-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UpaeEaHuFqsJ88FZVW03SWHxem1ImA4Dz9amsTaBBIrKVwGPBeE71HgO4LHsn6gF hvAImovCaFfxeqDIdkZn6w== 0001047469-03-014647.txt : 20030425 0001047469-03-014647.hdr.sgml : 20030425 20030425142208 ACCESSION NUMBER: 0001047469-03-014647 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030425 FILED AS OF DATE: 20030425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE GROUP CENTRAL INDEX KEY: 0001159510 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15244 FILM NUMBER: 03664364 BUSINESS ADDRESS: STREET 1: 8070 SWITZERLAND STREET 2: PO BOX A CITY: ZURICH STATE: V8 ZIP: 00000 BUSINESS PHONE: 0114772721616 MAIL ADDRESS: STREET 1: 8070 SWITZERLAND STREET 2: PO BOX A CITY: ZURICH STATE: V8 ZIP: 00000 6-K 1 a2109442z6-k.txt FORM 6-K - -------------------------------------------------------------------------------- SEC 1815 (11-2002) Potential persons who are to respond to the collection of information Previous contained in this form are not required to respond unless the form versions displays a currently valid OMB control number. obsolete - -------------------------------------------------------------------------------- --------------------- OMB APPROVAL --------------------- OMB Number: 3235-0116 --------------------- Expires: August 31, 2005 --------------------- Estimated average burden hours per response: 6.00 --------------------- FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER Dated April 25, 2003 PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 25, 2003 ------------- -- Commission File Number 001-15244 -------------------------------------------- CREDIT SUISSE GROUP - -------------------------------------------------------------------------------- (Translation of registrant's name into English) Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland - -------------------------------------------------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F /X/ Form 40-F / / ----- ----- Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ------ Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ------ Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes / / No /X/ ----- ----- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- --------------- [LOGO] Media Relations CREDIT SUISSE GROUP P.O. Box 1 CH-8070 Zurich Telephone +41-1-333 8844 Fax +41-1-333 8877 e-mail media.relations@ credit-suisse.com CREDIT SUISSE GROUP EXPECTS NET PROFIT OF APPROXIMATELY CHF 650 MILLION FOR THE FIRST QUARTER 2003 ZURICH, APRIL 25, 2003 - CREDIT SUISSE GROUP TODAY ANNOUNCED THAT IT EXPECTS TO REPORT A NET PROFIT OF APPROXIMATELY CHF 650 MILLION FOR THE FIRST QUARTER OF 2003, WITH A RETURN TO PROFITABILITY BY CREDIT SUISSE FIRST BOSTON AND IMPROVED PROFITABILITY AT WINTERTHUR. CREDIT SUISSE GROUP ANNOUNCED THESE PRELIMINARY FIRST QUARTER RESULTS IN CONNECTION WITH TODAY'S ANNUAL GENERAL MEETING. DETAILED FIRST QUARTER RESULTS WILL BE ANNOUNCED ON MAY 6, 2003. CREDIT SUISSE FIRST BOSTON expects a net profit of approximately USD 160 million (CHF 220 million) and a net operating profit, excluding the amortization of acquired intangible assets and goodwill, of approximately USD 290 million (CHF 400 million) for the first quarter of 2003. Its Institutional Securities segment significantly improved its performance quarter-on-quarter, benefiting particularly from strong results in Fixed Income and lower credit provisions. CREDIT SUISSE FINANCIAL SERVICES expects a net profit of approximately CHF 660 million and a net operating profit, excluding the amortization of acquired intangible assets and goodwill, of approximately CHF 690 million for the first quarter. Both Private Banking and Corporate & Retail Banking increased their segment profits quarter-on-quarter. Net new assets in Private Banking increased versus the prior quarter. Insurance and Life & Pensions, which both returned to profitability in the fourth quarter of 2002, improved their operational performance, due mainly to higher investment income and tariff increases. The Group's first quarter 2003 performance was negatively impacted by further writedowns on its investments in Swiss International Airlines and Swiss Life, held at the Corporate Center. Oswald J. Gruebel, Co-CEO of Credit Suisse Group and CEO of Credit Suisse Financial Services, said: "Our efforts to reposition Credit Suisse Financial Services since last summer, especially at Winterthur, are beginning to bear fruit. Given the progress in both business units, we are optimistic about the further development of our company." John J. Mack, Co-CEO of Credit Suisse Group and CEO of Credit Suisse First Boston, said: "We are very pleased that Credit Suisse First Boston has returned to profitability in the first quarter. In this challenging market environment, our whole management team remains intensely focused on the Group's bottom-line performance." UPDATE OF WINTERTHUR'S CONSOLIDATED EU SOLVENCY RATIO On the basis of the final local statutory accounts of Winterthur's operating entities for 2002, which were completed in April 2003, Credit Suisse Group has updated Winterthur's consolidated EU solvency ratio effective December 31, 2002, to 142%. Local solvency ratios of Winterthur's operating entities worldwide continued to exceed regulatory requirements: for the ten largest entities, the average local coverage was above 200%, and the lowest ratio