||
Book value per share (CHF) | |||||||||
Book value per share | 17.42 | 17.48 | 17.22 | 0 | |||||
Goodwill per share | (1.89) | (1.92) | (1.87) | (2) | |||||
Other intangible assets per share | (0.09) | (0.09) | (0.08) | 0 | |||||
Tangible book value per share 1 | 15.44 | 15.47 | 15.27 | 0 | |||||
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.
|
in / end of | % change | ||||||||||
2Q19 | 1Q19 | 4Q18 | QoQ | Ytd | |||||||
Available economic capital (CHF million) | |||||||||||
BIS CET1 capital (Basel III) | 36,394 | 36,556 | 35,824 | 0 | 2 | ||||||
Economic adjustments 1 | 14,142 | 14,115 | 13,355 | 0 | 6 | ||||||
Available economic capital | 50,536 | 50,671 | 49,179 | 0 | 3 | ||||||
Position risk (CHF million) | |||||||||||
Credit risk | 1,784 | 1,727 | 2,155 | 3 | (17) | ||||||
Non-traded credit spread risk | 3,555 | 2,843 | 3,463 | 25 | 3 | ||||||
Securitized products | 2,284 | 2,448 | 1,706 | (7) | 34 | ||||||
Traded risk | 1,291 | 1,199 | 1,574 | 8 | (18) | ||||||
Emerging markets country event risk | 601 | 595 | 697 | 1 | (14) | ||||||
Equity investments | 479 | 471 | 417 | 2 | 15 | ||||||
Diversification benefit 2 | (1,300) | (1,265) | (1,195) | 3 | 9 | ||||||
Position risk (99% confidence level for risk management purposes) | 8,694 | 8,018 | 8,817 | 8 | (1) | ||||||
Economic risk capital (CHF million) | |||||||||||
Position risk (99.97% confidence level) | 19,748 | 18,869 | 19,471 | 5 | 1 | ||||||
Operational risk | 6,700 | 6,700 | 6,702 | 0 | 0 | ||||||
Other risks 3 | 3,216 | 3,521 | 3,248 | (9) | (1) | ||||||
Economic risk capital | 29,664 | 29,090 | 29,421 | 2 | 1 | ||||||
Economic risk capital coverage ratio (%) 4 | 170 | 174 | 167 | – | – | ||||||
1
Includes primarily high- and low-trigger capital instruments, adjustments to unrealized
gains on owned real estate, reduced recognition of deferred tax assets and adjustments
to treatment of pension assets and obligations. Economic adjustments are made to BIS
CET1 capital to enable comparison between economic risk capital and available economic
capital under the Basel III framework.
|
|||||||||||
2
Reflects the net difference between the sum of the position risk categories and the
position risk on the total portfolio.
|
|||||||||||
3
Includes owned real estate risk, expense risk, pension risk, foreign exchange risk
between available economic capital and economic risk capital, interest rate risk on
treasury positions, diversification benefits and the impact from deferred share-based
compensation awards.
|
|||||||||||
4
Ratio of available economic capital to economic risk capital.
|
End of period | Average | ||||||||||||||||||||
2Q19 |
1Q19 |
4Q18 |
% change
QoQ |
% change
Ytd |
2Q19 |
1Q19 |
4Q18 |
% change
QoQ |
% change
Ytd |
||||||||||||
CHF million | |||||||||||||||||||||
Swiss Universal Bank | 5,416 | 5,305 | 5,562 | 2 | (3) | 5,360 | 5,433 | 5,467 | (1) | (2) | |||||||||||
International Wealth Management | 3,334 | 3,220 | 3,128 | 4 | 7 | 3,277 | 3,174 | 3,090 | 3 | 6 | |||||||||||
Asia Pacific | 4,677 | 4,874 | 4,499 | (4) | 4 | 4,776 | 4,686 | 4,196 | 2 | 14 | |||||||||||
Global Markets | 8,358 | 8,070 | 7,819 | 4 | 7 | 8,214 | 7,944 | 7,673 | 3 | 7 | |||||||||||
Investment Banking & Capital Markets | 3,774 | 3,394 | 3,815 | 11 | (1) | 3,584 | 3,604 | 3,651 | (1) | (2) | |||||||||||
Strategic Resolution Unit 1 | – | – | 3,006 | – | – | – | – | 3,193 | – | – | |||||||||||
Corporate Center 1 | 4,105 | 4,227 | 1,592 | 2 | (3) | 158 | 4,166 | 4,414 | 1,666 | 2 | (6) | 150 | |||||||||
Economic risk capital - Group | 29,664 | 29,090 | 29,421 | 2 | 1 | 29,377 | 29,255 | 28,936 | 0 | 2 | |||||||||||
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 within the Corporate Center. 1Q19 average
economic risk capital of the Strategic Resolution Unit is included in the Corporate
Center.
|
|||||||||||||||||||||
2
Included primarily operational risk and expense risk.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi-
fication benefit |
Total |
||||||||
Risk management VaR (CHF million) | |||||||||||||||
2Q19 | |||||||||||||||
Average | 15 | 18 | 4 | 2 | 10 | (24) | 25 | ||||||||
Minimum | 11 | 17 | 2 | 1 | 8 | – | 1 | 21 | |||||||
Maximum | 20 | 21 | 5 | 2 | 12 | – | 1 | 28 | |||||||
End of period | 16 | 21 | 3 | 2 | 9 | (24) | 27 | ||||||||
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) | |||||||||||||||
2Q19 | |||||||||||||||
Average | 15 | 18 | 4 | 2 | 10 | (24) | 25 | ||||||||
Minimum | 11 | 16 | 2 | 1 | 8 | – | 1 | 21 | |||||||
Maximum | 20 | 21 | 5 | 2 | 12 | – | 1 | 27 | |||||||
End of period | 16 | 21 | 3 | 2 | 9 | (24) | 27 | ||||||||
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 |
Swiss
Universal Bank |
International
Wealth Management |
Asia Pacific |
Global Markets |
Strategic
Resolution Unit |
1 |
Corporate Center |
1 |
Diversi-
fication benefit |
2 |
Credit Suisse |
||||||
Average risk management VaR (CHF million) | |||||||||||||||||
2Q19 | 0 | 2 | 9 | 22 | – | 3 | (11) | 25 | |||||||||
1Q19 | 0 | 2 | 11 | 22 | – | 3 | (11) | 27 | |||||||||
4Q18 | 0 | 2 | 14 | 23 | 3 | 0 | (14) | 28 | |||||||||
Average risk management VaR (USD million) | |||||||||||||||||
2Q19 | 0 | 2 | 9 | 22 | – | 3 | (11) | 25 | |||||||||
1Q19 | 0 | 2 | 11 | 22 | – | 3 | (11) | 27 | |||||||||
4Q18 | 0 | 2 | 14 | 23 | 3 | 0 | (14) | 28 | |||||||||
Excludes risks associated with counterparty and own credit exposures. Investment Banking
& Capital Markets has only banking book positions.
|
|||||||||||||||||
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 within the Corporate Center.
|
|||||||||||||||||
2
Difference between the sum of the standalone VaR for each division and the VaR for
the Group.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Mortgages | 103,635 | 3,868 | 1,366 | 0 | 0 | – | 50 | 108,919 | |||||||||
Loans collateralized by securities | 6,931 | 20,084 | 15,549 | 0 | 1,721 | – | 32 | 44,317 | |||||||||
Consumer finance | 3,938 | 918 | 17 | 8 | 0 | – | 84 | 4,965 | |||||||||
Consumer | 114,504 | 24,870 | 16,932 | 8 | 1,721 | – | 166 | 158,201 | |||||||||
Real estate | 23,202 | 2,234 | 1,912 | 275 | 219 | – | 15 | 27,857 | |||||||||
Commercial and industrial loans | 30,298 | 25,568 | 22,201 | 5,159 | 3,705 | – | 800 | 87,731 | |||||||||
Financial institutions | 2,420 | 1,474 | 3,488 | 8,638 | 478 | – | 435 | 16,933 | |||||||||
Governments and public institutions | 803 | 238 | 917 | 1,941 | 0 | – | 167 | 4,066 | |||||||||
Corporate & institutional | 56,723 | 2 | 29,514 | 3 | 28,518 | 4 | 16,013 | 4,402 | – | 1,417 | 136,587 | ||||||
Gross loans | 171,227 | 54,384 | 45,450 | 16,021 | 6,123 | – | 1,583 | 294,788 | |||||||||
of which held at fair value | 37 | 63 | 4,923 | 6,212 | 1,079 | – | 523 | 12,837 | |||||||||
Net (unearned income) / deferred expenses | 90 | (115) | (31) | (39) | (15) | – | 1 | (109) | |||||||||
Allowance for loan losses 5 | (482) | (154) | (87) | (48) | (44) | – | (67) | (882) | |||||||||
Net loans | 170,835 | 54,115 | 45,332 | 15,934 | 6,064 | – | 1,517 | 293,797 | |||||||||
1Q19 (CHF million) | |||||||||||||||||
Mortgages | 103,206 | 3,997 | 1,437 | 0 | 0 | – | 61 | 108,701 | |||||||||
Loans collateralized by securities | 7,290 | 19,786 | 14,429 | 0 | 1,589 | – | 32 | 43,126 | |||||||||
Consumer finance | 3,547 | 890 | 6 | 10 | 0 | – | 84 | 4,537 | |||||||||
Consumer | 114,043 | 24,673 | 15,872 | 10 | 1,589 | – | 177 | 156,364 | |||||||||
Real estate | 22,619 | 2,277 | 1,430 | 292 | 230 | – | 17 | 26,865 | |||||||||
Commercial and industrial loans | 30,330 | 24,692 | 23,158 | 5,570 | 3,948 | – | 607 | 88,305 | |||||||||
Financial institutions | 2,276 | 1,561 | 3,661 | 9,835 | 581 | – | 574 | 18,488 | |||||||||
Governments and public institutions | 698 | 243 | 829 | 2,032 | 0 | – | 225 | 4,027 | |||||||||
Corporate & institutional | 55,923 | 2 | 28,773 | 3 | 29,078 | 4 | 17,729 | 4,759 | – | 1,423 | 137,685 | ||||||
Gross loans | 169,966 | 53,446 | 44,950 | 17,739 | 6,348 | – | 1,600 | 294,049 | |||||||||
of which held at fair value | 35 | 75 | 5,311 | 7,878 | 1,362 | – | 644 | 15,305 | |||||||||
Net (unearned income) / deferred expenses | 87 | (117) | (29) | (40) | (14) | – | 0 | (113) | |||||||||
Allowance for loan losses 5 | (522) | (144) | (95) | (67) | (75) | – | (63) | (966) | |||||||||
Net loans | 169,531 | 53,185 | 44,826 | 17,632 | 6,259 | – | 1,537 | 292,970 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Mortgages | 102,358 | 3,979 | 1,435 | 0 | 0 | 73 | 0 | 107,845 | |||||||||
Loans collateralized by securities | 6,978 | 19,416 | 14,161 | 0 | 1,444 | 35 | 0 | 42,034 | |||||||||
Consumer finance | 3,298 | 508 | 3 | 13 | 0 | 83 | 0 | 3,905 | |||||||||
Consumer | 112,634 | 23,903 | 15,599 | 13 | 1,444 | 191 | 0 | 153,784 | |||||||||
Real estate | 22,902 | 2,109 | 1,273 | 184 | 242 | 17 | 0 | 26,727 | |||||||||
Commercial and industrial loans | 30,291 | 24,095 | 21,938 | 5,182 | 3,567 | 458 | 167 | 85,698 | |||||||||
Financial institutions | 2,294 | 1,592 | 4,175 | 9,080 | 632 | 521 | 200 | 18,494 | |||||||||
Governments and public institutions | 694 | 245 | 843 | 1,876 | 0 | 235 | 0 | 3,893 | |||||||||
Corporate & institutional | 56,181 | 2 | 28,041 | 3 | 28,229 | 4 | 16,322 | 4,441 | 1,231 | 367 | 134,812 | ||||||
Gross loans | 168,815 | 51,944 | 43,828 | 16,335 | 5,885 | 1,422 | 367 | 288,596 | |||||||||
of which held at fair value | 37 | 85 | 5,263 | 7,572 | 1,221 | 695 | 0 | 14,873 | |||||||||
Net (unearned income) / deferred expenses | 82 | (118) | (33) | (32) | (11) | (1) | 0 | (113) | |||||||||
Allowance for loan losses 5 | (504) | (131) | (82) | (60) | (69) | (56) | 0 | (902) | |||||||||
Net loans | 168,393 | 51,695 | 43,713 | 16,243 | 5,805 | 1,365 | 367 | 287,581 | |||||||||
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 within the Corporate Center.
|
|||||||||||||||||
2
The values of financial collateral and mortgages related to secured loans, considered
up to the amount of the related loans, were CHF 10,065 million and CHF 33,940
million, respectively, as of the end of 2Q19, CHF 10,346 million and CHF 33,490
million, respectively, as of the end of 1Q19, and CHF 10,834 million and CHF 33,533
million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
3
The values of financial collateral and mortgages related to secured loans, considered
up to the amount of the related loans, were CHF 23,489 million and CHF 2,307
million, respectively, as of the end of 2Q19, CHF 22,725 million and CHF 2,326
million, respectively, as of the end of 1Q19, and CHF 22,040 million and CHF 2,151
million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
4
The values of financial collateral and mortgages related to secured loans, considered
up to the amount of the related loans, were CHF 18,046 million and CHF 180
million, respectively, as of the end of 2Q19, CHF 18,309 million and CHF 189
million, respectively, as of the end of 1Q19, and CHF 17,220 million and CHF 183
million, respectively, as of the end of 4Q18.
|
|||||||||||||||||
5
Allowance for loan losses is only based on loans that are not carried at fair value.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Non-performing loans | 370 | 577 | 177 | 4 | 0 | – | 55 | 1,183 | |||||||||
Non-interest-earning loans | 246 | 47 | 5 | 0 | 0 | – | 12 | 310 | |||||||||
Non-performing and non-interest-earning loans | 616 | 624 | 182 | 4 | 0 | – | 67 | 1,493 | |||||||||
Restructured loans | 54 | 128 | 0 | 4 | 7 | – | 81 | 274 | |||||||||
Potential problem loans | 95 | 160 | 0 | 9 | 0 | – | 4 | 268 | |||||||||
Other impaired loans | 149 | 288 | 0 | 13 | 7 | – | 85 | 542 | |||||||||
Gross impaired loans 2 | 765 | 912 | 3 | 182 | 17 | 7 | – | 152 | 2,035 | ||||||||
of which loans with a specific allowance | 687 | 510 | 170 | 13 | 0 | – | 142 | 1,522 | |||||||||
of which loans without a specific allowance | 78 | 402 | 12 | 4 | 7 | – | 10 | 513 | |||||||||
1Q19 (CHF million) | |||||||||||||||||
Non-performing loans | 362 | 556 | 195 | 29 | 37 | – | 53 | 1,232 | |||||||||
Non-interest-earning loans | 269 | 43 | 0 | 0 | 0 | – | 12 | 324 | |||||||||
Non-performing and non-interest-earning loans | 631 | 599 | 195 | 29 | 37 | – | 65 | 1,556 | |||||||||
Restructured loans | 55 | 135 | 0 | 4 | 5 | – | 83 | 282 | |||||||||
Potential problem loans | 111 | 180 | 6 | 9 | 0 | – | 4 | 310 | |||||||||
Other impaired loans | 166 | 315 | 6 | 13 | 5 | – | 87 | 592 | |||||||||
Gross impaired loans 2 | 797 | 914 | 3 | 201 | 42 | 42 | – | 152 | 2,148 | ||||||||
of which loans with a specific allowance | 729 | 420 | 190 | 38 | 37 | – | 147 | 1,561 | |||||||||
of which loans without a specific allowance | 68 | 494 | 11 | 4 | 5 | – | 5 | 587 | |||||||||
4Q18 (CHF million) | |||||||||||||||||
Non-performing loans | 365 | 534 | 183 | 29 | 37 | 55 | 0 | 1,203 | |||||||||
Non-interest-earning loans | 245 | 43 | 0 | 0 | 0 | 12 | 0 | 300 | |||||||||
Non-performing and non-interest-earning loans | 610 | 577 | 183 | 29 | 37 | 67 | 0 | 1,503 | |||||||||
Restructured loans | 76 | 130 | 0 | 5 | 8 | 80 | 0 | 299 | |||||||||
Potential problem loans | 247 | 128 | 2 | 9 | 0 | 4 | 0 | 390 | |||||||||
Other impaired loans | 323 | 258 | 2 | 14 | 8 | 84 | 0 | 689 | |||||||||
Gross impaired loans 2 | 933 | 835 | 3 | 185 | 43 | 45 | 151 | 0 | 2,192 | ||||||||
of which loans with a specific allowance | 842 | 308 | 100 | 38 | 37 | 145 | 0 | 1,470 | |||||||||
of which loans without a specific allowance | 91 | 527 | 85 | 5 | 8 | 6 | 0 | 722 | |||||||||
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 within the Corporate Center.
