Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Credit Suisse (CHF million, except where indicated) | |||||||||||||||||
Net income/(loss) attributable to shareholders | (2,347) | 41 | (5,828) | – | (60) | (2,438) | (2,944) | (17) | |||||||||
Basic earnings/(loss) per share (CHF) | (1.12) | 0.02 | (3.28) | – | (66) | (1.19) | (1.73) | (31) | |||||||||
Diluted earnings/(loss) per share (CHF) | (1.12) | 0.02 | (3.28) | – | (66) | (1.19) | (1.73) | (31) | |||||||||
Return on equity attributable to shareholders (%) | (21.3) | 0.4 | (51.3) | – | – | (5.5) | (6.8) | – | |||||||||
Effective tax rate (%) | (23.2) | 83.3 | 9.7 | – | – | (23.9) | (21.6) | – | |||||||||
Core Results (CHF million, except where indicated) | |||||||||||||||||
Net revenues | 5,383 | 5,561 | 4,336 | (3) | 24 | 21,594 | 23,286 | (7) | |||||||||
Provision for credit losses | 47 | 50 | 33 | (6) | 42 | 141 | 187 | (25) | |||||||||
Total operating expenses | 4,644 | 4,437 | 9,422 | 5 | (51) | 17,960 | 22,869 | (21) | |||||||||
Income/(loss) before taxes | 692 | 1,074 | (5,119) | (36) | – | 3,493 | 230 | – | |||||||||
Cost/income ratio (%) | 86.3 | 79.8 | 217.3 | – | – | 83.2 | 98.2 | – | |||||||||
Assets under management and net new assets (CHF billion) | |||||||||||||||||
Assets under management | 1,252.5 | 1,255.2 | 1,214.1 | (0.2) | 3.2 | 1,252.5 | 1,214.1 | 3.2 | |||||||||
Net new assets | (6.7) | 11.9 | 2.1 | – | – | 27.8 | 46.9 | (40.7) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 819,833 | 806,711 | 820,805 | 2 | 0 | 819,833 | 820,805 | 0 | |||||||||
Net loans | 275,976 | 274,606 | 272,995 | 0 | 1 | 275,976 | 272,995 | 1 | |||||||||
Total shareholders' equity | 42,169 | 44,276 | 44,382 | (5) | (5) | 42,169 | 44,382 | (5) | |||||||||
Tangible shareholders' equity | 37,043 | 39,359 | 39,378 | (6) | (6) | 37,043 | 39,378 | (6) | |||||||||
Basel III regulatory capital and leverage statistics | |||||||||||||||||
CET1 ratio (%) | 13.6 | 14.1 | 14.3 | – | – | 13.6 | 14.3 | – | |||||||||
Look-through CET1 ratio (%) | 11.6 | 12.0 | 11.4 | – | – | 11.6 | 11.4 | – | |||||||||
Look-through CET1 leverage ratio (%) | 3.3 | 3.4 | 3.3 | – | – | 3.3 | 3.3 | – | |||||||||
Look-through Tier 1 leverage ratio (%) | 4.4 | 4.6 | 4.5 | – | – | 4.4 | 4.5 | – | |||||||||
Share information | |||||||||||||||||
Shares outstanding (million) | 2,089.9 | 2,088.3 | 1,951.5 | 0 | 7 | 2,089.9 | 1,951.5 | 7 | |||||||||
of which common shares issued | 2,089.9 | 2,089.9 | 1,957.4 | 0 | 7 | 2,089.9 | 1,957.4 | 7 | |||||||||
of which treasury shares | 0.0 | (1.6) | (5.9) | 100 | 100 | 0.0 | (5.9) | 100 | |||||||||
Book value per share (CHF) | 20.18 | 21.20 | 22.74 | (5) | (11) | 20.18 | 22.74 | (11) | |||||||||
Tangible book value per share (CHF) | 17.72 | 18.85 | 20.18 | (6) | (12) | 17.72 | 20.18 | (12) | |||||||||
Market capitalization (CHF million) | 30,533 | 26,563 | 42,456 | 15 | (28) | 30,533 | 42,456 | (28) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 47,170 | 47,690 | 48,210 | (1) | (2) | 47,170 | 48,210 | (2) | |||||||||
See relevant tables for additional information on these metrics.
|
Results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net interest income | 1,622 | 1,930 | 2,194 | (16) | (26) | 7,562 | 9,299 | (19) | |||||||||
Commissions and fees | 2,941 | 2,680 | 2,914 | 10 | 1 | 11,092 | 12,044 | (8) | |||||||||
Trading revenues | 258 | 232 | (1,349) | 11 | – | 313 | 1,340 | (77) | |||||||||
Other revenues | 360 | 554 | 451 | (35) | (20) | 1,356 | 1,114 | 22 | |||||||||
Net revenues | 5,181 | 5,396 | 4,210 | (4) | 23 | 20,323 | 23,797 | (15) | |||||||||
Provision for credit losses | 75 | 55 | 133 | 36 | (44) | 252 | 324 | (22) | |||||||||
Compensation and benefits | 2,682 | 2,674 | 3,149 | 0 | (15) | 10,572 | 11,546 | (8) | |||||||||
General and administrative expenses | 3,884 | 1,978 | 2,808 | 96 | 38 | 9,470 | 8,574 | 10 | |||||||||
Commission expenses | 394 | 322 | 409 | 22 | (4) | 1,455 | 1,623 | (10) | |||||||||
Goodwill impairment | 0 | 0 | 3,797 | – | (100) | 0 | 3,797 | (100) | |||||||||
Restructuring expenses | 49 | 145 | 355 | (66) | (86) | 540 | 355 | 52 | |||||||||
Total other operating expenses | 4,327 | 2,445 | 7,369 | 77 | (41) | 11,465 | 14,349 | (20) | |||||||||
Total operating expenses | 7,009 | 5,119 | 10,518 | 37 | (33) | 22,037 | 25,895 | (15) | |||||||||
Income/(loss) before taxes | (1,903) | 222 | (6,441) | – | (70) | (1,966) | (2,422) | (19) | |||||||||
Income tax expense/(benefit) | 442 | 185 | (627) | 139 | – | 469 | 523 | (10) | |||||||||
Net income/(loss) | (2,345) | 37 | (5,814) | – | (60) | (2,435) | (2,945) | (17) | |||||||||
Net income/(loss) attributable to noncontrolling interests | 2 | (4) | 14 | – | (86) | 3 | (1) | – | |||||||||
Net income/(loss) attributable to shareholders | (2,347) | 41 | (5,828) | – | (60) | (2,438) | (2,944) | (17) | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | (16.0) | 1.8 | (50.7) | – | – | (4.1) | (4.5) | – | |||||||||
Cost/income ratio | 135.3 | 94.9 | 249.8 | – | – | 108.4 | 108.8 | – | |||||||||
Effective tax rate | (23.2) | 83.3 | 9.7 | – | – | (23.9) | (21.6) | – | |||||||||
Earnings per share (CHF) | |||||||||||||||||
Basic earnings/(loss) per share | (1.12) | 0.02 | (3.28) | – | (66) | (1.19) | (1.73) | (31) | |||||||||
Diluted earnings/(loss) per share | (1.12) | 0.02 | (3.28) | – | (66) | (1.19) | (1.73) | (31) | |||||||||
Return on equity (%, annualized) | |||||||||||||||||
Return on equity attributable to shareholders | (21.3) | 0.4 | (51.3) | – | – | (5.5) | (6.8) | – | |||||||||
Return on tangible equity attributable to shareholders 1 | (24.1) | 0.4 | (62.7) | – | – | (6.2) | (8.4) | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 819,833 | 806,711 | 820,805 | 2 | 0 | 819,833 | 820,805 | 0 | |||||||||
Risk-weighted assets 2 | 268,045 | 270,462 | 289,946 | (1) | (8) | 268,045 | 289,946 | (8) | |||||||||
Leverage exposure 2 | 950,763 | 948,744 | 987,628 | 0 | (4) | 950,763 | 987,628 | (4) | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 47,170 | 47,690 | 48,210 | (1) | (2) | 47,170 | 48,210 | (2) | |||||||||
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 as presented in our balance sheet. 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.
|
|||||||||||||||||
2
Disclosed on a look-through basis.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,399 | 1,667 | 1,495 | (16) | (6) | 5,759 | 5,721 | 1 | |||||||||
Provision for credit losses | 34 | 30 | 43 | 13 | (21) | 79 | 138 | (43) | |||||||||
Compensation and benefits | 497 | 474 | 535 | 5 | (7) | 1,937 | 1,985 | (2) | |||||||||
General and administrative expenses | 416 | 320 | 438 | 30 | (5) | 1,375 | 1,597 | (14) | |||||||||
Commission expenses | 73 | 66 | 73 | 11 | 0 | 283 | 284 | 0 | |||||||||
Restructuring expenses | (3) | 19 | 42 | – | – | 60 | 42 | 43 | |||||||||
Total other operating expenses | 486 | 405 | 553 | 20 | (12) | 1,718 | 1,923 | (11) | |||||||||
Total operating expenses | 983 | 879 | 1,088 | 12 | (10) | 3,655 | 3,908 | (6) | |||||||||
Income before taxes | 382 | 758 | 364 | (50) | 5 | 2,025 | 1,675 | 21 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 12.2 | 24.7 | 12.3 | – | – | 16.5 | 13.8 | – | |||||||||
Cost/income ratio | 70.3 | 52.7 | 72.8 | – | – | 63.5 | 68.3 | – | |||||||||
Economic risk capital and return | |||||||||||||||||
Average economic risk capital (CHF million) | 5,763 | 5,649 | 5,123 | 2 | 12 | 5,564 | 5,119 | 9 | |||||||||
Pre-tax return on average economic risk capital (%) 1 | 26.6 | 53.7 | 28.5 | – | – | 36.5 | 32.8 | – | |||||||||
Number of employees and relationship managers | |||||||||||||||||
Number of employees (full-time equivalents) | 13,140 | 13,440 | 13,400 | (2) | (2) | 13,140 | 13,400 | (2) | |||||||||
Number of relationship managers | 1,970 | 1,980 | 2,060 | (1) | (4) | 1,970 | 2,060 | (4) | |||||||||
1
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 858 | 1,160 | 963 | (26) | (11) | 3,704 | 3,696 | 0 | |||||||||
Corporate & Institutional Banking | 541 | 507 | 532 | 7 | 2 | 2,055 | 2,025 | 1 | |||||||||
Net revenues | 1,399 | 1,667 | 1,495 | (16) | (6) | 5,759 | 5,721 | 1 | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 745 | 724 | 753 | 3 | (1) | 2,884 | 2,757 | 5 | |||||||||
Recurring commissions and fees | 378 | 361 | 373 | 5 | 1 | 1,446 | 1,569 | (8) | |||||||||
Transaction-based revenues | 270 | 249 | 287 | 8 | (6) | 1,112 | 1,313 | (15) | |||||||||
Other revenues | 6 | 333 | 82 | (98) | (93) | 317 | 82 | 287 | |||||||||
Net revenues | 1,399 | 1,667 | 1,495 | (16) | (6) | 5,759 | 5,721 | 1 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 46 | 45 | 60 | 2 | (23) | 150 | 205 | (27) | |||||||||
Releases of provisions | (12) | (15) | (17) | (20) | (29) | (71) | (67) | 6 | |||||||||
Provision for credit losses | 34 | 30 | 43 | 13 | (21) | 79 | 138 | (43) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 228,363 | 222,164 | 220,359 | 3 | 4 | 228,363 | 220,359 | 4 | |||||||||
Net loans | 165,685 | 166,910 | 162,717 | (1) | 2 | 165,685 | 162,717 | 2 | |||||||||
of which Private Banking | 115,277 | 115,601 | – | 0 | – | 115,277 | – | – | |||||||||
Risk-weighted assets | 65,669 | 65,571 | 60,352 | 0 | 9 | 65,669 | 60,352 | 9 | |||||||||
Leverage exposure | 252,889 | 246,254 | 238,180 | 3 | 6 | 252,889 | 238,180 | 6 | |||||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income. Other revenues include fair value gains/(losses) on synthetic securitized loan portfolios and other gains and losses.
