Form 40-F
| Overview of Results | |||||||||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Net revenues | 2,926 | 1,917 | 1,858 | 790 | 5,153 | 33 | 12,677 | ||||||||
| Provision for credit losses | 5 | (25) | 33 | 1 | 4,364 | (9) | 4,369 | ||||||||
| Compensation and benefits | 932 | 755 | 651 | 331 | 1,736 | 158 | 4,563 | ||||||||
| Total other operating expenses | 599 | 439 | 400 | 239 | 1,596 | 416 | 3,689 | ||||||||
| Total operating expenses | 1,531 | 1,194 | 1,051 | 570 | 3,332 | 574 | 8,252 | ||||||||
| Income/(loss) before taxes | 1,390 | 748 | 774 | 219 | (2,543) | (532) | 56 | ||||||||
| Income tax expense | 40 | ||||||||||||||
| Net income | 16 | ||||||||||||||
| Net income/(loss) attributable to noncontrolling interests | 15 | ||||||||||||||
| Net income attributable to shareholders | 1 | ||||||||||||||
| 6M20 (CHF million) | |||||||||||||||
| Net revenues | 2,928 | 1,937 | 1,643 | 806 | 4,942 | (286) | 11,970 | ||||||||
| Provision for credit losses | 152 | 71 | 185 | 2 | 447 | 7 | 864 | ||||||||
| Compensation and benefits | 998 | 863 | 654 | 333 | 1,986 | 76 | 4,910 | ||||||||
| Total other operating expenses | 591 | 402 | 390 | 223 | 1,514 | 324 | 3,444 | ||||||||
| Total operating expenses | 1,589 | 1,265 | 1,044 | 556 | 3,500 | 400 | 8,354 | ||||||||
| Income/(loss) before taxes | 1,187 | 601 | 414 | 248 | 995 | (693) | 2,752 | ||||||||
| Income tax expense | 281 | ||||||||||||||
| Net income | 2,471 | ||||||||||||||
| Net income/(loss) attributable to noncontrolling interests | (5) | ||||||||||||||
| Net income attributable to shareholders | 2,476 | ||||||||||||||
| Comparison of consolidated statements of operations | |||||||||||||||||
| Bank | Group | Bank | Group | ||||||||||||||
| in | 2Q21 | 2Q20 | 2Q21 | 2Q20 | 6M21 | 6M20 | 6M21 | 6M20 | |||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 5,229 | 6,230 | 5,103 | 6,194 | 12,882 | 12,015 | 12,677 | 11,970 | |||||||||
| Total operating expenses | 4,403 | 4,449 | 4,315 | 4,347 | 8,494 | 8,573 | 8,252 | 8,354 | |||||||||
| Income/(loss) before taxes | 852 | 1,489 | 813 | 1,551 | 15 | 2,582 | 56 | 2,752 | |||||||||
| Net income/(loss) | 298 | 1,119 | 247 | 1,160 | 9 | 2,338 | 16 | 2,471 | |||||||||
| Net income/(loss) attributable to shareholders | 326 | 1,121 | 253 | 1,162 | 112 | 2,334 | 1 | 2,476 | |||||||||
| Comparison of consolidated balance sheets | |||||||||
| Bank | Group | ||||||||
| end of | 2Q21 | 4Q20 | 2Q21 | 4Q20 | |||||
| Balance sheet statistics (CHF million) | |||||||||
| Total assets | 800,120 | 809,688 | 796,799 | 805,822 | |||||
| Total liabilities | 750,828 | 762,629 | 752,924 | 762,881 | |||||
| Capitalization and indebtedness | |||||||||
| Bank | Group | ||||||||
| end of | 2Q21 | 4Q20 | 2Q21 | 4Q20 | |||||
| Capitalization and indebtedness (CHF million) | |||||||||
| Due to banks | 20,948 | 16,420 | 20,948 | 16,423 | |||||
| Customer deposits | 398,323 | 392,039 | 397,298 | 390,921 | |||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 21,020 | 23,944 | 20,924 | 23,851 | |||||
| Long-term debt | 164,292 | 160,279 | 170,227 | 161,087 | |||||
| All other liabilities | 146,245 | 169,947 | 143,527 | 170,599 | |||||
| Total liabilities | 750,828 | 762,629 | 752,924 | 762,881 | |||||
| Total equity | 49,292 | 47,059 | 43,875 | 42,941 | |||||
| Total capitalization and indebtedness | 800,120 | 809,688 | 796,799 | 805,822 | |||||
| BIS capital metrics | |||||||||
| Bank | Group | ||||||||
| end of | 2Q21 | 4Q20 | 2Q21 | 4Q20 | |||||
| Capital and risk-weighted assets (CHF million) | |||||||||
| CET1 capital | 44,162 | 40,701 | 38,938 | 35,361 | |||||
| Tier 1 capital | 59,439 | 55,659 | 55,152 | 51,202 | |||||
| Total eligible capital | 60,432 | 56,620 | 56,145 | 52,163 | |||||
| Risk-weighted assets | 282,579 | 275,676 | 283,611 | 275,084 | |||||
| Capital ratios (%) | |||||||||
| CET1 ratio | 15.6 | 14.8 | 13.7 | 12.9 | |||||
| Tier 1 ratio | 21.0 | 20.2 | 19.4 | 18.6 | |||||
| Total capital ratio | 21.4 | 20.5 | 19.8 | 19.0 | |||||
| Key metrics | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Credit Suisse (CHF million) | |||||||||||||||||
| Net revenues | 5,103 | 7,574 | 6,194 | (33) | (18) | 12,677 | 11,970 | 6 | |||||||||
| Provision for credit losses | (25) | 4,394 | 296 | – | – | 4,369 | 864 | 406 | |||||||||
| Total operating expenses | 4,315 | 3,937 | 4,347 | 10 | (1) | 8,252 | 8,354 | (1) | |||||||||
| Income/(loss) before taxes | 813 | (757) | 1,551 | – | (48) | 56 | 2,752 | (98) | |||||||||
| Net income/(loss) attributable to shareholders | 253 | (252) | 1,162 | – | (78) | 1 | 2,476 | (100) | |||||||||
| Cost/income ratio (%) | 84.6 | 52.0 | 70.2 | – | – | 65.1 | 69.8 | – | |||||||||
| Effective tax rate (%) | 69.6 | 69.5 | 25.2 | – | – | 71.4 | 10.2 | – | |||||||||
| Basic earnings/(loss) per share (CHF) | 0.10 | (0.10) | 0.47 | – | (79) | 0.00 | 1.00 | (100) | |||||||||
| Diluted earnings/(loss) per share (CHF) | 0.10 | (0.10) | 0.46 | – | (78) | 0.00 | 0.98 | (100) | |||||||||
| Return on equity (%) | 2.3 | (2.3) | 9.8 | – | – | 0.0 | 10.7 | – | |||||||||
| Return on tangible equity (%) | 2.6 | (2.6) | 11.0 | – | – | 0.0 | 12.0 | – | |||||||||
| Assets under management and net new assets (CHF billion) | |||||||||||||||||
| Assets under management | 1,632.0 | 1,596.0 | 1,443.4 | 2.3 | 13.1 | 1,632.0 | 1,443.4 | 13.1 | |||||||||
| Net new assets | (4.7) | 28.4 | 9.8 | – | – | 23.7 | 15.6 | 51.9 | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 796,799 | 851,395 | 828,480 | (6) | (4) | 796,799 | 828,480 | (4) | |||||||||
| Net loans | 299,844 | 304,188 | 294,312 | (1) | 2 | 299,844 | 294,312 | 2 | |||||||||
| Total shareholders' equity | 43,580 | 44,590 | 46,535 | (2) | (6) | 43,580 | 46,535 | (6) | |||||||||
| Tangible shareholders' equity | 38,747 | 39,707 | 41,586 | (2) | (7) | 38,747 | 41,586 | (7) | |||||||||
| Basel III regulatory capital and leverage statistics (%) | |||||||||||||||||
| CET1 ratio | 13.7 | 12.2 | 12.5 | – | – | 13.7 | 12.5 | – | |||||||||
| CET1 leverage ratio | 4.2 | 3.8 | 4.5 | – | – | 4.2 | 4.5 | – | |||||||||
| Tier 1 leverage ratio | 6.0 | 5.5 | 6.2 | – | – | 6.0 | 6.2 | – | |||||||||
| Share information | |||||||||||||||||
| Shares outstanding (million) | 2,411.3 | 2,364.0 | 2,441.6 | 2 | (1) | 2,411.3 | 2,441.6 | (1) | |||||||||
| of which common shares issued | 2,650.7 | 2,447.7 | 2,556.0 | 8 | 4 | 2,650.7 | 2,556.0 | 4 | |||||||||
| of which treasury shares | (239.4) | (83.7) | (114.4) | 186 | 109 | (239.4) | (114.4) | 109 | |||||||||
| Book value per share (CHF) | 18.07 | 18.86 | 19.06 | (4) | (5) | 18.07 | 19.06 | (5) | |||||||||
| Tangible book value per share (CHF) | 16.07 | 16.80 | 17.03 | (4) | (6) | 16.07 | 17.03 | (6) | |||||||||
| Market capitalization (CHF million) | 25,448 | 24,009 | 23,983 | 6 | 6 | 25,448 | 23,983 | 6 | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 49,240 | 49,090 | 48,800 | 0 | 1 | 49,240 | 48,800 | 1 | |||||||||
|
See relevant tables for additional information on these metrics.
|
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| Results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net interest income | 1,416 | 1,654 | 1,570 | (14) | (10) | 3,070 | 3,104 | (1) | |||||||||
| Commissions and fees | 3,158 | 3,737 | 2,880 | (15) | 10 | 6,895 | 5,807 | 19 | |||||||||
| Trading revenues 1 | 153 | 1,811 | 1,254 | (92) | (88) | 1,964 | 2,181 | (10) | |||||||||
| Other revenues | 376 | 372 | 490 | 1 | (23) | 748 | 878 | (15) | |||||||||
| Net revenues | 5,103 | 7,574 | 6,194 | (33) | (18) | 12,677 | 11,970 | 6 | |||||||||
| Provision for credit losses | (25) | 4,394 | 296 | – | – | 4,369 | 864 | 406 | |||||||||
| Compensation and benefits | 2,356 | 2,207 | 2,594 | 7 | (9) | 4,563 | 4,910 | (7) | |||||||||
| General and administrative expenses | 1,589 | 1,376 | 1,440 | 15 | 10 | 2,965 | 2,786 | 6 | |||||||||
| Commission expenses | 325 | 329 | 313 | (1) | 4 | 654 | 658 | (1) | |||||||||
| Restructuring expenses | 45 | 25 | – | 80 | – | 70 | – | – | |||||||||
| Total other operating expenses | 1,959 | 1,730 | 1,753 | 13 | 12 | 3,689 | 3,444 | 7 | |||||||||
| Total operating expenses | 4,315 | 3,937 | 4,347 | 10 | (1) | 8,252 | 8,354 | (1) | |||||||||
| Income/(loss) before taxes | 813 | (757) | 1,551 | – | (48) | 56 | 2,752 | (98) | |||||||||
| Income tax expense/(benefit) | 566 | (526) | 391 | – | 45 | 40 | 281 | (86) | |||||||||
| Net income/(loss) | 247 | (231) | 1,160 | – | (79) | 16 | 2,471 | (99) | |||||||||
| Net income/(loss) attributable to noncontrolling interests | (6) | 21 | (2) | – | 200 | 15 | (5) | – | |||||||||
| Net income/(loss) attributable to shareholders | 253 | (252) | 1,162 | – | (78) | 1 | 2,476 | (100) | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | 7.8 | (7.6) | 15.5 | – | – | 0.3 | 13.7 | – | |||||||||
| Cost/income ratio | 84.6 | 52.0 | 70.2 | – | – | 65.1 | 69.8 | – | |||||||||
| Effective tax rate | 69.6 | 69.5 | 25.2 | – | – | 71.4 | 10.2 | – | |||||||||
| Earnings per share (CHF) | |||||||||||||||||
| Basic earnings/(loss) per share | 0.10 | (0.10) | 0.47 | – | (79) | 0.00 | 1.00 | (100) | |||||||||
| Diluted earnings/(loss) per share | 0.10 | (0.10) | 0.46 | – | (78) | 0.00 | 0.98 | (100) | |||||||||
| Return on equity (%, annualized) | |||||||||||||||||
| Return on equity | 2.3 | (2.3) | 9.8 | – | – | 0.0 | 10.7 | – | |||||||||
| Return on tangible equity 2 | 2.6 | (2.6) | 11.0 | – | – | 0.0 | 12.0 | – | |||||||||
| Book value per share (CHF) | |||||||||||||||||
| Book value per share | 18.07 | 18.86 | 19.06 | (4) | (5) | 18.07 | 19.06 | (5) | |||||||||
| Tangible book value per share 2 | 16.07 | 16.80 | 17.03 | (4) | (6) | 16.07 | 17.03 | (6) | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 796,799 | 851,395 | 828,480 | (6) | (4) | 796,799 | 828,480 | (4) | |||||||||
| Risk-weighted assets | 283,611 | 302,869 | 299,293 | (6) | (5) | 283,611 | 299,293 | (5) | |||||||||
| Leverage exposure | 916,888 | 967,798 | 836,755 | (5) | 10 | 916,888 | 836,755 | 10 | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 49,240 | 49,090 | 48,800 | 0 | 1 | 49,240 | 48,800 | 1 | |||||||||
|
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. |
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2
Based on tangible shareholders' equity, a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet. Management believes that these metrics are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
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| Employees and other headcount | |||||||
| end of | 2Q21 | 1Q21 | 2Q20 | ||||
| Employees (full-time equivalents) | |||||||
| Swiss Universal Bank | 13,250 | 13,220 | 13,210 | ||||
| International Wealth Management | 8,000 | 7,940 | 7,760 | ||||
| Asia Pacific | 7,090 | 6,950 | 7,030 | ||||
| Asset Management | 2,220 | 2,180 | 2,160 | ||||
| Investment Bank | 17,650 | 17,750 | 17,420 | ||||
| Corporate Center | 1,030 | 1,050 | 1,220 | ||||
| Total employees | 49,240 | 49,090 | 48,800 | ||||
| Other headcount | |||||||
| Outsourced roles, contractors and consultants 1 | 14,800 | 13,670 | 12,770 | ||||
| Total employees and other headcount | 64,040 | 62,760 | 61,570 | ||||
|
Based on full-time equivalents.
|
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|
1
Excludes the headcount of certain managed service resources which are related to fixed fee projects.
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| Net revenues by region | |||||||||||||||||
| in | % change | in | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenues (CHF million) | |||||||||||||||||
| Switzerland | 1,745 | 1,667 | 1,591 | 5 | 10 | 3,412 | 3,396 | 0 | |||||||||
| EMEA | 1,171 | 1,372 | 1,382 | (15) | (15) | 2,543 | 2,745 | (7) | |||||||||
| Americas | 1,306 | 2,904 | 2,368 | (55) | (45) | 4,210 | 3,918 | 7 | |||||||||
| Asia Pacific | 997 | 1,482 | 1,069 | (33) | (7) | 2,479 | 2,197 | 13 | |||||||||
| Corporate Center | (116) | 149 | (216) | – | (46) | 33 | (286) | – | |||||||||
| Net revenues | 5,103 | 7,574 | 6,194 | (33) | (18) | 12,677 | 11,970 | 6 | |||||||||
|
A significant portion of our business requires inter-regional coordination in order to facilitate the needs of our clients. The methodology for allocating our results by region is dependent on management judgment. For the wealth management business, results are allocated based on the management reporting structure of our relationship manager organization. For the investment banking business, trading results are allocated based on where the risk is primarily managed, while also reflecting certain revenue transfers to regions where the relevant sales teams and clients are domiciled.
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| Results overview | |||||||||||||||
|
in / end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Net revenues | 1,477 | 930 | 798 | 404 | 1,610 | (116) | 5,103 | ||||||||
| Provision for credit losses | (21) | (25) | 6 | 1 | 14 | 0 | (25) | ||||||||
| Compensation and benefits | 460 | 390 | 337 | 174 | 876 | 119 | 2,356 | ||||||||
| Total other operating expenses | 313 | 225 | 205 | 125 | 796 | 295 | 1,959 | ||||||||
| of which general and administrative expenses | 255 | 178 | 162 | 96 | 626 | 272 | 1,589 | ||||||||
| of which restructuring expenses | 5 | 5 | 3 | 2 | 29 | 1 | 45 | ||||||||
| Total operating expenses | 773 | 615 | 542 | 299 | 1,672 | 414 | 4,315 | ||||||||
| Income/(loss) before taxes | 725 | 340 | 250 | 104 | (76) | (530) | 813 | ||||||||
| Return on regulatory capital (%) | 22.9 | 28.2 | 26.0 | 58.2 | (2.4) | – | 7.8 | ||||||||
| Cost/income ratio (%) | 52.3 | 66.1 | 67.9 | 74.0 | 103.9 | – | 84.6 | ||||||||
| Total assets | 265,801 | 91,957 | 70,569 | 3,591 | 248,775 | 116,106 | 796,799 | ||||||||
| Goodwill | 590 | 289 | 1,052 | 1,122 | 1,535 | 0 | 4,588 | ||||||||
| Risk-weighted assets | 82,779 | 34,254 | 28,606 | 9,894 | 72,608 | 55,470 | 283,611 | ||||||||
| Leverage exposure | 303,690 | 108,182 | 79,081 | 2,754 | 304,896 | 118,285 | 916,888 | ||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Net revenues | 1,449 | 987 | 1,060 | 386 | 3,543 | 149 | 7,574 | ||||||||
| Provision for credit losses | 26 | 0 | 27 | 0 | 4,350 | (9) | 4,394 | ||||||||
| Compensation and benefits | 472 | 365 | 314 | 157 | 860 | 39 | 2,207 | ||||||||
| Total other operating expenses | 286 | 214 | 195 | 114 | 800 | 121 | 1,730 | ||||||||
| of which general and administrative expenses | 227 | 176 | 153 | 86 | 629 | 105 | 1,376 | ||||||||
| of which restructuring expenses | 9 | 0 | 1 | 1 | 17 | (3) | 25 | ||||||||
| Total operating expenses | 758 | 579 | 509 | 271 | 1,660 | 160 | 3,937 | ||||||||
| Income/(loss) before taxes | 665 | 408 | 524 | 115 | (2,467) | (2) | (757) | ||||||||
| Return on regulatory capital (%) | 21.2 | 34.5 | 56.3 | 67.6 | (69.2) | – | (7.6) | ||||||||
| Cost/income ratio (%) | 52.3 | 58.7 | 48.0 | 70.2 | 46.9 | – | 52.0 | ||||||||
| Total assets | 269,089 | 90,300 | 74,878 | 3,941 | 292,843 | 120,344 | 851,395 | ||||||||
| Goodwill | 595 | 291 | 1,063 | 1,140 | 1,555 | 0 | 4,644 | ||||||||
| Risk-weighted assets | 84,974 | 35,710 | 30,049 | 9,314 | 92,974 | 49,848 | 302,869 | ||||||||
| Leverage exposure | 305,034 | 105,693 | 83,160 | 3,158 | 348,982 | 121,771 | 967,798 | ||||||||
| 2Q20 (CHF million) | |||||||||||||||
| Net revenues | 1,474 | 905 | 808 | 361 | 2,862 | (216) | 6,194 | ||||||||
| Provision for credit losses | 28 | 32 | 86 | 2 | 143 | 5 | 296 | ||||||||
| Compensation and benefits | 498 | 436 | 334 | 167 | 1,031 | 128 | 2,594 | ||||||||
| Total other operating expenses | 292 | 181 | 192 | 108 | 776 | 204 | 1,753 | ||||||||
| of which general and administrative expenses | 242 | 147 | 153 | 89 | 625 | 184 | 1,440 | ||||||||
| Total operating expenses | 790 | 617 | 526 | 275 | 1,807 | 332 | 4,347 | ||||||||
| Income/(loss) before taxes | 656 | 256 | 196 | 84 | 912 | (553) | 1,551 | ||||||||
| Return on regulatory capital (%) | 21.2 | 21.9 | 20.0 | 45.3 | 25.8 | – | 15.5 | ||||||||
| Cost/income ratio (%) | 53.6 | 68.2 | 65.1 | 76.2 | 63.1 | – | 70.2 | ||||||||
| Total assets | 258,030 | 89,895 | 71,729 | 4,469 | 270,220 | 134,137 | 828,480 | ||||||||
| Goodwill | 598 | 292 | 1,069 | 1,151 | 1,566 | 0 | 4,676 | ||||||||
| Risk-weighted assets | 85,542 | 36,330 | 29,418 | 10,423 | 86,022 | 51,558 | 299,293 | ||||||||
| Leverage exposure | 292,774 | 99,810 | 78,712 | 3,495 | 325,409 | 36,555 | 836,755 | ||||||||
| Results overview (continued) | |||||||||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Net revenues | 2,926 | 1,917 | 1,858 | 790 | 5,153 | 33 | 12,677 | ||||||||
| Provision for credit losses | 5 | (25) | 33 | 1 | 4,364 | (9) | 4,369 | ||||||||
| Compensation and benefits | 932 | 755 | 651 | 331 | 1,736 | 158 | 4,563 | ||||||||
| Total other operating expenses | 599 | 439 | 400 | 239 | 1,596 | 416 | 3,689 | ||||||||
| of which general and administrative expenses | 482 | 354 | 315 | 182 | 1,255 | 377 | 2,965 | ||||||||
| of which restructuring expenses | 14 | 5 | 4 | 3 | 46 | (2) | 70 | ||||||||
| Total operating expenses | 1,531 | 1,194 | 1,051 | 570 | 3,332 | 574 | 8,252 | ||||||||
| Income/(loss) before taxes | 1,390 | 748 | 774 | 219 | (2,543) | (532) | 56 | ||||||||
| Return on regulatory capital (%) | 22.1 | 31.4 | 41.5 | 62.8 | (37.3) | – | 0.3 | ||||||||
| Cost/income ratio (%) | 52.3 | 62.3 | 56.6 | 72.2 | 64.7 | – | 65.1 | ||||||||
| 6M20 (CHF million) | |||||||||||||||
| Net revenues | 2,928 | 1,937 | 1,643 | 806 | 4,942 | (286) | 11,970 | ||||||||
| Provision for credit losses | 152 | 71 | 185 | 2 | 447 | 7 | 864 | ||||||||
| Compensation and benefits | 998 | 863 | 654 | 333 | 1,986 | 76 | 4,910 | ||||||||
| Total other operating expenses | 591 | 402 | 390 | 223 | 1,514 | 324 | 3,444 | ||||||||
| of which general and administrative expenses | 485 | 330 | 307 | 183 | 1,202 | 279 | 2,786 | ||||||||
| Total operating expenses | 1,589 | 1,265 | 1,044 | 556 | 3,500 | 400 | 8,354 | ||||||||
| Income/(loss) before taxes | 1,187 | 601 | 414 | 248 | 995 | (693) | 2,752 | ||||||||
| Return on regulatory capital (%) | 19.3 | 26.1 | 21.0 | 66.7 | 14.4 | – | 13.7 | ||||||||
| Cost/income ratio (%) | 54.3 | 65.3 | 63.5 | 69.0 | 70.8 | – | 69.8 | ||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Net revenues | 1,477 | 930 | 798 | 404 | 1,610 | (116) | 5,103 | ||||||||
| Real estate (gains)/losses | (4) | 0 | 0 | 0 | 0 | 0 | (4) | ||||||||
| Major litigation recovery | (49) | 0 | 0 | 0 | 0 | 0 | (49) | ||||||||
| Adjusted net revenues | 1,424 | 930 | 798 | 404 | 1,610 | (116) | 5,050 | ||||||||
| Significant items | |||||||||||||||
| Gain on equity investment in Allfunds Group | (95) | (127) | (95) | 0 | 0 | 0 | (317) | ||||||||
| Adjusted net revenues excluding significant items | 1,329 | 803 | 703 | 404 | 1,610 | (116) | 4,733 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | 493 | 0 | 493 | ||||||||
| Adjusted net revenues excluding significant items and Archegos | 1,329 | 803 | 703 | 404 | 2,103 | (116) | 5,226 | ||||||||
