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

Credit Suisse AG (GLDI)

6-K 2022-10-27 For: 2022-09-30

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Added on April 06, 2026

About this 6-K

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

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Comparison of consolidated statements of operations
	Bank		Group		Bank		Group
in	3Q22	3Q21	3Q22	3Q21	9M22	9M21	9M22	9M21
Statements of operations (CHF million)
Net revenues	3,863	5,504	3,804	5,437	11,993	18,386	11,861	18,114
Total operating expenses	4,170	4,694	4,125	4,573	14,101	13,188	13,829	12,825
Income/(loss) before taxes	(328)	955	(342)	1,008	(2,082)	970	(1,943)	1,064
Net income/(loss)	(4,008)	405	(4,040)	438	(5,983)	414	(5,909)	454
Net income/(loss) attributable to shareholders	(3,995)	395	(4,034)	434	(5,969)	507	(5,900)	435

Comparison of consolidated balance sheets
	Bank		Group
end of	3Q22	4Q21	3Q22	4Q21
Balance sheet statistics (CHF million)
Total assets	703,274	759,214	700,358	755,833
Total liabilities	656,778	711,127	656,849	711,603

Capitalization and indebtedness
	Bank		Group
end of	3Q22	4Q21	3Q22	4Q21
Capitalization and indebtedness (CHF million)
Due to banks	17,570	18,960	17,572	18,965
Customer deposits	372,514	393,841	371,270	392,819
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	22,282	35,368	22,187	35,274
Long-term debt	155,834	160,695	162,605	166,896
All other liabilities	88,578	102,263	83,215	97,649
Total liabilities	656,778	711,127	656,849	711,603
Total equity	46,496	48,087	43,509	44,230
Total capitalization and indebtedness	703,274	759,214	700,358	755,833

BIS capital metrics
	Bank		Group
end of	3Q22	4Q21	3Q22	4Q21
Capital and risk-weighted assets (CHF million)
CET1 capital	39,879	44,185	34,423	38,529
Tier 1 capital	54,628	59,110	50,110	54,373
Total eligible capital	54,628	59,589	50,110	54,852
Risk-weighted assets	272,439	266,934	273,598	267,787
Capital ratios (%)
CET1 ratio	14.6	16.6	12.6	14.4
Tier 1 ratio	20.1	22.1	18.3	20.3
Total capital ratio	20.1	22.3	18.3	20.5

Condensed consolidated statements of operations
in	3Q22	3Q21	% change	9M22	9M21	% change
Condensed consolidated statements of operations (CHF million)
Interest and dividend income	3,333	2,378	40	8,018	7,365	9
Interest expense	(2,133)	(913)	134	(4,133)	(2,787)	48
Net interest income	1,200	1,465	(18)	3,885	4,578	(15)
Commissions and fees	2,149	3,246	(34)	6,955	10,172	(32)
Trading revenues	112	599	(81)	66	2,523	(97)
Other revenues	402	194	107	1,087	1,113	(2)
Net revenues	3,863	5,504	(30)	11,993	18,386	(35)
Provision for credit losses	21	(145)	–	(26)	4,228	–
Compensation and benefits	1,629	2,002	(19)	5,870	6,098	(4)
General and administrative expenses	2,247	2,387	(6)	7,242	6,051	20
Commission expenses	250	305	(18)	802	959	(16)
Goodwill impairment	0	0	–	23	0	–
Restructuring expenses	44	–	–	164	80	105
Total other operating expenses	2,541	2,692	(6)	8,231	7,090	16
Total operating expenses	4,170	4,694	(11)	14,101	13,188	7
Income/(loss) before taxes	(328)	955	–	(2,082)	970	–
Income tax expense	3,680	550	–	3,901	556	–
Net income/(loss)	(4,008)	405	–	(5,983)	414	–
Net income/(loss) attributable to noncontrolling interests	(13)	10	–	(14)	(93)	(85)
Net income/(loss) attributable to shareholders	(3,995)	395	–	(5,969)	507	–

Condensed consolidated balance sheets
end of	3Q22	4Q21	% change
Assets (CHF million)
Cash and due from banks	148,424	164,026	(10)
Interest-bearing deposits with banks	607	1,256	(52)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	107,705	103,906	4
Securities received as collateral	6,788	15,017	(55)
Trading assets	90,549	111,299	(19)
Investment securities	1,747	1,003	74
Other investments	5,759	5,788	(1)
Net loans	290,264	300,358	(3)
Goodwill	2,984	2,881	4
Other intangible assets	424	276	54
Brokerage receivables	10,790	16,689	(35)
Other assets	37,233	36,715	1
Total assets	703,274	759,214	(7)
Liabilities and equity (CHF million)
Due to banks	17,570	18,960	(7)
Customer deposits	372,514	393,841	(5)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	22,282	35,368	(37)
Obligation to return securities received as collateral	6,788	15,017	(55)
Trading liabilities	27,251	27,539	(1)
Short-term borrowings	24,550	25,336	(3)
Long-term debt	155,834	160,695	(3)
Brokerage payables	8,212	13,062	(37)
Other liabilities	21,777	21,309	2
Total liabilities	656,778	711,127	(8)
Total shareholder's equity	45,810	47,390	(3)
Noncontrolling interests	686	697	(2)
Total equity	46,496	48,087	(3)

