6-K 1 a230209-6k.htm 6-K 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 9, 2023
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number 001-33434
Credit Suisse AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



Explanatory note
On February 9, 2023, the Credit Suisse Earnings Release 4Q22 was published. A copy of the Earnings Release is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibit hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-238458) and the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152, 333-217856, and 333-268336), and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, except, in the case of both (i) and (ii), the information under “Group and Bank differences” and “Selected financial data – Bank” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152, 333-217856 and 333-268336).
Credit Suisse Group AG and Credit Suisse AG file an annual report on Form 20-F and file quarterly reports, including unaudited interim financial information, and furnish or file other reports on Form 6-K with the US Securities and Exchange Commission (SEC) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are available to the public over the internet at the SEC’s website at www.sec.gov. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are also available under “Investor Relations” on Credit Suisse Group AG’s website at www.credit-suisse.com and at the offices of the New York Stock Exchange, 20 Broad Street, New York, NY 10005.
Unless the context otherwise requires, references herein to “Credit Suisse Group,” “Credit Suisse,” “the Group,” “we,” “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the direct bank subsidiary of the Group, and its consolidated subsidiaries.
SEC regulations require certain information to be included in registration statements relating to securities offerings. Such additional information for the Group and the Bank is included in this report on Form 6-K, which should be read together with the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2021 (Credit Suisse 2021 20-F) filed with the SEC on March 10, 2022, the Group’s financial report for the first quarter of 2022 (Credit Suisse Financial Report 1Q22), filed with the SEC on Form 6-K on May 5, 2022, the Group’s financial report for the second quarter of 2022 (Credit Suisse Financial Report 2Q22), filed with the SEC on Form 6-K on July 29, 2022, the Group’s financial report for the third quarter of 2022 (Credit Suisse Financial Report 3Q22), filed with the SEC on Form 6-K on November 2, 2022 and the Group’s earnings release for the fourth quarter of 2022 (Credit Suisse Earnings Release 4Q22), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG relating to its results as of and for the three and twelve months ended December 31, 2022. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. Credit Suisse AG’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.
Forward-looking statements
This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.
When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Credit Suisse 2021 20-F, subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC, the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.
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Group and Bank differences
The business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Wealth Management, Investment Bank, Swiss Bank and Asset Management divisions. Certain Corporate Center activities of the Group, such as hedging activities relating to share-based compensation awards, are not applicable to the Bank. Certain other assets, liabilities and results of operations, primarily relating to Credit Suisse Services AG (our Swiss service company) and its subsidiary, are managed as part of the activities of the Group’s segments. However, they are legally owned by the Group and are not part of the Bank’s consolidated financial statements.
Comparison of consolidated statements of operations
   Bank Group Bank Group
in 4Q22 4Q21 4Q22 4Q21 2022 2021 2022 2021
Statements of operations (CHF million)  
Net revenues 3,220 4,656 3,060 4,582 15,213 23,042 14,921 22,696
Total operating expenses 4,428 5,736 4,334 6,266 18,529 18,924 18,163 19,091
Income/(loss) before taxes (1,249) (1,061) (1,315) (1,664) (3,331) (91) (3,258) (600)
Net income/(loss) (1,321) (1,443) (1,397) (2,080) (7,304) (1,029) (7,306) (1,626)
Net income/(loss) attributable to shareholders (1,304) (1,436) (1,393) (2,085) (7,273) (929) (7,293) (1,650)