| Provision for credit losses | (21) | (25) | 6 | 1 | 14 | 0 | (25) | ||||||||
| Archegos | 0 | 0 | 0 | 0 | (70) | 0 | (70) | ||||||||
| Provision for credit losses excluding Archegos | (21) | (25) | 6 | 1 | (56) | 0 | (95) | ||||||||
| Total operating expenses | 773 | 615 | 542 | 299 | 1,672 | 414 | 4,315 | ||||||||
| Restructuring expenses | (5) | (5) | (3) | (2) | (29) | (1) | (45) | ||||||||
| Major litigation provisions | 0 | 0 | 0 | 0 | 0 | (208) | (208) | ||||||||
| Expenses related to real estate disposals | (4) | 0 | 0 | 0 | 0 | 0 | (4) | ||||||||
| Adjusted total operating expenses | 764 | 610 | 539 | 297 | 1,643 | 205 | 4,058 | ||||||||
| Significant items | |||||||||||||||
| Expenses related to equity investment in Allfunds Group | (6) | (7) | (6) | 0 | 0 | 0 | (19) | ||||||||
| Adjusted total operating expenses excluding significant items | 758 | 603 | 533 | 297 | 1,643 | 205 | 4,039 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | (31) | 0 | (31) | ||||||||
| Adjusted total operating expenses excluding significant items and Archegos | 758 | 603 | 533 | 297 | 1,612 | 205 | 4,008 | ||||||||
| Income/(loss) before taxes | 725 | 340 | 250 | 104 | (76) | (530) | 813 | ||||||||
| Adjusted income/(loss) before taxes | 681 | 345 | 253 | 106 | (47) | (321) | 1,017 | ||||||||
| Adjusted income/(loss) before taxes excluding significant items | 592 | 225 | 164 | 106 | (47) | (321) | 719 | ||||||||
| Adjusted income/(loss) before taxes excluding significant items and Archegos | 592 | 225 | 164 | 106 | 547 | (321) | 1,313 | ||||||||
| Adjusted return on regulatory capital (%) | 21.5 | 28.6 | 26.4 | 59.6 | (1.5) | – | 9.8 | ||||||||
| Adjusted return on regulatory capital excluding significant items (%) | 18.7 | 18.7 | 17.1 | 59.6 | (1.5) | – | 6.9 | ||||||||
| Adjusted return on regulatory capital excluding significant items and Archegos (%) | 18.7 | 18.7 | 17.1 | 59.6 | 17.0 | – | 12.6 | ||||||||
| Reconciliation of adjustment items (continued) | |||||||||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Net revenues | 1,449 | 987 | 1,060 | 386 | 3,543 | 149 | 7,574 | ||||||||
| Significant items | |||||||||||||||
| Gain on equity investment in Allfunds Group | (43) | (58) | (43) | 0 | 0 | 0 | (144) | ||||||||
| Adjusted net revenues excluding significant items | 1,406 | 929 | 1,017 | 386 | 3,543 | 149 | 7,430 | ||||||||
| Provision for credit losses | 26 | 0 | 27 | 0 | 4,350 | (9) | 4,394 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | (4,430) | 0 | (4,430) | ||||||||
| Provision for credit losses excluding Archegos | 26 | 0 | 27 | 0 | (80) | (9) | (36) | ||||||||
| Total operating expenses | 758 | 579 | 509 | 271 | 1,660 | 160 | 3,937 | ||||||||
| Restructuring expenses | (9) | 0 | (1) | (1) | (17) | 3 | (25) | ||||||||
| Major litigation provisions | 0 | 11 | 0 | 0 | 0 | (15) | (4) | ||||||||
| Expenses related to real estate disposals | 0 | (5) | 0 | (1) | (32) | 0 | (38) | ||||||||
| Adjusted total operating expenses | 749 | 585 | 508 | 269 | 1,611 | 148 | 3,870 | ||||||||
| Income/(loss) before taxes | 665 | 408 | 524 | 115 | (2,467) | (2) | (757) | ||||||||
| Adjusted income/(loss) before taxes | 674 | 402 | 525 | 117 | (2,418) | 10 | (690) | ||||||||
| Adjusted income/(loss) before taxes excluding significant items | 631 | 344 | 482 | 117 | (2,418) | 10 | (834) | ||||||||
| Adjusted income/(loss) before taxes excluding significant items and Archegos | 631 | 344 | 482 | 117 | 2,012 | 10 | 3,596 | ||||||||
| Adjusted return on regulatory capital (%) | 21.5 | 33.9 | 56.4 | 68.7 | (67.8) | – | (6.9) | ||||||||
| Adjusted return on regulatory capital excluding significant items (%) | 20.1 | 29.0 | 51.7 | 68.7 | (67.8) | – | (8.4) | ||||||||
| Adjusted return on regulatory capital excluding significant items and Archegos (%) | 20.1 | 29.0 | 51.7 | 68.7 | 59.5 | – | 36.1 | ||||||||
| 2Q20 (CHF million) | |||||||||||||||
| Net revenues | 1,474 | 905 | 808 | 361 | 2,862 | (216) | 6,194 | ||||||||
| Significant items | |||||||||||||||
| Gain on equity investment in Pfandbriefbank | (134) | 0 | 0 | 0 | 0 | 0 | (134) | ||||||||
| Adjusted net revenues excluding significant items | 1,340 | 905 | 808 | 361 | 2,862 | (216) | 6,060 | ||||||||
| Provision for credit losses | 28 | 32 | 86 | 2 | 143 | 5 | 296 | ||||||||
| Total operating expenses | 790 | 617 | 526 | 275 | 1,807 | 332 | 4,347 | ||||||||
| Major litigation provisions | 0 | 32 | 0 | 0 | (24) | (69) | (61) | ||||||||
| Expenses related to real estate disposals | 0 | 0 | 0 | 0 | (3) | 0 | (3) | ||||||||
| Adjusted total operating expenses | 790 | 649 | 526 | 275 | 1,780 | 263 | 4,283 | ||||||||
| Income/(loss) before taxes | 656 | 256 | 196 | 84 | 912 | (553) | 1,551 | ||||||||
| Adjusted income/(loss) before taxes | 656 | 224 | 196 | 84 | 939 | (484) | 1,615 | ||||||||
| Adjusted income/(loss) before taxes excluding significant items | 522 | 224 | 196 | 84 | 939 | (484) | 1,481 | ||||||||
| Adjusted return on regulatory capital (%) | 21.2 | 19.2 | 20.0 | 45.3 | 26.5 | – | 16.2 | ||||||||
| Adjusted return on regulatory capital excluding significant items (%) | 16.9 | 19.2 | 20.0 | 45.3 | 26.5 | – | 14.9 | ||||||||
| Reconciliation of adjustment items (continued) | |||||||||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Net revenues | 2,926 | 1,917 | 1,858 | 790 | 5,153 | 33 | 12,677 | ||||||||
| Real estate (gains)/losses | (4) | 0 | 0 | 0 | 0 | 0 | (4) | ||||||||
| Major litigation recovery | (49) | 0 | 0 | 0 | 0 | 0 | (49) | ||||||||
| Adjusted net revenues | 2,873 | 1,917 | 1,858 | 790 | 5,153 | 33 | 12,624 | ||||||||
| Significant items | |||||||||||||||
| Gain on equity investment in Allfunds Group | (138) | (185) | (138) | 0 | 0 | 0 | (461) | ||||||||
| Adjusted net revenues excluding significant items | 2,735 | 1,732 | 1,720 | 790 | 5,153 | 33 | 12,163 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | 493 | 0 | 493 | ||||||||
| Adjusted net revenues excluding significant items and Archegos | 2,735 | 1,732 | 1,720 | 790 | 5,646 | 33 | 12,656 | ||||||||
| Provision for credit losses | 5 | (25) | 33 | 1 | 4,364 | (9) | 4,369 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | (4,500) | 0 | (4,500) | ||||||||
| Provision for credit losses excluding Archegos | 5 | (25) | 33 | 1 | (136) | (9) | (131) | ||||||||
| Total operating expenses | 1,531 | 1,194 | 1,051 | 570 | 3,332 | 574 | 8,252 | ||||||||
| Restructuring expenses | (14) | (5) | (4) | (3) | (46) | 2 | (70) | ||||||||
| Major litigation provisions | 0 | 11 | 0 | 0 | 0 | (223) | (212) | ||||||||
| Expenses related to real estate disposals | (4) | (5) | 0 | (1) | (32) | 0 | (42) | ||||||||
| Adjusted total operating expenses | 1,513 | 1,195 | 1,047 | 566 | 3,254 | 353 | 7,928 | ||||||||
| Significant items | |||||||||||||||
| Expenses related to equity investment in Allfunds Group | (6) | (7) | (6) | 0 | 0 | 0 | (19) | ||||||||
| Adjusted total operating expenses excluding significant items | 1,507 | 1,188 | 1,041 | 566 | 3,254 | 353 | 7,909 | ||||||||
| Archegos | 0 | 0 | 0 | 0 | (31) | 0 | (31) | ||||||||
| Adjusted total operating expenses excluding significant items and Archegos | 1,507 | 1,188 | 1,041 | 566 | 3,223 | 353 | 7,878 | ||||||||
| Income/(loss) before taxes | 1,390 | 748 | 774 | 219 | (2,543) | (532) | 56 | ||||||||
| Adjusted income/(loss) before taxes | 1,355 | 747 | 778 | 223 | (2,465) | (311) | 327 | ||||||||
| Adjusted income/(loss) before taxes excluding significant items | 1,223 | 569 | 646 | 223 | (2,465) | (311) | (115) | ||||||||
| Adjusted income/(loss) before taxes excluding significant items and Archegos | 1,223 | 569 | 646 | 223 | 2,559 | (311) | 4,909 | ||||||||
| Adjusted return on regulatory capital (%) | 21.6 | 31.4 | 41.7 | 64.0 | (36.1) | – | 1.6 | ||||||||
| Adjusted return on regulatory capital excluding significant items (%) | 19.5 | 23.9 | 34.6 | 64.0 | (36.1) | – | (0.6) | ||||||||
| Adjusted return on regulatory capital excluding significant items and Archegos (%) | 19.5 | 23.9 | 34.6 | 64.0 | 39.5 | – | 24.5 | ||||||||
| 6M20 (CHF million) | |||||||||||||||
| Net revenues | 2,928 | 1,937 | 1,643 | 806 | 4,942 | (286) | 11,970 | ||||||||
| Significant items | |||||||||||||||
| Gain related to InvestLab transfer | (25) | (15) | (25) | (203) | 0 | 0 | (268) | ||||||||
| Gain on equity investment in Pfandbriefbank | (134) | 0 | 0 | 0 | 0 | 0 | (134) | ||||||||
| Adjusted net revenues excluding significant items | 2,769 | 1,922 | 1,618 | 603 | 4,942 | (286) | 11,568 | ||||||||
| Provision for credit losses | 152 | 71 | 185 | 2 | 447 | 7 | 864 | ||||||||
| Total operating expenses | 1,589 | 1,265 | 1,044 | 556 | 3,500 | 400 | 8,354 | ||||||||
| Major litigation provisions | (1) | 32 | 0 | 0 | (24) | (86) | (79) | ||||||||
| Expenses related to real estate disposals | 0 | 1 | 0 | 0 | 1 | 0 | 2 | ||||||||
| Adjusted total operating expenses | 1,588 | 1,298 | 1,044 | 556 | 3,477 | 314 | 8,277 | ||||||||
| Income/(loss) before taxes | 1,187 | 601 | 414 | 248 | 995 | (693) | 2,752 | ||||||||
| Adjusted income/(loss) before taxes | 1,188 | 568 | 414 | 248 | 1,018 | (607) | 2,829 | ||||||||
| Adjusted income/(loss) before taxes excluding significant items | 1,029 | 553 | 389 | 45 | 1,018 | (607) | 2,427 | ||||||||
| Adjusted return on regulatory capital (%) | 19.4 | 24.7 | 21.0 | 66.8 | 14.7 | – | 14.1 | ||||||||
| Adjusted return on regulatory capital excluding significant items (%) | 16.8 | 24.0 | 19.7 | 12.0 | 14.7 | – | 12.1 | ||||||||
| Divisional results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 1,477 | 1,449 | 1,474 | 2 | 0 | 2,926 | 2,928 | 0 | |||||||||
| Provision for credit losses | (21) | 26 | 28 | – | – | 5 | 152 | (97) | |||||||||
| Compensation and benefits | 460 | 472 | 498 | (3) | (8) | 932 | 998 | (7) | |||||||||
| General and administrative expenses | 255 | 227 | 242 | 12 | 5 | 482 | 485 | (1) | |||||||||
| Commission expenses | 53 | 50 | 50 | 6 | 6 | 103 | 106 | (3) | |||||||||
| Restructuring expenses | 5 | 9 | – | (44) | – | 14 | – | – | |||||||||
| Total other operating expenses | 313 | 286 | 292 | 9 | 7 | 599 | 591 | 1 | |||||||||
| Total operating expenses | 773 | 758 | 790 | 2 | (2) | 1,531 | 1,589 | (4) | |||||||||
| Income before taxes | 725 | 665 | 656 | 9 | 11 | 1,390 | 1,187 | 17 | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | 22.9 | 21.2 | 21.2 | – | – | 22.1 | 19.3 | – | |||||||||
| Cost/income ratio | 52.3 | 52.3 | 53.6 | – | – | 52.3 | 54.3 | – | |||||||||
| Number of employees and relationship managers | |||||||||||||||||
| Number of employees (full-time equivalents) | 13,250 | 13,220 | 13,210 | 0 | 0 | 13,250 | 13,210 | 0 | |||||||||
| Number of relationship managers | 1,780 | 1,760 | 1,810 | 1 | (2) | 1,780 | 1,810 | (2) | |||||||||
| Divisional results (continued) | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Private Clients | 718 | 737 | 836 | (3) | (14) | 1,455 | 1,605 | (9) | |||||||||
| Corporate & Institutional Clients | 759 | 712 | 638 | 7 | 19 | 1,471 | 1,323 | 11 | |||||||||
| Net revenues | 1,477 | 1,449 | 1,474 | 2 | 0 | 2,926 | 2,928 | 0 | |||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Net interest income | 664 | 683 | 677 | (3) | (2) | 1,347 | 1,371 | (2) | |||||||||
| Recurring commissions and fees | 391 | 381 | 347 | 3 | 13 | 772 | 721 | 7 | |||||||||
| Transaction-based revenues | 292 | 357 | 336 | (18) | (13) | 649 | 710 | (9) | |||||||||
| Other revenues | 130 | 28 | 114 | 364 | 14 | 158 | 126 | 25 | |||||||||
| Net revenues | 1,477 | 1,449 | 1,474 | 2 | 0 | 2,926 | 2,928 | 0 | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 265,801 | 269,089 | 258,030 | (1) | 3 | 265,801 | 258,030 | 3 | |||||||||
| Net loans | 179,780 | 180,307 | 173,787 | 0 | 3 | 179,780 | 173,787 | 3 | |||||||||
| of which Private Clients | 113,166 | 113,100 | 117,514 | 0 | (4) | 113,166 | 117,514 | (4) | |||||||||
| Risk-weighted assets | 82,779 | 84,974 | 85,542 | (3) | (3) | 82,779 | 85,542 | (3) | |||||||||
| Leverage exposure | 303,690 | 305,034 | 292,774 | 0 | 4 | 303,690 | 292,774 | 4 | |||||||||
|
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-based revenues arise primarily from brokerage fees, fees from foreign exchange client transactions, trading and sales income, equity participations income and other transaction-based income. Other revenues include fair value gains/(losses) on synthetic securitized loan portfolios and other gains and losses.
|
|||||||||||||||||
| Reconciliation of adjustment items | |||||||||||||||||||
| Private Clients | Corporate & Institutional Clients | Swiss Universal Bank | |||||||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 2Q21 | 1Q21 | 2Q20 | 2Q21 | 1Q21 | 2Q20 | ||||||||||
| Results (CHF million) | |||||||||||||||||||
| Net revenues | 718 | 737 | 836 | 759 | 712 | 638 | 1,477 | 1,449 | 1,474 | ||||||||||
| Real estate (gains)/losses | (4) | 0 | 0 | 0 | 0 | 0 | (4) | 0 | 0 | ||||||||||
| Major litigation recovery | 0 | 0 | 0 | (49) | 0 | 0 | (49) | 0 | 0 | ||||||||||
| Adjusted net revenues | 714 | 737 | 836 | 710 | 712 | 638 | 1,424 | 1,449 | 1,474 | ||||||||||
| Significant items | |||||||||||||||||||
| Gain on equity investment in Allfunds Group | 0 | 0 | 0 | (95) | (43) | 0 | (95) | (43) | 0 | ||||||||||
| Gain on equity investment in Pfandbriefbank | 0 | 0 | (134) | 0 | 0 | 0 | 0 | 0 | (134) | ||||||||||
| Adjusted net revenues excluding significant items | 714 | 737 | 702 | 615 | 669 | 638 | 1,329 | 1,406 | 1,340 | ||||||||||
| Provision for credit losses | 5 | 5 | 28 | (26) | 21 | 0 | (21) | 26 | 28 | ||||||||||
| Total operating expenses | 454 | 451 | 464 | 319 | 307 | 326 | 773 | 758 | 790 | ||||||||||
| Restructuring expenses | (1) | (5) | – | (4) | (4) | – | (5) | (9) | – | ||||||||||
| Expenses related to real estate disposals | (4) | 0 | 0 | 0 | 0 | 0 | (4) | 0 | 0 | ||||||||||
| Adjusted total operating expenses | 449 | 446 | 464 | 315 | 303 | 326 | 764 | 749 | 790 | ||||||||||
| Significant items | |||||||||||||||||||
| Expenses related to equity investment in Allfunds Group | 0 | 0 | 0 | (6) | 0 | 0 | (6) | 0 | 0 | ||||||||||
| Adjusted total operating expenses excluding significant items | 449 | 446 | 464 | 309 | 303 | 326 | 758 | 749 | 790 | ||||||||||
| Income before taxes | 259 | 281 | 344 | 466 | 384 | 312 | 725 | 665 | 656 | ||||||||||
| Adjusted income before taxes | 260 | 286 | 344 | 421 | 388 | 312 | 681 | 674 | 656 | ||||||||||
| Adjusted income before taxes excluding significant items | 260 | 286 | 210 | 332 | 345 | 312 | 592 | 631 | 522 | ||||||||||
| Adjusted return on regulatory capital (%) | – | – | – | – | – | – | 21.5 | 21.5 | 21.2 | ||||||||||
| Adjusted return on regulatory capital excluding significant items (%) | – | – | – | – | – | – | 18.7 | 20.1 | 16.9 | ||||||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.
|
|||||||||||||||||||
| Reconciliation of adjustment items (continued) | |||||||||||||
|
Private Clients |
Corporate & Institutional Clients |
Swiss Universal Bank |
|||||||||||
| in | 6M21 | 6M20 | 6M21 | 6M20 | 6M21 | 6M20 | |||||||
| Results (CHF million) | |||||||||||||
| Net revenues | 1,455 | 1,605 | 1,471 | 1,323 | 2,926 | 2,928 | |||||||
| Real estate (gains)/losses | (4) | 0 | 0 | 0 | (4) | 0 | |||||||
| Major litigation recovery | 0 | 0 | (49) | 0 | (49) | 0 | |||||||
| Adjusted net revenues | 1,451 | 1,605 | 1,422 | 1,323 | 2,873 | 2,928 | |||||||
| Significant items | |||||||||||||
| Gain related to InvestLab transfer | 0 | 0 | 0 | (25) | 0 | (25) | |||||||
| Gain on equity investment in Allfunds Group | 0 | 0 | (138) | 0 | (138) | 0 | |||||||
| Gain on equity investment in Pfandbriefbank | 0 | (134) | 0 | 0 | 0 | (134) | |||||||
| Adjusted net revenues excluding significant items | 1,451 | 1,471 | 1,284 | 1,298 | 2,735 | 2,769 | |||||||
| Provision for credit losses | 10 | 40 | (5) | 112 | 5 | 152 | |||||||
| Total operating expenses | 905 | 942 | 626 | 647 | 1,531 | 1,589 | |||||||
| Restructuring expenses | (6) | – | (8) | – | (14) | – | |||||||
| Major litigation provisions | 0 | 0 | 0 | (1) | 0 | (1) | |||||||
| Expenses related to real estate disposals | (4) | 0 | 0 | 0 | (4) | 0 | |||||||
| Adjusted total operating expenses | 895 | 942 | 618 | 646 | 1,513 | 1,588 | |||||||
| Significant items | |||||||||||||
| Expenses related to equity investment in Allfunds Group | 0 | 0 | (6) | 0 | (6) | 0 | |||||||
| Adjusted total operating expenses excluding significant items | 895 | 942 | 612 | 646 | 1,507 | 1,588 | |||||||
| Income before taxes | 540 | 623 | 850 | 564 | 1,390 | 1,187 | |||||||
| Adjusted income before taxes | 546 | 623 | 809 | 565 | 1,355 | 1,188 | |||||||
| Adjusted income before taxes excluding significant items | 546 | 489 | 677 | 540 | 1,223 | 1,029 | |||||||
| Adjusted return on regulatory capital (%) | – | – | – | – | 21.6 | 19.4 | |||||||
| Adjusted return on regulatory capital excluding significant items (%) | – | – | – | – | 19.5 | 16.8 | |||||||
|
Adjusted results and adjusted results excluding significant items are non-GAAP financial measures. Refer to "Reconciliation of adjusted results excluding significant items" in Credit Suisse for further information.
|
|||||||||||||
| Results - Private Clients | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 718 | 737 | 836 | (3) | (14) | 1,455 | 1,605 | (9) | |||||||||
| Provision for credit losses | 5 | 5 | 28 | 0 | (82) | 10 | 40 | (75) | |||||||||
| Compensation and benefits | 267 | 279 | 289 | (4) | (8) | 546 | 583 | (6) | |||||||||
| General and administrative expenses | 163 | 149 | 154 | 9 | 6 | 312 | 314 | (1) | |||||||||
| Commission expenses | 23 | 18 | 21 | 28 | 10 | 41 | 45 | (9) | |||||||||
| Restructuring expenses | 1 | 5 | – | (80) | – | 6 | – | – | |||||||||
| Total other operating expenses | 187 | 172 | 175 | 9 | 7 | 359 | 359 | 0 | |||||||||
| Total operating expenses | 454 | 451 | 464 | 1 | (2) | 905 | 942 | (4) | |||||||||
| Income before taxes | 259 | 281 | 344 | (8) | (25) | 540 | 623 | (13) | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Cost/income ratio | 63.2 | 61.2 | 55.5 | – | – | 62.2 | 58.7 | – | |||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Net interest income | 399 | 404 | 400 | (1) | 0 | 803 | 815 | (1) | |||||||||
| Recurring commissions and fees | 210 | 199 | 179 | 6 | 17 | 409 | 383 | 7 | |||||||||
| Transaction-based revenues | 109 | 137 | 126 | (20) | (13) | 246 | 278 | (12) | |||||||||
| Other revenues | 0 | (3) | 131 | 100 | (100) | (3) | 129 | – | |||||||||
| Net revenues | 718 | 737 | 836 | (3) | (14) | 1,455 | 1,605 | (9) | |||||||||
| Margins on assets under management (annualized) (bp) | |||||||||||||||||
| Gross margin 1 | 134 | 142 | 167 | – | – | 138 | 156 | – | |||||||||
| Net margin 2 | 48 | 54 | 69 | – | – | 51 | 61 | – | |||||||||
| Number of relationship managers | |||||||||||||||||
| Number of relationship managers | 1,270 | 1,250 | 1,330 | 2 | (5) | 1,270 | 1,330 | (5) | |||||||||
|
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
|
2
Income before taxes divided by average assets under management.
