Credit Suisse Capital Metrics and Core Results 9M16
3Q16 results
Global Markets
Positive momentum in credit products offset by challenging equity market conditions
Adjusted key financials in USD mn
3Q16
2Q16
3Q15 A 2Q16 A 3Q15
Equities
330
550
536
(40)%
(38)%
Credit
740
758
723
(2)% +2%
Solutions
359
423
414
(15)% (13)%
Other
(33)
(60)
(40)
Net revenues
1,396
1,671 1,632
(16)% (14)%
Provision for credit losses
(6)
(17)
15
Total operating expenses¹
1,251
Pre-tax income
150
208
403
1,480 1,214 (15)% +3%
(28)% (63)%
Cost/income ratio
90%
89%
74%
Return on regulatory capital
4%
6%
10%
Key messages
Higher YoY credit products results, improved emerging markets
revenues, notably in Latin America, and sustained market share
through restructuring
Maintained #1 asset finance² rank vs. 3Q15 despite significant
rescaling of franchise
Awarded Most Innovative Bank for Leveraged Finance and
securitized products³ and Structured Product Bank of the
Year
Weakness in equity derivatives reflecting low volatility and muted
client activity; cash and prime services revenues resilient in the
Americas offset by weak trading results, particularly in EMEA
Adjusted operating expenses up 3% YoY due to higher variable
compensation
9M16 adjusted expenses of USD 4.1 bn, down 6% YoY
Expected to approach end-2018 target of USD 5.4 bn by
end-2016, reflecting substantial progress on accelerated cost
reductions and lower costs in the UK
Key metrics in USD bn
3Q16
2016
3Q15 A 2Q16 A 3Q15
Risk-weighted assets
53
52
63
+1%
Leverage exposure
296
286
313
+3%
(16)%
(6)%
RWA broadly stable compared to 2016, operating below end-
2016 ceiling of USD 60 bn
Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix
1 Does not include restructuring expenses of USD 52 mn in 2016 and USD 53 mn in 3Q16 and major litigation of USD 7 mn and USD 132 mn in 3Q15 2 Thomson Reuters
3 The Banker, Investment Banking Awards 2016 4 GlobalCapital
CREDIT SUISSE
November 2016
31View entire presentation