Fourth Quarter and Full Year 2016 Results Presentation
International Wealth Management
9% PTI growth in 2016 with higher revenues and record PB NNA
Adjusted key financials in CHF mn
Net revenues
4Q16 3Q16 4Q15
2016 2015
1,245
1,081 1,1621
4,644 4,5411
o/w Private Banking
864
789
7971
3,317
3,2131
o/w Asset Management
381
292
365
1,327
1,328
Provision for credit losses
6
(7)
20
5
Total operating expenses
939
840
940
3,515 3,520
Pre-tax income
300
241
2291
1,109
1,0161
o/w Private Banking
192
190
1901
822
8301
o/w Asset Management
108
51
39
287
186
Cost/income ratio
75%
78%
81%
76%
78%
Return on regulatory capital+
24%
20%
19%
23%
22%
Key metrics in CHF bn
4Q16
3Q16
4Q15
2016
2015
Adj. net margin in bps
24
25
261
27
281
Net new assets
0.4
4.4
(4.2)
15.6
(3.0)
Number of RM
1,140
1,160
1,180
1,140
1,180
Net loans
45
43
40
45
40
Net new assets AM
(4.4)
5.0
3.6
5.6
26.5
Risk-weighted assets
35
33
33
35
33
Leverage exposure
94
89
102
94
102
PB
Key messages
Execution
Profitable growth
Legacy
Capital
Detailed Financials
Strong finish to the year with an increase across major revenue
components in 4Q16 vs. 3Q16
Improved return on regulatory capital and cost/income ratio despite
further investments in growth and in compliance & risk functions
Wealth Management
AuM increased 12% during 2016 with NNA of CHF 15.6 bn from
emerging markets and Europe; NNA growth rate at 5%, or 7%
before regularization outflows of CHF 5.7 bn
Improved gross margin by 3 bps to 110 bps in 2016
Revenue increase in 2016; higher net interest income and improved
client activity in 4Q16; recurring revenues stabilized
Stable PTI with investments offsetting higher revenues; PTI up 15%
vs. 4Q15 if excluding an extraordinary SIX dividend in 4Q15
Asset Management
Pre-tax income up 54% vs. 2015
Management fees increased by 2%; solid cost control with total
expenses down 9% in 2016
NNA of CHF 5.6 bn in 2016; negative NNA in 4Q16, mainly
reflecting CHF 3.5 bn emerging market money market outflows
Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix
1 Includes an extraordinary dividend from SIX Group of CHF 23 mn in 4Q15
CREDIT SUISSE
† See Appendix
February 14, 2017
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