Media Release
Zurich, 14 February, 2019
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■
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Group annual reported pre-tax income of CHF 3.4 billion, up 90% against 2017 reported pre-tax income of CHF 1.8 billion
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■
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Adjusted* pre-tax income of CHF 4.2 billion, 52% higher than 2017
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■
|
Net income attributable to shareholders of CHF 2.1 billion for 2018, delivering first annual post-tax profit since 2014; achieving diluted earnings of CHF 0.78 per share
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■
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Adjusted* operating cost base of CHF 16.5 billion for 2018, beating the target of CHF 17 billion by end-2018; cumulative net cost savings of CHF 4.6 billion since end-2015, exceeding target of greater than CHF 4.2 billion by 11%
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■
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Strong annual inflows with CHF 34.4 billion of Wealth Management Net New Assets (NNA) in 2018, the result of inflows in each quarter; total NNA of CHF 56.5 billion, up 49% against 2017
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■
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Strategic Resolution Unit (SRU) successfully closed, outperforming end-state targets; adjusted* annual pre-tax loss of USD 1.3 billion compared to USD 3.0 billion in 2016; projected to fall to an adjusted* pre-tax loss of approximately USD 0.5 billion in 2019
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■
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Strong capital position; CET1 ratio of 12.6%; look-through Tier 1 leverage ratio of 5.2%, up from 5.1% at end-3Q18
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■
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Share buyback announced in December 2018 and up to CHF 1.5 billion in 2019 approved, with at least CHF 1.0 billion expected, subject to market and economic conditions; 13.9 million shares, worth CHF 170 million, repurchased in January 2019
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Media Release
Zurich, 14 February, 2019
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■
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Highest fourth quarter adjusted* pre-tax income since 2013; adjusted* pre-tax income of CHF 846 million, 49% higher than the fourth quarter of 2017; reported pre-tax income of CHF 628 million, a more than four-fold increase year on year
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■
|
Eleventh consecutive profitable quarter, and ninth consecutive quarter of year on year profit increase, both on an adjusted* basis
|
■
|
Lowest quarterly adjusted* operating expenses in last five years, at CHF 3.9 billion
|
■
|
Total Wealth Management NNA of CHF 600 million in the quarter, comprising CHF 1.2 billion of NNA in APAC Private Banking in spite of material deleveraging, CHF 0.5 billion in IWM Private Banking, and an outflow of CHF 1.1 billion in SUB Private Clients reflecting seasonal patterns
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■
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Total Wealth Management-related NNA of CHF 3.4 billion for the quarter; total Assets under Management (AuM) of CHF 1.35 trillion at the end of the quarter
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■
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Net income attributable to shareholders of CHF 292 million for the quarter, reflecting substantially greater tax charge as a result of a higher effective tax rate and CHF 65 million for the impact from US Base Erosion and Anti-Abuse Tax (BEAT), leading to an effective tax rate for 2018 of 40%
|
2018
|
2017
|
4Q18
|
4Q17
|
|
Net revenues
|
20,920
|
20,900
|
4,801
|
5,189
|
Of which Wealth Management-related
|
13,268
|
12,829
|
3,281
|
3,308
|
Of which IBCM
|
2,177
|
2,139
|
475
|
565
|
Of which Markets activities
|
6,083
|
6,733
|
1,136
|
1,422
|
Total operating expenses
|
17,270
|
18,897
|
4,114
|
5,005
|
Pre-tax income
|
3,405
|
1,793
|
628
|
141
|
Adjusted* net revenues
|
20,821
|
20,913
|
4,786
|
5,217
|
Adjusted* total operating expenses
|
16,382
|
17,941
|
3,881
|
4,605
|
Adjusted* pre-tax income
|
4,194
|
2,762
|
846
|
569
|
Net income attributable to shareholders
|
2,057
|
-983
|
292
|
-2,126
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Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
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Adam Gishen, Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
Email: investor.relations@credit-suisse.com
|
James Quinn, Corporate Communications, Credit Suisse
Tel: +41 844 33 88 44
E-mail: media.relations@credit-suisse.com
|
The Earnings Release, Presentation Slides and Time Series spreadsheets for the full year 2018 and fourth quarter 2018 are available to download from 7:00 CET today at: https://www.credit-suisse.com/results
Credit Suisse’s annual report is expected to be published on March 22, 2019.
