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CREDIT SUISSE GROUP AG
Paradeplatz 8 P.O. Box CH-8070 Zurich Switzerland Telephone +41 844 33 88 44 Fax +41 44 333 88 77 media.relations@credit-suisse.com |
Core Results highlights | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 6,433 | 6,469 | 6,830 | (1) | (6) | 12,902 | 13,848 | (7) | |||||||||
Provision for credit losses | 18 | 34 | 51 | (47) | (65) | 52 | 73 | (29) | |||||||||
Total operating expenses | 6,785 | 5,035 | 5,239 | 35 | 30 | 11,820 | 10,430 | 13 | |||||||||
Income/(loss) from continuing operations before taxes | (370) | 1,400 | 1,540 | – | – | 1,030 | 3,345 | (69) | |||||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | – | – | 159 | 2,348 | (93) | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | – | 14.4 | 14.6 | – | – | 5.3 | 16.5 | – | |||||||||
Cost/income ratio | 105.5 | 77.8 | 76.7 | – | – | 91.6 | 75.3 | – | |||||||||
Strategic results (CHF million) | |||||||||||||||||
Net revenues | 6,324 | 6,553 | 6,795 | (3) | (7) | 12,877 | 13,813 | (7) | |||||||||
Provision for credit losses | 25 | 18 | 23 | 39 | 9 | 43 | 39 | 10 | |||||||||
Total operating expenses | 4,532 | 4,595 | 4,685 | (1) | (3) | 9,127 | 9,480 | (4) | |||||||||
Income from continuing operations before taxes | 1,767 | 1,940 | 2,087 | (9) | (15) | 3,707 | 4,294 | (14) | |||||||||
Net income attributable to shareholders | 1,282 | 1,398 | 1,455 | (8) | (12) | 2,680 | 3,034 | (12) | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | 19.2 | 21.7 | 21.7 | – | – | 20.5 | 23.3 | – | |||||||||
Cost/income ratio | 71.7 | 70.1 | 68.9 | – | – | 70.9 | 68.6 | – | |||||||||
Non-strategic results (CHF million) | |||||||||||||||||
Net revenues | 109 | (84) | 35 | – | 211 | 25 | 35 | (29) | |||||||||
Provision for credit losses | (7) | 16 | 28 | – | – | 9 | 34 | (74) | |||||||||
Total operating expenses | 2,253 | 440 | 554 | 412 | 307 | 2,693 | 950 | 183 | |||||||||
Loss from continuing operations before taxes | (2,137) | (540) | (547) | 296 | 291 | (2,677) | (949) | 182 | |||||||||
Net loss attributable to shareholders | (1,982) | (539) | (410) | 268 | 383 | (2,521) | (686) | 267 | |||||||||
Core Results do not include noncontrolling interests without significant economic interests.
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Private Banking & Wealth Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 3,046 | 3,240 | 3,419 | (6) | (11) | 6,286 | 6,697 | (6) | |||||||||
Provision for credit losses | 23 | 33 | 46 | (30) | (50) | 56 | 74 | (24) | |||||||||
Compensation and benefits | 1,235 | 1,290 | 1,353 | (4) | (9) | 2,525 | 2,732 | (8) | |||||||||
Total other operating expenses | 2,537 | 905 | 1,103 | 180 | 130 | 3,442 | 2,093 | 64 | |||||||||
Total operating expenses | 3,772 | 2,195 | 2,456 | 72 | 54 | 5,967 | 4,825 | 24 | |||||||||
Income/(loss) before taxes | (749) | 1,012 | 917 | – | – | 263 | 1,798 | (85) | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | – | 31.0 | 28.0 | – | – | 4.0 | 28.6 | – | |||||||||
Cost/income ratio | 123.8 | 67.7 | 71.8 | – | – | 94.9 | 72.0 | – |
Private Banking & Wealth Management – strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Strategic results (CHF million) | |||||||||||||||||
Net interest income | 954 | 963 | 1,054 | (1) | (9) | 1,917 | 2,073 | (8) | |||||||||
Recurring commissions and fees | 1,136 | 1,139 | 1,155 | 0 | (2) | 2,275 | 2,256 | 1 | |||||||||
Transaction- and performance-based revenues | 865 | 919 | 1,033 | (6) | (16) | 1,784 | 1,907 | (6) | |||||||||
Other revenues | (23) | 10 | (10) | – | 130 | (13) | 4 | – | |||||||||
Net revenues | 2,932 | 3,031 | 3,232 | (3) | (9) | 5,963 | 6,240 | (4) | |||||||||
Provision for credit losses | 30 | 17 | 19 | 76 | 58 | 47 | 42 | 12 | |||||||||
Total operating expenses | 2,020 | 2,049 | 2,198 | (1) | (8) | 4,069 | 4,427 | (8) | |||||||||
Income before taxes | 882 | 965 | 1,015 | (9) | (13) | 1,847 | 1,771 | 4 | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | 28.0 | 31.6 | 33.5 | – | – | 29.8 | 30.3 | – | |||||||||
Cost/income ratio | 68.9 | 67.6 | 68.0 | – | – | 68.2 | 70.9 | – |
Wealth Management Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Strategic results (CHF million) | |||||||||||||||||
Net interest income | 688 | 706 | 778 | (3) | (12) | 1,394 | 1,524 | (9) | |||||||||
Recurring commissions and fees | 728 | 730 | 750 | 0 | (3) | 1,458 | 1,467 | (1) | |||||||||
Transaction- and performance-based revenues | 601 | 638 | 711 | (6) | (15) | 1,239 | 1,335 | (7) | |||||||||
Net revenues | 2,017 | 2,074 | 2,239 | (3) | (10) | 4,091 | 4,326 | (5) | |||||||||
Provision for credit losses | 17 | 16 | 20 | 6 | (15) | 33 | 39 | (15) | |||||||||
Total operating expenses | 1,431 | 1,480 | 1,598 | (3) | (10) | 2,911 | 3,212 | (9) | |||||||||
Income before taxes | 569 | 578 | 621 | (2) | (8) | 1,147 | 1,075 | 7 | |||||||||
Metrics (%) | |||||||||||||||||
Cost/income ratio | 70.9 | 71.4 | 71.4 | – | – | 71.2 | 74.2 | – |
Corporate & Institutional Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Strategic results (CHF million) | |||||||||||||||||
Net interest income | 266 | 257 | 276 | 4 | (4) | 523 | 549 | (5) | |||||||||
Recurring commissions and fees | 113 | 122 | 115 | (7) | (2) | 235 | 226 | 4 | |||||||||
Transaction- and performance-based revenues | 118 | 117 | 127 | 1 | (7) | 235 | 248 | (5) | |||||||||
Other revenues | (22) | (4) | (6) | 450 | 267 | (26) | (11) | 136 | |||||||||
Net revenues | 475 | 492 | 512 | (3) | (7) | 967 | 1,012 | (4) | |||||||||
Provision for credit losses | 13 | 1 | (1) | – | – | 14 | 3 | 367 | |||||||||
Total operating expenses | 251 | 245 | 251 | 2 | 0 | 496 | 508 | (2) | |||||||||
Income before taxes | 211 | 246 | 262 | (14) | (19) | 457 | 501 | (9) | |||||||||
Metrics (%) | |||||||||||||||||
Cost/income ratio | 52.8 | 49.8 | 49.0 | – | – | 51.3 | 50.2 | – |
Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Strategic results (CHF million) | |||||||||||||||||
Recurring commissions and fees | 295 | 287 | 290 | 3 | 2 | 582 | 563 | 3 | |||||||||
Transaction- and performance-based revenues | 146 | 164 | 195 | (11) | (25) | 310 | 324 | (4) | |||||||||
Other revenues | (1) | 14 | (4) | – | (75) | 13 | 15 | (13) | |||||||||
Net revenues | 440 | 465 | 481 | (5) | (9) | 905 | 902 | 0 | |||||||||
of which fee-based revenues | 428 | 438 | 467 | (2) | (8) | 866 | 854 | 1 | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 338 | 324 | 349 | 4 | (3) | 662 | 707 | (6) | |||||||||
Income before taxes | 102 | 141 | 132 | (28) | (23) | 243 | 195 | 25 | |||||||||
Metrics (%) | |||||||||||||||||
Cost/income ratio | 76.8 | 69.7 | 72.6 | – | – | 73.1 | 78.4 | – |
Private Banking & Wealth Management – non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Non-strategic results (CHF million) | |||||||||||||||||
Net revenues | 114 | 209 | 187 | (45) | (39) | 323 | 457 | (29) | |||||||||
Provision for credit losses | (7) | 16 | 27 | – | – | 9 | 32 | (72) | |||||||||
Total operating expenses | 1,752 | 146 | 258 | – | – | 1,898 | 398 | 377 | |||||||||
Income/(loss) before taxes | (1,631) | 47 | (98) | – | – | (1,584) | 27 | – | |||||||||
Metrics (%) | |||||||||||||||||
Cost/income ratio | – | 69.9 | 138.0 | – | – | – | 87.1 | – |
Assets under management – Private Banking & Wealth Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Assets under management by business (CHF billion) | |||||||||||||||||
Wealth Management Clients | 829.7 | 804.9 | 782.3 | 3.1 | 6.1 | 829.7 | 782.3 | 6.1 | |||||||||
Corporate & Institutional Clients | 261.4 | 254.4 | 238.3 | 2.8 | 9.7 | 261.4 | 238.3 | 9.7 | |||||||||
Asset Management | 377.1 | 363.4 | 346.1 | 3.8 | 9.0 | 377.1 | 346.1 | 9.0 | |||||||||
Non-strategic | 25.9 | 25.9 | 83.8 | 0.0 | (69.1) | 25.9 | 83.8 | (69.1) | |||||||||
Assets managed across businesses | (164.4) | (156.1) | (153.9) | 5.3 | 6.8 | (164.4) | (153.9) | 6.8 | |||||||||
Assets under management | 1,329.7 | 1,292.5 | 1,296.6 | 2.9 | 2.6 | 1,329.7 | 1,296.6 | 2.6 | |||||||||
Average assets under management (CHF billion) | |||||||||||||||||
Average assets under management | 1,311.6 | 1,282.1 | 1,318.9 | 2.3 | (0.6) | 1,296.8 | 1,302.2 | (0.4) | |||||||||
Net new assets by business (CHF billion) | |||||||||||||||||
Wealth Management Clients | 7.4 | 10.6 | 7.7 | (30.2) | (3.9) | 18.0 | 13.4 | 34.3 | |||||||||
Corporate & Institutional Clients | 0.6 | 0.4 | (0.2) | 50.0 | – | 1.0 | 4.3 | (76.7) | |||||||||
Asset Management | 4.1 | 6.9 | 2.6 | (40.6) | 57.7 | 11.0 | 11.1 | (0.9) | |||||||||
Non-strategic | (1.7) | (2.3) | (1.4) | (26.1) | 21.4 | (4.0) | (3.7) | 8.1 | |||||||||
Assets managed across businesses | (0.3) | (1.9) | (1.1) | (84.2) | (72.7) | (2.2) | (5.5) | (60.0) | |||||||||
Net new assets | 10.1 | 13.7 | 7.6 | (26.3) | 32.9 | 23.8 | 19.6 | 21.4 | |||||||||
Net new asset growth rate (annualized) (%) | |||||||||||||||||
Net new asset growth rate – Wealth Management Clients | 3.7 | 5.4 | 3.9 | – | – | 4.6 | 3.5 | – | |||||||||
Net new asset growth rate – Asset Management | 4.5 | 7.8 | 3.0 | – | – | 6.3 | 6.8 | – |
Investment Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 3,342 | 3,416 | 3,400 | (2) | (2) | 6,758 | 7,345 | (8) | |||||||||
