Credit Suisse AG 6-K, filed Jul 27, 2022

Credit Suisse AG (GLDI)

6-K 2022-07-27 For: 2022-06-30

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Added on July 04, 2026

About this 6-K

Credit Suisse AG filed this 6-K on July 27, 2022.

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Comparison of consolidated statements of operations
	Bank		Group		Bank		Group
in	2Q22	2Q21	2Q22	2Q21	6M22	6M21	6M22	6M21
Statements of operations (CHF million)
Net revenues	3,687	5,229	3,645	5,103	8,130	12,882	8,057	12,677
Total operating expenses	4,875	4,403	4,754	4,315	9,931	8,494	9,704	8,252
Income/(loss) before taxes	(1,251)	852	(1,173)	813	(1,754)	15	(1,601)	56
Net income/(loss)	(1,645)	298	(1,592)	247	(1,975)	9	(1,869)	16
Net income/(loss) attributable to shareholders	(1,644)	326	(1,593)	253	(1,974)	112	(1,866)	1

Comparison of consolidated balance sheets
	Bank		Group
end of	2Q22	4Q21	2Q22	4Q21
Balance sheet statistics (CHF million)
Total assets	730,295	759,214	727,365	755,833
Total liabilities	681,186	711,127	681,299	711,603

Capitalization and indebtedness
	Bank		Group
end of	2Q22	4Q21	2Q22	4Q21
Capitalization and indebtedness (CHF million)
Due to banks	23,614	18,960	23,616	18,965
Customer deposits	390,762	393,841	389,484	392,819
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	21,662	35,368	21,568	35,274
Long-term debt	152,348	160,695	158,010	166,896
All other liabilities	92,800	102,263	88,621	97,649
Total liabilities	681,186	711,127	681,299	711,603
Total equity	49,109	48,087	46,066	44,230
Total capitalization and indebtedness	730,295	759,214	727,365	755,833

BIS capital metrics
	Bank		Group
end of	2Q22	4Q21	2Q22	4Q21
Capital and risk-weighted assets (CHF million)
CET1 capital	42,443	44,185	37,049	38,529
Tier 1 capital	57,208	59,110	52,736	54,373
Total eligible capital	57,689	59,589	53,217	54,852
Risk-weighted assets	273,651	266,934	274,442	267,787
Capital ratios (%)
CET1 ratio	15.5	16.6	13.5	14.4
Tier 1 ratio	20.9	22.1	19.2	20.3
Total capital ratio	21.1	22.3	19.4	20.5

Condensed consolidated statements of operations
in	2Q22	2Q21	% change	6M22	6M21	% change
Condensed consolidated statements of operations (CHF million)
Interest and dividend income	2,465	2,413	2	4,685	4,987	(6)
Interest expense	(1,245)	(943)	32	(2,000)	(1,874)	7
Net interest income	1,220	1,470	(17)	2,685	3,113	(14)
Commissions and fees	2,216	3,175	(30)	4,806	6,926	(31)
Trading revenues	9	124	(93)	(46)	1,924	–
Other revenues	242	460	(47)	685	919	(25)
Net revenues	3,687	5,229	(29)	8,130	12,882	(37)
Provision for credit losses	63	(26)	–	(47)	4,373	–
Compensation and benefits	2,083	2,121	(2)	4,241	4,096	4
General and administrative expenses	2,440	1,912	28	4,995	3,664	36
Commission expenses	254	325	(22)	552	654	(16)
Goodwill impairment	23	0	–	23	0	–
Restructuring expenses	75	45	67	120	80	50
Total other operating expenses	2,792	2,282	22	5,690	4,398	29
Total operating expenses	4,875	4,403	11	9,931	8,494	17
Income/(loss) before taxes	(1,251)	852	–	(1,754)	15	–
Income tax expense	394	554	(29)	221	6	–
Net income/(loss)	(1,645)	298	–	(1,975)	9	–
Net income/(loss) attributable to noncontrolling interests	(1)	(28)	(96)	(1)	(103)	(99)
Net income/(loss) attributable to shareholders	(1,644)	326	–	(1,974)	112	–

Condensed consolidated balance sheets
end of	2Q22	4Q21	% change
Assets (CHF million)
Cash and due from banks	158,700	164,026	(3)
Interest-bearing deposits with banks	780	1,256	(38)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	104,156	103,906	0
Securities received as collateral	7,386	15,017	(51)
Trading assets	101,232	111,299	(9)
Investment securities	737	1,003	(27)
Other investments	5,733	5,788	(1)
Net loans	294,005	300,358	(2)
Goodwill	2,939	2,881	2
Other intangible assets	340	276	23
Brokerage receivables	15,062	16,689	(10)
Other assets	39,225	36,715	7
Total assets	730,295	759,214	(4)
Liabilities and equity (CHF million)
Due to banks	23,614	18,960	25
Customer deposits	390,762	393,841	(1)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	21,662	35,368	(39)
Obligation to return securities received as collateral	7,386	15,017	(51)
Trading liabilities	29,967	27,539	9
Short-term borrowings	25,567	25,336	1
Long-term debt	152,348	160,695	(5)
Brokerage payables	8,063	13,062	(38)
Other liabilities	21,817	21,309	2
Total liabilities	681,186	711,127	(4)
Total shareholder's equity	48,445	47,390	2
Noncontrolling interests	664	697	(5)
Total equity	49,109	48,087	2

Total liabilities and equity	730,295	759,214	(4)

BIS statistics (Basel III)
end of	2Q22	4Q21	% change
Eligible capital (CHF million)
Common equity tier 1 (CET1) capital	42,443	44,185	(4)
Tier 1 capital	57,208	59,110	(3)
Total eligible capital	57,689	59,589	(3)
Capital ratios (%)
CET1 ratio	15.5	16.6	–
Tier 1 ratio	20.9	22.1	–
Total capital ratio	21.1	22.3	–