|
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Corporate & Institutional Banking | Swiss Universal Bank | |||||||||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 858 | 1,160 | 963 | 541 | 507 | 532 | 1,399 | 1,667 | 1,495 | ||||||||||
Real estate gains | (20) | (346) | (72) | 0 | 0 | 0 | (20) | (346) | (72) | ||||||||||
Gains on business sales | 0 | 0 | (10) | 0 | 0 | (13) | 0 | 0 | (23) | ||||||||||
Adjusted net revenues | 838 | 814 | 881 | 541 | 507 | 519 | 1,379 | 1,321 | 1,400 | ||||||||||
Provision for credit losses | 10 | 13 | 14 | 24 | 17 | 29 | 34 | 30 | 43 | ||||||||||
Total operating expenses | 654 | 603 | 784 | 329 | 276 | 304 | 983 | 879 | 1,088 | ||||||||||
Restructuring expenses | 3 | (16) | (33) | 0 | (3) | (9) | 3 | (19) | (42) | ||||||||||
Major litigation provisions | 0 | 0 | (25) | (19) | 0 | 0 | (19) | 0 | (25) | ||||||||||
Adjusted total operating expenses | 657 | 587 | 726 | 310 | 273 | 295 | 967 | 860 | 1,021 | ||||||||||
Income before taxes | 194 | 544 | 165 | 188 | 214 | 199 | 382 | 758 | 364 | ||||||||||
Total adjustments | (23) | (330) | (24) | 19 | 3 | (4) | (4) | (327) | (28) | ||||||||||
Adjusted income before taxes | 171 | 214 | 141 | 207 | 217 | 195 | 378 | 431 | 336 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 12.1 | 14.0 | 11.4 |
Reconciliation of adjusted results (continued) | |||||||||||||
Private Banking |
Corporate & Institutional Banking |
Swiss Universal Bank |
|||||||||||
in | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 3,704 | 3,696 | 2,055 | 2,025 | 5,759 | 5,721 | |||||||
Real estate gains | (366) | (95) | 0 | 0 | (366) | (95) | |||||||
Gains on business sales | 0 | (10) | 0 | (13) | 0 | (23) | |||||||
Adjusted net revenues | 3,338 | 3,591 | 2,055 | 2,012 | 5,393 | 5,603 | |||||||
Provision for credit losses | 39 | 49 | 40 | 89 | 79 | 138 | |||||||
Total operating expenses | 2,471 | 2,772 | 1,184 | 1,136 | 3,655 | 3,908 | |||||||
Restructuring expenses | (51) | (33) | (9) | (9) | (60) | (42) | |||||||
Major litigation provisions | 0 | (25) | (19) | 0 | (19) | (25) | |||||||
Adjusted total operating expenses | 2,420 | 2,714 | 1,156 | 1,127 | 3,576 | 3,841 | |||||||
Income before taxes | 1,194 | 875 | 831 | 800 | 2,025 | 1,675 | |||||||
Total adjustments | (315) | (47) | 28 | (4) | (287) | (51) | |||||||
Adjusted income before taxes | 879 | 828 | 859 | 796 | 1,738 | 1,624 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 14.2 | 13.4 | |||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
Results - Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 858 | 1,160 | 963 | (26) | (11) | 3,704 | 3,696 | 0 | |||||||||
Provision for credit losses | 10 | 13 | 14 | (23) | (29) | 39 | 49 | (20) | |||||||||
Compensation and benefits | 324 | 312 | 368 | 4 | (12) | 1,258 | 1,327 | (5) | |||||||||
General and administrative expenses | 282 | 233 | 335 | 21 | (16) | 975 | 1,221 | (20) | |||||||||
Commission expenses | 51 | 42 | 48 | 21 | 6 | 187 | 191 | (2) | |||||||||
Restructuring expenses | (3) | 16 | 33 | – | – | 51 | 33 | 55 | |||||||||
Total other operating expenses | 330 | 291 | 416 | 13 | (21) | 1,213 | 1,445 | (16) | |||||||||
Total operating expenses | 654 | 603 | 784 | 8 | (17) | 2,471 | 2,772 | (11) | |||||||||
Income before taxes | 194 | 544 | 165 | (64) | 18 | 1,194 | 875 | 36 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 76.2 | 52.0 | 81.4 | – | – | 66.7 | 75.0 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 454 | 446 | 465 | 2 | (2) | 1,801 | 1,770 | 2 | |||||||||
Recurring commissions and fees | 253 | 243 | 257 | 4 | (2) | 971 | 1,102 | (12) | |||||||||
Transaction-based revenues | 131 | 125 | 159 | 5 | (18) | 564 | 720 | (22) | |||||||||
Other revenues | 20 | 346 | 82 | (94) | (76) | 368 | 104 | 254 | |||||||||
Net revenues | 858 | 1,160 | 963 | (26) | (11) | 3,704 | 3,696 | 0 | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 141 | 191 | 159 | – | – | 154 | 148 | – | |||||||||
Net margin 2 | 32 | 89 | 27 | – | – | 50 | 35 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,490 | 1,500 | 1,570 | (1) | (5) | 1,490 | 1,570 | (5) | |||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 242.9 | 244.5 | 241.0 | (0.7) | 0.8 | 242.9 | 241.0 | 0.8 | |||||||||
Average assets under management | 242.9 | 243.2 | 242.8 | (0.1) | 0.0 | 241.2 | 249.0 | (3.1) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 41.8 | 41.6 | 40.5 | 0.5 | 3.2 | 41.8 | 40.5 | 3.2 | |||||||||
EUR | 36.3 | 36.8 | 31.5 | (1.4) | 15.2 | 36.3 | 31.5 | 15.2 | |||||||||
CHF | 153.3 | 154.6 | 153.0 | (0.8) | 0.2 | 153.3 | 153.0 | 0.2 | |||||||||
Other | 11.5 | 11.5 | 16.0 | 0.0 | (28.1) | 11.5 | 16.0 | (28.1) | |||||||||
Assets under management | 242.9 | 244.5 | 241.0 | (0.7) | 0.8 | 242.9 | 241.0 | 0.8 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | (3.5) | 0.2 | (2.9) | – | – | (1.7) | 3.2 | – | |||||||||
Other effects | 1.9 | 2.9 | 6.8 | – | – | 3.6 | (20.8) | – | |||||||||
of which market movements | 0.6 | 3.7 | 4.9 | – | – | 3.0 | (2.6) | – | |||||||||
of which foreign exchange | 1.7 | (0.1) | 0.3 | – | – | 0.4 | (4.0) | – | |||||||||
of which other | (0.4) | (0.7) | 1.6 | – | – | 0.2 | (14.2) | – | |||||||||
Growth in assets under management | (1.6) | 3.1 | 3.9 | – | – | 1.9 | (17.6) | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | (5.7) | 0.3 | (4.9) | – | – | (0.7) | 1.2 | – | |||||||||
Other effects | 3.1 | 4.9 | 11.5 | – | – | 1.5 | (8.0) | – | |||||||||
Growth in assets under management (annualized) | (2.6) | 5.2 | 6.6 | – | – | 0.8 | (6.8) | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | (0.7) | (0.5) | 1.2 | – | – | – | – | – | |||||||||
Other effects | 1.5 | 3.6 | (8.0) | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 0.8 | 3.1 | (6.8) | – | – | – | – | – |
Results – Corporate & Institutional Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 541 | 507 | 532 | 7 | 2 | 2,055 | 2,025 | 1 | |||||||||
Provision for credit losses | 24 | 17 | 29 | 41 | (17) | 40 | 89 | (55) | |||||||||
Compensation and benefits | 173 | 162 | 167 | 7 | 4 | 679 | 658 | 3 | |||||||||
General and administrative expenses | 134 | 87 | 103 | 54 | 30 | 400 | 376 | 6 | |||||||||
Commission expenses | 22 | 24 | 25 | (8) | (12) | 96 | 93 | 3 | |||||||||
Restructuring expenses | 0 | 3 | 9 | (100) | (100) | 9 | 9 | 0 | |||||||||
Total other operating expenses | 156 | 114 | 137 | 37 | 14 | 505 | 478 | 6 | |||||||||
Total operating expenses | 329 | 276 | 304 | 19 | 8 | 1,184 | 1,136 | 4 | |||||||||
Income before taxes | 188 | 214 | 199 | (12) | (6) | 831 | 800 | 4 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 60.8 | 54.4 | 57.1 | – | – | 57.6 | 56.1 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 291 | 278 | 288 | 5 | 1 | 1,083 | 987 | 10 | |||||||||
Recurring commissions and fees | 125 | 118 | 116 | 6 | 8 | 475 | 467 | 2 | |||||||||
Transaction-based revenues | 139 | 124 | 128 | 12 | 9 | 548 | 593 | (8) | |||||||||
Other revenues | (14) | (13) | 0 | 8 | – | (51) | (22) | 132 | |||||||||
Net revenues | 541 | 507 | 532 | 7 | 2 | 2,055 | 2,025 | 1 | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 480 | 480 | 490 | 0 | (2) | 480 | 490 | (2) |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,299 | 1,081 | 1,173 | 20 | 11 | 4,698 | 4,552 | 3 | |||||||||
Provision for credit losses | 6 | 0 | (7) | – | – | 20 | 5 | 300 | |||||||||
Compensation and benefits | 565 | 513 | 540 | 10 | 5 | 2,119 | 2,115 | 0 | |||||||||
General and administrative expenses | 318 | 256 | 568 | 24 | (44) | 1,145 | 1,429 | (20) | |||||||||
Commission expenses | 63 | 52 | 60 | 21 | 5 | 239 | 244 | (2) | |||||||||
Restructuring expenses | 16 | 15 | 36 | 7 | (56) | 54 | 36 | 50 | |||||||||
Total other operating expenses | 397 | 323 | 664 | 23 | (40) | 1,438 | 1,709 | (16) | |||||||||
Total operating expenses | 962 | 836 | 1,204 | 15 | (20) | 3,557 | 3,824 | (7) | |||||||||
Income/(loss) before taxes | 331 | 245 | (24) | 35 | – | 1,121 | 723 | 55 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 27.0 | 20.5 | (1.9) | – | – | 23.3 | 15.4 | – | |||||||||
Cost/income ratio | 74.1 | 77.3 | 102.6 | – | – | 75.7 | 84.0 | – | |||||||||
Economic risk capital and return | |||||||||||||||||
Average economic risk capital (CHF million) | 3,976 | 3,958 | 3,364 | 0 | 18 | 3,785 | 3,288 | 15 | |||||||||
Pre-tax return on average economic risk capital (%) 1 | 33.2 | 25.8 | (2.0) | – | – | 30.4 | 22.8 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 10,300 | 10,350 | 9,750 | 0 | 6 | 10,300 | 9,750 | 6 | |||||||||
1
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Private Banking | 918 | 789 | 808 | 16 | 14 | 3,371 | 3,224 | 5 | |||||||||
Asset Management | 381 | 292 | 365 | 30 | 4 | 1,327 | 1,328 | 0 | |||||||||
Net revenues | 1,299 | 1,081 | 1,173 | 20 | 11 | 4,698 | 4,552 | 3 | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 353 | 326 | 275 | 8 | 28 | 1,308 | 1,006 | 30 | |||||||||
Recurring commissions and fees | 489 | 471 | 494 | 4 | (1) | 1,914 | 1,965 | (3) | |||||||||
Transaction- and performance-based revenues | 402 | 291 | 399 | 38 | 1 | 1,426 | 1,607 | (11) | |||||||||
Other revenues | 55 | (7) | 5 | – | – | 50 | (26) | – | |||||||||
Net revenues | 1,299 | 1,081 | 1,173 | 20 | 11 | 4,698 | 4,552 | 3 | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 20 | 14 | 17 | 43 | 18 | 55 | 37 | 49 | |||||||||
Releases of provisions | (14) | (14) | (24) | 0 | (42) | (35) | (32) | 9 | |||||||||
Provision for credit losses | 6 | 0 | (7) | – | – | 20 | 5 | 300 | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 91,083 | 86,457 | 96,085 | 5 | (5) | 91,083 | 96,085 | (5) | |||||||||
Net loans | 44,965 | 42,942 | 40,084 | 5 | 12 | 44,965 | 40,084 | 12 | |||||||||
of which Private Banking | 44,890 | 42,876 | – | 5 | – | 44,890 | – | – | |||||||||
Risk-weighted assets | 35,252 | 33,457 | 32,880 | 5 | 7 | 35,252 | 32,880 | 7 | |||||||||
Leverage exposure | 94,092 | 88,899 | 101,628 | 6 | (7) | 94,092 | 101,628 | (7) |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Asset Management | International Wealth Management | |||||||||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 918 | 789 | 808 | 381 | 292 | 365 | 1,299 | 1,081 | 1,173 | ||||||||||
Real estate gains | (54) | 0 | 0 | 0 | 0 | 0 | (54) | 0 | 0 | ||||||||||
Gains on business sales | 0 | 0 | (11) | 0 | 0 | 0 | 0 | 0 | (11) | ||||||||||
Adjusted net revenues | 864 | 789 | 797 | 381 | 292 | 365 | 1,245 | 1,081 | 1,162 | ||||||||||
Provision for credit losses | 6 | 0 | (7) | 0 | 0 | 0 | 6 | 0 | (7) | ||||||||||
Total operating expenses | 684 | 593 | 874 | 278 | 243 | 330 | 962 | 836 | 1,204 | ||||||||||
Restructuring expenses | (11) | (13) | (32) | (5) | (2) | (4) | (16) | (15) | (36) | ||||||||||
Major litigation provisions | (7) | 19 | (228) | 0 | 0 | 0 | (7) | 19 | (228) | ||||||||||
Adjusted total operating expenses | 666 | 599 | 614 | 273 | 241 | 326 | 939 | 840 | 940 | ||||||||||
Income/(loss) before taxes | 228 | 196 | (59) | 103 | 49 | 35 | 331 | 245 | (24) | ||||||||||
Total adjustments | (36) | (6) | 249 | 5 | 2 | 4 | (31) | (4) | 253 | ||||||||||
Adjusted income before taxes | 192 | 190 | 190 | 108 | 51 | 39 | 300 | 241 | 229 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 24.4 | 20.1 | 18.8 |
Reconciliation of adjusted results (continued) | |||||||||||||
Private Banking |
Asset Management |
International Wealth Management |
|||||||||||
in | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 3,371 | 3,224 | 1,327 | 1,328 | 4,698 | 4,552 | |||||||
Real estate gains | (54) | 0 | 0 | 0 | (54) | 0 | |||||||
Gains on business sales | 0 | (11) | 0 | 0 | 0 | (11) | |||||||
Adjusted net revenues | 3,317 | 3,213 | 1,327 | 1,328 | 4,644 | 4,541 | |||||||
Provision for credit losses | 20 | 5 | 0 | 0 | 20 | 5 | |||||||
Total operating expenses | 2,510 | 2,678 | 1,047 | 1,146 | 3,557 | 3,824 | |||||||
Restructuring expenses | (47) | (32) | (7) | (4) | (54) | (36) | |||||||
Major litigation provisions | 12 | (268) | 0 | 0 | 12 | (268) | |||||||
Adjusted total operating expenses | 2,475 | 2,378 | 1,040 | 1,142 | 3,515 | 3,520 | |||||||
Income before taxes | 841 | 541 | 280 | 182 | 1,121 | 723 | |||||||
Total adjustments | (19) | 289 | 7 | 4 | (12) | 293 | |||||||
Adjusted income before taxes | 822 | 830 | 287 | 186 | 1,109 | 1,016 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 23.1 | 21.7 | |||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
Results – Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 918 | 789 | 808 | 16 | 14 | 3,371 | 3,224 | 5 | |||||||||
Provision for credit losses | 6 | 0 | (7) | – | – | 20 | 5 | 300 | |||||||||
Compensation and benefits | 382 | 369 | 341 | 4 | 12 | 1,463 | 1,413 | 4 | |||||||||
General and administrative expenses | 242 | 173 | 458 | 40 | (47) | 827 | 1,053 | (21) | |||||||||
Commission expenses | 49 | 38 | 43 | 29 | 14 | 173 | 180 | (4) | |||||||||
Restructuring expenses | 11 | 13 | 32 | (15) | (66) | 47 | 32 | 47 | |||||||||
Total other operating expenses | 302 | 224 | 533 | 35 | (43) | 1,047 | 1,265 | (17) | |||||||||
Total operating expenses | 684 | 593 | 874 | 15 | (22) | 2,510 | 2,678 | (6) | |||||||||
Income/(loss) before taxes | 228 | 196 | (59) | 16 | – | 841 | 541 | 55 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 74.5 | 75.2 | 108.2 | – | – | 74.5 | 83.1 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 353 | 326 | 275 | 8 | 28 | 1,308 | 1,006 | 30 | |||||||||
Recurring commissions and fees | 277 | 267 | 283 | 4 | (2) | 1,093 | 1,161 | (6) | |||||||||
Transaction- and performance-based revenues | 235 | 197 | 240 | 19 | (2) | 922 | 1,049 | (12) | |||||||||
Other revenues | 53 | (1) | 10 | – | 430 | 48 | 8 | 500 | |||||||||
Net revenues | 918 | 789 | 808 | 16 | 14 | 3,371 | 3,224 | 5 | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 116 | 104 | 110 | – | – | 112 | 107 | – | |||||||||
Net margin 2 | 29 | 26 | (8) | – | – | 28 | 18 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 1,140 | 1,160 | 1,180 | (2) | (3) | 1,140 | 1,180 | (3) | |||||||||
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction- and performance-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction- and performance-based income.
|
|||||||||||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 323.2 | 311.4 | 289.6 | 3.8 | 11.6 | 323.2 | 289.6 | 11.6 | |||||||||
Average assets under management | 315.9 | 304.0 | 294.8 | 3.9 | 7.2 | 300.3 | 301.3 | (0.3) | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 149.0 | 140.1 | 137.6 | 6.4 | 8.3 | 149.0 | 137.6 | 8.3 | |||||||||
EUR | 93.2 | 92.7 | 92.7 | 0.5 | 0.5 | 93.2 | 92.7 | 0.5 | |||||||||
CHF | 21.0 | 20.7 | 22.4 | 1.4 | (6.2) | 21.0 | 22.4 | (6.2) | |||||||||
Other | 60.0 | 57.9 | 36.9 | 3.6 | 62.6 | 60.0 | 36.9 | 62.6 | |||||||||
Assets under management | 323.2 | 311.4 | 289.6 | 3.8 | 11.6 | 323.2 | 289.6 | 11.6 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 0.4 | 4.4 | (4.2) | – | – | 15.6 | (3.0) | – | |||||||||
Other effects | 11.4 | 8.4 | 7.3 | – | – | 18.0 | (31.1) | – | |||||||||
of which market movements | 3.7 | 8.5 | 6.9 | – | – | 10.1 | 8.3 | – | |||||||||
of which currency | 7.7 | (1.2) | 1.2 | – | – | 7.8 | (20.5) | – | |||||||||
of which other | 0.0 | 1.1 | (0.8) | – | – | 0.1 | (18.9) | – | |||||||||
Growth in assets under management | 11.8 | 12.8 | 3.1 | – | – | 33.6 | (34.1) | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 0.5 | 5.8 | (5.9) | – | – | 5.4 | (0.9) | – | |||||||||
Other effects | 14.7 | 11.3 | 10.2 | – | – | 6.2 | (9.6) | – | |||||||||
Growth in assets under management (annualized) | 15.2 | 17.1 | 4.3 | – | – | 11.6 | (10.5) | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 5.4 | 3.8 | (0.9) | – | – | – | – | – | |||||||||
Other effects | 6.2 | 4.9 | (9.6) | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 11.6 | 8.7 | (10.5) | – | – | – | – | – |
Results – Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 381 | 292 | 365 | 30 | 4 | 1,327 | 1,328 | 0 | |||||||||
Provision for credit losses | 0 | 0 | 0 | – | – | 0 | 0 | – | |||||||||
Compensation and benefits | 183 | 144 | 199 | 27 | (8) | 656 | 702 | (7) | |||||||||
General and administrative expenses | 76 | 83 | 110 | (8) | (31) | 318 | 376 | (15) | |||||||||
Commission expenses | 14 | 14 | 17 | 0 | (18) | 66 | 64 | 3 | |||||||||
Restructuring expenses | 5 | 2 | 4 | 150 | 25 | 7 | 4 | 75 | |||||||||
Total other operating expenses | 95 | 99 | 131 | (4) | (27) | 391 | 444 | (12) | |||||||||
Total operating expenses | 278 | 243 | 330 | 14 | (16) | 1,047 | 1,146 | (9) | |||||||||
Income before taxes | 103 | 49 | 35 | 110 | 194 | 280 | 182 | 54 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 73.0 | 83.2 | 90.4 | – | – | 78.9 | 86.3 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Management fees | 228 | 218 | 225 | 5 | 1 | 891 | 873 | 2 | |||||||||
Performance and placement revenues | 108 | 41 | 56 | 163 | 93 | 208 | 164 | 27 | |||||||||
Investment and partnership income | 45 | 33 | 84 | 36 | (46) | 228 | 291 | (22) | |||||||||
Net revenues | 381 | 292 | 365 | 30 | 4 | 1,327 | 1,328 | 0 | |||||||||
of which recurring commissions and fees | 212 | 204 | 211 | 4 | 0 | 821 | 804 | 2 | |||||||||
of which transaction- and performance-based revenues | 167 | 94 | 159 | 78 | 5 | 504 | 558 | (10) | |||||||||
of which other revenues | 2 | (6) | (5) | – | – | 2 | (34) | – | |||||||||
Management fees include fees on assets under management, asset administration revenues and transaction fees related to the acquisition and disposal of investments in the funds being managed. Performance revenues relate to the performance or return of the funds being managed and includes investment-related gains and losses from proprietary funds. Placement revenues arise from our third-party private equity fundraising activities and secondary private equity market advisory services. Investment and partnership income includes equity participation income from seed capital returns and from minority investments in third-party asset managers, income from strategic partnerships and distribution agreements, and other revenues.