|
|||||||||||||||||
2
Impaired loans are only based on loans that are not carried at fair value.
|
|||||||||||||||||
3
Includes gross impaired loans of CHF 65 million, CHF 60 million and CHF 62
million as of the end of 2Q19, 1Q19 and 4Q18, respectively, which are mostly secured
by guarantees provided by investment-grade export credit agencies.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
2Q19 (CHF million) | |||||||||||||||||
Balance at beginning of period 2 | 522 | 144 | 95 | 67 | 75 | – | 63 | 966 | |||||||||
of which individually evaluated for impairment | 373 | 100 | 54 | 29 | 31 | – | 62 | 649 | |||||||||
of which collectively evaluated for impairment | 149 | 44 | 41 | 38 | 44 | – | 1 | 317 | |||||||||
Net movements recognized in statements of operations | 7 | 8 | (5) | 3 | (1) | – | 3 | 15 | |||||||||
Gross write-offs | (48) | 1 | (13) | (21) | (31) | – | 0 | (112) | |||||||||
Recoveries | 2 | 1 | 8 | 0 | 0 | – | 1 | 12 | |||||||||
Net write-offs | (46) | 2 | (5) | (21) | (31) | – | 1 | (100) | |||||||||
Provisions for interest | 1 | 4 | 3 | 0 | 1 | – | 1 | 10 | |||||||||
Foreign currency translation impact and other adjustments, net | (2) | (4) | (1) | (1) | 0 | – | (1) | (9) | |||||||||
Balance at end of period 2 | 482 | 154 | 87 | 48 | 44 | – | 67 | 882 | |||||||||
of which individually evaluated for impairment | 343 | 108 | 50 | 9 | 0 | – | 66 | 576 | |||||||||
of which collectively evaluated for impairment | 139 | 46 | 37 | 39 | 44 | – | 1 | 306 | |||||||||
6M19 (CHF million) | |||||||||||||||||
Balance at beginning of period 2 | 504 | 131 | 82 | 60 | 69 | 56 | 0 | 902 | |||||||||
of which individually evaluated for impairment | 358 | 91 | 47 | 27 | 30 | 55 | 0 | 608 | |||||||||
of which collectively evaluated for impairment | 146 | 40 | 35 | 33 | 39 | 1 | 0 | 294 | |||||||||
Transfers and reclassifications | 0 | 0 | 0 | 0 | 0 | (56) | 56 | 0 | |||||||||
Net movements recognized in statements of operations | 38 | 18 | 13 | 8 | 4 | – | 9 | 90 | |||||||||
Gross write-offs | (65) | (1) | (23) | (21) | (31) | – | 0 | (141) | |||||||||
Recoveries | 3 | 1 | 8 | 1 | 1 | – | 1 | 15 | |||||||||
Net write-offs | (62) | 0 | (15) | (20) | (30) | – | 1 | (126) | |||||||||
Provisions for interest | 3 | 8 | 7 | 0 | 1 | – | 2 | 21 | |||||||||
Foreign currency translation impact and other adjustments, net | (1) | (3) | 0 | 0 | 0 | – | (1) | (5) | |||||||||
Balance at end of period 2 | 482 | 154 | 87 | 48 | 44 | – | 67 | 882 | |||||||||
of which individually evaluated for impairment | 343 | 108 | 50 | 9 | 0 | – | 66 | 576 | |||||||||
of which collectively evaluated for impairment | 139 | 46 | 37 | 39 | 44 | – | 1 | 306 | |||||||||
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 within the Corporate Center.
|
|||||||||||||||||
2
Allowance for loan losses is only based on loans that are not carried at fair value.
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Strategic Resolution Unit |
1 |
Corporate Center |
1 |
Credit Suisse |
|||||||
2Q19 (%) | |||||||||||||||||
Non-performing and non-interest-earning loans / Gross loans | 0.4 | 1.1 | 0.4 | 0.0 | 0.0 | – | 6.3 | 0.5 | |||||||||
Gross impaired loans / Gross loans | 0.4 | 1.7 | 0.4 | 0.2 | 0.1 | – | 14.3 | 0.7 | |||||||||
Allowance for loan losses / Gross loans | 0.3 | 0.3 | 0.2 | 0.5 | 0.9 | – | 6.3 | 0.3 | |||||||||
Specific allowance for loan losses / Gross impaired loans | 44.8 | 11.8 | 27.5 | 52.9 | 0.0 | – | 43.4 | 28.3 | |||||||||
1Q19 (%) | |||||||||||||||||
Non-performing and non-interest-earning loans / Gross loans | 0.4 | 1.1 | 0.5 | 0.3 | 0.7 | – | 6.8 | 0.6 | |||||||||
Gross impaired loans / Gross loans | 0.5 | 1.7 | 0.5 | 0.4 | 0.8 | – | 15.9 | 0.8 | |||||||||
Allowance for loan losses / Gross loans | 0.3 | 0.3 | 0.2 | 0.7 | 1.5 | – | 6.6 | 0.3 | |||||||||
Specific allowance for loan losses / Gross impaired loans | 46.8 | 10.9 | 26.9 | 69.0 | 73.8 | – | 40.8 | 30.2 | |||||||||
4Q18 (%) | |||||||||||||||||
Non-performing and non-interest-earning loans / Gross loans | 0.4 | 1.1 | 0.5 | 0.3 | 0.8 | 9.2 | 0.0 | 0.5 | |||||||||
Gross impaired loans / Gross loans | 0.6 | 1.6 | 0.5 | 0.5 | 1.0 | 20.8 | 0.0 | 0.8 | |||||||||
Allowance for loan losses / Gross loans | 0.3 | 0.3 | 0.2 | 0.7 | 1.5 | 7.7 | 0.0 | 0.3 | |||||||||
Specific allowance for loan losses / Gross impaired loans | 38.4 | 10.9 | 25.4 | 62.8 | 66.7 | 36.4 | – | 27.7 | |||||||||
Gross loans and gross impaired loans exclude loans carried at fair value and the allowance
for loan losses is only based on loans that are not carried at fair value.
|
|||||||||||||||||
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 within the Corporate Center.
|
% change | ||||||||||||
end of | 2Q19 | 1Q19 | 4Q18 | QoQ | Ytd | |||||||
Assets (CHF million) | ||||||||||||
Cash and due from banks | 92,489 | 94,762 | 100,047 | (2) | (8) | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 113,466 | 116,151 | 117,095 | (2) | (3) | |||||||
Trading assets | 145,613 | 144,922 | 133,635 | 0 | 9 | |||||||
Net loans | 293,797 | 292,970 | 287,581 | 0 | 2 | |||||||
Brokerage receivables | 41,654 | 42,309 | 38,907 | (2) | 7 | |||||||
All other assets | 97,197 | 102,522 | 91,651 | (5) | 6 | |||||||
Total assets | 784,216 | 793,636 | 768,916 | (1) | 2 | |||||||
Liabilities and equity (CHF million) | ||||||||||||
Due to banks | 18,498 | 18,780 | 15,220 | (2) | 22 | |||||||
Customer deposits | 364,302 | 367,147 | 363,925 | (1) | 0 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 19,582 | 20,617 | 24,623 | (5) | (20) | |||||||
Trading liabilities | 43,356 | 39,536 | 42,169 | 10 | 3 | |||||||
Long-term debt | 157,955 | 160,261 | 154,308 | (1) | 2 | |||||||
Brokerage payables | 35,120 | 37,942 | 30,923 | (7) | 14 | |||||||
All other liabilities | 101,475 | 105,422 | 93,729 | (4) | 8 | |||||||
Total liabilities | 740,288 | 749,705 | 724,897 | (1) | 2 | |||||||
Total shareholders' equity | 43,673 | 43,825 | 43,922 | 0 | (1) | |||||||
Noncontrolling interests | 255 | 106 | 97 | 141 | 163 | |||||||
Total equity | 43,928 | 43,931 | 44,019 | 0 | 0 | |||||||
Total liabilities and equity | 784,216 | 793,636 | 768,916 | (1) | 2 |
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||
Consolidated statements of operations (CHF million) | ||||||||||
Interest and dividend income |
|
|
|
|
|
|||||
Interest expense |
( |
( |
( |
( |
( |
|||||
Net interest income |
|
|
|
|
|
|||||
Commissions and fees |
|
|
|
|
|
|||||
Trading revenues |
|
|
|
|
|
|||||
Other revenues |
|
|
|
|
|
|||||
Net revenues |
|
|
|
|
|
|||||
Provision for credit losses |
|
|
|
|
|
|||||
Compensation and benefits |
|
|
|
|
|
|||||
General and administrative expenses |
|
|
|
|
|
|||||
Commission expenses |
|
|
|
|
|
|||||
Restructuring expenses | – | – |
|
– |
|
|||||
Total other operating expenses |
|
|
|
|
|
|||||
Total operating expenses |
|
|
|
|
|
|||||
Income before taxes |
|
|
|
|
|
|||||
Income tax expense |
|
|
|
|
|
|||||
Net income |
|
|
|
|
|
|||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|||||
Net income attributable to shareholders |
|
|
|
|
|
|||||
Earnings/(loss) per share (CHF) | ||||||||||
Basic earnings per share |
|
|
|
|
|
|||||
Diluted earnings per share |
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Comprehensive income/(loss) (CHF million) | |||||||||||
Net income |
|
|
|
|
|
||||||
Gains/(losses) on cash flow hedges |
|
|
( |
|
( |
||||||
Foreign currency translation |
( |
|
|
( |
|
||||||
Unrealized gains/(losses) on securities |
|
|
( |
|
( |
||||||
Actuarial gains/(losses) |
|
|
|
|
|
||||||
Net prior service credit/(cost) |
|
( |
( |
|
( |
||||||
Gains/(losses) on liabilities related to credit risk |
( |
( |
|
( |
|
||||||
Other comprehensive income/(loss), net of tax |
( |
( |
|
( |
|
||||||
Comprehensive income/(loss) |
|
( |
|
|
|
||||||
Comprehensive income/(loss) attributable to noncontrolling interests |
( |
|
|
( |
|
||||||
Comprehensive income/(loss) attributable to shareholders |
|
( |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Assets (CHF million) | |||||||
Cash and due from banks |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Interest-bearing deposits with banks |
|
|
|
||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Securities received as collateral, at fair value |
|
|
|
||||
of which encumbered |
|
|
|
||||
Trading assets, at fair value |
|
|
|
||||
of which encumbered |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Investment securities |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Other investments |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Net loans |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which encumbered |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
allowance for loan losses |
( |
( |
( |
||||
Goodwill |
|
|
|
||||
Other intangible assets |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Brokerage receivables |
|
|
|
||||
Other assets |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which encumbered |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Total assets |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Customer deposits |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
Obligation to return securities received as collateral, at fair value |
|
|
|
||||
Trading liabilities, at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Short-term borrowings |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Long-term debt |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Brokerage payables |
|
|
|
||||
Other liabilities |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which reported from consolidated VIEs |
|
|
|
||||
Total liabilities |
|
|
|
||||
Common shares |
|
|
|
||||
Additional paid-in capital |
|
|
|
||||
Retained earnings |
|
|
|
||||
Treasury shares, at cost |
( |
( |
( |
||||
Accumulated other comprehensive income/(loss) |
( |
( |
( |
||||
Total shareholders' equity |
|
|
|
||||
Noncontrolling interests |
|
|
|
||||
Total equity |
|
|
|
||||
Total liabilities and equity |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Additional share information | |||||||
Par value (CHF) |
|
|
|
||||
Authorized shares 1 |
|
|
|
||||
Common shares issued |
|
|
|
||||
Treasury shares |
( |
( |
( |
||||
Shares outstanding |
|
|
|
||||
1
|
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 |
||||||||||
2Q19 (CHF million) | |||||||||||||||||
Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – |
( |
( |
|||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – |
|
|
|||||||||
Net income/(loss) | – | – |
|
– | – |
|
– |
|
|||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – |
( |
( |
( |
( |
|||||||||
Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
Financial instruments indexed to own shares 3 | – |
|
– | – | – |
|
– |
|
|||||||||
Dividends paid | – |
( |
4 | – | – | – |
( |
– |
( |
||||||||
Change in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
1
|
|||||||||||||||||
2
|
|||||||||||||||||
3
|
|||||||||||||||||
4
|
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 |
|
|
|
( |
( |
|
|
|
|||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
Net income/(loss) | – | – |
|
– | – |
|
– |
|
|||||||||
Cumulative effect of accounting changes, net of tax | – | – |
|
– |
( |
|
– |
|
|||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – |
( |
( |
|
( |
|||||||||
Sale of treasury shares | – |
|
– |
|
– |
|
– |
|
|||||||||
Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
Share-based compensation, net of tax | – |
|
– |
|
– |
|
– |
|
|||||||||
Financial instruments indexed to own shares | – |
|
– | – | – |
|
– |
|
|||||||||
Dividends paid | – | – | – | – | – | – |
( |
( |
|||||||||
Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
2Q18 (CHF million) | |||||||||||||||||
Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
Net income/(loss) | – | – |
|
– | – |
|
|
|
|||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
|
|
|||||||||
Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
Share-based compensation, net of tax | – |
( |
– |
|
– |
( |
– |
( |
|||||||||
Financial instruments indexed to own shares | – |
|
– | – | – |
|
– |
|
|||||||||
Dividends paid | – |
( |
– | – | – |
( |
( |
( |
|||||||||
Change in scope of consolidation, net | – | – | – | – | – | – |
( |
( |
|||||||||
Balance at end of period |
|
|
|
( |
( |
|
|
|
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 |
||||||||||
6M19 (CHF million) | |||||||||||||||||
Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – |
( |
( |
|||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – |
|
|
|||||||||
Net income/(loss) | – | – |
|
– | – |
|
– |
|
|||||||||
Cumulative effect of accounting changes, net of tax | – | – |
|
– |
( |
|
– |
|
|||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – |
( |
( |
( |
( |
|||||||||
Sale of treasury shares | – |
|
– |
|
– |
|
– |
|
|||||||||
Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
Financial instruments indexed to own shares 3 | – |
|
– | – | – |
|
– |
|
|||||||||
Dividends paid | – |
( |
4 | – | – | – |
( |
( |
( |
||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
6M18 (CHF million) | |||||||||||||||||
Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
Net income/(loss) | – | – |
|
– | – |
|
|
|
|||||||||
Cumulative effect of accounting changes, net of tax | – | – |
( |
– |
( |
( |
– |
( |
|||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
( |
|
|||||||||
Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
Financial instruments indexed to own shares | – |
|
– | – | – |
|
– |
|
|||||||||
Dividends paid | – |
( |
– | – | – |
( |
( |
( |
|||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – |
( |
( |
|||||||||
Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
1
|
|||||||||||||||||
2
|
|||||||||||||||||
3
|
|||||||||||||||||
4
|
in | 6M19 | 6M18 | |||
Operating activities (CHF million) | |||||
Net income |
|
|
|||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities (CHF million) | |||||
Impairment, depreciation and amortization |
|
|
|||
Provision for credit losses |
|
|
|||
Deferred tax provision/(benefit) |
|
|
|||
Share of net income/(loss) from equity method investments |
( |
( |
|||
Trading assets and liabilities, net |
( |
|
|||
(Increase)/decrease in other assets |
( |
( |
|||
Increase/(decrease) in other liabilities |
|
( |
|||
Other, net |
|
( |
|||
Total adjustments |
( |
|
|||
Net cash provided by/(used in) operating activities |
( |
|
|||
Investing activities (CHF million) | |||||
(Increase)/decrease in interest-bearing deposits with banks |
|
( |
|||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
( |
|||
Purchase of investment securities |
( |
( |
|||
Proceeds from sale of investment securities |
|
|
|||
Maturities of investment securities |
|
|
|||
Investments in subsidiaries and other investments |
( |
( |
|||
Proceeds from sale of other investments |
|
|
|||
(Increase)/decrease in loans |
( |
( |
1 | ||
Proceeds from sales of loans |
|
|
1 | ||
Capital expenditures for premises and equipment and other intangible assets |
( |
( |
|||
Proceeds from sale of premises and equipment and other intangible assets |
|
|
|||
Other, net |
|
|
|||
Net cash provided by/(used in) investing activities |
( |
( |
|||
1
|
in | 6M19 | 6M18 | |||
Financing activities (CHF million) | |||||
Increase/(decrease) in due to banks and customer deposits |
|
|
|||
Increase/(decrease) in short-term borrowings |
|
|
|||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|||
Issuances of long-term debt |
|
|
|||
Repayments of long-term debt |
( |
( |
|||
Sale of treasury shares |
|
|
|||
Repurchase of treasury shares |
( |
( |
|||
Dividends paid |
( |
( |
|||
Other, net |
|
|
|||
Net cash provided by/(used in) financing activities |
|
( |
|||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
Effect of exchange rate changes on cash and due from banks |
( |
|
|||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||
Net increase/(decrease) in cash and due from banks |
( |
|
|||
Cash and due from banks at beginning of period 1 |
|
|
|||
Cash and due from banks at end of period 1 |
|
|
|||
1
|
in | 6M19 | 6M18 | |||
Cash paid for income taxes and interest (CHF million) | |||||
Cash paid for income taxes |
|
|
|||
Cash paid for interest |
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Net revenues (CHF million) | |||||||||||
Swiss Universal Bank |
|
|
|
|
|
||||||
International Wealth Management |
|
|
|
|
|
||||||
Asia Pacific |
|
|
|
|
|
||||||
Global Markets |
|
|
|
|
|
||||||
Investment Banking & Capital Markets |
|
|
|
|
|
||||||
Strategic Resolution Unit 1 | – | – |
( |
– |
( |
||||||
Corporate Center |
( |
( |
|
( |
( |
||||||
Net revenues |
|
|
|
|
|
||||||
Income/(loss) before taxes (CHF million) | |||||||||||
Swiss Universal Bank |
|
|
|
|
|
||||||
International Wealth Management |
|
|
|
|
|
||||||
Asia Pacific |
|
|
|
|
|
||||||
Global Markets |
|
|
|
|
|
||||||
Investment Banking & Capital Markets |
|
( |
|
( |
|
||||||
Strategic Resolution Unit 1 | – | – |
( |
– |
( |
||||||
Corporate Center |
( |
( |
( |
( |
( |
||||||
Income/(loss) before taxes |
|
|
|
|
|
||||||
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.