Key metrics
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Credit Suisse (CHF million)
Net revenues	3,645	4,412	5,103	(17)	(29)	8,057	12,677	(36)
Provision for credit losses	64	(110)	(25)	–	–	(46)	4,369	–
Total operating expenses	4,754	4,950	4,315	(4)	10	9,704	8,252	18
Income/(loss) before taxes	(1,173)	(428)	813	174	–	(1,601)	56	–
Net income/(loss) attributable to shareholders	(1,593)	(273)	253	484	–	(1,866)	1	–
Cost/income ratio (%)	130.4	112.2	84.6	–	–	120.4	65.1	–
Effective tax rate (%)	(35.7)	35.3	69.6	–	–	(16.7)	71.4	–
Basic earnings/(loss) per share (CHF)	(0.60)	(0.10)	0.10	500	–	(0.71)	0.00	–
Diluted earnings/(loss) per share (CHF)	(0.60)	(0.10)	0.10	500	–	(0.71)	0.00	–
Return on equity (%)	(13.9)	(2.4)	2.3	–	–	(8.2)	0.0	–
Return on tangible equity (%)	(15.0)	(2.6)	2.6	–	–	(8.9)	0.0	–
Assets under management and net new assets (CHF billion)
Assets under management	1,453.9	1,554.9	1,632.0	(6.5)	(10.9)	1,453.9	1,632.0	(10.9)
Net new assets	(7.7)	7.9	(4.7)	–	63.8	0.2	23.7	(99.2)
Balance sheet statistics (CHF million)
Total assets	727,365	739,554	810,952	(2)	(10)	727,365	810,952	(10)
Net loans	285,573	287,682	299,844	(1)	(5)	285,573	299,844	(5)
Total shareholders' equity	45,842	44,442	43,580	3	5	45,842	43,580	5
Tangible shareholders' equity	42,528	41,204	38,747	3	10	42,528	38,747	10
Basel III regulatory capital and leverage statistics (%)
CET1 ratio	13.5	13.8	13.7	–	–	13.5	13.7	–
CET1 leverage ratio	4.3	4.3	4.2	–	–	4.3	4.2	–
Tier 1 leverage ratio	6.1	6.1	5.9	–	–	6.1	5.9	–
Share information
Shares outstanding (million)	2,610.8	2,556.1	2,411.3	2	8	2,610.8	2,411.3	8
of which common shares issued	2,650.7	2,650.7	2,650.7	0	0	2,650.7	2,650.7	0
of which treasury shares	(39.9)	(94.6)	(239.4)	(58)	(83)	(39.9)	(239.4)	(83)
Book value per share (CHF)	17.56	17.39	18.07	1	(3)	17.56	18.07	(3)
Tangible book value per share (CHF)	16.29	16.12	16.07	1	1	16.29	16.07	1
Market capitalization (CHF million)	14,231	19,272	25,448	(26)	(44)	14,231	25,448	(44)
Number of employees (full-time equivalents)
Number of employees	51,410	51,030	49,530	1	4	51,410	49,530	4
See relevant tables and related narratives for additional information on these metrics.

Results
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Statements of operations (CHF million)
Net interest income	1,195	1,459	1,416	(18)	(16)	2,654	3,070	(14)
Commissions and fees	2,230	2,601	3,158	(14)	(29)	4,831	6,895	(30)
Trading revenues¹	41	(36)	153	–	(73)	5	1,964	(100)
Other revenues	179	388	376	(54)	(52)	567	748	(24)
Net revenues	3,645	4,412	5,103	(17)	(29)	8,057	12,677	(36)
Provision for credit losses	64	(110)	(25)	–	–	(46)	4,369	–
Compensation and benefits	2,392	2,458	2,356	(3)	2	4,850	4,563	6
General and administrative expenses	2,005	2,148	1,589	(7)	26	4,153	2,965	40
Commission expenses	254	298	325	(15)	(22)	552	654	(16)
Goodwill impairment	23	0	0	–	–	23	0	–
Restructuring expenses	80	46	45	74	78	126	70	80
Total other operating expenses	2,362	2,492	1,959	(5)	21	4,854	3,689	32
Total operating expenses	4,754	4,950	4,315	(4)	10	9,704	8,252	18
Income/(loss) before taxes	(1,173)	(428)	813	174	–	(1,601)	56	–
Income tax expense/(benefit)	419	(151)	566	–	(26)	268	40	–
Net income/(loss)	(1,592)	(277)	247	475	–	(1,869)	16	–
Net income/(loss) attributable to noncontrolling interests	1	(4)	(6)	–	–	(3)	15	–
Net income/(loss) attributable to shareholders	(1,593)	(273)	253	484	–	(1,866)	1	–
Economic profit (CHF million)	(1,907)	(1,326)	(328)	44	481	(3,233)	(1,851)	75
Statement of operations metrics
Cost/income ratio (%)	130.4	112.2	84.6	–	–	120.4	65.1	–
Effective tax rate (%)	(35.7)	35.3	69.6	–	–	(16.7)	71.4	–
Earnings per share (CHF)
Basic earnings/(loss) per share	(0.60)	(0.10)	0.10	500	–	(0.71)	0.00	–
Diluted earnings/(loss) per share	(0.60)	(0.10)	0.10	500	–	(0.71)	0.00	–
Return on equity (%, annualized)
Return on equity	(13.9)	(2.4)	2.3	–	–	(8.2)	0.0	–
Return on tangible equity	(15.0)	(2.6)	2.6	–	–	(8.9)	0.0	–
Book value per share (CHF)
Book value per share	17.56	17.39	18.07	1	(3)	17.56	18.07	(3)
Tangible book value per share	16.29	16.12	16.07	1	1	16.29	16.07	1
Balance sheet statistics (CHF million)
Total assets	727,365	739,554	810,952	(2)	(10)	727,365	810,952	(10)
Risk-weighted assets	274,442	273,043	283,611	1	(3)	274,442	283,611	(3)
Leverage exposure	862,737	878,023	931,041	(2)	(7)	862,737	931,041	(7)
Number of employees (full-time equivalents)
Number of employees	51,410	51,030	49,530	1	4	51,410	49,530	4
1 Represent revenues on a product basis which are not representative of business results within our business segments as segment results utilize financial instruments across various product types.