|
Assets under management – Asset Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Traditional investments | 159.9 | 163.4 | 172.2 | (2.1) | (7.1) | 159.9 | 172.2 | (7.1) | |||||||||
Alternative investments | 121.3 | 117.7 | 110.4 | 3.1 | 9.9 | 121.3 | 110.4 | 9.9 | |||||||||
Investments and partnerships | 40.4 | 43.2 | 38.7 | (6.5) | 4.4 | 40.4 | 38.7 | 4.4 | |||||||||
Assets under management | 321.6 | 324.3 | 321.3 | (0.8) | 0.1 | 321.6 | 321.3 | 0.1 | |||||||||
Average assets under management | 325.0 | 318.6 | 321.5 | 2.0 | 1.1 | 317.5 | 312.4 | 1.6 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 95.9 | 90.2 | 88.1 | 6.3 | 8.9 | 95.9 | 88.1 | 8.9 | |||||||||
EUR | 36.6 | 36.8 | 42.1 | (0.5) | (13.1) | 36.6 | 42.1 | (13.1) | |||||||||
CHF | 140.7 | 145.9 | 148.9 | (3.6) | (5.5) | 140.7 | 148.9 | (5.5) | |||||||||
Other | 48.4 | 51.4 | 42.2 | (5.8) | 14.7 | 48.4 | 42.2 | 14.7 | |||||||||
Assets under management | 321.6 | 324.3 | 321.3 | (0.8) | 0.1 | 321.6 | 321.3 | 0.1 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets 1 | (4.4) | 5.0 | 3.6 | – | – | 5.6 | 26.5 | – | |||||||||
Other effects | 1.7 | 4.4 | 3.1 | – | – | (5.3) | (10.4) | – | |||||||||
of which market movements | 1.4 | 5.0 | 5.1 | – | – | 7.6 | 0.7 | – | |||||||||
of which foreign exchange | 5.0 | (0.8) | 0.7 | – | – | 3.9 | (8.0) | – | |||||||||
of which other | (4.7) | 0.2 | (2.7) | – | – | (16.8) | (3.1) | – | |||||||||
Growth in assets under management | (2.7) | 9.4 | 6.7 | – | – | 0.3 | 16.1 | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | (5.4) | 6.4 | 4.6 | – | – | 1.7 | 8.7 | – | |||||||||
Other effects | 2.1 | 5.5 | 3.9 | – | – | (1.6) | (3.4) | – | |||||||||
Growth in assets under management | (3.3) | 11.9 | 8.5 | – | – | 0.1 | 5.3 | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 1.7 | 4.3 | 8.7 | – | – | – | – | – | |||||||||
Other effects | (1.6) | (1.2) | (3.4) | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 0.1 | 3.1 | 5.3 | – | – | – | – | – | |||||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 862 | 917 | 826 | (6) | 4 | 3,597 | 3,839 | (6) | |||||||||
Provision for credit losses | 11 | 34 | 3 | (68) | 267 | 26 | 35 | (26) | |||||||||
Compensation and benefits | 429 | 413 | 390 | 4 | 10 | 1,665 | 1,557 | 7 | |||||||||
General and administrative expenses | 219 | 224 | 225 | (2) | (3) | 836 | 790 | 6 | |||||||||
Commission expenses | 81 | 71 | 66 | 14 | 23 | 292 | 321 | (9) | |||||||||
Goodwill impairment | 0 | 0 | 756 | – | (100) | 0 | 756 | (100) | |||||||||
Restructuring expenses | 19 | 23 | 3 | (17) | – | 53 | 3 | – | |||||||||
Total other operating expenses | 319 | 318 | 1,050 | 0 | (70) | 1,181 | 1,870 | (37) | |||||||||
Total operating expenses | 748 | 731 | 1,440 | 2 | (48) | 2,846 | 3,427 | (17) | |||||||||
Income/(loss) before taxes | 103 | 152 | (617) | (32) | – | 725 | 377 | 92 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 7.6 | 11.3 | (49.7) | – | – | 13.7 | 6.7 | – | |||||||||
Cost/income ratio | 86.8 | 79.7 | 174.3 | – | – | 79.1 | 89.3 | – | |||||||||
Economic risk capital and return | |||||||||||||||||
Average economic risk capital (CHF million) | 4,453 | 4,320 | 3,582 | 3 | 24 | 4,147 | 3,405 | 22 | |||||||||
Pre-tax return on average economic risk capital (%) 1 | 9.4 | 14.1 | (68.9) | – | – | 17.6 | 11.1 | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 6,980 | 7,140 | 6,590 | (2) | 6 | 6,980 | 6,590 | 6 | |||||||||
1
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenues (CHF million) | |||||||||||||||||
Private Banking | 372 | 346 | 271 | 8 | 37 | 1,374 | 1,178 | 17 | |||||||||
Investment Banking | 490 | 571 | 555 | (14) | (12) | 2,223 | 2,661 | (16) | |||||||||
Net revenues | 862 | 917 | 826 | (6) | 4 | 3,597 | 3,839 | (6) | |||||||||
Provision for credit losses (CHF million) | |||||||||||||||||
New provisions | 14 | 54 | 23 | (74) | (39) | 72 | 74 | (3) | |||||||||
Releases of provisions | (3) | (20) | (20) | (85) | (85) | (46) | (39) | 18 | |||||||||
Provision for credit losses | 11 | 34 | 3 | (68) | 267 | 26 | 35 | (26) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 97,221 | 93,079 | 85,929 | 4 | 13 | 97,221 | 85,929 | 13 | |||||||||
Net loans | 40,134 | 38,669 | 35,905 | 4 | 12 | 40,134 | 35,905 | 12 | |||||||||
of which Private Banking | 33,405 | 32,859 | – | 2 | – | 33,405 | – | – | |||||||||
Risk-weighted assets | 34,605 | 32,264 | 26,835 | 7 | 29 | 34,605 | 26,835 | 29 | |||||||||
Leverage exposure | 108,926 | 108,495 | 98,632 | 0 | 10 | 108,926 | 98,632 | 10 |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Investment Banking | Asia Pacific | |||||||||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 372 | 346 | 271 | 490 | 571 | 555 | 862 | 917 | 826 | ||||||||||
Provision for credit losses | 9 | 38 | (5) | 2 | (4) | 8 | 11 | 34 | 3 | ||||||||||
Total operating expenses | 267 | 242 | 228 | 481 | 489 | 1,212 | 748 | 731 | 1,440 | ||||||||||
Goodwill impairment | – | – | – | 0 | 0 | (756) | 0 | 0 | (756) | ||||||||||
Restructuring expenses | (1) | (3) | (1) | (18) | (20) | (2) | (19) | (23) | (3) | ||||||||||
Major litigation provisions | 0 | 0 | (6) | 0 | 0 | 0 | 0 | 0 | (6) | ||||||||||
Adjusted total operating expenses | 266 | 239 | 221 | 463 | 469 | 454 | 729 | 708 | 675 | ||||||||||
Income/(loss) before taxes | 96 | 66 | 48 | 7 | 86 | (665) | 103 | 152 | (617) | ||||||||||
Total adjustments | 1 | 3 | 7 | 18 | 20 | 758 | 19 | 23 | 765 | ||||||||||
Adjusted income before taxes | 97 | 69 | 55 | 25 | 106 | 93 | 122 | 175 | 148 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 9.0 | 12.9 | 11.7 |
Private Banking | Investment Banking | Asia Pacific | |||||||||||
in | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 1,374 | 1,178 | 2,223 | 2,661 | 3,597 | 3,839 | |||||||
Provision for credit losses | 32 | 18 | (6) | 17 | 26 | 35 | |||||||
Total operating expenses | 970 | 816 | 1,876 | 2,611 | 2,846 | 3,427 | |||||||
Goodwill impairment | – | – | 0 | (756) | 0 | (756) | |||||||
Restructuring expenses | (4) | (1) | (49) | (2) | (53) | (3) | |||||||
Major litigation provisions | 0 | (6) | 0 | 0 | 0 | (6) | |||||||
Adjusted total operating expenses | 966 | 809 | 1,827 | 1,853 | 2,793 | 2,662 | |||||||
Income before taxes | 372 | 344 | 353 | 33 | 725 | 377 | |||||||
Total adjustments | 4 | 7 | 49 | 758 | 53 | 765 | |||||||
Adjusted income before taxes | 376 | 351 | 402 | 791 | 778 | 1,142 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 14.8 | 20.4 | |||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
Results - Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 372 | 346 | 271 | 8 | 37 | 1,374 | 1,178 | 17 | |||||||||
Provision for credit losses | 9 | 38 | (5) | (76) | – | 32 | 18 | 78 | |||||||||
Compensation and benefits | 177 | 169 | 139 | 5 | 27 | 652 | 522 | 25 | |||||||||
General and administrative expenses | 76 | 57 | 78 | 33 | (3) | 267 | 244 | 9 | |||||||||
Commission expenses | 13 | 13 | 10 | 0 | 30 | 47 | 49 | (4) | |||||||||
Restructuring expenses | 1 | 3 | 1 | (67) | 0 | 4 | 1 | 300 | |||||||||
Total other operating expenses | 90 | 73 | 89 | 23 | 1 | 318 | 294 | 8 | |||||||||
Total operating expenses | 267 | 242 | 228 | 10 | 17 | 970 | 816 | 19 | |||||||||
Income before taxes | 96 | 66 | 48 | 45 | 100 | 372 | 344 | 8 | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 71.8 | 69.9 | 84.1 | – | – | 70.6 | 69.3 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Net interest income | 166 | 159 | 131 | 4 | 27 | 602 | 445 | 35 | |||||||||
Recurring commissions and fees | 92 | 67 | 60 | 37 | 53 | 302 | 260 | 16 | |||||||||
Transaction-based revenues | 114 | 120 | 84 | (5) | 36 | 486 | 456 | 7 | |||||||||
Other revenues | 0 | 0 | (4) | – | 100 | (16) | 17 | – | |||||||||
Net revenues | 372 | 346 | 271 | 8 | 37 | 1,374 | 1,178 | 17 | |||||||||
Margins on assets under management (annualized) (bp) | |||||||||||||||||
Gross margin 1 | 87 | 84 | 72 | – | – | 86 | 79 | – | |||||||||
Net margin 2 | 22 | 16 | 13 | – | – | 23 | 23 | – | |||||||||
Number of relationship managers | |||||||||||||||||
Number of relationship managers | 640 | 650 | 580 | (2) | 10 | 640 | 580 | 10 | |||||||||
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
2
Income before taxes divided by average assets under management.
|
Assets under management – Private Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Assets under management (CHF billion) | |||||||||||||||||
Assets under management | 168.3 | 169.0 | 150.4 | (0.4) | 11.9 | 168.3 | 150.4 | 11.9 | |||||||||
Average assets under management | 171.6 | 165.2 | 151.3 | 3.9 | 13.4 | 160.0 | 150.0 | 6.7 | |||||||||
Assets under management by currency (CHF billion) | |||||||||||||||||
USD | 82.5 | 79.0 | 66.5 | 4.4 | 24.1 | 82.5 | 66.5 | 24.1 | |||||||||
EUR | 4.6 | 4.5 | 4.7 | 2.2 | (2.1) | 4.6 | 4.7 | (2.1) | |||||||||
CHF | 2.0 | 1.8 | 2.3 | 11.1 | (13.0) | 2.0 | 2.3 | (13.0) | |||||||||
Other | 79.2 | 83.7 | 76.9 | (5.4) | 3.0 | 79.2 | 76.9 | 3.0 | |||||||||
Assets under management | 168.3 | 169.0 | 150.4 | (0.4) | 11.9 | 168.3 | 150.4 | 11.9 | |||||||||
Growth in assets under management (CHF billion) | |||||||||||||||||
Net new assets | 0.7 | 4.6 | 3.0 | – | – | 14.6 | 17.8 | – | |||||||||
Other effects | (1.4) | 6.1 | 8.3 | – | – | 3.3 | (17.9) | – | |||||||||
of which market movements | (3.8) | 6.9 | 6.1 | – | – | 1.4 | (4.9) | – | |||||||||
of which foreign exchange | 5.2 | (0.5) | 2.1 | – | – | 4.8 | (3.4) | – | |||||||||
of which other | (2.8) | (0.3) | 0.1 | – | – | (2.9) | (9.6) | – | |||||||||
Growth in assets under management | (0.7) | 10.7 | 11.3 | – | – | 17.9 | (0.1) | – | |||||||||
Growth in assets under management (annualized) (%) | |||||||||||||||||
Net new assets | 1.7 | 11.6 | 8.6 | – | – | 9.7 | 11.8 | – | |||||||||
Other effects | (3.4) | 15.4 | 23.9 | – | – | 2.2 | (11.9) | – | |||||||||
Growth in assets under management (annualized) | (1.7) | 27.0 | 32.5 | – | – | 11.9 | (0.1) | – | |||||||||
Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
Net new assets | 9.7 | 12.1 | 11.8 | – | – | – | – | – | |||||||||
Other effects | 2.2 | 9.4 | (11.9) | – | – | – | – | – | |||||||||
Growth in assets under management (rolling four-quarter average) | 11.9 | 21.5 | (0.1) | – | – | – | – | – |
Results - Investment Banking | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 490 | 571 | 555 | (14) | (12) | 2,223 | 2,661 | (16) | |||||||||
Provision for credit losses | 2 | (4) | 8 | – | (75) | (6) | 17 | – | |||||||||
Compensation and benefits | 252 | 244 | 251 | 3 | 0 | 1,013 | 1,035 | (2) | |||||||||
General and administrative expenses | 143 | 167 | 147 | (14) | (3) | 569 | 546 | 4 | |||||||||
Commission expenses | 68 | 58 | 56 | 17 | 21 | 245 | 272 | (10) | |||||||||
Goodwill impairment | 0 | 0 | 756 | – | (100) | 0 | 756 | (100) | |||||||||
Restructuring expenses | 18 | 20 | 2 | (10) | – | 49 | 2 | – | |||||||||
Total other operating expenses | 229 | 245 | 961 | (7) | (76) | 863 | 1,576 | (45) | |||||||||
Total operating expenses | 481 | 489 | 1,212 | (2) | (60) | 1,876 | 2,611 | (28) | |||||||||
Income/(loss) before taxes | 7 | 86 | (665) | (92) | – | 353 | 33 | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Cost/income ratio | 98.2 | 85.6 | 218.4 | – | – | 84.4 | 98.1 | – | |||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Fixed income sales and trading | 70 | 148 | 139 | (53) | (50) | 635 | 608 | 4 | |||||||||
Equity sales and trading | 340 | 339 | 379 | 0 | (10) | 1,314 | 1,872 | (30) | |||||||||
Underwriting and advisory | 115 | 115 | 80 | 0 | 44 | 402 | 292 | 38 | |||||||||
Other revenues | (35) | (31) | (43) | 13 | (19) | (128) | (111) | 15 | |||||||||
Net revenues | 490 | 571 | 555 | (14) | (12) | 2,223 | 2,661 | (16) |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 1,265 | 1,357 | 1,170 | (7) | 8 | 5,497 | 6,826 | (19) | |||||||||
Provision for credit losses | (4) | (5) | (4) | (20) | 0 | (3) | 10 | – | |||||||||
Compensation and benefits | 634 | 642 | 924 | (1) | (31) | 2,725 | 3,105 | (12) | |||||||||
General and administrative expenses | 475 | 466 | 667 | 2 | (29) | 2,001 | 2,322 | (14) | |||||||||
Commission expenses | 140 | 115 | 138 | 22 | 1 | 509 | 563 | (10) | |||||||||
Goodwill impairment | 0 | 0 | 2,661 | – | (100) | 0 | 2,661 | (100) | |||||||||
Restructuring expenses | 15 | 52 | 96 | (71) | (84) | 217 | 96 | 126 | |||||||||
Total other operating expenses | 630 | 633 | 3,562 | 0 | (82) | 2,727 | 5,642 | (52) | |||||||||
Total operating expenses | 1,264 | 1,275 | 4,486 | (1) | (72) | 5,452 | 8,747 | (38) | |||||||||
Income/(loss) before taxes | 5 | 87 | (3,312) | (94) | – | 48 | (1,931) | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 0.3 | 2.5 | (90.3) | – | – | 0.4 | (11.2) | – | |||||||||
Cost/income ratio | 99.9 | 94.0 | 383.4 | – | – | 99.2 | 128.1 | – | |||||||||
Economic risk capital and return | |||||||||||||||||
Average economic risk capital (CHF million) | 9,030 | 9,311 | 12,314 | (3) | (27) | 9,928 | 12,372 | (20) | |||||||||
Pre-tax return on average economic risk capital (%) 1 | (0.2) | 4.2 | (106.8) | – | – | 0.7 | (14.9) | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 11,530 | 11,680 | 12,000 | (1) | (4) | 11,530 | 12,000 | (4) | |||||||||