Note: Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted* results exclude goodwill impairment, major litigation charges, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.
|
Media Release
Zurich, 14 February, 2019
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Event
|
Analyst Call
|
Media Call
|
Time
|
08:15 Zurich
07:15 London
02:15 New York
|
10:15 Zurich
09:15 London
04:15 New York
|
Speakers
|
Tidjane Thiam, Chief Executive Officer
David Mathers, Chief Financial Officer
Adam Gishen, Group Head of Investor Relations and Corporate Communications
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Tidjane Thiam, Chief Executive Officer
David Mathers, Chief Financial Officer
Adam Gishen, Group Head of Investor Relations and Corporate Communications
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Language
|
English
|
English with simultaneous German translation
|
Access
|
Switzerland: +41 44 580 48 73
Europe: +44 207 192 8007
US: +1 866 597 37 99
Reference: Credit Suisse Analysts and Investors call
Conference ID: 3993575
Please dial in 15 minutes before the start of the call
|
Switzerland: +41 44 580 48 73
Europe: +44 207 192 8007
US: +1 866 597 37 99
Reference: Credit Suisse Media Call
Conference ID English: 5436429
Conference ID German: 3673987
Please dial in 10 minutes before the start of the call
|
Q&A Session
|
Following the presentation, you will have the opportunity to ask the speakers questions
|
Following the presentation, you will have the opportunity to ask the speakers questions
|
Playback
|
Replay available approximately one hour after the event
Switzerland: +41 44 580 40 26
Europe: +44 3333 00 97 85
US: +1 917 677 75 32
Conference ID: 3993575
|
Replay available approximately one hour after the event
Switzerland: +41 44 580 40 26
Europe: +44 3333 00 97 85
US: +1 917 677 75 32
Conference ID English: 5436429
Conference ID German: 3673987
|
Media Release
Zurich, 14 February, 2019
|
Media Release
Zurich, 14 February, 2019
|
Key metrics | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q18 | 3Q18 | 4Q17 | QoQ | YoY | 2018 | 2017 | YoY | ||||||||||
Credit Suisse Group results (CHF million) | |||||||||||||||||
Net revenues | 4,801 | 4,888 | 5,189 | (2) | (7) | 20,920 | 20,900 | 0 | |||||||||
Provision for credit losses | 59 | 65 | 43 | (9) | 37 | 245 | 210 | 17 | |||||||||
Total operating expenses | 4,114 | 4,152 | 5,005 | (1) | (18) | 17,270 | 18,897 | (9) | |||||||||
Income before taxes | 628 | 671 | 141 | (6) | 345 | 3,405 | 1,793 | 90 | |||||||||
Net income/(loss) attributable to shareholders | 292 | 424 | (2,126) | (31) | – | 2,057 | (983) | – | |||||||||
Assets under management and net new assets (CHF million) | |||||||||||||||||
Assets under management | 1,347.3 | 1,404.7 | 1,376.1 | (4.1) | (2.1) | 1,347.3 | 1,376.1 | (2.1) | |||||||||
Net new assets | 0.5 | 15.7 | 3.1 | (96.8) | (83.9) | 56.5 | 37.8 | 49.5 | |||||||||
Basel III regulatory capital and leverage statistics | |||||||||||||||||
CET1 ratio (%) | 12.6 | 12.9 | 13.5 | – | – | 12.6 | 13.5 | – | |||||||||
Look-through CET1 ratio (%) | 12.6 | 12.9 | 12.8 | – | – | 12.6 | 12.8 | – | |||||||||
Look-through CET1 leverage ratio (%) | 4.1 | 4.0 | 3.8 | – | – | 4.1 | 3.8 | – | |||||||||
Look-through tier 1 leverage ratio (%) | 5.2 | 5.1 | 5.2 | – | – | 5.2 | 5.2 | – |
Credit Suisse and Core Results | |||||||||||||||||||
Core Results | Strategic Resolution Unit | Credit Suisse | |||||||||||||||||
in / end of | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | ||||||||||
Statements of operations (CHF million) | |||||||||||||||||||
Net revenues | 4,976 | 5,042 | 5,340 | (175) | (154) | (151) | 4,801 | 4,888 | 5,189 | ||||||||||