was 135% at year-end. The consolidated EU solvency ratio is a supplementary financial disclosure for Winterthur and has no impact on published financial statements and note disclosures, regulatory insurance filings, or the Group's internal Economic Risk Capital models. This update does not change the Group's view regarding the capitalization of Winterthur. REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES As previously announced, a new service model for private clients in Switzerland was introduced within the banking segments of Credit Suisse Financial Services as of January 1, 2003. As a general rule, investable assets of CHF 250,000 or mortgages of CHF 1 million now mark the boundary between the client segments handled by Corporate & Retail Banking and Private Banking, respectively. This change will be reflected in the financial reporting of the Private Banking and Corporate & Retail Banking segments as of the first quarter of 2003. To ensure comparability, the respective historic financial information according to the new format is provided in the attachment. ENQUIRIES Credit Suisse Group, Media Relations Telephone +41 1 333 8844 Credit Suisse Group, Investor Relations Telephone +41 1 333 4570 Internet WWW.CREDIT-SUISSE.COM CREDIT SUISSE GROUP Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 78,000 staff worldwide. As of December 31, 2002, it reported assets under management of CHF 1,195.3 billion. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other contingencies; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission. CAUTIONARY STATEMENT REGARDING NON-GAAP FINANCIAL INFORMATION This press release may contain non-GAAP financial information. Additional financial information, including a reconciliation of certain non-GAAP financial information to the most directly comparable measures under generally accepted accounting principles, is posted on our website at WWW.CREDIT-SUISSE.COM/EN/CSGN/SEC_FILINGS.HTML. REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES PRIVATE BANKING (1/2)
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- ---------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY INCOME STATEMENT, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED --------------------------------------------------------------------------------------------------------------------------------- Net interest income 440 326 437 322 400 294 Net commission and service fee income 1,233 1,183 1,096 1,056 955 918 Net trading income 155 145 150 142 72 65 Other ordinary income 6 6 27 26 13 13 -------------------------------------------------------------------------------------------------------------------------------- OPERATING INCOME 1,834 1,660 1,710 1,546 1,440 1,290 -------------------------------------------------------------------------------------------------------------------------------- Personnel expenses 624 553 628 561 576 512 Other operating expenses 345 283 386 321 352 287 -------------------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES 969 836 1,014 882 928 799 -------------------------------------------------------------------------------------------------------------------------------- GROSS OPERATING PROFIT 865 824 696 664 512 491 -------------------------------------------------------------------------------------------------------------------------------- Depreciation of non-current assets 53 49 56 52 82 78 Valuation adjustments, provisions and losses 14 11 29 23 21 17 -------------------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXTRAORDINARY AND EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND TAXES 798 764 611 589 409 396 -------------------------------------------------------------------------------------------------------------------------------- Extraordinary income/(expenses), net (2) (2) 21 21 2 2 Taxes (162) (154) (146) (140) (108) (105) -------------------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND MINORITY INTERESTS (SEGMENT RESULT) 634 608 486 470 303 293 --------- ------ ------ ------ ------- ------ Increased/(decreased) credit-related valuation adjustments 2 2 (12) (9) 16 17 --------- ------ ------ ------ ------- ------ PRIVATE BANKING (1/2) 4Q2002 --------------------- 12 months 12 months PREVIOUSLY 2002 2001 INCOME STATEMENT, IN CHF m PUBLISHED RESTATED RESTATED RESTATED ------------------------------------------------------------------------------------------------------------------- Net interest income 414 311 1,253 1,490 Net commission and service fee income 930 901 4,058 4,381 Net trading income 118 114 466 612 Other ordinary income 15 13 58 108 ------------------------------------------------------------------------------------------------------------------- OPERATING INCOME 1,477 1,339 5,835 6,591 ------------------------------------------------------------------------------------------------------------------- Personnel expenses 565 502 2,128 2,231 Other operating expenses 386 323 1,214 1,284 ------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES 951 825 3,342 3,515 ------------------------------------------------------------------------------------------------------------------- GROSS OPERATING PROFIT 526 514 2,493 3,076 ------------------------------------------------------------------------------------------------------------------- Depreciation of non-current assets 62 58 237 202 