|
|||||||||||||||||
| Assets under management – Private Clients | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Assets under management (CHF billion) | |||||||||||||||||
| Assets under management | 217.0 | 213.1 | 201.8 | 1.8 | 7.5 | 217.0 | 201.8 | 7.5 | |||||||||
| Average assets under management | 214.2 | 207.8 | 200.2 | 3.1 | 7.0 | 211.0 | 205.5 | 2.7 | |||||||||
| Assets under management by currency (CHF billion) | |||||||||||||||||
| USD | 36.6 | 36.5 | 34.2 | 0.3 | 7.0 | 36.6 | 34.2 | 7.0 | |||||||||
| EUR | 21.0 | 20.3 | 17.9 | 3.4 | 17.3 | 21.0 | 17.9 | 17.3 | |||||||||
| CHF | 149.9 | 147.0 | 141.9 | 2.0 | 5.6 | 149.9 | 141.9 | 5.6 | |||||||||
| Other | 9.5 | 9.3 | 7.8 | 2.2 | 21.8 | 9.5 | 7.8 | 21.8 | |||||||||
| Assets under management | 217.0 | 213.1 | 201.8 | 1.8 | 7.5 | 217.0 | 201.8 | 7.5 | |||||||||
| Growth in assets under management (CHF billion) | |||||||||||||||||
| Net new assets | (0.9) | 2.2 | (1.6) | – | – | 1.3 | (5.8) | – | |||||||||
| Other effects | 4.8 | 2.3 | 8.6 | – | – | 7.1 | (10.0) | – | |||||||||
| of which market movements | 6.1 | 3.7 | 9.2 | – | – | 9.8 | (8.0) | – | |||||||||
| of which foreign exchange | (0.9) | 3.3 | (0.4) | – | – | 2.4 | (1.6) | – | |||||||||
| of which other | (0.4) | (4.7) | 1 | (0.2) | – | – | (5.1) | (0.4) | – | ||||||||
| Growth in assets under management | 3.9 | 4.5 | 7.0 | – | – | 8.4 | (15.8) | – | |||||||||
| Growth in assets under management (annualized) (%) | |||||||||||||||||
| Net new assets | (1.7) | 4.2 | (3.3) | – | – | 1.2 | (5.3) | – | |||||||||
| Other effects | 9.0 | 4.4 | 17.7 | – | – | 6.9 | (9.2) | – | |||||||||
| Growth in assets under management (annualized) | 7.3 | 8.6 | 14.4 | – | – | 8.1 | (14.5) | – | |||||||||
| Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
| Net new assets | 0.6 | 0.3 | (3.2) | – | – | – | – | – | |||||||||
| Other effects | 6.9 | 9.1 | (2.8) | – | – | – | – | – | |||||||||
| Growth in assets under management (rolling four-quarter average) | 7.5 | 9.4 | (6.0) | – | – | – | – | – | |||||||||
|
1
Includes the transfer of assets under management of CHF 4.0 billion to Corporate & Institutional Clients related to the integration of NAB.
|
|||||||||||||||||
| Results – Corporate & Institutional Clients | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 759 | 712 | 638 | 7 | 19 | 1,471 | 1,323 | 11 | |||||||||
| Provision for credit losses | (26) | 21 | 0 | – | – | (5) | 112 | – | |||||||||
| Compensation and benefits | 193 | 193 | 209 | 0 | (8) | 386 | 415 | (7) | |||||||||
| General and administrative expenses | 92 | 78 | 88 | 18 | 5 | 170 | 171 | (1) | |||||||||
| Commission expenses | 30 | 32 | 29 | (6) | 3 | 62 | 61 | 2 | |||||||||
| Restructuring expenses | 4 | 4 | – | 0 | – | 8 | – | – | |||||||||
| Total other operating expenses | 126 | 114 | 117 | 11 | 8 | 240 | 232 | 3 | |||||||||
| Total operating expenses | 319 | 307 | 326 | 4 | (2) | 626 | 647 | (3) | |||||||||
| Income before taxes | 466 | 384 | 312 | 21 | 49 | 850 | 564 | 51 | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Cost/income ratio | 42.0 | 43.1 | 51.1 | – | – | 42.6 | 48.9 | – | |||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Net interest income | 265 | 279 | 277 | (5) | (4) | 544 | 556 | (2) | |||||||||
| Recurring commissions and fees | 181 | 182 | 168 | (1) | 8 | 363 | 338 | 7 | |||||||||
| Transaction-based revenues | 183 | 220 | 210 | (17) | (13) | 403 | 432 | (7) | |||||||||
| Other revenues | 130 | 31 | (17) | 319 | – | 161 | (3) | – | |||||||||
| Net revenues | 759 | 712 | 638 | 7 | 19 | 1,471 | 1,323 | 11 | |||||||||
| Number of relationship managers | |||||||||||||||||
| Number of relationship managers | 510 | 510 | 480 | 0 | 6 | 510 | 480 | 6 | |||||||||
| Divisional results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 930 | 987 | 905 | (6) | 3 | 1,917 | 1,937 | (1) | |||||||||
| Provision for credit losses | (25) | 0 | 32 | – | – | (25) | 71 | – | |||||||||
| Compensation and benefits | 390 | 365 | 436 | 7 | (11) | 755 | 863 | (13) | |||||||||
| General and administrative expenses | 178 | 176 | 147 | 1 | 21 | 354 | 330 | 7 | |||||||||
| Commission expenses | 42 | 38 | 34 | 11 | 24 | 80 | 72 | 11 | |||||||||
| Restructuring expenses | 5 | 0 | – | – | – | 5 | – | – | |||||||||
| Total other operating expenses | 225 | 214 | 181 | 5 | 24 | 439 | 402 | 9 | |||||||||
| Total operating expenses | 615 | 579 | 617 | 6 | 0 | 1,194 | 1,265 | (6) | |||||||||
| Income before taxes | 340 | 408 | 256 | (17) | 33 | 748 | 601 | 24 | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | 28.2 | 34.5 | 21.9 | – | – | 31.4 | 26.1 | – | |||||||||
| Cost/income ratio | 66.1 | 58.7 | 68.2 | – | – | 62.3 | 65.3 | – | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 8,000 | 7,940 | 7,760 | 1 | 3 | 8,000 | 7,760 | 3 | |||||||||
| Divisional results (continued) | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Net interest income | 269 | 285 | 313 | (6) | (14) | 554 | 659 | (16) | |||||||||
| Recurring commissions and fees | 318 | 296 | 273 | 7 | 16 | 614 | 567 | 8 | |||||||||
| Transaction- and performance-based revenues | 216 | 351 | 320 | (38) | (33) | 567 | 701 | (19) | |||||||||
| Other revenues | 127 | 55 | (1) | 131 | – | 182 | 10 | – | |||||||||
| Net revenues | 930 | 987 | 905 | (6) | 3 | 1,917 | 1,937 | (1) | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 91,957 | 90,300 | 89,895 | 2 | 2 | 91,957 | 89,895 | 2 | |||||||||
| Net loans | 55,264 | 55,576 | 50,943 | (1) | 8 | 55,264 | 50,943 | 8 | |||||||||
| Risk-weighted assets | 34,254 | 35,710 | 36,330 | (4) | (6) | 34,254 | 36,330 | (6) | |||||||||
| Leverage exposure | 108,182 | 105,693 | 99,810 | 2 | 8 | 108,182 | 99,810 | 8 | |||||||||
| Margins on assets under management (annualized) (bp) | |||||||||||||||||
| Gross margin 1 | 95 | 105 | 107 | – | – | 100 | 111 | – | |||||||||
| Net margin 2 | 35 | 44 | 30 | – | – | 39 | 35 | – | |||||||||
| Number of relationship managers | |||||||||||||||||
| Number of relationship managers | 1,140 | 1,140 | 1,170 | 0 | (3) | 1,140 | 1,170 | (3) | |||||||||
|
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 | |||||||||||
| International Wealth Management | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Results (CHF million) | |||||||||||
| Net revenues | 930 | 987 | 905 | 1,917 | 1,937 | ||||||
| Significant items | |||||||||||
| Gain related to InvestLab transfer | 0 | 0 | 0 | 0 | (15) | ||||||
| Gain on equity investment in Allfunds Group | (127) | (58) | 0 | (185) | 0 | ||||||
| Adjusted net revenues excluding significant items | 803 | 929 | 905 | 1,732 | 1,922 | ||||||
| Provision for credit losses | (25) | 0 | 32 | (25) | 71 | ||||||
| Total operating expenses | 615 | 579 | 617 | 1,194 | 1,265 | ||||||
| Restructuring expenses | (5) | 0 | – | (5) | – | ||||||
| Major litigation provisions | 0 | 11 | 32 | 11 | 32 | ||||||
| Expenses related to real estate disposals | 0 | (5) | 0 | (5) | 1 | ||||||
| Adjusted total operating expenses | 610 | 585 | 649 | 1,195 | 1,298 | ||||||
| Significant items | |||||||||||
| Expenses related to equity investment in Allfunds Group | (7) | 0 | 0 | (7) | 0 | ||||||
| Adjusted total operating expenses excluding significant items | 603 | 585 | 649 | 1,188 | 1,298 | ||||||
| Income before taxes | 340 | 408 | 256 | 748 | 601 | ||||||
| Adjusted income before taxes | 345 | 402 | 224 | 747 | 568 | ||||||
| Adjusted income before taxes excluding significant items | 225 | 344 | 224 | 569 | 553 | ||||||
| Adjusted return on regulatory capital (%) | 28.6 | 33.9 | 19.2 | 31.4 | 24.7 | ||||||
| Adjusted return on regulatory capital excluding significant items (%) | 18.7 | 29.0 | 19.2 | 23.9 | 24.0 | ||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos 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 | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Assets under management (CHF billion) | |||||||||||||||||
| Assets under management | 399.5 | 386.2 | 344.5 | 3.4 | 16.0 | 399.5 | 344.5 | 16.0 | |||||||||
| Average assets under management | 389.7 | 374.9 | 338.1 | 3.9 | 15.3 | 382.3 | 348.1 | 9.8 | |||||||||
| Assets under management by currency (CHF billion) | |||||||||||||||||
| USD | 201.5 | 191.4 | 172.8 | 5.3 | 16.6 | 201.5 | 172.8 | 16.6 | |||||||||
| EUR | 116.4 | 114.4 | 98.8 | 1.7 | 17.8 | 116.4 | 98.8 | 17.8 | |||||||||
| CHF | 18.8 | 18.0 | 18.1 | 4.4 | 3.9 | 18.8 | 18.1 | 3.9 | |||||||||
| Other | 62.8 | 62.4 | 54.8 | 0.6 | 14.6 | 62.8 | 54.8 | 14.6 | |||||||||
| Assets under management | 399.5 | 386.2 | 344.5 | 3.4 | 16.0 | 399.5 | 344.5 | 16.0 | |||||||||
| Growth in assets under management (CHF billion) | |||||||||||||||||
| Net new assets | (0.3) | 7.2 | 1.8 | – | – | 6.9 | 5.5 | – | |||||||||
| Other effects | 13.6 | 13.6 | 15.0 | – | – | 27.2 | (31.0) | – | |||||||||
| of which market movements | 16.2 | 0.4 | 19.6 | – | – | 16.6 | (12.5) | – | |||||||||
| of which foreign exchange | (1.1) | 16.2 | (3.5) | – | – | 15.1 | (17.4) | – | |||||||||
| of which other | (1.5) | (3.0) | 1 | (1.1) | – | – | (4.5) | (1.1) | – | ||||||||
| Growth in assets under management | 13.3 | 20.8 | 16.8 | – | – | 34.1 | (25.5) | – | |||||||||
| Growth in assets under management (annualized) (%) | |||||||||||||||||
| Net new assets | (0.3) | 7.9 | 2.2 | – | – | 3.8 | 3.0 | – | |||||||||
| Other effects | 14.1 | 14.9 | 18.3 | – | – | 14.9 | (16.8) | – | |||||||||
| Growth in assets under management (annualized) | 13.8 | 22.8 | 20.5 | – | – | 18.7 | (13.8) | – | |||||||||
| Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
| Net new assets | 5.3 | 6.2 | 2.7 | – | – | – | – | – | |||||||||
| Other effects | 10.7 | 11.7 | (7.8) | – | – | – | – | – | |||||||||
| Growth in assets under management (rolling four-quarter average) | 16.0 | 17.9 | (5.1) | – | – | – | – | – | |||||||||
|
1
Includes CHF 2.4 billion relating to the reclassification to assets under custody for our clients' assets that were impacted by the suspension and ongoing liquidation of the supply chain finance funds.
|
|||||||||||||||||
| Divisional results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 798 | 1,060 | 808 | (25) | (1) | 1,858 | 1,643 | 13 | |||||||||
| Provision for credit losses | 6 | 27 | 86 | (78) | (93) | 33 | 185 | (82) | |||||||||
| Compensation and benefits | 337 | 314 | 334 | 7 | 1 | 651 | 654 | 0 | |||||||||
| General and administrative expenses | 162 | 153 | 153 | 6 | 6 | 315 | 307 | 3 | |||||||||
| Commission expenses | 40 | 41 | 39 | (2) | 3 | 81 | 83 | (2) | |||||||||
| Restructuring expenses | 3 | 1 | – | 200 | – | 4 | – | – | |||||||||
| Total other operating expenses | 205 | 195 | 192 | 5 | 7 | 400 | 390 | 3 | |||||||||
| Total operating expenses | 542 | 509 | 526 | 6 | 3 | 1,051 | 1,044 | 1 | |||||||||
| Income before taxes | 250 | 524 | 196 | (52) | 28 | 774 | 414 | 87 | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | 26.0 | 56.3 | 20.0 | – | – | 41.5 | 21.0 | – | |||||||||
| Cost/income ratio | 67.9 | 48.0 | 65.1 | – | – | 56.6 | 63.5 | – | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 7,090 | 6,950 | 7,030 | 2 | 1 | 7,090 | 7,030 | 1 | |||||||||
| Divisional results (continued) | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Net interest income | 252 | 260 | 261 | (3) | (3) | 512 | 573 | (11) | |||||||||
| Recurring commissions and fees | 105 | 99 | 80 | 6 | 31 | 204 | 174 | 17 | |||||||||
| Transaction-based revenues | 345 | 658 | 466 | (48) | (26) | 1,003 | 869 | 15 | |||||||||
| Other revenues | 96 | 43 | 1 | 123 | – | 139 | 27 | 415 | |||||||||
| Net revenues | 798 | 1,060 | 808 | (25) | (1) | 1,858 | 1,643 | 13 | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 70,569 | 74,878 | 71,729 | (6) | (2) | 70,569 | 71,729 | (2) | |||||||||
| Net loans | 40,946 | 43,671 | 39,664 | (6) | 3 | 40,946 | 39,664 | 3 | |||||||||
| Risk-weighted assets | 28,606 | 30,049 | 29,418 | (5) | (3) | 28,606 | 29,418 | (3) | |||||||||
| Leverage exposure | 79,081 | 83,160 | 78,712 | (5) | 0 | 79,081 | 78,712 | 0 | |||||||||
| Margins on assets under management (annualized) (bp) | |||||||||||||||||
| Gross margin 1 | 136 | 184 | 155 | – | – | 160 | 156 | – | |||||||||
| Net margin 2 | 43 | 91 | 38 | – | – | 67 | 39 | – | |||||||||
| Number of relationship managers | |||||||||||||||||
| Number of relationship managers | 650 | 630 | 620 | 3 | 5 | 650 | 620 | 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-based revenues arise primarily from brokerage and product issuing fees, fees from foreign exchange client transactions, trading and sales income including revenues from GTS, financing, underwriting and advisory fees, equity participations income and other transaction-based income. Financing revenues include unrealized mark-to-market movements on our fair valued portfolio.
|
|||||||||||||||||
|
1
Net revenues divided by average assets under management.
|
|||||||||||||||||
|
2
Income before taxes divided by average assets under management.
|
|||||||||||||||||
| Reconciliation of adjustment items | |||||||||||
| Asia Pacific | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Results (CHF million) | |||||||||||
| Net revenues | 798 | 1,060 | 808 | 1,858 | 1,643 | ||||||
| Significant items | |||||||||||
| Gain related to InvestLab transfer | 0 | 0 | 0 | 0 | (25) | ||||||
| Gain on equity investment in Allfunds Group | (95) | (43) | 0 | (138) | 0 | ||||||
| Adjusted net revenues excluding significant items | 703 | 1,017 | 808 | 1,720 | 1,618 | ||||||
| Provision for credit losses | 6 | 27 | 86 | 33 | 185 | ||||||
| Total operating expenses | 542 | 509 | 526 | 1,051 | 1,044 | ||||||
| Restructuring expenses | (3) | (1) | – | (4) | – | ||||||
| Adjusted total operating expenses | 539 | 508 | 526 | 1,047 | 1,044 | ||||||
| Significant items | |||||||||||
| Expenses related to equity investment in Allfunds Group | (6) | 0 | 0 | (6) | 0 | ||||||
| Adjusted total operating expenses excluding significant items | 533 | 508 | 526 | 1,041 | 1,044 | ||||||
| Income before taxes | 250 | 524 | 196 | 774 | 414 | ||||||
| Adjusted income before taxes | 253 | 525 | 196 | 778 | 414 | ||||||
| Adjusted income before taxes excluding significant items | 164 | 482 | 196 | 646 | 389 | ||||||
| Adjusted return on regulatory capital (%) | 26.4 | 56.4 | 20.0 | 41.7 | 21.0 | ||||||
| Adjusted return on regulatory capital excluding significant items (%) | 17.1 | 51.7 | 20.0 | 34.6 | 19.7 | ||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos 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 | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Assets under management (CHF billion) | |||||||||||||||||
| Assets under management | 236.3 | 241.9 | 215.8 | (2.3) | 9.5 | 236.3 | 215.8 | 9.5 | |||||||||
| Average assets under management | 234.1 | 231.0 | 208.4 | 1.3 | 12.3 | 232.6 | 211.1 | 10.2 | |||||||||
| Assets under management by currency (CHF billion) | |||||||||||||||||
| USD | 131.2 | 132.2 | 123.8 | (0.8) | 6.0 | 131.2 | 123.8 | 6.0 | |||||||||
| EUR | 6.4 | 6.1 | 5.8 | 4.9 | 10.3 | 6.4 | 5.8 | 10.3 | |||||||||
| CHF | 2.0 | 1.7 | 1.7 | 17.6 | 17.6 | 2.0 | 1.7 | 17.6 | |||||||||
| Other | 96.7 | 101.9 | 84.5 | (5.1) | 14.4 | 96.7 | 84.5 | 14.4 | |||||||||
| Assets under management | 236.3 | 241.9 | 215.8 | (2.3) | 9.5 | 236.3 | 215.8 | 9.5 | |||||||||
| Growth in assets under management (CHF billion) | |||||||||||||||||
| Net new assets | (6.1) | 5.0 | 4.5 | – | – | (1.1) | 7.5 | – | |||||||||
| Other effects | 0.5 | 15.6 | 14.3 | – | – | 16.1 | (11.7) | – | |||||||||
| of which market movements | 4.5 | 3.5 | 14.7 | – | – | 8.0 | (6.1) | – | |||||||||
| of which foreign exchange | (4.1) | 13.2 | (0.4) | – | – | 9.1 | (5.6) | – | |||||||||
| of which other | 0.1 | (1.1) | 0.0 | – | – | (1.0) | 0.0 | – | |||||||||
| Growth in assets under management | (5.6) | 20.6 | 18.8 | – | – | 15.0 | (4.2) | – | |||||||||
| Growth in assets under management (annualized) (%) | |||||||||||||||||
| Net new assets | (10.1) | 9.0 | 9.1 | – | – | (1.0) | 6.8 | – | |||||||||
| Other effects | 0.8 | 28.2 | 29.1 | – | – | 14.6 | (10.6) | – | |||||||||
| Growth in assets under management (annualized) | (9.3) | 37.2 | 38.2 | – | – | 13.6 | (3.8) | – | |||||||||
| Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
| Net new assets | 0.0 | 5.4 | 4.6 | – | – | – | – | – | |||||||||
| Other effects | 9.5 | 17.4 | (4.0) | – | – | – | – | – | |||||||||
| Growth in assets under management (rolling four-quarter average) | 9.5 | 22.8 | 0.6 | – | – | – | – | – | |||||||||
| Divisional results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 404 | 386 | 361 | 5 | 12 | 790 | 806 | (2) | |||||||||
| Provision for credit losses | 1 | 0 | 2 | – | (50) | 1 | 2 | (50) | |||||||||
| Compensation and benefits | 174 | 157 | 167 | 11 | 4 | 331 | 333 | (1) | |||||||||
| General and administrative expenses | 96 | 86 | 89 | 12 | 8 | 182 | 183 | (1) | |||||||||
| Commission expenses | 27 | 27 | 19 | 0 | 42 | 54 | 40 | 35 | |||||||||
| Restructuring expenses | 2 | 1 | – | 100 | – | 3 | – | – | |||||||||
| Total other operating expenses | 125 | 114 | 108 | 10 | 16 | 239 | 223 | 7 | |||||||||
| Total operating expenses | 299 | 271 | 275 | 10 | 9 | 570 | 556 | 3 | |||||||||
| Income before taxes | 104 | 115 | 84 | (10) | 24 | 219 | 248 | (12) | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | 58.2 | 67.6 | 45.3 | – | – | 62.8 | 66.7 | – | |||||||||
| Cost/income ratio | 74.0 | 70.2 | 76.2 | – | – | 72.2 | 69.0 | – | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 2,220 | 2,180 | 2,160 | 2 | 3 | 2,220 | 2,160 | 3 | |||||||||
| Divisional results (continued) | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Management fees | 285 | 284 | 251 | 0 | 14 | 569 | 520 | 9 | |||||||||
| Performance and placement revenues | 66 | 73 | 48 | (10) | 38 | 139 | 15 | – | |||||||||
| Investment and partnership income | 53 | 29 | 62 | 83 | (15) | 82 | 271 | (70) | |||||||||
| Net revenues | 404 | 386 | 361 | 5 | 12 | 790 | 806 | (2) | |||||||||
| of which recurring commissions and fees | 272 | 265 | 242 | 3 | 12 | 537 | 493 | 9 | |||||||||
| of which transaction- and performance-based revenues | 129 | 97 | 51 | 33 | 153 | 226 | 128 | 77 | |||||||||
| of which other revenues | 3 | 24 | 68 | (88) | (96) | 27 | 185 | (85) | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 3,591 | 3,941 | 4,469 | (9) | (20) | 3,591 | 4,469 | (20) | |||||||||
| Risk-weighted assets | 9,894 | 9,314 | 10,423 | 6 | (5) | 9,894 | 10,423 | (5) | |||||||||
| Leverage exposure | 2,754 | 3,158 | 3,495 | (13) | (21) | 2,754 | 3,495 | (21) | |||||||||
|
Management fees include fees on assets under management, asset administration revenues and transaction fees related to the acquisition and disposal of investments in the funds being managed. Performance revenues relate to the performance or return of the funds being managed and includes investment-related gains and losses from proprietary funds. Placement revenues arise from our third-party private equity fundraising activities and secondary private equity market advisory services. Investment and partnership income includes equity participation income from seed capital returns and from minority investments in third-party asset managers, income from strategic partnerships and distribution agreements and other revenues.