Comparison of consolidated balance sheets
   Bank Group
end of 4Q22 4Q21 4Q22 4Q21
Balance sheet statistics (CHF million)  
Total assets 530,039 759,214 531,358 755,833
Total liabilities 481,563 711,127 486,027 711,603
Capitalization and indebtedness
   Bank Group
end of 4Q22 4Q21 4Q22 4Q21
Capitalization and indebtedness (CHF million)  
Due to banks 11,905 18,960 11,905 18,965
Customer deposits 234,554 393,841 233,235 392,819
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 20,371 35,368 20,280 35,274
Long-term debt 150,661 160,695 157,235 166,896
All other liabilities 64,072 102,263 63,372 97,649
Total liabilities  481,563 711,127 486,027 711,603
Total equity 48,476 48,087 45,331 44,230
Total capitalization and indebtedness  530,039 759,214 531,358 755,833
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BIS capital metrics
   Bank Group
end of 4Q22 4Q21 4Q22 4Q21
Capital and risk-weighted assets (CHF million)  
CET1 capital 40,987 44,185 35,290 38,529
Tier 1 capital 54,843 59,110 50,026 54,373
Total eligible capital 54,843 59,589 50,026 54,852
Risk-weighted assets 249,536 266,934 250,540 267,787
Capital ratios (%)  
CET1 ratio 16.4 16.6 14.1 14.4
Tier 1 ratio 22.0 22.1 20.0 20.3
Total capital ratio 22.0 22.3 20.0 20.5
Selected financial data – Bank
Condensed consolidated statements of operations
in 4Q22 4Q21 % change 2022 2021 % change
Condensed consolidated statements of operations (CHF million)  
Interest and dividend income 4,247 2,228 91 12,265 9,593 28
Interest expense (2,735) (881) 210 (6,868) (3,668) 87
Net interest income 1,512 1,347 12 5,397 5,925 (9)
Commissions and fees 1,906 3,008 (37) 8,861 13,180 (33)
Trading revenues (591) (152) 289 (525) 2,371 –
Other revenues 393 453 (13) 1,480 1,566 (5)
Net revenues  3,220 4,656 (31) 15,213 23,042 (34)
Provision for credit losses  41 (19) – 15 4,209 (100)
Compensation and benefits 1,819 1,913 (5) 7,689 8,011 (4)
General and administrative expenses 2,096 2,530 (17) 9,338 8,581 9
Commission expenses 210 284 (26) 1,012 1,243 (19)
Goodwill impairment 0 976 (100) 23 976 (98)
Restructuring expenses 303 33 – 467 113 313
Total other operating expenses 2,609 3,823 (32) 10,840 10,913 (1)
Total operating expenses  4,428 5,736 (23) 18,529 18,924 (2)
Income/(loss) before taxes  (1,249) (1,061) 18 (3,331) (91) –
Income tax expense 72 382 (81) 3,973 938 324
Net income/(loss)  (1,321) (1,443) (8) (7,304) (1,029) –
Net income/(loss) attributable to noncontrolling interests (17) (7) 143 (31) (100) (69)
Net income/(loss) attributable to shareholders  (1,304) (1,436) (9) (7,273) (929) –
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 4Q22 4Q21 % change
Assets (CHF million)  
Cash and due from banks 67,746 164,026 (59)
Interest-bearing deposits with banks 387 1,256 (69)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,798 103,906 (43)
Securities received as collateral 2,978 15,017 (80)
Trading assets 65,955 111,299 (41)
Investment securities 1,717 1,003 71
Other investments 5,463 5,788 (6)
Net loans 268,104 300,358 (11)
Goodwill 2,868 2,881 0
Other intangible assets 452 276 64
Brokerage receivables 13,818 16,689 (17)
Other assets 41,753 36,715 14
Total assets  530,039 759,214 (30)
Liabilities and equity (CHF million)  
Due to banks 11,905 18,960 (37)
Customer deposits 234,554 393,841 (40)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 20,371 35,368 (42)
Obligation to return securities received as collateral 2,978 15,017 (80)
Trading liabilities 18,337 27,539 (33)
Short-term borrowings 14,489 25,336 (43)
Long-term debt 150,661 160,695 (6)
Brokerage payables 11,442 13,062 (12)
Other liabilities 16,826 21,309 (21)
Total liabilities  481,563 711,127 (32)
Total shareholder's equity  47,871 47,390 1
Noncontrolling interests 605 697 (13)
Total equity  48,476 48,087 1
Total liabilities and equity  530,039 759,214 (30)
BIS statistics (Basel III)
end of 4Q22 4Q21 % change
Eligible capital (CHF million)  
Common equity tier 1 (CET1) capital 40,987 44,185 (7)
Tier 1 capital 54,843 59,110 (7)
Total eligible capital 54,843 59,589 (8)
Capital ratios (%)  
CET1 ratio 16.4 16.6 –
Tier 1 ratio 22.0 22.1 –
Total capital ratio 22.0 22.3 –
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Exhibits
No. Description
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: February 9, 2023
By:
/s/ Ulrich Körner
/s/ Dixit Joshi
Ulrich Körner
Dixit Joshi
Chief Executive Officer
Chief Financial Officer
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