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Total assets (CHF million) | |||||||
Swiss Universal Bank |
|
|
|
||||
International Wealth Management |
|
|
|
||||
Asia Pacific |
|
|
|
||||
Global Markets |
|
|
|
||||
Investment Banking & Capital Markets |
|
|
|
||||
Strategic Resolution Unit 1 | – | – |
|
||||
Corporate Center |
|
|
|
||||
Total assets |
|
|
|
||||
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 | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Net interest income (CHF million) | |||||||||||
Loans |
|
|
|
|
|
||||||
Investment securities |
|
|
|
|
|
||||||
Trading assets |
|
|
|
|
|
||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
Other |
|
|
|
|
|
||||||
Interest and dividend income |
|
|
|
|
|
||||||
Deposits |
( |
( |
( |
( |
( |
||||||
Short-term borrowings |
( |
( |
( |
( |
( |
||||||
Trading liabilities |
( |
( |
( |
( |
( |
||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
( |
( |
( |
||||||
Long-term debt |
( |
( |
( |
( |
( |
||||||
Other |
( |
( |
( |
( |
( |
||||||
Interest expense |
( |
( |
( |
( |
( |
||||||
Net interest income |
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Commissions and fees (CHF million) | |||||||||||
Lending business |
|
|
|
|
|
||||||
Investment and portfolio management |
|
|
|
|
|
||||||
Other securities business |
|
|
|
|
|
||||||
Fiduciary business |
|
|
|
|
|
||||||
Underwriting |
|
|
|
|
|
||||||
Brokerage |
|
|
|
|
|
||||||
Underwriting and brokerage |
|
|
|
|
|
||||||
Other services |
|
|
|
|
|
||||||
Commissions and fees |
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Trading revenues (CHF million) | |||||||||||
Interest rate products |
( |
|
( |
|
|
||||||
Foreign exchange products |
( |
( |
( |
( |
|
||||||
Equity/index-related products |
|
|
|
|
|
||||||
Credit products |
|
( |
|
( |
|
||||||
Commodity and energy products |
|
|
|
|
|
||||||
Other products |
|
|
|
|
( |
||||||
Trading revenues |
|
|
|
|
|
||||||
Represents revenues on a product basis which are not representative of business results
within segments, as segment results utilize financial instruments across various product
types.
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Other revenues (CHF million) | |||||||||||
Noncontrolling interests without SEI |
|
|
|
|
( |
||||||
Loans held-for-sale |
( |
( |
|
( |
|
||||||
Long-lived assets held-for-sale |
|
|
|
|
|
||||||
Equity method investments |
|
|
|
|
|
||||||
Other investments |
|
|
|
|
|
||||||
Other |
|
|
|
|
|
||||||
Other revenues |
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Provision for credit losses (CHF million) | |||||||||||
Provision for loan losses |
|
|
|
|
|
||||||
Provision for lending-related and other exposures |
|
|
|
|
|
||||||
Provision for credit losses |
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Compensation and benefits (CHF million) | |||||||||||
Salaries and variable compensation |
|
|
|
|
|
||||||
Social security |
|
|
|
|
|
||||||
Other 1 |
|
|
|
|
|
||||||
Compensation and benefits |
|
|
|
|
|
||||||
1
Includes pension-related expenses of CHF
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
General and administrative expenses (CHF million) | |||||||||||
Occupancy expenses |
|
|
|
|
|
||||||
IT, machinery, etc. |
|
|
|
|
|
||||||
Provisions and losses |
|
|
|
|
|
||||||
Travel and entertainment |
|
|
|
|
|
||||||
Professional services |
|
|
|
|
|
||||||
Amortization and impairment of other intangible assets |
|
|
|
|
|
||||||
Other 1 |
|
|
|
|
|
||||||
General and administrative expenses |
|
|
|
|
|
||||||
1
Includes pension-related expenses/(credits) of CHF
(
|
in | 2Q18 | 6M18 | |||
Restructuring expenses by segment (CHF million) | |||||
Swiss Universal Bank |
|
|
|||
International Wealth Management |
|
|
|||
Asia Pacific |
|
|
|||
Global Markets |
|
|
|||
Investment Banking & Capital Markets |
|
|
|||
Strategic Resolution Unit 1 |
|
|
|||
Corporate Center |
|
|
|||
Total restructuring expenses |
|
|
|||
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 | 2Q18 | 6M18 | |||
Restructuring expenses by type (CHF million) | |||||
Compensation and benefits-related expenses |
|
|
|||
of which severance expenses |
|
|
|||
of which accelerated deferred compensation |
|
|
|||
General and administrative-related expenses |
|
|
|||
of which pension expenses |
|
|
|||
Total restructuring expenses |
|
|
6M19 | 6M18 | ||||||||||||
in |
Compen-
sation and benefits |
General and
administrative expenses |
Total |
Compen-
sation and benefits |
General and
administrative expenses |
Total |
|||||||
Restructuring provision (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Net additional charges 1 | – | – | – |
|
|
|
|||||||
Reclassifications |
( |
2 |
( |
3 |
( |
– | – | – | |||||
Utilization | – | – | – |
( |
( |
( |
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
1
The following items for which expense accretion was accelerated in 6M18 due to the
restructuring of the Group are not included in the restructuring provision: unsettled
share-based compensation of CHF
|
|||||||||||||
2
In 6M19, CHF
|
|||||||||||||
3
In 6M19, CHF
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income attributable to shareholders for basic earnings per share |
|
|
|
|
|
||||||
Net income attributable to shareholders for diluted earnings per share |
|
|
|
|
|
||||||
Weighted-average shares outstanding (million) | |||||||||||
For basic earnings per share available for common shares |
|
|
|
|
|
||||||
Dilutive share options and warrants |
|
|
|
|
|
||||||
Dilutive share awards |
|
|
|
|
|
||||||
For diluted earnings per share available for common shares 1 |
|
|
|
|
|
||||||
Earnings/(loss) per share available for common shares (CHF) | |||||||||||
Basic earnings per share available for common shares |
|
|
|
|
|
||||||
Diluted earnings per share available for common shares |
|
|
|
|
|
||||||
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
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Contracts with customers (CHF million) | |||||||||||
Investment and portfolio management |
|
|
|
|
|
||||||
Other securities business |
|
|
|
|
|
||||||
Underwriting |
|
|
|
|
|
||||||
Brokerage |
|
|
|
|
|
||||||
Other services |
|
|
|
|
|
||||||
Total revenues from contracts with customers |
|
|
|
|
|
end of / in | 2Q19 | 1Q19 | 4Q18 | ||||
Contract balances (CHF million) | |||||||
Contract receivables |
|
|
|
||||
Contract liabilities |
|
|
|
||||
Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Trading assets (CHF million) | |||||||
Debt securities |
|
|
|
||||
Equity securities |
|
|
|
||||
Derivative instruments 1 |
|
|
|
||||
Other |
|
|
|
||||
Trading assets |
|
|
|
||||
Trading liabilities (CHF million) | |||||||
Short positions |
|
|
|
||||
Derivative instruments 1 |
|
|
|
||||
Trading liabilities |
|
|
|
||||
1
Amounts shown after counterparty and cash collateral netting.
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Cash collateral on derivatives instruments – netted (CHF million) 1 | |||||||
Cash collateral paid |
|
|
|
||||
Cash collateral received |
|
|
|
||||
Cash collateral on derivatives instruments– not netted (CHF million) 2 | |||||||
Cash collateral paid |
|
|
|
||||
Cash collateral received |
|
|
|
||||
1
Recorded as cash collateral netting on derivative instruments in Note 24 – Offsetting
of financial assets and financial liabilities.
|
|||||||
2
Recorded as cash collateral on derivative instruments in Note 20 – Other assets and
other liabilities.
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Investment securities (CHF million) | |||||||
Debt securities available-for-sale |
|
|
|
||||
Total investment securities |
|
|
|
2Q19 | 4Q18 | ||||||||||||||||
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 Swiss federal, cantonal or local governmental entities |
|
|
|
|
|
|
|
|
|||||||||
Debt securities issued by foreign governments |
|
|
|
|
|
|
|
|
|||||||||
Corporate debt securities |
|
|
|
|
|
|
|
|
|||||||||
Debt securities available-for-sale |
|
|
|
|
|
|
|
|
in | 6M19 | 6M18 | |||
Additional information – debt securities (CHF million) | |||||
Proceeds from sales |
|
|
|||
Realized gains |
|
|
Debt securities
available-for-sale |
|||||||
end of |
Amortized cost |
Fair value |
Average
yield (in %) |
||||
2Q19 (CHF million, except where indicated) | |||||||
Due within 1 year |
|
|
|
||||
Due from 1 to 5 years |
|
|
|
||||
Due from 5 to 10 years |
|
|
|
||||
Total debt securities |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Other investments (CHF million) | |||||||
Equity method investments |
|
|
|
||||
Equity securities (without a readily determinable fair value) 1 |
|
|
|
||||
of which at net asset value |
|
|
|
||||
of which at measurement alternative |
|
|
|
||||
of which at fair value |
|
|
|
||||
of which at cost less impairment |
|
|
|
||||
Real estate held-for-investment 2 |
|
|
|
||||
Life finance instruments 3 |
|
|
|
||||
Total other investments |
|
|
|
||||
1
Includes private equity, hedge funds and restricted stock investments as well as certain
investments in non-marketable mutual funds for which the Group has neither significant
influence nor control over the investee.
|
|||||||
2
As of the end of 2Q19, 1Q19 and 4Q18, real estate held for investment included foreclosed
or repossessed real estate of CHF
|
|||||||
3
Includes life settlement contracts at investment method and single premium immediate
annuity contracts.
|
in / end of | 6M19 | Cumulative | 6M18 | ||||
Impairments and adjustments (CHF million) | |||||||
Impairments and downward adjustments |
|
( |
( |
||||
Upward adjustments |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Loans (CHF million) | |||||||
Mortgages |
|
|
|
||||
Loans collateralized by securities |
|
|
|
||||
Consumer finance |
|
|
|
||||
Consumer |
|
|
|
||||
Real estate |
|
|
|
||||
Commercial and industrial loans |
|
|
|
||||
Financial institutions |
|
|
|
||||
Governments and public institutions |
|
|
|
||||
Corporate & institutional |
|
|
|
||||
Gross loans |
|
|
|
||||
of which held at amortized cost |
|
|
|
||||
of which held at fair value |
|
|
|
||||
Net (unearned income)/deferred expenses |
( |
( |
( |
||||
Allowance for loan losses |
( |
( |
( |
||||
Net loans |
|
|
|
||||
Gross loans by location (CHF million) | |||||||
Switzerland |
|
|
|
||||
Foreign |
|
|
|
||||
Gross loans |
|
|
|
||||
Impaired loan portfolio (CHF million) | |||||||
Non-performing loans |
|
|
|
||||
Non-interest-earning loans |
|
|
|
||||
Non-performing and non-interest-earning loans |
|
|
|
||||
Restructured loans |
|
|
|
||||
Potential problem loans |
|
|
|
||||
Other impaired loans |
|
|
|
||||
Gross impaired loans |
|
|
|
2Q19 | 1Q19 | 2Q18 | |||||||||||||||||
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
Total |
|||||||||||
Allowance for loan losses (CHF million) | |||||||||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|
|
|
||||||||||
Net movements recognized in statements of operations |
|
|
|
|
|
|
|
|
|
||||||||||
Gross write-offs |
( |
( |
( |
( |
( |
( |
( |
( |
( |
||||||||||
Recoveries |
|
|
|
|
|
|
|
|
|
||||||||||
Net write-offs |
( |
( |
( |
( |
( |
( |
( |
( |
( |
||||||||||
Provisions for interest |
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation impact and other adjustments, net |
|
( |
( |
|
|
|
|
|
|
||||||||||
Balance at end of period |
|
|
|
|
|
|
|
|
|
||||||||||
of which individually evaluated for impairment |
|
|
|
|
|
|
|
|
|
||||||||||
of which collectively evaluated for impairment |
|
|
|
|
|
|
|
|
|
||||||||||
Gross loans held at amortized cost (CHF million) | |||||||||||||||||||
Balance at end of period |
|
|
|
|
|
|
|
|
|
||||||||||
of which individually evaluated for impairment 1 |
|
|
|
|
|
|
|
|
|
||||||||||
of which collectively evaluated for impairment |
|
|
|
|
|
|
|
|
|
6M19 | 6M18 | ||||||||||||
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
Total |
||||||||
Allowance for loan losses (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Net movements recognized in statements of operations |
|
|
|
|
|
|
|||||||
Gross write-offs |
( |
( |
( |
( |
( |
( |
|||||||
Recoveries |
|
|
|
|
|
|
|||||||
Net write-offs |
( |
( |
( |
( |
( |
( |
|||||||
Provisions for interest |
|
|
|
|
|
|
|||||||
Foreign currency translation impact and other adjustments, net |
|
( |
( |
|
|
|
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
1
Represents gross impaired loans both with and without a specific allowance.
|
2Q19 | 1Q19 | 2Q18 | |||||||||||||||||
in |
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
1 |
Total |
|||||||||
Loans held at amortized cost (CHF million) | |||||||||||||||||||
Purchases 2 |
|
|
|
|
|
|
|
|
|
||||||||||
Reclassifications from loans held-for-sale 3 |
|
|
|
|
|
|
|
|
|
||||||||||
Reclassifications to loans held-for-sale 4 |
|
|
|
|
|
|
|
|
|
||||||||||
Sales 4 |
|
|
|
|
|
|
|
|
|
||||||||||
1
Prior period has been corrected.
|
|||||||||||||||||||
2
Includes drawdowns under purchased loan commitments.
|
|||||||||||||||||||
3
Includes loans previously reclassified to held-for-sale that were not sold and were
reclassified back to loans held-to-maturity.
|
|||||||||||||||||||
4
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.
|
in | 6M19 | 6M18 | |||||||||||
Consumer |
Corporate &
institutional |
Total |
Consumer |
Corporate &
institutional |
1 |
Total |
|||||||
Loans held at amortized cost (CHF million) | |||||||||||||
Purchases 2 |
|
|
|
|
|
|
|||||||
Reclassifications from loans held-for-sale 3 |
|
|
|
|
|
|
|||||||
Reclassifications to loans held-for-sale 4 |
|
|
|
|
|
|
|||||||
Sales 4 |
|
|
|
|
|
|
|||||||
1
Prior period has been corrected.
|
|||||||||||||
2
Includes drawdowns under purchased loan commitments.
|
|||||||||||||
3
Includes loans previously reclassified to held-for-sale that were not sold and were
reclassified back to loans held-to-maturity.
|
|||||||||||||
4
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.
|
Investment
grade |
Non-investment
grade |
||||||||
end of | AAA to BBB | BB to C | D | Total | |||||
2Q19 (CHF million) | |||||||||
Mortgages |
|
|
|
|
|||||
Loans collateralized by securities |
|
|
|
|
|||||
Consumer finance |
|
|
|
|
|||||
Consumer |
|
|
|
|
|||||
Real estate |
|
|
|
|
|||||
Commercial and industrial loans |
|
|
|
|
|||||
Financial institutions |
|
|
|
|
|||||
Governments and public institutions |
|
|
|
|
|||||
Corporate & institutional |
|
|
|
|
|||||
Gross loans held at amortized cost |
|
|
|
|
|||||
Value of collateral 1 |
|
|
|
|
|||||
4Q18 (CHF million) | |||||||||
Mortgages |
|
|
|
|
|||||
Loans collateralized by securities |
|
|
|
|
|||||
Consumer finance |
|
|
|
|
|||||
Consumer |
|
|
|
|
|||||
Real estate |
|
|
|
|
|||||
Commercial and industrial loans |
|
|
|
|
|||||
Financial institutions |
|
|
|
|
|||||
Governments and public institutions |
|
|
|
|
|||||
Corporate & institutional |
|
|
|
|
|||||
Gross loans held at amortized cost |
|
|
|
|
|||||
Value of collateral 1 |
|
|
|
|
|||||
1
Includes the value of collateral up to the amount of the outstanding related loans.