|
|||||||||||||||||
| Reconciliation of adjustment items | |||||||||||
| Asset Management | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Results (CHF million) | |||||||||||
| Net revenues | 404 | 386 | 361 | 790 | 806 | ||||||
| Significant items | |||||||||||
| Gain related to InvestLab transfer | 0 | 0 | 0 | 0 | (203) | ||||||
| Adjusted net revenues excluding significant items | 404 | 386 | 361 | 790 | 603 | ||||||
| Provision for credit losses | 1 | 0 | 2 | 1 | 2 | ||||||
| Total operating expenses | 299 | 271 | 275 | 570 | 556 | ||||||
| Restructuring expenses | (2) | (1) | – | (3) | – | ||||||
| Expenses related to real estate disposals | 0 | (1) | 0 | (1) | 0 | ||||||
| Adjusted total operating expenses | 297 | 269 | 275 | 566 | 556 | ||||||
| Income before taxes | 104 | 115 | 84 | 219 | 248 | ||||||
| Adjusted income before taxes | 106 | 117 | 84 | 223 | 248 | ||||||
| Adjusted income/(loss) before taxes excluding significant items | 106 | 117 | 84 | 223 | 45 | ||||||
| Adjusted return on regulatory capital (%) | 59.6 | 68.7 | 45.3 | 64.0 | 66.8 | ||||||
| Adjusted return on regulatory capital excluding significant items (%) | 59.6 | 68.7 | 45.3 | 64.0 | 12.0 | ||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos 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 | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Assets under management (CHF billion) | |||||||||||||||||
| Traditional investments | 303.0 | 291.7 | 256.6 | 3.9 | 18.1 | 303.0 | 256.6 | 18.1 | |||||||||
| Alternative investments | 117.4 | 116.7 | 124.9 | 0.6 | (6.0) | 117.4 | 124.9 | (6.0) | |||||||||
| Investments and partnerships | 51.0 | 49.6 | 42.3 | 2.8 | 20.6 | 51.0 | 42.3 | 20.6 | |||||||||
| Assets under management | 471.4 | 458.0 | 423.8 | 2.9 | 11.2 | 471.4 | 423.8 | 11.2 | |||||||||
| Average assets under management | 460.9 | 450.5 | 412.4 | 2.3 | 11.8 | 455.7 | 422.5 | 7.9 | |||||||||
| Assets under management by currency (CHF billion) | |||||||||||||||||
| USD | 128.0 | 126.7 | 115.8 | 1.0 | 10.5 | 128.0 | 115.8 | 10.5 | |||||||||
| EUR | 59.0 | 57.3 | 51.5 | 3.0 | 14.6 | 59.0 | 51.5 | 14.6 | |||||||||
| CHF | 229.2 | 219.9 | 212.3 | 4.2 | 8.0 | 229.2 | 212.3 | 8.0 | |||||||||
| Other | 55.2 | 54.1 | 44.2 | 2.0 | 24.9 | 55.2 | 44.2 | 24.9 | |||||||||
| Assets under management | 471.4 | 458.0 | 423.8 | 2.9 | 11.2 | 471.4 | 423.8 | 11.2 | |||||||||
| Growth in assets under management (CHF billion) | |||||||||||||||||
| Net new assets 1 | 1.3 | 10.3 | 4.1 | – | – | 11.6 | 4.2 | – | |||||||||
| Other effects | 12.1 | 7.4 | 10.1 | – | – | 19.5 | (18.3) | – | |||||||||
| of which market movements | 14.2 | 5.5 | 12.0 | – | – | 19.7 | (12.0) | – | |||||||||
| of which foreign exchange | (2.1) | 12.2 | (1.9) | – | – | 10.1 | (6.3) | – | |||||||||
| of which other | 0.0 | (10.3) | 2 | 0.0 | – | – | (10.3) | 2 | 0.0 | – | |||||||
| Growth in assets under management | 13.4 | 17.7 | 14.2 | – | – | 31.1 | (14.1) | – | |||||||||
| Growth in assets under management (annualized) (%) | |||||||||||||||||
| Net new assets | 1.1 | 9.4 | 4.0 | – | – | 5.3 | 1.9 | – | |||||||||
| Other effects | 10.6 | 6.7 | 9.9 | – | – | 8.8 | (8.3) | – | |||||||||
| Growth in assets under management (annualized) | 11.7 | 16.1 | 13.9 | – | – | 14.1 | (6.4) | – | |||||||||
| Growth in assets under management (rolling four-quarter average) (%) | |||||||||||||||||
| Net new assets | 5.4 | 6.3 | 4.3 | – | – | – | – | – | |||||||||
| Other effects | 5.8 | 5.5 | (1.9) | – | – | – | – | – | |||||||||
| Growth in assets under management (rolling four-quarter average) | 11.2 | 11.8 | 2.4 | – | – | – | – | – | |||||||||
|
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.
|
|||||||||||||||||
| Divisional results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Net revenues | 1,610 | 3,543 | 2,862 | (55) | (44) | 5,153 | 4,942 | 4 | |||||||||
| Provision for credit losses | 14 | 4,350 | 143 | (100) | (90) | 4,364 | 447 | – | |||||||||
| Compensation and benefits | 876 | 860 | 1,031 | 2 | (15) | 1,736 | 1,986 | (13) | |||||||||
| General and administrative expenses | 626 | 629 | 625 | 0 | 0 | 1,255 | 1,202 | 4 | |||||||||
| Commission expenses | 141 | 154 | 151 | (8) | (7) | 295 | 312 | (5) | |||||||||
| Restructuring expenses | 29 | 17 | – | 71 | – | 46 | – | – | |||||||||
| Total other operating expenses | 796 | 800 | 776 | (1) | 3 | 1,596 | 1,514 | 5 | |||||||||
| Total operating expenses | 1,672 | 1,660 | 1,807 | 1 | (7) | 3,332 | 3,500 | (5) | |||||||||
| Income/(loss) before taxes | (76) | (2,467) | 912 | (97) | – | (2,543) | 995 | – | |||||||||
| Statement of operations metrics (%) | |||||||||||||||||
| Return on regulatory capital | (2.4) | (69.2) | 25.8 | – | – | (37.3) | 14.4 | – | |||||||||
| Cost/income ratio | 103.9 | 46.9 | 63.1 | – | – | 64.7 | 70.8 | – | |||||||||
| Number of employees (full-time equivalents) | |||||||||||||||||
| Number of employees | 17,650 | 17,750 | 17,420 | (1) | 1 | 17,650 | 17,420 | 1 | |||||||||
| Divisional results (continued) | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Net revenue detail (CHF million) | |||||||||||||||||
| Fixed income sales and trading | 811 | 1,429 | 1,285 | (43) | (37) | 2,240 | 2,463 | (9) | |||||||||
| Equity sales and trading | (23) | 897 | 598 | – | – | 874 | 1,375 | (36) | |||||||||
| Capital markets | 798 | 1,088 | 886 | (27) | (10) | 1,886 | 947 | 99 | |||||||||
| Advisory and other fees | 112 | 195 | 178 | (43) | (37) | 307 | 317 | (3) | |||||||||
| Other revenues 1 | (88) | (66) | (85) | 33 | 4 | (154) | (160) | (4) | |||||||||
| Net revenues | 1,610 | 3,543 | 2,862 | (55) | (44) | 5,153 | 4,942 | 4 | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 248,775 | 292,843 | 270,220 | (15) | (8) | 248,775 | 270,220 | (8) | |||||||||
| Net loans | 22,484 | 23,219 | 28,322 | (3) | (21) | 22,484 | 28,322 | (21) | |||||||||
| Risk-weighted assets | 72,608 | 92,974 | 86,022 | (22) | (16) | 72,608 | 86,022 | (16) | |||||||||
| Risk-weighted assets (USD) | 78,440 | 98,800 | 90,554 | (21) | (13) | 78,440 | 90,554 | (13) | |||||||||
| Leverage exposure | 304,896 | 348,982 | 325,409 | (13) | (6) | 304,896 | 325,409 | (6) | |||||||||
| Leverage exposure (USD) | 329,386 | 370,853 | 342,554 | (11) | (4) | 329,386 | 342,554 | (4) | |||||||||
|
1
Other revenues include treasury funding costs and changes in the carrying value of certain investments and costs of selling certain non-core positions in the corporate bank.
|
|||||||||||||||||
| Reconciliation of adjustment items | |||||||||||
| Investment Bank | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Results (CHF million) | |||||||||||
| Net revenues | 1,610 | 3,543 | 2,862 | 5,153 | 4,942 | ||||||
| Archegos | 493 | 0 | 0 | 493 | 0 | ||||||
| Adjusted net revenues excluding Archegos | 2,103 | 3,543 | 2,862 | 5,646 | 4,942 | ||||||
| Provision for credit losses | 14 | 4,350 | 143 | 4,364 | 447 | ||||||
| Archegos | (70) | (4,430) | 0 | (4,500) | 0 | ||||||
| Provision for credit losses excluding Archegos | (56) | (80) | 143 | (136) | 447 | ||||||
| Total operating expenses | 1,672 | 1,660 | 1,807 | 3,332 | 3,500 | ||||||
| Restructuring expenses | (29) | (17) | – | (46) | – | ||||||
| Major litigation provisions | 0 | 0 | (24) | 0 | (24) | ||||||
| Expenses related to real estate disposals | 0 | (32) | (3) | (32) | 1 | ||||||
| Adjusted total operating expenses | 1,643 | 1,611 | 1,780 | 3,254 | 3,477 | ||||||
| Archegos | (31) | 0 | 0 | (31) | 0 | ||||||
| Adjusted total operating expenses excluding Archegos | 1,612 | 1,611 | 1,780 | 3,223 | 3,477 | ||||||
| Income/(loss) before taxes | (76) | (2,467) | 912 | (2,543) | 995 | ||||||
| Adjusted income/(loss) before taxes | (47) | (2,418) | 939 | (2,465) | 1,018 | ||||||
| Adjusted income/(loss) before taxes excluding Archegos | 547 | 2,012 | 939 | 2,559 | 1,018 | ||||||
| Adjusted return on regulatory capital (%) | (1.5) | (67.8) | 26.5 | (36.1) | 14.7 | ||||||
| Adjusted return on regulatory capital excluding Archegos (%) | 17.0 | 59.5 | 26.5 | 39.5 | 14.7 | ||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.
|
|||||||||||
| Global capital markets and advisory fees | |||||||||||||||||
| in | % change | in | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Global capital markets and advisory fees (USD million) | |||||||||||||||||
| Debt capital markets | 427 | 463 | 327 | (8) | 31 | 890 | 665 | 34 | |||||||||
| Equity capital markets | 429 | 590 | 333 | (27) | 29 | 1,019 | 439 | 132 | |||||||||
| Total capital markets | 856 | 1,053 | 660 | (19) | 30 | 1,909 | 1,104 | 73 | |||||||||
| Advisory and other fees | 160 | 262 | 233 | (39) | (31) | 422 | 417 | 1 | |||||||||
| Global capital markets and advisory fees | 1,016 | 1,315 | 893 | (23) | 14 | 2,331 | 1,521 | 53 | |||||||||
|
The Group’s global capital markets and advisory business operates across the Investment Bank, Asia Pacific and Swiss Universal Bank. In order to reflect the global performance and capabilities of this business and for enhanced comparability versus its peers, the table above aggregates total capital markets and advisory fees for the Group into a single metric in US dollar terms.
|
|||||||||||||||||
| Corporate Center results | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Treasury results | (141) | 104 | (228) | – | (38) | (37) | (271) | (86) | |||||||||
| Asset Resolution Unit | (43) | (33) | (38) | 30 | 13 | (76) | (95) | (20) | |||||||||
| Other | 68 | 78 | 50 | (13) | 36 | 146 | 80 | 83 | |||||||||
| Net revenues | (116) | 149 | (216) | – | (46) | 33 | (286) | – | |||||||||
| Provision for credit losses | 0 | (9) | 5 | 100 | (100) | (9) | 7 | – | |||||||||
| Compensation and benefits | 119 | 39 | 128 | 205 | (7) | 158 | 76 | 108 | |||||||||
| General and administrative expenses | 272 | 105 | 184 | 159 | 48 | 377 | 279 | 35 | |||||||||
| Commission expenses | 22 | 19 | 20 | 16 | 10 | 41 | 45 | (9) | |||||||||
| Restructuring expenses | 1 | (3) | – | – | – | (2) | – | – | |||||||||
| Total other operating expenses | 295 | 121 | 204 | 144 | 45 | 416 | 324 | 28 | |||||||||
| Total operating expenses | 414 | 160 | 332 | 159 | 25 | 574 | 400 | 44 | |||||||||
| Income/(loss) before taxes | (530) | (2) | (553) | – | (4) | (532) | (693) | (23) | |||||||||
| of which Asset Resolution Unit | (79) | (68) | (75) | 16 | 5 | (147) | (169) | (13) | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 116,106 | 120,344 | 134,137 | (4) | (13) | 116,106 | 134,137 | (13) | |||||||||
| Risk-weighted assets | 55,470 | 49,848 | 51,558 | 11 | 8 | 55,470 | 51,558 | 8 | |||||||||
| Leverage exposure | 118,285 | 121,771 | 36,555 | (3) | 224 | 118,285 | 36,555 | 224 | |||||||||
| Reconciliation of adjustment items | |||||||||||
| Corporate Center | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Results (CHF million) | |||||||||||
| Net revenues | (116) | 149 | (216) | 33 | (286) | ||||||
| Provision for credit losses | 0 | (9) | 5 | (9) | 7 | ||||||
| Total operating expenses | 414 | 160 | 332 | 574 | 400 | ||||||
| Restructuring expenses | (1) | 3 | – | 2 | – | ||||||
| Major litigation provisions | (208) | (15) | (69) | (223) | (86) | ||||||
| Adjusted total operating expenses | 205 | 148 | 263 | 353 | 314 | ||||||
| Income/(loss) before taxes | (530) | (2) | (553) | (532) | (693) | ||||||
| Adjusted income/(loss) before taxes | (321) | 10 | (484) | (311) | (607) | ||||||
|
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and Archegos are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.
|
|||||||||||
| Expense allocation to divisions | |||||||||||||||||
| in | % change | in | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Expense allocation to divisions (CHF million) | |||||||||||||||||
| Compensation and benefits | 825 | 751 | 887 | 10 | (7) | 1,576 | 1,580 | 0 | |||||||||
| General and administrative expenses | 759 | 590 | 639 | 29 | 19 | 1,349 | 1,179 | 14 | |||||||||
| Commission expenses | 22 | 19 | 20 | 16 | 10 | 41 | 45 | (9) | |||||||||
| Restructuring expenses | 28 | 15 | – | 87 | – | 43 | – | – | |||||||||
| Total other operating expenses | 809 | 624 | 659 | 30 | 23 | 1,433 | 1,224 | 17 | |||||||||
| Total operating expenses before allocation to divisions | 1,634 | 1,375 | 1,546 | 19 | 6 | 3,009 | 2,804 | 7 | |||||||||
| Net allocation to divisions | 1,220 | 1,215 | 1,214 | 0 | 0 | 2,435 | 2,404 | 1 | |||||||||
| of which Swiss Universal Bank | 266 | 252 | 263 | 6 | 1 | 518 | 524 | (1) | |||||||||
| of which International Wealth Management | 197 | 188 | 191 | 5 | 3 | 385 | 380 | 1 | |||||||||
| of which Asia Pacific | 175 | 166 | 168 | 5 | 4 | 341 | 338 | 1 | |||||||||
| of which Asset Management | 47 | 55 | 54 | (15) | (13) | 102 | 106 | (4) | |||||||||
| of which Investment Bank | 535 | 554 | 538 | (3) | (1) | 1,089 | 1,056 | 3 | |||||||||
| Total operating expenses | 414 | 160 | 332 | 159 | 25 | 574 | 400 | 44 | |||||||||
|
Corporate services and business support, including in finance, operations, human resources, legal, compliance, risk management and IT, are provided by corporate functions, and the related costs are allocated to the segments and the Corporate Center based on their requirements and other relevant measures.
|
|||||||||||||||||
| Asset Resolution Unit | |||||||||||||||||
| in / end of | % change | in / end of | % change | ||||||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | 6M21 | 6M20 | YoY | ||||||||||
| Statements of operations (CHF million) | |||||||||||||||||
| Revenues from portfolio assets | 3 | 14 | 24 | (79) | (88) | 17 | 18 | (6) | |||||||||
| Asset funding costs | (46) | (47) | (62) | (2) | (26) | (93) | (113) | (18) | |||||||||
| Net revenues | (43) | (33) | (38) | 30 | 13 | (76) | (95) | (20) | |||||||||
| Provision for credit losses | 0 | (1) | (2) | 100 | 100 | (1) | (2) | (50) | |||||||||
| Compensation and benefits | 19 | 19 | 20 | 0 | (5) | 38 | 44 | (14) | |||||||||
| General and administrative expenses | 16 | 15 | 17 | 7 | (6) | 31 | 29 | 7 | |||||||||
| Commission expenses | 1 | 2 | 2 | (50) | (50) | 3 | 3 | 0 | |||||||||
| Total other operating expenses | 17 | 17 | 19 | 0 | (11) | 34 | 32 | 6 | |||||||||
| Total operating expenses | 36 | 36 | 39 | 0 | (8) | 72 | 76 | (5) | |||||||||
| Income/(loss) before taxes | (79) | (68) | (75) | 16 | 5 | (147) | (169) | (13) | |||||||||
| Balance sheet statistics (CHF million) | |||||||||||||||||
| Total assets | 10,318 | 12,080 | 13,000 | (15) | (21) | 10,318 | 13,000 | (21) | |||||||||
| Risk-weighted assets (USD) 1 | 7,658 | 8,502 | 11,341 | (10) | (32) | 7,658 | 11,341 | (32) | |||||||||
| Leverage exposure (USD) | 16,668 | 18,452 | 20,157 | (10) | (17) | 16,668 | 20,157 | (17) | |||||||||
|
1
Risk-weighted assets excluding operational risk were USD 7,047 million, USD 7,523 million and USD 10,373 million as of the end of 2Q21, 1Q21 and 2Q20, respectively.
|
|||||||||||||||||
| Assets under management and client assets | |||||||||||
| end of | % change | ||||||||||
| 2Q21 | 1Q21 | 2Q20 | QoQ | YoY | |||||||
| Assets under management (CHF billion) | |||||||||||
| Swiss Universal Bank - Private Clients | 217.0 | 213.1 | 201.8 | 1.8 | 7.5 | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 504.8 | 487.0 | 427.4 | 3.7 | 18.1 | ||||||
| International Wealth Management | 399.5 | 386.2 | 344.5 | 3.4 | 16.0 | ||||||
| Asia Pacific | 236.3 | 241.9 | 215.8 | (2.3) | 9.5 | ||||||
| Asset Management | 471.4 | 458.0 | 423.8 | 2.9 | 11.2 | ||||||
| Assets managed across businesses 1 | (197.0) | (190.2) | (169.9) | 3.6 | 16.0 | ||||||
| Assets under management | 1,632.0 | 1,596.0 | 1,443.4 | 2.3 | 13.1 | ||||||
| of which discretionary assets | 524.3 | 506.5 | 468.1 | 3.5 | 12.0 | ||||||
| of which advisory assets | 1,107.7 | 1,089.5 | 975.3 | 1.7 | 13.6 | ||||||
| Client assets (CHF billion) 2 | |||||||||||
| Swiss Universal Bank - Private Clients | 287.8 | 275.8 | 250.1 | 4.4 | 15.1 | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 614.3 | 593.5 | 522.3 | 3.5 | 17.6 | ||||||
| International Wealth Management | 515.8 | 499.8 | 426.9 | 3.2 | 20.8 | ||||||
| Asia Pacific | 342.1 | 350.5 | 278.3 | (2.4) | 22.9 | ||||||
| Asset Management | 471.4 | 458.0 | 423.8 | 2.9 | 11.2 | ||||||
| Assets managed across businesses | (197.0) | (190.2) | (169.9) | 3.6 | 16.0 | ||||||
| Client assets | 2,034.4 | 1,987.4 | 1,731.5 | 2.4 | 17.5 | ||||||
|
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.
|
|||||||||||
| Growth in assets under management | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Net new assets (CHF billion) | |||||||||||
| Swiss Universal Bank - Private Clients | (0.9) | 2.2 | (1.6) | 1.3 | (5.8) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 1.5 | 3.9 | 1.6 | 5.4 | 6.4 | ||||||
| International Wealth Management | (0.3) | 7.2 | 1.8 | 6.9 | 5.5 | ||||||
| Asia Pacific | (6.1) | 5.0 | 4.5 | (1.1) | 7.5 | ||||||
| Asset Management 1 | 1.3 | 10.3 | 4.1 | 11.6 | 4.2 | ||||||
| Assets managed across businesses 2 | (0.2) | (0.2) | (0.6) | (0.4) | (2.2) | ||||||
| Net new assets | (4.7) | 28.4 | 9.8 | 23.7 | 15.6 | ||||||
| Other effects (CHF billion) | |||||||||||
| Swiss Universal Bank - Private Clients | 4.8 | 2.3 | 8.6 | 7.1 | (10.0) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 16.3 | 20.5 | 20.5 | 36.8 | (15.4) | ||||||
| International Wealth Management | 13.6 | 13.6 | 15.0 | 27.2 | (31.0) | ||||||
| Asia Pacific | 0.5 | 15.6 | 14.3 | 16.1 | (11.7) | ||||||
| Asset Management | 12.1 | 7.4 | 10.1 | 19.5 | (18.3) | ||||||
| Assets managed across businesses 2 | (6.6) | (3.7) | (5.4) | (10.3) | 7.0 | ||||||
| Other effects | 40.7 | 55.7 | 63.1 | 96.4 | (79.4) | ||||||
| of which market movements | 51.3 | 21.0 | 70.9 | 72.3 | (45.7) | ||||||
| of which foreign exchange | (9.2) | 48.6 | (6.3) | 39.4 | (32.3) | ||||||
| of which other | (1.4) | (13.9) | 3 | (1.5) | (15.3) | (1.4) | |||||
| Growth in assets under management (CHF billion) | |||||||||||
| Swiss Universal Bank - Private Clients | 3.9 | 4.5 | 7.0 | 8.4 | (15.8) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 17.8 | 24.4 | 22.1 | 42.2 | (9.0) | ||||||
| International Wealth Management | 13.3 | 20.8 | 16.8 | 34.1 | (25.5) | ||||||
| Asia Pacific | (5.6) | 20.6 | 18.8 | 15.0 | (4.2) | ||||||
| Asset Management 1 | 13.4 | 17.7 | 14.2 | 31.1 | (14.1) | ||||||
| Assets managed across businesses 2 | (6.8) | (3.9) | (6.0) | (10.7) | 4.8 | ||||||
| Growth in assets under management | 36.0 | 84.1 | 72.9 | 120.1 | (63.8) | ||||||
|
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||||||
|
2
Represents assets managed by Asset Management for the other businesses.
|
|||||||||||
|
3
Includes structural effects of CHF 11.2 billion related to the exit of our supply chain finance funds business in Asset Management of CHF 7.9 billion and CHF 3.3 billion related to the reclassification to assets under custody for our clients’ assets that were impacted by the suspension and ongoing liquidation of these funds, mainly in International Wealth Management.
