Fourth Quarter and Full Year 2016 Results Presentation
Swisscard deconsolidation impact
Impact of the deconsolidation on the Swiss Universal Bank
SUB adjusted
Swisscard impact¹
in CHF mn
Net interest income
2014 1Q15 2015 3Q15 4Q15 2015
2,377 611 685 708
Recurring commissions & fees 1,671 412 412 372
2014 1Q15 2Q15 3Q15 4Q15 2015
753 2,757
36
9
18
373 1,569
233
56
59
115
2,341 602 676 708
1,438 356 353
Transaction-based revenues
1,462 382 349
295
287 1,313
49
7
15
1,413
Other revenues
(36) (5) (7)
(11)
(13) (36)
1
Net revenues
Provision for credit losses
94
33
5,474 1,400 1,439 1,364 1,400 5,603
23
318
73
75
148
SUB adjusted ex Swisscard
2014 1Q15 2015 3Q15 4Q15 2015
753 2,739
372 373 1,454
287 1,298
374 342 295
(36) (5) (7) (11) (13) (36)
5,156 1,327 1,364 1,364 1,400 5,455
39
43 138
5
LO
89
23
33
39
43 138
Total operating expenses
Pre-tax income
1,586
3,794 934 961
443 445
Return on regulatory capital+
13%
14%
14%
13%
925 1,021 3,841
400 336 1,624
11% 13%
239
61
62
123
3,555 873
899
74
12
13
25
I
.
13%
1,512 431 432
14%
925 1,021 3,718
400 336 1,599
14% 13% 11% 13%
+ See Appendix
Note: Adjusted results are non-GAAP financial measures. A reconciliation to reported results for other adjustments not relating to Swisscard is included in the Notes of this presentation
This is an illustrative pro-forma presentation of the impact of the deconsolidation of the card issuing business on the historical results of SUB as if it had occurred on December 31, 2013. Given that as of July 1, 2015 the
business has been deconsolidated and transferred to the equity method investment, Swisscard AECS GmbH and the transaction does not qualify for discontinued operations, the historical results are not restated in this respect.
The reduction in pre-tax income in the Private Banking business of Swiss Universal Bank is offset by the reduction in minority interest from the deconsolidation at the Group level, therefore there is no material impact on the
Group's net income attributable to shareholders. These illustrative figures cannot be seen as being indicative of future trends or results 1 Pro-forma impact of the card issuing business deconsolidation
CREDIT SUISSE
February 14, 2017
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