Total liabilities and equity	703,274	759,214	(7)

BIS statistics (Basel III)
end of	3Q22	4Q21	% change
Eligible capital (CHF million)
Common equity tier 1 (CET1) capital	39,879	44,185	(6)
Tier 1 capital	54,628	59,110	(5)
Total eligible capital	54,628	59,589	(6)
Capital ratios (%)
CET1 ratio	14.6	16.6	–
Tier 1 ratio	20.1	22.1	–
Total capital ratio	20.1	22.3	–

Key metrics
	in / end of			% change		in / end of		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Credit Suisse (CHF million)
Net revenues	3,804	3,645	5,437	4	(30)	11,861	18,114	(35)
Provision for credit losses	21	64	(144)	(67)	–	(25)	4,225	–
Total operating expenses	4,125	4,754	4,573	(13)	(10)	13,829	12,825	8
Income/(loss) before taxes	(342)	(1,173)	1,008	(71)	–	(1,943)	1,064	–
Net income/(loss) attributable to shareholders	(4,034)	(1,593)	434	153	–	(5,900)	435	–
Cost/income ratio (%)	108.4	130.4	84.1	–	–	116.6	70.8	–
Effective tax rate (%)	–	(35.7)	56.5	–	–	(204.1)	57.3	–
Basic earnings/(loss) per share (CHF)	(1.53)	(0.60)	0.16	155	–	(2.24)	0.17	–
Diluted earnings/(loss) per share (CHF)	(1.53)	(0.60)	0.16	155	–	(2.24)	0.17	–
Return on equity (%)	(35.5)	(13.9)	4.0	–	–	(17.3)	1.3	–
Return on tangible equity (%)	(38.3)	(15.0)	4.5	–	–	(18.7)	1.5	–
Assets under management and net new assets (CHF billion)
Assets under management	1,400.6	1,453.9	1,623.0	(3.7)	(13.7)	1,400.6	1,623.0	(13.7)
Net new assets/(net asset outflows)	(12.9)	(7.7)	5.6	67.5	–	(12.7)	29.3	–
Balance sheet statistics (CHF million)
Total assets	700,358	727,365	820,233	(4)	(15)	700,358	820,233	(15)
Net loans	281,792	285,573	296,593	(1)	(5)	281,792	296,593	(5)
Total shareholders' equity	43,267	45,842	44,498	(6)	(3)	43,267	44,498	(3)
Tangible shareholders' equity	39,825	42,528	39,649	(6)	0	39,825	39,649	0
Basel III regulatory capital and leverage statistics (%)
CET1 ratio	12.6	13.5	14.4	–	–	12.6	14.4	–
CET1 leverage ratio	4.1	4.3	4.3	–	–	4.1	4.3	–
Tier 1 leverage ratio	6.0	6.1	6.0	–	–	6.0	6.0	–
Share information
Shares outstanding (million)	2,616.7	2,610.8	2,392.1	0	9	2,616.7	2,392.1	9
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	(34.0)	(39.9)	(258.6)	(15)	(87)	(34.0)	(258.6)	(87)
Book value per share (CHF)	16.53	17.56	18.60	(6)	(11)	16.53	18.60	(11)
Tangible book value per share (CHF)	15.22	16.29	16.57	(7)	(8)	15.22	16.57	(8)
Market capitalization (CHF million)	10,440	14,231	24,403	(27)	(57)	10,440	24,403	(57)
Number of employees (full-time equivalents)
Number of employees	51,680	51,410	50,140	1	3	51,680	50,140	3
See relevant tables and related narratives for additional information on these metrics.