Results overview
in / end of	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Credit Suisse
2Q22 (CHF million)
Net revenues	1,266	1,109	1,050	311	(91)	3,645
Provision for credit losses	(11)	55	18	2	0	64
Compensation and benefits	774	1,090	365	158	5	2,392
Total other operating expenses	599	1,080	265	121	297	2,362
of which general and administrative expenses	505	878	229	96	297	2,005
of which goodwill impairment	0	23	0	0	0	23
of which restructuring expenses	15	60	3	1	1	80
Total operating expenses	1,373	2,170	630	279	302	4,754
Income/(loss) before taxes	(96)	(1,116)	402	30	(393)	(1,173)
Economic profit (CHF million)	(254)	(1,220)	101	9	–	(1,907)
Cost/income ratio (%)	108.5	195.7	60.0	89.7	–	130.4
Total assets	205,387	254,561	219,151	3,785	44,481	727,365
Goodwill	1,330	0	496	1,148	0	2,974
Risk-weighted assets	62,158	81,722	71,584	8,580	50,398	274,442
Leverage exposure	234,524	333,473	243,556	2,886	48,298	862,737
1Q22 (CHF million)
Net revenues	1,177	1,938	1,109	361	(173)	4,412
Provision for credit losses	24	(156)	23	0	(1)	(110)
Compensation and benefits	749	1,098	391	165	55	2,458
Total other operating expenses	761	872	224	143	492	2,492
of which general and administrative expenses	662	693	193	114	486	2,148
of which restructuring expenses	10	36	1	0	(1)	46
Total operating expenses	1,510	1,970	615	308	547	4,950
Income/(loss) before taxes	(357)	124	471	53	(719)	(428)
Economic profit (CHF million)	(448)	(297)	154	28	–	(1,326)
Cost/income ratio (%)	128.3	101.7	55.5	85.3	–	112.2
Total assets	204,256	253,958	222,152	3,659	55,529	739,554
Goodwill	1,328	0	489	1,114	0	2,931
Risk-weighted assets	60,226	85,464	70,466	8,107	48,780	273,043
Leverage exposure	233,460	335,763	247,624	2,792	58,384	878,023
2Q21 (CHF million)
Net revenues	1,913	1,844	1,023	417	(94)	5,103
Provision for credit losses	(24)	19	(21)	1	0	(25)
Compensation and benefits	707	992	368	167	122	2,356
Total other operating expenses	460	849	231	129	290	1,959
of which general and administrative expenses	353	672	195	100	269	1,589
of which restructuring expenses	9	29	3	2	2	45
Total operating expenses	1,167	1,841	599	296	412	4,315
Income/(loss) before taxes	770	(16)	445	120	(506)	813
Economic profit (CHF million)	383	(467)	129	74	–	(328)
Cost/income ratio (%)	61.0	99.8	58.6	71.0	–	84.6
Total assets	212,257	316,139	226,268	3,806	52,482	810,952
Goodwill	1,337	1,638	491	1,122	0	4,588
Risk-weighted assets	66,071	88,709	71,133	10,172	47,526	283,611
Leverage exposure	241,135	378,173	251,605	2,969	57,159	931,041

Results overview (continued)
in	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Credit Suisse
6M22 (CHF million)
Net revenues	2,443	3,047	2,159	672	(264)	8,057
Provision for credit losses	13	(101)	41	2	(1)	(46)
Compensation and benefits	1,523	2,188	756	323	60	4,850
Total other operating expenses	1,360	1,952	489	264	789	4,854
of which general and administrative expenses	1,167	1,571	422	210	783	4,153
of which goodwill impairment	0	23	0	0	0	23
of which restructuring expenses	25	96	4	1	0	126
Total operating expenses	2,883	4,140	1,245	587	849	9,704
Income/(loss) before taxes	(453)	(992)	873	83	(1,112)	(1,601)
Economic profit (CHF million)	(702)	(1,517)	255	37	–	(3,233)
Cost/income ratio (%)	118.0	135.9	57.7	87.4	–	120.4
6M21 (CHF million)
Net revenues	3,998	5,728	2,054	817	80	12,677
Provision for credit losses	(11)	4,384	5	1	(10)	4,369
Compensation and benefits	1,371	1,967	746	322	157	4,563
Total other operating expenses	890	1,703	446	243	407	3,689
of which general and administrative expenses	688	1,345	375	186	371	2,965
of which restructuring expenses	12	46	10	3	(1)	70
Total operating expenses	2,261	3,670	1,192	565	564	8,252
Income/(loss) before taxes	1,748	(2,326)	857	251	(474)	56
Economic profit (CHF million)	927	(2,661)	234	158	–	(1,851)
Cost/income ratio (%)	56.6	64.1	58.0	69.2	–	65.1

Results by region
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Switzerland region (CHF billion)
Net revenues	1.4	1.6	1.6	(13)	(13)	3.1	3.2	(3)
Adjustments	0.0	(0.1)	(0.1)	100	100	(0.1)	(0.1)	0
Adjusted net revenues	1.4	1.5	1.5	(7)	(7)	3.0	3.1	(3)
Total operating expenses	0.9	1.0	0.9	(10)	0	1.9	1.8	6
Adjustments	0.0	0.0	0.0	–	–	0.0	0.0	–
Adjusted total operating expenses	0.9	1.0	0.9	(10)	0	1.9	1.8	6
Income/(loss) before taxes	0.5	0.6	0.6	(17)	(17)	1.1	1.2	(8)
Adjustments¹	0.0	(0.1)	0.0	100	–	0.0	0.0	–
Adjusted income/(loss) before taxes	0.5	0.5	0.6	0	(17)	1.1	1.2	(8)

EMEA (CHF billion)
Net revenues	0.6	0.6	1.5	0	(60)	1.2	3.0	(60)
Adjustments	0.2	0.4	(0.4)	(50)	–	0.6	(0.6)	–
Adjusted net revenues	0.8	1.0	1.1	(20)	(27)	1.8	2.4	(25)
Total operating expenses	1.1	1.4	1.1	(21)	0	2.5	2.1	19
Adjustments	0.0	(0.3)	(0.1)	100	100	(0.3)	(0.2)	50
Adjusted total operating expenses	1.1	1.1	1.0	0	10	2.2	1.9	16
Income/(loss) before taxes	(0.5)	(0.7)	0.4	(29)	–	(1.3)	0.9	–
Adjustments²	0.2	0.6	(0.2)	(67)	–	0.8	(0.3)	–
Adjusted income/(loss) before taxes	(0.3)	(0.1)	0.2	200	–	(0.5)	0.6	–

