Credit Suisse AG 6-K, filed Feb 9, 2023

Credit Suisse AG (GLDI)

6-K 2023-02-09 For: 2022-12-31

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Added on July 04, 2026

About this 6-K

Credit Suisse AG filed this 6-K on February 9, 2023.

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Comparison of consolidated statements of operations
	Bank		Group		Bank		Group
in	4Q22	4Q21	4Q22	4Q21	2022	2021	2022	2021
Statements of operations (CHF million)
Net revenues	3,220	4,656	3,060	4,582	15,213	23,042	14,921	22,696
Total operating expenses	4,428	5,736	4,334	6,266	18,529	18,924	18,163	19,091
Income/(loss) before taxes	(1,249)	(1,061)	(1,315)	(1,664)	(3,331)	(91)	(3,258)	(600)
Net income/(loss)	(1,321)	(1,443)	(1,397)	(2,080)	(7,304)	(1,029)	(7,306)	(1,626)
Net income/(loss) attributable to shareholders	(1,304)	(1,436)	(1,393)	(2,085)	(7,273)	(929)	(7,293)	(1,650)

Comparison of consolidated balance sheets
	Bank		Group
end of	4Q22	4Q21	4Q22	4Q21
Balance sheet statistics (CHF million)
Total assets	530,039	759,214	531,358	755,833
Total liabilities	481,563	711,127	486,027	711,603

Capitalization and indebtedness
	Bank		Group
end of	4Q22	4Q21	4Q22	4Q21
Capitalization and indebtedness (CHF million)
Due to banks	11,905	18,960	11,905	18,965
Customer deposits	234,554	393,841	233,235	392,819
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	20,371	35,368	20,280	35,274
Long-term debt	150,661	160,695	157,235	166,896
All other liabilities	64,072	102,263	63,372	97,649
Total liabilities	481,563	711,127	486,027	711,603
Total equity	48,476	48,087	45,331	44,230
Total capitalization and indebtedness	530,039	759,214	531,358	755,833

BIS capital metrics
	Bank		Group
end of	4Q22	4Q21	4Q22	4Q21
Capital and risk-weighted assets (CHF million)
CET1 capital	40,987	44,185	35,290	38,529
Tier 1 capital	54,843	59,110	50,026	54,373
Total eligible capital	54,843	59,589	50,026	54,852
Risk-weighted assets	249,536	266,934	250,540	267,787
Capital ratios (%)
CET1 ratio	16.4	16.6	14.1	14.4
Tier 1 ratio	22.0	22.1	20.0	20.3
Total capital ratio	22.0	22.3	20.0	20.5

Condensed consolidated statements of operations
in	4Q22	4Q21	% change	2022	2021	% change
Condensed consolidated statements of operations (CHF million)
Interest and dividend income	4,247	2,228	91	12,265	9,593	28
Interest expense	(2,735)	(881)	210	(6,868)	(3,668)	87
Net interest income	1,512	1,347	12	5,397	5,925	(9)
Commissions and fees	1,906	3,008	(37)	8,861	13,180	(33)
Trading revenues	(591)	(152)	289	(525)	2,371	–
Other revenues	393	453	(13)	1,480	1,566	(5)
Net revenues	3,220	4,656	(31)	15,213	23,042	(34)
Provision for credit losses	41	(19)	–	15	4,209	(100)
Compensation and benefits	1,819	1,913	(5)	7,689	8,011	(4)
General and administrative expenses	2,096	2,530	(17)	9,338	8,581	9
Commission expenses	210	284	(26)	1,012	1,243	(19)
Goodwill impairment	0	976	(100)	23	976	(98)
Restructuring expenses	303	33	–	467	113	313
Total other operating expenses	2,609	3,823	(32)	10,840	10,913	(1)
Total operating expenses	4,428	5,736	(23)	18,529	18,924	(2)
Income/(loss) before taxes	(1,249)	(1,061)	18	(3,331)	(91)	–
Income tax expense	72	382	(81)	3,973	938	324
Net income/(loss)	(1,321)	(1,443)	(8)	(7,304)	(1,029)	–
Net income/(loss) attributable to noncontrolling interests	(17)	(7)	143	(31)	(100)	(69)
Net income/(loss) attributable to shareholders	(1,304)	(1,436)	(9)	(7,273)	(929)	–

Condensed consolidated balance sheets
end of	4Q22	4Q21	% change
Assets (CHF million)
Cash and due from banks	67,746	164,026	(59)
Interest-bearing deposits with banks	387	1,256	(69)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	58,798	103,906	(43)
Securities received as collateral	2,978	15,017	(80)
Trading assets	65,955	111,299	(41)
Investment securities	1,717	1,003	71
Other investments	5,463	5,788	(6)
Net loans	268,104	300,358	(11)
Goodwill	2,868	2,881	0
Other intangible assets	452	276	64
Brokerage receivables	13,818	16,689	(17)
Other assets	41,753	36,715	14
Total assets	530,039	759,214	(30)
Liabilities and equity (CHF million)
Due to banks	11,905	18,960	(37)
Customer deposits	234,554	393,841	(40)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	20,371	35,368	(42)
Obligation to return securities received as collateral	2,978	15,017	(80)
Trading liabilities	18,337	27,539	(33)
Short-term borrowings	14,489	25,336	(43)
Long-term debt	150,661	160,695	(6)
Brokerage payables	11,442	13,062	(12)
Other liabilities	16,826	21,309	(21)
Total liabilities	481,563	711,127	(32)
Total shareholder's equity	47,871	47,390	1
Noncontrolling interests	605	697	(13)
Total equity	48,476	48,087	1

