Fourth Quarter and Full Year 2016 Results Presentation
Asia Pacific
Continued growth and record full year results in Wealth Management
Adjusted key financials in CHF mn
4Q16 3Q16 4Q15
2016
2015
Net revenues
862
917
826
3,597
3,839
Provision for credit losses
11
34
3
26
35
Total operating expenses
729
708
675
2,793
2,662
Pre-tax income
122
175
148
778
1,142
Cost/income ratio
85%
77%
82%
78%
69%
Return on regulatory capital+
9%
13%
12%
15%
20%
Pro-forma Wealth Management & connected activities¹ in CHF mn
4Q16 3Q16 4Q15
2016
2015
167
99
61
513
311
Key metrics in CHF bn
4Q16
3Q16
4Q15
2016
2015
Adj. net margin in bps
23
17
15
24
23
Net new assets
0.7
4.6
3.0
14.6
17.8
Number of RM
640
650
580
640
580
Net loans
40
39
36
40
36
Risk-weighted assets
35
32
27
35
27
Leverage exposure
109
108
99
109
99
Pre-tax income
PB
Key messages
Execution
Profitable growth
Legacy
Capital
Detailed Financials
Record net revenues and pre-tax income in Wealth Management
for the full year and 4Q16, with a revenue increase of 37% vs.
4Q15
Continued positive NNA of CHF 0.7 bn in 4Q16 and CHF 14.6 bn
in 2016, despite regularization outflows of CHF 1.4 bn in 4Q16
and CHF 2.5 bn in 2016
Wealth Management gross margin up 15 bps vs. 4Q15 including
higher margins on growing loan and deposit volumes and increased
client activity; net margin up 8 bps vs. 4Q15
Improved performance in Underwriting & Advisory vs. 4Q15 from
increased client activity - #1 Rank2 in APAC ex-Japan amongst
international banks for 2016
Fixed income sales and trading revenues were lower in 4Q16 vs.
4Q15, reflecting reduction in client activity, especially in Rates,
partially offset by positive net fair value impact on a portfolio of
impaired loans and higher FX activity
Equities revenues (excluding SMG³) up slightly vs. 4Q15, mainly
reflecting trading gains and positive net fair value impact on a
portfolio of impaired loans, partially offset by decrease in Prime
Services. Full year 2016 results were adversely impacted from
decreased client activity in Greater China
+ See Appendix
Note: All financial numbers presented and discussed are adjusted, unless otherwise stated. Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix
1 Includes contributions from APAC Wealth Management, APAC Underwriting and Advisory as well as Financing for activities with our UHNWI, Entrepreneurs and Corporate clients. Pro forma Wealth Management and
connected activities within APAC are based on preliminary estimates 2 Source: Dealogic 3 SMG = Strategic Market-Making Group
CREDIT SUISSE
February 14, 2017
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