1
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Equities | 445 | 324 | 529 | 37 | (16) | 1,839 | 2,295 | (20) | |||||||||
Credit | 612 | 719 | 369 | (15) | 66 | 2,463 | 2,996 | (18) | |||||||||
Solutions | 261 | 349 | 318 | (25) | (18) | 1,364 | 1,686 | (19) | |||||||||
Other | (53) | (35) | (46) | 51 | 15 | (169) | (151) | 12 | |||||||||
Net revenues | 1,265 | 1,357 | 1,170 | (7) | 8 | 5,497 | 6,826 | (19) | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Total assets | 239,700 | 245,492 | 234,276 | (2) | 2 | 239,700 | 234,276 | 2 | |||||||||
Risk-weighted assets | 51,713 | 51,127 | 62,838 | 1 | (18) | 51,713 | 62,838 | (18) | |||||||||
Risk-weighted assets (USD) | 50,556 | 52,741 | 63,527 | (4) | (20) | 50,556 | 63,527 | (20) | |||||||||
Leverage exposure | 284,143 | 286,694 | 276,656 | (1) | 3 | 284,143 | 276,656 | 3 | |||||||||
Leverage exposure (USD) | 277,787 | 295,744 | 279,691 | (6) | (1) | 277,787 | 279,691 | (1) |
Reconciliation of adjusted results | |||||||||||
Global Markets | |||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Adjusted results (CHF million) | |||||||||||
Net revenues | 1,265 | 1,357 | 1,170 | 5,497 | 6,826 | ||||||
Provision for credit losses | (4) | (5) | (4) | (3) | 10 | ||||||
Total operating expenses | 1,264 | 1,275 | 4,486 | 5,452 | 8,747 | ||||||
Goodwill impairment | 0 | 0 | (2,661) | 0 | (2,661) | ||||||
Restructuring expenses | (15) | (52) | (96) | (217) | (96) | ||||||
Major litigation provisions | 0 | (7) | (50) | (7) | (231) | ||||||
Adjusted total operating expenses | 1,249 | 1,216 | 1,679 | 5,228 | 5,759 | ||||||
Income/(loss) before taxes | 5 | 87 | (3,312) | 48 | (1,931) | ||||||
Total adjustments | 15 | 59 | 2,807 | 224 | 2,988 | ||||||
Adjusted income/(loss) before taxes | 20 | 146 | (505) | 272 | 1,057 | ||||||
Adjusted return on regulatory capital (%) | 0.7 | 4.1 | (13.7) | 2.0 | 6.7 | ||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | 574 | 467 | 420 | 23 | 37 | 1,972 | 1,787 | 10 | |||||||||
Provision for credit losses | 0 | (9) | 0 | 100 | – | 20 | 0 | – | |||||||||
Compensation and benefits | 329 | 313 | 367 | 5 | (10) | 1,237 | 1,265 | (2) | |||||||||
General and administrative expenses | 101 | 109 | 128 | (7) | (21) | 424 | 432 | (2) | |||||||||
Commission expenses | 1 | 0 | 0 | – | – | 2 | 2 | 0 | |||||||||
Goodwill impairment | 0 | 0 | 380 | – | (100) | 0 | 380 | (100) | |||||||||
Restructuring expenses | (6) | 15 | 22 | – | – | 28 | 22 | 27 | |||||||||
Total other operating expenses | 96 | 124 | 530 | (23) | (82) | 454 | 836 | (46) | |||||||||
Total operating expenses | 425 | 437 | 897 | (3) | (53) | 1,691 | 2,101 | (20) | |||||||||
Income/(loss) before taxes | 149 | 39 | (477) | 282 | – | 261 | (314) | – | |||||||||
Statement of operations metrics (%) | |||||||||||||||||
Return on regulatory capital | 22.9 | 6.1 | (85.4) | – | – | 10.7 | (15.4) | – | |||||||||
Cost/income ratio | 74.0 | 93.6 | 213.6 | – | – | 85.8 | 117.6 | – | |||||||||
Economic risk capital and return | |||||||||||||||||
Average economic risk capital (CHF million) | 5,030 | 4,762 | 4,032 | 6 | 25 | 4,652 | 3,717 | 25 | |||||||||
Pre-tax return on average economic risk capital (%) 1 | 11.3 | 3.3 | (47.3) | – | – | 5.5 | (8.4) | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 3,090 | 2,910 | 2,810 | 6 | 10 | 3,090 | 2,810 | 10 | |||||||||
1
Calculated using a return excluding interest costs for allocated goodwill.
|
Divisional results (continued) | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Advisory and other fees | 268 | 161 | 276 | 66 | (3) | 849 | 748 | 14 | |||||||||
Debt underwriting | 228 | 239 | 138 | (5) | 65 | 934 | 809 | 15 | |||||||||
Equity underwriting | 99 | 74 | 102 | 34 | (3) | 312 | 376 | (17) | |||||||||
Other | (21) | (7) | (96) | 200 | (78) | (123) | (146) | (16) | |||||||||
Net revenues | 574 | 467 | 420 | 23 | 37 | 1,972 | 1,787 | 10 | |||||||||
Balance sheet statistics (CHF million, except where indicated) | |||||||||||||||||
Total assets | 20,784 | 19,931 | 18,712 | 4 | 11 | 20,784 | 18,712 | 11 | |||||||||
Risk-weighted assets | 18,027 | 18,019 | 16,150 | 0 | 12 | 18,027 | 16,150 | 12 | |||||||||
Risk-weighted assets (USD) | 17,624 | 18,588 | 16,327 | (5) | 8 | 17,624 | 16,327 | 8 | |||||||||
Leverage exposure | 45,571 | 44,240 | 40,898 | 3 | 11 | 45,571 | 40,898 | 11 | |||||||||
Leverage exposure (USD) | 44,552 | 45,636 | 41,347 | (2) | 8 | 44,552 | 41,347 | 8 |
Reconciliation of adjusted results | |||||||||||
Investment Banking & Capital Markets | |||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Adjusted results (CHF million) | |||||||||||
Net revenues | 574 | 467 | 420 | 1,972 | 1,787 | ||||||
Provision for credit losses | 0 | (9) | 0 | 20 | 0 | ||||||
Total operating expenses | 425 | 437 | 897 | 1,691 | 2,101 | ||||||
Goodwill impairment | 0 | 0 | (380) | 0 | (380) | ||||||
Restructuring expenses | 6 | (15) | (22) | (28) | (22) | ||||||
Adjusted total operating expenses | 431 | 422 | 495 | 1,663 | 1,699 | ||||||
Income/(loss) before taxes | 149 | 39 | (477) | 261 | (314) | ||||||
Total adjustments | (6) | 15 | 402 | 28 | 402 | ||||||
Adjusted income/(loss) before taxes | 143 | 54 | (75) | 289 | 88 | ||||||
Adjusted return on regulatory capital (%) | 22.0 | 8.6 | (13.8) | 11.9 | 4.6 | ||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
in | % change | ||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | |||||||
Global advisory and underwriting revenues (USD million) | |||||||||||
Global advisory and underwriting revenues | 1,042 | 945 | 790 | 10 | 32 | ||||||
of which advisory and other fees | 310 | 209 | 299 | 48 | 4 | ||||||
of which debt underwriting | 498 | 552 | 274 | (10) | 82 | ||||||
of which equity underwriting | 234 | 184 | 217 | 27 | 8 |
Divisional results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Net revenues | (202) | (165) | (126) | 22 | 60 | (1,271) | 511 | – | |||||||||
of which from noncontrolling interests without significant economic interest | 0 | 11 | 20 | (100) | (100) | 27 | 11 | 145 | |||||||||
Provision for credit losses | 28 | 5 | 100 | 460 | (72) | 111 | 137 | (19) | |||||||||
Compensation and benefits | 106 | 134 | 259 | (21) | (59) | 612 | 1,168 | (48) | |||||||||
General and administrative expenses | 2,254 | 514 | 640 | 339 | 252 | 3,290 | 1,539 | 114 | |||||||||
of which litigation provisions | 2,088 | 334 | 294 | – | – | 2,492 | 417 | 498 | |||||||||
Commission expenses | 4 | 13 | 41 | (69) | (90) | 54 | 163 | (67) | |||||||||
Restructuring expenses | 1 | 21 | 156 | (95) | (99) | 121 | 156 | (22) | |||||||||
Total other operating expenses | 2,259 | 548 | 837 | 312 | 170 | 3,465 | 1,858 | 86 | |||||||||
Total operating expenses | 2,365 | 682 | 1,096 | 247 | 116 | 4,077 | 3,026 | 35 | |||||||||
of which from noncontrolling interests without significant economic interest | 2 | 7 | 5 | (71) | (60) | 23 | 22 | 5 | |||||||||
Loss before taxes | (2,595) | (852) | (1,322) | 205 | 96 | (5,459) | (2,652) | 106 | |||||||||
of which from noncontrolling interests without significant economic interest | (2) | 4 | 15 | – | – | 4 | (11) | – | |||||||||
Number of employees (full-time equivalents) | |||||||||||||||||
Number of employees | 1,830 | 1,840 | 3,200 | (1) | (43) | 1,830 | 3,200 | (43) |
Divisional results (continued) | |||||||||||||||||
in | % change | in | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Net revenue detail (CHF million) | |||||||||||||||||
Restructuring of select onshore businesses | 9 | 16 | 178 | (44) | (95) | 154 | 757 | (80) | |||||||||
Legacy cross-border and small markets businesses | 41 | 46 | 68 | (11) | (40) | 194 | 291 | (33) | |||||||||
Restructuring of former Asset Management division | (34) | 2 | (64) | – | (47) | (90) | (109) | (17) | |||||||||
Legacy investment banking portfolio | (154) | (171) | (282) | (10) | (45) | (1,253) | (281) | 346 | |||||||||
Legacy funding costs | (69) | (75) | (68) | (8) | 1 | (315) | (251) | 25 | |||||||||
Other | 5 | 6 | 22 | (17) | (77) | 12 | 93 | (87) | |||||||||
Noncontrolling interests without significant economic interest | 0 | 11 | 20 | (100) | (100) | 27 | 11 | 145 | |||||||||
Net revenues | (202) | (165) | (126) | 22 | 60 | (1,271) | 511 | – | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 80,297 | 77,581 | 100,823 | 4 | (20) | 80,297 | 100,823 | (20) | |||||||||
Risk-weighted assets | 45,441 | 53,268 | 72,424 | (15) | (37) | 45,441 | 72,424 | (37) | |||||||||
Risk-weighted assets (USD) | 44,425 | 54,949 | 73,218 | (19) | (39) | 44,425 | 73,218 | (39) | |||||||||
Leverage exposure | 105,768 | 115,008 | 168,544 | (8) | (37) | 105,768 | 168,544 | (37) | |||||||||
Leverage exposure (USD) | 103,402 | 118,638 | 170,393 | (13) | (39) | 103,402 | 170,393 | (39) |
Reconciliation of adjusted results | |||||||||||
Strategic Resolution Unit | |||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Adjusted results (CHF million) | |||||||||||
Net revenues | (202) | (165) | (126) | (1,271) | 511 | ||||||
Real estate gains | (4) | 0 | 0 | (4) | 0 | ||||||
Losses on business sales | 2 | 0 | 0 | 6 | 0 | ||||||
Adjusted net revenues | (204) | (165) | (126) | (1,269) | 511 | ||||||
Provision for credit losses | 28 | 5 | 100 | 111 | 137 | ||||||
Total operating expenses | 2,365 | 682 | 1,096 | 4,077 | 3,026 | ||||||
Restructuring expenses | (1) | (21) | (156) | (121) | (156) | ||||||
Major litigation provisions | (2,075) | (318) | (255) | (2,393) | (290) | ||||||
Adjusted total operating expenses | 289 | 343 | 685 | 1,563 | 2,580 | ||||||
Loss before taxes | (2,595) | (852) | (1,322) | (5,459) | (2,652) | ||||||
Total adjustments | 2,074 | 339 | 411 | 2,516 | 446 | ||||||
Adjusted loss before taxes | (521) | (513) | (911) | (2,943) | (2,206) | ||||||
Adjusted results are non-GAAP financial measures. Refer to "Adjusted results" in the Appendix for further information.
|
Corporate Center results | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | 2016 | 2015 | YoY | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||
Treasury results | (75) | 68 | (115) | – | (35) | (160) | 69 | – | |||||||||
Fair value gains/(losses) from movements in own credit spreads 1 | 0 | 0 | (697) | – | 100 | 0 | 298 | (100) | |||||||||
Other | 59 | 4 | 64 | – | (8) | 231 | 194 | 19 | |||||||||
Net revenues | (16) | 72 | (748) | – | (98) | 71 | 561 | (87) | |||||||||
Provision for credit losses | 0 | 0 | (2) | – | 100 | (1) | (1) | 0 | |||||||||
Compensation and benefits | 122 | 185 | 134 | (34) | (9) | 277 | 351 | (21) | |||||||||
General and administrative expenses | 101 | 89 | 142 | 13 | (29) | 399 | 465 | (14) | |||||||||
Commission expenses | 32 | 5 | 31 | – | 3 | 76 | 46 | 65 | |||||||||
Restructuring expenses | 7 | 0 | 0 | – | – | 7 | 0 | – | |||||||||
Total other operating expenses | 140 | 94 | 173 | 49 | (19) | 482 | 511 | (6) | |||||||||
Total operating expenses | 262 | 279 | 307 | (6) | (15) | 759 | 862 | (12) | |||||||||
Loss before taxes | (278) | (207) | (1,053) | 34 | (74) | (687) | (300) | 129 | |||||||||
Expense allocation to divisions (CHF million) | |||||||||||||||||
Compensation and benefits | 719 | 745 | 742 | (3) | (3) | 2,571 | 2,571 | 0 | |||||||||
General and administrative expenses | 771 | 706 | 1,017 | 9 | (24) | 2,978 | 3,439 | (13) | |||||||||
Commission expenses | 32 | 5 | 31 | – | 3 | 76 | 46 | 65 | |||||||||
Restructuring expenses | 24 | 26 | 106 | (8) | (77) | 166 | 106 | 57 | |||||||||
Total other operating expenses | 827 | 737 | 1,154 | 12 | (28) | 3,220 | 3,591 | (10) | |||||||||
Total operating expenses before allocation to divisions | 1,546 | 1,482 | 1,896 | 4 | (18) | 5,791 | 6,162 | (6) | |||||||||
Net allocation to divisions | 1,284 | 1,203 | 1,589 | 7 | (19) | 5,032 | 5,300 | (5) | |||||||||
of which Swiss Universal Bank | 279 | 239 | 377 | 17 | (26) | 1,021 | 1,217 | (16) | |||||||||
of which International Wealth Management | 210 | 195 | 235 | 8 | (11) | 789 | 798 | (1) | |||||||||
of which Asia Pacific | 161 | 185 | 170 | (13) | (5) | 669 | 648 | 3 | |||||||||
of which Global Markets | 444 | 397 | 522 | 12 | (15) | 1,732 | 1,698 | 2 | |||||||||
of which Investment Banking & Capital Markets | 72 | 70 | 85 | 3 | (15) | 279 | 262 | 6 | |||||||||
of which Strategic Resolution Unit | 118 | 117 | 200 | 1 | (41) | 542 | 677 | (20) | |||||||||
Total operating expenses | 262 | 279 | 307 | (6) | (15) | 759 | 862 | (12) | |||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||
Total assets | 62,385 | 62,007 | 64,621 | 1 | (3) | 62,385 | 64,621 | (3) | |||||||||
Risk-weighted assets 2 | 17,338 | 16,756 | 18,467 | 3 | (6) | 17,338 | 18,467 | (6) | |||||||||
Leverage exposure 2 | 59,374 | 59,154 | 63,090 | 0 | (6) | 59,374 | 63,090 | (6) | |||||||||
1
We early adopted certain sections of ASU 2016-01 which require that changes in fair value relating to the instrument-specific credit risk of fair value option-elected financial liabilities be presented separately in accumulated other comprehensive income. Therefore, fair value gains or losses from movements in own credit spreads are no longer recorded in the Corporate Center beginning in 1Q16.