Total liabilities and equity	530,039	759,214	(30)

BIS statistics (Basel III)
end of	4Q22	4Q21	% change
Eligible capital (CHF million)
Common equity tier 1 (CET1) capital	40,987	44,185	(7)
Tier 1 capital	54,843	59,110	(7)
Total eligible capital	54,843	59,589	(8)
Capital ratios (%)
CET1 ratio	16.4	16.6	–
Tier 1 ratio	22.0	22.1	–
Total capital ratio	22.0	22.3	–

Key metrics
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Credit Suisse (CHF million)
Net revenues	3,060	3,804	4,582	(20)	(33)	14,921	22,696	(34)
Provision for credit losses	41	21	(20)	95	–	16	4,205	(100)
Total operating expenses	4,334	4,125	6,266	5	(31)	18,163	19,091	(5)
Loss before taxes	(1,315)	(342)	(1,664)	285	(21)	(3,258)	(600)	443
Loss attributable to shareholders	(1,393)	(4,034)	(2,085)	(65)	(33)	(7,293)	(1,650)	342
Cost/income ratio (%)	141.6	108.4	136.8	–	–	121.7	84.1	–
Effective tax rate (%)	(6.2)	–	(25.0)	–	–	(124.2)	(171.0)	–
Basic loss per share (CHF)	(0.46)	(1.44)	(0.78)	(68)	(41)	(2.55)	(0.63)	305
Diluted loss per share (CHF)	(0.46)	(1.44)	(0.78)	(68)	(41)	(2.55)	(0.63)	305
Return on equity (%)	(12.5)	(35.5)	(18.7)	–	–	(16.1)	(3.8)	–
Return on tangible equity (%)	(13.5)	(38.3)	(20.9)	–	–	(17.4)	(4.2)	–
Assets under management and net new assets (CHF billion)
Assets under management	1,293.6	1,400.6	1,614.0	(7.6)	(19.9)	1,293.6	1,614.0	(19.9)
Net new assets/(net asset outflows)	(110.5)	(12.9)	1.6	–	–	(123.2)	30.9	–
Balance sheet statistics (CHF million)
Total assets	531,358	700,358	755,833	(24)	(30)	531,358	755,833	(30)
Net loans	264,165	281,792	291,686	(6)	(9)	264,165	291,686	(9)
Total shareholders' equity	45,129	43,267	43,954	4	3	45,129	43,954	3
Tangible shareholders' equity	41,768	39,825	40,761	5	2	41,768	40,761	2
Basel III regulatory capital and leverage statistics (%)
CET1 ratio	14.1	12.6	14.4	–	–	14.1	14.4	–
CET1 leverage ratio	5.4	4.1	4.3	–	–	5.4	4.3	–
Tier 1 leverage ratio	7.7	6.0	6.1	–	–	7.7	6.1	–
Share information
Shares outstanding (million)	3,941.3	2,616.7	2,569.7	51	53	3,941.3	2,569.7	53
of which common shares issued	4,002.2	2,650.7	2,650.7	51	51	4,002.2	2,650.7	51
of which treasury shares	(60.9)	(34.0)	(81.0)	79	(25)	(60.9)	(81.0)	(25)
Book value per share (CHF)	11.45	16.53	17.10	(31)	(33)	11.45	17.10	(33)
Tangible book value per share (CHF)	10.60	15.22	15.86	(30)	(33)	10.60	15.86	(33)
Market capitalization (CHF million)	11,062	10,440	23,295	6	(53)	11,062	23,295	(53)
Number of employees (full-time equivalents)
Number of employees	50,480	51,680	50,390	(2)	0	50,480	50,390	0
See relevant tables and related narratives for additional information on these metrics.

