Transformation to CS First Boston
Notes
General notes
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Throughout this presentation rounding differences may occur
Unless otherwise stated, all financial numbers presented and discussed are adjusted. Results excluding certain items included in our reported results are non-GAAP financial measures. All percentage changes and comparative descriptions refer to YoY measurements
unless otherwise specified
Estimates and assumptions are based on currently available information and beliefs, expectations and opinions of management and include all known facts and decisions as of February 9, 2023. Actual results may differ
Our cost base target is measured using adjusted operating expenses at constant 2022 FX rates and on constant perimeter, before impact of Securitized Products transaction and other divestments
Unless otherwise noted, all CET1 capital, CET1 ratio, CET1 leverage ratio, Tier 1 leverage ratio, risk-weighted assets and leverage exposure figures shown in these presentations are as of the end of the respective period
Gross and net margins are shown in basis points; gross margin = net revenues annualized / average AuM; net margin = pre-tax income annualized / average AuM. Adjusted net margin excluding certain items included in our reported results is calculated using results
excluding such items, applying the same methodology
Parent means Credit Suisse AG on a standalone basis. All CET1 capital and CET1 ratio figures shown in these presentations for Parent are Swiss capital metrics
Specific notes
† Regulatory capital is calculated as the average of 13.5% of RWA and 4.25% of leverage exposure and return on regulatory capital, a non-GAAP financial measure, is calculated using income/(loss) after tax and assumes a tax rate of 25% from 2020 onward. For the
Investment Bank, return on regulatory capital is based on US dollar denominated numbers. Return on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology. Adjusted return
on regulatory capital excluding certain items included in our reported results is calculated using results excluding such items, applying the same methodology.
Return on tangible equity, a non-GAAP financial measure, is calculated as annualized net income attributable to shareholders divided by average tangible shareholders' equity. Tangible shareholders' equity, a non-GAAP financial measure, is calculated by deducting
goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet. Tangible book value, a non-GAAP financial measure, is equal to tangible shareholders' equity. Tangible book value per share is a non-GAAP financial measure, which is
calculated by dividing tangible shareholders' equity by total number of shares outstanding.
For end-4Q21, tangible shareholders' equity excluded goodwill of CHF 2,917 mn and other intangible assets of CHF 276 mn from total shareholders' equity of CHF 43,954 mn as presented in our balance sheet.
For end-3Q22, tangible shareholders' equity excluded goodwill of CHF 3,018 mn and other intangible assets of CHF 424 mn from total shareholders' equity of CHF 43,267 mn as presented in our balance sheet
For end-4Q22, tangible shareholders' equity excluded goodwill of CHF 2,903 mn and other intangible assets of CHF 458 mn from total shareholders' equity of CHF 45,129 mn as presented in our balance sheet.
Shares outstanding were 2,569.7 mn at end-4Q21 and 3,941.3 mn at end-4Q22.
Abbreviations
APAC Asia Pacific;
CHF
Swiss Franc;
EUR = Euro;
FINMA
ARU Asset Resolution Unit; AT1 Additional Tier 1; AuM Assets under management; BIS Bank of International Settlements; bps = basis points; B3R Basel 3 Requirements; CET1 Common Equity Tier 1;
CS First Boston = Credit Suisse First Boston; CSSEL = Credit Suisse Securities (Europe) Limited; CRU = Capital Release Unit; DLJ Donaldson Lufkin & Jenrette; DTA deferred tax assets; ECM Equity Capital Markets;
Swiss Financial Market Supervisory Authority; FX = Foreign Exchange; GAAP = Generally Accepted Accounting Principles; GBP British Pound; GTS Global Trading Solutions; HQLA = High-quality Liquid Assets;
IBCM Investment Banking & Capital Markets; IBOR Interbank offered rate; IG Investment Grade; IT = Information Technology; IPO Initial Public Offering; LCR Liquidity Coverage Ratio; LLC Limited Liability Company;
LTM = Last twelve months; M&A Merger & Acquisition; NCU Non-Core Unit; NII Net interest income; NNA Net New Assets; OpRisk Operational risk; PCL = provision for credit losses; PTI Pre-tax income; QoQ = Quarter on Quarter;
Rev. revenues; RM Relationship Manager; RMBS Residential Mortgage-backed Securities; RoRC Return on Regulatory Capital; RWA Risk-weighted assets; SCFF Supply Chain Finance Funds SIX Swiss Exchange;
SPG Securitized Products Group; TBTF Too Big To Fail; TBVPS = Tangible Book Value Per Share; TLAC = Total Loss Absorbing Capacity;
IB Investment Bank;
SNB Swiss National Bank;
USD = United States Dollar;
SP Securitized Products;
Vs. = versus;
YoY Year on year
43
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