|
|||||||||||
| Growth in assets under management (continued) | |||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Net new assets (annualized) (%) | |||||||||||
| Swiss Universal Bank - Private Clients | (1.7) | 4.2 | (3.3) | 1.2 | (5.3) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 1.2 | 3.4 | 1.6 | 2.3 | 2.9 | ||||||
| International Wealth Management | (0.3) | 7.9 | 2.2 | 3.8 | 3.0 | ||||||
| Asia Pacific | (10.1) | 9.0 | 9.1 | (1.0) | 6.8 | ||||||
| Asset Management 1 | 1.1 | 9.4 | 4.0 | 5.3 | 1.9 | ||||||
| Assets managed across businesses 2 | 0.4 | 0.4 | 1.5 | 0.4 | 2.5 | ||||||
| Net new assets | (1.2) | 7.5 | 2.9 | 3.1 | 2.1 | ||||||
| Other effects (annualized) (%) | |||||||||||
| Swiss Universal Bank - Private Clients | 9.0 | 4.4 | 17.7 | 6.9 | (9.2) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 13.4 | 17.7 | 20.2 | 15.9 | (7.0) | ||||||
| International Wealth Management | 14.1 | 14.9 | 18.3 | 14.9 | (16.8) | ||||||
| Asia Pacific | 0.8 | 28.2 | 29.1 | 14.6 | (10.6) | ||||||
| Asset Management | 10.6 | 6.7 | 9.9 | 8.8 | (8.3) | ||||||
| Assets managed across businesses 2 | 13.9 | 8.0 | 13.1 | 11.1 | (8.0) | ||||||
| Other effects | 10.2 | 14.8 | 18.4 | 12.8 | (10.6) | ||||||
| Growth in assets under management (annualized) (%) | |||||||||||
| Swiss Universal Bank - Private Clients | 7.3 | 8.6 | 14.4 | 8.1 | (14.5) | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 14.6 | 21.1 | 21.8 | 18.2 | (4.1) | ||||||
| International Wealth Management | 13.8 | 22.8 | 20.5 | 18.7 | (13.8) | ||||||
| Asia Pacific | (9.3) | 37.2 | 38.2 | 13.6 | (3.8) | ||||||
| Asset Management 1 | 11.7 | 16.1 | 13.9 | 14.1 | (6.4) | ||||||
| Assets managed across businesses 2 | 14.3 | 8.4 | 14.6 | 11.5 | (5.5) | ||||||
| Growth in assets under management | 9.0 | 22.3 | 21.3 | 15.9 | (8.5) | ||||||
| Growth in net new assets (rolling four-quarter average) (%) | |||||||||||
| Swiss Universal Bank - Private Clients | 0.6 | 0.3 | (3.2) | – | – | ||||||
| Swiss Universal Bank - Corporate & Institutional Clients | 3.0 | 3.2 | 3.7 | – | – | ||||||
| International Wealth Management | 5.3 | 6.2 | 2.7 | – | – | ||||||
| Asia Pacific | 0.0 | 5.4 | 4.6 | – | – | ||||||
| Asset Management 1 | 5.4 | 6.3 | 4.3 | – | – | ||||||
| Assets managed across businesses 2 | 2.8 | 3.2 | 5.0 | – | – | ||||||
| Net new assets | 3.5 | 4.7 | 2.6 | 0.0 | 0.0 | ||||||
|
1
Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
|
|||||||||||
|
2
Represents assets managed by Asset Management for the other businesses.
|
|||||||||||
| Liquidity pool – Group | |||||||||||||||
| 2Q21 | 1Q21 | 4Q20 | |||||||||||||
|
average |
Swiss franc |
US dollar |
Euro |
Other currencies |
Total |
Total |
Total |
||||||||
| Liquid assets (CHF million) | |||||||||||||||
| Cash held at central banks | 66,254 | 21,336 | 31,816 | 2,787 | 122,193 | 115,286 | 114,429 | ||||||||
| Securities | 10,416 | 46,880 | 6,405 | 18,559 | 82,260 | 89,745 | 86,867 | ||||||||
| Liquid assets 1 | 76,670 | 68,216 | 38,221 | 21,346 | 204,453 | 205,031 | 201,296 | ||||||||
|
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||||||||
|
1
Reflects a pre-cancellation view.
|
|||||||||||||||
| Liquidity coverage ratio – Group | |||||||||
| 2Q21 | 1Q21 | 4Q20 | |||||||
|
average |
Unweighted value |
1 |
Weighted value |
2 |
Weighted value |
2 |
Weighted value |
2 | |
| High-quality liquid assets (CHF million) | |||||||||
| High-quality liquid assets 3 | – | 209,256 | 211,307 | 203,536 | |||||
| Cash outflows (CHF million) | |||||||||
| Retail deposits and deposits from small business customers | 161,034 | 19,619 | 19,959 | 19,825 | |||||
| Unsecured wholesale funding | 235,715 | 87,107 | 88,888 | 89,758 | |||||
| Secured wholesale funding | – | 35,621 | 44,274 | 44,979 | |||||
| Additional requirements | 174,215 | 36,445 | 36,237 | 35,989 | |||||
| Other contractual funding obligations | 68,809 | 68,809 | 50,393 | 56,751 | |||||
| Other contingent funding obligations | 219,786 | 5,255 | 6,559 | 5,574 | |||||
| Total cash outflows | – | 252,856 | 246,310 | 252,876 | |||||
| Cash inflows (CHF million) | |||||||||
| Secured lending | 159,641 | 54,460 | 59,608 | 59,090 | |||||
| Inflows from fully performing exposures | 62,911 | 28,534 | 29,072 | 28,081 | |||||
| Other cash inflows | 72,855 | 72,855 | 54,542 | 58,329 | |||||
| Total cash inflows | 295,407 | 155,849 | 143,222 | 145,500 | |||||
| Liquidity coverage ratio | |||||||||
| High-quality liquid assets (CHF million) | – | 209,256 | 211,307 | 203,536 | |||||
| Net cash outflows (CHF million) | – | 97,007 | 103,088 | 107,376 | |||||
| Liquidity coverage ratio (%) | – | 216 | 205 | 190 | |||||
|
Calculated using a three-month average, which is calculated on a daily basis.
|
|||||||||
|
1
Calculated as outstanding balances maturing or callable within 30 days.
|
|||||||||
|
2
Calculated after the application of haircuts for high-quality liquid assets or inflow and outflow rates.
|
|||||||||
|
3
Consists of cash and eligible securities as prescribed by FINMA and reflects a post-cancellation view.
|
|||||||||
| Debt issuances and redemptions | |||||||||
|
in 2Q21 |
Senior |
Senior bail-in |
Sub- ordinated |
Long-term debt |
|||||
| Long-term debt (CHF billion, notional value) | |||||||||
| Issuances | 2.7 | 3.0 | 0.0 | 5.7 | |||||
| of which unsecured | 2.6 | 3.0 | 0.0 | 5.6 | |||||
| of which secured | 0.1 | 0.0 | 0.0 | 0.1 | |||||
| Maturities / Redemptions | 0.0 | 2.3 | 0.0 | 2.3 | |||||
| of which unsecured | 0.0 | 2.3 | 0.0 | 2.3 | |||||
| of which secured | 0.0 | 0.0 | 0.0 | 0.0 | |||||
|
Excludes structured notes.
|
|||||||||
| Swiss capital and leverage requirements for Credit Suisse | |||||
|
For 2021 |
Capital ratio |
Leverage ratio |
|||
| Capital components (%) | |||||
| CET1 – minimum | 4.5 | 1.5 | |||
| Additional tier 1 – maximum | 3.5 | 1.5 | |||
| Minimum component | 8.0 | 3.0 | |||
| CET1 – minimum | 5.5 | 2.0 | |||
| Additional tier 1 – maximum | 0.8 | 0.0 | |||
| Buffer component | 6.3 | 2.0 | |||
| Going concern | 14.3 | 5.0 | |||
| of which base requirement | 12.86 | 4.5 | |||
| of which surcharge | 1.44 | 0.5 | |||
| Gone concern | 14.3 | 5.0 | |||
| of which base requirement | 12.86 | 4.5 | |||
| of which surcharge | 1.44 | 0.5 | |||
| Total loss-absorbing capacity | 28.6 | 10.0 | |||
|
Does not include the FINMA Pillar 2 capital add-on of CHF 1.9 billion relating to the supply chain finance funds matter, the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital.
As of the end of 2Q21, for the Group, the rebates for resolvability and for certain tier 2 low-trigger instruments for the capital ratios were 2.565% and 0.437%, respectively, and for the Bank, they were 2.565% and 0.438%, respectively. For the Group, the rebates for resolvability and for certain tier 2 low-trigger instruments for leverage ratios were 0.9% and 0.135%, respectively, and for the Bank, they were 0.9% and 0.135%, respectively. Net of these rebates, the gone concern ratio for capital and leverage for the Group were 11.298% and 3.965%, respectively, and for the Bank they were 11.297% and 3.965%, respectively. |
|||||
| Issuances and redemptions | |||||||||||
|
Currency |
Par value at issuance (million) |
Coupon rate (%) |
Description |
Year of maturity |
|||||||
| Issuances – callable bail-in instruments | |||||||||||
| Second quarter of 2021 | USD | 3,250 | 3.091 | Senior notes | 2032 | ||||||
| Redemptions – bail-in instruments | |||||||||||
| Second quarter of 2021 | USD | 1,000 | floating | Senior notes | 2021 | ||||||
| USD | 1,500 | 3.45 | Senior notes | 2021 | |||||||
| BIS capital metrics – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Capital and risk-weighted assets (CHF million) | |||||||||
| CET1 capital | 38,938 | 36,964 | 35,361 | 5 | |||||
| Tier 1 capital | 55,152 | 53,411 | 51,202 | 3 | |||||
| Total eligible capital | 56,145 | 54,429 | 52,163 | 3 | |||||
| Risk-weighted assets | 283,611 | 302,869 | 275,084 | (6) | |||||
| Capital ratios (%) | |||||||||
| CET1 ratio | 13.7 | 12.2 | 12.9 | – | |||||
| Tier 1 ratio | 19.4 | 17.6 | 18.6 | – | |||||
| Total capital ratio | 19.8 | 18.0 | 19.0 | – | |||||
| Eligible capital – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Eligible capital (CHF million) | |||||||||
| Total shareholders' equity | 43,580 | 44,590 | 42,677 | (2) | |||||
| Adjustments | |||||||||
| Regulatory adjustments 1 | 1,637 | 332 | (342) | 393 | |||||
| Goodwill 2 | (4,550) | (4,898) | (4,681) | (7) | |||||
| Other intangible assets 2 | (54) | (272) | (271) | (80) | |||||
| Deferred tax assets that rely on future profitability | (1,380) | (1,011) | (1,070) | 36 | |||||
| Shortfall of provisions to expected losses | (246) | (192) | (176) | 28 | |||||
| (Gains)/losses due to changes in own credit on fair-valued liabilities | 2,521 | 2,040 | 2,466 | 24 | |||||
| Defined benefit pension assets 2 | (2,341) | (2,405) | (2,249) | (3) | |||||
| Investments in own shares | (60) | (603) | (397) | (90) | |||||
| Other adjustments 3 | (169) | (617) | (596) | (73) | |||||
| Total adjustments | (4,642) | (7,626) | (7,316) | (39) | |||||
| CET1 capital | 38,938 | 36,964 | 35,361 | 5 | |||||
| High-trigger capital instruments (7% trigger) | 11,622 | 11,778 | 11,410 | (1) | |||||
| Low-trigger capital instruments (5.125% trigger) | 4,592 | 4,669 | 4,431 | (2) | |||||
| Additional tier 1 capital | 16,214 | 16,447 | 15,841 | (1) | |||||
| Tier 1 capital | 55,152 | 53,411 | 51,202 | 3 | |||||
| Tier 2 low-trigger capital instruments (5% trigger) | 993 | 1,018 | 961 | (2) | |||||
| Tier 2 capital 4 | 993 | 1,018 | 961 | (2) | |||||
| Total eligible capital 4 | 56,145 | 54,429 | 52,163 | 3 | |||||
|
1
Includes certain adjustments, such as a cumulative dividend accrual.
|
|||||||||
|
2
Net of deferred tax liability.
|
|||||||||
|
3
Includes reversals of cash flow hedge reserves and, in 4Q20, of unrealized gains on certain investments that are not eligible for CET1 recognition.
|
|||||||||
|
4
Amounts are shown on a look-through basis. Certain tier 2 instruments are subject to phase out through 2022. As of 2Q21, 1Q21 and 4Q20, total eligible capital was CHF 56,397 million, CHF 54,686 million and CHF 52,437 million, including CHF 252 million, CHF 258 million and CHF 273 million of such instruments and the total capital ratio was 19.9%, 18.1% and 19.1%, respectively.
|
|||||||||
| 2Q21 Capital movement – Group | |||
| CET1 capital (CHF million) | |||
| Balance at beginning of period | 36,964 | ||
| Net income attributable to shareholders | 253 | ||
| Foreign exchange impact 1 | (414) | ||
| Issuance of Mandatory Convertible Notes 2 | 1,652 | ||
| Impact from the reduction of the investment in Allfunds Group 3 | 862 | ||
| Other 4 | (379) | ||
| Balance at end of period | 38,938 | ||
| Additional tier 1 capital (CHF million) | |||
| Balance at beginning of period | 16,447 | ||
| Foreign exchange impact | (245) | ||
| Other | 12 | ||
| Balance at end of period | 16,214 | ||
| Tier 2 capital (CHF million) | |||
| Balance at beginning of period | 1,018 | ||
| Foreign exchange impact | (17) | ||
| Other | (8) | ||
| Balance at end of period | 993 | ||
| Eligible capital (CHF million) | |||
| Balance at end of period | 56,145 | ||
|
1
Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
|
|||
|
2
Reflects the regulatory capital impact of the issuance of the MCNs, net of fees and expenses.
|
|||
|
3
Reflects regulatory adjustments relating to the IPO of Allfunds Group and the subsequent reduction of our equity investment to below 10%.
|
|||
|
4
Includes a regulatory adjustment of defined benefit pension plan assets, a dividend accrual, the net effect of share-based compensation and deferred tax assets relating to net operating losses.
|
|||
| Risk-weighted asset movement by risk type – Group | |||||||||||||||
|
2Q21 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Total |
||||||||
| Credit risk (CHF million) | |||||||||||||||
| Balance at beginning of period | 71,895 | 24,092 | 22,620 | 6,838 | 65,102 | 26,877 | 217,424 | ||||||||
| Foreign exchange impact | (238) | (221) | (366) | (79) | (1,071) | (352) | (2,327) | ||||||||
| Movements in risk levels | (311) | (458) | (802) | (111) | (17,727) | (493) | (19,902) | ||||||||
| of which credit risk – book size 1 | (485) | 389 | (487) | (117) | (16,975) | (408) | (18,083) | ||||||||
| of which credit risk – book quality 2 | 174 | (847) | (315) | 6 | (752) | (85) | (1,819) | ||||||||
| Model and parameter updates – internal 3 | (110) | 166 | (20) | 0 | (25) | (11) | 0 | ||||||||
| Model and parameter updates – external 4 | 4 | 2 | 3 | 0 | 82 | 8 | 99 | ||||||||
| Balance at end of period | 71,240 | 23,581 | 21,435 | 6,648 | 46,361 | 26,029 | 195,294 | ||||||||
| Market risk (CHF million) | |||||||||||||||
| Balance at beginning of period | 1,968 | 1,372 | 2,219 | 684 | 13,095 | 2,596 | 21,934 | ||||||||
| Foreign exchange impact | (35) | (23) | (39) | (1) | (219) | (47) | (364) | ||||||||
| Movements in risk levels | (170) | (82) | (142) | 759 | (1,533) | (218) | (1,386) | ||||||||
| Model and parameter updates – internal 3 | (2) | (2) | (43) | (203) | (23) | (43) | (316) | ||||||||
| Balance at end of period | 1,761 | 1,265 | 1,995 | 1,239 | 11,320 | 2,288 | 19,868 | ||||||||
| Operational risk (CHF million) | |||||||||||||||
| Balance at beginning of period | 11,111 | 10,246 | 5,210 | 1,792 | 14,777 | 20,375 | 63,511 | ||||||||
| Foreign exchange impact | (181) | (167) | (86) | (29) | (241) | (237) | (941) | ||||||||
| Model and parameter updates – internal 3 | (1,152) | (671) | 52 | 244 | 391 | 1,136 | 0 | ||||||||
| Model and parameter updates – external 5 | 0 | 0 | 0 | 0 | 0 | 5,879 | 5,879 | ||||||||
| Balance at end of period | 9,778 | 9,408 | 5,176 | 2,007 | 14,927 | 27,153 | 68,449 | ||||||||
| Total (CHF million) | |||||||||||||||
| Balance at beginning of period | 84,974 | 35,710 | 30,049 | 9,314 | 92,974 | 49,848 | 302,869 | ||||||||
| Foreign exchange impact | (454) | (411) | (491) | (109) | (1,531) | (636) | (3,632) | ||||||||
| Movements in risk levels | (481) | (540) | (944) | 648 | (19,260) | (711) | (21,288) | ||||||||
| Model and parameter updates – internal 3 | (1,264) | (507) | (11) | 41 | 343 | 1,082 | (316) | ||||||||
| Model and parameter updates – external 4 | 4 | 2 | 3 | 0 | 82 | 5,887 | 5,978 | ||||||||
| Balance at end of period | 82,779 | 34,254 | 28,606 | 9,894 | 72,608 | 55,470 | 283,611 | ||||||||
|
1
Represents changes in portfolio size.
|
|||||||||||||||
|
2
Represents changes in average risk weighting across credit risk classes.
|
|||||||||||||||
|
3
Represents movements arising from internally driven updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||
|
4
Represents movements arising from externally mandated updates to models and recalibrations of model parameters specific only to Credit Suisse.
|
|||||||||||||||
| Risk-weighted assets – Group | |||||||||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Group |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Credit risk | 71,240 | 23,581 | 21,435 | 6,648 | 46,361 | 26,029 | 195,294 | ||||||||
| Market risk | 1,761 | 1,265 | 1,995 | 1,239 | 11,320 | 2,288 | 19,868 | ||||||||
| Operational risk | 9,778 | 9,408 | 5,176 | 2,007 | 14,927 | 27,153 | 68,449 | ||||||||
| Risk-weighted assets | 82,779 | 34,254 | 28,606 | 9,894 | 72,608 | 55,470 | 283,611 | ||||||||
| 4Q20 (CHF million) | |||||||||||||||
| Credit risk | 69,428 | 23,397 | 20,133 | 6,523 | 53,475 | 25,156 | 198,112 | ||||||||
| Market risk | 1,598 | 1,157 | 1,645 | 805 | 10,749 | 2,363 | 18,317 | ||||||||
| Operational risk | 10,262 | 9,463 | 4,811 | 1,655 | 13,648 | 18,816 | 58,655 | ||||||||
| Risk-weighted assets | 81,288 | 34,017 | 26,589 | 8,983 | 77,872 | 46,335 | 275,084 | ||||||||
| Leverage exposure – Group | |||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Leverage exposure (CHF million) | |||||||
| Swiss Universal Bank | 303,690 | 305,034 | 295,507 | ||||
| International Wealth Management | 108,182 | 105,693 | 101,025 | ||||
| Asia Pacific | 79,081 | 83,160 | 74,307 | ||||
| Asset Managemnt | 2,754 | 3,158 | 2,989 | ||||
| Investment Bank | 304,896 | 348,982 | 319,339 | ||||
| Corporate Center | 118,285 | 121,771 | 6,686 | ||||
| Leverage exposure | 916,888 | 967,798 | 799,853 | ||||
| Leverage exposure components – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Leverage exposure (CHF million) | |||||||||
| Total assets | 796,799 | 851,395 | 805,822 | (6) | |||||
| Adjustments | |||||||||
| Difference in scope of consolidation and tier 1 capital deductions 1 | (16,200) | (16,896) | (16,680) | (4) | |||||
| Derivative financial instruments | 65,914 | 76,027 | 68,577 | (13) | |||||
| Securities financing transactions | (30,145) | (43,306) | (39,009) | (30) | |||||
| Off-balance sheet exposures | 97,758 | 98,009 | 88,944 | 0 | |||||
| Other | 2,762 | 2,569 | (107,801) | 2 | 8 | ||||
| Total adjustments | 120,089 | 116,403 | (5,969) | 3 | |||||
| Leverage exposure | 916,888 | 967,798 | 799,853 | (5) | |||||
|
1
Includes adjustments for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the scope of regulatory consolidation and tier 1 capital deductions related to balance sheet assets.
|
|||||||||
|
2
Included cash held at central banks of CHF 110,677 million, after adjusting for the dividend paid in 2020.
|
|||||||||
| BIS leverage metrics – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Capital and leverage exposure (CHF million) | |||||||||
| CET1 capital | 38,938 | 36,964 | 35,361 | 5 | |||||
| Tier 1 capital | 55,152 | 53,411 | 51,202 | 3 | |||||
| Leverage exposure | 916,888 | 967,798 | 799,853 | 1 | (5) | ||||
| Leverage ratios (%) | |||||||||
| CET1 leverage ratio | 4.2 | 3.8 | 4.4 | – | |||||
| Tier 1 leverage ratio | 6.0 | 5.5 | 6.4 | – | |||||
|
1
Leverage exposure excluded CHF 110,677 million of cash held at central banks, after adjusting for the dividend paid in 2020.
|
|||||||||
| Swiss capital metrics – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital and risk-weighted assets (CHF million) | |||||||||
| Swiss CET1 capital | 38,934 | 36,959 | 35,351 | 5 | |||||
| Going concern capital | 55,148 | 53,406 | 51,192 | 3 | |||||
| Gone concern capital | 51,615 | 52,187 | 41,852 | (1) | |||||
| Total loss-absorbing capacity (TLAC) | 106,763 | 105,593 | 93,044 | 1 | |||||
| Swiss risk-weighted assets | 284,295 | 303,380 | 275,576 | (6) | |||||
| Swiss capital ratios (%) | |||||||||
| Swiss CET1 ratio | 13.7 | 12.2 | 12.8 | – | |||||
| Going concern capital ratio | 19.4 | 17.6 | 18.6 | – | |||||
| Gone concern capital ratio | 18.2 | 17.2 | 15.2 | – | |||||
| TLAC ratio | 37.6 | 34.8 | 33.8 | – | |||||
| Swiss capital and risk-weighted assets – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital (CHF million) | |||||||||
| CET1 capital – BIS | 38,938 | 36,964 | 35,361 | 5 | |||||
| Swiss regulatory adjustments 1 | (4) | (5) | (10) | (20) | |||||
| Swiss CET1 capital | 38,934 | 36,959 | 35,351 | 5 | |||||
| Additional tier 1 high-trigger capital instruments | 11,622 | 11,778 | 11,410 | (1) | |||||
| Grandfathered additional tier 1 low-trigger capital instruments | 4,592 | 4,669 | 4,431 | (2) | |||||
| Swiss additional tier 1 capital | 16,214 | 16,447 | 15,841 | (1) | |||||
| Going concern capital | 55,148 | 53,406 | 51,192 | 3 | |||||
| Bail-in debt instruments | 49,132 | 49,644 | 39,450 | (1) | |||||
| Tier 2 low-trigger capital instruments | 994 | 1,018 | 961 | (2) | |||||
| Tier 2 amortization component | 1,489 | 1,525 | 1,441 | (2) | |||||
| Gone concern capital 2 | 51,615 | 52,187 | 41,852 | (1) | |||||
| Total loss-absorbing capacity | 106,763 | 105,593 | 93,044 | 1 | |||||
| Risk-weighted assets (CHF million) | |||||||||
| Risk-weighted assets – BIS | 283,611 | 302,869 | 275,084 | (6) | |||||
| Swiss regulatory adjustments 3 | 684 | 511 | 492 | 34 | |||||
| Swiss risk-weighted assets | 284,295 | 303,380 | 275,576 | (6) | |||||
|
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||
|
2
Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2Q21, 1Q21 and 4Q20, gone concern capital was CHF 51,879 million, CHF 52,456 million and CHF 42,198 million, including CHF 264 million, CHF 269 million and CHF 346 million, respectively, of such instruments.