Results
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Statements of operations (CHF million)
Net interest income	1,484	1,203	1,318	23	13	5,341	5,811	(8)
Commissions and fees	1,893	2,129	3,021	(11)	(37)	8,853	13,165	(33)
Trading revenues¹	(581)	125	(151)	–	285	(451)	2,431	–
Other revenues	264	347	394	(24)	(33)	1,178	1,289	(9)
Net revenues	3,060	3,804	4,582	(20)	(33)	14,921	22,696	(34)
Provision for credit losses	41	21	(20)	95	–	16	4,205	(100)
Compensation and benefits	2,062	1,901	2,145	8	(4)	8,813	8,963	(2)
General and administrative expenses	1,710	1,919	2,182	(11)	(22)	7,782	7,159	9
Commission expenses	210	250	283	(16)	(26)	1,012	1,243	(19)
Goodwill impairment	0	0	1,623	–	(100)	23	1,623	(99)
Restructuring expenses	352	55	33	–	–	533	103	417
Total other operating expenses	2,272	2,224	4,121	2	(45)	9,350	10,128	(8)
Total operating expenses	4,334	4,125	6,266	5	(31)	18,163	19,091	(5)
Loss before taxes	(1,315)	(342)	(1,664)	285	(21)	(3,258)	(600)	443
Income tax expense	82	3,698	416	(98)	(80)	4,048	1,026	295
Net loss	(1,397)	(4,040)	(2,080)	(65)	(33)	(7,306)	(1,626)	349
Net income/(loss) attributable to noncontrolling interests	(4)	(6)	5	(33)	–	(13)	24	–
Net income/(loss) attributable to shareholders	(1,393)	(4,034)	(2,085)	(65)	(33)	(7,293)	(1,650)	342
Economic profit (CHF million)	(1,978)	(1,273)	(2,215)	55	(11)	(6,484)	(4,251)	53
Statement of operations metrics
Cost/income ratio (%)	141.6	108.4	136.8	–	–	121.7	84.1	–
Effective tax rate (%)	(6.2)	–	(25.0)	–	–	(124.2)	(171.0)	–
Earnings per share (CHF)
Basic earnings/(loss) per share	(0.46)	(1.44)	(0.78)	(68)	(41)	(2.55)	(0.63)	305
Diluted earnings/(loss) per share	(0.46)	(1.44)	(0.78)	(68)	(41)	(2.55)	(0.63)	305
Return on equity (%, annualized)
Return on equity	(12.5)	(35.5)	(18.7)	–	–	(16.1)	(3.8)	–
Return on tangible equity	(13.5)	(38.3)	(20.9)	–	–	(17.4)	(4.2)	–
Book value per share (CHF)
Book value per share	11.45	16.53	17.10	(31)	(33)	11.45	17.10	(33)
Tangible book value per share	10.60	15.22	15.86	(30)	(33)	10.60	15.86	(33)
Balance sheet statistics (CHF million)
Total assets	531,358	700,358	755,833	(24)	(30)	531,358	755,833	(30)
Risk-weighted assets	250,540	273,598	267,787	(8)	(6)	250,540	267,787	(6)
Leverage exposure	650,551	836,881	889,137	(22)	(27)	650,551	889,137	(27)
Number of employees (full-time equivalents)
Number of employees	50,480	51,680	50,390	(2)	0	50,480	50,390	0
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
4Q22 (CHF million)
Net revenues	1,144	454	972	286	204	3,060
Provision for credit losses	(11)	23	28	1	0	41
Compensation and benefits	714	787	393	162	6	2,062
Total other operating expenses	640	1,102	262	150	118	2,272
of which general and administrative expenses	496	809	221	116	68	1,710
of which restructuring expenses	73	201	11	12	55	352
Total operating expenses	1,354	1,889	655	312	124	4,334
Income/(loss) before taxes	(199)	(1,458)	289	(27)	80	(1,315)
Economic profit (CHF million)	(316)	(1,420)	24	(32)	–	(1,978)
Cost/income ratio (%)	118.4	416.1	67.4	109.1	–	141.6
Total assets	150,411	146,846	197,059	3,373	33,669	531,358
Goodwill	1,304	0	488	1,111	0	2,903
Risk-weighted assets	54,549	74,160	69,090	8,333	44,408	250,540
Leverage exposure	179,378	211,601	220,026	2,499	37,047	650,551
3Q22 (CHF million)
Net revenues	1,365	1,106	962	336	35	3,804
Provision for credit losses	7	(6)	21	(1)	0	21
Compensation and benefits	611	860	306	111	13	1,901
Total other operating expenses	726	918	252	136	192	2,224
of which general and administrative expenses	638	765	218	110	188	1,919
of which restructuring expenses	11	30	6	3	5	55
Total operating expenses	1,337	1,778	558	247	205	4,125
Income/(loss) before taxes	21	(666)	383	90	(170)	(342)
Economic profit (CHF million)	(168)	(873)	88	55	–	(1,273)
Cost/income ratio (%)	97.9	160.8	58.0	73.5	–	108.4
Total assets	201,828	237,127	216,135	3,881	41,387	700,358
Goodwill	1,348	0	501	1,169	0	3,018
Risk-weighted assets	63,344	82,529	71,445	8,522	47,758	273,598
Leverage exposure	231,357	317,149	240,153	2,960	45,262	836,881
4Q21 (CHF million)
Net revenues	1,377	1,666	1,209	399	(69)	4,582
Provision for credit losses	(7)	(7)	(4)	(2)	0	(20)
Compensation and benefits	700	953	331	156	5	2,145
Total other operating expenses	527	2,708	275	152	459	4,121
of which general and administrative expenses	435	941	240	120	446	2,182
of which goodwill impairment	0	1,623	0	0	0	1,623
of which restructuring expenses	7	25	1	0	0	33
Total operating expenses	1,227	3,661	606	308	464	6,266
Income/(loss) before taxes	157	(1,988)	607	93	(533)	(1,664)
Economic profit (CHF million)	(68)	(1,897)	256	57	–	(2,215)
Cost/income ratio (%)	89.1	219.7	50.1	77.2	–	136.8
Total assets	201,326	274,112	221,478	3,603	55,314	755,833
Goodwill	1,323	0	487	1,107	0	2,917
Risk-weighted assets	59,974	84,313	68,764	8,446	46,290	267,787
Leverage exposure	233,228	347,774	247,509	2,737	57,889	889,137