Provision for credit losses | (5) | 0 | 4 | – | – | (5) | (2) | 150 | |||||||||
Compensation and benefits | 1,499 | 1,521 | 1,466 | (1) | 2 | 3,020 | 2,951 | 2 | |||||||||
Total other operating expenses | 1,096 | 1,068 | 1,176 | 3 | (7) | 2,164 | 2,342 | (8) | |||||||||
Total operating expenses | 2,595 | 2,589 | 2,642 | 0 | (2) | 5,184 | 5,293 | (2) | |||||||||
Income before taxes | 752 | 827 | 754 | (9) | 0 | 1,579 | 2,054 | (23) | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | 12.3 | 13.6 | 11.0 | – | – | 13.0 | 15.8 | – | |||||||||
Cost/income ratio | 77.6 | 75.8 | 77.7 | – | – | 76.7 | 72.1 | – |
Investment Banking – strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Strategic results (CHF million) | |||||||||||||||||
Debt underwriting | 483 | 468 | 534 | 3 | (10) | 951 | 995 | (4) | |||||||||
Equity underwriting | 268 | 183 | 206 | 46 | 30 | 451 | 363 | 24 | |||||||||
Total underwriting | 751 | 651 | 740 | 15 | 1 | 1,402 | 1,358 | 3 | |||||||||
Advisory and other fees | 161 | 180 | 167 | (11) | (4) | 341 | 312 | 9 | |||||||||
Total underwriting and advisory | 912 | 831 | 907 | 10 | 1 | 1,743 | 1,670 | 4 | |||||||||
Fixed income sales and trading | 1,485 | 1,609 | 1,434 | (8) | 4 | 3,094 | 3,462 | (11) | |||||||||
Equity sales and trading | 1,119 | 1,207 | 1,368 | (7) | (18) | 2,326 | 2,684 | (13) | |||||||||
Total sales and trading | 2,604 | 2,816 | 2,802 | (8) | (7) | 5,420 | 6,146 | (12) | |||||||||
Other | (121) | (84) | (105) | 44 | 15 | (205) | (195) | 5 | |||||||||
Net revenues | 3,395 | 3,563 | 3,604 | (5) | (6) | 6,958 | 7,621 | (9) | |||||||||
Provision for credit losses | (5) | 0 | 3 | – | – | (5) | (4) | 25 | |||||||||
Total operating expenses | 2,366 | 2,439 | 2,434 | (3) | (3) | 4,805 | 4,911 | (2) | |||||||||
Income before taxes | 1,034 | 1,124 | 1,167 | (8) | (11) | 2,158 | 2,714 | (20) | |||||||||
Metrics (%) | |||||||||||||||||
Return on capital | 18.5 | 20.5 | 19.1 | – | – | 19.5 | 23.3 | – | |||||||||
Cost/income ratio | 69.7 | 68.5 | 67.5 | – | – | 69.1 | 64.4 | – |
Investment Banking – non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Non-strategic results (CHF million) | |||||||||||||||||
Net revenues | (53) | (147) | (204) | (64) | (74) | (200) | (276) | (28) | |||||||||
Provision for credit losses | 0 | 0 | 1 | – | (100) | 0 | 2 | (100) | |||||||||
Total operating expenses | 229 | 150 | 208 | 53 | 10 | 379 | 382 | (1) | |||||||||
Loss before taxes | (282) | (297) | (413) | (5) | (32) | (579) | (660) | (12) | |||||||||
Risk-weighted assets – Basel III | 11,536 | 16,436 | 19,159 | (30) | (40) | 11,536 | 19,159 | (40) |
Corporate Center | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Reported results (CHF million) | |||||||||||||||||
Net revenues | 45 | (187) | 11 | – | 309 | (142) | (194) | (27) | |||||||||
Provision for credit losses | 0 | 1 | 1 | (100) | (100) | 1 | 1 | 0 | |||||||||
Compensation and benefits | 235 | 166 | 95 | 42 | 147 | 401 | 221 | 81 | |||||||||
Total other operating expenses | 183 | 85 | 46 | 115 | 298 | 268 | 91 | 195 | |||||||||
Total operating expenses | 418 | 251 | 141 | 67 | 196 | 669 | 312 | 114 | |||||||||
Loss before taxes | (373) | (439) | (131) | (15) | 185 | (812) | (507) | 60 | |||||||||
Non-strategic results (CHF million) | |||||||||||||||||
Net revenues | 48 | (146) | 52 | – | (8) | (98) | (146) | (33) | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 272 | 144 | 88 | 89 | 209 | 416 | 170 | 145 | |||||||||
Loss before taxes | (224) | (290) | (36) | (23) | – | (514) | (316) | 63 |
Capital ratios – Basel III | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q14 | 1Q14 | 4Q13 | |||||||
BIS capital ratios (%) | |||||||||||||
CET1 ratio | 13.8 | 14.3 | 15.7 | 9.5 | 10.0 | 10.0 | |||||||
Tier 1 ratio | 16.0 | 15.6 | 16.8 | 13.1 | 12.8 | 12.8 | |||||||
Total capital ratio | 19.5 | 19.1 | 20.6 | 15.4 | 15.1 | 15.1 |
Swiss leverage ratio | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q14 | 1Q14 | 4Q13 | |||||||
Leverage ratios (%) | |||||||||||||
Swiss leverage ratio | 4.8 | 4.8 | 5.1 | 3.7 | 3.7 | 3.7 |
Event | Analyst and investor presentation | Media conference | |||
Time |
08:30 Zurich 07:30 London 02:30 New York |
11:00 Zurich 10:00 London 05:00 New York Credit Suisse Forum St. Peter, St. Peterstrasse 19, Zurich |
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Speakers |
Brady W. Dougan, Chief Executive Officer David Mathers, Chief Financial Officer |
Brady W. Dougan, Chief Executive Officer David Mathers, Chief Financial Officer |
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Language |
The presentation will be held in English. |
The presentation will be held in English. Simultaneous interpreting (English/German) |
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Access via Internet |
Audio webcast: www.credit-suisse.com/results Audio playback available |
Live webcast: www.credit-suisse.com/results Video playback available |
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Access via Telephone |
+41 44 580 40 01 (Switzerland) +44 1452 565 510 (Europe) +1 866 389 9771 (US) Reference: Credit Suisse Group quarterly results Please dial in 10-15 minutes before the start of the presentation. |
+41 44 580 40 01 (Switzerland) +44 1452 565 510 (Europe) +1 866 389 9771 (US) Reference: Credit Suisse Group quarterly results Please dial in 10-15 minutes before the start of the presentation. |
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Q&A Session |
Opportunity to ask questions via the telephone conference. |
Opportunity to ask questions via the telephone conference. |
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Playback |
Replay available approximately two hours after the event: +41 44 580 34 56 (Switzerland) +44 1452 550 000 (Europe) +1 866 247 4222 (US) Conference ID: 71293897# |
Replay available approximately two hours after the event: +41 44 580 34 56 (Switzerland) +44 1452 550 000 (Europe) +1 866 247 4222 (US) Conference ID English: 71362658# Conference ID German: 71371762# |
Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Credit Suisse (CHF million, except where indicated) | |||||||||||||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | – | – | 159 | 2,348 | (93) | |||||||||
of which from continuing operations | (691) | 844 | 1,054 | – | – | 153 | 2,351 | (93) | |||||||||
Basic earnings/(loss) per share from continuing operations (CHF) | (0.45) | 0.47 | 0.55 | – | – | 0.05 | 1.31 | (96) | |||||||||
Diluted earnings/(loss) per share from continuing operations (CHF) | (0.45) | 0.47 | 0.53 | – | – | 0.05 | 1.28 | (96) | |||||||||
Return on equity attributable to shareholders (%) | (6.7) | 8.0 | 10.1 | – | – | 0.8 | 12.0 | – | |||||||||
Effective tax rate (%) | (88.7) | 31.2 | 28.7 | – | – | 60.8 | 27.6 | 120 | |||||||||
Core Results (CHF million, except where indicated) | |||||||||||||||||
Net revenues | 6,433 | 6,469 | 6,830 | (1) | (6) | 12,902 | 13,848 | (7) | |||||||||
Provision for credit losses | 18 | 34 | 51 | (47) | (65) | 52 | 73 | (29) | |||||||||
Total operating expenses | 6,785 | 5,035 | 5,239 | 35 | 30 | 11,820 | 10,430 | 13 | |||||||||
Income/(loss) from continuing operations before taxes | (370) | 1,400 | 1,540 | – | – | 1,030 | 3,345 | (69) | |||||||||
Cost/income ratio (%) | 105.5 | 77.8 | 76.7 | – | – | 91.6 | 75.3 | – | |||||||||
Pre-tax income margin (%) | (5.8) | 21.6 | 22.5 | – | – | 8.0 | 24.2 | – | |||||||||
Strategic results (CHF million, except where indicated) | |||||||||||||||||
Net revenues | 6,324 | 6,553 | 6,795 | (3) | (7) | 12,877 | 13,813 | (7) | |||||||||
Income from continuing operations before taxes | 1,767 | 1,940 | 2,087 | (9) | (15) | 3,707 | 4,294 | (14) | |||||||||
Cost/income ratio (%) | 71.7 | 70.1 | 68.9 | – | – | 70.9 | 68.6 | – | |||||||||
Return on equity – strategic results (%) | 12.9 | 13.9 | 15.0 | – | – | 13.4 | 16.7 | – | |||||||||
Non-strategic results (CHF million) | |||||||||||||||||
Net revenues | 109 | (84) | 35 | – | 211 | 25 | 35 | (29) | |||||||||
Loss from continuing operations before taxes | (2,137) | (540) | (547) | 296 | 291 | (2,677) | (949) | 182 | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management from continuing operations | 1,319.6 | 1,281.1 | 1,245.4 | 3.0 | 6.0 | 1,319.6 | 1,245.4 | 6.0 | |||||||||
Net new assets from continuing operations | 10.7 | 14.7 | 8.7 | (27.2) | 23.0 | 25.4 | 23.1 | 10.0 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 891,580 | 878,090 | 919,903 | 2 | (3) | 891,580 | 919,903 | (3) | |||||||||
Net loans | 254,532 | 250,659 | 246,186 | 2 | 3 | 254,532 | 246,186 | 3 | |||||||||
Total shareholders' equity | 40,944 | 43,230 | 42,402 | (5) | (3) | 40,944 | 42,402 | (3) | |||||||||
Tangible shareholders' equity | 32,716 | 35,046 | 33,611 | (7) | (3) | 32,716 | 33,611 | (3) | |||||||||
Basel III regulatory capital and leverage statistics | |||||||||||||||||
Risk-weighted assets (CHF million) | 285,421 | 285,996 | – | 0 | – | 285,421 | – | – | |||||||||
CET1 ratio (%) | 13.8 | 14.3 | – | – | – | 13.8 | – | – | |||||||||
Look-through CET1 ratio (%) | 9.5 | 10.0 | – | – | – | 9.5 | – | – | |||||||||
Swiss leverage ratio (%) | 4.8 | 4.8 | – | – | – | 4.8 | – | – | |||||||||
