Transformation to CS First Boston
in CHF mn
4Q22 3Q22
4Q21 A 4Q21 2022 2021 A 2021
Net interest income
416
615
502
Recurring commissions and fees
360
382
432
Transaction-based
331
357
413
Adjusted net revenues
1,107
1,355
1,345
(17)% 2,103
(17)% 1,570 1,813 (13)%
(20)% 1,744 2,481 (30)%
(18)% 5,412 6,400 (15)%
Adjusted provision for credit
losses
(11)
7
(7)
9
Adjusted total operating expenses
1,273 1,270 1,214
5%
5,154
Adjusted pre-tax income
(155)
78
138
n/m
249
Reported pre-tax income
Adjusted RoRC+
(199)
21
157
n/m
(631)
(6)%
3%
4%
2%
Reported RoRC+
(7)%
1%
5%
(5)%
Adjusted cost/income ratio
115%
94%
90%
95%
Adjusted net margin in bps
(11)
5
7
(18)
4
Balance
Sheet
AuM
Assets under management in CHF bn
540
635
743
(27)%
540
Wealth Management
4Q22 pre-tax loss driven by lower revenues, mainly reflecting client asset outflows, and higher costs
Profitability
PCL/
Costs
Revenues
Adjusted net revenues down 18% vs. 4Q21
■ Net interest income down 17%, mainly reflecting lower deposit and loan
volumes and higher funding costs, partly offset by higher deposit margins
Recurring commissions and fees decline 17% reflecting lower average
AuM
◉
■ Transaction-based revenues down 20% due to subdued client activity and
mark-to-market losses in APAC Financing of CHF 31 mn¹
Adjusted operating expenses up 5% vs. 4Q21
mainly due to higher general and administrative expenses reflecting higher
allocated corporate function costs; actions undertaken in 4Q22 to reduce
costs into 2023
Adjusted pre-tax loss of CHF 155 mn
Reported pre-tax loss of CHF 199 mn included a real estate sale gain of
CHF 122 mn, a loss related to the equity investments in Allfunds Group and
SIX Group of CHF 77 mn and 10 mn, respectively, and restructuring
expenses of CHF 73 mn
2,110
4,616
12%
1,784
(86)%
2,307
n/m
14%
18%
72%
24
(20)
743
(27)%
Net new assets in CHF bn
(92.7)
(6.4)
(2.9)
(95.7)
10.5
Net loans in CHF bn
78
89
103
(24)%
78
Risk-weighted assets in CHF bn
55
63
60
(9)%
55
Leverage exposure in CHF bn
179
231
233
(23)%
179
103
60
233
(24)%
Net assets outflows of CHF 92.7 bn
(9)%
(23)%
~2/3rd of 4Q22 net asset outflows in October, with ~60% of NNA outflows in
the quarter driven by deposit outflows
RMs
Number of relationship managers
1,790
1,880
1,890
(5)%
1,790
1,890
(5)%
16
Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important
presentation and other information relating to non-GAAP financial measures, including reconciliations. 1 4Q22 mark-to-market losses of CHF 31 mn (net of CHF (17) mn of hedges); 4Q21 included
mark-to-market losses of CHF (0) mn (including CHF 9 mn of hedges)
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