Provision for credit losses | 60 | 62 | 40 | (1) | 3 | 3 | 59 | 65 | 43 | ||||||||||
Compensation and benefits | 2,084 | 2,333 | 2,503 | 57 | 61 | 65 | 2,141 | 2,394 | 2,568 | ||||||||||
General and administrative expenses | 1,442 | 1,243 | 1,726 | 94 | 58 | 209 | 1,536 | 1,301 | 1,935 | ||||||||||
Commission expenses | 298 | 283 | 356 | 3 | 3 | 9 | 301 | 286 | 365 | ||||||||||
Restructuring expenses | 167 | 143 | 119 | (31) | 28 | 18 | 136 | 171 | 137 | ||||||||||
Total other operating expenses | 1,907 | 1,669 | 2,201 | 66 | 89 | 236 | 1,973 | 1,758 | 2,437 | ||||||||||
Total operating expenses | 3,991 | 4,002 | 4,704 | 123 | 150 | 301 | 4,114 | 4,152 | 5,005 | ||||||||||
Income/(loss) before taxes | 925 | 978 | 596 | (297) | (307) | (455) | 628 | 671 | 141 | ||||||||||
Statement of operations metrics (%) | |||||||||||||||||||
Return on regulatory capital | 8.7 | 9.0 | 5.6 | – | – | – | 5.7 | 6.0 | 1.2 | ||||||||||
Balance sheet statistics (CHF million) | |||||||||||||||||||
Total assets | 748,042 | 745,486 | 750,660 | 20,874 | 23,058 | 45,629 | 768,916 | 768,544 | 796,289 | ||||||||||
Risk-weighted assets 1 | 266,656 | 257,310 | 238,067 | 17,926 | 19,297 | 33,613 | 284,582 | 276,607 | 271,680 | ||||||||||
Leverage exposure 1 | 851,807 | 852,092 | 856,591 | 29,579 | 32,860 | 59,934 | 881,386 | 884,952 | 916,525 |
Credit Suisse and Core Results | |||||||||||||
Core Results | Strategic Resolution Unit | Credit Suisse | |||||||||||
in / end of | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||
Statements of operations (CHF million) | |||||||||||||
Net revenues | 21,628 | 21,786 | (708) | (886) | 20,920 | 20,900 | |||||||
Provision for credit losses | 244 | 178 | 1 | 32 | 245 | 210 | |||||||
Compensation and benefits | 9,366 | 10,035 | 254 | 332 | 9,620 | 10,367 | |||||||
General and administrative expenses | 5,380 | 5,849 | 385 | 796 | 5,765 | 6,645 | |||||||
Commission expenses | 1,247 | 1,398 | 12 | 32 | 1,259 | 1,430 | |||||||
Restructuring expenses | 605 | 398 | 21 | 57 | 626 | 455 | |||||||
Total other operating expenses | 7,232 | 7,645 | 418 | 885 | 7,650 | 8,530 | |||||||
Total operating expenses | 16,598 | 17,680 | 672 | 1,217 | 17,270 | 18,897 | |||||||
Income/(loss) before taxes | 4,786 | 3,928 | (1,381) | (2,135) | 3,405 | 1,793 | |||||||
Statement of operations metrics (%) | |||||||||||||
Return on regulatory capital | 11.1 | 9.3 | – | – | 7.5 | 3.9 | |||||||
1
Disclosed on a look-through basis.
|
Reconciliation of adjusted results | |||||||||||||||||||
Core Results | Strategic Resolution Unit | Credit Suisse | |||||||||||||||||
in | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | ||||||||||
Reconciliation of adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 4,976 | 5,042 | 5,340 | (175) | (154) | (151) | 4,801 | 4,888 | 5,189 | ||||||||||
Real estate gains | (12) | (15) | 0 | 0 | 0 | 0 | (12) | (15) | 0 | ||||||||||
(Gains)/losses on business sales | (3) | 5 | 28 | 0 | 0 | 0 | (3) | 5 | 28 | ||||||||||
Adjusted net revenues | 4,961 | 5,032 | 5,368 | (175) | (154) | (151) | 4,786 | 4,878 | 5,217 | ||||||||||
Provision for credit losses | 60 | 62 | 40 | (1) | 3 | 3 | 59 | 65 | 43 | ||||||||||
Total operating expenses | 3,991 | 4,002 | 4,704 | 123 | 150 | 301 | 4,114 | 4,152 | 5,005 | ||||||||||
Restructuring expenses | (167) | (143) | (119) | 31 | (28) | (18) | (136) | (171) | (137) | ||||||||||
Major litigation provisions | (4) | (13) | (165) | (45) | (9) | (90) | (49) | (22) | (255) | ||||||||||
Expenses related to business sales | (47) | 0 | (8) | (1) | (2) | 0 | (48) | (2) | (8) | ||||||||||
Adjusted total operating expenses | 3,773 | 3,846 | 4,412 | 108 | 111 | 193 | 3,881 | 3,957 | 4,605 | ||||||||||
