Credit Suisse : 2Q22 Financial Report

Financial Report 2Q22









Key metrics

			in / end of		% change		in / end of	% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Credit Suisse (CHF million)
Net revenues	3,645	4,412	5,103		(17)	(29)		8,057	12,677		(36)
Provision for credit losses	64	(110)	(25)		-	-	(46)	4,369		-
Total operating expenses	4,754	4,950	4,315		(4)	10		9,704	8,252		18
Income/(loss) before taxes	(1,173)	(428)	813		174	-	(1,601)	56		-
Net income/(loss) attributable to shareholders	(1,593)	(273)	253		484	-	(1,866)	1		-
Cost/income ratio (%)	130.4	112.2	84.6		-	-	120.4	65.1		-
Effective tax rate (%)	(35.7)	35.3	69.6		-	-	(16.7)	71.4		-
Basic earnings/(loss) per share (CHF)	(0.60)	(0.10)	0.10		500	-	(0.71)	0.00		-
Diluted earnings/(loss) per share (CHF)	(0.60)	(0.10)	0.10		500	-	(0.71)	0.00		-
Return on equity (%)	(13.9)	(2.4)	2.3		-	-	(8.2)	0.0		-
Return on tangible equity (%)	(15.0)	(2.6)	2.6		-	-	(8.9)	0.0		-

Assets under management and net new assets (CHF billion)

Assets under management	1,453.9	1,554.9	1,632.0	(6.5)	(10.9)	1,453.9	1,632.0	(10.9)
Net new assets	(7.7)	7.9	(4.7)	-	63.8	0.2	23.7	(99.2)
Balance sheet statistics (CHF million)
Total assets	727,365	739,554	810,952	(2)	(10)	727,365	810,952	(10)
Net loans	285,573	287,682	299,844	(1)	(5)	285,573	299,844	(5)
Total shareholders' equity	45,842	44,442	43,580	3	5	45,842	43,580	5
Tangible shareholders' equity	42,528	41,204	38,747	3	10	42,528	38,747	10
Basel III regulatory capital and leverage statistics (%)
CET1 ratio	13.5	13.8	13.7	-	-	13.5	13.7	-
CET1 leverage ratio	4.3	4.3	4.2	-	-	4.3	4.2	-
Tier 1 leverage ratio	6.1	6.1	5.9	-	-	6.1	5.9	-
Share information
Shares outstanding (million)	2,610.8	2,556.1	2,411.3	2	8	2,610.8	2,411.3	8
of which common shares issued	2,650.7	2,650.7	2,650.7	0	0	2,650.7	2,650.7	0
of which treasury shares	(39.9)	(94.6)	(239.4)	(58)	(83)	(39.9)	(239.4)	(83)
Book value per share (CHF)	17.56	17.39	18.07	1	(3)	17.56	18.07	(3)
Tangible book value per share (CHF)	16.29	16.12	16.07	1	1	16.29	16.07	1
Market capitalization (CHF million)	14,231	19,272	25,448	(26)	(44)	14,231	25,448	(44)
Number of employees (full-time equivalents)
Number of employees	51,410	51,030	49,530	1	4	51,410	49,530	4

See relevant tables and related narratives for additional information on these metrics.







Financial Report 2Q22

3 Credit Suisse results

39 Treasury, risk, balance sheet and off-balance sheet

65 Condensed consolidated financial statements

- unaudited

144 List of abbreviations

145 Investor information

146 Financial calendar and contacts

147 Cautionary statement regarding forward-looking information

For purposes of this report, unless the context otherwise requires, the terms "Credit Suisse Group, "Credit Suisse," the "Group," "we," "us" and "our" mean Credit Suisse Group AG and its consolidated subsidiaries. The business of Credit Suisse AG, the direct bank subsidiary of the Group, is substantially similar to the Group, and we use these terms to refer to both when the subject is the same or substantially similar. We use the term the "Bank" when we are only referring to Credit Suisse AG and its consolidated subsidiaries. We use the term the "Bank parent company" when we are referring only to the standalone parent entity Credit Suisse AG. Abbreviations are explained in the List of abbreviations in the back of this report. Publications referenced in this report, whether via website links or otherwise, are not incorporated into this report. In various tables, use of "-" indicates not meaningful or not applicable.

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Credit Suisse at a glance

Credit Suisse

Our strategy builds on Credit Suisse's core strengths: its position as a global leader in Wealth Management, a global Investment Bank focused on advice and solutions, a leading universal bank in Switzerland and multi-specialist Asset Manager. We seek to ­follow a balanced approach with our wealth management activities, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets. Founded in 1856, we today have a global reach with operations in about 40 countries and 51,410 employees from over 150 different nations. Our broad footprint can help us to generate a more geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through four divisions - Wealth Management, Investment Bank, Swiss Bank and Asset Management - and four geographic regions - Switzerland, Europe, Middle East and Africa (EMEA), Asia Pacific and Americas.

Wealth Management

The Wealth Management division offers comprehensive wealth management and investment solutions and tailored financing and advisory services to ultra-high-net-worth (UHNW) and high- net-worth (HNW) individuals and external asset managers. Our wealth management business is among the industry's leaders in our target markets. We serve our clients along a client-centric and needs-based delivery model, utilizing the broad spectrum of Credit Suisse's global capabilities, including those offered by the Investment Bank and Asset Management. We serve our clients through coverage areas addressing the geographies of Switzer- land, EMEA, Asia Pacific and Latin America.

Investment Bank

The Investment Bank division offers a broad range of financial products and services focused on client-driven businesses and also supports Credit Suisse's Wealth Management division and its ­clients. Our suite of products and services includes global securities sales, trading and execution, capital raising and advisory services. Our clients include financial institutions, corporations, governments, sovereigns, UHNW and institutional investors, such as pension funds and hedge funds, financial sponsors and private individuals around the world. We deliver our investment banking capabilities globally through regional and local teams based in both major developed and emerging market centers. Our integrated business model enables us to deliver high value, customized solutions that leverage the expertise offered across Credit Suisse and that help our clients unlock capital and value in order to achieve their strategic goals.

Swiss Bank

The Swiss Bank division offers comprehensive advice and a wide range of financial solutions to private, corporate and institutional clients primarily domiciled in our home market of Switzerland. Our private clients business has a leading franchise in Switzerland, including HNW, affluent, retail and small business clients. In addi- tion, we provide consumer finance services through our subsidiary BANK-now and the leading credit card brands through our investment in Swisscard AECS GmbH. Our corporate and institutional clients business serves large corporate clients, small and medium-sized enterprises (SMEs), institutional clients, financial institutions and commodity traders.

Asset Management

The Asset Management division offers investment solutions and services globally to a broad range of clients, including pension funds, governments, foundations and endowments, corporations and individuals, with a strong presence in our Swiss home mar- ket. Backed by the Group's global presence, Asset Management offers active and passive solutions in traditional investments as well as alternative investments. We apply environmental, social and governance (ESG) criteria at various points in the investment process with an active sustainability offering, which invests in line with the Credit Suisse Sustainable Investment Framework, and passive ESG index and exchange traded funds.

2	Credit Suisse at a glance





I - Credit Suisse results

Operating environment	4
Credit Suisse	6
Wealth Management	17
Investment Bank	21
Swiss Bank	25
Asset Management	29
Corporate Center	32
Assets under management	35

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