Results overview (continued)
in	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Credit Suisse
2022 (CHF million)
Net revenues	4,952	4,607	4,093	1,294	(25)	14,921
Provision for credit losses	9	(84)	90	2	(1)	16
Compensation and benefits	2,848	3,835	1,455	596	79	8,813
Total other operating expenses	2,726	3,972	1,003	550	1,099	9,350
of which general and administrative expenses	2,301	3,145	861	436	1,039	7,782
of which goodwill impairment	0	23	0	0	0	23
of which restructuring expenses	109	327	21	16	60	533
Total operating expenses	5,574	7,807	2,458	1,146	1,178	18,163
Income/(loss) before taxes	(631)	(3,116)	1,545	146	(1,202)	(3,258)
Economic profit (CHF million)	(1,186)	(3,810)	367	60	–	(6,484)
Cost/income ratio (%)	112.6	169.5	60.1	88.6	–	121.7
2021 (CHF million)
Net revenues	7,031	9,908	4,316	1,508	(67)	22,696
Provision for credit losses	0	4,209	4	0	(8)	4,205
Compensation and benefits	2,766	3,892	1,438	603	264	8,963
Total other operating expenses	1,958	5,280	956	543	1,391	10,128
of which general and administrative expenses	1,571	3,017	821	426	1,324	7,159
of which goodwill impairment	0	1,623	0	0	0	1,623
of which restructuring expenses	19	71	11	3	(1)	103
Total operating expenses	4,724	9,172	2,394	1,146	1,655	19,091
Income/(loss) before taxes	2,307	(3,473)	1,918	362	(1,714)	(600)
Economic profit (CHF million)	969	(4,347)	629	215	–	(4,251)
Cost/income ratio (%)	67.2	92.6	55.5	76.0	–	84.1

Divisional results
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Statements of operations (CHF million)
Net revenues	1,144	1,365	1,377	(16)	(17)	4,952	7,031	(30)
Provision for credit losses	(11)	7	(7)	–	57	9	0	–
Compensation and benefits	714	611	700	17	2	2,848	2,766	3
General and administrative expenses	496	638	435	(22)	14	2,301	1,571	46
Commission expenses	71	77	85	(8)	(16)	316	368	(14)
Restructuring expenses	73	11	7	–	–	109	19	474
Total other operating expenses	640	726	527	(12)	21	2,726	1,958	39
Total operating expenses	1,354	1,337	1,227	1	10	5,574	4,724	18
Income/(loss) before taxes	(199)	21	157	–	–	(631)	2,307	–
Economic profit (CHF million)	(316)	(168)	(68)	88	365	(1,186)	969	–
Statement of operations metrics
Return on regulatory capital (%)	(7.2)	0.7	5.1	–	–	(5.4)	18.4	–
Cost/income ratio (%)	118.4	97.9	89.1	–	–	112.6	67.2	–

Divisional results (continued)
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Net revenue detail (CHF million)
Net interest income	416	615	502	(32)	(17)	2,103	2,110	0
Recurring commissions and fees	360	382	432	(6)	(17)	1,570	1,813	(13)
Transaction- and performance-based revenues	331	357	413	(7)	(20)	1,744	2,481	(30)
Other revenues	37	11	30	236	23	(465)	627	–
Net revenues	1,144	1,365	1,377	(16)	(17)	4,952	7,031	(30)
Balance sheet statistics (CHF million)
Total assets	150,411	201,828	201,326	(25)	(25)	150,411	201,326	(25)
Net loans	77,968	89,295	102,993	(13)	(24)	77,968	102,993	(24)
Risk-weighted assets	54,549	63,344	59,974	(14)	(9)	54,549	59,974	(9)
Leverage exposure	179,378	231,357	233,228	(22)	(23)	179,378	233,228	(23)
Margins on assets under management (annualized) (bp)
Gross margin¹	79	83	73	–	–	75	94	–
Net margin²	(14)	1	8	–	–	(10)	31	–
Number of relationship managers
Number of relationship managers	1,790	1,880	1,890	(5)	(5)	1,790	1,890	(5)
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 Net revenues divided by average assets under management.
2 Income before taxes divided by average assets under management.