Look-through Swiss leverage ratio (%) | 3.7 | 3.7 | – | – | – | 3.7 | – | – | |||||||||
Share information | |||||||||||||||||
Shares outstanding (million) | 1,600.0 | 1,587.2 | 1,592.0 | 1 | 1 | 1,600.0 | 1,592.0 | 1 | |||||||||
of which common shares issued | 1,607.2 | 1,596.1 | 1,594.3 | 1 | 1 | 1,607.2 | 1,594.3 | 1 | |||||||||
of which treasury shares | (7.2) | (8.9) | (2.3) | (19) | 213 | (7.2) | (2.3) | 213 | |||||||||
Book value per share (CHF) | 25.59 | 27.24 | 26.63 | (6) | (4) | 25.59 | 26.63 | (4) | |||||||||
Tangible book value per share (CHF) | 20.45 | 22.08 | 21.11 | (7) | (3) | 20.45 | 21.11 | (3) | |||||||||
Market capitalization (CHF million) | 40,758 | 45,633 | 39,937 | (11) | 2 | 40,758 | 39,937 | 2 | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 45,100 | 45,600 | 46,300 | (1) | (3) | 45,100 | 46,300 | (3) | |||||||||
See relevant tables for additional information on these metrics.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 6,463 | 6,829 | 6,952 | (5) | (7) | 13,292 | 14,041 | (5) | |||||||||
Provision for credit losses | 18 | 34 | 51 | (47) | (65) | 52 | 73 | (29) | |||||||||
Compensation and benefits | 2,973 | 2,993 | 2,926 | (1) | 2 | 5,966 | 5,917 | 1 | |||||||||
General and administrative expenses | 3,441 | 1,690 | 1,873 | 104 | 84 | 5,131 | 3,605 | 42 | |||||||||
Commission expenses | 377 | 369 | 457 | 2 | (18) | 746 | 927 | (20) | |||||||||
Total other operating expenses | 3,818 | 2,059 | 2,330 | 85 | 64 | 5,877 | 4,532 | 30 | |||||||||
Total operating expenses | 6,791 | 5,052 | 5,256 | 34 | 29 | 11,843 | 10,449 | 13 | |||||||||
Income/(loss) from continuing operations before taxes | (346) | 1,743 | 1,645 | – | – | 1,397 | 3,519 | (60) | |||||||||
Income tax expense | 307 | 543 | 472 | (43) | (35) | 850 | 971 | (12) | |||||||||
Income/(loss) from continuing operations | (653) | 1,200 | 1,173 | – | – | 547 | 2,548 | (79) | |||||||||
Income/(loss) from discontinued operations | (9) | 15 | (9) | – | 0 | 6 | (3) | – | |||||||||
Net income/(loss) | (662) | 1,215 | 1,164 | – | – | 553 | 2,545 | (78) | |||||||||
Net income attributable to noncontrolling interests | 38 | 356 | 119 | (89) | (68) | 394 | 197 | 100 | |||||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | – | – | 159 | 2,348 | (93) | |||||||||
of which from continuing operations | (691) | 844 | 1,054 | – | – | 153 | 2,351 | (93) | |||||||||
of which from discontinued operations | (9) | 15 | (9) | – | 0 | 6 | (3) | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.55 | – | – | 0.05 | 1.31 | (96) | |||||||||
Basic earnings/(loss) per share | (0.46) | 0.48 | 0.54 | – | – | 0.05 | 1.31 | (96) | |||||||||
Diluted earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.53 | – | – | 0.05 | 1.28 | (96) | |||||||||
Diluted earnings/(loss) per share | (0.46) | 0.48 | 0.52 | – | – | 0.05 | 1.28 | (96) | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity attributable to shareholders | (6.7) | 8.0 | 10.1 | – | – | 0.8 | 12.0 | – | |||||||||
Return on tangible equity attributable to shareholders 1 | (8.3) | 10.0 | 12.8 | – | – | 0.9 | 15.5 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 45,100 | 45,600 | 46,300 | (1) | (3) | 45,100 | 46,300 | (3) | |||||||||
1
Based on tangible shareholders' equity attributable to shareholders, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity attributable to shareholders. Management believes that the return on tangible shareholders' equity attributable to shareholders is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired.
|
Credit Suisse and Core Results | |||||||||||||||||||
Core Results | Noncontrolling interests without SEI | Credit Suisse | |||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 2Q14 | 1Q14 | 2Q13 | 2Q14 | 1Q14 | 2Q13 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 6,433 | 6,469 | 6,830 | 30 | 360 | 122 | 6,463 | 6,829 | 6,952 | ||||||||||
Provision for credit losses | 18 | 34 | 51 | 0 | 0 | 0 | 18 | 34 | 51 | ||||||||||
Compensation and benefits | 2,969 | 2,977 | 2,914 | 4 | 16 | 12 | 2,973 | 2,993 | 2,926 | ||||||||||
General and administrative expenses | 3,439 | 1,689 | 1,868 | 2 | 1 | 5 | 3,441 | 1,690 | 1,873 | ||||||||||
Commission expenses | 377 | 369 | 457 | 0 | 0 | 0 | 377 | 369 | 457 | ||||||||||
Total other operating expenses | 3,816 | 2,058 | 2,325 | 2 | 1 | 5 | 3,818 | 2,059 | 2,330 | ||||||||||
Total operating expenses | 6,785 | 5,035 | 5,239 | 6 | 17 | 17 | 6,791 | 5,052 | 5,256 | ||||||||||
Income/(loss) from continuing operations before taxes | (370) | 1,400 | 1,540 | 24 | 343 | 105 | (346) | 1,743 | 1,645 | ||||||||||
Income tax expense | 307 | 543 | 472 | 0 | 0 | 0 | 307 | 543 | 472 | ||||||||||
Income/(loss) from continuing operations | (677) | 857 | 1,068 | 24 | 343 | 105 | (653) | 1,200 | 1,173 | ||||||||||
Income/(loss) from discontinued operations | (9) | 15 | (9) | 0 | 0 | 0 | (9) | 15 | (9) | ||||||||||
Net income/(loss) | (686) | 872 | 1,059 | 24 | 343 | 105 | (662) | 1,215 | 1,164 | ||||||||||
Net income attributable to noncontrolling interests | 14 | 13 | 14 | 24 | 343 | 105 | 38 | 356 | 119 | ||||||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | – | – | – | (700) | 859 | 1,045 | ||||||||||
of which from continuing operations | (691) | 844 | 1,054 | – | – | – | (691) | 844 | 1,054 | ||||||||||
of which from discontinued operations | (9) | 15 | (9) | – | – | – | (9) | 15 | (9) | ||||||||||
Statement of operations metrics (%) | |||||||||||||||||||
Cost/income ratio | 105.5 | 77.8 | 76.7 | – | – | – | 105.1 | 74.0 | 75.6 | ||||||||||
Pre-tax income margin | (5.8) | 21.6 | 22.5 | – | – | – | (5.4) | 25.5 | 23.7 | ||||||||||
Effective tax rate | (83.0) | 38.8 | 30.6 | – | – | – | (88.7) | 31.2 | 28.7 | ||||||||||
Net income margin 1 | (10.9) | 13.3 | 15.3 | – | – | – | (10.8) | 12.6 | 15.0 | ||||||||||
1
Based on amounts attributable to shareholders.
|
Core Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 2,590 | 2,183 | 2,638 | 19 | (2) | 4,773 | 4,439 | 8 | |||||||||
Commissions and fees | 3,311 | 3,276 | 3,544 | 1 | (7) | 6,587 | 6,798 | (3) | |||||||||
Trading revenues | 186 | 630 | 383 | (70) | (51) | 816 | 2,190 | (63) | |||||||||
Other revenues | 346 | 380 | 265 | (9) | 31 | 726 | 421 | 72 | |||||||||
Net revenues | 6,433 | 6,469 | 6,830 | (1) | (6) | 12,902 | 13,848 | (7) | |||||||||
of which strategic results | 6,324 | 6,553 | 6,795 | (3) | (7) | 12,877 | 13,813 | (7) | |||||||||
of which non-strategic results | 109 | (84) | 35 | – | 211 | 25 | 35 | (29) | |||||||||
Provision for credit losses | 18 | 34 | 51 | (47) | (65) | 52 | 73 | (29) | |||||||||
Compensation and benefits | 2,969 | 2,977 | 2,914 | 0 | 2 | 5,946 | 5,904 | 1 | |||||||||
General and administrative expenses | 3,439 | 1,689 | 1,868 | 104 | 84 | 5,128 | 3,599 | 42 | |||||||||
Commission expenses | 377 | 369 | 457 | 2 | (18) | 746 | 927 | (20) | |||||||||
Total other operating expenses | 3,816 | 2,058 | 2,325 | 85 | 64 | 5,874 | 4,526 | 30 | |||||||||
Total operating expenses | 6,785 | 5,035 | 5,239 | 35 | 30 | 11,820 | 10,430 | 13 | |||||||||
of which strategic results | 4,532 | 4,595 | 4,685 | (1) | (3) | 9,127 | 9,480 | (4) | |||||||||
of which non-strategic results | 2,253 | 440 | 554 | 412 | 307 | 2,693 | 950 | 183 | |||||||||
Income/(loss) from continuing operations before taxes | (370) | 1,400 | 1,540 | – | – | 1,030 | 3,345 | (69) | |||||||||
of which strategic results | 1,767 | 1,940 | 2,087 | (9) | (15) | 3,707 | 4,294 | (14) | |||||||||
of which non-strategic results | (2,137) | (540) | (547) | 296 | 291 | (2,677) | (949) | 182 | |||||||||
Income tax expense | 307 | 543 | 472 | (43) | (35) | 850 | 971 | (12) | |||||||||
Income/(loss) from continuing operations | (677) | 857 | 1,068 | – | – | 180 | 2,374 | (92) | |||||||||
Income/(loss) from discontinued operations | (9) | 15 | (9) | – | 0 | 6 | (3) | – | |||||||||
Net income/(loss) | (686) | 872 | 1,059 | – | – | 186 | 2,371 | (92) | |||||||||
Net income attributable to noncontrolling interests | 14 | 13 | 14 | 8 | 0 | 27 | 23 | 17 | |||||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | – | – | 159 | 2,348 | (93) | |||||||||
of which strategic results | 1,282 | 1,398 | 1,455 | (8) | (12) | 2,680 | 3,034 | (12) | |||||||||
of which non-strategic results | (1,982) | (539) | (410) | 268 | 383 | (2,521) | (686) | 267 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on capital 1 | – | 14.4 | 14.6 | – | – | 5.3 | 16.5 | – | |||||||||
Cost/income ratio | 105.5 | 77.8 | 76.7 | – | – | 91.6 | 75.3 | – | |||||||||
Pre-tax income margin | (5.8) | 21.6 | 22.5 | – | – | 8.0 | 24.2 | – | |||||||||
Effective tax rate | (83.0) | 38.8 | 30.6 | – | – | 82.5 | 29.0 | – | |||||||||
Net income margin 2 | (10.9) | 13.3 | 15.3 | – | – | 1.2 | 17.0 | – | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity – strategic results | 12.9 | 13.9 | 15.0 | – | – | 13.4 | 16.7 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 45,100 | 45,600 | 46,300 | (1) | (3) | 45,100 | 46,300 | (3) | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 2Q14, 1Q14, 2Q13, 6M14 and 27% in 6M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
|
|||||||||||||||||
2
Based on amounts attributable to shareholders.