Asia Pacific (CHF billion)
Net revenues	0.7	0.7	0.9	0	(22)	1.5	2.3	(35)
Adjustments	0.0	0.0	0.0	–	–	0.0	0.0	–
Adjusted net revenues	0.7	0.7	0.9	0	(22)	1.5	2.3	(35)
Provision for credit losses	0.0	0.0	0.1	–	(100)	0.0	0.1	(100)
Adjustments	0.0	0.0	0.0	–	–	0.0	0.0	–
Adjusted provision for credit losses	0.0	0.0	0.1	–	(100)	0.0	0.1	(100)
Total operating expenses	0.8	0.8	0.7	0	14	1.6	1.4	14
Adjustments	0.0	0.0	0.0	–	–	0.0	0.0	–
Adjusted total operating expenses	0.8	0.8	0.7	0	14	1.6	1.4	14
Income/(loss) before taxes	(0.1)	(0.1)	0.1	0	–	(0.1)	0.8	–
Adjustments	0.0	0.0	0.0	–	–	0.0	0.0	–
Adjusted income/(loss) before taxes	(0.1)	(0.1)	0.1	0	–	(0.1)	0.8	–

Americas (CHF billion)
Net revenues	1.0	1.6	1.3	(38)	(23)	2.5	4.2	(40)
Adjustments	0.0	(0.1)	0.5	100	(100)	(0.1)	0.5	–
Adjusted net revenues	1.0	1.5	1.8	(33)	(44)	2.4	4.7	(49)
Provision for credit losses	0.1	(0.2)	0.0	–	–	(0.1)	4.3	–
Adjustments	0.0	0.2	(0.1)	(100)	100	0.2	(4.5)	–
Adjusted provision for credit losses	0.1	0.0	(0.1)	–	–	0.1	(0.2)	–
Total operating expenses	1.6	1.2	1.2	33	33	2.8	2.4	17
Adjustments	(0.3)	0.0	0.0	–	–	(0.2)	0.0	–
Adjusted total operating expenses	1.3	1.2	1.2	8	8	2.6	2.4	8
Income/(loss) before taxes	(0.7)	0.5	0.1	–	–	(0.2)	(2.5)	(92)
Adjustments¹	0.3	(0.2)	0.6	–	(50)	0.0	5.0	(100)
Adjusted income/(loss) before taxes	(0.4)	0.3	0.7	–	–	(0.2)	2.5	–
Rounding differences may occur. Does not include the results of the Corporate Center.
1 Includes real estate gains of CHF 0.1 billion in 1Q22.
2 Includes a loss on the equity investment in Allfunds Group of CHF 0.2 billion in 2Q22, a loss on the equity investment in Allfunds Group of CHF 0.4 billion and major litigation provisions of CHF 0.2 billion in 1Q22, a gain on the equity investment in Allfunds Group of CHF 0.3 billion in 2Q21, a loss on the equity investment in Allfunds Group of CHF 0.5 billion and major litigation provisions of CHF 0.2 billion in 6M22 and a gain on the equity investment in Allfunds Group of CHF 0.4 billion in 6M21.
3 Includes major litigation provisions of CHF 0.2 billion in 2Q22, a release of a provision of credit losses of CHF 0.2 billion related to Archegos in 1Q22, CHF 0.6 billion related to Archegos in 2Q21 and CHF 5.0 billion related to Archegos in 6M21.

Assets under management
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Assets under management (CHF billion)
Assets under management	661.5	707.0	769.4	(6.4)	(14.0)	661.5	769.4	(14.0)
Average assets under management	693.6	724.4	754.4	(4.3)	(8.1)	709.0	741.6	(4.4)
Assets under management by currency (CHF billion)
USD	323.2	344.0	369.8	(6.0)	(12.6)	323.2	369.8	(12.6)
EUR	120.8	133.4	155.8	(9.4)	(22.5)	120.8	155.8	(22.5)
CHF	69.3	75.8	75.7	(8.6)	(8.5)	69.3	75.7	(8.5)
Other	148.2	153.8	168.1	(3.6)	(11.8)	148.2	168.1	(11.8)
Assets under management	661.5	707.0	769.4	(6.4)	(14.0)	661.5	769.4	(14.0)
Growth in assets under management (CHF billion)
Net new assets	(1.4)	4.8	(6.5)	–	–	3.4	8.0	–
Other effects	(44.1)	(40.4)	18.9	–	–	(84.5)	54.5	–
of which market movements	(41.7)	(31.6)	27.5	–	–	(73.3)	34.4	–
of which foreign exchange	6.0	6.5	(6.3)	–	–	12.5	26.7	–
of which other	(8.4)	(15.3)	(2.3)	–	–	(23.7)	(6.6)	–
Growth/(decrease) in assets under management	(45.5)	(35.6)	12.4	–	–	(81.1)	62.5	–
Growth in assets under management (annualized) (%)
Net new assets	(0.8)	2.6	(3.4)	–	–	0.9	2.3	–
Other effects	(24.9)	(21.8)	10.0	–	–	(22.7)	15.4	–
Growth/(decrease) in assets under management (annualized)	(25.7)	(19.2)	6.6	–	–	(21.8)	17.7	–
Growth in assets under management (rolling four-quarter average) (%)
Net new assets	0.8	0.1	2.9	–	–	–	–	–
Other effects	(14.8)	(6.7)	11.2	–	–	–	–	–
Growth/(decrease) in assets under management (rolling four-quarter average)	(14.0)	(6.6)	14.1	–	–	–	–	–