|
|||||||||||||||||
2
Disclosed on a look-through basis.
|
Assets under management | |||||||||||
end of | % change | ||||||||||
4Q16 | 3Q16 | 4Q15 | QoQ | YoY | |||||||
Assets under management (CHF billion) | |||||||||||
Swiss Universal Bank - Private Banking | 242.9 | 244.5 | 241.0 | (0.7) | 0.8 | ||||||
Swiss Universal Bank - Corporate & Institutional Banking | 288.6 | 284.6 | 275.8 | 1.4 | 4.6 | ||||||
International Wealth Management - Private Banking | 323.2 | 311.4 | 289.6 | 3.8 | 11.6 | ||||||
International Wealth Management - Asset Management | 321.6 | 324.3 | 321.3 | (0.8) | 0.1 | ||||||
Asia Pacific - Private Banking | 168.3 | 169.0 | 150.4 | (0.4) | 11.9 | ||||||
Strategic Resolution Unit | 13.7 | 17.8 | 27.3 | (23.0) | (49.8) | ||||||
Assets managed across businesses 1 | (105.8) | (96.4) | (91.3) | 9.8 | 15.9 | ||||||
Assets under management | 1,252.5 | 1,255.2 | 1,214.1 | (0.2) | 3.2 | ||||||
of which discretionary assets | 404.2 | 411.2 | 410.1 | (1.7) | (1.4) | ||||||
of which advisory assets | 848.3 | 844.0 | 804.0 | 0.5 | 5.5 | ||||||
1
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
Net new assets | |||||||||||
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Net new assets (CHF billion) | |||||||||||
Swiss Universal Bank – Private Banking | (3.5) | 0.2 | (2.9) | (1.7) | 3.2 | ||||||
Swiss Universal Bank – Corporate & Institutional Banking | 2.5 | (1.2) | 4.2 | 4.3 | 10.6 | ||||||
International Wealth Managment – Private Banking | 0.4 | 4.4 | (4.2) | 15.6 | (3.0) | ||||||
International Wealth Managment – Asset Management 1 | (4.4) | 5.0 | 3.6 | 5.6 | 26.5 | ||||||
Asia Pacific – Private Banking | 0.7 | 4.6 | 3.0 | 14.6 | 17.8 | ||||||
Strategic Resolution Unit | (2.9) | (1.9) | (2.3) | (8.5) | (4.0) | ||||||
Assets managed across businesses 2 | 0.5 | 0.8 | 0.7 | (2.1) | (4.2) | ||||||
Net new assets | (6.7) | 11.9 | 2.1 | 27.8 | 46.9 | ||||||
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||||||
2
Represents assets managed by Asset Management within International Wealth Management for the other businesses.
|
BIS capital and leverage metrics | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 4Q16 | 3Q16 | 4Q15 | 4Q16 | 3Q16 | 4Q15 | |||||||
Capital metrics (%, except where indicated) | |||||||||||||
Risk-weighted assets (CHF billion) | 271.4 | 273.8 | 295.0 | 268.0 | 270.5 | 289.9 | |||||||
CET1 ratio | 13.6 | 14.1 | 14.3 | 11.6 | 12.0 | 11.4 | |||||||
Tier 1 ratio | 18.1 | 18.3 | 18.0 | 15.7 | 16.0 | 15.4 | |||||||
Total capital ratio | 20.6 | 20.8 | 21.3 | 17.6 | 17.8 | 17.7 |
Leverage metrics (%, except where indicated) | |||||||||||||
Leverage exposure (CHF billion) | 957.1 | 955.0 | 993.5 | 950.8 | 948.7 | 987.6 | |||||||
CET1 leverage ratio | 3.9 | 4.0 | 4.2 | 3.3 | 3.4 | 3.3 | |||||||
Tier 1 leverage ratio | 5.1 | 5.2 | 5.3 | 4.4 | 4.6 | 4.5 | |||||||
Refer to the Appendix for additional information on BIS and Swiss capital and leverage metrics.
|
Overview of Results | |||||||||||||||||||
in / end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Strategic Resolution Unit |
Credit Suisse |
||||||||||
4Q16 (CHF million) | |||||||||||||||||||
Net revenues | 1,399 | 1,299 | 862 | 1,265 | 574 | (16) | 5,383 | (202) | 5,181 | ||||||||||
Provision for credit losses | 34 | 6 | 11 | (4) | 0 | 0 | 47 | 28 | 75 | ||||||||||
Compensation and benefits | 497 | 565 | 429 | 634 | 329 | 122 | 2,576 | 106 | 2,682 | ||||||||||
Total other operating expenses | 486 | 397 | 319 | 630 | 96 | 140 | 2,068 | 2,259 | 4,327 | ||||||||||
of which general and administrative expenses | 416 | 318 | 219 | 475 | 101 | 101 | 1,630 | 2,254 | 3,884 | ||||||||||
of which restructuring expenses | (3) | 16 | 19 | 15 | (6) | 7 | 48 | 1 | 49 | ||||||||||
Total operating expenses | 983 | 962 | 748 | 1,264 | 425 | 262 | 4,644 | 2,365 | 7,009 | ||||||||||
Income/(loss) before taxes | 382 | 331 | 103 | 5 | 149 | (278) | 692 | (2,595) | (1,903) | ||||||||||
Return on regulatory capital (%) | 12.2 | 27.0 | 7.6 | 0.3 | 22.9 | – | 6.6 | – | (16.0) | ||||||||||
Cost/income ratio (%) | 70.3 | 74.1 | 86.8 | 99.9 | 74.0 | – | 86.3 | – | 135.3 | ||||||||||
Total assets | 228,363 | 91,083 | 97,221 | 239,700 | 20,784 | 62,385 | 739,536 | 80,297 | 819,833 | ||||||||||
Goodwill | 623 | 1,612 | 1,546 | 476 | 656 | 0 | 4,913 | 0 | 4,913 | ||||||||||
Risk-weighted assets 1 | 65,669 | 35,252 | 34,605 | 51,713 | 18,027 | 17,338 | 222,604 | 45,441 | 268,045 | ||||||||||
Leverage exposure 1 | 252,889 | 94,092 | 108,926 | 284,143 | 45,571 | 59,374 | 844,995 | 105,768 | 950,763 | ||||||||||
3Q16 (CHF million) | |||||||||||||||||||
Net revenues | 1,667 | 1,081 | 917 | 1,357 | 467 | 72 | 5,561 | (165) | 5,396 | ||||||||||
Provision for credit losses | 30 | 0 | 34 | (5) | (9) | 0 | 50 | 5 | 55 | ||||||||||
Compensation and benefits | 474 | 513 | 413 | 642 | 313 | 185 | 2,540 | 134 | 2,674 | ||||||||||
Total other operating expenses | 405 | 323 | 318 | 633 | 124 | 94 | 1,897 | 548 | 2,445 | ||||||||||
of which general and administrative expenses | 320 | 256 | 224 | 466 | 109 | 89 | 1,464 | 514 | 1,978 | ||||||||||
of which restructuring expenses | 19 | 15 | 23 | 52 | 15 | 0 | 124 | 21 | 145 | ||||||||||
Total operating expenses | 879 | 836 | 731 | 1,275 | 437 | 279 | 4,437 | 682 | 5,119 | ||||||||||
Income/(loss) before taxes | 758 | 245 | 152 | 87 | 39 | (207) | 1,074 | (852) | 222 | ||||||||||
Return on regulatory capital (%) | 24.7 | 20.5 | 11.3 | 2.5 | 6.1 | – | 10.4 | – | 1.8 | ||||||||||
Cost/income ratio (%) | 52.7 | 77.3 | 79.7 | 94.0 | 93.6 | – | 79.8 | – | 94.9 | ||||||||||
Total assets | 222,164 | 86,457 | 93,079 | 245,492 | 19,931 | 62,007 | 729,130 | 77,581 | 806,711 | ||||||||||
Goodwill | 607 | 1,532 | 1,500 | 457 | 629 | 0 | 4,725 | 0 | 4,725 | ||||||||||
Risk-weighted assets 1 | 65,571 | 33,457 | 32,264 | 51,127 | 18,019 | 16,756 | 217,194 | 53,268 | 270,462 | ||||||||||
Leverage exposure 1 | 246,254 | 88,899 | 108,495 | 286,694 | 44,240 | 59,154 | 833,736 | 115,008 | 948,744 | ||||||||||
4Q15 (CHF million) | |||||||||||||||||||
Net revenues | 1,495 | 1,173 | 826 | 1,170 | 420 | (748) | 4,336 | (126) | 4,210 | ||||||||||
Provision for credit losses | 43 | (7) | 3 | (4) | 0 | (2) | 33 | 100 | 133 | ||||||||||
Compensation and benefits | 535 | 540 | 390 | 924 | 367 | 134 | 2,890 | 259 | 3,149 | ||||||||||
Total other operating expenses | 553 | 664 | 1,050 | 3,562 | 530 | 173 | 6,532 | 837 | 7,369 | ||||||||||
of which general and administrative expenses | 438 | 568 | 225 | 667 | 128 | 142 | 2,168 | 640 | 2,808 | ||||||||||
of which goodwill impairment | 0 | 0 | 756 | 2,661 | 380 | 0 | 3,797 | 0 | 3,797 | ||||||||||
of which restructuring expenses | 42 | 36 | 3 | 96 | 22 | 0 | 199 | 156 | 355 | ||||||||||
Total operating expenses | 1,088 | 1,204 | 1,440 | 4,486 | 897 | 307 | 9,422 | 1,096 | 10,518 | ||||||||||
Income/(loss) before taxes | 364 | (24) | (617) | (3,312) | (477) | (1,053) | (5,119) | (1,322) | (6,441) | ||||||||||
Return on regulatory capital (%) | 12.3 | (1.9) | (49.7) | (90.3) | (85.4) | – | (49.0) | – | (50.7) | ||||||||||
Cost/income ratio (%) | 72.8 | 102.6 | 174.3 | 383.4 | 213.6 | – | 217.3 | – | 249.8 | ||||||||||
Total assets | 220,359 | 96,085 | 85,929 | 234,276 | 18,712 | 64,621 | 719,982 | 100,823 | 820,805 | ||||||||||
Goodwill | 610 | 1,573 | 1,522 | 464 | 639 | 0 | 4,808 | 0 | 4,808 | ||||||||||
Risk-weighted assets 1 | 60,352 | 32,880 | 26,835 | 62,838 | 16,150 | 18,467 | 217,522 | 72,424 | 289,946 | ||||||||||
Leverage exposure 1 | 238,180 | 101,628 | 98,632 | 276,656 | 40,898 | 63,090 | 819,084 | 168,544 | 987,628 | ||||||||||
1
Disclosed on a look-through basis.
|
Overview of Results (continued) | |||||||||||||||||||
in / end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Strategic Resolution Unit |
Credit Suisse |
||||||||||
2016 (CHF million) | |||||||||||||||||||
Net revenues | 5,759 | 4,698 | 3,597 | 5,497 | 1,972 | 71 | 21,594 | (1,271) | 20,323 | ||||||||||
Provision for credit losses | 79 | 20 | 26 | (3) | 20 | (1) | 141 | 111 | 252 | ||||||||||
Compensation and benefits | 1,937 | 2,119 | 1,665 | 2,725 | 1,237 | 277 | 9,960 | 612 | 10,572 | ||||||||||
Total other operating expenses | 1,718 | 1,438 | 1,181 | 2,727 | 454 | 482 | 8,000 | 3,465 | 11,465 | ||||||||||
of which general and administrative expenses | 1,375 | 1,145 | 836 | 2,001 | 424 | 399 | 6,180 | 3,290 | 9,470 | ||||||||||
of which restructuring expenses | 60 | 54 | 53 | 217 | 28 | 7 | 419 | 121 | 540 | ||||||||||
Total operating expenses | 3,655 | 3,557 | 2,846 | 5,452 | 1,691 | 759 | 17,960 | 4,077 | 22,037 | ||||||||||
Income/(loss) before taxes | 2,025 | 1,121 | 725 | 48 | 261 | (687) | 3,493 | (5,459) | (1,966) | ||||||||||
Return on regulatory capital (%) | 16.5 | 23.3 | 13.7 | 0.4 | 10.7 | – | 8.5 | – | (4.1) | ||||||||||
Cost/income ratio (%) | 63.5 | 75.7 | 79.1 | 99.2 | 85.8 | – | 83.2 | – | 108.4 | ||||||||||
2015 (CHF million) | |||||||||||||||||||
Net revenues | 5,721 | 4,552 | 3,839 | 6,826 | 1,787 | 561 | 23,286 | 511 | 23,797 | ||||||||||
Provision for credit losses | 138 | 5 | 35 | 10 | 0 | (1) | 187 | 137 | 324 | ||||||||||
Compensation and benefits | 1,985 | 2,115 | 1,557 | 3,105 | 1,265 | 351 | 10,378 | 1,168 | 11,546 | ||||||||||
Total other operating expenses | 1,923 | 1,709 | 1,870 | 5,642 | 836 | 511 | 12,491 | 1,858 | 14,349 | ||||||||||
of which general and administrative expenses | 1,597 | 1,429 | 790 | 2,322 | 432 | 465 | 7,035 | 1,539 | 8,574 | ||||||||||
of which goodwill impairment | 0 | 0 | 756 | 2,661 | 380 | 0 | 3,797 | 0 | 3,797 | ||||||||||
of which restructuring expenses | 42 | 36 | 3 | 96 | 22 | 0 | 199 | 156 | 355 | ||||||||||
Total operating expenses | 3,908 | 3,824 | 3,427 | 8,747 | 2,101 | 862 | 22,869 | 3,026 | 25,895 | ||||||||||
Income/(loss) before taxes | 1,675 | 723 | 377 | (1,931) | (314) | (300) | 230 | (2,652) | (2,422) | ||||||||||
Return on regulatory capital (%) | 13.8 | 15.4 | 6.7 | (11.2) | (15.4) | – | 0.5 | – | (4.5) | ||||||||||
Cost/income ratio (%) | 68.3 | 84.0 | 89.3 | 128.1 | 117.6 | – | 98.2 | – | 108.8 |
Reconciliation of adjusted results | |||||||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Strategic Resolution Unit |
Credit Suisse |
||||||||||
4Q16 (CHF million) | |||||||||||||||||||
Net revenues | 1,399 | 1,299 | 862 | 1,265 | 574 | (16) | 5,383 | (202) | 5,181 | ||||||||||
Real estate gains | (20) | (54) | 0 | 0 | 0 | 0 | (74) | (4) | (78) | ||||||||||
Losses on business sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | ||||||||||
Net revenues adjusted | 1,379 | 1,245 | 862 | 1,265 | 574 | (16) | 5,309 | (204) | 5,105 | ||||||||||
Provision for credit losses | 34 | 6 | 11 | (4) | 0 | 0 | 47 | 28 | 75 | ||||||||||
Total operating expenses | 983 | 962 | 748 | 1,264 | 425 | 262 | 4,644 | 2,365 | 7,009 | ||||||||||
Restructuring expenses | 3 | (16) | (19) | (15) | 6 | (7) | (48) | (1) | (49) | ||||||||||
Major litigation provisions | (19) | (7) | 0 | 0 | 0 | 0 | (26) | (2,075) | (2,101) | ||||||||||
Total operating expenses adjusted | 967 | 939 | 729 | 1,249 | 431 | 255 | 4,570 | 289 | 4,859 | ||||||||||
Income/(loss) before taxes | 382 | 331 | 103 | 5 | 149 | (278) | 692 | (2,595) | (1,903) | ||||||||||
Total adjustments | (4) | (31) | 19 | 15 | (6) | 7 | 0 | 2,074 | 2,074 | ||||||||||
Adjusted income/(loss) before taxes | 378 | 300 | 122 | 20 | 143 | (271) | 692 | (521) | 171 | ||||||||||
Adjusted return on regulatory capital (%) | 12.1 | 24.4 | 9.0 | 0.7 | 22.0 | – | 6.6 | – | 1.4 |
3Q16 (CHF million) | |||||||||||||||||||
Net revenues | 1,667 | 1,081 | 917 | 1,357 | 467 | 72 | 5,561 | (165) | 5,396 | ||||||||||
Real estate gains | (346) | 0 | 0 | 0 | 0 | 0 | (346) | 0 | (346) | ||||||||||
Net revenues adjusted | 1,321 | 1,081 | 917 | 1,357 | 467 | 72 | 5,215 | (165) | 5,050 | ||||||||||
Provision for credit losses | 30 | 0 | 34 | (5) | (9) | 0 | 50 | 5 | 55 | ||||||||||
Total operating expenses | 879 | 836 | 731 | 1,275 | 437 | 279 | 4,437 | 682 | 5,119 | ||||||||||
Restructuring expenses | (19) | (15) | (23) | (52) | (15) | 0 | (124) | (21) | (145) | ||||||||||
Major litigation provisions | 0 | 19 | 0 | (7) | 0 | 0 | 12 | (318) | (306) | ||||||||||
Total operating expenses adjusted | 860 | 840 | 708 | 1,216 | 422 | 279 | 4,325 | 343 | 4,668 | ||||||||||
Income/(loss) before taxes | 758 | 245 | 152 | 87 | 39 | (207) | 1,074 | (852) | 222 | ||||||||||
Total adjustments | (327) | (4) | 23 | 59 | 15 | 0 | (234) | 339 | 105 | ||||||||||
Adjusted income/(loss) before taxes | 431 | 241 | 175 | 146 | 54 | (207) | 840 | (513) | 327 | ||||||||||
Adjusted return on regulatory capital (%) | 14.0 | 20.1 | 12.9 | 4.1 | 8.6 | – | 8.1 | – | 2.7 |
4Q15 (CHF million) | |||||||||||||||||||
Net revenues | 1,495 | 1,173 | 826 | 1,170 | 420 | (748) | 4,336 | (126) | 4,210 | ||||||||||
Fair value on own debt | – | – | – | – | – | 697 | 697 | – | 697 | ||||||||||
Real estate gains | (72) | 0 | 0 | 0 | 0 | 0 | (72) | 0 | (72) | ||||||||||
Gains on business sales | (23) | (11) | 0 | 0 | 0 | 0 | (34) | 0 | (34) | ||||||||||
Net revenues adjusted | 1,400 | 1,162 | 826 | 1,170 | 420 | (51) | 4,927 | (126) | 4,801 | ||||||||||
Provision for credit losses | 43 | (7) | 3 | (4) | 0 | (2) | 33 | 100 | 133 | ||||||||||
Total operating expenses | 1,088 | 1,204 | 1,440 | 4,486 | 897 | 307 | 9,422 | 1,096 | 10,518 | ||||||||||
Goodwill impairment | 0 | 0 | (756) | (2,661) | (380) | 0 | (3,797) | 0 | (3,797) | ||||||||||
Restructuring expenses | (42) | (36) | (3) | (96) | (22) | 0 | (199) | (156) | (355) | ||||||||||
Major litigation provisions | (25) | (228) | (6) | (50) | 0 | 0 | (309) | (255) | (564) | ||||||||||
Total operating expenses adjusted | 1,021 | 940 | 675 | 1,679 | 495 | 307 | 5,117 | 685 | 5,802 | ||||||||||
Income/(loss) before taxes | 364 | (24) | (617) | (3,312) | (477) | (1,053) | (5,119) | (1,322) | (6,441) | ||||||||||
Total adjustments | (28) | 253 | 765 | 2,807 | 402 | 697 | 4,896 | 411 | 5,307 | ||||||||||
Adjusted income/(loss) before taxes | 336 | 229 | 148 | (505) | (75) | (356) | (223) | (911) | (1,134) | ||||||||||
Adjusted return on regulatory capital (%) | 11.4 | 18.8 | 11.7 | (13.7) | (13.8) | – | (2.1) | – | (8.9) | ||||||||||
Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology used to calculate return on regulatory capital.