|
Strategic results | Non-strategic results | Core Results | |||||||||||||||||
in / end of | 2Q14 | 1Q14 | 2Q13 | 2Q14 | 1Q14 | 2Q13 | 2Q14 | 1Q14 | 2Q13 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 6,324 | 6,553 | 6,795 | 109 | (84) | 35 | 6,433 | 6,469 | 6,830 | ||||||||||
Provision for credit losses | 25 | 18 | 23 | (7) | 16 | 28 | 18 | 34 | 51 | ||||||||||
Compensation and benefits | 2,730 | 2,797 | 2,729 | 239 | 180 | 185 | 2,969 | 2,977 | 2,914 | ||||||||||
Total other operating expenses | 1,802 | 1,798 | 1,956 | 2,014 | 260 | 369 | 3,816 | 2,058 | 2,325 | ||||||||||
Total operating expenses | 4,532 | 4,595 | 4,685 | 2,253 | 440 | 554 | 6,785 | 5,035 | 5,239 | ||||||||||
Income/(loss) from continuing operations before taxes | 1,767 | 1,940 | 2,087 | (2,137) | (540) | (547) | (370) | 1,400 | 1,540 | ||||||||||
Income tax expense/(benefit) | 471 | 529 | 618 | (164) | 14 | (146) | 307 | 543 | 472 | ||||||||||
Income/(loss) from continuing operations | 1,296 | 1,411 | 1,469 | (1,973) | (554) | (401) | (677) | 857 | 1,068 | ||||||||||
Income/(loss) from discontinued operations | 0 | 0 | 0 | (9) | 15 | (9) | (9) | 15 | (9) | ||||||||||
Net income/(loss) | 1,296 | 1,411 | 1,469 | (1,982) | (539) | (410) | (686) | 872 | 1,059 | ||||||||||
Net income attributable to noncontrolling interests | 14 | 13 | 14 | 0 | 0 | 0 | 14 | 13 | 14 | ||||||||||
Net income/(loss) attributable to shareholders | 1,282 | 1,398 | 1,455 | (1,982) | (539) | (410) | (700) | 859 | 1,045 | ||||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||||
Risk-weighted assets – Basel III 1 | 260,901 | 255,697 | 254,826 | 18,268 | 23,997 | 26,517 | 279,169 | 279,694 | 281,343 | ||||||||||
Total assets | 850,815 | 835,281 | 863,110 | 39,464 | 41,518 | 52,526 | 890,279 | 876,799 | 915,636 | ||||||||||
Swiss leverage exposure | 1,075,558 | 1,054,487 | 1,146,478 | 80,476 | 85,130 | 111,975 | 1,156,034 | 1,139,617 | 1,258,453 | ||||||||||
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 3,046 | 3,240 | 3,419 | (6) | (11) | 6,286 | 6,697 | (6) | |||||||||
of which strategic results | 2,932 | 3,031 | 3,232 | (3) | (9) | 5,963 | 6,240 | (4) | |||||||||
of which non-strategic results | 114 | 209 | 187 | (45) | (39) | 323 | 457 | (29) | |||||||||
Provision for credit losses | 23 | 33 | 46 | (30) | (50) | 56 | 74 | (24) | |||||||||
Compensation and benefits | 1,235 | 1,290 | 1,353 | (4) | (9) | 2,525 | 2,732 | (8) | |||||||||
General and administrative expenses | 2,367 | 736 | 893 | 222 | 165 | 3,103 | 1,684 | 84 | |||||||||
Commission expenses | 170 | 169 | 210 | 1 | (19) | 339 | 409 | (17) | |||||||||
Total other operating expenses | 2,537 | 905 | 1,103 | 180 | 130 | 3,442 | 2,093 | 64 | |||||||||
Total operating expenses | 3,772 | 2,195 | 2,456 | 72 | 54 | 5,967 | 4,825 | 24 | |||||||||
of which strategic results | 2,020 | 2,049 | 2,198 | (1) | (8) | 4,069 | 4,427 | (8) | |||||||||
of which non-strategic results | 1,752 | 146 | 258 | – | – | 1,898 | 398 | 377 | |||||||||
Income/(loss) before taxes | (749) | 1,012 | 917 | – | – | 263 | 1,798 | (85) | |||||||||
of which strategic results | 882 | 965 | 1,015 | (9) | (13) | 1,847 | 1,771 | 4 | |||||||||
of which non-strategic results | (1,631) | 47 | (98) | – | – | (1,584) | 27 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on capital 1 | – | 31.0 | 28.0 | – | – | 4.0 | 28.6 | – | |||||||||
Cost/income ratio | 123.8 | 67.7 | 71.8 | – | – | 94.9 | 72.0 | – | |||||||||
Pre-tax income margin | (24.6) | 31.2 | 26.8 | – | – | 4.2 | 26.8 | – | |||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 1,329.7 | 1,292.5 | 1,296.6 | 2.9 | 2.6 | 1,329.7 | 1,296.6 | 2.6 | |||||||||
Net new assets | 10.1 | 13.7 | 7.6 | (26.3) | 32.9 | 23.8 | 19.6 | 21.4 | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 25,800 | 26,100 | 26,500 | (1) | (3) | 25,800 | 26,500 | (3) | |||||||||
Number of relationship managers | 4,340 | 4,410 | 4,490 | (2) | (3) | 4,340 | 4,490 | (3) | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 2Q14, 1Q14, 2Q13, 6M14 and 28% in 6M13 and capital allocated on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 970 | 979 | 1,079 | (1) | (10) | 1,949 | 2,124 | (8) | |||||||||
Recurring commissions and fees | 1,184 | 1,189 | 1,270 | 0 | (7) | 2,373 | 2,489 | (5) | |||||||||
Transaction- and performance-based revenues | 885 | 937 | 1,064 | (6) | (17) | 1,822 | 1,983 | (8) | |||||||||
Other revenues 1 | 7 | 135 | 6 | (95) | 17 | 142 | 101 | 41 | |||||||||
Net revenues | 3,046 | 3,240 | 3,419 | (6) | (11) | 6,286 | 6,697 | (6) | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 59 | 53 | 88 | 11 | (33) | 112 | 140 | (20) | |||||||||
Releases of provisions | (36) | (20) | (42) | 80 | (14) | (56) | (66) | (15) | |||||||||
Provision for credit losses | 23 | 33 | 46 | (30) | (50) | 56 | 74 | (24) | |||||||||
1
Includes investment-related gains/(losses), equity participations and other gains/(losses) and fair value gains/(losses) on the Clock Finance transaction.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 954 | 963 | 1,054 | (1) | (9) | 1,917 | 2,073 | (8) | |||||||||
Recurring commissions and fees | 1,136 | 1,139 | 1,155 | 0 | (2) | 2,275 | 2,256 | 1 | |||||||||
Transaction- and performance-based revenues | 865 | 919 | 1,033 | (6) | (16) | 1,784 | 1,907 | (6) | |||||||||
Other revenues | (23) | 10 | (10) | – | 130 | (13) | 4 | – | |||||||||
Net revenues | 2,932 | 3,031 | 3,232 | (3) | (9) | 5,963 | 6,240 | (4) | |||||||||
New provisions | 49 | 36 | 61 | 36 | (20) | 85 | 108 | (21) | |||||||||
Releases of provisions | (19) | (19) | (42) | 0 | (55) | (38) | (66) | (42) | |||||||||
Provision for credit losses | 30 | 17 | 19 | 76 | 58 | 47 | 42 | 12 | |||||||||
Compensation and benefits | 1,184 | 1,225 | 1,273 | (3) | (7) | 2,409 | 2,580 | (7) | |||||||||
General and administrative expenses | 672 | 660 | 726 | 2 | (7) | 1,332 | 1,462 | (9) | |||||||||
Commission expenses | 164 | 164 | 199 | 0 | (18) | 328 | 385 | (15) | |||||||||
Total other operating expenses | 836 | 824 | 925 | 1 | (10) | 1,660 | 1,847 | (10) | |||||||||
Total operating expenses | 2,020 | 2,049 | 2,198 | (1) | (8) | 4,069 | 4,427 | (8) | |||||||||
Income before taxes | 882 | 965 | 1,015 | (9) | (13) | 1,847 | 1,771 | 4 | |||||||||
of which Wealth Management Clients | 569 | 578 | 621 | (2) | (8) | 1,147 | 1,075 | 7 | |||||||||
of which Corporate & Institutional Clients | 211 | 246 | 262 | (14) | (19) | 457 | 501 | (9) | |||||||||
of which Asset Management | 102 | 141 | 132 | (28) | (23) | 243 | 195 | 25 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on capital 1 | 28.0 | 31.6 | 33.5 | – | – | 29.8 | 30.3 | – | |||||||||
Cost/income ratio | 68.9 | 67.6 | 68.0 | – | – | 68.2 | 70.9 | – | |||||||||
Pre-tax income margin | 30.1 | 31.8 | 31.4 | – | – | 31.0 | 28.4 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 96,805 | 93,522 | 2 | 91,479 | 4 | 6 | 96,805 | 2 | 91,479 | 6 | |||||||
Total assets | 306,919 | 306,228 | 285,786 | 0 | 7 | 306,919 | 285,786 | 7 | |||||||||
Swiss leverage exposure | 340,047 | 337,005 | 321,395 | 1 | 6 | 340,047 | 321,395 | 6 | |||||||||
1
Calculated using income after tax denominated in CHF; assumes tax rate of 30% in 2Q14, 1Q14, 2Q13, 6M14 and 28% in 6M13 and capital allocated on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
|
|||||||||||||||||
2
Includes the impact from external methodology changes in operational risk of CHF 2.2 billion in 1Q14.
|
Wealth Management Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 2,017 | 2,074 | 2,239 | (3) | (10) | 4,091 | 4,326 | (5) | |||||||||
Provision for credit losses | 17 | 16 | 20 | 6 | (15) | 33 | 39 | (15) | |||||||||
Total operating expenses | 1,431 | 1,480 | 1,598 | (3) | (10) | 2,911 | 3,212 | (9) | |||||||||
Income before taxes | 569 | 578 | 621 | (2) | (8) | 1,147 | 1,075 | 7 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 70.9 | 71.4 | 71.4 | – | – | 71.2 | 74.2 | – | |||||||||
Pre-tax income margin | 28.2 | 27.9 | 27.7 | – | – | 28.0 | 24.8 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 688 | 706 | 778 | (3) | (12) | 1,394 | 1,524 | (9) | |||||||||
Recurring commissions and fees | 728 | 730 | 750 | 0 | (3) | 1,458 | 1,467 | (1) | |||||||||
Transaction- and performance-based revenues | 601 | 638 | 711 | (6) | (15) | 1,239 | 1,335 | (7) | |||||||||
Net revenues | 2,017 | 2,074 | 2,239 | (3) | (10) | 4,091 | 4,326 | (5) | |||||||||
Gross and net margin (annualized) (bp) | |||||||||||||||||
Net interest income | 34 | 35 | 39 | – | – | 34 | 39 | – | |||||||||
Recurring commissions and fees | 36 | 37 | 37 | – | – | 36 | 37 | – | |||||||||
Transaction- and performance-based revenues | 29 | 32 | 36 | – | – | 31 | 34 | – | |||||||||
Gross margin 1 | 99 | 104 | 112 | – | – | 101 | 110 | – | |||||||||
Net margin 2 | 28 | 29 | 31 | – | – | 28 | 27 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Switzerland | 1,680 | 1,690 | 1,600 | (1) | 5 | 1,680 | 1,600 | 5 | |||||||||
EMEA | 1,110 | 1,150 | 1,260 | (3) | (12) | 1,110 | 1,260 | (12) | |||||||||
Americas | 540 | 560 | 610 | (4) | (11) | 540 | 610 | (11) | |||||||||
Asia Pacific | 470 | 460 | 450 | 2 | 4 | 470 | 450 | 4 | |||||||||
Number of relationship managers | 3,800 | 3,860 | 3,920 | (2) | (3) | 3,800 | 3,920 | (3) | |||||||||
Beginning in 2Q13, fees collected in an agent role in connection with certain customized fund services we provide to clients where those fees are passed on directly to a third-party investment manager are now presented on a net basis per the applicable accounting standards. These fees were previously recorded on a gross basis as fee income and commission expense. Prior periods have been restated to conform to the current presentation.