Valuation adjustments, provisions and losses 33 27 78 55 ------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXTRAORDINARY AND EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND TAXES 431 429 2,178 2,819 ------------------------------------------------------------------------------------------------------------------- Extraordinary income/(expenses), net 23 23 44 12 Taxes (115) (115) (514) (616) ------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND MINORITY INTERESTS (SEGMENT RESULT) 339 337 1,708 2,215 ------------------------------------------------------------------------------------------------------------------- Increased/(decreased) credit-related valuation adjustments (13) (9) 1 n/ a ------------------------------------------------------------------------------------------------------------------- [LOGO]
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES PRIVATE BANKING (2/2)
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- ---------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY KEY INFORMATION PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED --------------------------------------------------------------------------------------------------------------------------------- Cost/income ratio 1 56% 53% 63% 60% 70% 68% -------- ------- ------- -------- ------- -------- Average allocated capital in CHF m 3,484 2,340 3,708 2,434 3,599 2,428 Pre-tax margin 1) 43% 46% 37% 39% 29% 31% -------------------------------------------------------------------------------------------------------------------------------- Fee income/ operating income 67% 71% 64% 68% 66% 71% -------------------------------------------------------------------------------------------------------------------------------- Net new assets in CHF bn 9.2 9.2 5.6 5.6 3.4 3.4 Growth in assets under management 2.0 2.3 (7.2) (7.3) (4.4) (4.4) of which net new assets 1.7 1.8 1.0 1.1 0.7 0.7 of which market movements and structural effects 0.3 0.5 (8.2) (8.3) (5.1) (5.1) of which acquisitions/ (divestitures) -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------------------- Net margin 2) 46.0 bp 46.3 bp 36.0 bp 36.5 bp 24.0 bp 24.3 bp Gross margin 3) 133.2 bp 126.4 bp 126.8 bp 120.1 bp 114.2 bp 107.2 bp -------------------------------------------------------------------------------------------------------------------------------- PRIVATE BANKING (2/2) 4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED ------------------------------------------------------------------------------------------------------------------- Cost/income ratio 1 69% 66% 61% 56% ------------------------------------------------------------------------------------------------------------------- Average allocated capital in CHF m 3,317 2,304 2,350 2,278 Pre-tax margin 1) 31% 34% 38% 43% ------------------------------------------------------------------------------------------------------------------- Fee income/operating income 63% 67% 70% 66% ------------------------------------------------------------------------------------------------------------------- Net new assets in CHF bn 0.5 0.9 19.1 34.9 ------------------------------------------------------------------------------------------------------------------- Growth in assets under management (1.3) (1.3) (10.5) 2.2 of which net new assets 0.1 0.2 3.7 6.9 of which market movements and structural effects (1.5) (1.6) (14.2) (6.1) of which acquisitions/(divestitures) 0.1 0.1 0.1 1.4 ------------------------------------------------------------------------------------------------------------------- Net margin 2) 27.2 bp 28.3 bp 34.2 bp 43.0 bp Gross margin 3) 118.3 bp 112.4 bp 116.8 bp 128.1 bp -------------------------------------------------------------------------------------------------------------------
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- ---------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED --------------------------------------------------------------------------------------------------------------------------------- Assets under management in CHF bn 557.6 532.1 517.3 493.5 494.5 471.9 -------------------------------------------------------------------------------------------------------------------------------- Number of employees 15,037 12,572 15,174 12,735 15,249 12,827 -------------------------------------------------------------------------------------------------------------------------------- PRIVATE BANKING (2/2) 4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED ------------------------------------------------------------------------------------------------------------------- Assets under management in CHF bn 488.0 465.7 465.7 520.1 -------------------------------------------------------------------------------------------------------------------- Number of employees 14,923 12,587 12,587 12,318 --------------------------------------------------------------------------------------------------------------------
1) Based on the segment results, which exclude certain acquisition-related costs, exceptional items and cumulative effect of change in accounting principle not allocated to the segment. 2) Net operating profit before exceptional items, cumulative effect of change in accounting principle and minority interests (segment result)/ average assets under management. 3) Operating income/ average assets under management.