Reconciliation of adjustment items
	Wealth Management
in	4Q22	3Q22	4Q21	2022		2021
Results (CHF million)
Net revenues	1,144	1,365	1,377	4,952		7,031
Real estate (gains)/losses	(122)	0	(19)	(147)	¹	(19)
(Gains)/losses on business sales	0	0	(17)	4		24
Major litigation recovery	0	0	0	0		(49)
(Gain)/loss on equity investment in Allfunds Group	75	(10)	(31)	586		(622)
(Gain)/loss on equity investment in SIX Group AG	10	0	35	17		35
Adjusted net revenues	1,107	1,355	1,345	5,412		6,400
Provision for credit losses	(11)	7	(7)	9		0
Total operating expenses	1,354	1,337	1,227	5,574		4,724
Restructuring expenses	(73)	(11)	(7)	(109)		(19)
Major litigation provisions	(6)	(54)	(3)	(306)		(62)
Expenses related to real estate disposals	0	(2)	(3)	(3)		(7)
Expenses related to equity investment in Allfunds Group	(2)	0	0	(2)		(20)
Adjusted total operating expenses	1,273	1,270	1,214	5,154		4,616
Income/(loss) before taxes	(199)	21	157	(631)		2,307
Adjusted income/(loss) before taxes	(155)	78	138	249		1,784
Adjusted economic profit	(282)	(126)	(82)	(526)		578
Adjusted return on regulatory capital (%)	(5.5)	2.5	4.5	2.1		14.2
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.
1 Of which CHF 142 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	4Q22	3Q22	4Q21	2022	2021
Results (CHF million)
Net revenues	454	1,106	1,666	4,607	9,908
Real estate (gains)/losses	0	0	0	(53)	0
Archegos	0	0	0	(17)	470
Adjusted net revenues	454	1,106	1,666	4,537	10,378
Provision for credit losses	23	(6)	(7)	(84)	4,209
Archegos	0	0	5	155	(4,307)
Adjusted provision for credit losses	23	(6)	(2)	71	(98)
Total operating expenses	1,889	1,778	3,661	7,807	9,172
Goodwill impairment	0	0	(1,623)	(23)	(1,623)
Restructuring expenses	(201)	(30)	(25)	(327)	(71)
Major litigation provisions	(41)	0	(149)	(232)	(149)
Expenses related to real estate disposals	0	(12)	(8)	(20)	(44)
Archegos	(8)	(8)	(19)	(40)	(26)
Adjusted total operating expenses	1,639	1,728	1,837	7,165	7,259
Income/(loss) before taxes	(1,458)	(666)	(1,988)	(3,116)	(3,473)
Adjusted income/(loss) before taxes	(1,208)	(616)	(169)	(2,699)	3,217
Adjusted economic profit	(1,233)	(835)	(533)	(3,497)	670
Adjusted return on regulatory capital (%)	(33.0)	(14.9)	(3.8)	(16.4)	16.9
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Assets under management
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Assets under management (CHF billion)
Assets under management	540.5	635.4	742.6	(14.9)	(27.2)	540.5	742.6	(27.2)
Average assets under management	583.0	657.1	754.6	(11.3)	(22.7)	664.5	749.2	(11.3)
Assets under management by currency (CHF billion)
USD	257.4	318.3	366.6	(19.1)	(29.8)	257.4	366.6	(29.8)
EUR	106.7	112.4	143.1	(5.1)	(25.4)	106.7	143.1	(25.4)
CHF	62.2	64.1	78.6	(3.0)	(20.9)	62.2	78.6	(20.9)
Other	114.2	140.6	154.3	(18.8)	(26.0)	114.2	154.3	(26.0)
Assets under management	540.5	635.4	742.6	(14.9)	(27.2)	540.5	742.6	(27.2)
Movements in assets under management (CHF billion)
Net new assets/(net asset outflows)	(92.7)	(6.4)	(2.9)	–	–	(95.7)	10.5	–
Other effects	(2.2)	(19.7)	(15.1)	–	–	(106.4)	25.2	–
of which market movements	12.3	(19.7)	6.8	–	–	(80.7)	30.0	–
of which foreign exchange	(13.1)	1.1	(18.9)	–	–	0.5	6.7	–
of which other	(1.4)	(1.1)	(3.0)	–	–	(26.2)	(11.5)	–
Increase/(decrease) in assets under management	(94.9)	(26.1)	(18.0)	–	–	(202.1)	35.7	–
Movements in assets under management (annualized) (%)
Net new assets/(net asset outflows)	(58.4)	(3.9)	(1.5)	–	–	(12.9)	1.5	–
Other effects	(1.3)	(11.9)	(8.0)	–	–	(14.3)	3.6	–
Increase/(decrease) in assets under management (annualized)	(59.7)	(15.8)	(9.5)	–	–	(27.2)	5.1	–
Movements in assets under management (rolling four-quarter average) (%)
Net new assets/(net asset outflows)	(12.9)	(0.8)	1.5	–	–	–	–	–
Other effects	(14.3)	(15.7)	3.6	–	–	–	–	–
Increase/(decrease) in assets under management (rolling four-quarter average)	(27.2)	(16.5)	5.1	–	–	–	–	–

	in			% change		in		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Investment banking & capital markets fees (USD million)
Advisory	187	245	348	(24)	(46)	849	1,168	(27)
Debt capital markets¹	169	153	288	10	(41)	851	1,979	(57)
Equity capital markets	100	82	281	22	(64)	379	1,921	(80)
Investment banking & capital markets fees	456	480	917	(5)	(50)	2,079	5,068	(59)
1 Excludes mark-to-market movements of USD (50) million in 4Q22, USD (120) million in 3Q22, USD (417) million in 2022 and USD 34 million in 2021.