Results
	in / end of			% change		in / end of		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Statements of operations (CHF million)
Net interest income	1,203	1,195	1,423	1	(15)	3,857	4,493	(14)
Commissions and fees	2,129	2,230	3,249	(5)	(34)	6,960	10,144	(31)
Trading revenues¹	125	41	618	205	(80)	130	2,582	(95)
Other revenues	347	179	147	94	136	914	895	2
Net revenues	3,804	3,645	5,437	4	(30)	11,861	18,114	(35)
Provision for credit losses	21	64	(144)	(67)	–	(25)	4,225	–
Compensation and benefits	1,901	2,392	2,255	(21)	(16)	6,751	6,818	(1)
General and administrative expenses	1,919	2,005	2,012	(4)	(5)	6,072	4,977	22
Commission expenses	250	254	306	(2)	(18)	802	960	(16)
Goodwill impairment	0	23	0	(100)	–	23	0	–
Restructuring expenses	55	80	–	(31)	–	181	70	159
Total other operating expenses	2,224	2,362	2,318	(6)	(4)	7,078	6,007	18
Total operating expenses	4,125	4,754	4,573	(13)	(10)	13,829	12,825	8
Income/(loss) before taxes	(342)	(1,173)	1,008	(71)	–	(1,943)	1,064	–
Income tax expense	3,698	419	570	–	–	3,966	610	–
Net income/(loss)	(4,040)	(1,592)	438	154	–	(5,909)	454	–
Net income/(loss) attributable to noncontrolling interests	(6)	1	4	–	–	(9)	19	–
Net income/(loss) attributable to shareholders	(4,034)	(1,593)	434	153	–	(5,900)	435	–
Economic profit (CHF million)	(1,273)	(1,907)	(185)	(33)	–	(4,506)	(2,036)	121
Statement of operations metrics
Cost/income ratio (%)	108.4	130.4	84.1	–	–	116.6	70.8	–
Effective tax rate (%)	–	(35.7)	56.5	–	–	(204.1)	57.3	–
Earnings per share (CHF)
Basic earnings/(loss) per share	(1.53)	(0.60)	0.16	155	–	(2.24)	0.17	–
Diluted earnings/(loss) per share	(1.53)	(0.60)	0.16	155	–	(2.24)	0.17	–
Return on equity (%, annualized)
Return on equity	(35.5)	(13.9)	4.0	–	–	(17.3)	1.3	–
Return on tangible equity	(38.3)	(15.0)	4.5	–	–	(18.7)	1.5	–
Book value per share (CHF)
Book value per share	16.53	17.56	18.60	(6)	(11)	16.53	18.60	(11)
Tangible book value per share	15.22	16.29	16.57	(7)	(8)	15.22	16.57	(8)
Balance sheet statistics (CHF million)
Total assets	700,358	727,365	820,233	(4)	(15)	700,358	820,233	(15)
Risk-weighted assets	273,598	274,442	278,139	0	(2)	273,598	278,139	(2)
Leverage exposure	836,881	862,737	937,419	(3)	(11)	836,881	937,419	(11)
Number of employees (full-time equivalents)
Number of employees	51,680	51,410	50,140	1	3	51,680	50,140	3
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
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
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
3Q21 (CHF million)
Net revenues	1,656	2,514	1,053	292	(78)	5,437
Provision for credit losses	18	(168)	3	1	2	(144)
Compensation and benefits	695	972	361	125	102	2,255
Total other operating expenses	541	869	235	148	525	2,318
of which general and administrative expenses	448	731	206	120	507	2,012
Total operating expenses	1,236	1,841	596	273	627	4,573
Income/(loss) before taxes	402	841	454	18	(707)	1,008
Economic profit (CHF million)	110	211	139	0	–	(185)
Cost/income ratio (%)	74.6	73.2	56.6	93.5	–	84.1
Total assets	216,846	320,291	224,798	3,728	54,570	820,233
Goodwill	1,341	1,650	494	1,130	0	4,615
Risk-weighted assets	64,602	87,721	69,873	8,395	47,548	278,139
Leverage exposure	244,922	380,439	250,439	2,769	58,850	937,419

Results overview (continued)
in	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Credit Suisse
9M22 (CHF million)
Net revenues	3,808	4,153	3,121	1,008	(229)	11,861
Provision for credit losses	20	(107)	62	1	(1)	(25)
Compensation and benefits	2,134	3,048	1,062	434	73	6,751
Total other operating expenses	2,086	2,870	741	400	981	7,078
of which general and administrative expenses	1,805	2,336	640	320	971	6,072
of which goodwill impairment	0	23	0	0	0	23
of which restructuring expenses	36	126	10	4	5	181
Total operating expenses	4,220	5,918	1,803	834	1,054	13,829
Income/(loss) before taxes	(432)	(1,658)	1,256	173	(1,282)	(1,943)
Economic profit (CHF million)	(870)	(2,390)	343	92	–	(4,506)
Cost/income ratio (%)	110.8	142.5	57.8	82.7	–	116.6
9M21 (CHF million)
Net revenues	5,654	8,242	3,107	1,109	2	18,114
Provision for credit losses	7	4,216	8	2	(8)	4,225
Compensation and benefits	2,066	2,939	1,107	447	259	6,818
Total other operating expenses	1,431	2,572	681	391	932	6,007
of which general and administrative expenses	1,136	2,076	581	306	878	4,977
of which restructuring expenses	12	46	10	3	(1)	70
Total operating expenses	3,497	5,511	1,788	838	1,191	12,825
Income/(loss) before taxes	2,150	(1,485)	1,311	269	(1,181)	1,064
Economic profit (CHF million)	1,037	(2,450)	373	158	–	(2,036)
Cost/income ratio (%)	61.9	66.9	57.5	75.6	–	70.8

Divisional results
	in / end of			% change		in / end of		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Statements of operations (CHF million)
Net revenues	1,365	1,266	1,656	8	(18)	3,808	5,654	(33)
Provision for credit losses	7	(11)	18	–	(61)	20	7	186
Compensation and benefits	611	774	695	(21)	(12)	2,134	2,066	3
General and administrative expenses	638	505	448	26	42	1,805	1,136	59
Commission expenses	77	79	93	(3)	(17)	245	283	(13)
Restructuring expenses	11	15	–	–	–	36	12	200
Total other operating expenses	726	599	541	21	34	2,086	1,431	46
Total operating expenses	1,337	1,373	1,236	(3)	8	4,220	3,497	21
Income/(loss) before taxes	21	(96)	402	–	(95)	(432)	2,150	–
Economic profit (CHF million)	(168)	(254)	110	(34)	–	(870)	1,037	–
Statement of operations metrics
Return on regulatory capital (%)	0.7	(3.2)	12.6	–	–	(4.7)	22.6	–
Cost/income ratio (%)	97.9	108.5	74.6	–	–	110.8	61.9	–