For mortgages, the value of collateral is determined at the time of granting the loan
and thereafter regularly reviewed according to the Group's risk management policies
and directives, with maximum review periods determined by property type, market liquidity
and market transparency.
|
Current | Past due | ||||||||||||||
end of |
|
Up to
30 days |
31–60
days |
61–90
days |
More than
90 days |
Total |
Total |
||||||||
2Q19 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
|
|
|
|
|
||||||||
Governments and public institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Gross loans held at amortized cost |
|
|
|
|
|
|
|
||||||||
4Q18 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
1 |
|
|
|
1 |
|
|
||||||
Governments and public institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Gross loans held at amortized cost |
|
|
|
|
|
|
|
||||||||
1
Prior period has been corrected.
|
Non-performing and
non-interest-earning loans |
Other impaired loans |
||||||||||||||
end of |
Non- performing |
Non-
interest- earning |
Total |
Re- structured |
Potential problem |
Total |
Total |
||||||||
2Q19 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
1 | |||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Gross impaired loans |
|
|
|
|
|
|
|
||||||||
4Q18 (CHF million) | |||||||||||||||
Mortgages |
|
|
|
|
|
|
|
1 | |||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
Consumer finance |
|
|
|
|
|
|
|
||||||||
Consumer |
|
|
|
|
|
|
|
||||||||
Real estate |
|
|
|
|
|
|
|
||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
Financial institutions |
|
|
|
|
|
|
|
||||||||
Corporate & institutional |
|
|
|
|
|
|
|
||||||||
Gross impaired loans |
|
|
|
|
|
|
|
||||||||
1
As of the end of 2Q19 and 4Q18, CHF
|
2Q19 | 4Q18 | ||||||||||||
end of |
Recorded investment |
Unpaid
principal balance |
Associated
specific allowance |
Recorded investment |
Unpaid
principal balance |
Associated
specific allowance |
|||||||
CHF million | |||||||||||||
Mortgages |
|
|
|
|
|
|
|||||||
Loans collateralized by securities |
|
|
|
|
|
|
|||||||
Consumer finance |
|
|
|
|
|
|
|||||||
Consumer |
|
|
|
|
|
|
|||||||
Real estate |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
|
|
|
|
|
|
|||||||
Financial institutions |
|
|
|
|
|
|
|||||||
Corporate & institutional |
|
|
|
|
|
|
|||||||
Gross impaired loans with a specific allowance |
|
|
|
|
|
|
|||||||
Mortgages |
|
|
– |
|
|
– | |||||||
Loans collateralized by securities |
|
|
– |
|
|
– | |||||||
Consumer finance |
|
|
– |
|
|
– | |||||||
Consumer |
|
|
– |
|
|
– | |||||||
Real estate |
|
|
– |
|
|
– | |||||||
Commercial and industrial loans |
|
|
– |
|
|
– | |||||||
Financial institutions |
|
|
– |
|
|
– | |||||||
Corporate & institutional |
|
|
– |
|
|
– | |||||||
Gross impaired loans without specific allowance |
|
|
– |
|
|
– | |||||||
Gross impaired loans |
|
|
|
|
|
|
|||||||
of which consumer |
|
|
|
|
|
|
|||||||
of which corporate & institutional |
|
|
|
|
|
|
2Q19 | 1Q19 | 2Q18 | |||||||||||||||||
in |
Average recorded investment |
Interest income recognized |
Interest
income recognized (cash basis) |
Average recorded investment |
Interest income recognized |
Interest
income recognized (cash basis) |
Average recorded investment |
Interest income recognized |
Interest
income recognized (cash basis) |
||||||||||
CHF million | |||||||||||||||||||
Mortgages |
|
|
|
|
|
|
|
|
|
||||||||||
Loans collateralized by securities |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer finance |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer |
|
|
|
|
|
|
|
|
|
||||||||||
Real estate |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
|
|
||||||||||
Financial institutions |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate & institutional |
|
|
|
|
|
|
|
|
|
||||||||||
Gross impaired loans with a specific allowance |
|
|
|
|
|
|
|
|
|
||||||||||
Mortgages |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer finance |
|
|
|
|
|
|
|
|
|
||||||||||
Consumer |
|
|
|
|
|
|
|
|
|
||||||||||
Real estate |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
|
|
||||||||||
Financial institutions |
|
|
|
|
|
|
|
|
|
||||||||||
Corporate & institutional |
|
|
|
|
|
|
|
|
|
||||||||||
Gross impaired loans without specific allowance |
|
|
|
|
|
|
|
|
|
||||||||||
Gross impaired loans |
|
|
|
|
|
|
|
|
|
||||||||||
of which consumer |
|
|
|
|
|
|
|
|
|
||||||||||
of which corporate & institutional |
|
|
|
|
|
|
|
|
|
6M19 | 6M18 | ||||||||||||
in |
Average recorded investment |
Interest income recognized |
Interest
income recognized (cash basis) |
Average recorded investment |
Interest income recognized |
Interest
income recognized (cash basis) |
|||||||
CHF million | |||||||||||||
Mortgages |
|
|
|
|
|
|
|||||||
Loans collateralized by securities |
|
|
|
|
|
|
|||||||
Consumer finance |
|
|
|
|
|
|
|||||||
Consumer |
|
|
|
|
|
|
|||||||
Real estate |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
|
|
|
|
|
|
|||||||
Financial institutions |
|
|
|
|
|
|
|||||||
Governments and public institutions |
|
|
|
|
|
|
|||||||
Corporate & institutional |
|
|
|
|
|
|
|||||||
Gross impaired loans with a specific allowance |
|
|
|
|
|
|
|||||||
Mortgages |
|
|
|
|
|
|
|||||||
Consumer finance |
|
|
|
|
|
|
|||||||
Consumer |
|
|
|
|
|
|
|||||||
Real estate |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
|
|
|
|
|
|
|||||||
Financial institutions |
|
|
|
|
|
|
|||||||
Corporate & institutional |
|
|
|
|
|
|
|||||||
Gross impaired loans without specific allowance |
|
|
|
|
|
|
|||||||
Gross impaired loans |
|
|
|
|
|
|
|||||||
of which consumer |
|
|
|
|
|
|
|||||||
of which corporate & institutional |
|
|
|
|
|
|
2Q19 | 1Q19 | 2Q18 | |||||||||||||||||
in |
Number of contracts |
Recorded
investment – pre- modification |
Recorded
investment – post- modification |
Number of contracts |
Recorded
investment – pre- modification |
Recorded
investment – post- modification |
Number of contracts |
Recorded
investment – pre- modification |
Recorded
investment – post- modification |
||||||||||
CHF million, except where indicated | |||||||||||||||||||
Mortgages |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial loans |
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
|
|
|
|
|
|
|
|
6M19 | 6M18 | ||||||||||||
in |
Number of contracts |
Recorded
investment – pre- modification |
Recorded
investment – post- modification |
Number of contracts |
Recorded
investment – pre- modification |
Recorded
investment – post- modification |
|||||||
CHF million, except where indicated | |||||||||||||
Mortgages |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
|
|
|
|
|
|
|||||||
Total |
|
|
|
|
|
|
2Q19 | 1Q19 | 2Q18 | |||||||||||
in |
Number of
contracts |
Recorded
investment |
Number of
contracts |
Recorded
investment |
Number of
contracts |
Recorded
investment |
|||||||
CHF million, except where indicated | |||||||||||||
Mortgages |
|
|
|
|
|
|
|||||||
Commercial and industrial loans |
|
|
|
|
|
|
|||||||
Total |
|
|
|
|
|
|
6M19 | 6M18 | ||||||||
in |
Number of
contracts |
Recorded
investment |
Number of
contracts |
Recorded
investment |
|||||
CHF million, except where indicated | |||||||||
Mortgages |
|
|
|
|
|||||
Commercial and industrial loans |
|
|
|
|
|||||
Total |
|
|
|
|
2Q19 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment
Banking & Capital Markets |
Credit Suisse Group |
1 | ||||||
Gross amount of goodwill (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Foreign currency translation impact |
( |
( |
( |
( |
( |
( |
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
Accumulated impairment (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
Net book value (CHF million) | |||||||||||||
Net book value |
|
|
|
|
|
|
6M19 | |||||||||||||
Gross amount of goodwill (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Foreign currency translation impact |
( |
( |
( |
( |
( |
( |
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
Accumulated impairment (CHF million) | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
Net book value (CHF million) | |||||||||||||
Net book value |
|
|
|
|
|
|
|||||||
1
Gross amounts include goodwill of CHF
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Other assets (CHF million) | |||||||
Cash collateral on derivative instruments |
|
|
|
||||
Cash collateral on non-derivative transactions |
|
|
|
||||
Derivative instruments used for hedging |
|
|
|
||||
Assets held-for-sale |
|
|
|
||||
of which loans 1 |
|
|
|
||||
of which real estate 2 |
|
|
|
||||
of which long-lived assets |
|
|
|
||||
Premises, equipment and right-of-use assets 3 |
|
|
|
||||
Assets held for separate accounts |
|
|
|
||||
Interest and fees receivable |
|
|
|
||||
Deferred tax assets |
|
|
|
||||
Prepaid expenses |
|
|
|
||||
of which cloud computing arrangement implementation costs |
|
|
– | ||||
Failed purchases |
|
|
|
||||
Defined benefit pension and post-retirement plan assets |
|
|
|
||||
Other |
|
|
|
||||
Other assets |
|
|
|
||||
Other liabilities (CHF million) | |||||||
Cash collateral on derivative instruments |
|
|
|
||||
Cash collateral on non-derivative transactions |
|
|
|
||||
Derivative instruments used for hedging |
|
|
|
||||
Operating leases liabilities |
|
|
– | ||||
Provisions |
|
|
|
||||
of which off-balance sheet risk |
|
|
|
||||
Restructuring liabilities | – | – |
|
||||
Liabilities held for separate accounts |
|
|
|
||||
Interest and fees payable |
|
|
|
||||
Current tax liabilities |
|
|
|
||||
Deferred tax liabilities |
|
|
|
||||
Failed sales |
|
|
|
||||
Defined benefit pension and post-retirement plan liabilities |
|
|
|
||||
Other |
|
|
|
||||
Other liabilities |
|
|
|
||||
1
Included as of the end of 2Q19, 1Q19 and 4Q18 were CHF
|
|||||||
2
As of the end of 2Q19, 1Q19 and 4Q18, real estate held-for-sale included foreclosed or repossessed real estate of CHF
|
|||||||
3
Premises and equipment were previously presented separately in the consolidated balance
sheet.
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Premises and equipment (CHF million) | |||||||
Buildings and improvements |
|
|
|
||||
Land |
|
|
|
||||
Leasehold improvements |
|
|
|
||||
Software |
|
|
|
||||
Equipment |
|
|
|
||||
Premises and equipment |
|
|
|
||||
Accumulated depreciation |
( |
( |
( |
||||
Total premises and equipment, net |
|
|
|
||||
Right-of-use assets (CHF million) | |||||||
Operating leases |
|
|
– | ||||
Right-of-use assets |
|
|
– | ||||
Total premises, equipment and right-of-use assets |
|
|
|
in | 2Q19 | 1Q19 | 6M19 | ||||
Lease costs (CHF million) | |||||||
Operating lease costs |
|
|
|
||||
Variable lease costs |
|
|
|
||||
Sublease income |
( |
( |
( |
||||
Total lease costs |
|
|
|
in | 2Q19 | 1Q19 | 6M19 | ||||
Other information (CHF million) | |||||||
Gains/(losses) on sale and leaseback transactions |
|
|
|
||||
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows |
( |
( |
( |
||||
Right-of-use assets obtained in exchange of new operating lease liabilities 1 |
|
|
|
||||
Changes to right-of-use assets due to lease modifications for operating leases |
( |
( |
( |
||||
1
Includes right-of-use assets relating to changes in classification of scope of variable
interest entities.
|
end of | 2Q19 | ||
Operating leases | |||
Remaining lease term (years) |
|
||
Discount rate (%) |
|
end of | 2Q19 | ||
Maturity (CHF million) | |||
Due within 1 year |
|
||
Due between 1 and 2 years |
|
||
Due between 2 and 3 years |
|
||
Due between 3 and 4 years |
|
||
Due between 4 and 5 years |
|
||
Thereafter |
|
||
Total |
|
||
Future interest payable |
( |
||
Lease liabilities |
|
end of | 4Q18 | ||
Maturity (CHF million) | |||
2019 |
|
||
2020 |
|
||
2021 |
|
||
2022 |
|
||
2023 |
|
||
Thereafter |
|
||
Future operating lease commitments |
|
||
Less minimum non-cancellable sublease rentals |
( |
||
Total net future minimum lease commitments |
|
in | 2Q19 | 1Q19 | 6M19 | ||||
Lease income (CHF million) | |||||||
Interest income on sales-type lease receivables |
|
|
|
||||
Interest income on direct financing lease receivables |
|
|
|
||||
Lease income from operating leases |
|
|
|
||||
Variable lease income |
|
|
|
||||
Total lease income |
|
|
|
end of 2Q19 |
Sales-
type leases |
Direct
financing leases |
|||
Net investment (CHF million) | |||||
Lease receivables |
|
|
|||
Impairment recognized |
( |
( |
|||
Total net investment |
|
|
end of 2Q19 |
Sales-
type leases |
Direct
financing leases |
Operating leases |
||||
Maturity (CHF million) | |||||||
Due within 1 year |
|
|
|
||||
Due between 1 and 2 years |
|
|
|
||||
Due between 2 and 3 years |
|
|
|
||||
Due between 3 and 4 years |
|
|
|
||||
Due between 4 and 5 years |
|
|
|
||||
Thereafter |
|
|
|
||||
Total |
|
|
|
||||
Future interest receivable |
( |
( |
– | ||||
Lease receivables |
|
|
– |
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Long-term debt (CHF million) | |||||||
Senior |
|
|
|
||||
Subordinated |
|
|
|
||||
Non-recourse liabilities from consolidated VIEs |
|
|
|
||||
Long-term debt |
|
|
|
||||
of which reported at fair value |
|
|
|
||||
of which structured notes |
|
|
|
end of | 2Q19 | 1Q19 | 4Q18 | ||||
Structured notes by product (CHF million) | |||||||
Equity |
|
|
|
||||
Fixed income |
|
|
|
||||
Credit |
|
|
|
||||
Other |
|
|
|
||||
Total structured notes |
|
|
|
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Gains/
(losses) on liabilities relating to credit risk |
AOCI |
|||||||||
2Q19 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
|
( |
( |
||||||||
Increase/(decrease) |
|
( |
|
|
|
( |
( |
||||||||
Increase/(decrease) due to equity method investments |
( |
|
|
|
|
|
( |
||||||||
Reclassification adjustments, included in net income/(loss) |
|
|
|
|
( |
|
|
||||||||
Total increase/(decrease) |
|
( |
|
|
|
( |
( |
||||||||
Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
1Q19 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
|
( |
( |
||||||||
Increase/(decrease) |
|
|
|
|
|
( |
( |
||||||||
Increase/(decrease) due to equity method investments |
( |
|
|
|
|
|
( |
||||||||
Reclassification adjustments, included in net income/(loss) |
|
|
|
|
( |
|
|
||||||||
Cumulative effect of accounting changes, net of tax 1 |
|
|
|
( |
|
( |
( |
||||||||
Total increase/(decrease) |
|
|
|
|
( |
( |
( |
||||||||
Balance at end of period |
( |
( |
|
( |
|
( |
( |
||||||||
2Q18 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
|
( |
( |
||||||||
Increase/(decrease) |
( |
|
( |
|
|
|
|
||||||||
Increase/(decrease) due to equity method investments |
( |
|
|
|
|
|
( |
||||||||
Reclassification adjustments, included in net income/(loss) |
|
( |
( |
|
( |
|
|
||||||||
Total increase/(decrease) |
( |
|
( |
|
( |
|
|
||||||||
Balance at end of period |
( |
( |
|
( |
|
( |
( |
||||||||
6M19 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
|
( |
( |
||||||||
Increase/(decrease) |
|
( |
|
|
|
( |
( |
||||||||
Increase/(decrease) due to equity method investments |
( |
|
|
|
|
|
( |
||||||||
Reclassification adjustments, included in net income/(loss) |
|
|
|
|
( |
|
|
||||||||
Cumulative effect of accounting changes, net of tax 1 |
|
|
|
( |
|
( |
( |
||||||||
Total increase/(decrease) |
|
( |
|
|
|
( |
( |
||||||||
Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
6M18 (CHF million) | |||||||||||||||
Balance at beginning of period |
( |
( |
|
( |
|
( |
( |
||||||||
Increase/(decrease) |
( |
|
( |
|
|
|
|
||||||||
Increase/(decrease) due to equity method investments |
( |
|
|
|
|
|
( |
||||||||
Reclassification adjustments, included in net income/(loss) |
|
( |
( |
|
( |
|
|
||||||||
Cumulative effect of accounting changes, net of tax |
|
|
( |
|
|
|
( |
||||||||
Total increase/(decrease) |
( |
|
( |
|
( |
|
|
||||||||
Balance at end of period |
( |
( |
|
( |
|
( |
( |
||||||||
1
Reflects the reclassification from AOCI to retained earnings as a result of the adoption
of ASU 2018-02. Refer to "Note 2 - Recently issued accounting standards" for further
information.