Assets under management
	in / end of			% change		in / end of			% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21		YoY
Assets under management (CHF billion)
Traditional investments	261.7	291.5	303.0	(10.2)	(13.6)	261.7	303.0		(13.6)
Alternative investments	111.2	116.9	117.4	(4.9)	(5.3)	111.2	117.4		(5.3)
Investments and partnerships	54.1	53.6	51.0	0.9	6.1	54.1	51.0		6.1
Assets under management	427.0	462.0	471.4	(7.6)	(9.4)	427.0	471.4		(9.4)
Average assets under management	449.9	467.8	460.9	(3.8)	(2.4)	458.8	455.7		0.7
Assets under management by currency (CHF billion)
USD	105.1	114.0	128.0	(7.8)	(17.9)	105.1	128.0		(17.9)
EUR	46.4	52.9	59.0	(12.3)	(21.4)	46.4	59.0		(21.4)
CHF	215.4	234.7	229.2	(8.2)	(6.0)	215.4	229.2		(6.0)
Other	60.1	60.4	55.2	(0.5)	8.9	60.1	55.2		8.9
Assets under management	427.0	462.0	471.4	(7.6)	(9.4)	427.0	471.4		(9.4)
Growth in assets under management (CHF billion)
Net new assets¹	(6.1)	(0.6)	1.3	–	–	(6.7)	11.6		–
Other effects	(28.9)	(14.2)	12.1	–	–	(43.1)	19.5		–
of which market movements	(30.3)	(15.0)	14.2	–	–	(45.3)	19.7		–
of which foreign exchange	1.4	1.7	(2.1)	–	–	3.1	10.1		–
of which other	0.0	(0.9)	0.0	–	–	(0.9)	(10.3)	²	–
Growth/(decrease) in assets under management	(35.0)	(14.8)	13.4	–	–	(49.8)	31.1		–
Growth in assets under management (annualized) (%)
Net new assets	(5.3)	(0.5)	1.1	–	–	(2.8)	5.3		–
Other effects	(25.0)	(11.9)	10.6	–	–	(18.1)	8.8		–
Growth/(decrease) in assets under management (annualized)	(30.3)	(12.4)	11.7	–	–	(20.9)	14.1		–
Growth in assets under management (rolling four-quarter average) (%)
Net new assets	(0.8)	0.8	5.4	–	–	–	–		–
Other effects	(8.6)	0.1	5.8	–	–	–	–		–
Growth/(decrease) in assets under management (rolling four-quarter average)	(9.4)	0.9	11.2	–	–	–	–		–
1 Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
2 Includes CHF 7.9 billion relating to the exit of our supply chain finance funds business.

Assets under management, client assets and net new assets
	end of			% change
	2Q22	1Q22	2Q21	QoQ	YoY
Assets under management (CHF billion)
Wealth Management	661.5	707.0	769.4	(6.4)	(14.0)
Swiss Bank	544.5	582.5	588.2	(6.5)	(7.4)
Asset Management	427.0	462.0	471.4	(7.6)	(9.4)
Assets managed across businesses¹	(179.1)	(196.6)	(197.0)	(8.9)	(9.1)
Assets under management	1,453.9	1,554.9	1,632.0	(6.5)	(10.9)
of which discretionary assets	478.8	514.0	524.3	(6.8)	(8.7)
of which advisory assets	975.1	1,040.9	1,107.7	(6.3)	(12.0)
Client assets (CHF billion)²
Wealth Management	880.4	942.7	1,048.4	(6.6)	(16.0)
Swiss Bank	664.1	707.9	711.6	(6.2)	(6.7)
Asset Management	427.0	462.0	471.4	(7.6)	(9.4)
Assets managed across businesses	(179.1)	(196.6)	(197.0)	(8.9)	(9.1)
Client assets	1,792.4	1,916.0	2,034.4	(6.5)	(11.9)

in	2Q22	1Q22	2Q21	6M22	6M21
Net new assets (CHF billion)
Wealth Management	(1.4)	4.8	(6.5)	3.4	8.0
Swiss Bank	(1.6)	6.0	0.7	4.4	4.5
Asset Management³	(6.1)	(0.6)	1.3	(6.7)	11.6
Assets managed across businesses¹	1.4	(2.3)	(0.2)	(0.9)	(0.4)
Net new assets	(7.7)	7.9	(4.7)	0.2	23.7
1 Represents assets managed by Asset Management for the other businesses.
2 Client assets is a broader measure than assets under management as it includes transactional accounts and assets under custody (assets held solely for transaction-related or safekeeping/custody purposes) and assets of corporate clients and public institutions used primarily for cash management or transaction-related purposes.
3 Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.

Divisional results
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Statements of operations (CHF million)
Net revenues	1,266	1,177	1,913	8	(34)	2,443	3,998	(39)
Provision for credit losses	(11)	24	(24)	–	(54)	13	(11)	–
Compensation and benefits	774	749	707	3	9	1,523	1,371	11
General and administrative expenses	505	662	353	(24)	43	1,167	688	70
Commission expenses	79	89	98	(11)	(19)	168	190	(12)
Restructuring expenses	15	10	9	–	–	25	12	108
Total other operating expenses	599	761	460	(21)	30	1,360	890	53
Total operating expenses	1,373	1,510	1,167	(9)	18	2,883	2,261	28
Income/(loss) before taxes	(96)	(357)	770	(73)	–	(453)	1,748	–
Economic profit (CHF million)	(254)	(448)	383	(43)	–	(702)	927	–
Statement of operations metrics
Return on regulatory capital (%)	(3.2)	(11.9)	23.8	–	–	(7.5)	27.6	–
Cost/income ratio (%)	108.5	128.3	61.0	–	–	118.0	56.6	–