|
Reconciliation of adjusted results | |||||||||||||||||||
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Strategic Resolution Unit |
Credit Suisse |
||||||||||
2016 (CHF million) | |||||||||||||||||||
Net revenues | 5,759 | 4,698 | 3,597 | 5,497 | 1,972 | 71 | 21,594 | (1,271) | 20,323 | ||||||||||
Real estate gains | (366) | (54) | 0 | 0 | 0 | 0 | (420) | (4) | (424) | ||||||||||
Losses on business sales | 0 | 0 | 0 | 0 | 0 | 52 | 52 | 6 | 58 | ||||||||||
Net revenues adjusted | 5,393 | 4,644 | 3,597 | 5,497 | 1,972 | 123 | 21,226 | (1,269) | 19,957 | ||||||||||
Provision for credit losses | 79 | 20 | 26 | (3) | 20 | (1) | 141 | 111 | 252 | ||||||||||
Total operating expenses | 3,655 | 3,557 | 2,846 | 5,452 | 1,691 | 759 | 17,960 | 4,077 | 22,037 | ||||||||||
Restructuring expenses | (60) | (54) | (53) | (217) | (28) | (7) | (419) | (121) | (540) | ||||||||||
Major litigation provisions | (19) | 12 | 0 | (7) | 0 | 0 | (14) | (2,393) | (2,407) | ||||||||||
Total operating expenses adjusted | 3,576 | 3,515 | 2,793 | 5,228 | 1,663 | 752 | 17,527 | 1,563 | 19,090 | ||||||||||
Income/(loss) before taxes | 2,025 | 1,121 | 725 | 48 | 261 | (687) | 3,493 | (5,459) | (1,966) | ||||||||||
Total adjustments | (287) | (12) | 53 | 224 | 28 | 59 | 65 | 2,516 | 2,581 | ||||||||||
Adjusted income/(loss) before taxes | 1,738 | 1,109 | 778 | 272 | 289 | (628) | 3,558 | (2,943) | 615 | ||||||||||
Adjusted return on regulatory capital (%) | 14.2 | 23.1 | 14.8 | 2.0 | 11.9 | – | 8.6 | – | 1.3 |
2015 (CHF million) | |||||||||||||||||||
Net revenues | 5,721 | 4,552 | 3,839 | 6,826 | 1,787 | 561 | 23,286 | 511 | 23,797 | ||||||||||
Fair value on own debt | – | – | – | – | – | (298) | (298) | – | (298) | ||||||||||
Real estate gains | (95) | 0 | 0 | 0 | 0 | 0 | (95) | 0 | (95) | ||||||||||
Gains on business sales | (23) | (11) | 0 | 0 | 0 | 0 | (34) | 0 | (34) | ||||||||||
Net revenues adjusted | 5,603 | 4,541 | 3,839 | 6,826 | 1,787 | 263 | 22,859 | 511 | 23,370 | ||||||||||
Provision for credit losses | 138 | 5 | 35 | 10 | 0 | (1) | 187 | 137 | 324 | ||||||||||
Total operating expenses | 3,908 | 3,824 | 3,427 | 8,747 | 2,101 | 862 | 22,869 | 3,026 | 25,895 | ||||||||||
Goodwill impairment | 0 | 0 | (756) | (2,661) | (380) | 0 | (3,797) | 0 | (3,797) | ||||||||||
Restructuring expenses | (42) | (36) | (3) | (96) | (22) | 0 | (199) | (156) | (355) | ||||||||||
Major litigation provisions | (25) | (268) | (6) | (231) | 0 | 0 | (530) | (290) | (820) | ||||||||||
Total operating expenses adjusted | 3,841 | 3,520 | 2,662 | 5,759 | 1,699 | 862 | 18,343 | 2,580 | 20,923 | ||||||||||
Income/(loss) before taxes | 1,675 | 723 | 377 | (1,931) | (314) | (300) | 230 | (2,652) | (2,422) | ||||||||||
Total adjustments | (51) | 293 | 765 | 2,988 | 402 | (298) | 4,099 | 446 | 4,545 | ||||||||||
Adjusted income/(loss) before taxes | 1,624 | 1,016 | 1,142 | 1,057 | 88 | (598) | 4,329 | (2,206) | 2,123 | ||||||||||
Adjusted return on regulatory capital (%) | 13.4 | 21.7 | 20.4 | 6.7 | 4.6 | – | 10.0 | – | 4.0 | ||||||||||
Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology used to calculate return on regulatory capital.
|
in | 4Q16 | 3Q16 | 4Q15 | ||||||||||||||||
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Core Results |
Core Results |
|||||||||||
Related to private banking (CHF million) | |||||||||||||||||||
Net revenues | 858 | 918 | 372 | – | – | – | 2,148 | 2,295 | 2,042 | ||||||||||
of which net interest income | 454 | 353 | 166 | – | – | – | 973 | 931 | 871 | ||||||||||
of which recurring | 253 | 277 | 92 | – | – | – | 622 | 577 | 600 | ||||||||||
of which transaction-based | 131 | 235 | 114 | – | – | – | 480 | 442 | 483 | ||||||||||
Provision for credit losses | 10 | 6 | 9 | – | – | – | 25 | 51 | 2 | ||||||||||
Total operating expenses | 654 | 684 | 267 | – | – | – | 1,605 | 1,438 | 1,886 | ||||||||||
Income before taxes | 194 | 228 | 96 | – | – | – | 518 | 806 | 154 | ||||||||||
Related to corporate & institutional banking | |||||||||||||||||||
Net revenues | 541 | – | – | – | – | – | 541 | 507 | 532 | ||||||||||
of which net interest income | 291 | – | – | – | – | – | 291 | 278 | 288 | ||||||||||
of which recurring | 125 | – | – | – | – | – | 125 | 118 | 116 | ||||||||||
of which transaction-based | 139 | – | – | – | – | – | 139 | 124 | 128 | ||||||||||
Provision for credit losses | 24 | – | – | – | – | – | 24 | 17 | 29 | ||||||||||
Total operating expenses | 329 | – | – | – | – | – | 329 | 276 | 304 | ||||||||||
Income before taxes | 188 | – | – | – | – | – | 188 | 214 | 199 | ||||||||||
Related to investment banking | |||||||||||||||||||
Net revenues | – | – | 490 | 1,265 | 574 | – | 2,329 | 2,395 | 2,145 | ||||||||||
of which fixed income sales and trading | – | – | 70 | 567 | – | – | 637 | 902 | 498 | ||||||||||
of which equity sales and trading | – | – | 340 | 508 | – | – | 848 | 690 | 973 | ||||||||||
of which underwriting and advisory 1 | – | – | 115 | 243 | 595 | – | 953 | 875 | 859 | ||||||||||
Provision for credit losses | – | – | 2 | (4) | 0 | – | (2) | (18) | 4 | ||||||||||
Total operating expenses | – | – | 481 | 1,264 | 425 | – | 2,170 | 2,201 | 6,595 | ||||||||||
Income/(loss) before taxes | – | – | 7 | 5 | 149 | – | 161 | 212 | (4,454) | ||||||||||
Related to asset management | |||||||||||||||||||
Net revenues | – | 381 | – | – | – | – | 381 | 292 | 365 | ||||||||||
Total operating expenses | – | 278 | – | – | – | – | 278 | 243 | 330 | ||||||||||
Income before taxes | – | 103 | – | – | – | – | 103 | 49 | 35 | ||||||||||
Related to corporate center | |||||||||||||||||||
Net revenues | – | – | – | – | – | (16) | (16) | 72 | (748) | ||||||||||
Provision for credit losses | – | – | – | – | – | 0 | 0 | 0 | (2) | ||||||||||
Total operating expenses | – | – | – | – | – | 262 | 262 | 279 | 307 | ||||||||||
Loss before taxes | – | – | – | – | – | (278) | (278) | (207) | (1,053) | ||||||||||
Total | |||||||||||||||||||
Net revenues | 1,399 | 1,299 | 862 | 1,265 | 574 | (16) | 5,383 | 5,561 | 4,336 | ||||||||||
Provision for credit losses | 34 | 6 | 11 | (4) | 0 | 0 | 47 | 50 | 33 | ||||||||||
Total operating expenses | 983 | 962 | 748 | 1,264 | 425 | 262 | 4,644 | 4,437 | 9,422 | ||||||||||
Income/(loss) before taxes | 382 | 331 | 103 | 5 | 149 | (278) | 692 | 1,074 | (5,119) | ||||||||||
1
Certain transaction-based revenues in Swiss Universal Bank and certain fixed income and equity sales and trading revenues in Global Markets relate to the Group’s global advisory and underwriting business. Refer to “Global advisory and underwriting revenues” in Investment Banking & Capital Markets for further information.
|
Core Results by business activity (continued) | |||||||||||||||||
in | 2016 | 2015 | |||||||||||||||
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Corporate Center |
Core Results |
Core Results |
||||||||||
Related to private banking (CHF million) | |||||||||||||||||
Net revenues | 3,704 | 3,371 | 1,374 | – | – | – | 8,449 | 8,098 | |||||||||
of which net interest income | 1,801 | 1,308 | 602 | – | – | – | 3,711 | 3,221 | |||||||||
of which recurring | 971 | 1,093 | 302 | – | – | – | 2,366 | 2,523 | |||||||||
of which transaction-based | 564 | 922 | 486 | – | – | – | 1,972 | 2,225 | |||||||||
Provision for credit losses | 39 | 20 | 32 | – | – | – | 91 | 72 | |||||||||
Total operating expenses | 2,471 | 2,510 | 970 | – | – | – | 5,951 | 6,266 | |||||||||
Income before taxes | 1,194 | 841 | 372 | – | – | – | 2,407 | 1,760 | |||||||||
Related to corporate & institutional banking | |||||||||||||||||
Net revenues | 2,055 | – | – | – | – | – | 2,055 | 2,025 | |||||||||
of which net interest income | 1,083 | – | – | – | – | – | 1,083 | 987 | |||||||||
of which recurring | 475 | – | – | – | – | – | 475 | 467 | |||||||||
of which transaction-based | 548 | – | – | – | – | – | 548 | 593 | |||||||||
Provision for credit losses | 40 | – | – | – | – | – | 40 | 89 | |||||||||
Total operating expenses | 1,184 | – | – | – | – | – | 1,184 | 1,136 | |||||||||
Income before taxes | 831 | – | – | – | – | – | 831 | 800 | |||||||||
Related to investment banking | |||||||||||||||||
Net revenues | – | – | 2,223 | 5,497 | 1,972 | – | 9,692 | 11,274 | |||||||||
of which fixed income sales and trading | – | – | 635 | 2,516 | – | – | 3,151 | 3,894 | |||||||||
of which equity sales and trading | – | – | 1,314 | 2,181 | – | – | 3,495 | 4,610 | |||||||||
of which underwriting and advisory 1 | – | – | 402 | 970 | 2,095 | – | 3,467 | 3,178 | |||||||||
Provision for credit losses | – | – | (6) | (3) | 20 | – | 11 | 27 | |||||||||
Total operating expenses | – | – | 1,876 | 5,452 | 1,691 | – | 9,019 | 13,459 | |||||||||
Income/(loss) before taxes | – | – | 353 | 48 | 261 | – | 662 | (2,212) | |||||||||
Related to asset management | |||||||||||||||||
Net revenues | – | 1,327 | – | – | – | – | 1,327 | 1,328 | |||||||||
Total operating expenses | – | 1,047 | – | – | – | – | 1,047 | 1,146 | |||||||||
Income before taxes | – | 280 | – | – | – | – | 280 | 182 | |||||||||
Related to corporate center | |||||||||||||||||
Net revenues | – | – | – | – | – | 71 | 71 | 561 | |||||||||
Provision for credit losses | – | – | – | – | – | (1) | (1) | (1) | |||||||||
Total operating expenses | – | – | – | – | – | 759 | 759 | 862 | |||||||||
Loss before taxes | – | – | – | – | – | (687) | (687) | (300) | |||||||||
Total | |||||||||||||||||
Net revenues | 5,759 | 4,698 | 3,597 | 5,497 | 1,972 | 71 | 21,594 | 23,286 | |||||||||
Provision for credit losses | 79 | 20 | 26 | (3) | 20 | (1) | 141 | 187 | |||||||||
Total operating expenses | 3,655 | 3,557 | 2,846 | 5,452 | 1,691 | 759 | 17,960 | 22,869 | |||||||||
Income/(loss) before taxes | 2,025 | 1,121 | 725 | 48 | 261 | (687) | 3,493 | 230 | |||||||||
1
Certain transaction-based revenues in Swiss Universal Bank and certain fixed income and equity sales and trading revenues in Global Markets relate to the Group’s global advisory and underwriting business. Refer to “Global advisory and underwriting revenues” in Investment Banking & Capital Markets for further information.