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- ---------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY BALANCE SHEET INFORMATION, IN CHF M PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED --------------------------------------------------------------------------------------------------------------------------------- Total assets 168,361 146,129 164,221 141,502 174,881 151761 --------------------------------------------------------------------------------------------------------------------------------- Due from customers 31,261 30,230 31,914 30,905 38,356 37,455 Mortgages 41,808 20,955 42,926 21,551 44,126 22,307 --------------------------------------------------------------------------------------------------------------------------------- PRIVATE BANKING (2/2) 4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED ------------------------------------------------------------------------------------------------------------------- Total assets 169,414 146,161 146,161 148,381 ------------------------------------------------------------------------------------------------------------------- Due from customers 36,468 35,580 35,580 30,531 Mortgages 44,832 22,935 22,935 20,904 -------------------------------------------------------------------------------------------------------------------
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES CORPORATE & RETAIL BANKING (1/2)
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- -------- ------------ PREVIOUSLY PREVIOUSLY PREVIOUSLY INCOME STATEMENT, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED - --------------------------------------------------------------------------------------------------------------------------------- Net interest income 426 540 405 520 423 529 Net commission and service fee income 122 172 128 168 126 163 Net trading income 53 63 74 82 66 73 Other ordinary income 15 15 22 23 -- -- - --------------------------------------------------------------------------------------------------------------------------------- OPERATING INCOME 616 790 629 793 615 765 Personnel expenses 223 294 245 312 237 301 Other operating expenses 132 194 175 240 152 217 - --------------------------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES 355 488 420 552 389 518 - --------------------------------------------------------------------------------------------------------------------------------- GROSS OPERATING PROFIT 261 302 209 241 226 247 Depreciation of non-current assets 18 22 19 23 27 31 Valuation adjustments, provisions and losses 85 88 66 72 70 74 - --------------------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXTRAORDINARY AND EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND TAXES 158 192 124 146 129 142 - --------------------------------------------------------------------------------------------------------------------------------- EXTRAORDINARY INCOME/(EXPENSES), NET (1) (1) -- -- 4 4 TAXES (37) (45) (29) (35) (31) (34) - --------------------------------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND MINORITY INTERESTS (SEGMENT RESULT) 120 146 95 111 102 112 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- Increased/ (decreased) credit-related valuation adjustments (6) (6) 20 17 15 14 - ---------------------------------------------------------------------------------------------------------------------------------
4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 INCOME STATEMENT, IN CHF m PUBLISHED RESTATED RESTATED RESTATED - --------------------------------------------------------------------------------------------------------- Net interest income 418 521 2,l10 2,l44 Net commission and service fee income 102 131 634 599 Net trading income 56 60 278 278 Other ordinary income (1) 1 39 31 - --------------------------------------------------------------------------------------------------------- OPERATING INCOME 575 713 3,061 3,052 Personnel expenses 234 297 1,204 1,271 Other operating expenses 187 250 901 858 - --------------------------------------------------------------------------------------------------------- OPERATING EXPENSES 421 547 2,105 2,129 - --------------------------------------------------------------------------------------------------------- GROSS OPERATING PROFIT 154 166 956 923 Depreciation of non-current assets 25 29 105 97 Valuation adjustments, provisions and losses 72 78 312 328 - --------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXTRAORDINARY AND EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND TAXES 57 59 539 498 Extraordinary income/ (expenses), net 1 1 4 13 Taxes (12) (12) (126) (120) - --------------------------------------------------------------------------------------------------------- NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE AND MINORITY INTERESTS (SEGMENT RESULT) 46 48 417 391 - --------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- Increased/(decreased) credit-related valuation adjustments 98 94 119 n/a - ---------------------------------------------------------------------------------------------------------
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES CORPORATE & RETAIL BANKING (2/2)
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- --------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY KEY INFORMATION PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED - --------------------------------------------------------------------------------------------------------------------------------- Cost/income ratio 1) 60.6% 64.6% 69.8% 72.5% 67.6% 71.8% - --------------------------------------------------------------------------------------------------------------------------------- Return on average allocated capital 1) 12.1% 11.4% 9.5% 8.4% 10.5% 8.8% Average allocated capital in CHF m 3,972 5,116 3,991 5,265 3,893 5,064 - --------------------------------------------------------------------------------------------------------------------------------- Pre-tax margin 1) 25.5% 24.2% 19.7% 18.4% 21.6% 19.1% - --------------------------------------------------------------------------------------------------------------------------------- Personnel expenses/ operating income 36.2% 37.2% 39.0% 39.3% 38.5% 39.3% - --------------------------------------------------------------------------------------------------------------------------------- Net interest margin 238 bp 231 bp 231 bp 224 bp 238 bp 225 bp - --------------------------------------------------------------------------------------------------------------------------------- Loan growth 3.3% 2.3% (2.0%) (0.9%) (1.4%) (0.6%) - --------------------------------------------------------------------------------------------------------------------------------- Net new assets in CHF bn (1.4) (1.4) 0.3 0.3 (2.3) (2.3) - ---------------------------------------------------------------------------------------------------------------------------------