Assets under management
	in / end of			% change		in / end of			% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021		YoY
Assets under management (CHF billion)
Traditional investments	244.4	245.2	306.6	(0.3)	(20.3)	244.4	306.6		(20.3)
Alternative investments	110.2	113.5	116.3	(2.9)	(5.2)	110.2	116.3		(5.2)
Investments and partnerships	47.8	52.6	53.9	(9.1)	(11.3)	47.8	53.9		(11.3)
Assets under management	402.4	411.3	476.8	(2.2)	(15.6)	402.4	476.8		(15.6)
Average assets under management	413.9	429.3	472.0	(3.6)	(12.3)	440.2	463.9		(5.1)
Assets under management by currency (CHF billion)
USD	94.8	101.4	120.8	(6.5)	(21.5)	94.8	120.8		(21.5)
EUR	41.4	42.9	57.4	(3.5)	(27.9)	41.4	57.4		(27.9)
CHF	212.0	208.7	238.7	1.6	(11.2)	212.0	238.7		(11.2)
Other	54.2	58.3	59.9	(7.0)	(9.5)	54.2	59.9		(9.5)
Assets under management	402.4	411.3	476.8	(2.2)	(15.6)	402.4	476.8		(15.6)
Movements in assets under management (CHF billion)
Net new assets/(net asset outflows)¹	(11.7)	(4.2)	4.7	–	–	(22.6)	14.6		–
Other effects	2.8	(11.5)	(2.6)	–	–	(51.8)	21.9		–
of which market movements	10.1	(10.6)	3.5	–	–	(45.8)	28.0		–
of which foreign exchange	(6.2)	(1.0)	(6.2)	–	–	(4.1)	4.4		–
of which other	(1.1)	0.1	0.1	–	–	(1.9)	(10.5)	²	–
Increase/(decrease) in assets under management	(8.9)	(15.7)	2.1	–	–	(74.4)	36.5		–
Movements in assets under management (annualized) (%)
Net new assets/(net asset outflows)	(11.4)	(3.9)	4.0	–	–	(4.7)	3.3		–
Other effects	2.7	(10.8)	(2.2)	–	–	(10.9)	5.0		–
Increase/(decrease) in assets under management (annualized)	(8.7)	(14.7)	1.8	–	–	(15.6)	8.3		–
Movements in assets under management (rolling four-quarter average) (%)
Net new assets/(net asset outflows)	(4.7)	(1.3)	3.3	–	–	–	–		–
Other effects	(10.9)	(12.1)	5.0	–	–	–	–		–
Increase/(decrease) in assets under management (rolling four-quarter average)	(15.6)	(13.4)	8.3	–	–	–	–		–
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
	4Q22	3Q22	4Q21	QoQ	YoY
Assets under management (CHF billion)
Wealth Management	540.5	635.4	742.6	(14.9)	(27.2)
Swiss Bank	525.8	527.1	597.9	(0.2)	(12.1)
Asset Management	402.4	411.3	476.8	(2.2)	(15.6)
Assets managed across businesses¹	(175.1)	(173.2)	(203.3)	1.1	(13.9)
Assets under management	1,293.6	1,400.6	1,614.0	(7.6)	(19.9)
of which discretionary assets	440.8	460.9	526.6	(4.4)	(16.3)
of which advisory assets	852.8	939.7	1,087.4	(9.2)	(21.6)
Client assets (CHF billion)²
Wealth Management	723.4	826.3	995.7	(12.5)	(27.3)
Swiss Bank	626.8	642.2	728.7	(2.4)	(14.0)
Asset Management	402.4	411.3	476.8	(2.2)	(15.6)
Assets managed across businesses	(175.1)	(173.2)	(203.3)	1.1	(13.9)
Client assets	1,577.5	1,706.6	1,997.9	(7.6)	(21.0)

Corporate Center results
	in / end of			% change		in / end of		% change
	4Q22	3Q22	4Q21	QoQ	YoY	2022	2021	YoY
Statements of operations (CHF million)
Treasury results	212	(7)	(130)	–	–	(204)	(174)	17
Asset Resolution Unit	(5)	(1)	17	400	–	55	(93)	–
Other	(3)	43	44	–	–	124	200	(38)
Net revenues	204	35	(69)	483	–	(25)	(67)	(63)
Provision for credit losses	0	0	0	–	–	(1)	(8)	(88)
Compensation and benefits	6	13	5	(54)	20	79	264	(70)
General and administrative expenses	68	188	446	(64)	(85)	1,039	1,324	(22)
Commission expenses	(5)	(1)	13	400	–	0	68	(100)
Restructuring expenses	55	5	0	–	–	60	(1)	–
Total other operating expenses	118	192	459	(39)	(74)	1,099	1,391	(21)
Total operating expenses	124	205	464	(40)	(73)	1,178	1,655	(29)
Income/(loss) before taxes	80	(170)	(533)	–	–	(1,202)	(1,714)	(30)
of which Asset Resolution Unit	(31)	(28)	(10)	11	210	(56)	(230)	(76)
Balance sheet statistics (CHF million)
Total assets	33,669	41,387	55,314	(19)	(39)	33,669	55,314	(39)
Risk-weighted assets	44,408	47,758	46,290	(7)	(4)	44,408	46,290	(4)
Leverage exposure	37,047	45,262	57,889	(18)	(36)	37,047	57,889	(36)