Divisional results (continued)
	in / end of			% change		in / end of		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Net revenue detail (CHF million)
Net interest income	615	558	511	10	20	1,687	1,608	5
Recurring commissions and fees	382	408	464	(6)	(18)	1,210	1,381	(12)
Transaction- and performance-based revenues	357	478	593	(25)	(40)	1,413	2,068	(32)
Other revenues	11	(178)	88	–	(88)	(502)	597	–
Net revenues	1,365	1,266	1,656	8	(18)	3,808	5,654	(33)
Balance sheet statistics (CHF million)
Total assets	201,828	205,387	216,846	(2)	(7)	201,828	216,846	(7)
Net loans	89,295	93,460	107,422	(4)	(17)	89,295	107,422	(17)
Risk-weighted assets	63,344	62,158	64,602	2	(2)	63,344	64,602	(2)
Leverage exposure	231,357	234,524	244,922	(1)	(6)	231,357	244,922	(6)
Margins on assets under management (annualized) (bp)
Gross margin¹	83	73	87	–	–	73	101	–
Net margin²	1	(6)	21	–	–	(8)	38	–
Number of relationship managers
Number of relationship managers	1,880	1,940	1,900	(3)	(1)	1,880	1,900	(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 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	3Q22	2Q22	3Q21	9M22	9M21
Results (CHF million)
Net revenues	1,365	1,266	1,656	3,808	5,654
Real estate (gains)/losses	0	0	0	(25)	0
(Gains)/losses on business sales	0	1	41	4	41
Major litigation recovery	0	0	0	0	(49)
(Gain)/loss on equity investment in Allfunds Group	(10)	168	(130)	511	(591)
(Gain)/loss on equity investment in SIX Group AG	0	9	0	7	0
Adjusted net revenues	1,355	1,444	1,567	4,305	5,055
Provision for credit losses	7	(11)	18	20	7
Total operating expenses	1,337	1,373	1,236	4,220	3,497
Restructuring expenses	(11)	(15)	–	(36)	(12)
Major litigation provisions	(54)	(16)	(70)	(300)	(59)
Expenses related to real estate disposals	(2)	(1)	0	(3)	(4)
Expenses related to equity investment in Allfunds Group	0	0	(1)	0	(20)
Adjusted total operating expenses	1,270	1,341	1,165	3,881	3,402
Income/(loss) before taxes	21	(96)	402	(432)	2,150
Adjusted income before taxes	78	114	384	404	1,646
Adjusted economic profit	(126)	(97)	97	(244)	660
Adjusted return on regulatory capital (%)	2.5	3.8	12.0	4.4	17.3
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Reconciliation of adjustment items
	Investment Bank
in	3Q22	2Q22	3Q21	9M22	9M21
Results (CHF million)
Net revenues	1,106	1,109	2,514	4,153	8,242
Real estate (gains)/losses	0	0	0	(53)	0
Archegos	0	0	(23)	(17)	470
Adjusted net revenues	1,106	1,109	2,491	4,083	8,712
Provision for credit losses	(6)	55	(168)	(107)	4,216
Archegos	0	0	188	155	(4,312)
Adjusted provision for credit losses	(6)	55	20	48	(96)
Total operating expenses	1,778	2,170	1,841	5,918	5,511
Goodwill impairment	0	(23)	0	(23)	0
Restructuring expenses	(30)	(60)	–	(126)	(46)
Major litigation provisions	0	(191)	0	(191)	0
Expenses related to real estate disposals	(12)	(5)	(3)	(20)	(36)
Archegos	(8)	(13)	24	(32)	(7)
Adjusted total operating expenses	1,728	1,878	1,862	5,526	5,422
Income/(loss) before taxes	(666)	(1,116)	841	(1,658)	(1,485)
Adjusted income/(loss) before taxes	(616)	(824)	609	(1,491)	3,386
Adjusted economic profit	(835)	(1,001)	37	(2,264)	1,203
Adjusted return on regulatory capital (%)	(14.9)	(19.0)	13.2	(11.5)	23.2
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
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Assets under management (CHF billion)
Assets under management	635.4	661.5	760.6	(3.9)	(16.5)	635.4	760.6	(16.5)
Average assets under management	657.1	693.6	758.8	(5.3)	(13.4)	691.7	747.4	(7.5)
Assets under management by currency (CHF billion)
USD	318.3	323.2	374.3	(1.5)	(15.0)	318.3	374.3	(15.0)
EUR	112.4	120.8	146.1	(7.0)	(23.1)	112.4	146.1	(23.1)
CHF	64.1	69.3	77.1	(7.5)	(16.9)	64.1	77.1	(16.9)
Other	140.6	148.2	163.1	(5.1)	(13.8)	140.6	163.1	(13.8)
Assets under management	635.4	661.5	760.6	(3.9)	(16.5)	635.4	760.6	(16.5)
Movements in assets under management (CHF billion)
Net new assets/(net asset outflows)	(6.4)	(1.4)	5.4	–	–	(3.0)	13.4	–
Other effects	(19.7)	(44.1)	(14.2)	–	–	(104.2)	40.3	–
of which market movements	(19.7)	(41.7)	(11.2)	–	–	(93.0)	23.2	–
of which foreign exchange	1.1	6.0	(1.1)	–	–	13.6	25.6	–
of which other	(1.1)	(8.4)	(1.9)	–	–	(24.8)	(8.5)	–
Increase/(decrease) in assets under management	(26.1)	(45.5)	(8.8)	–	–	(107.2)	53.7	–
Movements in assets under management (annualized) (%)
Net new assets/(net asset outflows)	(3.9)	(0.8)	2.8	–	–	(0.5)	2.5	–
Other effects	(11.9)	(24.9)	(7.4)	–	–	(18.7)	7.6	–
Increase/(decrease) in assets under management (annualized)	(15.8)	(25.7)	(4.6)	–	–	(19.2)	10.1	–
Movements in assets under management (rolling four-quarter average) (%)
Net new assets/(net asset outflows)	(0.8)	0.8	2.1	–	–	–	–	–
Other effects	(15.7)	(14.8)	8.7	–	–	–	–	–
Increase/(decrease) in assets under management (rolling four-quarter average)	(16.5)	(14.0)	10.8	–	–	–	–	–