Income/(loss) before taxes | 925 | 978 | 596 | (297) | (307) | (455) | 628 | 671 | 141 | ||||||||||
Total adjustments | 203 | 146 | 320 | 15 | 39 | 108 | 218 | 185 | 428 | ||||||||||
Adjusted income/(loss) before taxes | 1,128 | 1,124 | 916 | (282) | (268) | (347) | 846 | 856 | 569 | ||||||||||
Adjusted return on regulatory capital (%) | 10.6 | 10.4 | 8.6 | – | – | – | 7.7 | 7.6 | 5.0 |
Core Results | Strategic Resolution Unit | Credit Suisse | |||||||||||
in | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||
Reconciliation of adjusted results (CHF million) | |||||||||||||
Net revenues | 21,628 | 21,786 | (708) | (886) | 20,920 | 20,900 | |||||||
Real estate gains | (27) | 0 | (1) | 0 | (28) | 0 | |||||||
(Gains)/losses on business sales | (71) | 51 | 0 | (38) | (71) | 13 | |||||||
Adjusted net revenues | 21,530 | 21,837 | (709) | (924) | 20,821 | 20,913 | |||||||
Provision for credit losses | 244 | 178 | 1 | 32 | 245 | 210 | |||||||
Total operating expenses | 16,598 | 17,680 | 672 | 1,217 | 17,270 | 18,897 | |||||||
Restructuring expenses | (605) | (398) | (21) | (57) | (626) | (455) | |||||||
Major litigation provisions | (94) | (224) | (117) | (269) | (211) | (493) | |||||||
Expenses related to business sales | (47) | (8) | (4) | 0 | (51) | (8) | |||||||
Adjusted total operating expenses | 15,852 | 17,050 | 530 | 891 | 16,382 | 17,941 | |||||||
Income/(loss) before taxes | 4,786 | 3,928 | (1,381) | (2,135) | 3,405 | 1,793 | |||||||
Total adjustments | 648 | 681 | 141 | 288 | 789 | 969 | |||||||
Adjusted income/(loss) before taxes | 5,434 | 4,609 | (1,240) | (1,847) | 4,194 | 2,762 | |||||||
Adjusted return on regulatory capital (%) | 12.5 | 10.9 | – | – | 9.2 | 6.0 |
Reconciliation of adjusted results | |||||||||||||||||||||
Credit Suisse | |||||||||||||||||||||
in | 2Q18 | 1Q18 | 4Q17 | 3Q17 | 2Q17 | 1Q17 | 4Q16 | 3Q16 | 2Q16 | 1Q16 | |||||||||||
Reconciliation of adjusted results (CHF million, except where indicated) | |||||||||||||||||||||
Net revenues | 5,595 | 5,636 | 5,189 | 4,972 | 5,205 | 5,534 | 5,181 | 5,396 | 5,108 | 4,638 | |||||||||||
Real estate gains | 0 | (1) | 0 | 0 | 0 | 0 | (78) | (346) | 0 | 0 | |||||||||||
(Gains)/losses on business sales | 0 | (73) | 28 | 0 | 0 | (15) | 2 | 0 | 0 | 56 | |||||||||||
Adjusted net revenues | 5,595 | 5,562 | 5,217 | 4,972 | 5,205 | 5,519 | 5,105 | 5,050 | 5,108 | 4,694 | |||||||||||
Provision for credit losses | 73 | 48 | 43 | 32 | 82 | 53 | 75 | 55 | (28) | 150 | |||||||||||
Total operating expenses | 4,470 | 4,534 | 5,005 | 4,540 | 4,541 | 4,811 | 7,309 | 5,119 | 4,937 | 4,972 | |||||||||||
Restructuring expenses | (175) | (144) | (137) | (112) | (69) | (137) | (49) | (145) | (91) | (255) | |||||||||||
Major litigation provisions | (55) | (85) | (255) | (108) | (33) | (97) | (2,401) | (306) | 0 | 0 | |||||||||||
Expenses related to business sales | (1) | 0 | (8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Adjusted total operating expenses | 4,239 | 4,305 | 4,605 | 4,320 | 4,439 | 4,577 | 4,859 | 4,668 | 4,846 | 4,717 | |||||||||||
Income/(loss) before taxes | 1,052 | 1,054 | 141 | 400 | 582 | 670 | (2,203) | 222 | 199 | (484) | |||||||||||
Total adjustments | 231 | 155 | 428 | 220 | 102 | 219 | 2,374 | 105 | 91 | 311 | |||||||||||
Adjusted income/(loss) before taxes | 1,283 | 1,209 | 569 | 620 | 684 | 889 | 171 | 327 | 290 | (173) |
Reconciliation of adjusted results (continued) | |||||||||||||||||
Credit Suisse | |||||||||||||||||
in | 4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | |||||||||
Reconciliation of adjusted results (CHF million, except where indicated) | |||||||||||||||||
Net revenues | 4,210 | 5,985 | 6,955 | 6,647 | 6,372 | 6,578 | 6,463 | 6,829 | |||||||||
Fair value on own debt | 697 | (623) | (228) | (144) | (297) | (318) | (17) | 89 | |||||||||