|
BIS capital metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q16 | 3Q16 | 4Q15 | QoQ | 4Q16 | 3Q16 | 4Q15 | QoQ | |||||||||
Capital and risk-weighted assets (CHF million) | |||||||||||||||||
CET1 capital | 36,881 | 38,646 | 42,072 | (5) | 31,110 | 32,362 | 32,938 | (4) | |||||||||
Tier 1 capital | 49,170 | 50,001 | 53,063 | (2) | 42,206 | 43,263 | 44,601 | (2) | |||||||||
Total eligible capital | 56,034 | 57,044 | 62,682 | (2) | 47,085 | 48,205 | 51,425 | (2) | |||||||||
Risk-weighted assets | 271,372 | 273,779 | 294,950 | (1) | 268,045 | 270,462 | 289,946 | (1) | |||||||||
Capital ratios (%) | |||||||||||||||||
CET1 ratio | 13.6 | 14.1 | 14.3 | – | 11.6 | 12.0 | 11.4 | – | |||||||||
Tier 1 ratio | 18.1 | 18.3 | 18.0 | – | 15.7 | 16.0 | 15.4 | – | |||||||||
Total capital ratio | 20.6 | 20.8 | 21.3 | – | 17.6 | 17.8 | 17.7 | – |
BIS statistics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q16 | 3Q16 | 4Q15 | QoQ | 4Q16 | 3Q16 | 4Q15 | QoQ | |||||||||
Eligible capital (CHF million) | |||||||||||||||||
Total shareholders' equity | 42,169 | 44,276 | 44,382 | (5) | 42,169 | 44,276 | 44,382 | (5) | |||||||||
Regulatory adjustments 1 | (694) | (481) | (459) | 44 | (694) | (481) | (459) | 44 | |||||||||
Adjustments subject to phase-in | (4,594) | 2 | (5,149) | (1,851) | (11) | (10,365) | (11,433) | (10,985) | (9) | ||||||||
CET1 capital | 36,881 | 38,646 | 42,072 | (5) | 31,110 | 32,362 | 32,938 | (4) | |||||||||
Additional tier 1 instruments | 11,096 | 3 | 10,901 | 11,663 | 2 | 11,096 | 10,901 | 11,663 | 2 | ||||||||
Additional tier 1 instruments subject to phase-out 4 | 2,899 | 2,703 | 2,616 | 7 | – | – | – | – | |||||||||
Deductions from additional tier 1 capital | (1,706) | 5 | (2,249) | (3,288) | (24) | – | – | – | – | ||||||||
Additional tier 1 capital | 12,289 | 11,355 | 10,991 | 8 | 11,096 | 10,901 | 11,663 | 2 | |||||||||
Tier 1 capital | 49,170 | 50,001 | 53,063 | (2) | 42,206 | 43,263 | 44,601 | (2) | |||||||||
Tier 2 instruments | 4,879 | 6 | 4,942 | 6,824 | (1) | 4,879 | 4,942 | 6,824 | (1) | ||||||||
Tier 2 instruments subject to phase-out | 2,083 | 2,197 | 2,970 | (5) | – | – | – | – | |||||||||
Deductions from tier 2 capital | (98) | (96) | (175) | 2 | – | – | – | – | |||||||||
Tier 2 capital | 6,864 | 7,043 | 9,619 | (3) | 4,879 | 4,942 | 6,824 | (1) | |||||||||
Total eligible capital | 56,034 | 57,044 | 62,682 | (2) | 47,085 | 48,205 | 51,425 | (2) | |||||||||
1
Includes regulatory adjustments not subject to phase-in, including a cumulative dividend accrual.
|
|||||||||||||||||
2
Reflects 60% phase-in deductions, including goodwill, other intangible assets and certain deferred tax assets, and 40% of an adjustment primarily for the accounting treatment of pension plans pursuant to phase-in requirements.
|
|||||||||||||||||
3
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 6.0 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 5.1 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
|||||||||||||||||
4
Includes hybrid capital instruments that are subject to phase-out.
|
|||||||||||||||||
5
Includes 40% of goodwill and other intangible assets (CHF 2.0 billion) and other capital deductions, including the regulatory reversal of gains/(losses) due to changes in own credit risk on fair-valued financial liabilities, which will be deducted from CET1 once Basel III is fully implemented.
|
|||||||||||||||||
6
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 0.7 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 4.2 billion consists of capital instruments with a capital ratio write-down trigger of 5%.
|
Capital movement – Group | |||||
4Q16 |
Phase-in |
Look- through |
|||
CET1 capital (CHF million) | |||||
Balance at beginning of period | 38,646 | 32,362 | |||
Net loss attributable to shareholders | (2,347) | (2,347) | |||
Foreign exchange impact | 962 | 1 | 768 | ||
Other | (380) | 2 | 327 | ||
Balance at end of period | 36,881 | 31,110 | |||
Additional tier 1 capital (CHF million) | |||||
Balance at beginning of period | 11,355 | 10,901 | |||
Foreign exchange impact | 500 | 428 | |||
Other | 434 | 3 | (233) | ||
Balance at end of period | 12,289 | 11,096 | |||
Tier 2 capital (CHF million) | |||||
Balance at beginning of period | 7,043 | 4,942 | |||
Foreign exchange impact | 213 | 129 | |||
Redemptions | (59) | 0 | |||
Other | (333) | 4 | (192) | ||
Balance at end of period | 6,864 | 4,879 | |||
Eligible capital (CHF million) | |||||
Balance at end of period | 56,034 | 47,085 | |||
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||||
2
Includes the impact of a dividend accrual, which includes the assumption that 60% of the proposed dividend is distributed in shares, the net effect of share-based compensation and pensions and a change in other regulatory adjustments (e.g., the net regulatory impact of gains/(losses) on fair-valued financial liabilities due to changes in own credit risk, which will be deducted from CET1 once Basel III is fully implemented, and certain deferred tax assets).
|
|||||
3
Includes the regulatory reversal of net losses due to changes in own credit risk on fair-valued financial liabilities.
|
|||||
4
Primarily reflects negative fair value movements of tier 2 capital instruments and the impact of the prescribed amortization requirement as instruments move closer to their maturity date.
|
Risk-weighted assets – Group | |||||||||||||||||
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
Corporate Center |
Group |
|||||||||
4Q16 (CHF million) | |||||||||||||||||
Credit risk | 52,409 | 21,460 | 19,886 | 29,523 | 15,280 | 22,028 | 16,114 | 176,700 | |||||||||
Market risk | 888 | 992 | 8,808 | 8,755 | 172 | 3,567 | 66 | 23,248 | |||||||||
Operational risk | 12,068 | 12,523 | 5,836 | 13,393 | 2,575 | 19,660 | 0 | 66,055 | |||||||||
Non-counterparty risk | 304 | 277 | 75 | 42 | 0 | 186 | 4,485 | 5,369 | |||||||||
Risk-weighted assets – phase-in | 65,669 | 35,252 | 34,605 | 51,713 | 18,027 | 45,441 | 20,665 | 271,372 | |||||||||
Look-through adjustment | – | – | – | – | – | – | (3,327) | (3,327) | |||||||||
Risk-weighted assets – look-through | 65,669 | 35,252 | 34,605 | 51,713 | 18,027 | 45,441 | 17,338 | 268,045 | |||||||||
4Q15 (CHF million) | |||||||||||||||||
Credit risk | 47,989 | 18,653 | 15,214 | 33,955 | 12,856 | 45,739 | 18,792 | 193,198 | |||||||||
Market risk | 801 | 858 | 4,744 | 15,986 | 112 | 7,129 | 169 | 29,799 | |||||||||
Operational risk | 11,240 | 13,115 | 6,812 | 12,839 | 3,182 | 19,250 | 0 | 66,438 | |||||||||
Non-counterparty risk | 322 | 254 | 65 | 58 | 0 | 306 | 4,510 | 5,515 | |||||||||
Risk-weighted assets – phase-in | 60,352 | 32,880 | 26,835 | 62,838 | 16,150 | 72,424 | 23,471 | 294,950 | |||||||||
Look-through adjustment | – | – | – | – | – | – | (5,004) | (5,004) | |||||||||
Risk-weighted assets – look-through | 60,352 | 32,880 | 26,835 | 62,838 | 16,150 | 72,424 | 18,467 | 289,946 |
Risk-weighted asset movement by risk type – Group | |||||||||||||||||
4Q16 (CHF million) |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Global Markets |
Investment Banking & Capital Markets |
Strategic Resolution Unit |
Corporate Center |
Total |
|||||||||
Credit risk | |||||||||||||||||
Balance at beginning of period | 52,702 | 20,470 | 18,258 | 28,073 | 15,350 | 29,793 | 15,484 | 180,130 | |||||||||
Foreign exchange impact | 1,155 | 443 | 663 | 1,030 | 915 | 1,342 | 508 | 6,056 | |||||||||
Movements in risk levels | (3,051) | 292 | 117 | 530 | (1,077) | (8,864) | (88) | (12,141) | |||||||||
of which credit risk – book size 1 | (3,614) | (9) | (1,282) | 481 | (1,201) | (9,581) | 55 | (15,151) | |||||||||
of which credit risk – book quality 2 | 563 | 301 | 1,399 | 49 | 124 | 717 | (143) | 3,010 | |||||||||
Model and parameter updates 3 | 1,003 | 158 | (19) | 15 | (4) | (352) | 215 | 1,016 | |||||||||
Methodology and policy changes – internal 4 | 32 | (40) | 37 | (240) | 15 | 72 | 4 | (120) | |||||||||
Methodology and policy changes – external 5 | 568 | 137 | 830 | 115 | 81 | 37 | (9) | 1,759 | |||||||||
Balance at end of period – phase-in | 52,409 | 21,460 | 19,886 | 29,523 | 15,280 | 22,028 | 16,114 | 176,700 | |||||||||
Market risk | |||||||||||||||||
Balance at beginning of period | 574 | 431 | 8,154 | 9,330 | 123 | 4,236 | 202 | 23,050 | |||||||||
Foreign exchange impact | 17 | 17 | 228 | 382 | 4 | 123 | 2 | 773 | |||||||||
Movements in risk levels | 327 | 653 | 755 | (949) | 47 | (426) | (51) | 356 | |||||||||
Model and parameter updates 3 | (12) | (112) | (272) | 244 | (2) | (61) | (3) | (218) | |||||||||
Methodology and policy changes – internal 4 | (18) | 3 | (57) | (252) | 0 | (305) | (84) | (713) | |||||||||
Balance at end of period – phase-in | 888 | 992 | 8,808 | 8,755 | 172 | 3,567 | 66 | 23,248 | |||||||||
Operational risk | |||||||||||||||||
Balance at beginning of period | 11,937 | 12,289 | 5,783 | 13,679 | 2,546 | 19,000 | 0 | 65,234 | |||||||||
Model and parameter updates 3 | 100 | 202 | 40 | (329) | 22 | 660 | 0 | 695 | |||||||||
Methodology and policy changes – internal 4 | 31 | 32 | 13 | 43 | 7 | 0 | 0 | 126 | |||||||||
Balance at end of period – phase-in | 12,068 | 12,523 | 5,836 | 13,393 | 2,575 | 19,660 | 0 | 66,055 | |||||||||
Non-counterparty risk | |||||||||||||||||
Balance at beginning of period | 358 | 267 | 69 | 45 | 0 | 239 | 4,387 | 5,365 | |||||||||
Movements in risk levels | (54) | 10 | 6 | (3) | 0 | (53) | 98 | 4 | |||||||||
Balance at end of period – phase-in | 304 | 277 | 75 | 42 | 0 | 186 | 4,485 | 5,369 | |||||||||
Total | |||||||||||||||||
Balance at beginning of period | 65,571 | 33,457 | 32,264 | 51,127 | 18,019 | 53,268 | 20,073 | 273,779 | |||||||||
Foreign exchange impact | 1,172 | 460 | 891 | 1,412 | 919 | 1,465 | 510 | 6,829 | |||||||||
Movements in risk levels | (2,778) | 955 | 878 | (422) | (1,030) | (9,343) | (41) | (11,781) | |||||||||
Model and parameter updates 3 | 1,091 | 248 | (251) | (70) | 16 | 247 | 212 | 1,493 | |||||||||
Methodology and policy changes – internal 4 | 45 | (5) | (7) | (449) | 22 | (233) | (80) | (707) | |||||||||
Methodology and policy changes – external 5 | 568 | 137 | 830 | 115 | 81 | 37 | (9) | 1,759 | |||||||||
Balance at end of period – phase-in | 65,669 | 35,252 | 34,605 | 51,713 | 18,027 | 45,441 | 20,665 | 271,372 | |||||||||
Look-through adjustment 6 | – | – | – | – | – | – | (3,327) | (3,327) | |||||||||
Balance at end of period – look-through | 65,669 | 35,252 | 34,605 | 51,713 | 18,027 | 45,441 | 17,338 | 268,045 | |||||||||
1
Represents changes in portfolio size.
|
|||||||||||||||||
2
Represents changes in average risk weighting across credit risk classes.
|
|||||||||||||||||
3
Represents movements arising from updates to models and recalibrations of parameters.
|
|||||||||||||||||
4
Represents internal changes impacting how exposures are treated.
|
|||||||||||||||||
5
Represents externally prescribed regulatory changes impacting how exposures are treated.
|
|||||||||||||||||
6
The look-through adjustment impacts only credit risk within the Corporate Center. The difference between phase-in and look-through risk-weighted assets relates to transitional arrangements such as the impact from pension assets and deferred tax assets not deducted from CET1 during the phase-in period and the transitional impact from threshold-related risk-weighted assets.
|
BIS leverage metrics – Group | |||||||||||||||||
Phase-in | Look-through | ||||||||||||||||
% change | % change | ||||||||||||||||
end of | 4Q16 | 3Q16 | 4Q15 | QoQ | 4Q16 | 3Q16 | 4Q15 | QoQ | |||||||||
Capital and leverage exposure (CHF million) | |||||||||||||||||
CET1 capital | 36,881 | 38,646 | 42,072 | (5) | 31,110 | 32,362 | 32,938 | (4) | |||||||||
Tier 1 capital | 49,170 | 50,001 | 53,063 | (2) | 42,206 | 43,263 | 44,601 | (2) | |||||||||
Leverage exposure | 957,067 | 954,980 | 993,506 | 0 | 950,763 | 948,744 | 987,628 | 0 | |||||||||
Leverage ratios (%) | |||||||||||||||||
CET1 leverage ratio | 3.9 | 4.0 | 4.2 | – | 3.3 | 3.4 | 3.3 | – | |||||||||
Tier 1 leverage ratio | 5.1 | 5.2 | 5.3 | – | 4.4 | 4.6 | 4.5 | – |
Swiss capital metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 4Q16 | 3Q16 | QoQ | 4Q16 | 3Q16 | QoQ | |||||||
Swiss capital and risk-weighted assets (CHF million) | |||||||||||||
Swiss CET1 capital | 36,722 | 38,498 | (5) | 30,944 | 32,199 | (4) | |||||||
Going concern capital | 52,697 | 54,341 | (3) | 42,738 | 43,799 | (2) | |||||||
Gone concern capital | 26,783 | 26,541 | 1 | 26,340 | 26,915 | (2) | |||||||
Total loss-absorbing capacity (TLAC) | 79,480 | 80,882 | (2) | 69,078 | 70,714 | (2) | |||||||
Swiss risk-weighted assets | 272,090 | 274,513 | (1) | 268,762 | 271,159 | (1) | |||||||
Swiss capital ratios (%) | |||||||||||||
Swiss CET1 ratio | 13.5 | 14.0 | – | 11.5 | 11.9 | – | |||||||
Going concern capital ratio | 19.4 | 19.8 | – | 15.9 | 16.2 | – | |||||||
Gone concern capital ratio | 9.8 | 9.7 | – | 9.8 | 9.9 | – | |||||||
TLAC ratio | 29.2 | 29.5 | – | 25.7 | 26.1 | – |
Swiss capital and risk-weighted assets – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
end of | 4Q16 | 3Q16 | QoQ | 4Q16 | 3Q16 | QoQ | |||||||
Swiss capital (CHF million) | |||||||||||||
CET1 capital – BIS | 36,881 | 38,646 | (5) | 31,110 | 32,362 | (4) | |||||||
Swiss regulatory adjustments 1 | (159) | (148) | 7 | (166) | (163) | 2 | |||||||
Swiss CET1 capital | 36,722 | 38,498 | (5) | 30,944 | 32,199 | (4) | |||||||
Additional tier 1 high-trigger capital instruments | 6,000 | 5,793 | 4 | 6,000 | 5,793 | 4 | |||||||
Grandfathered capital instruments | 9,975 | 10,050 | (1) | 5,794 | 5,807 | 0 | |||||||
of which additional tier 1 low-trigger capital instruments | 5,096 | 5,108 | 0 | 5,096 | 5,108 | 0 | |||||||
of which tier 2 high-trigger capital instruments | 698 | 699 | 0 | 698 | 699 | 0 | |||||||
of which tier 2 low-trigger capital instruments | 4,181 | 4,243 | (1) | – | – | – | |||||||
Swiss additional tier 1 capital | 15,975 | 15,843 | 1 | 11,794 | 11,600 | 2 | |||||||
Going concern capital | 52,697 | 54,341 | (3) | 42,738 | 43,799 | (2) | |||||||
Bail-in debt instruments | 22,159 | 22,672 | (2) | 22,159 | 22,672 | (2) | |||||||
Additional tier 1 instruments subject to phase-out | 2,899 | 2,703 | 7 | – | – | – | |||||||
Tier 2 instruments subject to phase-out | 2,083 | 2,197 | (5) | – | – | – | |||||||
Tier 2 amortization component | 1,448 | 1,314 | 10 | – | – | – | |||||||
Tier 2 low-trigger capital instruments | – | – | – | 4,181 | 4,243 | (1) | |||||||
Deductions | (1,806) | (2,345) | (23) | – | – | – | |||||||
Gone concern capital | 26,783 | 26,541 | 1 | 26,340 | 26,915 | (2) | |||||||
Total loss-absorbing capacity | 79,480 | 80,882 | (2) | 69,078 | 70,714 | (2) | |||||||
Risk-weighted assets (CHF million) | |||||||||||||
Risk-weighted assets – BIS | 271,372 | 273,779 | (1) | 268,045 | 270,462 | (1) | |||||||
Swiss regulatory adjustments 2 | 718 | 734 | (2) | 717 | 697 | 3 | |||||||
Swiss risk-weighted assets | 272,090 | 274,513 | (1) | 268,762 | 271,159 | (1) | |||||||
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||||||
2
Primarily includes differences in the credit risk multiplier.
|
Swiss leverage metrics – Group | |||||||||||||
Phase-in | Look-through | ||||||||||||
% change | % change | ||||||||||||
end of | 4Q16 | 3Q16 | QoQ | 4Q16 | 3Q16 | QoQ | |||||||
Swiss capital and leverage exposure (CHF million) | |||||||||||||
Swiss CET1 capital | 36,722 | 38,498 | (5) | 30,944 | 32,199 | (4) | |||||||
Going concern capital | 52,697 | 54,341 | (3) | 42,738 | 43,799 | (2) | |||||||
Gone concern capital | 26,783 | 26,541 | 1 | 26,340 | 26,915 | (2) | |||||||
Total loss-absorbing capacity | 79,480 | 80,882 | (2) | 69,078 | 70,714 | (2) | |||||||
Leverage exposure | 957,067 | 954,980 | 0 | 950,763 | 948,744 | 0 | |||||||
Swiss leverage ratios (%) | |||||||||||||
Swiss CET1 leverage ratio | 3.8 | 4.0 | – | 3.3 | 3.4 | – | |||||||
Going concern leverage ratio | 5.5 | 5.7 | – | 4.5 | 4.6 | – | |||||||
Gone concern leverage ratio | 2.8 | 2.8 | – | 2.8 | 2.8 | – | |||||||
TLAC leverage ratio | 8.3 | 8.5 | – | 7.3 | 7.5 | – | |||||||
Rounding differences may occur.