|
|||||||||
|
3
Primarily includes differences in the credit risk multiplier.
|
|||||||||
| Swiss leverage metrics – Group | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital and leverage exposure (CHF million) | |||||||||
| Swiss CET1 capital | 38,934 | 36,959 | 35,351 | 5 | |||||
| Going concern capital | 55,148 | 53,406 | 51,192 | 3 | |||||
| Gone concern capital | 51,615 | 52,187 | 41,852 | (1) | |||||
| Total loss-absorbing capacity | 106,763 | 105,593 | 93,044 | 1 | |||||
| Leverage exposure | 916,888 | 967,798 | 799,853 | (5) | |||||
| Swiss leverage ratios (%) | |||||||||
| Swiss CET1 leverage ratio | 4.2 | 3.8 | 4.4 | – | |||||
| Going concern leverage ratio | 6.0 | 5.5 | 6.4 | – | |||||
| Gone concern leverage ratio | 5.6 | 5.4 | 5.2 | 1 | – | ||||
| TLAC leverage ratio | 11.6 | 10.9 | 11.6 | – | |||||
|
Rounding differences may occur.
|
|||||||||
|
1
The gone concern ratio would have been 4.6%, if calculated using a leverage exposure of CHF 910,530 million, without the temporary exclusion of cash held at central banks, after adjusting for the dividend paid in 2020, of CHF 110,677 million.
|
|||||||||
| BIS capital metrics – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Capital and risk-weighted assets (CHF million) | |||||||||
| CET1 capital | 44,162 | 42,550 | 40,701 | 4 | |||||
| Tier 1 capital | 59,439 | 58,050 | 55,659 | 2 | |||||
| Total eligible capital | 60,432 | 59,067 | 56,620 | 2 | |||||
| Risk-weighted assets | 282,579 | 302,022 | 275,676 | (6) | |||||
| Capital ratios (%) | |||||||||
| CET1 ratio | 15.6 | 14.1 | 14.8 | – | |||||
| Tier 1 ratio | 21.0 | 19.2 | 20.2 | – | |||||
| Total capital ratio | 21.4 | 19.6 | 20.5 | – | |||||
| Eligible capital and risk-weighted assets – Bank | |||||||||
|
end of |
2Q21 |
1Q21 |
4Q20 |
% change QoQ |
|||||
| Eligible capital (CHF million) | |||||||||
| Total shareholders' equity | 48,562 | 48,593 | 46,264 | 0 | |||||
| Regulatory adjustments 1 | (495) | (934) | (1,088) | (47) | |||||
| Other adjustments 2 | (3,905) | (5,109) | (4,475) | (24) | |||||
| CET1 capital | 44,162 | 42,550 | 40,701 | 4 | |||||
| Additional tier 1 instruments | 15,277 | 3 | 15,500 | 14,958 | (1) | ||||
| Additional tier 1 capital | 15,277 | 15,500 | 14,958 | (1) | |||||
| Tier 1 capital | 59,439 | 58,050 | 55,659 | 2 | |||||
| Tier 2 low-trigger capital instruments (5% trigger) | 993 | 1,017 | 961 | (2) | |||||
| Tier 2 capital 4 | 993 | 1,017 | 961 | (2) | |||||
| Total eligible capital 4 | 60,432 | 59,067 | 56,620 | 2 | |||||
| Risk-weighted assets by risk type (CHF million) | |||||||||
| Credit risk | 194,262 | 216,577 | 198,704 | (10) | |||||
| Market risk | 19,868 | 21,934 | 18,317 | (9) | |||||
| Operational risk | 68,449 | 63,511 | 58,655 | 8 | |||||
| Risk-weighted assets | 282,579 | 302,022 | 275,676 | (6) | |||||
|
1
Includes certain adjustments, such as a cumulative dividend accrual.
|
|||||||||
|
2
Includes certain deductions, such as goodwill, other intangible assets and certain deferred tax assets.
|
|||||||||
|
3
Consists of high-trigger and low-trigger capital instruments. Of this amount, CHF 11.6 billion consists of capital instruments with a capital ratio write-down trigger of 7% and CHF 3.7 billion consists of capital instruments with a capital ratio write-down trigger of 5.125%.
|
|||||||||
|
4
Amounts are shown on a look-through basis. Certain tier 2 instruments are subject to phase out through 2022. As of 2Q21, 1Q21 and 4Q20, total eligible capital was CHF 60,684 million, CHF 59,325 million and CHF 56,893 million, including CHF 252 million, CHF 258 million and CHF 273 million of such instruments and the total capital ratio was 21.5%, 19.6% and 20.6%, respectively.
|
|||||||||
| Leverage exposure components – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Leverage exposure (CHF million) | |||||||||
| Total assets | 800,120 | 855,597 | 809,688 | (6) | |||||
| Adjustments | |||||||||
| Difference in scope of consolidation and tier 1 capital deductions 1 | (13,749) | (13,963) | (14,079) | (2) | |||||
| Derivative financial instruments | 65,995 | 76,121 | 68,651 | (13) | |||||
| Securities financing transactions | (30,145) | (43,306) | (39,004) | (30) | |||||
| Off-balance sheet exposures | 97,762 | 98,013 | 88,948 | 0 | |||||
| Other | 2,748 | 2,568 | (121,342) | 2 | 7 | ||||
| Total adjustments | 122,611 | 119,433 | (16,826) | 3 | |||||
| Leverage exposure | 922,731 | 975,030 | 792,862 | (5) | |||||
|
1
Includes adjustments for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the scope of regulatory consolidation and tier 1 capital deductions related to balance sheet assets.
|
|||||||||
|
2
Includes cash held at central banks of CHF 124,218 million, after adjusting for the dividend paid in 2020.
|
|||||||||
| BIS leverage metrics – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Capital and leverage exposure (CHF million) | |||||||||
| CET1 capital | 44,162 | 42,550 | 40,701 | 4 | |||||
| Tier 1 capital | 59,439 | 58,050 | 55,659 | 2 | |||||
| Leverage exposure | 922,731 | 975,030 | 792,862 | 1 | (5) | ||||
| Leverage ratios (%) | |||||||||
| CET1 leverage ratio | 4.8 | 4.4 | 5.1 | – | |||||
| Tier 1 leverage ratio | 6.4 | 6.0 | 7.0 | – | |||||
|
1
Leverage exposure excluded CHF 124,218 million of cash held at central banks, after adjusting for the dividend paid in 2020.
|
|||||||||
| Swiss capital metrics – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital and risk-weighted assets (CHF million) | |||||||||
| Swiss CET1 capital | 44,158 | 42,545 | 40,691 | 4 | |||||
| Going concern capital | 59,435 | 58,045 | 55,648 | 2 | |||||
| Gone concern capital | 46,577 | 47,085 | 41,857 | (1) | |||||
| Total loss-absorbing capacity | 106,012 | 105,130 | 97,505 | 1 | |||||
| Swiss risk-weighted assets | 283,256 | 302,522 | 276,157 | (6) | |||||
| Swiss capital ratios (%) | |||||||||
| Swiss CET1 ratio | 15.6 | 14.1 | 14.7 | – | |||||
| Going concern capital ratio | 21.0 | 19.2 | 20.2 | – | |||||
| Gone concern capital ratio | 16.4 | 15.6 | 15.2 | – | |||||
| TLAC ratio | 37.4 | 34.8 | 35.3 | – | |||||
|
Rounding differences may occur.
|
|||||||||
| Swiss capital and risk-weighted assets – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital (CHF million) | |||||||||
| CET1 capital – BIS | 44,162 | 42,550 | 40,701 | 4 | |||||
| Swiss regulatory adjustments 1 | (4) | (5) | (10) | (20) | |||||
| Swiss CET1 capital | 44,158 | 42,545 | 40,691 | 4 | |||||
| Additional tier 1 high-trigger capital instruments | 11,606 | 11,765 | 11,408 | (1) | |||||
| Grandfathered additional tier 1 low-trigger capital instruments | 3,671 | 3,735 | 3,549 | (2) | |||||
| Swiss additional tier 1 capital | 15,277 | 15,500 | 14,957 | (1) | |||||
| Going concern capital | 59,435 | 58,045 | 55,648 | 2 | |||||
| Bail-in debt instruments | 44,093 | 44,542 | 39,455 | (1) | |||||
| Tier 2 low-trigger capital instruments | 994 | 1,018 | 961 | (2) | |||||
| Tier 2 amortization component | 1,490 | 1,525 | 1,441 | (2) | |||||
| Gone concern capital 2 | 46,577 | 47,085 | 41,857 | (1) | |||||
| Total loss-absorbing capacity | 106,012 | 105,130 | 97,505 | 1 | |||||
| Risk-weighted assets (CHF million) | |||||||||
| Risk-weighted assets – BIS | 282,579 | 302,022 | 275,676 | (6) | |||||
| Swiss regulatory adjustments 3 | 677 | 500 | 481 | 35 | |||||
| Swiss risk-weighted assets | 283,256 | 302,522 | 276,157 | (6) | |||||
|
1
Includes adjustments for certain unrealized gains outside the trading book.
|
|||||||||
|
2
Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2Q21, 1Q21 and 4Q20, gone concern capital was CHF 46,840 million, CHF 47,354 million and CHF 42,203 million, including CHF 263 million, CHF 269 million and CHF 346 million of such instruments.
|
|||||||||
|
3
Primarily includes differences in the credit risk multiplier.
|
|||||||||
| Swiss leverage metrics – Bank | |||||||||
| % change | |||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | |||||
| Swiss capital and leverage exposure (CHF million) | |||||||||
| Swiss CET1 capital | 44,158 | 42,545 | 40,691 | 4 | |||||
| Going concern capital | 59,435 | 58,045 | 55,648 | 2 | |||||
| Gone concern capital | 46,577 | 47,085 | 41,857 | (1) | |||||
| Total loss-absorbing capacity | 106,012 | 105,130 | 97,505 | 1 | |||||
| Leverage exposure | 922,731 | 975,030 | 792,862 | (5) | |||||
| Swiss leverage ratios (%) | |||||||||
| Swiss CET1 leverage ratio | 4.8 | 4.4 | 5.1 | – | |||||
| Going concern leverage ratio | 6.4 | 6.0 | 7.0 | – | |||||
| Gone concern leverage ratio | 5.0 | 4.8 | 5.3 | 1 | – | ||||
| TLAC leverage ratio | 11.5 | 10.8 | 12.3 | – | |||||
|
1
The gone concern ratio would have been 4.6%, if calculated using a leverage exposure of CHF 917,080 million, without the temporary exclusion of cash held at central banks, after adjusting for the dividend paid in 2020, of CHF 124,218 million.
|
|||||||||
| Shareholders' equity and share metrics | |||||||||
|
end of |
2Q21 |
1Q21 |
4Q20 |
% change QoQ |
|||||
| Shareholders' equity (CHF million) | |||||||||
| Common shares | 106 | 98 | 98 | 8 | |||||
| Additional paid-in capital | 34,633 | 33,523 | 33,323 | 3 | |||||
| Retained earnings | 32,715 | 32,582 | 32,834 | 0 | |||||
| Treasury shares, at cost | (2,177) | (946) | (428) | 130 | |||||
| Accumulated other comprehensive income/(loss) | (21,697) | (20,667) | (23,150) | 5 | |||||
| Total shareholders' equity | 43,580 | 44,590 | 42,677 | (2) | |||||
| Goodwill | (4,588) | (4,644) | (4,426) | (1) | |||||
| Other intangible assets | (245) | (239) | (237) | 3 | |||||
| Tangible shareholders' equity 1 | 38,747 | 39,707 | 38,014 | (2) | |||||
| Shares outstanding (million) | |||||||||
| Common shares issued | 2,650.7 | 2,447.7 | 2,447.7 | 8 | |||||
| Treasury shares | (239.4) | (83.7) | (41.6) | 186 | |||||
| Shares outstanding | 2,411.3 | 2,364.0 | 2,406.1 | 2 | |||||
| Par value (CHF) | |||||||||
| Par value | 0.04 | 0.04 | 0.04 | 0 | |||||
| Book value per share (CHF) | |||||||||
| Book value per share | 18.07 | 18.86 | 17.74 | (4) | |||||
| Goodwill per share | (1.90) | (1.96) | (1.84) | (3) | |||||
| Other intangible assets per share | (0.10) | (0.10) | (0.10) | 0 | |||||
| Tangible book value per share 1 | 16.07 | 16.80 | 15.80 | (4) | |||||
|
1
Management believes that tangible shareholders' equity and tangible book value per share, both non-GAAP financial measures, are meaningful as they are measures used and relied upon by industry analysts and investors to assess valuations and capital adequacy.
|
|||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Mortgages | 105,954 | 4,627 | 1,623 | 0 | 0 | 19 | 112,223 | ||||||||
| Loans collateralized by securities | 7,694 | 20,791 | 24,487 | 0 | 1,569 | 32 | 54,573 | ||||||||
| Consumer finance | 5,864 | 478 | 42 | 16 | 103 | 64 | 6,567 | ||||||||
| Consumer | 119,512 | 25,896 | 26,152 | 16 | 1,672 | 115 | 173,363 | ||||||||
| Real estate | 24,675 | 1,353 | 2,846 | 0 | 581 | 9 | 29,464 | ||||||||
| Commercial and industrial loans | 31,579 | 26,520 | 8,690 | 0 | 6,316 | 818 | 73,923 | ||||||||
| Financial institutions | 3,801 | 1,469 | 3,081 | 9 | 12,383 | 273 | 21,016 | ||||||||
| Governments and public institutions | 768 | 450 | 451 | 0 | 1,757 | 158 | 3,584 | ||||||||
| Corporate & institutional | 60,823 | 29,792 | 15,068 | 9 | 21,037 | 1,258 | 127,987 | ||||||||
| Gross loans | 180,335 | 55,688 | 41,220 | 25 | 22,709 | 1,373 | 301,350 | ||||||||
| of which held at fair value | 33 | 0 | 2,501 | 0 | 7,995 | 572 | 11,101 | ||||||||
| Net (unearned income) / deferred expenses | 104 | (106) | (31) | 0 | (62) | 1 | (94) | ||||||||
| Allowance for credit losses 1 | (659) | (318) | (243) | 0 | (163) | (29) | (1,412) | ||||||||
| Net loans | 179,780 | 55,264 | 40,946 | 25 | 22,484 | 1,345 | 299,844 | ||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Mortgages | 106,176 | 3,829 | 1,653 | 0 | 0 | 20 | 111,678 | ||||||||
| Loans collateralized by securities | 7,983 | 20,546 | 26,135 | 0 | 1,585 | 32 | 56,281 | ||||||||
| Consumer finance | 4,931 | 776 | 14 | 15 | 88 | 65 | 5,889 | ||||||||
| Consumer | 119,090 | 25,151 | 27,802 | 15 | 1,673 | 117 | 173,848 | ||||||||
| Real estate | 24,837 | 1,990 | 2,848 | 0 | 636 | 9 | 30,320 | ||||||||
| Commercial and industrial loans | 32,424 | 26,516 | 9,623 | 0 | 7,125 | 840 | 76,528 | ||||||||
| Financial institutions | 3,749 | 1,960 | 3,214 | 14 | 12,129 | 287 | 21,353 | ||||||||
| Governments and public institutions | 788 | 431 | 455 | 0 | 1,935 | 161 | 3,770 | ||||||||
| Corporate & institutional | 61,798 | 30,897 | 16,140 | 14 | 21,825 | 1,297 | 131,971 | ||||||||
| Gross loans | 180,888 | 56,048 | 43,942 | 29 | 23,498 | 1,414 | 305,819 | ||||||||
| of which held at fair value | 33 | 62 | 2,562 | 0 | 8,579 | 591 | 11,827 | ||||||||
| Net (unearned income) / deferred expenses | 109 | (108) | (38) | 0 | (68) | 1 | (104) | ||||||||
| Allowance for credit losses 1 | (690) | (364) | (233) | 0 | (211) | (29) | (1,527) | ||||||||
| Net loans | 180,307 | 55,576 | 43,671 | 29 | 23,219 | 1,386 | 304,188 | ||||||||
| 4Q20 (CHF million) | |||||||||||||||
| Mortgages | 106,071 | 3,653 | 1,520 | 0 | 0 | 26 | 111,270 | ||||||||
| Loans collateralized by securities | 6,960 | 19,900 | 23,324 | 0 | 1,574 | 31 | 51,789 | ||||||||
| Consumer finance | 4,336 | 400 | 4 | 14 | 62 | 72 | 4,888 | ||||||||
| Consumer | 117,367 | 23,953 | 24,848 | 14 | 1,636 | 129 | 167,947 | ||||||||
| Real estate | 24,122 | 1,983 | 2,374 | 0 | 557 | 9 | 29,045 | ||||||||
| Commercial and industrial loans | 31,458 | 24,848 | 8,629 | 0 | 8,292 | 870 | 74,097 | ||||||||
| Financial institutions | 3,176 | 1,768 | 2,528 | 8 | 11,320 | 272 | 19,072 | ||||||||
| Governments and public institutions | 768 | 64 | 472 | 0 | 1,923 | 151 | 3,378 | ||||||||
| Corporate & institutional | 59,524 | 28,663 | 14,003 | 8 | 22,092 | 1,302 | 125,592 | ||||||||
| Gross loans | 176,891 | 52,616 | 38,851 | 22 | 23,728 | 1,431 | 293,539 | ||||||||
| of which held at fair value | 25 | 62 | 2,446 | 0 | 8,316 | 559 | 11,408 | ||||||||
| Net (unearned income) / deferred expenses | 104 | (104) | (27) | 0 | (69) | 1 | (95) | ||||||||
| Allowance for credit losses 1 | (663) | (345) | (199) | 0 | (300) | (29) | (1,536) | ||||||||
| Net loans | 176,332 | 52,167 | 38,625 | 22 | 23,359 | 1,403 | 291,908 | ||||||||
|
1
Allowance for credit losses is only based on loans that are not carried at fair value.
|
|||||||||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Gross loans | 180,335 | 55,688 | 41,220 | 25 | 22,709 | 1,373 | 301,350 | ||||||||
| Collateralized loans | 163,458 | 52,795 | 34,931 | 0 | 9,165 | 109 | 260,458 | ||||||||
| of which consumer 1 | 113,648 | 25,418 | 26,110 | 0 | 1,569 | 51 | 166,796 | ||||||||
| of which mortgages | 105,954 | 4,627 | 1,623 | 0 | 0 | 19 | 112,223 | ||||||||
| of which loans collateralized by securities | 7,694 | 20,791 | 24,487 | 0 | 1,569 | 32 | 54,573 | ||||||||
| of which corporate & institutional 2 | 49,810 | 27,377 | 8,821 | 0 | 7,596 | 58 | 93,662 | ||||||||
| of which secured by mortgages | 34,196 | 2,030 | 168 | 0 | 202 | 0 | 36,596 | ||||||||
| of which secured by financial and other collateral | 15,614 | 25,347 | 8,653 | 0 | 7,394 | 58 | 57,066 | ||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Gross loans | 180,888 | 56,048 | 43,942 | 29 | 23,498 | 1,414 | 305,819 | ||||||||
| Collateralized loans | 163,746 | 52,719 | 36,840 | 0 | 9,950 | 112 | 263,367 | ||||||||
| of which consumer 1 | 114,159 | 24,375 | 27,788 | 0 | 1,585 | 52 | 167,959 | ||||||||
| of which mortgages | 106,176 | 3,829 | 1,653 | 0 | 0 | 20 | 111,678 | ||||||||
| of which loans collateralized by securities | 7,983 | 20,546 | 26,135 | 0 | 1,585 | 32 | 56,281 | ||||||||
| of which corporate & institutional 2 | 49,587 | 28,344 | 9,052 | 0 | 8,365 | 60 | 95,408 | ||||||||
| of which secured by mortgages | 34,090 | 2,924 | 162 | 0 | 217 | 0 | 37,393 | ||||||||
| of which secured by financial and other collateral | 15,497 | 25,420 | 8,890 | 0 | 8,148 | 60 | 58,015 | ||||||||
| 4Q20 (CHF million) | |||||||||||||||
| Gross loans | 176,891 | 52,616 | 38,851 | 22 | 23,728 | 1,431 | 293,539 | ||||||||
| Collateralized loans | 161,405 | 50,024 | 33,183 | 0 | 9,653 | 115 | 254,380 | ||||||||
| of which consumer 1 | 113,031 | 23,553 | 24,844 | 0 | 1,574 | 57 | 163,059 | ||||||||
| of which mortgages | 106,071 | 3,653 | 1,520 | 0 | 0 | 26 | 111,270 | ||||||||
| of which loans collateralized by securities | 6,960 | 19,900 | 23,324 | 0 | 1,574 | 31 | 51,789 | ||||||||
| of which corporate & institutional 2 | 48,374 | 26,471 | 8,339 | 0 | 8,079 | 58 | 91,321 | ||||||||
| of which secured by mortgages | 33,756 | 2,780 | 159 | 0 | 249 | 0 | 36,944 | ||||||||
| of which secured by financial and other collateral | 14,618 | 23,691 | 8,180 | 0 | 7,830 | 58 | 54,377 | ||||||||
|
1
Reflects the gross carrying value of the consumer loan classes "Mortgages" and "Loans collateralized by securities", before allowance for credit losses.
|
|||||||||||||||
|
2
Reflects the value of mortgages and financial and other collateral related to secured corporate & institutional loans, considered up to the amount of the related loans.
|
|||||||||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Non-performing loans | 517 | 762 | 503 | 0 | 66 | 48 | 1,896 | ||||||||
| Non-interest-earning loans | 270 | 79 | 1 | 0 | 0 | 33 | 383 | ||||||||
| Non-accrual loans | 787 | 841 | 504 | 0 | 66 | 81 | 2,279 | ||||||||
| Restructured loans | 133 | 62 | 222 | 0 | 54 | 0 | 471 | ||||||||
| Potential problem loans | 223 | 74 | 0 | 0 | 109 | 0 | 406 | ||||||||
| Other impaired loans | 356 | 136 | 222 | 0 | 163 | 0 | 877 | ||||||||
| Gross impaired loans 1 | 1,143 | 977 | 2 | 726 | 0 | 229 | 81 | 3,156 | |||||||
| of which loans with a specific allowance | 997 | 658 | 726 | 0 | 228 | 79 | 2,688 | ||||||||
| of which loans without a specific allowance | 146 | 319 | 0 | 0 | 1 | 2 | 468 | ||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Non-performing loans | 414 | 738 | 484 | 0 | 125 | 48 | 1,809 | ||||||||
| Non-interest-earning loans | 267 | 79 | 0 | 0 | 0 | 34 | 380 | ||||||||
| Non-accrual loans | 681 | 817 | 484 | 0 | 125 | 82 | 2,189 | ||||||||
| Restructured loans | 119 | 63 | 224 | 0 | 66 | 0 | 472 | ||||||||
| Potential problem loans | 247 | 131 | 0 | 0 | 134 | 0 | 512 | ||||||||
| Other impaired loans | 366 | 194 | 224 | 0 | 200 | 0 | 984 | ||||||||
| Gross impaired loans 1 | 1,047 | 1,011 | 2 | 708 | 0 | 325 | 82 | 3,173 | |||||||
| of which loans with a specific allowance | 935 | 651 | 708 | 0 | 310 | 80 | 2,684 | ||||||||
| of which loans without a specific allowance | 112 | 360 | 0 | 0 | 15 | 2 | 489 | ||||||||
| 4Q20 (CHF million) | |||||||||||||||
| Non-performing loans | 406 | 692 | 312 | 0 | 210 | 46 | 1,666 | ||||||||
| Non-interest-earning loans | 258 | 81 | 0 | 0 | 0 | 36 | 375 | ||||||||
| Non-accrual loans | 664 | 773 | 312 | 0 | 210 | 82 | 2,041 | ||||||||
| Restructured loans | 39 | 60 | 150 | 0 | 56 | 8 | 313 | ||||||||
| Potential problem loans | 324 | 101 | 219 | 0 | 199 | 0 | 843 | ||||||||
| Other impaired loans | 363 | 161 | 369 | 0 | 255 | 8 | 1,156 | ||||||||
| Gross impaired loans 1 | 1,027 | 934 | 2 | 681 | 0 | 465 | 90 | 3,197 | |||||||
| of which loans with a specific allowance | 908 | 576 | 681 | 0 | 465 | 80 | 2,710 | ||||||||
| of which loans without a specific allowance | 119 | 358 | 0 | 0 | 0 | 10 | 487 | ||||||||
|
1
Impaired loans are only based on loans that are not carried at fair value.
