Transformation to CS First Boston
Asset Management
Pre-tax income and NNA negatively affected by the challenging macro environment
Profitability
PCL/
Costs
Revenues
Balance
sheet
AuM
in CHF mn
Management fees
23%
Adjusted net revenues down 28% vs. 4Q21
due to lower performance, transactions & placement revenues, reflecting
substantially reduced placement fees and investment related losses, and
lower management fees, primarily driven by a 16% decline in AuM
Adjusted operating expenses down 3% vs.
4Q21
primarily driven by lower expenses related to the supply chain finance funds
matter and reduced commission expenses partly offset by higher
compensation and benefits
4Q22
3Q22
4Q21 A 4Q21 2022 2021 A 2021
231
250
286
(19)% 1,011
1,137
(11)%
Perf., transaction & placement rev.
30
33
94
(68)%
114
Investment and partnership income¹
25
53
19
32%
177
340
144
(66)%
Adjusted net revenues
286
346
399
(28)%
1,302
1,621 (20)%
Adjusted provision for credit
(1)
(2)
2
losses
Adjusted total operating expenses
300
243
308
(3)%
1,129 1,142
(1)%
Adjusted pre-tax income
(15)
104
93
n/m
171
479
(64)%
Reported pre-tax income
(27)
90
93
n/m
146
362
(60)%
(7)%
49%
45%
20%
52%
Reported RoRC+
(13)%
43%
45%
17%
39%
Adjusted cost/income ratio
105%
70%
77%
87%
70%
Assets under management in CHF bn
Net new assets in CHF bn
402
411
477
(16)%
402
477
(16)%
(11.7)
(4.2)
4.7
(22.6)
14.6
or CHF 74 bn, of which CHF 50 bn is due to market and FX effects
Net asset outflows of CHF 11.7 bn
Risk-weighted assets in CHF bn
8
6
8
(1)%
8
8
(1)%
Leverage exposure in CHF bn
2
3
3
(9)%
2
3
(9)%
across traditional investments, in particular multi-asset, index solutions and
fixed income, alternative investments, in particular credit, and investments and
partnerships
Adjusted RoRC+
Pre-tax loss of CHF 15 mn
mainly reflecting declining net revenue levels
AuM down 16% YoY
18
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 Excludes real estate gains of CHF 2 mn in 2022, impairment on York Capital Management of
CHF 10 mn in 2022 and CHF 113 mn in 2021
CREDIT SUISSEView entire presentation