Real estate gains | (72) | 0 | (23) | 0 | (375) | 0 | (5) | (34) | |||||||||
(Gains)/losses on business sales | (34) | 0 | 0 | 0 | (101) | 0 | 0 | 0 | |||||||||
Adjusted net revenues | 4,801 | 5,362 | 6,704 | 6,503 | 5,599 | 6,260 | 6,441 | 6,884 | |||||||||
Provision for credit losses | 133 | 110 | 51 | 30 | 75 | 59 | 18 | 34 | |||||||||
Total operating expenses | 10,518 | 5,023 | 5,248 | 5,106 | 5,405 | 5,181 | 6,791 | 5,052 | |||||||||
Goodwill impairment | (3,797) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Restructuring expenses | (355) | – | – | – | – | – | – | – | |||||||||
Major litigation provisions | (563) | (204) | (63) | 10 | (393) | (290) | (1,711) | (42) | |||||||||
Adjusted total operating expenses | 5,803 | 4,819 | 5,185 | 5,116 | 5,012 | 4,891 | 5,080 | 5,010 | |||||||||
Income/(loss) before taxes | (6,441) | 852 | 1,656 | 1,511 | 892 | 1,338 | (346) | 1,743 | |||||||||
Total adjustments | 5,306 | (419) | (188) | (154) | (380) | (28) | 1,689 | 97 | |||||||||
Adjusted income/(loss) before taxes | (1,135) | 433 | 1,468 | 1,357 | 512 | 1,310 | 1,343 | 1,840 |
Reconciliation of adjusted results | |||||||||
SUB, IWM and APAC WM&C | |||||||||
in | 2018 | 2017 | 2016 | 2015 | 1 | ||||
Adjusted results (CHF million) | |||||||||
Net revenues | 13,268 | 12,829 | 12,361 | 11,631 | |||||
Real estate gains | (23) | 0 | (420) | (95) | |||||
(Gains)/losses on business sales | (92) | 28 | 0 | (34) | |||||
Adjusted net revenues | 13,153 | 12,857 | 11,941 | 11,502 | |||||
Provision for credit losses | 186 | 117 | 128 | 174 | |||||
Total operating expenses | 8,528 | 8,797 | 8,598 | 9,252 | |||||
Goodwill impairment | 0 | 0 | 0 | (446) | |||||
Restructuring expenses | (243) | (150) | (128) | (79) | |||||
Major litigation provisions | (83) | (97) | (7) | (299) | |||||
Expenses related to business sales | (47) | 0 | 0 | 0 | |||||
Adjusted total operating expenses | 8,155 | 8,550 | 8,463 | 8,428 | |||||
Income before taxes | 4,554 | 3,915 | 3,635 | 2,205 | |||||
Total adjustments | 258 | 275 | (285) | 695 | |||||
Adjusted income before taxes | 4,812 | 4,190 | 3,350 | 2,900 | |||||
1
Excludes net revenues and total operating expenses for Swisscard of CHF 148 million and CHF 123 million, respectively.
|
Reconciliation of adjustment items | |||||||||
Group | |||||||||
in | 2018 | 2017 | 2016 | 2015 | |||||
Adjusted results (CHF million) | |||||||||
Total operating expenses | 17,270 | 18,897 | 22,337 | 25,895 | |||||
Goodwill impairment | 0 | 0 | 0 | (3,797) | |||||
Restructuring expenses | (626) | (455) | (540) | (355) | |||||
Major litigation provisions | (211) | (493) | (2,707) | (820) | |||||
Expenses related to business sales | (51) | (8) | 0 | 0 | |||||
Debit valuation adjustments (DVA) | 46 | (83) | 0 | 0 | |||||
Certain accounting changes | (228) | (234) | (70) | (58) | |||||
Adjusted operating cost base | 16,200 | 17,624 | 19,020 | 20,865 | |||||
FX adjustment | 334 | 326 | 291 | 310 | |||||
Adjusted FX-neutral operating cost base | 16,534 | 17,950 | 19,311 | 21,175 |
Swiss Universal Bank | |||||||||||||||||
in / end of | % change | in / end of % change | |||||||||||||||
4Q18 | 3Q18 | 4Q17 | QoQ | YoY | 2018 | 2017 | YoY | ||||||||||
Results (CHF million) | |||||||||||||||||
Net revenues | 1,373 | 1,341 | 1,318 | 2 | 4 | 5,564 | 5,396 | 3 | |||||||||
of which Private Clients | 740 | 730 | 726 | 1 | 2 | 2,989 | 2,897 | 3 | |||||||||
of which Corporate & Institutional Clients | 633 | 611 | 592 | 4 | 7 | 2,575 | 2,499 | 3 | |||||||||
Provision for credit losses | 26 | 31 | 15 | (16) | 73 | 126 | 75 | 68 | |||||||||
Total operating expenses | 816 | 799 | 870 | 2 | (6) | 3,280 | 3,556 | (8) | |||||||||