|
|||||||||||||||
|
2
Includes gross impaired loans of CHF 72 million, CHF 71 million and CHF 76 million as of the end of 2Q21, 1Q21 and 4Q20, respectively, which are mostly secured by guarantees provided by investment-grade export credit agencies.
|
|||||||||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Balance at beginning of period 1 | 690 | 364 | 233 | 0 | 211 | 29 | 1,527 | ||||||||
| of which individually evaluated | 457 | 155 | 174 | 0 | 54 | 27 | 867 | ||||||||
| of which collectively evaluated | 233 | 209 | 59 | 0 | 157 | 2 | 660 | ||||||||
| Current-period provision for expected credit losses | 7 | (13) | 17 | 0 | (24) | 0 | (13) | ||||||||
| of which provisions for interest | 3 | 5 | 8 | 0 | (1) | 0 | 15 | ||||||||
| Gross write-offs | (42) | (27) | 0 | 0 | (21) | 0 | (90) | ||||||||
| Recoveries | 2 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||
| Net write-offs | (40) | (27) | 0 | 0 | (21) | 0 | (88) | ||||||||
| Foreign currency translation impact and other adjustments, net | 2 | (6) | (7) | 0 | (3) | 0 | (14) | ||||||||
| Balance at end of period 1 | 659 | 318 | 243 | 0 | 163 | 29 | 1,412 | ||||||||
| of which individually evaluated | 448 | 154 | 197 | 0 | 42 | 28 | 869 | ||||||||
| of which collectively evaluated | 211 | 164 | 46 | 0 | 121 | 1 | 543 | ||||||||
| 6M21 (CHF million) | |||||||||||||||
| Balance at beginning of period 1 | 663 | 345 | 199 | 0 | 300 | 29 | 1,536 | ||||||||
| of which individually evaluated for impairment | 440 | 141 | 153 | 0 | 106 | 26 | 866 | ||||||||
| of which collectively evaluated for impairment | 223 | 204 | 46 | 0 | 194 | 3 | 670 | ||||||||
| Current-period provision for expected credit losses | 35 | (9) | 40 | 0 | (100) | (2) | (36) | ||||||||
| of which provisions for interest | 4 | 9 | 8 | 0 | (5) | 0 | 16 | ||||||||
| Gross write-offs | (59) | (30) | 0 | 0 | (38) | (1) | (128) | ||||||||
| Recoveries | 4 | 0 | 0 | 0 | 0 | 0 | 4 | ||||||||
| Net write-offs | (55) | (30) | 0 | 0 | (38) | (1) | (124) | ||||||||
| Foreign currency translation impact and other adjustments, net | 16 | 12 | 4 | 0 | 1 | 3 | 36 | ||||||||
| Balance at end of period 1 | 659 | 318 | 243 | 0 | 163 | 29 | 1,412 | ||||||||
| of which individually evaluated | 448 | 154 | 197 | 0 | 42 | 28 | 869 | ||||||||
| of which collectively evaluated | 211 | 164 | 46 | 0 | 121 | 1 | 543 | ||||||||
|
1
Allowance for credit losses is only based on loans that are not carried at fair value.
|
|||||||||||||||
|
end of |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Credit Suisse |
||||||||
| 2Q21 (%) | |||||||||||||||
| Non-accrual loans / Gross loans | 0.4 | 1.5 | 1.3 | 0.0 | 0.4 | 10.1 | 0.8 | ||||||||
| Gross impaired loans / Gross loans | 0.6 | 1.8 | 1.9 | 0.0 | 1.6 | 10.1 | 1.1 | ||||||||
| Allowance for credit losses / Gross loans | 0.4 | 0.6 | 0.6 | 0.0 | 1.1 | 3.6 | 0.5 | ||||||||
| Specific allowance for credit losses / Gross impaired loans | 39.2 | 15.8 | 27.1 | – | 18.3 | 34.6 | 27.5 | ||||||||
| 1Q21 (%) | |||||||||||||||
| Non-accrual loans / Gross loans | 0.4 | 1.5 | 1.2 | 0.0 | 0.8 | 10.0 | 0.7 | ||||||||
| Gross impaired loans / Gross loans | 0.6 | 1.8 | 1.7 | 0.0 | 2.2 | 10.0 | 1.1 | ||||||||
| Allowance for credit losses / Gross loans | 0.4 | 0.7 | 0.6 | 0.0 | 1.4 | 3.5 | 0.5 | ||||||||
| Specific allowance for credit losses / Gross impaired loans | 43.6 | 15.3 | 24.6 | – | 16.6 | 32.9 | 27.3 | ||||||||
| 4Q20 (%) | |||||||||||||||
| Non-accrual loans / Gross loans | 0.4 | 1.5 | 0.9 | 0.0 | 1.4 | 9.4 | 0.7 | ||||||||
| Gross impaired loans / Gross loans | 0.6 | 1.8 | 1.9 | 0.0 | 3.0 | 10.3 | 1.1 | ||||||||
| Allowance for credit losses / Gross loans | 0.4 | 0.7 | 0.5 | 0.0 | 1.9 | 3.3 | 0.5 | ||||||||
| Specific allowance for credit losses / Gross impaired loans | 42.8 | 15.1 | 22.5 | – | 22.8 | 28.9 | 27.1 | ||||||||
|
Gross loans and gross impaired loans exclude loans carried at fair value and the allowance for credit losses is only based on loans that are not carried at fair value.
|
|||||||||||||||
|
in / end of |
Interest rate |
Credit spread |
Foreign exchange |
Commodity |
Equity |
Diversi- fication benefit |
1 |
Total |
|||||||
| CHF million | |||||||||||||||
| 2Q21 | |||||||||||||||
| Average | 19 | 64 | 33 | 3 | 33 | (91) | 61 | ||||||||
| Minimum | 13 | 57 | 28 | 3 | 27 | – | 2 | 53 | |||||||
| Maximum | 26 | 77 | 38 | 4 | 38 | – | 2 | 66 | |||||||
| End of period | 17 | 57 | 31 | 3 | 30 | (84) | 54 | ||||||||
| 1Q21 | |||||||||||||||
| Average | 14 | 71 | 33 | 2 | 31 | (91) | 60 | ||||||||
| Minimum | 12 | 65 | 26 | 2 | 24 | – | 2 | 53 | |||||||
| Maximum | 15 | 76 | 37 | 4 | 36 | – | 2 | 70 | |||||||
| End of period | 13 | 76 | 36 | 3 | 35 | (97) | 66 | ||||||||
| 4Q20 | |||||||||||||||
| Average | 15 | 73 | 33 | 2 | 29 | (92) | 60 | ||||||||
| Minimum | 13 | 69 | 29 | 2 | 21 | – | 2 | 51 | |||||||
| Maximum | 18 | 80 | 38 | 3 | 32 | – | 2 | 66 | |||||||
| End of period | 13 | 70 | 36 | 2 | 32 | (93) | 60 | ||||||||
| USD million | |||||||||||||||
| 2Q21 | |||||||||||||||
| Average | 21 | 70 | 37 | 3 | 36 | (100) | 67 | ||||||||
| Minimum | 14 | 61 | 31 | 3 | 29 | – | 2 | 57 | |||||||
| Maximum | 29 | 81 | 41 | 4 | 41 | – | 2 | 73 | |||||||
| End of period | 18 | 61 | 33 | 3 | 32 | (89) | 58 | ||||||||
| 1Q21 | |||||||||||||||
| Average | 15 | 78 | 37 | 3 | 35 | (101) | 67 | ||||||||
| Minimum | 13 | 73 | 29 | 2 | 27 | – | 2 | 60 | |||||||
| Maximum | 17 | 83 | 41 | 5 | 39 | – | 2 | 74 | |||||||
| End of period | 14 | 81 | 38 | 3 | 37 | (103) | 70 | ||||||||
| 4Q20 | |||||||||||||||
| Average | 17 | 81 | 37 | 2 | 32 | (102) | 67 | ||||||||
| Minimum | 14 | 76 | 32 | 2 | 23 | – | 2 | 56 | |||||||
| Maximum | 19 | 87 | 43 | 3 | 36 | – | 2 | 72 | |||||||
| End of period | 14 | 79 | 41 | 2 | 36 | (104) | 68 | ||||||||
|
Excludes risks associated with counterparty and own credit exposures. Risk management VaR measures traded market risk and generally includes the trading book positions, banking book positions held at fair value and foreign exchange and commodity risk from banking book positions.
|
|||||||||||||||
|
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.
|
|||||||||||||||
|
in |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Corporate Center |
Diversi- fication benefit |
1 |
Credit Suisse |
||||||||
| CHF million | |||||||||||||||||
| 2Q21 | 0 | 1 | 13 | 4 | 56 | 3 | (16) | 61 | |||||||||
| 1Q21 2 | 0 | 1 | 13 | 3 | 57 | 3 | (17) | 60 | |||||||||
| 4Q20 2 | 0 | 1 | 18 | 4 | 56 | 4 | (23) | 60 | |||||||||
| USD million | |||||||||||||||||
| 2Q21 | 0 | 1 | 14 | 5 | 62 | 3 | (18) | 67 | |||||||||
| 1Q21 2 | 0 | 1 | 14 | 3 | 63 | 4 | (18) | 67 | |||||||||
| 4Q20 2 | 0 | 2 | 20 | 5 | 62 | 4 | (26) | 67 | |||||||||
|
Excludes risks associated with counterparty and own credit exposures. Risk management VaR measures traded market risk and generally includes the trading book positions, banking book positions held at fair value and foreign exchange and commodity risk from banking book positions.
|
|||||||||||||||||
|
1
Difference between the sum of the standalone VaR for each division and the VaR for the Group.
|
|||||||||||||||||
|
2
The restatement of divisional historical average risk management VaR under the new organization required certain additional assumptions, which will not be required for future periods.
|
|||||||||||||||||
| % change | |||||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | QoQ | Ytd | ||||||
| Assets (CHF million) | |||||||||||
| Cash and due from banks | 146,358 | 133,285 | 139,112 | 10 | 5 | ||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 94,645 | 91,121 | 79,133 | 4 | 20 | ||||||
| Trading assets | 130,505 | 157,139 | 157,338 | (17) | (17) | ||||||
| Net loans | 299,844 | 304,188 | 291,908 | (1) | 3 | ||||||
| Brokerage receivables | 33,072 | 47,682 | 35,941 | (31) | (8) | ||||||
| All other assets | 92,375 | 117,980 | 102,390 | (22) | (10) | ||||||
| Total assets | 796,799 | 851,395 | 805,822 | (6) | (1) | ||||||
| Liabilities and equity (CHF million) | |||||||||||
| Due to banks | 20,948 | 19,422 | 16,423 | 8 | 28 | ||||||
| Customer deposits | 397,298 | 406,069 | 390,921 | (2) | 2 | ||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20,924 | 22,853 | 23,851 | (8) | (12) | ||||||
| Trading liabilities | 32,972 | 47,740 | 45,871 | (31) | (28) | ||||||
| Long-term debt | 170,227 | 170,453 | 161,087 | 0 | 6 | ||||||
| Brokerage payables | 20,432 | 26,890 | 21,653 | (24) | (6) | ||||||
| All other liabilities | 90,123 | 113,084 | 103,075 | (20) | (13) | ||||||
| Total liabilities | 752,924 | 806,511 | 762,881 | (7) | (1) | ||||||
| Total shareholders' equity | 43,580 | 44,590 | 42,677 | (2) | 2 | ||||||
| Noncontrolling interests | 295 | 294 | 264 | 0 | 12 | ||||||
| Total equity | 43,875 | 44,884 | 42,941 | (2) | 2 | ||||||
| Total liabilities and equity | 796,799 | 851,395 | 805,822 | (6) | (1) | ||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Consolidated statements of operations (CHF million) | |||||||||||
| Interest and dividend income |
|
|
|
|
|
||||||
| Interest expense |
( |
( |
( |
( |
( |
||||||
| Net interest income |
|
|
|
|
|
||||||
| Commissions and fees |
|
|
|
|
|
||||||
| Trading revenues |
|
|
|
|
|
||||||
| Other revenues |
|
|
|
|
|
||||||
| Net revenues |
|
|
|
|
|
||||||
| Provision for credit losses |
( |
|
|
|
|
||||||
| Compensation and benefits |
|
|
|
|
|
||||||
| General and administrative expenses |
|
|
|
|
|
||||||
| Commission expenses |
|
|
|
|
|
||||||
| Restructuring expenses |
|
|
– |
|
– | ||||||
| Total other operating expenses |
|
|
|
|
|
||||||
| Total operating expenses |
|
|
|
|
|
||||||
| Income/(loss) before taxes |
|
( |
|
|
|
||||||
| Income tax expense/(benefit) |
|
( |
|
|
|
||||||
| Net income/(loss) |
|
( |
|
|
|
||||||
| Net income/(loss) attributable to noncontrolling interests |
( |
|
( |
|
( |
||||||
| Net income/(loss) attributable to shareholders |
|
( |
|
|
|
||||||
| Earnings/(loss) per share (CHF) | |||||||||||
| Basic earnings/(loss) per share |
|
( |
|
|
|
||||||
| Diluted earnings/(loss) per share |
|
( |
|
|
|
||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Comprehensive income/(loss) (CHF million) | |||||||||||
| Net income/(loss) |
|
( |
|
|
|
||||||
| Gains/(losses) on cash flow hedges |
( |
( |
|
( |
|
||||||
| Foreign currency translation |
( |
|
( |
|
( |
||||||
| Unrealized gains/(losses) on securities |
|
|
( |
|
( |
||||||
| Actuarial gains/(losses) |
( |
|
|
|
|
||||||
| Net prior service credit/(cost) |
( |
( |
( |
( |
( |
||||||
| Gains/(losses) on liabilities related to credit risk |
( |
|
( |
|
|
||||||
| Other comprehensive income/(loss), net of tax |
( |
|
( |
|
|
||||||
| Comprehensive income/(loss) |
( |
|
( |
|
|
||||||
| Comprehensive income/(loss) attributable to noncontrolling interests |
( |
|
( |
|
( |
||||||
| Comprehensive income/(loss) attributable to shareholders |
( |
|
( |
|
|
||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Assets (CHF million) | |||||||
| Cash and due from banks |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Interest-bearing deposits with banks |
|
|
|
||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| Securities received as collateral, at fair value |
|
|
|
||||
| of which encumbered |
|
|
|
||||
| Trading assets, at fair value |
|
|
|
||||
| of which encumbered |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Investment securities |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| Other investments |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Net loans |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which encumbered |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| allowance for credit losses |
( |
( |
( |
||||
| Goodwill |
|
|
|
||||
| Other intangible assets |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| Brokerage receivables |
|
|
|
||||
| allowance for credit losses |
( |
( |
( |
||||
| Other assets |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which encumbered |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| of which loans held-for-sale (amortized cost base) |
|
|
|
||||
| allowance for credit losses – other assets held at amortized cost |
( |
( |
( |
||||
| Total assets |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Liabilities and equity (CHF million) | |||||||
| Due to banks |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| Customer deposits |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
||||
| Trading liabilities, at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Short-term borrowings |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Long-term debt |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Brokerage payables |
|
|
|
||||
| Other liabilities |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which reported from consolidated VIEs |
|
|
|
||||
| Total liabilities |
|
|
|
||||
| Common shares |
|
|
|
||||
| Additional paid-in capital |
|
|
|
||||
| Retained earnings |
|
|
|
||||
| Treasury shares, at cost |
( |
( |
( |
||||
| Accumulated other comprehensive income/(loss) |
( |
( |
( |
||||
| Total shareholders' equity |
|
|
|
||||
| Noncontrolling interests |
|
|
|
||||
| Total equity |
|
|
|
||||
| Total liabilities and equity |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Additional share information | |||||||
| Par value (CHF) |
|
|
|
||||
| Authorized shares 1 |
|
|
|
||||
| Common shares issued |
|
|
|
||||
| Treasury shares |
( |
( |
( |
||||
| Shares outstanding |
|
|
|
||||
|
1
|
|||||||
| Attributable to shareholders | |||||||||||||||||
|
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
| 2Q21 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
( |
|
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
( |
( |
( |
( |
|||||||||
| Issuance of common shares |
|
|
– |
( |
3 | – | – | – |
|
||||||||
| Conversion of mandatory convertible notes | – | – | – |
|
– |
|
– |
|
|||||||||
| Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
| Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Dividends paid | – |
( |
4 |
( |
– | – |
( |
( |
( |
||||||||
| Change in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
|
1
|
|||||||||||||||||
|
2
|
|||||||||||||||||
|
3
|
|||||||||||||||||
|
4
|
|||||||||||||||||
| Attributable to shareholders | |||||||||||||||||
|
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
| 1Q21 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
( |
– | – |
( |
|
( |
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
|
|
|||||||||
| Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
| Share-based compensation, net of tax | – |
|
– |
|
– |
|
– |
|
|||||||||
| Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
| 2Q20 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
( |
|
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
( |
( |
– |
( |
|||||||||
| Sale of treasury shares | – |
|
– |
|
– |
|
– |
|
|||||||||
| Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
| Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Dividends paid | – |
( |
( |
– | – |
( |
– |
( |
|||||||||
| Change in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – | – | – | – | – | – |
|
|
|||||||||
| Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Attributable to shareholders | |||||||||||||||||
|
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
||||||||||
| 6M21 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership 1, 2 | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership 2 | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
|
|
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
|
|
|||||||||
| Issuance of common shares |
|
|
– |
( |
3 | – | – | – |
|
||||||||
| Conversion of mandatory convertible notes | – | – | – |
|
– |
|
– |
|
|||||||||
| Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
| Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Dividends paid | – |
( |
4 |
( |
– | – |
( |
( |
( |
||||||||
| Changes in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
| 6M20 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
( |
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
( |
|
|||||||||
| Cumulative effect of accounting changes, net of tax | – | – |
( |
– | – |
( |
– |
( |
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
( |
|
|||||||||
| Sale of treasury shares | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Repurchase of treasury shares | – | – | – |
( |
– |
( |
– |
( |
|||||||||
| Share-based compensation, net of tax | – |
( |
– |
|
– |
|
– |
|
|||||||||
| Dividends paid | – |
( |
( |
– | – |
( |
– |
( |
|||||||||
| Changes in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – |
|
– | – | – |
|
|
|
|||||||||
| Balance at end of period |
|
|
|
( |
( |
|
|
|
|||||||||
|
1
|
|||||||||||||||||
|
2
|
|||||||||||||||||
|
3
|
|||||||||||||||||
|
4
|
|||||||||||||||||
| in | 6M21 | 6M20 | |||
| Operating activities (CHF million) | |||||
| Net income |
|
|
|||
| Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities (CHF million) | |||||
| Impairment, depreciation and amortization |
|
|
|||
| Provision for credit losses |
|
|
|||
| Deferred tax provision/(benefit) |
( |
|
|||
| Valuation adjustments relating to long-term debt |
|
|
|||
| Share of net income/(loss) from equity method investments |
( |
( |
|||
| Trading assets and liabilities, net |
|
|
|||
| (Increase)/decrease in other assets |
( |
( |
|||
| Increase/(decrease) in other liabilities |
( |
|
|||
| Other, net |
( |
|
|||
| Total adjustments |
|
( |
|||
| Net cash provided by/(used in) operating activities |
|
( |
|||
| Investing activities (CHF million) | |||||
| (Increase)/decrease in interest-bearing deposits with banks |
|
( |
|||
| (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
( |
( |
|||
| Purchase of investment securities |
( |
( |
|||
| Proceeds from sale of investment securities |
|
|
|||
| Maturities of investment securities |
|
|
|||
| Investments in subsidiaries and other investments |
( |
( |
|||
| Proceeds from sale of other investments |
|
|
|||
| (Increase)/decrease in loans |
( |
( |
|||
| Proceeds from sales of loans |
|
|
|||
| Capital expenditures for premises and equipment and other intangible assets |
( |
( |
|||
| Proceeds from sale of premises and equipment and other intangible assets |
|
|
|||
| Other, net |
|
|
|||
| Net cash provided by/(used in) investing activities |
( |
( |
|||
| in | 6M21 | 6M20 | |||
| Financing activities (CHF million) | |||||
| Increase/(decrease) in due to banks and customer deposits |
|
|
|||
| Increase/(decrease) in short-term borrowings |
|
( |
|||
| Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
|
|||
| Issuances of long-term debt |
|
|
|||
| Repayments of long-term debt |
( |
( |
|||
| Sale of treasury shares |
|
|
|||
| Repurchase of treasury shares |
( |
( |
|||
| Dividends paid |
( |
( |
|||
| Other, net |
|
|
|||
| Net cash provided by/(used in) financing activities |
|
|
|||
| Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
| Effect of exchange rate changes on cash and due from banks |
|
( |
|||
| Net increase/(decrease) in cash and due from banks (CHF million) | |||||
| Net increase/(decrease) in cash and due from banks |
|
|
|||
| Cash and due from banks at beginning of period 1 |
|
|
|||
| Cash and due from banks at end of period 1 |
|
|
|||
|
1
|
|||||
| in | 6M21 | 6M20 | |||
| Cash paid for income taxes and interest (CHF million) | |||||
| Cash paid for income taxes |
|
|
|||
| Cash paid for interest |
|
|
|||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Net revenues (CHF million) | |||||||||||
| Swiss Universal Bank |
|
|
|
|
|
||||||
| International Wealth Management |
|
|
|
|
|
||||||
| Asia Pacific |
|
|
|
|
|
||||||
| Asset Management |
|
|
|
|
|
||||||
| Investment Bank |
|
|
|
|
|
||||||
| Corporate Center |
( |
|
( |
|
( |
||||||
| Net revenues |
|
|
|
|
|
||||||
| Income/(loss) before taxes (CHF million) | |||||||||||
| Swiss Universal Bank |
|
|
|
|
|
||||||
| International Wealth Management |
|
|
|
|
|
||||||
| Asia Pacific |
|
|
|
|
|
||||||
| Asset Management |
|
|
|
|
|
||||||
| Investment Bank |
( |
( |
|
( |
|
||||||
| Corporate Center |
( |
( |
( |
( |
( |
||||||
| Income/(loss) before taxes |
|
( |
|
|
|
||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Total assets (CHF million) | |||||||
| Swiss Universal Bank |
|
|
|
||||
| International Wealth Management |
|
|
|
||||
| Asia Pacific |
|
|
|
||||
| Asset Management |
|
|
|
||||
| Investment Bank |
|
|
|
||||
| Corporate Center |
|
|
|
||||
| Total assets |
|
|
|
||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Net interest income (CHF million) | |||||||||||
| Loans |
|
|
|
|
|
||||||
| Investment securities |
|
|
|
|
|
||||||
| Trading assets |
|
|
|
|
|
||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
| Other |
|
|
|
|
|
||||||
| Interest and dividend income |
|
|
|
|
|
||||||
| Deposits |
( |
( |
( |
( |
( |
||||||
| Short-term borrowings |
( |
( |
( |
( |
( |
||||||
| Trading liabilities |
( |
( |
( |
( |
( |
||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
( |
( |
( |
||||||
| Long-term debt |
( |
( |
( |
( |
( |
||||||
| Other |
( |
( |
( |
( |
( |
||||||
| Interest expense |
( |
( |
( |
( |
( |
||||||
| Net interest income |
|
|
|
|
|
||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Commissions and fees (CHF million) | |||||||||||
| Lending business |
|
|
|
|
|
||||||
| Investment and portfolio management |
|
|
|
|
|
||||||
| Other securities business |
|
|
|
|
|
||||||
| Fiduciary business |
|
|
|
|
|
||||||
| Underwriting |
|
|
|
|
|
||||||
| Brokerage |
|
|
|
|
|
||||||
| Underwriting and brokerage |
|
|
|
|
|
||||||
| Other services |
|
|
|
|
|
||||||
| Commissions and fees |
|
|
|
|
|
||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Trading revenues (CHF million) | |||||||||||
| Interest rate products |
|
|
|
|
( |
||||||
| Foreign exchange products |
|
|
|
|
|
||||||
| Equity/index-related products |
( |
|
( |
|
( |
||||||
| Credit products |
( |
( |
( |
( |
|
||||||
| Commodity and energy products |
( |
|
|
|
|
||||||