|
|||||||||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
Corporate & Institutional Clients | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 475 | 492 | 512 | (3) | (7) | 967 | 1,012 | (4) | |||||||||
Provision for credit losses | 13 | 1 | (1) | – | – | 14 | 3 | 367 | |||||||||
Total operating expenses | 251 | 245 | 251 | 2 | 0 | 496 | 508 | (2) | |||||||||
Income before taxes | 211 | 246 | 262 | (14) | (19) | 457 | 501 | (9) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 52.8 | 49.8 | 49.0 | – | – | 51.3 | 50.2 | – | |||||||||
Pre-tax income margin | 44.4 | 50.0 | 51.2 | – | – | 47.3 | 49.5 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 266 | 257 | 276 | 4 | (4) | 523 | 549 | (5) | |||||||||
Recurring commissions and fees | 113 | 122 | 115 | (7) | (2) | 235 | 226 | 4 | |||||||||
Transaction- and performance-based revenues | 118 | 117 | 127 | 1 | (7) | 235 | 248 | (5) | |||||||||
Other revenues 1 | (22) | (4) | (6) | 450 | 267 | (26) | (11) | 136 | |||||||||
Net revenues | 475 | 492 | 512 | (3) | (7) | 967 | 1,012 | (4) | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers (Switzerland) | 540 | 550 | 570 | (2) | (5) | 540 | 570 | (5) | |||||||||
1
Reflects fair value gains/(losses) on the Clock Finance transaction.
|
Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 440 | 465 | 481 | (5) | (9) | 905 | 902 | 0 | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 338 | 324 | 349 | 4 | (3) | 662 | 707 | (6) | |||||||||
Income before taxes | 102 | 141 | 132 | (28) | (23) | 243 | 195 | 25 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 76.8 | 69.7 | 72.6 | – | – | 73.1 | 78.4 | – | |||||||||
Pre-tax income margin | 23.2 | 30.3 | 27.4 | – | – | 26.9 | 21.6 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Recurring commissions and fees | 295 | 287 | 290 | 3 | 2 | 582 | 563 | 3 | |||||||||
Transaction- and performance-based revenues | 146 | 164 | 195 | (11) | (25) | 310 | 324 | (4) | |||||||||
Other revenues | (1) | 14 | (4) | – | (75) | 13 | 15 | (13) | |||||||||
Net revenues | 440 | 465 | 481 | (5) | (9) | 905 | 902 | 0 | |||||||||
Net revenue detail by type (CHF million) | |||||||||||||||||
Asset management fees | 295 | 287 | 290 | 3 | 2 | 582 | 563 | 3 | |||||||||
Placement, transaction and other fees | 59 | 56 | 47 | 5 | 26 | 115 | 107 | 7 | |||||||||
Performance fees and carried interest | 59 | 80 | 120 | (26) | (51) | 139 | 164 | (15) | |||||||||
Equity participations income | 15 | 15 | 10 | 0 | 50 | 30 | 20 | 50 | |||||||||
Fee-based revenues | 428 | 438 | 467 | (2) | (8) | 866 | 854 | 1 | |||||||||
Investment-related gains/(losses) | 6 | 19 | 2 | (68) | 200 | 25 | 35 | (29) | |||||||||
Equity participations and other gains/(losses) | 3 | 0 | 0 | – | – | 3 | 0 | – | |||||||||
Other revenues 1 | 3 | 8 | 12 | (63) | (75) | 11 | 13 | (15) | |||||||||
Net revenues | 440 | 465 | 481 | (5) | (9) | 905 | 902 | 0 | |||||||||
Fee-based margin on assets under management (annualized) (bp) | |||||||||||||||||
Fee-based margin 2 | 46 | 49 | 53 | – | – | 48 | 50 | – | |||||||||
1
Includes allocated funding costs.
|
|||||||||||||||||
2
Fee-based revenues divided by average assets under management.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 114 | 209 | 187 | (45) | (39) | 323 | 457 | (29) | |||||||||
Provision for credit losses | (7) | 16 | 27 | – | – | 9 | 32 | (72) | |||||||||
Compensation and benefits | 51 | 65 | 80 | (22) | (36) | 116 | 152 | (24) | |||||||||
Total other operating expenses | 1,701 | 81 | 178 | – | – | 1,782 | 246 | – | |||||||||
Total operating expenses | 1,752 | 146 | 258 | – | – | 1,898 | 398 | 377 | |||||||||
Income/(loss) before taxes | (1,631) | 47 | (98) | – | – | (1,584) | 27 | – | |||||||||
Revenue details (CHF million) | |||||||||||||||||
Restructuring of select onshore businesses | 22 | 22 | 37 | 0 | (41) | 44 | 111 | (60) | |||||||||
Legacy cross-border business and small markets | 41 | 44 | 51 | (7) | (20) | 85 | 102 | (17) | |||||||||
Restructuring of former Asset Management division | 38 | 134 | 81 | (72) | (53) | 172 | 192 | (10) | |||||||||
Other | 13 | 9 | 18 | 44 | (28) | 22 | 52 | (58) | |||||||||
Net revenues | 114 | 209 | 187 | (45) | (39) | 323 | 457 | (29) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 6,732 | 7,561 | 7,358 | (11) | (9) | 6,732 | 7,358 | (9) | |||||||||
Total assets | 15,750 | 17,856 | 22,783 | (12) | (31) | 15,750 | 22,783 | (31) | |||||||||
Swiss leverage exposure | 16,691 | 18,609 | 23,871 | (10) | (30) | 16,691 | 23,871 | (30) |
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 3,342 | 3,416 | 3,400 | (2) | (2) | 6,758 | 7,345 | (8) | |||||||||
of which strategic results | 3,395 | 3,563 | 3,604 | (5) | (6) | 6,958 | 7,621 | (9) | |||||||||
of which non-strategic results | (53) | (147) | (204) | (64) | (74) | (200) | (276) | (28) | |||||||||
Provision for credit losses | (5) | 0 | 4 | – | – | (5) | (2) | 150 | |||||||||
Compensation and benefits | 1,499 | 1,521 | 1,466 | (1) | 2 | 3,020 | 2,951 | 2 | |||||||||
General and administrative expenses | 889 | 856 | 934 | 4 | (5) | 1,745 | 1,849 | (6) | |||||||||
Commission expenses | 207 | 212 | 242 | (2) | (14) | 419 | 493 | (15) | |||||||||
Total other operating expenses | 1,096 | 1,068 | 1,176 | 3 | (7) | 2,164 | 2,342 | (8) | |||||||||
Total operating expenses | 2,595 | 2,589 | 2,642 | 0 | (2) | 5,184 | 5,293 | (2) | |||||||||
of which strategic results | 2,366 | 2,439 | 2,434 | (3) | (3) | 4,805 | 4,911 | (2) | |||||||||
of which non-strategic results | 229 | 150 | 208 | 53 | 10 | 379 | 382 | (1) | |||||||||
Income before taxes | 752 | 827 | 754 | (9) | 0 | 1,579 | 2,054 | (23) | |||||||||
of which strategic results | 1,034 | 1,124 | 1,167 | (8) | (11) | 2,158 | 2,714 | (20) | |||||||||
of which non-strategic results | (282) | (297) | (413) | (5) | (32) | (579) | (660) | (12) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on capital 1 | 12.3 | 13.6 | 11.0 | – | – | 13.0 | 15.8 | – | |||||||||
Cost/income ratio | 77.6 | 75.8 | 77.7 | – | – | 76.7 | 72.1 | – | |||||||||
Pre-tax income margin | 22.5 | 24.2 | 22.2 | – | – | 23.4 | 28.0 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 19,000 | 19,200 | 19,500 | (1) | (3) | 19,000 | 19,500 | (3) | |||||||||
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 2Q14, 1Q14, 2Q13, 6M14 and 27% in 6M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Debt underwriting | 483 | 468 | 535 | 3 | (10) | 951 | 996 | (5) | |||||||||
Equity underwriting | 268 | 183 | 207 | 46 | 29 | 451 | 364 | 24 | |||||||||
Total underwriting | 751 | 651 | 742 | 15 | 1 | 1,402 | 1,360 | 3 | |||||||||
Advisory and other fees | 161 | 180 | 167 | (11) | (4) | 341 | 312 | 9 | |||||||||
Total underwriting and advisory | 912 | 831 | 909 | 10 | 0 | 1,743 | 1,672 | 4 | |||||||||
Fixed income sales and trading | 1,428 | 1,489 | 1,257 | (4) | 14 | 2,917 | 3,244 | (10) | |||||||||
Equity sales and trading | 1,134 | 1,201 | 1,338 | (6) | (15) | 2,335 | 2,635 | (11) | |||||||||
Total sales and trading | 2,562 | 2,690 | 2,595 | (5) | (1) | 5,252 | 5,879 | (11) | |||||||||
Other | (132) | (105) | (104) | 26 | 27 | (237) | (206) | 15 | |||||||||
Net revenues | 3,342 | 3,416 | 3,400 | (2) | (2) | 6,758 | 7,345 | – |
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Debt underwriting | 483 | 468 | 534 | 3 | (10) | 951 | 995 | (4) | |||||||||
Equity underwriting | 268 | 183 | 206 | 46 | 30 | 451 | 363 | 24 | |||||||||
Total underwriting | 751 | 651 | 740 | 15 | 1 | 1,402 | 1,358 | 3 | |||||||||
Advisory and other fees | 161 | 180 | 167 | (11) | (4) | 341 | 312 | 9 | |||||||||
Total underwriting and advisory | 912 | 831 | 907 | 10 | 1 | 1,743 | 1,670 | 4 | |||||||||
Fixed income sales and trading | 1,485 | 1,609 | 1,434 | (8) | 4 | 3,094 | 3,462 | (11) | |||||||||
Equity sales and trading | 1,119 | 1,207 | 1,368 | (7) | (18) | 2,326 | 2,684 | (13) | |||||||||
Total sales and trading | 2,604 | 2,816 | 2,802 | (8) | (7) | 5,420 | 6,146 | (12) | |||||||||
Other | (121) | (84) | (105) | 44 | 15 | (205) | (195) | 5 | |||||||||
Net revenues | 3,395 | 3,563 | 3,604 | (5) | (6) | 6,958 | 7,621 | (9) | |||||||||
Provision for credit losses | (5) | 0 | 3 | – | – | (5) | (4) | 25 | |||||||||
Compensation and benefits | 1,476 | 1,495 | 1,438 | (1) | 3 | 2,971 | 2,897 | 3 | |||||||||
General and administrative expenses | 688 | 735 | 758 | (6) | (9) | 1,423 | 1,534 | (7) | |||||||||
Commission expenses | 202 | 209 | 238 | (3) | (15) | 411 | 480 | (14) | |||||||||
Total other operating expenses | 890 | 944 | 996 | (6) | (11) | 1,834 | 2,014 | (9) | |||||||||
Total operating expenses | 2,366 | 2,439 | 2,434 | (3) | (3) | 4,805 | 4,911 | (2) | |||||||||
Income before taxes | 1,034 | 1,124 | 1,167 | (8) | (11) | 2,158 | 2,714 | (20) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on capital 1 | 18.5 | 20.5 | 19.1 | – | – | 19.5 | 23.3 | – | |||||||||
Cost/income ratio | 69.7 | 68.5 | 67.5 | – | – | 69.1 | 64.4 | – | |||||||||
Pre-tax income margin | 30.5 | 31.5 | 32.4 | – | – | 31.0 | 35.6 | – | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets – Basel III | 148,663 | 146,276 | 147,028 | 2 | 1 | 148,663 | 147,028 | 1 | |||||||||
Risk-weighted assets – Basel III (USD) | 167,639 | 165,592 | 155,397 | 1 | 8 | 167,639 | 155,397 | 8 | |||||||||
Total assets | 501,387 | 497,833 | 545,472 | 1 | (8) | 501,387 | 545,472 | (8) | |||||||||
Swiss leverage exposure | 692,836 | 685,298 | 780,563 | 1 | (11) | 692,836 | 780,563 | (11) | |||||||||
1
Calculated using income after tax denominated in USD; assumes tax rate of 30% in 2Q14, 1Q14, 2Q13, 6M14 and 27% in 6M13 and capital allocated based on average of 10% of average risk-weighted assets and 2.4% of average leverage exposure.