	in			% change		in		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Investment banking & capital markets fees (USD million)
Advisory	245	189	391	30	(37)	662	820	(19)
Debt capital markets¹	153	182	447	(16)	(66)	682	1,691	(60)
Equity capital markets	82	80	501	2	(84)	279	1,640	(83)
Investment banking & capital markets fees	480	451	1,339	6	(64)	1,623	4,151	(61)
1 Excludes mark-to-market movements of USD (120) million in 3Q22, USD (245) million in 2Q22, USD (367) million in 9M22 and USD 34 million in 9M21.

Assets under management
	in / end of			% change		in / end of		% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Assets under management (CHF billion)
Assets under management	527.1	544.5	588.8	(3.2)	(10.5)	527.1	588.8	(10.5)
Average assets under management	545.7	569.4	592.2	(4.2)	(7.9)	567.7	576.8	(1.6)
Assets under management by currency (CHF billion)
USD	55.8	56.8	63.1	(1.8)	(11.6)	55.8	63.1	(11.6)
EUR	20.8	22.3	27.0	(6.7)	(23.0)	20.8	27.0	(23.0)
CHF	443.1	457.7	489.7	(3.2)	(9.5)	443.1	489.7	(9.5)
Other	7.4	7.7	9.0	(3.9)	(17.8)	7.4	9.0	(17.8)
Assets under management	527.1	544.5	588.8	(3.2)	(10.5)	527.1	588.8	(10.5)
Movements in assets under management (CHF billion)
Net new assets/(net asset outflows)	(1.5)	(1.6)	0.4	–	–	2.9	4.9	–
Other effects	(15.9)	(36.4)	0.2	–	–	(73.7)	32.9	–
of which market movements	(16.2)	(37.8)	0.2	–	–	(76.9)	28.5	–
of which foreign exchange	0.3	1.4	0.1	–	–	1.8	3.9	–
of which other	0.0	0.0	(0.1)	–	–	1.4	0.5	–
Increase/(decrease) in assets under management	(17.4)	(38.0)	0.6	–	–	(70.8)	37.8	–
Movements in assets under management (annualized) (%)
Net new assets/(net asset outflows)	(1.1)	(1.1)	0.3	–	–	0.6	1.2	–
Other effects	(11.7)	(25.0)	0.1	–	–	(16.4)	7.9	–
Increase/(decrease) in assets under management (annualized)	(12.8)	(26.1)	0.4	–	–	(15.8)	9.1	–
Movements in assets under management (rolling four-quarter average) (%)
Net new assets/(net asset outflows)	0.7	1.0	1.6	–	–	–	–	–
Other effects	(11.2)	(8.4)	9.5	–	–	–	–	–
Increase/(decrease) in assets under management (rolling four-quarter average)	(10.5)	(7.4)	11.1	–	–	–	–	–

Assets under management
	in / end of			% change		in / end of			% change
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21		YoY
Assets under management (CHF billion)
Traditional investments	245.2	261.7	305.3	(6.3)	(19.7)	245.2	305.3		(19.7)
Alternative investments	113.5	111.2	118.5	2.1	(4.2)	113.5	118.5		(4.2)
Investments and partnerships	52.6	54.1	50.9	(2.8)	3.3	52.6	50.9		3.3
Assets under management	411.3	427.0	474.7	(3.7)	(13.4)	411.3	474.7		(13.4)
Average assets under management	429.3	449.9	472.2	(4.6)	(9.1)	449.0	461.2		(2.6)
Assets under management by currency (CHF billion)
USD	101.4	105.1	124.5	(3.5)	(18.6)	101.4	124.5		(18.6)
EUR	42.9	46.4	59.1	(7.5)	(27.4)	42.9	59.1		(27.4)
CHF	208.7	215.4	234.7	(3.1)	(11.1)	208.7	234.7		(11.1)
Other	58.3	60.1	56.4	(3.0)	3.4	58.3	56.4		3.4
Assets under management	411.3	427.0	474.7	(3.7)	(13.4)	411.3	474.7		(13.4)
Movements in assets under management (CHF billion)
Net new assets/(net asset outflows)¹	(4.2)	(6.1)	(1.7)	–	–	(10.9)	9.9		–
Other effects	(11.5)	(28.9)	5.0	–	–	(54.6)	24.5		–
of which market movements	(10.6)	(30.3)	4.8	–	–	(55.9)	24.5		–
of which foreign exchange	(1.0)	1.4	0.5	–	–	2.1	10.6		–
of which other	0.1	0.0	(0.3)	–	–	(0.8)	(10.6)	²	–
Increase/(decrease) in assets under management	(15.7)	(35.0)	3.3	–	–	(65.5)	34.4		–
Movements in assets under management (annualized) (%)
Net new assets/(net asset outflows)	(3.9)	(5.3)	(1.4)	–	–	(3.0)	3.0		–
Other effects	(10.8)	(25.0)	4.2	–	–	(15.3)	7.4		–
Increase/(decrease) in assets under management (annualized)	(14.7)	(30.3)	2.8	–	–	(18.3)	10.4		–
Movements in assets under management (rolling four-quarter average) (%)
Net new assets/(net asset outflows)	(1.3)	(0.8)	3.7	–	–	–	–		–
Other effects	(12.1)	(8.6)	4.6	–	–	–	–		–
Increase/(decrease) in assets under management (rolling four-quarter average)	(13.4)	(9.4)	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.