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
Total |
||||||||
Risk management VaR (CHF million) | |||||||||||||||
4Q16 | |||||||||||||||
Average | 13 | 23 | 6 | 2 | 13 | (30) | 27 | ||||||||
Minimum | 10 | 21 | 4 | 1 | 10 | – | 1 | 24 | |||||||
Maximum | 19 | 24 | 9 | 3 | 16 | – | 1 | 31 | |||||||
End of period | 15 | 21 | 7 | 1 | 13 | (28) | 29 | ||||||||
3Q16 | |||||||||||||||
Average | 13 | 22 | 9 | 2 | 12 | (31) | 27 | ||||||||
Minimum | 9 | 20 | 6 | 1 | 10 | – | 1 | 24 | |||||||
Maximum | 16 | 24 | 14 | 3 | 16 | – | 1 | 31 | |||||||
End of period | 14 | 23 | 7 | 1 | 15 | (29) | 31 | ||||||||
4Q15 | |||||||||||||||
Average | 21 | 35 | 9 | 2 | 25 | (41) | 51 | ||||||||
Minimum | 13 | 33 | 6 | 1 | 17 | – | 1 | 43 | |||||||
Maximum | 35 | 42 | 12 | 3 | 35 | – | 1 | 60 | |||||||
End of period | 17 | 40 | 9 | 1 | 31 | (42) | 56 | ||||||||
Risk management VaR (USD million) | |||||||||||||||
4Q16 | |||||||||||||||
Average | 13 | 23 | 6 | 2 | 13 | (30) | 27 | ||||||||
Minimum | 10 | 21 | 3 | 1 | 10 | – | 1 | 23 | |||||||
Maximum | 19 | 24 | 9 | 3 | 17 | – | 1 | 32 | |||||||
End of period | 15 | 21 | 6 | 1 | 13 | (28) | 28 | ||||||||
3Q16 | |||||||||||||||
Average | 14 | 22 | 9 | 2 | 12 | (31) | 28 | ||||||||
Minimum | 9 | 21 | 6 | 1 | 10 | – | 1 | 24 | |||||||
Maximum | 16 | 25 | 14 | 3 | 17 | – | 1 | 32 | |||||||
End of period | 14 | 24 | 7 | 1 | 16 | (30) | 32 | ||||||||
4Q15 | |||||||||||||||
Average | 22 | 35 | 9 | 2 | 25 | (42) | 51 | ||||||||
Minimum | 13 | 32 | 6 | 1 | 18 | – | 1 | 44 | |||||||
Maximum | 35 | 42 | 12 | 3 | 35 | – | 1 | 61 | |||||||
End of period | 17 | 40 | 9 | 1 | 32 | (42) | 57 | ||||||||
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 | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Consolidated statements of operations (CHF million) | |||||||||||
Interest and dividend income | 3,810 | 4,222 | 4,526 | 17,374 | 19,341 | ||||||
Interest expense | (2,188) | (2,292) | (2,332) | (9,812) | (10,042) | ||||||
Net interest income | 1,622 | 1,930 | 2,194 | 7,562 | 9,299 | ||||||
Commissions and fees | 2,941 | 2,680 | 2,914 | 11,092 | 12,044 | ||||||
Trading revenues | 258 | 232 | (1,349) | 313 | 1,340 | ||||||
Other revenues | 360 | 554 | 451 | 1,356 | 1,114 | ||||||
Net revenues | 5,181 | 5,396 | 4,210 | 20,323 | 23,797 | ||||||
Provision for credit losses | 75 | 55 | 133 | 252 | 324 | ||||||
Compensation and benefits | 2,682 | 2,674 | 3,149 | 10,572 | 11,546 | ||||||
General and administrative expenses | 3,884 | 1,978 | 2,808 | 9,470 | 8,574 | ||||||
Commission expenses | 394 | 322 | 409 | 1,455 | 1,623 | ||||||
Goodwill impairment | 0 | 0 | 3,797 | 0 | 3,797 | ||||||
Restructuring expenses | 49 | 145 | 355 | 540 | 355 | ||||||
Total other operating expenses | 4,327 | 2,445 | 7,369 | 11,465 | 14,349 | ||||||
Total operating expenses | 7,009 | 5,119 | 10,518 | 22,037 | 25,895 | ||||||
Income/(loss) before taxes | (1,903) | 222 | (6,441) | (1,966) | (2,422) | ||||||
Income tax expense/(benefit) | 442 | 185 | (627) | 469 | 523 | ||||||
Net income/(loss) | (2,345) | 37 | (5,814) | (2,435) | (2,945) | ||||||
Net income/(loss) attributable to noncontrolling interests | 2 | (4) | 14 | 3 | (1) | ||||||
Net income/(loss) attributable to shareholders | (2,347) | 41 | (5,828) | (2,438) | (2,944) | ||||||
Earnings/(loss) per share (CHF) | |||||||||||
Basic earnings/(loss) per share | (1.12) | 0.02 | (3.28) | (1.19) | (1.73) | ||||||
Diluted earnings/(loss) per share | (1.12) | 0.02 | (3.28) | (1.19) | (1.73) |
end of | 4Q16 | 3Q16 | 4Q15 | ||||
Assets (CHF million) | |||||||
Cash and due from banks | 121,161 | 104,972 | 92,328 | ||||
Interest-bearing deposits with banks | 772 | 827 | 867 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 134,839 | 114,793 | 123,049 | ||||
Securities received as collateral, at fair value | 32,564 | 27,707 | 28,511 | ||||
Trading assets, at fair value | 165,150 | 183,870 | 190,737 | ||||
Investment securities | 2,489 | 2,377 | 3,090 | ||||
Other investments | 6,777 | 6,012 | 7,021 | ||||
Net loans | 275,976 | 274,606 | 272,995 | ||||
Premises and equipment | 4,711 | 4,640 | 4,644 | ||||
Goodwill | 4,913 | 4,725 | 4,808 | ||||
Other intangible assets | 213 | 192 | 196 | ||||
Brokerage receivables | 33,431 | 39,392 | 34,542 | ||||
Other assets | 36,837 | 42,598 | 58,017 | ||||
Total assets | 819,833 | 806,711 | 820,805 | ||||
Liabilities and equity (CHF million) | |||||||
Due to banks | 22,800 | 21,964 | 21,054 | ||||
Customer deposits | 355,833 | 345,148 | 342,705 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 33,016 | 32,261 | 46,598 | ||||
Obligation to return securities received as collateral, at fair value | 32,564 | 27,707 | 28,511 | ||||
Trading liabilities, at fair value | 44,930 | 47,893 | 48,971 | ||||
Short-term borrowings | 15,385 | 11,600 | 8,657 | ||||
Long-term debt | 193,315 | 195,455 | 197,608 | ||||
Brokerage payables | 39,852 | 42,188 | 39,452 | ||||
Other liabilities | 39,555 | 37,738 | 42,231 | ||||
Total liabilities | 777,250 | 761,954 | 775,787 | ||||
Common shares | 84 | 84 | 78 | ||||
Additional paid-in capital | 32,131 | 31,925 | 31,925 | ||||
Retained earnings | 26,226 | 28,573 | 29,139 | ||||
Treasury shares, at cost | 0 | (18) | (125) | ||||
Accumulated other comprehensive income/(loss) | (16,272) | (16,288) | (16,635) | ||||
Total shareholders' equity | 42,169 | 44,276 | 44,382 | ||||
Noncontrolling interests | 414 | 481 | 636 | ||||
Total equity | 42,583 | 44,757 | 45,018 | ||||
Total liabilities and equity | 819,833 | 806,711 | 820,805 |
Attributable to shareholders | |||||||||||||||||
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
Accumu- lated other compre- hensive income/ (loss) |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
4Q16 (CHF million) | |||||||||||||||||
Balance at beginning of period | 84 | 31,925 | 28,573 | (18) | (16,288) | 44,276 | 481 | 44,757 | |||||||||
Purchases of subsidiary shares from non- controlling interests, changing ownership | – | (13) | – | – | – | (13) | (6) | (19) | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (38) | (38) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 20 | 20 | |||||||||
Net income/(loss) | – | – | (2,347) | – | – | (2,347) | 2 | (2,345) | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | 16 | 16 | 8 | 24 | |||||||||
Sale of treasury shares | – | 24 | – | 2,875 | – | 2,899 | – | 2,899 | |||||||||
Repurchase of treasury shares | – | – | – | (2,865) | – | (2,865) | – | (2,865) | |||||||||
Share-based compensation, net of tax | – | 220 | 3 | – | 8 | – | 228 | – | 228 | ||||||||
Financial instruments indexed to own shares 4 | – | (19) | – | – | – | (19) | – | (19) | |||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | (53) | (53) | |||||||||
Other | – | (6) | – | – | – | (6) | – | (6) | |||||||||
Balance at end of period | 84 | 32,131 | 26,226 | 0 | (16,272) | 42,169 | 414 | 42,583 | |||||||||
2016 (CHF million) | |||||||||||||||||
Balance at beginning of period | 78 | 31,925 | 29,139 | (125) | (16,635) | 44,382 | 636 | 45,018 | |||||||||
Purchase of subsidiary shares from non- controlling interests, changing ownership | – | (13) | – | – | – | (13) | (6) | (19) | |||||||||
Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – | (103) | (103) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – | 112 | 112 | |||||||||
Net income/(loss) | – | – | (2,438) | – | – | (2,438) | 3 | (2,435) | |||||||||
Cumulative effect of accounting changes, net of tax | – | – | (475) | – | 475 | – | – | – | |||||||||
Total other comprehensive income/(loss), net of tax | – | – | – | – | (112) | (112) | (5) | (117) | |||||||||
Issuance of common shares | 6 | 1,661 | – | – | – | 1,667 | – | 1,667 | |||||||||
Sale of treasury shares | – | 7 | – | 16,160 | – | 16,167 | – | 16,167 | |||||||||
Repurchase of treasury shares | – | – | – | (16,197) | – | (16,197) | – | (16,197) | |||||||||
Share-based compensation, net of tax | – | 178 | 5 | – | 162 | – | 340 | – | 340 | ||||||||
Financial instruments indexed to own shares 4 | – | (164) | – | – | – | (164) | – | (164) | |||||||||
Dividends paid | – | (1,435) | 6 | – | – | – | (1,435) | – | (1,435) | ||||||||
Changes in scope of consolidation, net | – | – | – | – | – | – | (194) | (194) | |||||||||
Other | – | (28) | – | – | – | (28) | (29) | (57) | |||||||||
Balance at end of period | 84 | 32,131 | 26,226 | 0 | (16,272) | 42,169 | 414 | 42,583 | |||||||||
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 13 million from the excess fair value of shares delivered over recognized compensation expense.
|
|||||||||||||||||
4
Includes certain call options the Group purchased on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
|
|||||||||||||||||
5
Includes a net tax charge of CHF (110) million from the excess recognized compensation expense over fair value of shares delivered.
|
|||||||||||||||||
6
Paid out of reserves from capital contributions.
|
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income/(loss) attributable to shareholders for basic earnings per share | (2,347) | 41 | (5,828) | (2,438) | (2,944) | ||||||
Available for common shares | (2,347) | 41 | (5,828) | (2,441) | (2,958) | ||||||
Available for unvested share-based payment awards | 0 | 0 | 0 | 3 | 14 | ||||||
Diluted net income/(loss) attributable to shareholders (CHF million) | |||||||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | (2,347) | 41 | (5,828) | (2,438) | (2,944) | ||||||
Available for common shares | (2,347) | 41 | (5,828) | (2,441) | (2,958) | ||||||
Available for unvested share-based payment awards | 0 | 0 | 0 | 3 | 14 | ||||||
Weighted-average shares outstanding (million) | |||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 2,102.0 | 2,092.6 | 1,777.2 | 2,048.4 | 1,706.3 | ||||||
Dilutive share options and warrants | 0.0 | 2.8 | 0.0 | 0.0 | 0.0 | ||||||
Dilutive share awards | 0.0 | 52.9 | 0.0 | 0.0 | 0.0 | ||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 1 | 2,102.0 | 2 | 2,148.3 | 1,777.2 | 2 | 2,048.4 | 2 | 1,706.3 | 2 | ||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 0.1 | 0.2 | 19.1 | 3.0 | 25.7 | ||||||
Earnings/(loss) per share available for common shares (CHF) | |||||||||||
Basic earnings/(loss) per share available for common shares | (1.12) | 0.02 | (3.28) | (1.19) | (1.73) | ||||||
Diluted earnings/(loss) per share available for common shares | (1.12) | 0.02 | (3.28) | (1.19) | (1.73) | ||||||
1
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 12.1 million, 13.4 million, 7.9 million, 11.3 million and 7.6 million for 4Q16, 3Q16, 4Q15, 2016 and 2015, respectively.
|
|||||||||||
2
Due to the net losses in 4Q16, 4Q15, 2016 and 2015, 3.7 million, 0.9 million, 3.2 million and 0.9 million, respectively, of weighted-average share options and warrants outstanding and 68.8 million, 61.2 million, 54.6 million and 47.8 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.
|
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Restructuring expenses by segment (CHF million) | |||||||||||
Swiss Universal Bank | (3) | 19 | 42 | 60 | 42 | ||||||
International Wealth Management | 16 | 15 | 36 | 54 | 36 | ||||||
Asia Pacific | 19 | 23 | 3 | 53 | 3 | ||||||
Global Markets | 15 | 52 | 96 | 217 | 96 | ||||||
Investment Banking & Capital Markets | (6) | 15 | 22 | 28 | 22 | ||||||
Strategic Resolution Unit | 1 | 21 | 156 | 121 | 156 | ||||||
Corporate Center | 7 | 0 | 0 | 7 | 0 | ||||||
Total restructuring expenses | 49 | 145 | 355 | 540 | 355 |
in | 4Q16 | 3Q16 | 4Q15 | 2016 | 2015 | ||||||
Restructuring expenses by type (CHF million) | |||||||||||
Compensation and benefits-related expenses | 30 | 123 | 309 | 385 | 309 | ||||||
of which severance expenses | 36 | 65 | 191 | 218 | 191 | ||||||
of which accelerated deferred compensation | (1) | 50 | 87 | 132 | 87 | ||||||
of which pension expenses | (5) | 8 | 31 | 35 | 31 | ||||||
General and administrative-related expenses | 19 | 22 | 46 | 155 | 46 | ||||||
Total restructuring expenses | 49 | 145 | 355 | 540 | 355 |
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