|
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (53) | (147) | (204) | (64) | (74) | (200) | (276) | (28) | |||||||||
Provision for credit losses | 0 | 0 | 1 | – | (100) | 0 | 2 | (100) | |||||||||
Compensation and benefits | 23 | 26 | 28 | (12) | (18) | 49 | 54 | (9) | |||||||||
Total other operating expenses | 206 | 124 | 180 | 66 | 14 | 330 | 328 | 1 | |||||||||
of which litigation | 157 | 65 | 128 | 142 | 23 | 222 | 228 | (3) | |||||||||
Total operating expenses | 229 | 150 | 208 | 53 | 10 | 379 | 382 | (1) | |||||||||
Loss before taxes | (282) | (297) | (413) | (5) | (32) | (579) | (660) | (12) | |||||||||
Revenue details (CHF million) | |||||||||||||||||
Fixed income wind-down | (44) | (55) | (32) | (20) | 38 | (99) | (26) | 281 | |||||||||
Legacy rates business | 5 | (26) | (7) | – | – | (21) | 21 | – | |||||||||
Legacy funding costs | (35) | (46) | (98) | (24) | (64) | (81) | (194) | (58) | |||||||||
Other | 21 | (20) | (67) | – | – | 1 | (77) | – | |||||||||
Net revenues | (53) | (147) | (204) | (64) | (74) | (200) | (276) | (28) | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Risk-weighted assets – Basel III | 11,536 | 16,436 | 19,159 | (30) | (40) | 11,536 | 19,159 | (40) | |||||||||
Risk-weighted assets – Basel III (USD) | 13,009 | 18,607 | 20,249 | (30) | (36) | 13,009 | 20,249 | (36) | |||||||||
Total assets | 23,714 | 23,662 | 29,743 | 0 | (20) | 23,714 | 29,743 | (20) | |||||||||
Swiss leverage exposure | 63,785 | 66,521 | 88,104 | (4) | (28) | 63,785 | 88,104 | (28) |
Corporate Center results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 45 | (187) | 11 | – | 309 | (142) | (194) | (27) | |||||||||
Provision for credit losses | 0 | 1 | 1 | (100) | (100) | 1 | 1 | 0 | |||||||||
Compensation and benefits | 235 | 166 | 95 | 42 | 147 | 401 | 221 | 81 | |||||||||
General and administrative expenses | 183 | 97 | 41 | 89 | 346 | 280 | 66 | 324 | |||||||||
Commission expenses | 0 | (12) | 5 | 100 | (100) | (12) | 25 | – | |||||||||
Total other operating expenses | 183 | 85 | 46 | 115 | 298 | 268 | 91 | 195 | |||||||||
Total operating expenses | 418 | 251 | 141 | 67 | 196 | 669 | 312 | 114 | |||||||||
Loss before taxes | (373) | (439) | (131) | (15) | 185 | (812) | (507) | 60 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III 1 | 15,433 | 15,899 | 16,319 | (3) | (5) | 15,433 | 16,319 | (5) | |||||||||
Total assets | 42,509 | 31,220 | 31,852 | 36 | 33 | 42,509 | 31,852 | 33 | |||||||||
Swiss leverage exposure | 42,675 | 32,184 | 44,520 | 33 | (4) | 42,675 | 44,520 | (4) | |||||||||
1
Represents risk-weighted assets on a fully phased-in "look-through" basis.
|
Corporate Center – non-strategic results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | QoQ | YoY | 6M14 | 6M13 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 48 | (146) | 52 | – | (8) | (98) | (146) | (33) | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Total operating expenses | 272 | 144 | 88 | 89 | 209 | 416 | 170 | 145 | |||||||||
Loss before taxes | (224) | (290) | (36) | (23) | – | (514) | (316) | 63 | |||||||||
of which fair value impact from movements in own credit spreads | (10) | (120) | 130 | (92) | – | (130) | 50 | – | |||||||||
of which realignment costs 1 | (136) | (62) | (133) | 119 | 2 | (198) | (225) | (12) | |||||||||
of which IT architecture simplification expenses | (81) | (61) | (19) | 33 | 326 | (142) | (19) | – | |||||||||
of which real estate sales | 5 | 34 | – | (85) | – | 39 | – | – | |||||||||
of which legacy funding costs 2 | (22) | (6) | (22) | 267 | – | (28) | (43) | (35) | |||||||||
of which reclassifications to discontinued operations 3 | 10 | (56) | 5 | – | 100 | (46) | (12) | 283 | |||||||||
of which other non-strategic items | 10 | (19) | 3 | – | 233 | (9) | (67) | (87) | |||||||||
1
Business realignment costs relating to divisional realignment costs are prospectively presented in the relevant divisional non-strategic results beginning in 4Q13.
|
|||||||||||||||||
2
Represents legacy funding costs associated with non-Basel III compliant debt instruments.
|
|||||||||||||||||
3
Includes reclassifications to discontinued operations of revenues and expenses arising from the sale of ETF, secondary private equity and CFIG businesses and the announced sale of domestic private banking business booked in Germany.
|
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||
Impact from movements in own credit spreads (CHF million) | ||||||||||
Fair value gains/(losses) from movements in own credit spreads | (10) | (120) | 130 | (130) | 50 | |||||
of which fair value gains/(losses) on own long-term vanilla debt | (29) | (92) | 17 | (121) | (20) | |||||
of which fair value gains/(losses) from DVA on structured notes | 4 | (4) | 79 | 0 | 38 | |||||
of which fair value gains/(losses) on stand-alone derivatives | 15 | (24) | 34 | (9) | 32 |
Assets under management – Group | |||||||||||||||
end of | % change | ||||||||||||||
2Q14 | 1Q14 | 4Q13 | 2Q13 | QoQ | Ytd | YoY | |||||||||
Assets under management (CHF billion) | |||||||||||||||
Wealth Management Clients | 829.7 | 804.9 | 790.7 | 782.3 | 3.1 | 4.9 | 6.1 | ||||||||
Corporate & Institutional Clients | 261.4 | 254.4 | 250.0 | 238.3 | 2.8 | 4.6 | 9.7 | ||||||||
Asset Management | 377.1 | 363.4 | 352.3 | 346.1 | 3.8 | 7.0 | 9.0 | ||||||||
Non-strategic | 25.9 | 25.9 | 44.4 | 83.8 | 0.0 | (41.7) | (69.1) | ||||||||
Assets managed across businesses 1 | (164.4) | (156.1) | (155.0) | (153.9) | 5.3 | 6.1 | 6.8 | ||||||||
Assets under management | 1,329.7 | 1,292.5 | 1,282.4 | 1,296.6 | 2.9 | 3.7 | 2.6 | ||||||||
of which continuing operations | 1,319.6 | 1,281.1 | 1,253.4 | 1,245.4 | 3.0 | 5.3 | 6.0 | ||||||||
of which discontinued operations | 10.1 | 11.4 | 29.0 | 51.2 | (11.4) | (65.2) | (80.3) | ||||||||
Assets under management from continuing operations | 1,319.6 | 1,281.1 | 1,253.4 | 1,245.4 | 3.0 | 5.3 | 6.0 | ||||||||
of which discretionary assets | 421.0 | 410.7 | 397.6 | 387.6 | 2.5 | 5.9 | 8.6 | ||||||||
of which advisory assets | 898.6 | 870.4 | 855.8 | 857.8 | 3.2 | 5.0 | 4.8 | ||||||||
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.
|
in | 2Q14 | 1Q14 | 2Q13 | ||||
Net new assets (CHF billion) | |||||||
Wealth Management Clients | 7.4 | 10.6 | 7.7 | ||||
Corporate & Institutional Clients | 0.6 | 0.4 | (0.2) | ||||
Asset Management | 4.1 | 6.9 | 2.6 | ||||
Non-strategic | (1.7) | (2.3) | (1.4) | ||||
Assets managed across businesses 1 | (0.3) | (1.9) | (1.1) | ||||
Net new assets | 10.1 | 13.7 | 7.6 | ||||
of which continuing operations | 10.7 | 14.7 | 8.7 | ||||
of which discontinued operations | (0.6) | (1.0) | (1.1) | ||||
1
Assets managed by Asset Management for Wealth Management Clients, Corporate & Institutional Clients and the non-strategic businesses.