Reconciliation of adjustment items
	Swiss Bank
in	3Q22	2Q22	3Q21	9M22	9M21
Results (CHF million)
Net revenues	962	1,050	1,053	3,121	3,107
Real estate (gains)/losses	0	(13)	(4)	(97)	(8)
(Gain)/loss on equity investment in SIX Group AG	0	10	0	7	0
(Gain)/loss on equity investment in Pfandbriefbank	(6)	0	0	(6)	0
Adjusted net revenues	956	1,047	1,049	3,025	3,099
Provision for credit losses	21	18	3	62	8
Total operating expenses	558	630	596	1,803	1,788
Restructuring expenses	(6)	(3)	–	(10)	(10)
Expenses related to real estate disposals	0	0	0	0	(4)
Adjusted total operating expenses	552	627	596	1,793	1,774
Income before taxes	383	402	454	1,256	1,311
Adjusted income before taxes	383	402	450	1,170	1,317
Adjusted economic profit	88	101	136	279	377
Adjusted return on regulatory capital (%)	11.5	12.0	13.4	11.7	13.0
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Reconciliation of adjustment items
	Asset Management
in	3Q22	2Q22	3Q21	9M22	9M21
Results (CHF million)
Net revenues	336	311	292	1,008	1,109
Real estate (gains)/losses	0	0	0	(2)	0
Impairment on York Capital Management	10	0	113	10	113
Adjusted net revenues	346	311	405	1,016	1,222
Provision for credit losses	(1)	2	1	1	2
Total operating expenses	247	279	273	834	838
Restructuring expenses	(3)	(1)	–	(4)	(3)
Expenses related to real estate disposals	(1)	0	0	(1)	(1)
Adjusted total operating expenses	243	278	273	829	834
Income before taxes	90	30	18	173	269
Adjusted income before taxes	104	31	131	186	386
Adjusted economic profit	65	10	85	102	247
Adjusted return on regulatory capital (%)	48.7	14.6	57.2	29.6	54.6
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
	3Q22	2Q22	3Q21	QoQ	YoY	9M22	9M21	YoY
Statements of operations (CHF million)
Treasury results	(7)	(155)	(57)	(95)	(88)	(416)	(44)	–
Asset Resolution Unit	(1)	22	(34)	–	(97)	60	(110)	–
Other	43	42	13	2	231	127	156	(19)
Net revenues	35	(91)	(78)	–	–	(229)	2	–
Provision for credit losses	0	0	2	–	(100)	(1)	(8)	(88)
Compensation and benefits	13	5	102	160	(87)	73	259	(72)
General and administrative expenses	188	297	507	(37)	(63)	971	878	11
Commission expenses	(1)	(1)	18	0	–	5	55	(91)
Restructuring expenses	5	1	–	400	–	5	(1)	–
Total other operating expenses	192	297	525	(35)	(63)	981	932	5
Total operating expenses	205	302	627	(32)	(67)	1,054	1,191	(12)
Income/(loss) before taxes	(170)	(393)	(707)	(57)	(76)	(1,282)	(1,181)	9
of which Asset Resolution Unit	(28)	(7)	(73)	300	(62)	(25)	(220)	(89)
Balance sheet statistics (CHF million)
Total assets	41,387	44,481	54,570	(7)	(24)	41,387	54,570	(24)
Risk-weighted assets	47,758	50,398	47,548	(5)	0	47,758	47,548	0
Leverage exposure	45,262	48,298	58,850	(6)	(23)	45,262	58,850	(23)