Income before taxes | 531 | 511 | 433 | 4 | 23 | 2,158 | 1,765 | 22 | |||||||||
of which Private Clients | 278 | 249 | 212 | 12 | 31 | 1,060 | 801 | 32 | |||||||||
of which Corporate & Institutional Clients | 253 | 262 | 221 | (3) | 14 | 1,098 | 964 | 14 | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | 16.7 | 16.2 | 13.5 | – | – | 17.1 | 13.7 | – | |||||||||
Cost/income ratio | 59.4 | 59.6 | 66.0 | – | – | 59.0 | 65.9 | – | |||||||||
Private Clients | |||||||||||||||||
Assets under management (CHF billion) | 198.0 | 209.3 | 208.3 | (5.4) | (4.9) | 198.0 | 208.3 | (4.9) | |||||||||
Net new assets (CHF billion) | (1.1) | 0.9 | 0.0 | – | – | 3.0 | 4.7 | – | |||||||||
Gross margin (annualized) (bp) | 144 | 139 | 140 | – | – | 144 | 143 | – | |||||||||
Net margin (annualized) (bp) | 54 | 48 | 41 | – | – | 51 | 40 | – | |||||||||
Corporate & Institutional Clients | |||||||||||||||||
Assets under management (CHF billion) | 348.7 | 360.2 | 354.7 | (3.2) | (1.7) | 348.7 | 354.7 | (1.7) | |||||||||
Net new assets (CHF billion) | 2.1 | 1.8 | (0.2) | – | – | 8.6 | (13.9) | – |
Reconciliation of adjusted results | |||||||||||||||||||
Private Clients | Corporate & Institutional Clients | Swiss Universal Bank | |||||||||||||||||
in | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 740 | 730 | 726 | 633 | 611 | 592 | 1,373 | 1,341 | 1,318 | ||||||||||
Real estate gains | (6) | (15) | 0 | 0 | 0 | 0 | (6) | (15) | 0 | ||||||||||
Adjusted net revenues | 734 | 715 | 726 | 633 | 611 | 592 | 1,367 | 1,326 | 1,318 | ||||||||||
Provision for credit losses | (4) | 13 | 10 | 30 | 18 | 5 | 26 | 31 | 15 | ||||||||||
Total operating expenses | 466 | 468 | 504 | 350 | 331 | 366 | 816 | 799 | 870 | ||||||||||
Restructuring expenses | (10) | (17) | 1 | (11) | (8) | 1 | (21) | (25) | 2 | ||||||||||
Major litigation provisions | 0 | 0 | (2) | (2) | (2) | (5) | (2) | (2) | (7) | ||||||||||
Adjusted total operating expenses | 456 | 451 | 503 | 337 | 321 | 362 | 793 | 772 | 865 | ||||||||||
Income before taxes | 278 | 249 | 212 | 253 | 262 | 221 | 531 | 511 | 433 | ||||||||||
Total adjustments | 4 | 2 | 1 | 13 | 10 | 4 | 17 | 12 | 5 | ||||||||||
Adjusted income before taxes | 282 | 251 | 213 | 266 | 272 | 225 | 548 | 523 | 438 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 17.2 | 16.6 | 13.7 |
Private Clients |
Corporate & Institutional Clients |
Swiss Universal Bank |
|||||||||||||
in | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2015 | 1 | |||||||
Adjusted results (CHF million) | |||||||||||||||
Net revenues | 2,989 | 2,897 | 2,575 | 2,499 | 5,564 | 5,396 | 5,573 | ||||||||
Real estate gains | (21) | 0 | 0 | 0 | (21) | 0 | (95) | ||||||||
Gains on business sales | (19) | 0 | (18) | 0 | (37) | 0 | (23) | ||||||||
Adjusted net revenues | 2,949 | 2,897 | 2,557 | 2,499 | 5,506 | 5,396 | 5,455 | ||||||||
Provision for credit losses | 30 | 42 | 96 | 33 | 126 | 75 | 138 | ||||||||
Total operating expenses | 1,899 | 2,054 | 1,381 | 1,502 | 3,280 | 3,556 | 3,785 | ||||||||
Restructuring expenses | (66) | (53) | (35) | (6) | (101) | (59) | (42) | ||||||||
Major litigation provisions | 0 | (6) | (4) | (43) | (4) | (49) | (25) | ||||||||
Adjusted total operating expenses | 1,833 | 1,995 | 1,342 | 1,453 | 3,175 | 3,448 | 3,718 | ||||||||
Income before taxes | 1,060 | 801 | 1,098 | 964 | 2,158 | 1,765 | 1,650 | ||||||||
Total adjustments | 26 | 59 | 21 | 49 | 47 | 108 | (51) | ||||||||
Adjusted income before taxes | 1,086 | 860 | 1,119 | 1,013 | 2,205 | 1,873 | 1,599 | ||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 17.4 | 14.6 | 13.2 | ||||||||
1
Excludes net revenues and total operating expenses for Swisscard of CHF 148 million and CHF 123 million, respectively.