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Reclassification adjustments, included in net income/(loss) (CHF million) | |||||||||||
Cumulative translation adjustments | |||||||||||
Reclassification adjustments |
|
|
( |
|
( |
||||||
Actuarial gains/(losses) | |||||||||||
Amortization of recognized actuarial losses 1 |
|
|
|
|
|
||||||
Tax expense/(benefit) |
( |
( |
( |
( |
( |
||||||
Net of tax |
|
|
|
|
|
||||||
Net prior service credit/(cost) | |||||||||||
Amortization of recognized prior service credit/(cost) 1 |
( |
( |
( |
( |
( |
||||||
Tax expense |
|
|
|
|
|
||||||
Net of tax |
( |
( |
( |
( |
( |
||||||
1
These components are included in the computation of total benefit costs. Refer to
"Note 27 – Pension and other post-retirement benefits" for further information.
|
2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||||
Common shares issued | |||||||||||
Balance at beginning of period |
|
|
|
|
|
||||||
Balance at end of period |
|
|
|
|
|
||||||
Treasury shares | |||||||||||
Balance at beginning of period |
( |
( |
( |
( |
( |
||||||
Sale of treasury shares |
|
|
|
|
|
||||||
Repurchase of treasury shares |
( |
( |
( |
( |
( |
||||||
Share-based compensation |
|
|
|
|
|
||||||
Balance at end of period |
( |
( |
( |
( |
( |
||||||
Common shares outstanding | |||||||||||
Balance at end of period |
|
1 |
|
1 |
|
2 |
|
1 |
|
2 | |
1
|
|||||||||||
2
|
2Q19 | 4Q18 | ||||||||
end of |
Derivative
assets |
Derivative
liabilities |
Derivative
assets |
Derivative
liabilities |
|||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | |||||||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Interest rate products |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Foreign exchange products |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Equity/index-related products |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Credit derivatives |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Other products 1 |
|
|
|
|
|||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Total gross derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
Offsetting (CHF billion) | |||||||||
OTC-cleared |
( |
( |
( |
( |
|||||
OTC |
( |
( |
( |
( |
|||||
Exchange-traded |
( |
( |
( |
( |
|||||
Offsetting |
( |
( |
( |
( |
|||||
of which counterparty netting |
( |
( |
( |
( |
|||||
of which cash collateral netting |
( |
( |
( |
( |
|||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
OTC-cleared |
|
|
|
|
|||||
OTC |
|
|
|
|
|||||
Exchange-traded |
|
|
|
|
|||||
Total net derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
Total derivatives not subject to enforceable master netting agreements 2 |
|
|
|
|
|||||
Total net derivatives presented in the consolidated balance sheets |
|
|
|
|
|||||
of which recorded in trading assets and trading liabilities |
|
|
|
|
|||||
of which recorded in other assets and other liabilities |
|
|
|
|
|||||
1
Primarily precious metals, commodity and energy products.
|
|||||||||
2
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.
|
2Q19 | 4Q18 | ||||||||||||
end of |
Gross |
Offsetting |
Net
book value |
Gross |
Offsetting |
Net
book value |
|||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | |||||||||||||
Securities purchased under resale agreements |
|
( |
|
|
( |
|
|||||||
Securities borrowing transactions |
|
( |
|
|
( |
|
|||||||
Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
Total |
|
( |
|
2 |
|
( |
|
2 | |||||
1
Represents securities purchased under resale agreements and securities borrowing transactions
where a legal opinion supporting the enforceability of netting in the event of default
or termination under the agreement is not in place.
|
|||||||||||||
2
CHF
|
2Q19 | 4Q18 | ||||||||||||
end of |
Gross |
Offsetting |
Net
book value |
Gross |
Offsetting |
Net
book value |
|||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | |||||||||||||
Securities sold under repurchase agreements |
|
( |
|
|
( |
|
|||||||
Securities lending transactions |
|
|
|
|
( |
|
|||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
Total |
|
( |
|
|
( |
|
|||||||
of which securities sold under repurchase agreements and securities lending transactions |
|
( |
|
2 |
|
( |
|
2 | |||||
of which obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
1
Represents securities sold under repurchase agreements and securities lending transactions
where a legal opinion supporting the enforceability of netting in the event of default
or termination under the agreement is not in place.
|
|||||||||||||
2
CHF
|
2Q19 | 4Q18 | ||||||||||||||||
end of |
Net book value |
Financial instruments |
1 |
Cash
collateral received/ pledged |
1 |
Net exposure |
Net book value |
Financial instruments |
1 |
Cash
collateral received/ pledged |
1 |
Net exposure |
|||||
Financial assets subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives |
|
|
|
|
|
|
|
|
|||||||||
Securities purchased under resale agreements |
|
|
|
|
|
|
|
|
|||||||||
Securities borrowing transactions |
|
|
|
|
|
|
|
|
|||||||||
Total financial assets subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
Derivatives |
|
|
|
|
|
|
|
|
|||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
|
|
|
|||||||||
Securities lending transactions |
|
|
|
|
|
|
|
|
|||||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|
|
|||||||||
Total financial liabilities subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
1
The total amount reported in financial instruments (recognized financial assets and
financial liabilities and non-cash financial collateral) and cash collateral is limited
to the amount of the related instruments presented in the consolidated balance sheets
and therefore any over-collateralization of these positions is not included.
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Effective tax rate (%) |
|
|
|
|
|
in | 2Q19 | ||
CHF million | |||
Income tax expense computed at the Swiss statutory tax rate of 22% |
|
||
Increase/(decrease) in income taxes resulting from | |||
Foreign tax rate differential |
( |
||
Other non-deductible expenses |
|
||
Changes in deferred tax valuation allowance |
|
||
Lower taxed income |
( |
||
(Windfall tax benefits)/shortfall tax charges on share-based compensation |
|
||
Other |
|
||
Income tax expense |
|
end of | 2Q19 | 1Q19 | |||
Net deferred tax assets (CHF million) | |||||
Deferred tax assets |
|
|
|||
of which net operating losses |
|
|
|||
of which deductible temporary differences |
|
|
|||
Deferred tax liabilities |
( |
( |
|||
Net deferred tax assets |
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Deferred compensation expense (CHF million) | |||||||||||
Share awards |
|
|
|
|
|
||||||
Performance share awards |
|
|
|
|
|
||||||
Contingent Capital Awards |
|
|
|
|
|
||||||
Contingent Capital share awards |
|
|
|
|
|
||||||
Other cash awards |
|
|
|
1 |
|
|
1 | ||||
Total deferred compensation expense |
|
|
|
1 |
|
|
1 | ||||
1
Prior period has been corrected.
|
end of | 2Q19 | ||
Estimated unrecognized compensation expense (CHF million) | |||
Share awards |
|
||
Performance share awards |
|
||
Contingent Capital Awards |
|
||
Other cash awards |
|
||
Total |
|
||
Weighted-average requisite service period (years) | |||
Aggregate remaining weighted-average requisite service period |
|
2Q19 | 6M19 | ||||||||||||
Number of awards (in millions) |
Share awards |
Performance
share awards |
Contingent
Capital share awards |
Share awards |
Performance
share awards |
Contingent
Capital share awards |
|||||||
Share-based award activities | |||||||||||||
Balance at beginning of period |
|
|
|
|
|
|
|||||||
Granted |
|
|
|
|
|
|
|||||||
Settled |
( |
( |
( |
( |
( |
( |
|||||||
Forfeited |
( |
( |
|
( |
( |
|
|||||||
Balance at end of period |
|
|
|
|
|
|
|||||||
of which vested |
|
|
|
|
|
|
|||||||
of which unvested |
|
|
|
|
|
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Net periodic benefit costs/(credits) (CHF million) | |||||||||||
Service costs on benefit obligation |
|
|
|
|
|
||||||
Interest costs on benefit obligation |
|
|
|
|
|
||||||
Expected return on plan assets |
( |
( |
( |
( |
( |
||||||
Amortization of recognized prior service cost/(credit) |
( |
( |
( |
( |
( |
||||||
Amortization of recognized actuarial losses |
|
|
|
|
|
||||||
Settlement losses/(gains) |
|
|
|
|
( |
||||||
Curtailment losses/(gains) |
|
|
( |
|
( |
||||||
Special termination benefits |
|
|
|
|
|
||||||
Net periodic benefit costs |
|
|
|
|
|
||||||
Service costs on benefit obligation are reflected in compensation and benefits. Other
components of net periodic benefit costs are reflected in general and administrative
expenses or, until the end of 4Q18, in restructuring expenses.
|
Trading | Hedging | 1 | |||||||||||
end of 2Q19 |
Notional amount |
Positive
replacement value (PRV) |
Negative
replacement value (NRV) |
Notional amount |
Positive
replacement value (PRV) |
Negative
replacement value (NRV) |
|||||||
Derivative instruments (CHF billion) | |||||||||||||
Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Interest rate products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Foreign exchange products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Equity/index-related products |
|
|
|
|
|
|
|||||||
Credit derivatives 2 |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Other products 3 |
|
|
|
|
|
|
|||||||
Total derivative instruments |
|
|
|
|
|
|
|||||||
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Primarily credit default swaps.
|
|||||||||||||
3
Primarily precious metals, commodity and energy products.
|
Trading | Hedging | 1 | |||||||||||
end of 4Q18 |
Notional amount |
Positive
replacement value (PRV) |
Negative
replacement value (NRV) |
Notional amount |
Positive
replacement value (PRV) |
Negative
replacement value (NRV) |
|||||||
Derivative instruments (CHF billion) | |||||||||||||
Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Interest rate products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Foreign exchange products |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Equity/index-related products |
|
|
|
|
|
|
|||||||
Credit derivatives 2 |
|
|
|
|
|
|
|||||||
Forwards |
|
|
|
|
|
|
|||||||
Swaps |
|
|
|
|
|
|
|||||||
Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
Futures |
|
|
|
|
|
|
|||||||
Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
Other products 3 |
|
|
|
|
|
|
|||||||
Total derivative instruments |
|
|
|
|
|
|
|||||||
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
2
Primarily credit default swaps.
|
|||||||||||||
3
Primarily precious metals, commodity and energy products.
|
2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||||
in |
Interest and
dividend income |
Interest and
dividend income |
Trading revenues |
Interest and
dividend income |
Trading revenues |
||||||
Interest rate products (CHF million) | |||||||||||
Hedged items |
( |
( |
|
( |
|
||||||
Derivatives designated as hedging instruments |
|
|
( |
|
( |
||||||
Net gains/(losses) on the ineffective portion | – | – |
( |
– |
|
||||||
As a result of the adoption of ASU2017-12 on January 1, 2019 the gains/(losses) on
interest rate risk hedges are included in interest and dividend income while, in prior
periods they were recorded in trading revenue. Additionally, the gains/(losses) on
the ineffective portion are no longer separately measured and reported. The accrued
interest on fair value hedges is recorded in interest and dividend income and is excluded
from this table.
|
2Q19 | |||||||
Hedged items | |||||||
end of |
Carrying
amount |
Hedging
adjustments |
1 |
Disconti-
nued hedges |
2 | ||
Assets and liabilities (CHF billion) | |||||||
Net loans |
|
|
|
||||
Long-term debt |
|
|
( |
||||
1
Relates to cumulative amount of fair value hedging adjustments included in the carrying
amount.
|
|||||||
2
Relates to cumulative amount of fair value hedging adjustments remaining for any hedged
items for which hedge accounting has been discontinued.
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Interest rate products (CHF million) | |||||||||||
Gains/(losses) recognized in AOCI on derivatives |
|
|
( |
|
( |
||||||
Gains/(losses) reclassified from AOCI into interest and dividend income |
|
|
( |
|
( |
Foreign exchange products (CHF million) | |||||||||||
Gains/(losses) recognized in AOCI on derivatives |
( |
|
( |
( |
( |
||||||
Trading revenues |
|
( |
( |
|
( |
||||||
Other revenues |
( |
( |
( |
( |
( |
||||||
Total other operating expenses |
( |
( |
|
( |
|
||||||
Total gains/(losses) reclassified from AOCI into income |
( |
( |
( |
( |
( |
||||||
Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 |
( |
( |
– |
( |
– |
Interest rate and foreign exchange products (CHF million) | |||||||||||
Net gains/(losses) on the ineffective portion | – | – |
( |
2 | – |
( |
2 | ||||
As a result of the adoption ASU 2017-12 on January 1, 2019 the gains/(losses) on the
ineffective portion are no longer separately measured and reported.
|
|||||||||||
1
Related to the forward points of a foreign currency forward.
|
|||||||||||
2
Included in trading revenues.
|
in | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | ||||||
Foreign exchange products (CHF million) | |||||||||||
Gains/(losses) recognized in the cumulative translation adjustments section of AOCI |
|
( |
|
( |
|
2Q19 | 4Q18 | ||||||||||||||||
end of |
Bilateral counterparties |
Special
purpose entities |
Accelerated terminations |
Total |
Bilateral counterparties |
Special
purpose entities |
Accelerated terminations |
Total |
|||||||||
Contingent credit risk (CHF billion) | |||||||||||||||||
Current net exposure |
|
|
|
|
|
|
|
|
|||||||||
Collateral posted |
|
|
– |
|
|
|
– |
|
|||||||||
Impact of a one-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
Impact of a two-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
Impact of a three-notch downgrade event |
|
|
|
|
|
|
|
|
2Q19 | 4Q18 | ||||||||||||||||||||
end of |
Credit protection sold |
Credit protection purchased |
1 |
Net credit
protection (sold)/ purchased |
Other protection purchased |
Fair value
of credit protection sold |
Credit protection sold |
Credit protection purchased |
1 |
Net credit
protection (sold)/ purchased |
Other protection purchased |
Fair value
of credit protection sold |
|||||||||
Single-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
Total single-name instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
Multi-name instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
Non-investment grade |
( |
|
( |
|
3 |
|
( |
|
( |
|
3 |
|
|||||||||
Total multi-name instruments |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
of which sovereign |
( |
|
|
|
|
( |
|
|
|
|
|||||||||||
of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
Total instruments (CHF billion) | |||||||||||||||||||||
Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
Total instruments |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
1
Represents credit protection purchased with identical underlyings and recoveries.
|
|||||||||||||||||||||
2
Based on internal ratings of BBB and above.
|
|||||||||||||||||||||
3
Includes synthetic securitized loan portfolios.
|
end of | 2Q19 | 4Q18 | |||
Credit derivatives (CHF billion) | |||||
Credit protection sold |
|
|
|||
Credit protection purchased |
|
|
|||
Other protection purchased |
|
|
|||
Other instruments 1 |
|
|
|||
Total credit derivatives |
|
|
|||
1
Consists of total return swaps and other derivative instruments.
|
end of |
Maturity
less than 1 year |
Maturity
between 1 to 5 years |
Maturity
greater than 5 years |
Total |
|||||
2Q19 (CHF billion) | |||||||||
Single-name instruments |
|
|
|
|
|||||
Multi-name instruments |
|
|
|
|
|||||
Total instruments |
|
|
|
|
|||||
4Q18 (CHF billion) | |||||||||
Single-name instruments |
|
|
|
|
|||||
Multi-name instruments |
|
|
|
|
|||||
Total instruments |
|
|
|
|
end of |
Maturity
less than 1 year |
Maturity
greater than 1 year |
Total
gross amount |
Total
net amount |
1 |
Carrying value |
Collateral received |
||||||
2Q19 (CHF million) | |||||||||||||
Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
Other guarantees |
|
|
|
|
|
|
|||||||
Total guarantees |
|
|
|
|
|
|
|||||||
4Q18 (CHF million) | |||||||||||||
Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
Other guarantees |
|
|
|
|
|
|
|||||||
Total guarantees |
|
|
|
|
|
|
|||||||
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||
2
Excludes derivative contracts with certain active commercial and investment banks
and certain other counterparties, as such contracts can be cash settled and the 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.