Divisional results (continued)
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Net revenue detail (CHF million)
Net interest income	558	514	536	9	4	1,072	1,097	(2)
Recurring commissions and fees	408	420	473	(3)	(14)	828	917	(10)
Transaction- and performance-based revenues	478	578	537	(17)	(11)	1,056	1,475	(28)
Other revenues	(178)	(335)	367	(47)	–	(513)	509	–
Net revenues	1,266	1,177	1,913	8	(34)	2,443	3,998	(39)
Balance sheet statistics (CHF million)
Total assets	205,387	204,256	212,257	1	(3)	205,387	212,257	(3)
Net loans	93,460	97,080	110,020	(4)	(15)	93,460	110,020	(15)
Risk-weighted assets	62,158	60,226	66,071	3	(6)	62,158	66,071	(6)
Leverage exposure	234,524	233,460	241,135	0	(3)	234,524	241,135	(3)
Client business volume (CHF billion)
Client assets¹	880.4	942.7	1,048.4	(7)	(16)	880.4	1,048.4	(16)
Net loans	93.5	97.1	110.0	(4)	(15)	93.5	110.0	(15)
Client business volume	973.9	1,039.8	1,158.4	(6)	(16)	973.9	1,158.4	(16)
Margins on assets under management (annualized) (bp)
Gross margin²	73	65	101	–	–	69	108	–
Net margin³	(6)	(20)	41	–	–	(13)	47	–
Number of relationship managers
Number of relationship managers	1,940	1,940	1,920	0	1	1,940	1,920	1
Net interest income includes a term spread credit on stable deposit funding and a term spread charge on loans. Recurring commissions and fees includes investment product management, discretionary mandate and other asset management-related fees, fees for general banking products and services and revenues from wealth structuring solutions. Transaction- and performance-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction- and performance-based income.
1 Client assets is a broader measure than assets under management as it includes transactional accounts and assets under custody (assets held solely for transaction-related or safekeeping/custody purposes) and assets of corporate clients and public institutions used primarily for cash management or transaction-related purposes.
2 Net revenues divided by average assets under management.
3 Income before taxes divided by average assets under management.

Reconciliation of adjustment items
	Wealth Management
in	2Q22	1Q22		2Q21	6M22	6M21
Results (CHF million)
Net revenues	1,266	1,177		1,913	2,443	3,998
Real estate (gains)/losses	0	(25)	¹	0	(25)	0
(Gains)/losses on business sales	1	3		0	4	0
Major litigation recovery	0	0		(49)	0	(49)
(Gain)/loss on equity investment in Allfunds Group	168	353		(317)	521	(461)
(Gain)/loss on equity investment in SIX Group AG	9	(2)		0	7	0
Adjusted net revenues	1,444	1,506		1,547	2,950	3,488
Provision for credit losses	(11)	24		(24)	13	(11)
Total operating expenses	1,373	1,510		1,167	2,883	2,261
Restructuring expenses	(15)	(10)		(9)	(25)	(12)
Major litigation provisions	(16)	(230)		0	(246)	11
Expenses related to real estate disposals	(1)	0		0	(1)	(4)
Expenses related to equity investment in Allfunds Group	0	0		(19)	0	(19)
Adjusted total operating expenses	1,341	1,270		1,139	2,611	2,237
Income/(loss) before taxes	(96)	(357)		770	(453)	1,748
Adjusted income before taxes	114	212		432	326	1,262
Adjusted economic profit	(97)	(21)		130	(118)	563
Adjusted return on regulatory capital (%)	3.8	7.1		13.4	5.4	19.9
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.
1 Of which CHF 20 million is reflected in other revenues and CHF 5 million is reflected in transaction- and performance-based revenues.

Reconciliation of adjustment items
	Investment Bank
in	2Q22	1Q22	2Q21	6M22	6M21
Results (CHF million)
Net revenues	1,109	1,938	1,844	3,047	5,728
Real estate (gains)/losses	0	(53)	0	(53)	0
Archegos	0	(17)	493	(17)	493
Adjusted net revenues	1,109	1,868	2,337	2,977	6,221
Provision for credit losses	55	(156)	19	(101)	4,384
Archegos	0	155	(70)	155	(4,500)
Adjusted provision for credit losses	55	(1)	(51)	54	(116)
Total operating expenses	2,170	1,970	1,841	4,140	3,670
Goodwill impairment	(23)	0	0	(23)	0
Restructuring expenses	(60)	(36)	(29)	(96)	(46)
Major litigation provisions	(191)	0	0	(191)	0
Expenses related to real estate disposals	(5)	(3)	0	(8)	(33)
Archegos	(13)	(11)	(31)	(24)	(31)
Adjusted total operating expenses	1,878	1,920	1,781	3,798	3,560
Income/(loss) before taxes	(1,116)	124	(16)	(992)	(2,326)
Adjusted income/(loss) before taxes	(824)	(51)	607	(875)	2,777
Adjusted economic profit	(1,001)	(428)	1	(1,429)	1,166
Adjusted return on regulatory capital (%)	(19.0)	(1.2)	12.3	(9.9)	27.9
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Corporate Center results
	in / end of			% change		in / end of		% change
	2Q22	1Q22	2Q21	QoQ	YoY	6M22	6M21	YoY
Statements of operations (CHF million)
Treasury results	(155)	(254)	(116)	(39)	34	(409)	13	–
Asset Resolution Unit	22	39	(43)	(44)	–	61	(76)	–
Other	42	42	65	0	(35)	84	143	(41)
Net revenues	(91)	(173)	(94)	(47)	(3)	(264)	80	–
Provision for credit losses	0	(1)	0	100	–	(1)	(10)	(90)
Compensation and benefits	5	55	122	(91)	(96)	60	157	(62)
General and administrative expenses	297	486	269	(39)	10	783	371	111
Commission expenses	(1)	7	19	–	–	6	37	(84)
Restructuring expenses	1	(1)	2	–	(50)	0	(1)	100
Total other operating expenses	297	492	290	(40)	2	789	407	94
Total operating expenses	302	547	412	(45)	(27)	849	564	51
Income/(loss) before taxes	(393)	(719)	(506)	(45)	(22)	(1,112)	(474)	135
of which Asset Resolution Unit	(7)	10	(79)	–	(91)	3	(147)	–
Balance sheet statistics (CHF million)
Total assets	44,481	55,529	52,482	(20)	(15)	44,481	52,482	(15)
Risk-weighted assets	50,398	48,780	47,526	3	6	50,398	47,526	6
Leverage exposure	48,298	58,384	57,159	(17)	(16)	48,298	57,159	(16)

