Credit Suisse Results Presentation Deck
Swiss Bank
Resilient 4Q22 negatively impacted by normalizing provisions and compensation expenses
A 4Q21 2022 2021 A 2021
Revenues
PCL/
Costs
Profitability
AuM
Balance
Sheet
RMS
17
in CHF mn
Net interest income
Recurring commissions and fees
Transaction-based
Adjusted net revenues¹
Adjusted provision for credit
losses
Adjusted total operating expenses
Adjusted pre-tax income
Reported pre-tax income
Adjusted RoRC+
Reported RORC+
Adjusted cost/income ratio
Adjusted net margin in bps
Assets under management in CHF bn
Net new assets in CHF bn
Net loans in CHF bn
Risk-weighted assets in CHF bn
Leverage exposure in CHF bn
4Q22
523
300
113
931
28
644
259
289
8%
9%
69%
20
526
(8.3)
158
69
220
3Q22 4Q21
525
323
121
956
21
552
383
383
12%
12%
58%
28
527
(1.5)
161
71
240
587 (11)% 2,219 2,345
332 (10)% 1,293 1,302
508
561
3,956
4,138
138 (18)%
1,039 (10)%
(4)
605
6%
438 (41)%
607 (52)%
13%
18%
58%
30 (10)
598 (12)%
1.0
(2)%
161
69
248 (11)%
90
2,437
1,429
1,545
11%
12%
62%
26
526
(5.4)
158
69
220
2,379
30
1,755
(19)%
1,918 (19)%
13%
14%
57%
598
5.9
161
69
248
(5)%
(1)%
(9)%
(4)%
2%
1,630
(4)
(12)%
(2)%
(11)%
Adjusted net revenues down 10% vs. 4021
Net interest income down 11%; higher deposit income offset by
decreased income from loans and lower SNB threshold benefits from the
SNB increase of interest rates; 4Q22 net interest income stable
sequentially
■
■
■
Recurring commissions and fees decline 10% reflecting lower average
AuM
Transaction-based revenues down 18% driven by equity investments²;
excluding those, transaction-based revenues down 8% due to lower client
activity
Adjusted operating expenses up 6% vs. 4021
driven by increased compensation expenses mainly reflecting higher deferral
of compensation in 4Q21; 2022 full-year compensation expenses stable
compared to 2021
Adjusted pre-tax income down 41% vs. 4Q21
reflecting lower net revenues, higher operating expenses and normalizing
provision for credit losses at 7 bps of our net loans
■
Assets under management down 12% YoY
▪ Lower assets under management mainly driven by declining markets
NNA of CHF (8.3) bn driven by outflows in private clients
1,670 1,660 1,630
2%
1,670
2%
Number of relationship managers
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 Includes other revenues of CHF (5) mn in 4Q22, CHF (13) mn in 3Q22, CHF (18) mn in 4021, CREDIT SUISSE
CHF (64) mn in 2022 and CHF (70) mn in 2021 2 Gain/(loss) on equity investments of CHF (8) mn in 4Q22 and CHF 6 mn in 4Q21View entire presentation