4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED - --------------------------------------------------------------------------------------------------------- Cost/income ratio 1) 77.6% 80.8% 72.2% 72.9% - --------------------------------------------------------------------------------------------------------- Return on average allocated capital 1) 4.8% 4.0% 8.3% 8.0% Average allocated capital in CHF m 3,802 4,815 5,009 4,886 - --------------------------------------------------------------------------------------------------------- Pre-tax margin 1) 10.1% 8.4% 17.7% 16.7% - --------------------------------------------------------------------------------------------------------- Personnel expenses/ operating income 40.7% 41.7% 39.3% 41.6% - --------------------------------------------------------------------------------------------------------- Net interest margin 233 bp 219 bp 225 bp 226 bp - --------------------------------------------------------------------------------------------------------- Loan growth (2.4%) (1.7%) (0.9%) (1.4%) - --------------------------------------------------------------------------------------------------------- Net new assets in CHF bn 0.2 (0.2) (3.6) 2.1 - ---------------------------------------------------------------------------------------------------------
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- --------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED - --------------------------------------------------------------------------------------------------------------------------- Assets under management in CHF bn 54.4 79.9 52.9 76.7 47.8 70.4 - --------------------------------------------------------------------------------------------------------------------------- Deposit/loan ratio 67.8% 67.0% 69.8% 67.4% 70.2% 67.3% - --------------------------------------------------------------------------------------------------------------------------- Number of employees 6,835 9,300 6,792 9,231 6,818 9'240 - --------------------------------------------------------------------------------------------------------------------------- Number of branches 226 226 224 224 223 223 - ---------------------------------------------------------------------------------------------------------------------------
4Q2002 --------------------- 12 months 12 months PREVIOUSLY 2002 2001 PUBLISHED RESTATED RESTATED RESTATED - --------------------------------------------------------------------------------------------------------- Assets under management in CHF bn 48.0 70.3 70.3 82.6 - --------------------------------------------------------------------------------------------------------- Deposit/loan ratio 72.1% 68.3% 68.3% 71.5% - --------------------------------------------------------------------------------------------------------- Number of employees 6,702 9,038 9,038 9,398 - --------------------------------------------------------------------------------------------------------- Number of branches 223 223 223 227 - ---------------------------------------------------------------------------------------------------------
1) Based on the segment results, which exclude certain acquisition-related costs not allocated to the segment.
1Q2002 2Q2002 3Q2002 --------------------- ---------------------- --------------------- PREVIOUSLY PREVIOUSLY PREVIOUSLY BALANCE SHEET INFORMATION, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED - --------------------------------------------------------------------------------------------------------------------------------- Total assets 70,644 92,877 69,747 92,466 72,658 95,778 - --------------------------------------------------------------------------------------------------------------------------------- Due from customers 29,791 30,821 28,635 29,644 27,483 28,385 Mortgages 35,458 56,311 35,316 56,690 35,592 57,411 - --------------------------------------------------------------------------------------------------------------------------------- Due to customers in savings and investment deposits 17,502 30,233 17,649 29,979 17,586 29,827 Due to customers, other 26,757 28,136 26,972 28,222 26,686 27,872 - ---------------------------------------------------------------------------------------------------------------------------------
4Q2002 --------------------- 12 MONTHS 12 MONTHS PREVIOUSLY 2002 2001 BALANCE SHEET INFORMATION, IN CHF m PUBLISHED RESTATED RESTATED RESTATED - --------------------------------------------------------------------------------------------------------- Total assets 70,951 94,203 94,203 94,355 - --------------------------------------------------------------------------------------------------------- Due from customers 26,292 27,179 27,179 29,768 Mortgages 35,267 57,165 57,165 55,383 - --------------------------------------------------------------------------------------------------------- Due to customers in savings and investment deposits 17,952 30,130 30,130 30,314 Due to customers, other 26,402 27,509 27,509 30,582 - ---------------------------------------------------------------------------------------------------------
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CREDIT SUISSE GROUP ----------------------- (Registrant) Date April 25, 2003 By: /s/ David Frick -------------------- ---------------------------- (Signature)* Member of the Executive Board *Print the name and title of the signing officer under his signature. /s/ Karin Rhomberg Hug Managing Director 9 -----END PRIVACY-ENHANCED MESSAGE-----