Reconciliation of adjustment items
	Corporate Center
in	2Q22	1Q22	2Q21	6M22	6M21
Results (CHF million)
Net revenues	(91)	(173)	(94)	(264)	80
Provision for credit losses	0	(1)	0	(1)	(10)
Total operating expenses	302	547	412	849	564
Restructuring expenses	(1)	1	(2)	0	1
Major litigation provisions	(227)	(423)	(208)	(650)	(223)
Adjusted total operating expenses	74	125	202	199	342
Income/(loss) before taxes	(393)	(719)	(506)	(1,112)	(474)
Adjusted income/(loss) before taxes	(165)	(297)	(296)	(462)	(252)
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

BIS capital and leverage metrics
end of	2Q22	1Q22	4Q21
Capital metrics
Risk-weighted assets (CHF billion)	274.4	273.0	267.8
CET1 ratio (%)	13.5	13.8	14.4
Tier 1 ratio (%)	19.2	19.5	20.3
Total capital ratio (%)	19.4	19.7	20.5

Leverage metrics
Leverage exposure (CHF billion)	862.7	878.0	889.1
CET1 leverage ratio (%)	4.3	4.3	4.3
Tier 1 leverage ratio (%)	6.1	6.1	6.1
Refer to the Appendix for additional information on BIS and Swiss capital and leverage metrics.

BIS capital metrics – Group
				% change
end of	2Q22	1Q22	4Q21	QoQ
Capital and risk-weighted assets (CHF million)
CET1 capital	37,049	37,713	38,529	(2)
Tier 1 capital	52,736	53,204	54,373	(1)
Total eligible capital	53,217	53,676	54,852	(1)
Risk-weighted assets	274,442	273,043	267,787	1
Capital ratios (%)
CET1 ratio	13.5	13.8	14.4	–
Tier 1 ratio	19.2	19.5	20.3	–
Total capital ratio	19.4	19.7	20.5	–

Eligible capital – Group
					% change
end of	2Q22	1Q22	4Q21		QoQ
Eligible capital (CHF million)
Total shareholders' equity	45,842	44,442	43,954		3
Adjustments
Regulatory adjustments¹	(175)	70	157		–
Goodwill²	(2,953)	(2,909)	(2,893)		2
Other intangible assets²	(49)	(49)	(50)		0
Deferred tax assets that rely on future profitability	(1,124)	(1,307)	(881)		(14)
Shortfall of provisions to expected losses	(249)	(254)	(220)		(2)
(Gains)/losses due to changes in own credit on fair-valued liabilities	(1,536)	1,065	2,144		–
Defined benefit pension assets²	(3,463)	(3,403)	(3,280)		2
Investments in own shares	(79)	(523)	(477)		(85)
Other adjustments³	835	581	75		44
Total adjustments	(8,793)	(6,729)	(5,425)		31
CET1 capital	37,049	37,713	38,529		(2)
High-trigger capital instruments (7% trigger)	11,223	11,135	11,399		1
Low-trigger capital instruments (5.125% trigger)	4,464	4,356	4,445		2
Additional tier 1 capital	15,687	15,491	15,844		1
Tier 1 capital	52,736	53,204	54,373		(1)
Tier 2 low-trigger capital instruments (5% trigger)	481	472	479		2
Tier 2 capital	481	472	479	⁴	2
Total eligible capital	53,217	53,676	54,852	⁴	(1)
1 Includes certain adjustments, such as a cumulative dividend accrual.
2 Net of deferred tax liability.
3 Includes reversals of cash flow hedge reserves.
4 Amounts are shown on a look-through basis. Certain tier 2 instruments were subject to phase out and are no longer eligible as of January 1, 2022. As of 4Q21, total eligible capital was CHF 55,074 million, including CHF 222 million of such instruments, and the total capital ratio was 20.6%.

2Q22 Capital movement – Group
CET1 capital (CHF million)
Balance at beginning of period		37,713
Net income/(loss) attributable to shareholders		(1,593)
Foreign exchange impact¹		734
Regulatory adjustment of deferred tax assets relating to net operating losses		209
Other		(14)
Balance at end of period		37,049
Additional tier 1 capital (CHF million)
Balance at beginning of period		15,491
Foreign exchange impact		498
Issuances		1,602
Redemptions		(1,439)
Other²		(465)
Balance at end of period		15,687
Tier 2 capital (CHF million)
Balance at beginning of period		472
Foreign exchange impact		17
Other		(8)
Balance at end of period		481
Eligible capital (CHF million)
Balance at end of period		53,217
1 Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
2 Primarily reflects valuation impacts.

Risk-weighted assets – Group
end of	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Group
2Q22 (CHF million)
Credit risk	42,020	53,912	64,345	6,422	18,796	185,495
Market risk	3,062	10,687	114	68	2,070	16,001
Operational risk	17,076	17,123	7,125	2,090	29,532	72,946
Risk-weighted assets	62,158	81,722	71,584	8,580	50,398	274,442
4Q21 (CHF million)
Credit risk	41,061	56,389	61,917	6,395	18,043	183,805
Market risk	2,899	11,524	88	69	1,775	16,355
Operational risk	16,014	16,400	6,759	1,982	26,472	67,627
Risk-weighted assets	59,974	84,313	68,764	8,446	46,290	267,787

Risk-weighted asset movement by risk type – Group
2Q22	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Total
Credit risk (CHF million)
Balance at beginning of period	40,780	56,687	63,550	6,017	18,175	185,209
Foreign exchange impact	347	1,381	212	150	350	2,440
Movements in risk levels	577	(4,277)	(67)	255	266	(3,246)
Model and parameter updates – internal¹	1	14	502	0	5	522
Model and parameter updates – external²	315	107	148	0	0	570
Balance at end of period	42,020	53,912	64,345	6,422	18,796	185,495
Market risk (CHF million)
Balance at beginning of period	3,142	12,063	37	72	2,093	17,407
Foreign exchange impact	114	430	1	(12)	90	623
Movements in risk levels	(165)	(395)	78	12	(149)	(619)
Model and parameter updates – internal¹	(29)	(1,411)	(2)	(4)	36	(1,410)
Balance at end of period	3,062	10,687	114	68	2,070	16,001
Operational risk (CHF million)
Balance at beginning of period	16,304	16,714	6,879	2,018	28,512	70,427
Foreign exchange impact	583	598	246	72	1,020	2,519
Movements in risk levels	189	(189)	0	0	0	0
Balance at end of period	17,076	17,123	7,125	2,090	29,532	72,946
Total (CHF million)
Balance at beginning of period	60,226	85,464	70,466	8,107	48,780	273,043
Foreign exchange impact	1,044	2,409	459	210	1,460	5,582
Movements in risk levels	601	(4,861)	11	267	117	(3,865)
Model and parameter updates – internal¹	(28)	(1,397)	500	(4)	41	(888)
Model and parameter updates – external²	315	107	148	0	0	570
Balance at end of period	62,158	81,722	71,584	8,580	50,398	274,442
1 Represents movements arising from internally driven updates to models and recalibrations of model parameters specific only to Credit Suisse.
2 Represents movements arising from externally mandated updates to models and recalibrations of model parameters specific only to Credit Suisse.