Reconciliation of adjustment items
	Corporate Center
in	4Q22	3Q22	4Q21	2022	2021
Results (CHF million)
Net revenues	204	35	(69)	(25)	(67)
Real estate (gains)/losses	(18)	0	0	(18)	0
(Gains)/losses on business sales	0	0	4	0	5
Valuation adjustment related to major litigation	0	0	0	0	69
Adjusted net revenues	186	35	(65)	(43)	7
Provision for credit losses	0	0	0	(1)	(8)
Total operating expenses	124	205	464	1,178	1,655
Restructuring expenses	(55)	(5)	0	(60)	1
Major litigation provisions	13	(124)	(362)	(761)	(1,010)
Archegos	0	0	5	0	5
Adjusted total operating expenses	82	76	107	357	651
Income/(loss) before taxes	80	(170)	(533)	(1,202)	(1,714)
Adjusted income/(loss) before taxes	104	(41)	(172)	(399)	(636)
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	4Q22	3Q22	4Q21
Capital metrics
Risk-weighted assets (CHF billion)	250.5	273.6	267.8
CET1 ratio (%)	14.1	12.6	14.4
Tier 1 ratio (%)	20.0	18.3	20.3
Total capital ratio (%)	20.0	18.3	20.5

Leverage metrics
Leverage exposure (CHF billion)	650.6	836.9	889.1
CET1 leverage ratio (%)	5.4	4.1	4.3
Tier 1 leverage ratio (%)	7.7	6.0	6.1
Refer to the Appendix for additional information on BIS and Swiss capital and leverage metrics.

BIS capital metrics – Group
				% change
end of	4Q22	3Q22	4Q21	QoQ
Capital and risk-weighted assets (CHF million)
CET1 capital	35,290	34,423	38,529	3
Tier 1 capital	50,026	50,110	54,373	0
Total eligible capital	50,026	50,110	54,852	0
Risk-weighted assets	250,540	273,598	267,787	(8)
Capital ratios (%)
CET1 ratio	14.1	12.6	14.4	–
Tier 1 ratio	20.0	18.3	20.3	–
Total capital ratio	20.0	18.3	20.5	–

Eligible capital – Group
					% change
end of	4Q22	3Q22	4Q21		QoQ
Eligible capital (CHF million)
Total shareholders' equity	45,129	43,267	43,954		4
Adjustments
Regulatory adjustments¹	(56)	(295)	157		(81)
Goodwill²	(2,871)	(2,987)	(2,893)		(4)
Other intangible assets²	(53)	(54)	(50)		(2)
Deferred tax assets that rely on future profitability	(141)	(142)	(881)		(1)
Shortfall of provisions to expected losses	(120)	(214)	(220)		(44)
(Gains)/losses due to changes in own credit on fair-valued liabilities	(4,056)	(2,967)	2,144		37
Defined benefit pension assets²	(3,289)	(3,475)	(3,280)		(5)
Investments in own shares	(409)	(36)	(477)		–
Other adjustments³	1,156	1,326	75		(13)
Total adjustments	(9,839)	(8,844)	(5,425)		11
CET1 capital	35,290	34,423	38,529		3
High-trigger capital instruments (7% trigger)	10,495	11,193	11,399		(6)
Low-trigger capital instruments (5.125% trigger)	4,241	4,494	4,445		(6)
Additional tier 1 capital	14,736	15,687	15,844		(6)
Tier 1 capital	50,026	50,110	54,373		0
Tier 2 low-trigger capital instruments (5% trigger)	0	0	479		–
Tier 2 capital	0	0	479	⁴	–
Total eligible capital	50,026	50,110	54,852	⁴	0
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%.

4Q22 Capital movement – Group
CET1 capital (CHF million)
Balance at beginning of period		34,423
Net income/(loss) attributable to shareholders		(1,393)
Foreign exchange impact¹		(1,451)
Issuance of common shares²		3,886
Other		(175)
Balance at end of period		35,290
Additional tier 1 capital (CHF million)
Balance at beginning of period		15,687
Foreign exchange impact		(769)
Other³		(182)
Balance at end of period		14,736
Eligible capital (CHF million)
Balance at end of period		50,026
1 Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
2 Net of fees and taxes.
3 Primarily reflects valuation impacts.