|
International Wealth Management | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q18 | 3Q18 | 4Q17 | QoQ | YoY | 2018 | 2017 | YoY | ||||||||||
Results (CHF million) | |||||||||||||||||
Net revenues | 1,402 | 1,265 | 1,364 | 11 | 3 | 5,414 | 5,111 | 6 | |||||||||
of which Private Banking | 942 | 913 | 923 | 3 | 2 | 3,890 | 3,603 | 8 | |||||||||
of which Asset Management | 460 | 352 | 441 | 31 | 4 | 1,524 | 1,508 | 1 | |||||||||
Provision for credit losses | 16 | 15 | 14 | 7 | 14 | 35 | 27 | 30 | |||||||||
Total operating expenses | 976 | 872 | 1,010 | 12 | (3) | 3,674 | 3,733 | (2) | |||||||||
Income before taxes | 410 | 378 | 340 | 8 | 21 | 1,705 | 1,351 | 26 | |||||||||
of which Private Banking | 298 | 287 | 236 | 4 | 26 | 1,333 | 1,024 | 30 | |||||||||
of which Asset Management | 112 | 91 | 104 | 23 | 8 | 372 | 327 | 14 | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | 28.9 | 27.1 | 25.2 | – | – | 30.7 | 25.8 | – | |||||||||
Cost/income ratio | 69.6 | 68.9 | 74.0 | – | – | 67.9 | 73.0 | – | |||||||||
Private Banking | |||||||||||||||||
Assets under management (CHF billion) | 357.5 | 368.4 | 366.9 | (3.0) | (2.6) | 357.5 | 366.9 | (2.6) | |||||||||
Net new assets (CHF billion) | 0.5 | 3.0 | 2.7 | – | – | 14.2 | 15.6 | – | |||||||||
Gross margin (annualized) (bp) | 103 | 99 | 101 | – | – | 106 | 105 | – | |||||||||
Net margin (annualized) (bp) | 33 | 31 | 26 | – | – | 36 | 30 | – | |||||||||
Asset Management | |||||||||||||||||
Assets under management (CHF billion) | 388.7 | 403.7 | 385.6 | (3.7) | 0.8 | 388.7 | 385.6 | 0.8 | |||||||||
Net new assets (CHF billion) | 0.7 | 4.5 | 1.4 | – | – | 22.2 | 20.3 | – |
Reconciliation of adjusted results | |||||||||||||||||||
Private Banking | Asset Management | International Wealth Management | |||||||||||||||||
in | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 942 | 913 | 923 | 460 | 352 | 441 | 1,402 | 1,265 | 1,364 | ||||||||||
Real estate gains | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | 0 | ||||||||||
(Gains)/losses on business sales | 0 | 0 | 0 | (24) | 5 | 28 | (24) | 5 | 28 | ||||||||||
Adjusted net revenues | 940 | 913 | 923 | 436 | 357 | 469 | 1,376 | 1,270 | 1,392 | ||||||||||
Provision for credit losses | 16 | 15 | 14 | 0 | 0 | 0 | 16 | 15 | 14 | ||||||||||
Total operating expenses | 628 | 611 | 673 | 348 | 261 | 337 | 976 | 872 | 1,010 | ||||||||||
Restructuring expenses | (25) | (21) | (8) | (8) | (7) | (3) | (33) | (28) | (11) | ||||||||||
Major litigation provisions | 0 | 0 | (31) | 0 | 0 | 0 | 0 | 0 | (31) | ||||||||||
Expenses related to business sales | 0 | 0 | 0 | (47) | 0 | 0 | (47) | 0 | 0 | ||||||||||
Adjusted total operating expenses | 603 | 590 | 634 | 293 | 254 | 334 | 896 | 844 | 968 | ||||||||||
Income before taxes | 298 | 287 | 236 | 112 | 91 | 104 | 410 | 378 | 340 | ||||||||||
Total adjustments | 23 | 21 | 39 | 31 | 12 | 31 | 54 | 33 | 70 | ||||||||||
Adjusted income before taxes | 321 | 308 | 275 | 143 | 103 | 135 | 464 | 411 | 410 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 32.7 | 29.4 | 30.5 |
Private Banking |
Asset Management |
International Wealth Management |
|||||||||||
in | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 3,890 | 3,603 | 1,524 | 1,508 | 5,414 | 5,111 | |||||||
Real estate gains | (2) | 0 | 0 | 0 | (2) | 0 | |||||||
(Gains)/losses on business sales | (37) | 0 | (18) | 28 | (55) | 28 | |||||||
Adjusted net revenues | 3,851 | 3,603 | 1,506 | 1,536 | 5,357 | 5,139 | |||||||
Provision for credit losses | 35 | 27 | 0 | 0 | 35 | 27 | |||||||
Total operating expenses | 2,522 | 2,552 | 1,152 | 1,181 | 3,674 | 3,733 | |||||||
Restructuring expenses | (89) | (44) | (26) | (26) | (115) | (70) | |||||||
Major litigation provisions | 0 | (48) | 0 | 0 | 0 | (48) | |||||||
Expenses related to business sales | 0 | 0 | (47) | 0 | (47) | 0 | |||||||
Adjusted total operating expenses | 2,433 | 2,460 | 1,079 | 1,155 | 3,512 | 3,615 | |||||||