|
end of | 2Q19 | 4Q18 | |||||||||||||||||||
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 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Irrevocable loan commitments 2 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Forward reverse repurchase agreements |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||||||||||
2
Irrevocable loan commitments do not include a total gross amount of CHF
|
in | 6M19 | 6M18 | |||
Gains/(losses) and cash flows (CHF million) | |||||
CMBS | |||||
Net gain/(loss) 1 |
( |
|
|||
Proceeds from transfer of assets |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
RMBS | |||||
Net gain/(loss) 1 |
( |
( |
|||
Proceeds from transfer of assets |
|
|
|||
Purchases of previously transferred financial assets or its underlying collateral |
( |
( |
|||
Servicing fees |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
Other asset-backed financings | |||||
Net gain 1 |
|
|
|||
Proceeds from transfer of assets |
|
|
|||
Purchases of previously transferred financial assets or its underlying collateral |
( |
( |
|||
Fees 2 |
|
|
|||
Cash received on interests that continue to be held |
|
|
|||
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 management fees and performance fees earned for investment management services
provided to managed CLOs.
|
end of | 2Q19 | 4Q18 | |||
CHF million | |||||
CMBS | |||||
Principal amount outstanding |
|
|
|||
Total assets of SPE |
|
|
|||
RMBS | |||||
Principal amount outstanding |
|
|
|||
Total assets of SPE |
|
|
|||
Other asset-backed financings | |||||
Principal amount outstanding |
|
|
|||
Total assets of SPE |
|
|
|||
Principal amount outstanding relates to assets transferred from the Group and does
not include principal amounts for assets transferred from third parties.
|
6M19 | 6M18 | ||||||||||||||||
at time of transfer, in | CMBS | RMBS | CMBS | RMBS | |||||||||||||
CHF million, except where indicated | |||||||||||||||||
Fair value of beneficial interests |
|
|
|
|
|||||||||||||
of which level 2 |
|
|
|
|
|||||||||||||
of which level 3 |
|
|
|
|
|||||||||||||
Weighted-average life, in years |
|
|
|
|
|||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 |
|
– |
|
– | 2 |
|
– |
|
|||||||
Cash flow discount rate (rate per annum), in % 3 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
Expected credit losses (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
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
|
|||||||||||||||||
2
To deter prepayment, commercial mortgage loans typically have prepayment protection
in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||
3
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||
4
The range of expected credit losses only reflects instruments with an expected credit
loss greater than zero unless all of the instruments have an expected credit loss
of zero.
|
2Q19 | 4Q18 | ||||||||||||||||||||||||
end of |
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 |
|
|
|
|
|
|
|||||||||||||||||||
of which non-investment grade |
|
|
|
|
|
|
|||||||||||||||||||
Weighted-average life, in years |
|
|
|
|
|
|
|||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – |
|
– |
|
– | – |
|
– |
|
– | |||||||||||||||
Impact on fair value from 10% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
Impact on fair value from 20% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
Expected credit losses (rate per annum), in % 5 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
1
To deter prepayment, commercial mortgage loans typically have prepayment protection
in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||||||||||
2
CDOs and CLOs within this category are generally structured to be protected from prepayment
risk.
|
|||||||||||||||||||||||||
3
PSA is an industry standard prepayment speed metric used for projecting prepayments
over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A
|
|||||||||||||||||||||||||
4
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||||||||||
5
The range of expected credit losses only reflects instruments with an expected credit
loss greater than zero unless all of the instruments have an expected credit loss
of zero.
|
end of | 2Q19 | 4Q18 | |||
CHF million | |||||
Other asset-backed financings | |||||
Trading assets |
|
|
|||
Liability to SPE, included in other liabilities |
( |
( |
end of | 2Q19 | 4Q18 | |||
CHF billion | |||||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Asset-backed securities |
|
|
|||
Other |
|
|
|||
Securities sold under repurchase agreements |
|
|
|||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Equity securities |
|
|
|||
Other |
|
|
|||
Securities lending transactions |
|
|
|||
Government debt securities |
|
|
|||
Corporate debt securities |
|
|
|||
Asset-backed securities |
|
|
|||
Equity securities |
|
|
|||
Obligation to return securities received as collateral, at fair value |
|
|
|||
Total |
|
|
Remaining contractual maturities | |||||||||||
end of |
On demand |
1 |
Up to
30 days |
2 |
31–90
days |
More than
90 days |
Total |
||||
2Q19 (CHF billion) | |||||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
||||||
Securities lending transactions |
|
|
|
|
|
||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
Total |
|
|
|
|
|
||||||
4Q18 (CHF billion) | |||||||||||
Securities sold under repurchase agreements |
|
|
|
|
|
||||||
Securities lending transactions |
|
|
|
|
|
||||||
Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
Total |
|
|
|
|
|
||||||
1
Includes contracts with no contractual maturity that may contain termination arrangements
subject to a notice period.
|
|||||||||||
2
Includes overnight transactions.
|
Financial intermediation | |||||||||||||||
end of |
CDO/
CLO |
CP
Conduit |
Securi-
tizations |
Funds |
Loans |
Other |
Total |
||||||||
2Q19 (CHF million) | |||||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|
||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Other investments |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
of which loans held-for-sale |
|
|
|
|
|
|
|
||||||||
of which premises and equipment |
|
|
|
|
|
|
|
||||||||
Total assets of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
Trading liabilities |
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
|
|
||||||||
Other liabilities |
|
|
|
|
|
|
|
||||||||
Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
4Q18 (CHF million) | |||||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|
||||||||
Trading assets |
|
|
|
|
|
|
|
||||||||
Other investments |
|
|
|
|
|
|
|
||||||||
Net loans |
|
|
|
|
|
|
|
||||||||
Other assets |
|
|
|
|
|
|
|
||||||||
of which loans held-for-sale |
|
|
|
|
|
|
|
||||||||
of which premises and equipment |
|
|
|
|
|
|
|
||||||||
Total assets of consolidated VIEs |
|
|
|
|
|
|
|
||||||||
Trading liabilities |
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
|
|
||||||||
Other liabilities |
|
|
|
|
|
|
|
||||||||
Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|
Financial intermediation | |||||||||||||
end of |
CDO/
CLO |
Securi-
tizations |
Funds |
Loans |
Other |
Total |
|||||||
2Q19 (CHF million) | |||||||||||||
Trading assets |
|
|
|
|
|
|
|||||||
Net loans |
|
|
|
|
|
|
|||||||
Other assets |
|
|
|
|
|
|
|||||||
Total variable interest assets |
|
|
|
|
|
|
|||||||
Maximum exposure to loss |
|
|
|
|
|
|
|||||||
Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|||||||
4Q18 (CHF million) | |||||||||||||
Trading assets |
|
|
|
|
|
|
|||||||
Net loans |
|
|
|
|
|
|
|||||||
Other assets |
|
|
|
|
|
|
|||||||
Total variable interest assets |
|
|
|
|
|
|
|||||||
Maximum exposure to loss |
|
|
|
|
|
|
|||||||
Total assets of non-consolidated VIEs |
|
|
|
|
|
|
end of 2Q19 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets
measured at net asset value per share |
2 |
Total |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks |
|
|
|
– | – |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
Securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading assets |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– |
|
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– |
|
|
|||||||
of which RMBS |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading assets |
|
|
|
– | – |
|
|||||||
Investment securities |
|
|
|
– | – |
|
|||||||
Other investments |
|
|
|
– |
|
|
|||||||
of which life finance instruments |
|
|
|
– | – |
|
|||||||
Loans |
|
|
|
– | – |
|
|||||||
of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
of which financial institutions |
|
|
|
– | – |
|
|||||||
of which government and public institutions |
|
|
|
– | – |
|
|||||||
of which real estate |
|
|
|
– | – |
|
|||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
Other assets |
|
|
|
( |
– |
|
|||||||
of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
Total assets at fair value |
|
|
|
( |
|
|
|||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting
represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using
the net asset value per share practical expedient have not been classified in the
fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
end of 2Q19 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities
measured at net asset value per share |
2 |
Total |
|||||
Liabilities (CHF million) | |||||||||||||
Due to banks |
|
|
|
– | – |
|
|||||||
Customer deposits |
|
|
|
– | – |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading liabilities |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– | – |
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
Short-term borrowings |
|
|
|
– | – |
|
|||||||
Long-term debt |
|
|
|
– | – |
|
|||||||
of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
of which structured notes over two years |
|
|
|
– | – |
|
|||||||
of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
Other liabilities |
|
|
|
( |
– |
|
|||||||
Total liabilities at fair value |
|
|
|
( |
|
|
|||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting
represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using
the net asset value per share practical expedient have not been classified in the
fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
end of 4Q18 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets
measured at net asset value per share |
2 |
Total |
|||||
Assets (CHF million) | |||||||||||||
Cash and due from banks |
|
|
|
– | – |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
Securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading assets |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– |
|
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which corporates |
|
|
|
– |
|
|
|||||||
of which RMBS |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
of which other derivatives |
|
|
|
– | – | – | |||||||
of which other trading assets |
|
|
|
– | – |
|
|||||||
Investment securities |
|
|
|
– | – |
|
|||||||
Other investments |
|
|
|
– |
|
|
|||||||
of which life finance instruments |
|
|
|
– | – |
|
|||||||
Loans |
|
|
|
– | – |
|
|||||||
of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
of which financial institutions |
|
|
|
– | – |
|
|||||||
of which real estate |
|
|
|
– | – |
|
|||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
Other assets |
|
|
|
( |
– |
|
|||||||
of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
Total assets at fair value |
|
|
|
( |
|
|
|||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting
represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using
the net asset value per share practical expedient have not been classified in the
fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
end of 4Q18 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities
measured at net asset value per share |
2 |
Total |
|||||
Liabilities (CHF million) | |||||||||||||
Due to banks |
|
|
|
– | – |
|
|||||||
Customer deposits |
|
|
|
– | – |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
Trading liabilities |
|
|
|
( |
|
|
|||||||
of which debt securities |
|
|
|
– | – |
|
|||||||
of which foreign governments |
|
|
|
– | – |
|
|||||||
of which equity securities |
|
|
|
– |
|
|
|||||||
of which derivatives |
|
|
|
( |
– |
|
|||||||
of which interest rate products |
|
|
|
– | – | – | |||||||
of which foreign exchange products |
|
|
|
– | – | – | |||||||
of which equity/index-related products |
|
|
|
– | – | – | |||||||
of which credit derivatives |
|
|
|
– | – | – | |||||||
Short-term borrowings |
|
|
|
– | – |
|
|||||||
Long-term debt |
|
|
|
– | – |
|
|||||||
of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
of which structured notes over two years |
|
|
|
– | – |
|
|||||||
Other liabilities |
|
|
|
( |
– |
|
|||||||
Total liabilities at fair value |
|
|
|
( |
|
|
|||||||
1
Derivative contracts are reported on a gross basis by level. The impact of netting
represents legally enforceable master netting agreements.
|
|||||||||||||
2
In accordance with US GAAP, certain investments that are measured at fair value using
the net asset value per share practical expedient have not been classified in the
fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||||||
Trading revenues |
Other revenues |
Accumulated other
comprehensive income |
|||||||||||||||||||||||||||||
6M19 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
Foreign
currency translation impact |
Balance at end of period |
||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||
Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trading assets |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which debt securities |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
of which foreign governments |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
of which corporates |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
of which RMBS |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which equity securities |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
of which derivatives |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which interest rate products |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which foreign exchange derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which equity/index-related products |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which other derivatives |
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which other trading assets |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
Other investments |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
of which life finance instruments |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
Loans |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which commercial and industrial loans |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which financial institutions |
|
|
|
|
( |
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
of which government and public institutions |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which real estate |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
( |
|
||||||||||||||||
Other assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
Total assets at fair value |
|
|
( |
|
( |
|
( |
( |
|
|
( |
|
|
( |
|
||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||
Customer deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
|
||||||||||||||||
Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trading liabilities |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which debt securities |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
of which equity securities |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
of which derivatives |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which interest rate derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which foreign exchange derivatives |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
||||||||||||||||
of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
Short-term borrowings |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
Long-term debt |
|
|
( |
|
|
|
( |
|
|
|
|
|
( |
( |
|
||||||||||||||||
of which structured notes over one year and up to two years |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
of which structured notes over two years |
|
|
( |
|
|
|
( |
|
|
|
|
|
( |
( |
|
||||||||||||||||
of which high-trigger instruments |
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other liabilities |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
||||||||||||||||
Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|
||||||||||||||||
Net assets/(liabilities) at fair value |
( |
( |
|
|
( |
( |
|
( |
( |
|
( |
( |
( |
|
( |
||||||||||||||||
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.
|
Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||||||
Trading revenues |
Other revenues |
Accumulated other
comprehensive income |
|||||||||||||||||||||||||||||
6M18 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
On transfers in / out |
On all other |
Foreign
currency translation impact |
Balance at end of period |
||||||||||||||||
Assets (CHF million) | |||||||||||||||||||||||||||||||
Securities received as collateral |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trading assets 1 |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
|
|
|
|
||||||||||||||||
of which debt securities |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
|
|
|
|
||||||||||||||||
of which corporates |
|
|
( |
|
( |
|
|
( |
( |
|
( |
|
|
|
|
||||||||||||||||
of which RMBS |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
|
|
||||||||||||||||
of which CMBS |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
of which CDO |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
of which equity securities |
|
|
( |
|
( |
|
|
( |
|
|
( |
|
|
|
|
||||||||||||||||
of which derivatives |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
||||||||||||||||
of which interest rate products |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which equity/index-related products |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
( |
|
||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
||||||||||||||||
of which other trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
||||||||||||||||
Other investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
of which other equity investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which life finance instruments |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
Loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
of which commercial and industrial loans |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
of which financial institutions |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
||||||||||||||||
Other assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
||||||||||||||||
Total assets at fair value |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
|
|
|
|
||||||||||||||||
Liabilities (CHF million) | |||||||||||||||||||||||||||||||
Customer deposits |
|
|
|
|
|
|
|
|
|
|
|
|
( |
( |
|
||||||||||||||||
Obligation to return securities received as collateral |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trading liabilities |
|
|
( |
|
( |
|
( |
( |
( |
|
( |
|
|
|
|
||||||||||||||||
of which derivatives |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
of which interest rate derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
of which foreign exchange derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
|
|
||||||||||||||||
of which credit derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
||||||||||||||||
Short-term borrowings |
|
|
( |
|
|
|
( |
( |
( |
|
( |
|
|
|
|
||||||||||||||||
Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
||||||||||||||||
of which structured notes over two years |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
||||||||||||||||
Other liabilities |
|
|
( |
|
( |
|
( |
( |
( |
|
|
|
|
|
|
||||||||||||||||
of which failed sales |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
||||||||||||||||
Total liabilities at fair value |
|
|
( |
|
( |
|
( |
( |
( |
|
|
( |
( |
|
|
||||||||||||||||
Net assets/(liabilities) at fair value |
( |
( |
|
|
( |
( |
|
( |
|
|
( |
|
|
( |
( |
||||||||||||||||
1
Residential and commercial mortgage-backed securities that were previously reported
in investment securities have been reclassified to trading assets as these securities
are carried at fair value under the fair value option.
|
6M19 | 6M18 | ||||||||||||
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 |
( |
( |
( |
1 |
|
( |
|
1 | |||||
Whereof: | |||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date 2 |
( |
|
( |
|
|
|
|||||||
1
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation
impact.
|
|||||||||||||
2
Prior period has been corrected.
|
end of 2Q19 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Securities received as collateral |
|
– | – | – | – | – | |||||||
Trading assets |
|
||||||||||||
of which debt securities |
|
||||||||||||
of which foreign governments |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which corporates |
|
||||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Volatility, in % |
|
|
|
||||||||||
of which RMBS |
|
Discounted cash flow | Default rate, in % |
|
|
|
|||||||
Discount rate, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which equity securities |
|
||||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which interest rate products |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
Volatility skew, in % |
( |
|
( |
||||||||||
of which foreign exchange products |
|
||||||||||||
of which |
|
Discounted cash flow | Contingent probability, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which equity/index-related products |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
Correlation, in % |
( |
|
|
||||||||||
Gap risk, in % | 2 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which credit derivatives |
|
Discounted cash flow | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Default rate, in % |
|
|
|
||||||||||
Discount rate, in % |
|
|
|
||||||||||
Funding spread, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Mortality rate, in % |
|
|
|
||||||||||
of which other trading assets |
|
||||||||||||
of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Mortality rate, in % |
|
|
|
|||||||
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
Risk of unexpected large declines in the underlying values occurring between collateral
settlement dates.
|
end of 2Q19 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Other investments |
|
||||||||||||
of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Loans |
|
||||||||||||
of which commercial and industrial loans |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which financial institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which government and public institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which real estate |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
Other intangible assets (mortgage servicing rights) |
|
– | – | – | – | – | |||||||
Other assets |
|
||||||||||||
of which loans held-for-sale |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
Total level 3 assets at fair value |
|
||||||||||||
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.