|
BIS statistics – Basel III – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | QoQ | 2Q14 | 1Q14 | 4Q13 | QoQ | |||||||||
Eligible capital (CHF million) | |||||||||||||||||
Total shareholders' equity | 40,944 | 43,230 | 42,164 | (5) | 40,944 | 43,230 | 42,164 | (5) | |||||||||
Regulatory adjustments 1 | (362) | (1,213) | (1,069) | (70) | (362) | (1,213) | (1,069) | (70) | |||||||||
Adjustments subject to phase-in | (1,129) | 2 | (1,114) | 1,894 | 3 | 1 | (14,163) | (14,159) | (14,615) | 0 | |||||||
CET1 capital | 39,453 | 40,903 | 42,989 | (4) | 26,419 | 27,858 | 26,480 | (5) | |||||||||
Additional tier 1 instruments | 10,282 | 4 | 8,000 | 7,484 | 29 | 10,282 | 8,000 | 7,484 | 29 | ||||||||
Additional tier 1 instruments subject to phase-out 5 | 2,138 | 2,088 | 3,652 | 2 | – | – | – | – | |||||||||
Deductions from additional tier 1 capital | (6,336) | 6 | (6,414) | (8,064) | (1) | – | – | – | – | ||||||||
Additional tier 1 capital | 6,084 | 3,674 | 3,072 | 66 | 10,282 | 8,000 | 7,484 | 29 | |||||||||
Total tier 1 capital | 45,537 | 44,577 | 46,061 | 2 | 36,701 | 35,858 | 33,964 | 2 | |||||||||
Tier 2 instruments | 6,409 | 7 | 6,340 | 6,263 | 1 | 6,409 | 6,340 | 6,263 | 1 | ||||||||
Tier 2 instruments subject to phase-out | 3,944 | 3,924 | 4,321 | 1 | – | – | – | – | |||||||||
Deductions from tier 2 capital | (253) | (263) | (357) | (4) | (1) | (2) | (18) | (50) | |||||||||
Tier 2 capital | 10,100 | 10,001 | 10,227 | 1 | 6,408 | 6,338 | 6,245 | 1 | |||||||||
Total eligible capital | 55,637 | 54,578 | 56,288 | 2 | 43,109 | 42,196 | 40,209 | 2 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Credit risk | 187,967 | 187,609 | 175,631 | 0 | 181,715 | 181,307 | 167,888 | 0 | |||||||||
Market risk | 32,704 | 34,143 | 39,133 | (4) | 32,704 | 34,143 | 39,133 | (4) | |||||||||
Operational risk | 59,050 | 58,400 | 53,075 | 1 | 59,050 | 58,400 | 53,075 | 1 | |||||||||
Non-counterparty risk | 5,700 | 5,844 | 6,007 | (2) | 5,700 | 5,844 | 6,007 | (2) | |||||||||
Risk-weighted assets | 285,421 | 285,996 | 273,846 | 0 | 279,169 | 279,694 | 266,103 | 0 | |||||||||
Capital ratios (%) | |||||||||||||||||
CET1 ratio | 13.8 | 14.3 | 15.7 | – | 9.5 | 10.0 | 10.0 | – | |||||||||
Tier 1 ratio | 16.0 | 15.6 | 16.8 | – | 13.1 | 12.8 | 12.8 | – | |||||||||
Total capital ratio | 19.5 | 19.1 | 20.6 | – | 15.4 | 15.1 | 15.1 | – | |||||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||||||||||||
2
Reflects 20% phase-in deductions including goodwill, other intangible assets, certain deferred tax assets and 80% of an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements.
|
|||||||||||||||||
3
Includes an adjustment for the accounting treatment of pension plans pursuant to phase-in requirements and other regulatory adjustments.
|
|||||||||||||||||
4
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 5.8 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 4.5 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
|||||||||||||||||
5
Includes hybrid capital instruments that are subject to phase-out.
|
|||||||||||||||||
6
Includes 80% of goodwill and other intangible assets (CHF 6.5 billion) and other capital deductions, including gains/(losses) due to changes in own credit risks on fair valued financial liabilities, that will be deducted from CET1 once Basel III is fully implemented.
|
|||||||||||||||||
7
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 2.5 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 3.9 billion consists of capital instruments with a capital ratio write-down trigger of 5%.
|
CET1 capital movement – Basel III | |||||
2Q14 | 1Q14 | ||||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 40,903 | 42,989 | |||
Net income/(loss) | (700) | 859 | |||
Foreign exchange impact | 44 | (233) | |||
Impact of phase-in requirements | – | (3,015) | |||
Other 1 | (794) | 303 | |||
Balance at end of period | 39,453 | 40,903 | |||
1
Reflects the net effect of share-based compensation, a dividend accrual and a change in other regulatory adjustments.
|
Risk-weighted assets by division – Basel III | |||||||||
end of | % change | ||||||||
2Q14 | 1Q14 | 4Q13 | QoQ | ||||||
Risk-weighted assets by division (CHF million) | |||||||||
Private Banking & Wealth Management | 103,537 | 101,083 | 95,507 | 2 | |||||
Investment Banking | 160,199 | 162,712 | 155,290 | (2) | |||||
Corporate Center | 21,685 | 22,201 | 23,049 | (2) | |||||
Risk-weighted assets | 285,421 | 285,996 | 273,846 | 0 |
Risk-weighted asset movement by risk type – Basel III | |||||||||||||
Credit risk (excluding CVA) |
Credit risk (CVA) |
Market risk |
Operational risk |
Non- counterparty risk |
Total risk- weighted assets |
||||||||
2Q14 (CHF million) | |||||||||||||
Balance at beginning of period | 171,067 | 16,542 | 34,143 | 58,400 | 5,844 | 285,996 | |||||||
Foreign exchange impact | 615 | 97 | 263 | 0 | 0 | 975 | |||||||
Movements in risk levels | (1,168) | (2,518) | (406) | 0 | (144) | (4,236) | |||||||
Model and parameter updates 1 | 376 | (565) | (853) | 3,337 | 0 | 2,295 | |||||||
Methodology and policy – internal 2 | 3,167 | 354 | (443) | (2,062) | 0 | 1,016 | |||||||
Methodology and policy – external 3 | 0 | 0 | 0 | (625) | 0 | (625) | |||||||
Balance at end of period | 174,057 | 13,910 | 32,704 | 59,050 | 5,700 | 285,421 | |||||||
1
Represents movements arising from updates to models and recalibrations of parameters.
|
|||||||||||||
2
Represents internal changes impacting how exposures are treated.
|
|||||||||||||
3
Represents externally prescribed regulatory changes impacting how exposures are treated.
|
Swiss statistics – Basel III – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | QoQ | 2Q14 | 1Q14 | 4Q13 | QoQ | |||||||||
Capital development (CHF million) | |||||||||||||||||
CET1 capital | 39,453 | 40,903 | 42,989 | (4) | 26,419 | 27,858 | 26,480 | (5) | |||||||||
Swiss regulatory adjustments 1 | (161) | (151) | 1,658 | 7 | (175) | (163) | 1,824 | 7 | |||||||||
Swiss CET1 capital 2 | 39,292 | 40,752 | 44,647 | (4) | 26,244 | 27,695 | 28,304 | (5) | |||||||||
High-trigger capital instruments | 8,259 | 3 | 8,231 | 7,743 | 0 | 8,259 | 8,231 | 7,743 | 0 | ||||||||
Low-trigger capital instruments | 8,432 | 4 | 6,109 | 6,005 | 38 | 8,432 | 6,109 | 6,005 | 38 | ||||||||
Additional tier 1 and tier 2 instruments subject to phase-out 5 | 6,082 | 6,012 | – | 1 | – | – | – | – | |||||||||
Deductions from additional tier 1 and tier 2 capital 5 | (6,589) | (6,677) | – | (1) | (1) | (2) | – | (50) | |||||||||
Swiss total eligible capital 2 | 55,476 | 54,427 | 58,395 | 2 | 42,934 | 42,033 | 42,052 | 2 | |||||||||
Risk-weighted assets (CHF million) | |||||||||||||||||
Risk-weighted assets – Basel III | 285,421 | 285,996 | 273,846 | 0 | 279,169 | 279,694 | 266,103 | 0 | |||||||||
Swiss regulatory adjustments 6 | 787 | 737 | 1,015 | 7 | 786 | 736 | 1,031 | 7 | |||||||||
Swiss risk-weighted assets | 286,208 | 286,733 | 274,861 | 0 | 279,955 | 280,430 | 267,134 | 0 | |||||||||
Capital ratios (%) | |||||||||||||||||
Swiss CET1 ratio | 13.7 | 14.2 | 16.2 | – | 9.4 | 9.9 | 10.6 | – | |||||||||
Swiss total capital ratio | 19.4 | 19.0 | 21.2 | – | 15.3 | 15.0 | 15.7 | – | |||||||||
1
Includes adjustments for certain unrealized gains outside the trading book and, in 4Q13, also included tier 1 participation securities, which were redeemed in 1Q14.
|
|||||||||||||||||
2
Previously referred to as Swiss Core Capital and Swiss Total Capital, respectively.
|
|||||||||||||||||
3
Consists of CHF 5.8 billion additional tier 1 instruments and CHF 2.5 billion tier 2 instruments.
|
|||||||||||||||||
4
Consists of CHF 4.5 billion additional tier 1 instruments and CHF 3.9 billion tier 2 instruments.
|
|||||||||||||||||
5
Reflects the FINMA Decree, which was effective in 1Q14.
|
|||||||||||||||||
6
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage ratio – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | QoQ | 2Q14 | 1Q14 | 4Q13 | QoQ | |||||||||
Swiss total eligible capital (CHF million) | |||||||||||||||||
Swiss total eligible capital | 55,476 | 54,427 | 58,395 | 2 | 42,934 | 42,033 | 42,052 | 2 | |||||||||
Exposure (CHF million) 1 | |||||||||||||||||
Balance sheet assets | 888,069 | 879,250 | 890,242 | 1 | 888,069 | 879,250 | 890,242 | 1 | |||||||||
Off-balance sheet exposures | 144,668 | 135,500 | 133,426 | 7 | 144,668 | 135,500 | 133,426 | 7 | |||||||||
Regulatory adjustments | 126,479 | 122,813 | 130,150 | 3 | 112,592 | 108,996 | 113,596 | 3 | |||||||||
Total average exposure | 1,159,216 | 1,137,563 | 1,153,818 | 2 | 1,145,329 | 1,123,746 | 1,137,264 | 2 | |||||||||
Swiss leverage ratio (%) | |||||||||||||||||
Swiss leverage ratio | 4.8 | 4.8 | 5.1 | – | 3.7 | 3.7 | 3.7 | – | |||||||||
1
Calculated as the average of the month-end amounts for the previous three calendar months.