Income before taxes | 1,333 | 1,024 | 372 | 327 | 1,705 | 1,351 | |||||||
Total adjustments | 50 | 92 | 55 | 54 | 105 | 146 | |||||||
Adjusted income before taxes | 1,383 | 1,116 | 427 | 381 | 1,810 | 1,497 | |||||||
Adjusted return on regulatory capital (%) | – | – | – | – | 32.6 | 28.6 |
Asia Pacific | |||||||||||||||||
in / end of | % change | in / end of | % change | ||||||||||||||
4Q18 | 3Q18 | 4Q17 | QoQ | YoY | 2018 | 2017 | YoY | ||||||||||
Results (CHF million) | |||||||||||||||||
Net revenues | 677 | 811 | 885 | (17) | (24) | 3,393 | 3,504 | (3) | |||||||||
of which Wealth Management & Connected | 506 | 557 | 626 | (9) | (19) | 2,290 | 2,322 | (1) | |||||||||
of which Markets | 171 | 254 | 259 | (33) | (34) | 1,103 | 1,182 | (7) | |||||||||
Provision for credit losses | 8 | 10 | 7 | (20) | 14 | 35 | 15 | 133 | |||||||||
Total operating expenses | 632 | 625 | 702 | 1 | (10) | 2,694 | 2,760 | (2) | |||||||||
Income before taxes | 37 | 176 | 176 | (79) | (79) | 664 | 729 | (9) | |||||||||
of which Wealth Management & Connected | 138 | 180 | 229 | (23) | (40) | 691 | 799 | (14) | |||||||||
of which Markets | (101) | (4) | (53) | – | 91 | (27) | (70) | (61) | |||||||||
Metrics (%) | |||||||||||||||||
Return on regulatory capital | 2.7 | 12.5 | 13.3 | – | – | 12.0 | 13.8 | – | |||||||||
Cost/income ratio | 93.4 | 77.1 | 79.3 | – | – | 79.4 | 78.8 | – | |||||||||
Wealth Management & Connected – Private Banking | |||||||||||||||||
Assets under management (CHF billion) | 201.7 | 207.5 | 196.8 | (2.8) | 2.5 | 201.7 | 196.8 | 2.5 | |||||||||
Net new assets (CHF billion) | 1.2 | 6.4 | 1.3 | – | – | 17.2 | 16.9 | – | |||||||||
Gross margin (annualized) (bp) | 70 | 76 | 80 | – | – | 79 | 88 | – | |||||||||
Net margin (annualized) (bp) | 19 | 26 | 23 | – | – | 27 | 30 | – |
Reconciliation of adjusted results | |||||||||||||||||||
Wealth Management & Connected | Markets | Asia Pacific | |||||||||||||||||
in | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | 4Q18 | 3Q18 | 4Q17 | ||||||||||
Adjusted results (CHF million) | |||||||||||||||||||
Net revenues | 506 | 557 | 626 | 171 | 254 | 259 | 677 | 811 | 885 | ||||||||||
Provision for credit losses | 9 | 1 | 7 | (1) | 9 | 0 | 8 | 10 | 7 | ||||||||||
Total operating expenses | 359 | 376 | 390 | 273 | 249 | 312 | 632 | 625 | 702 | ||||||||||
Restructuring expenses | (10) | (3) | (10) | (16) | (6) | (13) | (26) | (9) | (23) | ||||||||||
Major litigation provisions | (1) | (1) | 0 | 0 | 0 | 0 | (1) | (1) | 0 | ||||||||||
Adjusted total operating expenses | 348 | 372 | 380 | 257 | 243 | 299 | 605 | 615 | 679 | ||||||||||
Income/(loss) before taxes | 138 | 180 | 229 | (101) | (4) | (53) | 37 | 176 | 176 | ||||||||||
Total adjustments | 11 | 4 | 10 | 16 | 6 | 13 | 27 | 10 | 23 | ||||||||||
Adjusted income/(loss) before taxes | 149 | 184 | 239 | (85) | 2 | (40) | 64 | 186 | 199 | ||||||||||
Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 4.7 | 13.2 | 15.0 |
Wealth Management & Connected |
Markets |
Asia Pacific |
|||||||||||
in | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||
Adjusted results (CHF million) | |||||||||||||
Net revenues | 2,290 | 2,322 | 1,103 | 1,182 | 3,393 | 3,504 | |||||||
Provision for credit losses | 25 | 15 | 10 | 0 | 35 | 15 | |||||||
Total operating expenses | 1,574 | 1,508 | 1,120 | 1,252 | 2,694 | 2,760 | |||||||
Restructuring expenses | (27) | (21) | (34) | (42) | (61) | (63) | |||||||
Major litigation provisions | (79) | 0 | 0 | 0 | (79) | 0 | |||||||
Adjusted total operating expenses | 1,468 | 1,487 | 1,086 | 1,210 | 2,554 | 2,697 | |||||||
Income/(loss) before taxes | 691 | 799 | (27) | (70) | 664 | 729 | |||||||
Total adjustments | 106 | 21 | 34 | 42 | 140 | 63 | |||||||
Adjusted income/(loss) before taxes | 797 | 820 | 7 | (28) | 804 | 792 | |||||||
Adjusted return on regulatory capital (%) | – | < |