|
end of 4Q18 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Securities received as collateral |
|
– | – | – | – | – | |||||||
Trading assets |
|
||||||||||||
of which debt securities |
|
||||||||||||
of which foreign governments |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which corporates |
|
||||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Volatility, in % |
|
|
|
||||||||||
of which RMBS |
|
Discounted cash flow | Default rate, in % |
|
|
|
|||||||
Discount rate, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which equity securities |
|
||||||||||||
of which |
|
Market comparable | EBITDA multiple |
|
|
|
|||||||
Price, in % |
|
|
|
||||||||||
of which |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which interest rate products |
|
Option model | Correlation, in % |
|
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
Volatility skew, in % |
( |
|
( |
||||||||||
of which foreign exchange products |
|
||||||||||||
of which |
|
Discounted cash flow | Contingent probability, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which equity/index-related products |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
Correlation, in % |
( |
|
|
||||||||||
Gap risk, in % | 2 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which credit derivatives |
|
Discounted cash flow | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Default rate, in % |
|
|
|
||||||||||
Discount rate, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Mortality rate, in % |
|
|
|
||||||||||
of which other trading assets |
|
||||||||||||
of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Mortality rate, in % |
|
|
|
|||||||
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
Risk of unexpected large declines in the underlying values occurring between collateral
settlement dates.
|
end of 4Q18 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Other investments |
|
||||||||||||
of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
Loans |
|
||||||||||||
of which commercial and industrial loans |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which financial institutions |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which real estate |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
Other intangible assets (mortgage servicing rights) |
|
– | – | – | – | – | |||||||
Other assets |
|
||||||||||||
of which loans held-for-sale |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
Total level 3 assets at fair value |
|
||||||||||||
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.
|
end of 2Q19 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Customer deposits |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Mean revision, in % |
|
|
|
||||||||||
Obligation to return securities received as collateral |
|
– | – | – | – | – | |||||||
Trading liabilities |
|
||||||||||||
of which debt securities |
|
– | – | – | – | – | |||||||
of which equity securities |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which interest rate derivatives |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which foreign exchange derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Contingent probability, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which equity/index-related derivatives |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which credit derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Default rate, in % |
|
|
|
||||||||||
Discount rate, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Short-term borrowings |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
Correlation, in % |
( |
|
|
||||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
Long-term debt |
|
||||||||||||
of which structured notes over one year and up to two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
( |
|||||||
of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which structured notes over two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Gap risk, in % | 3 |
|
|
|
|||||||||
Mean reversion, in % | 4 |
( |
|
( |
|||||||||
Volatility, in % |
|
|
|
||||||||||
of which high-trigger instruments |
|
– | – | – | – | – | |||||||
Other liabilities |
|
– | – | – | – | – | |||||||
Total level 3 liabilities at fair value |
|
||||||||||||
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 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 occurring between collateral
settlement dates.
|
|||||||||||||
4
Management's best estimate of the speed at which interest rates will revert to the
long-term average.
|
end of 4Q18 |
Fair value |
Valuation
technique |
Unobservable
input |
Minimum
value |
Maximum
value |
Weighted
average |
1 | ||||||
CHF million, except where indicated | |||||||||||||
Customer deposits |
|
– | – | – | – | – | |||||||
Obligation to return securities received as collateral |
|
– | – | – | – | – | |||||||
Trading liabilities |
|
||||||||||||
of which debt securities |
|
– | – | – | – | – | |||||||
of which equity securities |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
of which derivatives |
|
||||||||||||
of which interest rate derivatives |
|
Option model | Basis spread, in bp |
( |
|
|
|||||||
Correlation, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which foreign exchange derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Contingent probability, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Prepayment rate, in % |
|
|
|
||||||||||
of which equity/index-related derivatives |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Volatility, in % |
|
|
|
||||||||||
of which credit derivatives |
|
||||||||||||
of which |
|
Discounted cash flow | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Default rate, in % |
|
|
|
||||||||||
Discount rate, in % |
|
|
|
||||||||||
Loss severity, in % |
|
|
|
||||||||||
Prepayment rate, in % |
|
|
|
||||||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
Credit spread, in bp |
|
|
|
||||||||||
Short-term borrowings |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
Recovery rate, in % |
|
|
|
||||||||||
of which |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
Correlation, in % |
( |
|
|
||||||||||
Fund gap risk, in % | 3 |
|
|
|
|||||||||
Volatility, in % |
|
|
|
||||||||||
Long-term debt |
|
||||||||||||
of which structured notes over one year and up to two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
Volatility, in % |
|
|
|
||||||||||
of which structured notes over two years |
|
||||||||||||
of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
|
|||||||
of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
Correlation, in % |
( |
|
|
||||||||||
Gap risk, in % | 3 |
|
|
|
|||||||||
Mean reversion, in % | 4 |
( |
( |
( |
|||||||||
Volatility, in % |
|
|
|
||||||||||
Other liabilities |
|
– | – | – | – | – | |||||||
Total level 3 liabilities at fair value |
|
||||||||||||
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 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 occurring between collateral
settlement dates.
|
|||||||||||||
4
Management's best estimate of the speed at which interest rates will revert to the
long-term average.
|
2Q19 | 4Q18 | ||||||||||||||||
end of |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded
commit- ments |
Non- redeemable |
Redeemable |
Total fair value |
Unfunded
commit- ments |
|||||||||
Fair value of investment funds and unfunded commitments (CHF million) | |||||||||||||||||
Debt funds |
|
|
|
|
|
|
|
|
|||||||||
Equity funds |
|
|
1 |
|
|
|
|
2 |
|
|
|||||||
Equity funds sold short |
|
( |
( |
|
( |
( |
( |
|
|||||||||
Funds held in trading assets and trading liabilities |
|
|
|
|
|
|
|
|
|||||||||
Debt funds |
|
|
|
|
|
|
|
|
|||||||||
Equity funds |
|
|
|
|
|
|
|
|
|||||||||
Real estate funds |
|
|
|
|
|
|
|
|
|||||||||
Other private equity funds |
|
|
|
|
|
|
|
|
|||||||||
Private equity funds |
|
|
|
|
|
|
|
|
|||||||||
Debt funds |
|
|
|
|
|
|
|
|
|||||||||
Equity funds |
|
|
|
|
|
|
|
|
|||||||||
Other hedge funds |
|
|
|
|
|
|
|
|
|||||||||
Hedge funds |
|
|
3 |
|
|
|
|
4 |
|
|
|||||||
Equity method investment funds |
|
|
|
|
|
|
|
|
|||||||||
Funds held in other investments |
|
|
|
|
|
|
|
|
|||||||||
Total fair value of investment funds and unfunded commitments |
|
5 |
|
|
|
|
5 |
|
|
|
6 | ||||||
1
|
|||||||||||||||||
2
|
|||||||||||||||||
3
|
|||||||||||||||||
4
|
|||||||||||||||||
5
Includes CHF
|
|||||||||||||||||
6
Includes CHF
|
2Q19 | 4Q18 | ||||||||||||
end of |
Aggregate
fair value |
Aggregate
unpaid principal |
Difference |
Aggregate
fair value |
Aggregate
unpaid principal |
Difference |
|||||||
Financial instruments (CHF million) | |||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
|||||||
Loans |
|
|
( |
|
|
( |
|||||||
Other assets 1 |
|
|
( |
|
|
( |
|||||||
Due to banks and customer deposits |
( |
( |
( |
( |
( |
( |
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|
( |
( |
( |
|||||||
Short-term borrowings |
( |
( |
|
( |
( |
|
|||||||
Long-term debt |
( |
( |
|
( |
( |
|
|||||||
Other liabilities |
( |
( |
|
( |
( |
|
|||||||
Non-performing and non-interest-earning loans 2 |
|
|
( |
|
|
( |
|||||||
1
Primarily loans held-for-sale.
|
|||||||||||||
2
Included in loans or other assets.
|
6M19 | 6M18 | ||||
in |
Net
gains/ (losses) |
Net
gains/ (losses) |
|||
Financial instruments (CHF million) | |||||
Interest-bearing deposits with banks |
|
1 |
|
1 | |
of which related to credit risk |
|
( |
|||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
1 |
|
1,4 | |
Other investments |
|
2 |
|
2 | |
of which related to credit risk |
|
( |
|||
Loans |
|
1 |
|
1 | |
of which related to credit risk |
|
( |
|||
Other assets |
|
2 |
|
1 | |
of which related to credit risk |
|
|
|||
Due to banks and customer deposits |
( |
2 |
( |
1 | |
of which related to credit risk |
|
( |
|||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
1 |
( |
1,4 | |
Short-term borrowings |
( |
2 |
|
2 | |
of which related to credit risk |
|
( |
|||
Long-term debt |
( |
2 |
|
2 | |
of which related to credit risk |
|
|
|||
Other liabilities |
|
3 |
|
3 | |
of which related to credit risk |
|
|
|||
1
Primarily recognized in net interest income.
|
|||||
2
Primarily recognized in trading revenues.
|
|||||
3
Primarily recognized in other revenues.
|
|||||
4
Prior period has been corrected.
|
Gains/(losses) recorded into AOCI |
1 |
Gains/(losses) recorded
in AOCI transferred to net income |
1 | ||||||||
in | 2Q19 | Cumulative | 2Q18 | 2Q19 | 2Q18 | ||||||
Financial instruments (CHF million) | |||||||||||
Customer deposits |
( |
( |
|
|
|
||||||
Short-term borrowings |
|
( |
( |
|
|
||||||
Long-term debt |
( |
( |
|
|
|
||||||
of which treasury debt over two years |
( |
( |
|
|
|
||||||
of which structured notes over two years |
( |
( |
|
|
|
||||||
Total |
( |
( |
|
|
|
||||||
1
Amounts are reflected gross of tax.
|
Carrying
value |
Fair value |
||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | |||||||
2Q19 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
Loans |
|
|
|
|
|
||||||
Other financial assets 1 |
|
|
|
|
|
||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits |
|
|
|
|
|
||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
Short-term borrowings |
|
|
|
|
|
||||||
Long-term debt |
|
|
|
|
|
||||||
Other financial liabilities 2 |
|
|
|
|
|
||||||
4Q18 (CHF million) | |||||||||||
Financial assets | |||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
Loans |
|
|
|
|
|
||||||
Other financial assets 1 |
|
|
|
|
|
||||||
Financial liabilities | |||||||||||
Due to banks and customer deposits |
|
|
|
|
|
||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
Short-term borrowings |
|
|
|
|
|
||||||
Long-term debt |
|
|
|
|
|
||||||
Other financial liabilities 2 |
|
|
|
|
|
||||||
1
Primarily includes cash and due from banks, interest-bearing deposits with banks,
loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables
and non-marketable equity securities.
|
|||||||||||
2
Primarily includes cash collateral on derivative instruments and interest and fee
payables.
|
end of | 2Q19 | 4Q18 | |||
CHF million | |||||
Total assets pledged or assigned as collateral |
|
|
|||
of which encumbered |
|
|
end of | 2Q19 | 4Q18 | |||
CHF million | |||||
Fair value of collateral received with the right to sell or repledge |
|
|
|||
of which sold or repledged |
|
|
in 2Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income |
|
|
|
|
( |
|
|||||||
Interest expense |
( |
( |
( |
( |
|
( |
|||||||
Net interest income |
( |
|
|
( |
|
|
|||||||
Commissions and fees |
|
|
|
|
|
|
|||||||
Trading revenues |
|
|
|
( |
|
|
|||||||
Other revenues |
|
|
|
|
2 |
( |
|
||||||
Net revenues |
|
|
|
|
( |
|
|||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||
Compensation and benefits |
|
|
|
|
|
|
|||||||
General and administrative expenses |
|
|
|
( |
( |
|
|||||||
Commission expenses |
|
|
|
|
|
|
|||||||
Total other operating expenses |
|
|
|
( |
( |
|
|||||||
Total operating expenses |
|
|
|
|
( |
|
|||||||
Income/(loss) before taxes |
|
|
|
|
( |
|
|||||||
Income tax expense |
|
|
|
|
|
|
|||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under
the equity method.
|
in 2Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Gains/(losses) on cash flow hedges |
|
|
|
( |
( |
|
|||||||
Foreign currency translation |
( |
( |
( |
( |
( |
( |
|||||||
Unrealized gains/(losses) on securities |
|
|
|
|
|
|
|||||||
Actuarial gains/(losses) |
|
|
|
|
|
|
|||||||
Net prior service credit/(cost) |
|
|
|
|
|
|
|||||||
Gains/(losses) on liabilities related to credit risk |
( |
( |
( |
( |
|
( |
|||||||
Other comprehensive income/(loss), net of tax |
( |
( |
( |
( |
|
( |
|||||||
Comprehensive income/(loss) |
( |
|
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to noncontrolling interests |
|
( |
( |
|
|
( |
|||||||
Comprehensive income/(loss) attributable to shareholders |
( |
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
in 2Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income |
|
|
|
|
( |
|
|||||||
Interest expense |
( |
( |
( |
( |
|
( |
|||||||
Net interest income |
( |
|
|
( |
( |
|
|||||||
Commissions and fees |
|
|
|
|
|
|
|||||||
Trading revenues |
|
|
|
( |
|
|
|||||||
Other revenues |
|
( |
|
|
2 |
( |
|
||||||
Net revenues |
|
|
|
|
( |
|
|||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||
Compensation and benefits |
|
|
|
|
|
|
|||||||
General and administrative expenses |
|
|
|
|
( |
|
|||||||
Commission expenses |
|
|
|
|
|
|
|||||||
Restructuring expenses |
|
|
|
|
|
|
|||||||
Total other operating expenses |
|
|
|
|
( |
|
|||||||
Total operating expenses |
|
|
|
|
( |
|
|||||||
Income/(loss) before taxes |
|
|
|
|
( |
|
|||||||
Income tax expense |
|
|
|
|
|
|
|||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under
the equity method.
|
in 2Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Gains/(losses) on cash flow hedges |
|
( |
( |
( |
|
( |
|||||||
Foreign currency translation |
|
( |
|
|
|
|
|||||||
Unrealized gains/(losses) on securities |
|
( |
( |
|
|
( |
|||||||
Actuarial gains/(losses) |
|
|
|
|
|
|
|||||||
Net prior service credit/(cost) |
|
|
|
|
( |
( |
|||||||
Gains/(losses) on liabilities related to credit risk |
|
|
|
|
|
|
|||||||
Other comprehensive income/(loss), net of tax |
|
|
|
|
|
|
|||||||
Comprehensive income/(loss) |
|
|
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
in 6M19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income |
|
|
|
|
( |
|
|||||||
Interest expense |
( |
( |
( |
( |
|
( |
|||||||
Net interest income |
( |
|
|
( |
|
|
|||||||
Commissions and fees |
|
|
|
|
|
|
|||||||
Trading revenues |
|
|
|
( |
( |
|
|||||||
Other revenues |
|
( |
|
|
2 |
( |
|
||||||
Net revenues |
|
|
|
|
( |
|
|||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||
Compensation and benefits |
|
|
|
|
|
|
|||||||
General and administrative expenses |
|
|
|
( |
( |
|
|||||||
Commission expenses |
|
|
|
|
|
|
|||||||
Total other operating expenses |
|
|
|
( |
( |
|
|||||||
Total operating expenses |
|
|
|
|
( |
|
|||||||
Income/(loss) before taxes |
|
|
|
|
( |
|
|||||||
Income tax expense/(benefit) |
|
|
|
|
( |
|
|||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under
the equity method.
|
in 6M19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Gains/(losses) on cash flow hedges |
|
|
|
( |
( |
|
|||||||
Foreign currency translation |
( |
( |
( |
|
( |
( |
|||||||
Unrealized gains/(losses) on securities |
|
|
|
|
( |
|
|||||||
Actuarial gains/(losses) |
|
|
|
|
|
|
|||||||
Net prior service credit/(cost) |
|
|
|
|
|
|
|||||||
Gains/(losses) on liabilities related to credit risk |
( |
( |
( |
( |
( |
( |
|||||||
Other comprehensive income/(loss), net of tax |
( |
( |
( |
( |
|
( |
|||||||
Comprehensive income/(loss) |
|
( |
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to noncontrolling interests |
|
( |
|
|
( |
( |
|||||||
Comprehensive income/(loss) attributable to shareholders |
|
( |
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
in 6M18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Condensed consolidating statements of operations (CHF million) | |||||||||||||
Interest and dividend income |
|
|
|
|
( |
|
|||||||
Interest expense |
( |
( |
( |
( |
|
( |
|||||||
Net interest income |
( |
|
|
( |
( |
|
|||||||
Commissions and fees |
|
|
|
|
|
|
|||||||
Trading revenues |
|
|
|
|
|
|
|||||||
Other revenues |
|
|
|
|
2 |
( |
|
||||||
Net revenues |
|
|
|
|
( |
|
|||||||
Provision for credit losses |
|
|
|
|
|
|
|||||||
Compensation and benefits |
|
|
|
|
|
|
|||||||
General and administrative expenses |
|
|
|
( |
( |
|
|||||||
Commission expenses |
|
|
|
|
|
|
|||||||
Restructuring expenses |
|
|
|
|
|
|
|||||||
Total other operating expenses |
|
|
|
( |
( |
|
|||||||
Total operating expenses |
|
|
|
|
( |
|
|||||||
Income/(loss) before taxes |
|
|
|
|
( |
|
|||||||
Income tax expense |
|
|
|
|
|
|
|||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Net income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Primarily consists of revenues from investments in Group companies accounted for under
the equity method.