|
Risk management VaR (98%) |
Regulatory VaR (99%) |
||||||||||||||||
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
Total |
|||||||||
2Q14 (CHF million) | |||||||||||||||||
Average | 13 | 30 | 8 | 2 | 16 | (29) | 40 | 30 | |||||||||
Minimum | 11 | 28 | 5 | 1 | 13 | – | 1 | 35 | 25 | ||||||||
Maximum | 16 | 33 | 12 | 3 | 22 | – | 1 | 46 | 36 | ||||||||
End of period | 12 | 32 | 7 | 2 | 20 | (27) | 46 | 31 | |||||||||
1Q14 (CHF million) | |||||||||||||||||
Average | 13 | 31 | 10 | 3 | 19 | (35) | 41 | 35 | |||||||||
Minimum | 9 | 29 | 5 | 1 | 14 | – | 1 | 36 | 26 | ||||||||
Maximum | 17 | 33 | 17 | 4 | 24 | – | 1 | 46 | 45 | ||||||||
End of period | 14 | 31 | 9 | 2 | 15 | (29) | 42 | 34 | |||||||||
2Q13 (CHF million) | |||||||||||||||||
Average | 22 | 36 | 9 | 3 | 15 | (45) | 40 | 42 | |||||||||
Minimum | 14 | 30 | 6 | 1 | 12 | – | 1 | 33 | 32 | ||||||||
Maximum | 36 | 41 | 15 | 3 | 18 | – | 1 | 50 | 54 | ||||||||
End of period | 14 | 30 | 6 | 3 | 15 | (35) | 33 | 32 | |||||||||
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 | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||
Consolidated statements of operations (CHF million) | |||||||||||
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 | ||||||
Interest expense | (3,104) | (2,267) | (3,580) | (5,371) | (6,596) | ||||||
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 | ||||||
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 | ||||||
Trading revenues | 197 | 638 | 357 | 835 | 2,172 | ||||||
Other revenues | 371 | 738 | 417 | 1,109 | 637 | ||||||
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 | ||||||
Provision for credit losses | 18 | 34 | 51 | 52 | 73 | ||||||
Compensation and benefits | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 | ||||||
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 | ||||||
Commission expenses | 377 | 369 | 457 | 746 | 927 | ||||||
Total other operating expenses | 3,818 | 2,059 | 2,330 | 5,877 | 4,532 | ||||||
Total operating expenses | 6,791 | 5,052 | 5,256 | 11,843 | 10,449 | ||||||
Income/(loss) from continuing operations before taxes | (346) | 1,743 | 1,645 | 1,397 | 3,519 | ||||||
Income tax expense | 307 | 543 | 472 | 850 | 971 | ||||||
Income/(loss) from continuing operations | (653) | 1,200 | 1,173 | 547 | 2,548 | ||||||
Income/(loss) from discontinued operations, net of tax | (9) | 15 | (9) | 6 | (3) | ||||||
Net income/(loss) | (662) | 1,215 | 1,164 | 553 | 2,545 | ||||||
Net income attributable to noncontrolling interests | 38 | 356 | 119 | 394 | 197 | ||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | 159 | 2,348 | ||||||
of which from continuing operations | (691) | 844 | 1,054 | 153 | 2,351 | ||||||
of which from discontinued operations | (9) | 15 | (9) | 6 | (3) | ||||||
Basic earnings per share (CHF) | |||||||||||
Basic earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.55 | 0.05 | 1.31 | ||||||
Basic earnings/(loss) per share from discontinued operations | (0.01) | 0.01 | (0.01) | 0.00 | 0.00 | ||||||
Basic earnings/(loss) per share | (0.46) | 0.48 | 0.54 | 0.05 | 1.31 | ||||||
Diluted earnings per share (CHF) | |||||||||||
Diluted earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.53 | 0.05 | 1.28 | ||||||
Diluted earnings/(loss) per share from discontinued operations | (0.01) | 0.01 | (0.01) | 0.00 | 0.00 | ||||||
Diluted earnings/(loss) per share | (0.46) | 0.48 | 0.52 | 0.05 | 1.28 |
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | |||||
Assets (CHF million) | |||||||||
Cash and due from banks | 66,469 | 65,972 | 68,692 | 56,584 | |||||
Interest-bearing deposits with banks | 1,749 | 1,728 | 1,515 | 1,563 | |||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,744 | 162,890 | 160,022 | 173,404 | |||||
Securities received as collateral, at fair value | 21,611 | 23,029 | 22,800 | 21,675 | |||||
Trading assets, at fair value | 235,427 | 237,069 | 229,413 | 245,834 | |||||
Investment securities | 3,323 | 3,320 | 2,987 | 3,546 | |||||
Other investments | 7,709 | 7,806 | 10,329 | 11,628 | |||||
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | |||||
Premises and equipment | 4,811 | 4,926 | 5,091 | 5,459 | |||||
Goodwill | 7,983 | 7,956 | 7,999 | 8,554 | |||||
Other intangible assets | 245 | 228 | 210 | 237 | |||||
Brokerage receivables | 56,309 | 49,353 | 52,045 | 72,247 | |||||
Other assets | 64,689 | 62,405 | 63,065 | 72,986 | |||||
Assets of discontinued operations held-for-sale | 979 | 749 | 1,584 | 0 | |||||
Total assets | 891,580 | 878,090 | 872,806 | 919,903 | |||||
Liabilities and equity (CHF million) | |||||||||
Due to banks | 26,701 | 24,211 | 23,108 | 29,440 | |||||
Customer deposits | 346,296 | 348,450 | 333,089 | 328,389 | |||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 88,066 | 88,675 | 94,032 | 99,073 | |||||
Obligation to return securities received as collateral, at fair value | 21,611 | 23,029 | 22,800 | 21,675 | |||||
Trading liabilities, at fair value | 75,129 | 73,029 | 76,635 | 89,917 | |||||
Short-term borrowings | 29,426 | 24,181 | 20,193 | 20,976 | |||||
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 | |||||
Brokerage payables | 68,842 | 70,250 | 73,154 | 91,404 | |||||
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 | |||||
Liabilities of discontinued operations held-for-sale | 742 | 781 | 1,140 | 0 | |||||
Total liabilities | 849,553 | 833,808 | 825,640 | 870,496 | |||||
Common shares | 64 | 64 | 64 | 64 | |||||
Additional paid-in capital | 26,655 | 28,406 | 27,853 | 27,196 | |||||
Retained earnings | 30,392 | 31,092 | 30,261 | 30,405 | |||||
Treasury shares, at cost | (190) | (249) | (139) | (62) | |||||
Accumulated other comprehensive income/(loss) | (15,977) | (16,083) | (15,875) | (15,201) | |||||
Total shareholders' equity | 40,944 | 43,230 | 42,164 | 42,402 | |||||
Noncontrolling interests | 1,083 | 1,052 | 5,002 | 7,005 | |||||
Total equity | 42,027 | 44,282 | 47,166 | 49,407 | |||||
Total liabilities and equity | 891,580 | 878,090 | 872,806 | 919,903 |
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
2Q14 (CHF million) | |||||||||||||||||
Balance at beginning of period | 64 | 28,406 | 31,092 | (249) | (16,083) | 43,230 | 1,052 | 44,282 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (126) | (126) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 14 | 14 | |||||||||
Net income/(loss) | – | – | (700) | – | – | (700) | 38 | (662) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 106 | 106 | 3 | 109 | |||||||||
Issuance of common shares | – | 297 | – | – | – | 297 | – | 297 | |||||||||
Sale of treasury shares | – | (6) | – | 2,140 | – | 2,134 | – | 2,134 | |||||||||
Repurchase of treasury shares | – | – | – | (2,767) | – | (2,767) | – | (2,767) | |||||||||
Share-based compensation, net of tax | – | (1,058) | 3 | – | 686 | – | (372) | – | (372) | ||||||||
Financial instruments indexed to own shares 4 | – | 193 | – | – | – | 193 | – | 193 | |||||||||
Dividends paid | – | (1,177) | 5 | – | – | – | (1,177) | (5) | (1,182) | ||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | 107 | 107 | |||||||||
Balance at end of period | 64 | 26,655 | 30,392 | (190) | (15,977) | 40,944 | 1,083 | 42,027 | |||||||||
6M14 (CHF million) | |||||||||||||||||
Balance at beginning of period | 64 | 27,853 | 30,261 | (139) | (15,875) | 42,164 | 5,002 | 47,166 | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | 238 | – | – | – | 238 | (1,938) | (1,700) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 35 | 35 | |||||||||
Net income/(loss) | – | – | 159 | – | – | 159 | 394 | 553 | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (102) | (102) | (22) | (124) | |||||||||
Issuance of common shares | – | 297 | – | – | – | 297 | – | 297 | |||||||||
Sale of treasury shares | – | (3) | – | 4,036 | – | 4,033 | – | 4,033 | |||||||||
Repurchase of treasury shares | – | – | – | (4,792) | – | (4,792) | – | (4,792) | |||||||||
Share-based compensation, net of tax | – | (747) | 6 | – | 705 | – | (42) | – | (42) | ||||||||
Financial instruments indexed to own shares 4 | – | 193 | – | – | – | 193 | – | 193 | |||||||||
Dividends paid | – | (1,177) | 5 | (28) | – | – | (1,205) | (22) | (1,227) | ||||||||
Changes in redeemable noncontrolling interests | – | 2 | – | – | – | 2 | – | 2 | |||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | (2,366) | (2,366) | |||||||||
Other | – | (1) | – | – | – | (1) | – | (1) | |||||||||
Balance at end of period | 64 | 26,655 | 30,392 | (190) | (15,977) | 40,944 | 1,083 | 42,027 | |||||||||
1
Distributions to owners in funds include the return of original capital invested and any related dividends.
|
|||||||||||||||||
2
Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".
|
|||||||||||||||||
3
Includes a net tax benefit of CHF 10 million from the excess fair value of shares delivered over recognized compensation expense.
|
|||||||||||||||||
4
The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
|||||||||||||||||
5
Paid out of reserves from capital contributions.
|
|||||||||||||||||
6
Includes a net tax charge of CHF (38) million from the excess recognized compensation expense over fair value of shares delivered.
|
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Income/(loss) from continuing operations | (691) | 844 | 1,054 | 153 | 2,351 | ||||||
Income/(loss) from discontinued operations, net of tax | (9) | 15 | (9) | 6 | (3) | ||||||
Net income/(loss) attributable to shareholders | (700) | 859 | 1,045 | 159 | 2,348 | ||||||
Preferred securities dividends | – | (28) | (114) | (28) | (114) | ||||||
Net income/(loss) attributable to shareholders for basic earnings per share | (700) | 831 | 931 | 131 | 2,234 | ||||||
Available for common shares | (752) | 785 | 852 | 79 | 1,918 | ||||||
Available for unvested share-based payment awards | 52 | 46 | 70 | 52 | 164 | ||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 152 | ||||||
Diluted net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income/(loss) attributable to shareholders for basic earnings per share | (700) | 831 | 931 | 131 | 2,234 | ||||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | (17) | – | (22) | ||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | (700) | 831 | 914 | 131 | 2,212 | ||||||
Available for common shares | (752) | 785 | 838 | 79 | 1,904 | ||||||
Available for unvested share-based payment awards | 52 | 46 | 67 | 52 | 160 | ||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 148 | ||||||
Weighted-average shares outstanding (million) | |||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,625.0 | 1,621.2 | 1,574.9 | 1,623.1 | 1,464.8 | ||||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | 23.1 | – | 23.5 | ||||||
Dilutive share options and warrants | 0.0 | 1.4 | 1.9 | 0.7 | 1.9 | ||||||
Dilutive share awards | 0.0 | 5.2 | 1.5 | 2.6 | 1.7 | ||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,625.0 | 5 | 1,627.8 | 1,601.4 | 1,626.4 | 1,491.9 | |||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 68.3 | 95.5 | 130.0 | 81.9 | 126.3 | ||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | – | 20.4 | – | 126.1 | ||||||
Basic earnings/(loss) per share available for common shares (CHF) | |||||||||||
Basic earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.55 | 0.05 | 1.31 | ||||||
Basic earnings/(loss) per share from discontinued operations | (0.01) | 0.01 | (0.01) | 0.00 | 0.00 | ||||||
Basic earnings/(loss) per share available for common shares | (0.46) | 0.48 | 0.54 | 0.05 | 1.31 | ||||||
Diluted earnings/(loss) per share available for common shares (CHF) | |||||||||||
Diluted earnings/(loss) per share from continuing operations | (0.45) | 0.47 | 0.53 | 0.05 | 1.28 | ||||||
Diluted earnings/(loss) per share from discontinued operations | (0.01) | 0.01 | (0.01) | 0.00 | 0.00 | ||||||
Diluted earnings/(loss) per share available for common shares | (0.46) | 0.48 | 0.52 | 0.05 | 1.28 | ||||||
1
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013.
|
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2
Reflects changes in the fair value of the PAF2 units which were reflected in the net results of the Group until the awards were finally settled. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares.
|
|||||||||||
3
Reflects weighted-average shares outstanding on PAF2 units. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares.
|
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4
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.8 million, 9.1 million, 12.1 million, 8.9 million and 12.9 million for 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively.
|
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5
Due to the net loss in 2Q14, 1.3 million weighted-average share options and warrants outstanding and 12.2 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.
|
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