Reconciliation of adjustment items
	Corporate Center
in	3Q22	2Q22	3Q21	9M22	9M21
Results (CHF million)
Net revenues	35	(91)	(78)	(229)	2
(Gains)/losses on business sales	0	0	1	0	1
Valuation adjustment related to major litigation	0	0	69	0	69
Adjusted net revenues	35	(91)	(8)	(229)	72
Provision for credit losses	0	0	2	(1)	(8)
Total operating expenses	205	302	627	1,054	1,191
Restructuring expenses	(5)	(1)	–	(5)	1
Major litigation provisions	(124)	(227)	(425)	(774)	(648)
Adjusted total operating expenses	76	74	202	275	544
Income/(loss) before taxes	(170)	(393)	(707)	(1,282)	(1,181)
Adjusted income/(loss) before taxes	(41)	(165)	(212)	(503)	(464)
Adjusted results are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Assets under management, client assets and net new assets
	end of			% change
	3Q22	2Q22	3Q21	QoQ	YoY
Assets under management (CHF billion)
Wealth Management	635.4	661.5	760.6	(3.9)	(16.5)
Swiss Bank	527.1	544.5	588.8	(3.2)	(10.5)
Asset Management	411.3	427.0	474.7	(3.7)	(13.4)
Assets managed across businesses¹	(173.2)	(179.1)	(201.1)	(3.3)	(13.9)
Assets under management	1,400.6	1,453.9	1,623.0	(3.7)	(13.7)
of which discretionary assets	460.9	478.8	528.0	(3.7)	(12.7)
of which advisory assets	939.7	975.1	1,095.0	(3.6)	(14.2)
Client assets (CHF billion)²
Wealth Management	826.3	880.4	1,009.5	(6.1)	(18.1)
Swiss Bank	642.2	664.1	714.7	(3.3)	(10.1)
Asset Management	411.3	427.0	474.7	(3.7)	(13.4)
Assets managed across businesses	(173.2)	(179.1)	(201.2)	(3.3)	(13.9)
Client assets	1,706.6	1,792.4	1,997.7	(4.8)	(14.6)

BIS capital and leverage metrics
end of	3Q22	2Q22	4Q21
Capital metrics
Risk-weighted assets (CHF billion)	273.6	274.4	267.8
CET1 ratio (%)	12.6	13.5	14.4
Tier 1 ratio (%)	18.3	19.2	20.3
Total capital ratio (%)	18.3	19.4	20.5

Leverage metrics
Leverage exposure (CHF billion)	836.9	862.7	889.1
CET1 leverage ratio (%)	4.1	4.3	4.3
Tier 1 leverage ratio (%)	6.0	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	3Q22	2Q22	4Q21	QoQ
Capital and risk-weighted assets (CHF million)
CET1 capital	34,423	37,049	38,529	(7)
Tier 1 capital	50,110	52,736	54,373	(5)
Total eligible capital	50,110	53,217	54,852	(6)
Risk-weighted assets	273,598	274,442	267,787	0
Capital ratios (%)
CET1 ratio	12.6	13.5	14.4	–
Tier 1 ratio	18.3	19.2	20.3	–
Total capital ratio	18.3	19.4	20.5	–

Eligible capital – Group
					% change
end of	3Q22	2Q22	4Q21		QoQ
Eligible capital (CHF million)
Total shareholders' equity	43,267	45,842	43,954		(6)
Adjustments
Regulatory adjustments¹	(295)	(175)	157		69
Goodwill²	(2,987)	(2,953)	(2,893)		1
Other intangible assets²	(54)	(49)	(50)		10
Deferred tax assets that rely on future profitability	(142)	(1,124)	(881)		(87)
Shortfall of provisions to expected losses	(214)	(249)	(220)		(14)
(Gains)/losses due to changes in own credit on fair-valued liabilities	(2,967)	(1,536)	2,144		93
Defined benefit pension assets²	(3,475)	(3,463)	(3,280)		0
Investments in own shares	(36)	(79)	(477)		(54)
Other adjustments³	1,326	835	75		59
Total adjustments	(8,844)	(8,793)	(5,425)		1
CET1 capital	34,423	37,049	38,529		(7)
High-trigger capital instruments (7% trigger)	11,193	11,223	11,399		0
Low-trigger capital instruments (5.125% trigger)	4,494	4,464	4,445		1
Additional tier 1 capital	15,687	15,687	15,844		0
Tier 1 capital	50,110	52,736	54,373		(5)
Tier 2 low-trigger capital instruments (5% trigger)	0	481	479		(100)
Tier 2 capital	0	481	479	⁴	(100)
Total eligible capital	50,110	53,217	54,852	⁴	(6)
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%.

3Q22 Capital movement – Group
CET1 capital (CHF million)
Balance at beginning of period		37,049
Net income/(loss) attributable to shareholders		(4,034)
Foreign exchange impact¹		438
Regulatory adjustment of deferred tax assets relating to net operating losses		1,005
of which valuation allowance²		1,700
of which reclassification of deferred tax assets³		(441)
of which other regulatory adjustments		(254)
Other		(35)
Balance at end of period		34,423
Additional tier 1 capital (CHF million)
Balance at beginning of period		15,687
Foreign exchange impact		347
Other⁴		(347)
Balance at end of period		15,687
Tier 2 capital (CHF million)
Balance at beginning of period		481
Foreign exchange impact		12
Other⁵		(493)
Balance at end of period		0
Eligible capital (CHF million)
Balance at end of period		50,110
1 Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
2 Reflects the partial reversal of the valuation allowance relating to the reassessment of the deferred tax asset as a result of the comprehensive strategic review.
3 Reflects the reclassification of deferred tax asset related to the Group’s tax election to accelerate the tax loss recognition of a previously recognized deferred tax asset on timing differences in 2021.
4 Primarily reflects valuation impacts.
5 Includes the impact of the prescribed amortization requirement as instruments move closer to their maturity date.