|
in 6M18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Comprehensive income (CHF million) | |||||||||||||
Net income/(loss) |
|
|
|
|
( |
|
|||||||
Gains/(losses) on cash flow hedges |
|
( |
( |
|
|
( |
|||||||
Foreign currency translation |
|
( |
|
|
|
|
|||||||
Unrealized gains/(losses) on securities |
|
( |
( |
|
( |
( |
|||||||
Actuarial gains/(losses) |
|
|
|
|
|
|
|||||||
Net prior service credit/(cost) |
|
|
|
|
( |
( |
|||||||
Gains/(losses) on liabilities related to credit risk |
|
|
|
|
|
|
|||||||
Other comprehensive income/(loss), net of tax |
|
|
|
|
|
|
|||||||
Comprehensive income/(loss) |
|
|
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to noncontrolling interests |
|
|
|
|
( |
|
|||||||
Comprehensive income/(loss) attributable to shareholders |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
end of 2Q19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Assets (CHF million) | |||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|||||||
Interest-bearing deposits with banks |
|
|
|
|
( |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
|||||||
Securities received as collateral |
|
|
|
|
|
|
|||||||
Trading assets |
|
|
|
|
( |
|
|||||||
Investment securities |
|
|
|
|
( |
|
|||||||
Other investments |
|
|
|
|
( |
|
|||||||
Net loans |
|
|
|
|
( |
|
|||||||
Goodwill |
|
|
|
|
|
|
|||||||
Other intangible assets |
|
|
|
|
|
|
|||||||
Brokerage receivables |
|
|
|
|
|
|
|||||||
Other assets |
|
|
|
|
|
|
|||||||
Total assets |
|
|
|
|
( |
|
|||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks |
|
|
|
|
( |
|
|||||||
Customer deposits |
|
|
|
|
( |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
( |
|
|||||||
Obligation to return securities received as collateral |
|
|
|
|
|
|
|||||||
Trading liabilities |
|
|
|
|
( |
|
|||||||
Short-term borrowings |
|
|
|
|
( |
|
|||||||
Long-term debt |
|
|
|
|
( |
|
|||||||
Brokerage payables |
|
|
|
|
|
|
|||||||
Other liabilities |
|
|
|
|
|
|
|||||||
Total liabilities |
|
|
|
|
( |
|
|||||||
Total shareholders' equity |
|
|
|
|
( |
|
|||||||
Noncontrolling interests |
|
|
|
|
( |
|
|||||||
Total equity |
|
|
|
|
( |
|
|||||||
Total liabilities and equity |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
end of 4Q18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Assets (CHF million) | |||||||||||||
Cash and due from banks |
|
|
|
|
|
|
|||||||
Interest-bearing deposits with banks |
|
|
|
|
( |
|
|||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
|||||||
Securities received as collateral |
|
|
|
|
|
|
|||||||
Trading assets 2 |
|
|
|
|
( |
|
|||||||
Investment securities 2 |
|
|
|
|
( |
|
|||||||
Other investments |
|
|
|
|
( |
|
|||||||
Net loans |
|
|
|
|
( |
|
|||||||
Goodwill |
|
|
|
|
|
|
|||||||
Other intangible assets |
|
|
|
|
|
|
|||||||
Brokerage receivables |
|
|
|
|
|
|
|||||||
Other assets 3 |
|
|
|
|
|
|
|||||||
Total assets |
|
|
|
|
( |
|
|||||||
Liabilities and equity (CHF million) | |||||||||||||
Due to banks |
|
|
|
|
( |
|
|||||||
Customer deposits |
|
|
|
|
( |
|
|||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
|
|||||||
Obligation to return securities received as collateral |
|
|
|
|
|
|
|||||||
Trading liabilities |
|
|
|
|
( |
|
|||||||
Short-term borrowings |
|
|
|
|
( |
|
|||||||
Long-term debt |
|
|
|
|
( |
|
|||||||
Brokerage payables |
|
|
|
|
|
|
|||||||
Other liabilities |
|
|
|
|
( |
|
|||||||
Total liabilities |
|
|
|
|
( |
|
|||||||
Total shareholders' equity |
|
|
|
|
( |
|
|||||||
Noncontrolling interests |
|
|
|
|
( |
|
|||||||
Total equity |
|
|
|
|
( |
|
|||||||
Total liabilities and equity |
|
|
|
|
( |
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Residential and commercial mortgage-backed securities that were previously reported
in investment securities have been reclassified to trading assets as these securities
are carried at fair value under the fair value option.
|
|||||||||||||
3
Includes premises and equipment which were previously presented separately in the
consolidated balance sheet.
|
in 6M19 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Operating activities (CHF million) | |||||||||||||
Net cash provided by/(used in) operating activities |
|
( |
( |
( |
2 |
( |
( |
||||||
Investing activities (CHF million) | |||||||||||||
(Increase)/decrease in interest-bearing deposits with banks |
|
|
|
|
( |
|
|||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
( |
|
|
|
|
|
|||||||
Purchase of investment securities |
|
( |
( |
( |
|
( |
|||||||
Proceeds from sale of investment securities |
|
|
|
|
|
|
|||||||
Maturities of investment securities |
|
|
|
|
|
|
|||||||
Investments in subsidiaries and other investments |
( |
( |
( |
( |
|
( |
|||||||
Proceeds from sale of other investments |
|
|
|
|
( |
|
|||||||
(Increase)/decrease in loans |
( |
( |
( |
|
|
( |
|||||||
Proceeds from sales of loans |
|
|
|
|
|
|
|||||||
Capital expenditures for premises and equipment and other intangible assets |
( |
( |
( |
|
( |
( |
|||||||
Proceeds from sale of premises and equipment and other intangible assets |
|
|
|
|
|
|
|||||||
Other, net |
|
|
|
|
|
|
|||||||
Net cash provided by/(used in) investing activities |
( |
( |
( |
( |
|
( |
|||||||
Financing activities (CHF million) | |||||||||||||
Increase/(decrease) in due to banks and customer deposits |
|
|
|
|
( |
|
|||||||
Increase/(decrease) in short-term borrowings |
( |
|
|
|
( |
|
|||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
( |
|
( |
( |
|||||||
Issuances of long-term debt |
|
( |
|
|
( |
|
|||||||
Repayments of long-term debt |
( |
|
( |
|
|
( |
|||||||
Sale of treasury shares |
|
|
|
|
|
|
|||||||
Repurchase of treasury shares |
|
|
|
( |
( |
( |
|||||||
Dividends paid |
( |
( |
( |
( |
|
( |
|||||||
Other, net |
( |
|
|
|
|
|
|||||||
Net cash provided by/(used in) financing activities |
|
( |
|
|
( |
|
|||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||||||||||
Effect of exchange rate changes on cash and due from banks |
( |
( |
( |
|
|
( |
|||||||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||||||||||
Net increase/(decrease) in cash and due from banks |
|
( |
( |
( |
|
( |
|||||||
Cash and due from banks at beginning of period 3 |
|
|
|
|
|
|
|||||||
Cash and due from banks at end of period 3 |
|
|
|
|
|
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Consists of dividend payments from Group companies of CHF
|
|||||||||||||
3
Includes restricted cash.
|
in 6M18 |
Credit Suisse (USA), Inc. consolidated |
Bank
parent company and other subsidiaries |
1 |
Bank |
Group parent company |
Eliminations and consolidation adjustments |
Credit Suisse Group |
||||||
Operating activities (CHF million) | |||||||||||||
Net cash provided by/(used in) operating activities |
( |
|
|
( |
2 |
|
|
||||||
Investing activities (CHF million) | |||||||||||||
(Increase)/decrease in interest-bearing deposits with banks |
|
( |
( |
( |
|
( |
|||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
( |
( |
|
|
( |
|||||||
Purchase of investment securities |
|
( |
( |
( |
|
( |
|||||||
Proceeds from sale of investment securities |
|
|
|
|
|
|
|||||||
Maturities of investment securities |
|
|
|
|
|
|
|||||||
Investments in subsidiaries and other investments |
( |
( |
( |
( |
|
( |
|||||||
Proceeds from sale of other investments |
|
|
|
|
( |
|
|||||||
(Increase)/decrease in loans |
|
( |
3 |
( |
3 |
|
|
( |
3 | ||||
Proceeds from sales of loans |
|
|
3 |
|
3 |
|
|
|
3 | ||||
Capital expenditures for premises and equipment and other intangible assets |
( |
( |
( |
|
( |
( |
|||||||
Proceeds from sale of premises and equipment and other intangible assets |
|
|
|
|
( |
|
|||||||
Other, net |
|
|
|
|
|
|
|||||||
Net cash provided by/(used in) investing activities |
|
( |
( |
( |
|
( |
|||||||
Financing activities (CHF million) | |||||||||||||
Increase/(decrease) in due to banks and customer deposits |
( |
|
|
|
( |
|
|||||||
Increase/(decrease) in short-term borrowings |
( |
|
|
|
( |
|
|||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
( |
( |
|
|
( |
|||||||
Issuances of long-term debt |
|
|
|
|
( |
|
|||||||
Repayments of long-term debt |
( |
( |
( |
|
|
( |
|||||||
Sale of treasury shares |
|
|
|
|
|
|
|||||||
Repurchase of treasury shares |
|
|
|
( |
( |
( |
|||||||
Dividends paid |
( |
( |
( |
( |
|
( |
|||||||
Other, net |
( |
( |
( |
|
|
|
|||||||
Net cash provided by/(used in) financing activities |
|
( |
( |
|
( |
( |
|||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | |||||||||||||
Effect of exchange rate changes on cash and due from banks |
|
|
|
|
( |
|
|||||||
Net increase/(decrease) in cash and due from banks (CHF million) | |||||||||||||
Net increase/(decrease) in cash and due from banks |
( |
|
|
( |
|
|
|||||||
Cash and due from banks at beginning of period 4 |
|
|
|
|
( |
|
|||||||
Cash and due from banks at end of period 4 |
|
|
|
|
|
|
|||||||
1
Includes eliminations and consolidation adjustments.
|
|||||||||||||
2
Consists of dividend payments from Group companies of CHF
|
|||||||||||||
3
Balance has been corrected.
|
|||||||||||||
4
Includes restricted cash.
|
A | ||
ABS | Asset-backed securities | |
ADS | American Depositary Share | |
AOCI | Accumulated other comprehensive income/(loss) | |
ASC | Accounting Standards Codification | |
ASU | Accounting Standards Update | |
B | ||
BCBS | Basel Committee on Banking Supervision | |
BEAT | Base erosion and anti-abuse tax | |
BIS | Bank for International Settlements | |
BoJ | Bank of Japan | |
bp | Basis point | |
C | ||
CDO | Collateralized debt obligation | |
CDS | Credit default swaps | |
CDX | Credit default swap index | |
CECL | Current expected credit loss | |
CEO | Chief Executive Officer | |
CET1 | Common equity tier 1 | |
CLO | Collateralized loan obligations | |
CMBS | Commercial mortgage-backed securities | |
CP | Commercial paper | |
CPR | Constant prepayment rate | |
CVA | Credit valuation adjustment | |
E | ||
EBITDA | Earnings before interest, taxes, depreciation and amortization | |
ECB | European Central Bank | |
EMEA | Europe, Middle East and Africa | |
EU | European Union | |
F | ||
FASB | Financial Accounting Standards Board | |
Fed | US Federal Reserve System | |
FINMA | Swiss Financial Market Supervisory Authority FINMA | |
G | ||
GDP | Gross domestic product | |
G-SIB | Global systemically important bank | |
H | ||
HQLA | High-quality liquid assets | |
I | ||
ICE | Intercontinental Currency Exchange | |
IPO | Initial public offering | |
IPRE | Income producing real estate | |
ISDA | International Swaps and Derivatives Association | |
ITS | International Trading Solutions |
L | ||
LCR | Liquidity coverage ratio | |
M | ||
M&A | Mergers and acquisitions | |
N | ||
NAV | Net asset value | |
NRV | Negative replacement value | |
NSFR | Net stable funding ratio | |
O | ||
OIS | Overnight Indexed Swap | |
OTC | Over-the-counter | |
P | ||
PRV | Positive replacement value | |
PSA | Prepayment speed assumption | |
Q | ||
QoQ | Quarter on quarter | |
R | ||
RMBS | Residential mortgage-backed securities | |
RWA | Risk-weighted assets | |
S | ||
SDNY | US District Court for the Southern District of New York | |
SEI | Significant economic interest | |
SNB | Swiss National Bank | |
SOFR | Secured Overnight Financing Rate | |
SPE | Special purpose entity | |
T | ||
TLAC | Total loss-absorbing capacity | |
TRS | Total return swap | |
U | ||
UK | United Kingdom | |
US | United States of America | |
US GAAP | US generally accepted accounting principles | |
V | ||
VaR | Value-at-risk | |
VDAX | Deutsche Börse AG DAX Volatility Index | |
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 | 2Q19 | 2018 | 2017 | 2016 | |||||
Share price (common shares, CHF) | |||||||||
Average | 12.07 | 15.17 | 15.11 | 13.71 | |||||
Minimum | 10.80 | 10.45 | 13.04 | 9.92 | |||||
Maximum | 13.81 | 18.61 | 17.84 | 21.31 | |||||
End of period | 11.705 | 10.80 | 17.40 | 14.61 | |||||
Share price (American Depositary Shares, USD) | |||||||||
Average | 12.06 | 15.50 | 15.35 | 13.88 | |||||
Minimum | 10.95 | 10.42 | 13.37 | 10.21 | |||||
Maximum | 13.60 | 19.98 | 18.02 | 21.36 | |||||
End of period | 11.97 | 10.86 | 17.85 | 14.31 | |||||
Market capitalization | |||||||||
Market capitalization (CHF million) | 29,918 | 27,605 | 44,475 | 30,533 | |||||
Dividend per share (CHF) | |||||||||
Dividend per share | – | 0.2625 | 1 | 0.25 | 1 | 0.70 | 1 | ||
1
Paid out of capital contribution reserves.
|
Ticker symbols / stock exchange listings | |||||
Common shares | ADS | 1 | |||
Ticker symbols | |||||
SIX Financial Information | CSGN | – | |||
New York Stock Exchange | – | CS | |||
Bloomberg | CSGN SW | CS US | |||
Reuters | CSGN.S | CS.N | |||
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.
|
Credit ratings and outlook | |||||||
as of July 30, 2019 |
Short-term
debt |
Long-term
debt |
|
Outlook |
|||
Credit Suisse Group AG | |||||||
Moody's | – | Baa2 | Stable | ||||
Standard & Poor's | – | BBB+ | Stable | ||||
Fitch Ratings | F2 | A- | Positive | ||||
Rating and Investment Information | – | A | Stable | ||||
Credit Suisse AG | |||||||
Moody's | P-1 | A1 | Stable | ||||
Standard & Poor's | A-1 | A+ | Stable | ||||
Fitch Ratings | F1 | A | Positive |
Financial calendar | |
Third quarter results 2019 | Wednesday, October 30, 2019 |
Investor relations | |
Phone | +41 44 333 71 49 |
investor.relations@credit-suisse.com | |
Internet | credit-suisse.com/investors |
Media relations | |
Phone | +41 844 33 88 44 |
media.relations@credit-suisse.com | |
Internet | credit-suisse.com/news |
Additional information | |
Results and financial information | credit-suisse.com/results |
Printed copies | credit-suisse.com/publications |
US share register and transfer agent | |
ADS depositary bank | The Bank of New York Mellon |
Shareholder correspondence address | BNY Mellon Shareowner Services |
P.O. Box 505000 | |
Louisville, KY 40233-5000 | |
Overnight correspondence address | BNY Mellon Shareowner Services |
462 South 4th Street, Suite 1600 | |
Louisville, KY 40202 | |
US and Canada phone | +1 866 886 0788 |
Phone from outside US and Canada | +1 201 680 6825 |
shrrelations@cpushareownerservices.com | |
Swiss share register and transfer agent | |
Address | Credit Suisse Group AG |
Share Register RXS | |
8070 Zurich, Switzerland | |
Phone | +41 44 332 02 02 |
share.register@credit-suisse.com |
Foreign currency translation rates | |||||||||||||||||||
End of | Average in | Average in | |||||||||||||||||
2Q19 | 1Q19 | 4Q18 | 2Q18 | 2Q19 | 1Q19 | 2Q18 | 6M19 | 6M18 | |||||||||||
1 USD / CHF | 0.98 | 1.00 | 0.99 | 0.99 | 1.00 | 0.99 | 0.98 | 1.00 | 0.97 | ||||||||||
1 EUR / CHF | 1.11 | 1.12 | 1.13 | 1.16 | 1.13 | 1.13 | 1.17 | 1.13 | 1.17 | ||||||||||
1 GBP / CHF | 1.24 | 1.30 | 1.26 | 1.31 | 1.29 | 1.30 | 1.33 | 1.30 | 1.33 | ||||||||||
100 JPY / CHF | 0.91 | 0.90 | 0.89 | 0.90 | 0.91 | 0.90 | 0.90 | 0.91 | 0.89 |