Risk-weighted assets – Group
end of	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Group
4Q22 (CHF million)
Credit risk	35,423	47,005	61,866	6,279	10,442	161,015
Market risk	2,881	10,053	82	52	1,957	15,025
Operational risk	16,245	17,102	7,142	2,002	32,009	74,500
Risk-weighted assets	54,549	74,160	69,090	8,333	44,408	250,540
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
4Q22	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Total
Credit risk (CHF million)
Balance at beginning of period	42,377	53,526	63,889	6,279	11,922	177,993
Foreign exchange impact	(1,110)	(2,470)	(430)	(81)	(208)	(4,299)
Movements in risk levels	(6,731)	(4,202)	(2,374)	81	(1,252)	(14,478)
Model and parameter updates – internal¹	202	39	557	0	(20)	778
Model and parameter updates – external²	685	112	224	0	0	1,021
Balance at end of period	35,423	47,005	61,866	6,279	10,442	161,015
Market risk (CHF million)
Balance at beginning of period	3,230	11,181	157	73	2,084	16,725
Foreign exchange impact	(170)	(557)	(6)	(3)	(122)	(858)
Movements in risk levels	(170)	(350)	(67)	(28)	24	(591)
Model and parameter updates – internal¹	(9)	(221)	(2)	10	(29)	(251)
Balance at end of period	2,881	10,053	82	52	1,957	15,025
Operational risk (CHF million)
Balance at beginning of period	17,737	17,822	7,399	2,170	33,752	78,880
Foreign exchange impact	(942)	(1,013)	(424)	(116)	(1,885)	(4,380)
Model and parameter updates – internal¹	(550)	293	167	(52)	142	0
Balance at end of period	16,245	17,102	7,142	2,002	32,009	74,500
Total (CHF million)
Balance at beginning of period	63,344	82,529	71,445	8,522	47,758	273,598
Foreign exchange impact	(2,222)	(4,040)	(860)	(200)	(2,215)	(9,537)
Movements in risk levels	(6,901)	(4,552)	(2,441)	53	(1,228)	(15,069)
Model and parameter updates – internal¹	(357)	111	722	(42)	93	527
Model and parameter updates – external²	685	112	224	0	0	1,021
Balance at end of period	54,549	74,160	69,090	8,333	44,408	250,540
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	4Q22	3Q22	4Q21	QoQ
Capital and leverage exposure (CHF million)
CET1 capital	35,290	34,423	38,529	3
Tier 1 capital	50,026	50,110	54,373	0
Leverage exposure	650,551	836,881	889,137	(22)
Leverage ratios (%)
CET1 leverage ratio	5.4	4.1	4.3	–
Tier 1 leverage ratio	7.7	6.0	6.1	–

Swiss capital metrics – Group
				% change
end of	4Q22	3Q22	4Q21	QoQ
Swiss capital and risk-weighted assets (CHF million)
Swiss CET1 capital	35,290	34,423	38,529	3
Going concern capital	50,026	50,110	54,372	0
Gone concern capital	49,117	47,288	46,648	4
Total loss-absorbing capacity (TLAC)	99,143	97,398	101,020	2
Swiss risk-weighted assets	250,963	274,138	268,418	(8)
Swiss capital ratios (%)
Swiss CET1 ratio	14.1	12.6	14.4	–
Going concern capital ratio	19.9	18.3	20.3	–
Gone concern capital ratio	19.6	17.2	17.4	–
TLAC ratio	39.5	35.5	37.6	–
Rounding differences may occur.

Swiss capital and risk-weighted assets – Group
					% change
end of	4Q22	3Q22	4Q21		QoQ
Swiss capital (CHF million)
CET1 capital – BIS	35,290	34,423	38,529		3
Swiss CET1 capital	35,290	34,423	38,529		3
Additional tier 1 high-trigger capital instruments	10,495	11,193	11,398		(6)
Grandfathered additional tier 1 low-trigger capital instruments	4,241	4,494	4,445		(6)
Swiss additional tier 1 capital	14,736	15,687	15,843		(6)
Going concern capital	50,026	50,110	54,372		0
Bail-in debt instruments	49,117	47,288	44,251		4
Tier 2 low-trigger capital instruments	0	0	479		–
Tier 2 amortization component	0	0	1,918		–
Gone concern capital	49,117	47,288	46,648	¹	4
Total loss-absorbing capacity	99,143	97,398	101,020		2
Risk-weighted assets (CHF million)
Risk-weighted assets – BIS	250,540	273,598	267,787		(8)
Swiss regulatory adjustments²	423	540	631		(22)
Swiss risk-weighted assets	250,963	274,138	268,418		(8)
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	4Q22	3Q22	4Q21	QoQ
Swiss capital and leverage exposure (CHF million)
Swiss CET1 capital	35,290	34,423	38,529	3
Going concern capital	50,026	50,110	54,372	0
Gone concern capital	49,117	47,288	46,648	4
Total loss-absorbing capacity	99,143	97,398	101,020	2
Leverage exposure	650,551	836,881	889,137	(22)
Swiss leverage ratios (%)
Swiss CET1 leverage ratio	5.4	4.1	4.3	–
Going concern leverage ratio	7.7	6.0	6.1	–
Gone concern leverage ratio	7.6	5.7	5.2	–
TLAC leverage ratio	15.2	11.6	11.4	–
Rounding differences may occur.

in / end of	Interest rate	Credit spread	Foreign exchange	Commodity	Equity	Diversi- fication benefit	¹	Total
CHF million
4Q22
Average	28	34	53	2	56	(126)		47
Minimum	18	30	47	2	49	–	²	38
Maximum	35	37	60	3	68	–	²	54
End of period	28	31	52	2	65	(139)		39
3Q22
Average	23	34	51	3	45	(110)		46
Minimum	18	31	17	2	18	–	²	40
Maximum	29	39	57	3	54	–	²	52
End of period	19	34	53	2	50	(111)		47
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
4Q22
Average	29	35	55	2	58	(130)		49
Minimum	18	32	51	2	51	–	²	41
Maximum	38	38	60	3	73	–	²	55
End of period	30	34	56	2	71	(151)		42
3Q22
Average	23	35	52	3	46	(112)		47
Minimum	18	33	18	2	19	–	²	41
Maximum	30	40	58	4	55	–	²	53
End of period	19	35	54	2	52	(114)		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.