Risk-weighted assets – Group
end of	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Group
3Q22 (CHF million)
Credit risk	42,377	53,526	63,889	6,279	11,922	177,993
Market risk	3,230	11,181	157	73	2,084	16,725
Operational risk	17,737	17,822	7,399	2,170	33,752	78,880
Risk-weighted assets	63,344	82,529	71,445	8,522	47,758	273,598
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
3Q22	Wealth Management	Investment Bank	Swiss Bank	Asset Management	Corporate Center	Total
Credit risk (CHF million)
Balance at beginning of period	42,020	53,912	64,345	6,422	18,796	185,495
Foreign exchange impact	88	838	59	7	89	1,081
Movements in risk levels	(20)	(1,340)	(1,452)	(150)	(6,982)	(9,944)
Model and parameter updates – internal¹	(102)	9	787	0	19	713
Model and parameter updates – external²	391	107	150	0	0	648
Balance at end of period	42,377	53,526	63,889	6,279	11,922	177,993
Market risk (CHF million)
Balance at beginning of period	3,062	10,687	114	68	2,070	16,001
Foreign exchange impact	77	272	3	2	52	406
Movements in risk levels	213	(94)	122	(5)	(189)	47
Model and parameter updates – internal¹	(122)	316	(82)	8	151	271
Balance at end of period	3,230	11,181	157	73	2,084	16,725
Operational risk (CHF million)
Balance at beginning of period	17,076	17,123	7,125	2,090	29,532	72,946
Foreign exchange impact	422	425	177	51	733	1,808
Movements in risk levels	(15)	15	0	0	0	0
Model and parameter updates – internal¹	254	259	97	29	3,487	4,126
Balance at end of period	17,737	17,822	7,399	2,170	33,752	78,880
Total (CHF million)
Balance at beginning of period	62,158	81,722	71,584	8,580	50,398	274,442
Foreign exchange impact	587	1,535	239	60	874	3,295
Movements in risk levels	178	(1,419)	(1,330)	(155)	(7,171)	(9,897)
Model and parameter updates – internal¹	30	584	802	37	3,657	5,110
Model and parameter updates – external²	391	107	150	0	0	648
Balance at end of period	63,344	82,529	71,445	8,522	47,758	273,598
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	3Q22	2Q22	4Q21	QoQ
Capital and leverage exposure (CHF million)
CET1 capital	34,423	37,049	38,529	(7)
Tier 1 capital	50,110	52,736	54,373	(5)
Leverage exposure	836,881	862,737	889,137	(3)
Leverage ratios (%)
CET1 leverage ratio	4.1	4.3	4.3	–
Tier 1 leverage ratio	6.0	6.1	6.1	–

Swiss capital metrics – Group
				% change
end of	3Q22	2Q22	4Q21	QoQ
Swiss capital and risk-weighted assets (CHF million)
Swiss CET1 capital	34,423	37,049	38,529	(7)
Going concern capital	50,110	52,736	54,372	(5)
Gone concern capital	47,288	44,160	46,648	7
Total loss-absorbing capacity (TLAC)	97,398	96,896	101,020	1
Swiss risk-weighted assets	274,138	274,997	268,418	0
Swiss capital ratios (%)
Swiss CET1 ratio	12.6	13.5	14.4	–
Going concern capital ratio	18.3	19.2	20.3	–
Gone concern capital ratio	17.2	16.1	17.4	–
TLAC ratio	35.5	35.2	37.6	–
Rounding differences may occur.

Swiss capital and risk-weighted assets – Group
					% change
end of	3Q22	2Q22	4Q21		QoQ
Swiss capital (CHF million)
CET1 capital – BIS	34,423	37,049	38,529		(7)
Swiss CET1 capital	34,423	37,049	38,529		(7)
Additional tier 1 high-trigger capital instruments	11,193	11,223	11,398		0
Grandfathered additional tier 1 low-trigger capital instruments	4,494	4,464	4,445		1
Swiss additional tier 1 capital	15,687	15,687	15,843		0
Going concern capital	50,110	52,736	54,372		(5)
Bail-in debt instruments	47,288	41,753	44,251		13
Tier 2 low-trigger capital instruments	0	481	479		(100)
Tier 2 amortization component	0	1,926	1,918		(100)
Gone concern capital	47,288	44,160	46,648	¹	7
Total loss-absorbing capacity	97,398	96,896	101,020		1
Risk-weighted assets (CHF million)
Risk-weighted assets – BIS	273,598	274,442	267,787		0
Swiss regulatory adjustments²	540	555	631		(3)
Swiss risk-weighted assets	274,138	274,997	268,418		0
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	3Q22	2Q22	4Q21	QoQ
Swiss capital and leverage exposure (CHF million)
Swiss CET1 capital	34,423	37,049	38,529	(7)
Going concern capital	50,110	52,736	54,372	(5)
Gone concern capital	47,288	44,160	46,648	7
Total loss-absorbing capacity	97,398	96,896	101,020	1
Leverage exposure	836,881	862,737	889,137	(3)
Swiss leverage ratios (%)
Swiss CET1 leverage ratio	4.1	4.3	4.3	–
Going concern leverage ratio	6.0	6.1	6.1	–
Gone concern leverage ratio	5.7	5.1	5.2	–
TLAC leverage ratio	11.6	11.2	11.4	–
Rounding differences may occur.

in / end of	Interest rate	Credit spread	Foreign exchange	Commodity	Equity	Diversi- fication benefit	¹	Total
CHF million
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
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
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
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
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
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.