BIS leverage metrics – Group
				% change
end of	2Q22	1Q22	4Q21	QoQ
Capital and leverage exposure (CHF million)
CET1 capital	37,049	37,713	38,529	(2)
Tier 1 capital	52,736	53,204	54,373	(1)
Leverage exposure	862,737	878,023	889,137	(2)
Leverage ratios (%)
CET1 leverage ratio	4.3	4.3	4.3	–
Tier 1 leverage ratio	6.1	6.1	6.1	–

Swiss capital metrics – Group
				% change
end of	2Q22	1Q22	4Q21	QoQ
Swiss capital and risk-weighted assets (CHF million)
Swiss CET1 capital	37,049	37,713	38,529	(2)
Going concern capital	52,736	53,204	54,372	(1)
Gone concern capital	44,160	47,973	46,648	(8)
Total loss-absorbing capacity (TLAC)	96,896	101,177	101,020	(4)
Swiss risk-weighted assets	274,997	273,609	268,418	1
Swiss capital ratios (%)
Swiss CET1 ratio	13.5	13.8	14.4	–
Going concern capital ratio	19.2	19.4	20.3	–
Gone concern capital ratio	16.1	17.5	17.4	–
TLAC ratio	35.2	37.0	37.6	–
Rounding differences may occur.

Swiss capital and risk-weighted assets – Group
					% change
end of	2Q22	1Q22	4Q21		QoQ
Swiss capital (CHF million)
CET1 capital – BIS	37,049	37,713	38,529		(2)
Swiss CET1 capital	37,049	37,713	38,529		(2)
Additional tier 1 high-trigger capital instruments	11,223	11,135	11,398		1
Grandfathered additional tier 1 low-trigger capital instruments	4,464	4,356	4,445		2
Swiss additional tier 1 capital	15,687	15,491	15,843		1
Going concern capital	52,736	53,204	54,372		(1)
Bail-in debt instruments	41,753	45,612	44,251		(8)
Tier 2 low-trigger capital instruments	481	472	479		2
Tier 2 amortization component	1,926	1,889	1,918		2
Gone concern capital	44,160	47,973	46,648	¹	(8)
Total loss-absorbing capacity	96,896	101,177	101,020		(4)
Risk-weighted assets (CHF million)
Risk-weighted assets – BIS	274,442	273,043	267,787		1
Swiss regulatory adjustments²	555	566	631		(2)
Swiss risk-weighted assets	274,997	273,609	268,418		1
1 Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components were subject to phase out and are no longer eligible as of January 1, 2022. As of 4Q21, gone concern capital was CHF 46,897 million, including CHF 249 million of such instruments.
2 Primarily includes differences in the credit risk multiplier.

Swiss leverage metrics – Group
				% change
end of	2Q22	1Q22	4Q21	QoQ
Swiss capital and leverage exposure (CHF million)
Swiss CET1 capital	37,049	37,713	38,529	(2)
Going concern capital	52,736	53,204	54,372	(1)
Gone concern capital	44,160	47,973	46,648	(8)
Total loss-absorbing capacity	96,896	101,177	101,020	(4)
Leverage exposure	862,737	878,023	889,137	(2)
Swiss leverage ratios (%)
Swiss CET1 leverage ratio	4.3	4.3	4.3	–
Going concern leverage ratio	6.1	6.1	6.1	–
Gone concern leverage ratio	5.1	5.5	5.2	–
TLAC leverage ratio	11.2	11.5	11.4	–
Rounding differences may occur.

in / end of	Interest rate	Credit spread	Foreign exchange	Commodity	Equity	Diversi- fication benefit	¹	Total
CHF million
2Q22
Average	18	37	39	3	31	(85)		43
Minimum	14	33	10	3	16	–	²	38
Maximum	28	42	49	4	39	–	²	49
End of period	24	38	48	3	37	(103)		47
1Q22
Average	14	44	26	3	30	(67)		50
Minimum	10	37	18	3	25	–	²	42
Maximum	19	49	29	7	34	–	²	59
End of period	19	42	25	3	26	(70)		45
4Q21
Average	13	43	29	3	32	(72)		48
Minimum	10	37	24	2	30	–	²	44
Maximum	15	51	32	3	37	–	²	58
End of period	11	37	28	3	32	(66)		45
USD million
2Q22
Average	19	38	40	3	32	(87)		45
Minimum	14	34	10	3	17	–	²	40
Maximum	29	46	51	4	39	–	²	51
End of period	25	39	51	3	39	(108)		49
1Q22
Average	15	47	28	3	32	(71)		54
Minimum	10	40	19	3	27	–	²	46
Maximum	21	52	31	8	37	–	²	64
End of period	21	46	27	3	28	(77)		48
4Q21
Average	14	47	31	3	35	(77)		53
Minimum	11	40	26	3	32	–	²	48
Maximum	16	55	35	4	40	–	²	63
End of period	12	40	30	3	35	(71)		49
Excludes risks associated with counterparty and own credit exposures. Risk management VaR measures the Group's risk exposure managed under the market risk framework and generally includes the trading book positions and banking book positions held at fair value.
1 Diversification benefit represents the reduction in risk that occurs when combining different, not perfectly correlated risk types in the same portfolio and is measured as the difference between the sum of the individual risk types and the risk calculated on the combined portfolio.
2 As the maximum and minimum occur on different days for different risk types, it is not meaningful to calculate a portfolio diversification benefit.