| Other products |
|
( |
|
( |
|
||||||
| Trading revenues |
|
|
|
|
|
||||||
|
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Other revenues (CHF million) | |||||||||||
| Noncontrolling interests without SEI |
|
( |
|
|
|
||||||
| Loans held-for-sale |
( |
( |
|
( |
( |
||||||
| Long-lived assets held-for-sale |
|
( |
|
|
|
||||||
| Equity method investments |
|
|
|
|
|
||||||
| Other investments |
|
|
|
|
|
||||||
| Other |
|
|
|
|
|
||||||
| Other revenues |
|
|
|
|
|
||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Provision for credit losses (CHF million) | |||||||||||
| Loans held at amortized cost |
( |
( |
|
( |
|
||||||
| Other financial assets held at amortized cost |
|
1 |
|
1 |
|
|
1 |
|
|||
| Off-balance sheet credit exposures |
( |
( |
|
( |
|
||||||
| Provision for credit losses |
( |
|
|
|
|
||||||
|
1
Primarily reflects a provision for credit losses of CHF
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Compensation and benefits (CHF million) | |||||||||||
| Salaries and variable compensation |
|
|
|
|
|
||||||
| Social security |
|
|
|
|
|
||||||
| Other 1 |
|
|
|
|
|
||||||
| Compensation and benefits |
|
|
|
|
|
||||||
|
1
Includes pension-related expenses of CHF
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| General and administrative expenses (CHF million) | |||||||||||
| Occupancy expenses |
|
|
|
|
|
||||||
| IT, machinery and equipment |
|
|
|
|
|
||||||
| Provisions and losses |
|
|
|
|
|
||||||
| Travel and entertainment |
|
|
|
|
|
||||||
| Professional services |
|
|
|
|
|
||||||
| Amortization and impairment of other intangible assets |
|
|
|
|
|
||||||
| Other 1 |
|
|
|
|
|
||||||
| General and administrative expenses |
|
|
|
|
|
||||||
|
1
Includes pension-related expenses/(credits) of CHF (
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Restructuring expenses by type (CHF million) | |||||||||||
| Compensation and benefits-related expenses |
|
|
– |
|
– | ||||||
| of which severance expenses |
( |
|
– |
|
– | ||||||
| of which accelerated deferred compensation |
|
|
– |
|
– | ||||||
| General and administrative-related expenses |
|
|
– |
|
– | ||||||
| of which pension expenses |
( |
( |
– |
( |
– | ||||||
| Total restructuring expenses |
|
|
– |
|
– | ||||||
| 2Q21 | 1Q21 | 2Q20 | |||||||||||||||||
|
in |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
||||||||||
| Restructuring liabilities (CHF million) | |||||||||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
– | – | – | ||||||||||
| Net additional charges 1 |
( |
|
|
|
|
|
– | – | – | ||||||||||
| Utilization |
( |
( |
( |
( |
( |
( |
– | – | – | ||||||||||
| Balance at end of period |
|
|
|
|
|
|
– | – | – | ||||||||||
|
1
The following items for which expense accretion was accelerated in 2Q21 and 1Q21 due to the restructuring of the Group are not included in the restructuring liabilities: unsettled share-based compensation of CHF
|
|||||||||||||||||||
| 6M21 | 6M20 | ||||||||||||
|
in |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
|||||||
| Restructuring liabilities (CHF million) | |||||||||||||
| Balance at beginning of period | 50 | 2 | 52 | – | – | – | |||||||
| Net additional charges 1 | 6 | 36 | 42 | – | – | – | |||||||
| Reclassifications | – | – | – | – | – | – | |||||||
| Utilization | (34) | (35) | (69) | – | – | – | |||||||
| Balance at end of period | 22 | 3 | 25 | – | – | – | |||||||
|
1
The following items for which expense accretion was accelerated in 6M21 due to the restructuring of the Group are not included in the restructuring liabilities: unsettled share-based compensation of CHF
|
|||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Basic net income/(loss) attributable to shareholders (CHF million) | |||||||||||
| Net income/(loss) attributable to shareholders for basic earnings per share |
|
( |
|
|
|
||||||
| Available for common shares |
|
( |
|
|
|
||||||
| Available for mandatory convertible notes |
|
– | – | – | – | ||||||
| Net income/(loss) attributable to shareholders for diluted earnings per share |
|
( |
|
|
|
||||||
| Available for common shares |
|
( |
|
|
|
||||||
| Available for mandatory convertible notes |
|
– | – | – | – | ||||||
| Weighted-average shares outstanding (million) | |||||||||||
| For basic earnings per share available for common shares |
|
|
|
|
|
||||||
| Dilutive share options and warrants |
|
|
|
|
|
||||||
| Dilutive share awards |
|
|
|
|
|
||||||
| For diluted earnings per share available for common shares 1 |
|
|
2 |
|
|
|
|||||
| Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible notes |
|
– | – |
|
– | ||||||
| Earnings/(loss) per share available for common shares (CHF) | |||||||||||
| Basic earnings/(loss) per share available for common shares |
|
( |
|
|
|
||||||
| Diluted earnings/(loss) per share available for common shares |
|
( |
|
|
|
||||||
|
1
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were
|
|||||||||||
|
2
Due to the net loss in 1Q21,
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Contracts with customers (CHF million) | |||||||||||
| Investment and portfolio management |
|
|
|
|
|
||||||
| Other securities business |
|
|
|
|
|
||||||
| Underwriting |
|
|
|
|
|
||||||
| Brokerage |
|
|
|
|
|
||||||
| Other services |
|
|
|
|
|
||||||
| Total revenues from contracts with customers |
|
|
|
|
|
||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Contract balances (CHF million) | |||||||
| Contract receivables |
|
|
|
||||
| Contract liabilities |
|
|
|
||||
| Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Trading assets (CHF million) | |||||||
| Debt securities |
|
|
|
||||
| Equity securities |
|
|
|
||||
| Derivative instruments 1 |
|
|
|
||||
| Other |
|
|
|
||||
| Trading assets |
|
|
|
||||
| Trading liabilities (CHF million) | |||||||
| Short positions |
|
|
|
||||
| Derivative instruments 1 |
|
|
|
||||
| Trading liabilities |
|
|
|
||||
|
1
Amounts shown after counterparty and cash collateral netting.
|
|||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Cash collateral on derivatives instruments – netted (CHF million) 1 | |||||||
| Cash collateral paid |
|
|
|
||||
| Cash collateral received |
|
|
|
||||
| Cash collateral on derivatives instruments– not netted (CHF million) 2 | |||||||
| Cash collateral paid |
|
|
|
||||
| Cash collateral received |
|
|
|
||||
|
1
Recorded as cash collateral netting on derivative instruments in Note 24 – Offsetting of financial assets and financial liabilities.
|
|||||||
|
2
Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities.
|
|||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Investment securities (CHF million) | |||||||
| Debt securities available-for-sale |
|
|
|
||||
| Total investment securities |
|
|
|
||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
end of |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||
| Investment securities by type (CHF million) | |||||||||||||||||
| Swiss federal, cantonal or local government entities |
|
|
|
|
|
|
|
|
|||||||||
| Foreign governments |
|
|
|
|
|
|
|
|
|||||||||
| Corporate debt securities |
|
|
|
|
|
|
|
|
|||||||||
| Debt securities available-for-sale |
|
|
|
|
|
|
|
|
|||||||||
| in | 6M21 | 6M20 | |||
| Sales of debt securities available-for-sale (CHF million) | |||||
| Proceeds from sales |
|
|
|||
| Realized gains |
|
|
|||
|
end of |
Amortized cost |
Fair value |
Average yield (in %) |
||||
| 2Q21 (CHF million, except where indicated) | |||||||
| Due within 1 year |
|
|
|
||||
| Due from 1 to 5 years |
|
|
|
||||
| Due from 5 to 10 years |
|
|
|
||||
| Debt securities available-for-sale |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Other investments (CHF million) | |||||||
| Equity method investments |
|
|
|
||||
| Equity securities (without a readily determinable fair value) 1 |
|
|
|
||||
| of which at net asset value |
|
|
|
||||
| of which at measurement alternative |
|
|
|
||||
| of which at fair value |
|
|
|
||||
| of which at cost less impairment |
|
|
|
||||
| Real estate held-for-investment 2 |
|
|
|
||||
| Life finance instruments 3 |
|
|
|
||||
| Total other investments |
|
|
|
||||
|
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee.
|
|||||||
|
2
As of the end of 2Q21, 1Q21 and 4Q20, real estate held for investment included foreclosed or repossessed real estate of CHF
|
|||||||
|
3
Includes single premium immediate annuity contracts.
|
|||||||
| in / end of | 6M21 | Cumulative | 6M20 | ||||
| Impairments and adjustments (CHF million) | |||||||
| Impairments and downward adjustments |
( |
( |
( |
||||
| Upward adjustments |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Loans (CHF million) | |||||||
| Mortgages |
|
|
|
||||
| Loans collateralized by securities |
|
|
|
||||
| Consumer finance |
|
|
|
||||
| Consumer |
|
|
|
||||
| Real estate |
|
|
|
||||
| Commercial and industrial loans |
|
|
|
||||
| Financial institutions |
|
|
|
||||
| Governments and public institutions |
|
|
|
||||
| Corporate & institutional |
|
|
|
||||
| Gross loans |
|
|
|
||||
| of which held at amortized cost |
|
|
|
||||
| of which held at fair value |
|
|
|
||||
| Net (unearned income)/deferred expenses |
( |
( |
( |
||||
| Allowance for credit losses |
( |
( |
( |
||||
| Net loans |
|
|
|
||||
| Gross loans by location (CHF million) | |||||||
| Switzerland |
|
|
|
||||
| Foreign |
|
|
|
||||
| Gross loans |
|
|
|
||||
| Impaired loan portfolio (CHF million) | |||||||
| Non-performing loans |
|
|
|
||||
| Non-interest-earning loans |
|
|
|
||||
| Non-accrual loans |
|
|
|
||||
| Restructured loans |
|
|
|
||||
| Potential problem loans |
|
|
|
||||
| Other impaired loans |
|
|
|
||||
| Gross impaired loans 1 |
|
|
|
||||
|
1
As of the end of 2Q21, 1Q21 and 4Q20, CHF
|
|||||||
| 2Q21 | 4Q20 | ||||||||||||
|
end of |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
|||||
| CHF million | |||||||||||||
| Cash and due from banks |
|
|
|
|
( |
|
|||||||
| Interest-bearing deposits with banks |
|
2 |
|
|
|
4 |
( |
|
|||||
| Securities purchased under resale agreements and securities borrowing transactions |
|
2 |
|
|
|
|
|
||||||
| Loans |
|
2,3 |
( |
|
|
4,5 |
( |
|
|||||
| Brokerage receivables |
|
2 |
( |
|
|
4 |
( |
|
|||||
| Other assets |
|
( |
|
|
( |
|
|||||||
| Total |
|
( |
|
|
( |
|
|||||||
|
1
Net of unearned income/deferred expenses, as applicable.
|
|||||||||||||
|
2
Excludes accrued interest for credit losses in the total amount of CHF
|
|||||||||||||
|
3
Includes endangered interest of CHF
|
|||||||||||||
|
4
Excludes accrued interest for credit losses in the total amount of CHF
|
|||||||||||||
|
5
Includes endangered interest of CHF
|
|||||||||||||
| 2Q21 | 1Q21 | 2Q20 | |||||||||||||||||
|
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||||||
| Allowance for credit losses (CHF million) | |||||||||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|
|
|
||||||||||
| Current-period provision for expected credit losses |
|
( |
( |
|
( |
( |
|
|
|
||||||||||
| of which provisions for interest 1 |
|
|
|
|
|
|
|
|
|
||||||||||
| Gross write-offs |
( |
( |
( |
( |
( |
( |
( |
( |
( |
||||||||||
| Recoveries |
|
|
|
|
|
|
|
|
|
||||||||||
| Net write-offs |
( |
( |
( |
( |
( |
( |
( |
( |
( |
||||||||||
| Foreign currency translation impact and other adjustments, net |
( |
( |
( |
|
|
|
( |
( |
( |
||||||||||
| Balance at end of period |
|
|
|
|
|
|
|
|
|
||||||||||
| of which individually evaluated |
|
|
|
|
|
|
|
|
|
||||||||||
| of which collectively evaluated |
|
|
|
|
|
|
|
|
|
||||||||||
| 6M21 | 6M20 | ||||||||||||
|
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||
| Allowance for credit losses (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Current-period provision for expected credit losses |
|
( |
( |
|
|
|
|||||||
| of which provisions for interest 1 |
|
|
|
|
|
|
|||||||
| Gross write-offs |
( |
( |
( |
( |
( |
( |
|||||||
| Recoveries |
|
|
|
|
|
|
|||||||
| Net write-offs |
( |
( |
( |
( |
( |
( |
|||||||
| Foreign currency translation impact and other adjustments, net |
|
|
|
( |
( |
( |
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
|
1
Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income.
|
|||||||||||||
| 2Q21 | 1Q21 | 2Q20 | |||||||||||||||||
|
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||||
| Loans held at amortized cost (CHF million) | |||||||||||||||||||
| Purchases 1 |
|
|
|
|
|
|
|
|
|
||||||||||
| Reclassifications from loans held-for-sale 2 |
|
|
|
|
|
|
|
|
|
||||||||||
| Reclassifications to loans held-for-sale 3 |
|
|
|
|
|
|
|
|
|
||||||||||
| Sales 3 |
|
|
|
|
|
|
|
|
|
||||||||||
| 6M21 | 6M20 | ||||||||||||
|
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||
| Loans held at amortized cost (CHF million) | |||||||||||||
| Purchases 1 |
|
|
|
|
|
|
|||||||
| Reclassifications from loans held-for-sale 2 |
|
|
|
|
|
|
|||||||
| Reclassifications to loans held-for-sale 3 |
|
|
|
|
|
|
|||||||
| Sales 3 |
|
|
|
|
|
|
|||||||
|
1
Includes drawdowns under purchased loan commitments.
|
|||||||||||||
|
2
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
|
|||||||||||||
|
3
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale.
|
|||||||||||||
| 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | |||||||
| CHF million | |||||||||||
| Balance at beginning of period |
|
|
|
|
|
||||||
| Current-period provision for expected credit losses |
|
|
|
|
|
||||||
| Gross write-offs |
( |
|
( |
( |
( |
||||||
| Recoveries |
|
|
|
|
|
||||||
| Net write-offs |
( |
|
|
( |
( |
||||||
| Foreign currency translation impact and other adjustments, net |
( |
( |
( |
( |
( |
||||||
| Balance at end of period |
|
|
|
|
|
||||||
| of which individually evaluated |
|
|
|
|
|
||||||
| of which collectively evaluated |
|
|
|
|
|
||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| CHF million | |||||||||||||||||
| Mortgages | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Loans collateralized by securities | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans 1 |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Consumer finance | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Consumer – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
|
1
Lombard loans are generally classified as revolving loans.
|
|||||||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| CHF million | |||||||||||||||||
| Real estate | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Commercial and industrial loans | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Financial institutions | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Governments and public institutions | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Corporate & institutional – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| CHF million | |||||||||||||||||
| Loans held at amortized cost – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
1 |
|
|
|
|
1 | |||||||
|
1
Excludes accrued interest on loans held at amortized cost of CHF
|
|||||||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| CHF million | |||||||||||||||||
| Other financial assets held at amortized cost | |||||||||||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term positions |
|
|
|
|
|
|
|
|
|||||||||
| Revolving positions |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
|
Includes primarily mortgage servicing advances and failed purchases.
|
|||||||||||||||||
| Current | Past due | ||||||||||||||
|
end of |
|
Up to 30 days |
31–60 days |
61–90 days |
More than 90 days |
Total |
Total |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
| Consumer finance |
|
|
|
|
|
|
|
||||||||
| Consumer |
|
|
|
|
|
|
|
||||||||
| Real estate |
|
|
|
|
|
|
|
||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
| Financial institutions |
|
|
|
|
|
|
|
||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
| 4Q20 (CHF million) | |||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
| Consumer finance |
|
|
|
|
|
|
|
||||||||
| Consumer |
|
|
|
|
|
|
|
||||||||
| Real estate |
|
|
|
|
|
|
|
||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
| Financial institutions |
|
|
|
|
|
|
|
||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
|
1
Excludes accrued interest on loans held at amortized cost of CHF 363 million and CHF 334 million as of the end of 2Q21 and 4Q20, respectively.
|
|||||||||||||||
| 6M21 | 6M20 | ||||||||||||||||
|
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
||||||||||
| CHF million | |||||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
|
|||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
|
|||||||||
| Consumer finance |
|
|
|
|
|
|
|
|
|||||||||
| Consumer |
|
|
|
|
|
|
|
|
|||||||||
| Real estate |
|
|
|
|
|
|
|
|
|||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
|
|||||||||
| Financial institutions |
|
|
|
|
|
|
|
|
|||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
|
|||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
|
|||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
|
|||||||||
| 2Q21 | 1Q21 | 2Q20 | |||||||||||||||||
|
in |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
||||||||||
| CHF million, except where indicated | |||||||||||||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
|
|
||||||||||
| Real estate |
|
|
|
|
|
|
|
|
|
||||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
|
|
||||||||||
| Financial institutions |
|
|
|
|
|
|
|
|
|
||||||||||
| Total loans |
|
|
|
|
|
|
|
|
|
||||||||||
| 6M21 | 6M20 | ||||||||||||
|
in |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
|||||||
| CHF million, except where indicated | |||||||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|||||||
| Real estate |
|
|
|
|
|
|
|||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|||||||
| Financial institutions |
|
|
|
|
|
|
|||||||
| Total loans |
|
|
|
|
|
|
|||||||
| 2Q21 | 1Q21 | 2Q20 | |||||||||||
|
in |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
|||||||
| CHF million, except where indicated | |||||||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|||||||
| Total loans |
|
|
|
|
|
|
|||||||
| 6M21 | 6M20 | ||||||||
|
in |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
|||||
| CHF million, except where indicated | |||||||||
| Loans collateralized by securities |
|
|
|
|
|||||
| Commercial and industrial loans |
|
|
|
|
|||||
| Total loans |
|
|
|
|
|||||
|
2Q21 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Credit Suisse Group |
1 | ||||||
| Gross amount of goodwill (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Foreign currency translation impact |
( |
( |
( |
( |
( |
( |
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Accumulated impairment (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Net book value (CHF million) | |||||||||||||
| Net book value |
|
|
|
|
|
|
|||||||
| 6M21 | |||||||||||||
| Gross amount of goodwill (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Foreign currency translation impact |
|
|
|
|
|
|
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Accumulated impairment (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Net book value (CHF million) | |||||||||||||
| Net book value |
|
|
|
|
|
|
|||||||
|
1
Gross amount of goodwill and accumulated impairment include CHF
|
|||||||||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Other assets (CHF million) | |||||||
| Cash collateral on derivative instruments |
|
1 |
|
1 |
|
||
| Cash collateral on non-derivative transactions |
|
|
|
||||
| Derivative instruments used for hedging |
|
|
|
||||
| Assets held-for-sale |
|
|
|
||||
| of which loans 2 |
|
|
|
||||
| allowance for loans held-for-sale |
( |
( |
( |
||||
| of which real estate 3 |
|
|
|
||||
| of which long-lived assets |
|
|
|
||||
| Premises, equipment and right-of-use assets |
|
|
|
||||
| Assets held for separate accounts |
|
|
|
||||
| Interest and fees receivable |
|
|
|
||||
| Deferred tax assets |
|
|
|
||||
| Prepaid expenses |
|
|
|
||||
| of which cloud computing arrangement implementation costs |
|
|
|
||||
| Failed purchases |
|
|
|
||||
| Defined benefit pension and post-retirement plan assets |
|
|
|
||||
| Other |
|
|
|
||||
| Other assets |
|
|
|
||||
| Other liabilities (CHF million) | |||||||
| Cash collateral on derivative instruments |
|
|
|
||||
| Cash collateral on non-derivative transactions |
|
|
|
||||
| Derivative instruments used for hedging |
|
|
|
||||
| Operating leases liabilities |
|
|
|
||||
| Provisions |
|
|
|
||||
| of which expected credit losses on off-balance sheet credit exposures |
|
|
|
||||
| Restructuring liabilities |
|
|
|
||||
| Liabilities held for separate accounts |
|
|
|
||||
| Interest and fees payable |
|
|
|
||||
| Current tax liabilities |
|
|
|
||||
| Deferred tax liabilities |
|
|
|
||||
| Failed sales |
|
|
|
||||
| Defined benefit pension and post-retirement plan liabilities |
|
|
|
||||
| Other |
|
|
|
||||
| Other liabilities |
|
|
|
||||
|
1
As of the end of 1Q21, cash collateral on derivative instruments was net of an allowance for credit losses of CHF
|
|||||||
|
2
Included as of the end of 2Q21, 1Q21 and 4Q20 were CHF
|
|||||||
|
3
As of the end of 2Q21, 1Q21 and 4Q20, real estate held-for-sale included foreclosed or repossessed real estate of CHF
|
|||||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Long-term debt (CHF million) | |||||||
| Senior |
|
|
|
||||
| Subordinated |
|
|
|
||||
| Non-recourse liabilities from consolidated VIEs |
|
|
|
||||
| Long-term debt |
|
|
|
||||
| of which reported at fair value |
|
|
|
||||
| of which structured notes |
|
|
|
||||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Structured notes by product (CHF million) | |||||||
| Equity |
|
|
|
||||
| Fixed income |
|
|
|
||||
| Credit |
|
|
|
||||
| Other |
|
|
|
||||
| Total structured notes |
|
|
|
||||
|
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
1 |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Gains/ (losses) on liabilities relating to credit risk |
AOCI |
||||||||
| 2Q21 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
|
( |
( |
||||||||
| Increase/(decrease) |
( |
( |
|
( |
|
( |
( |
||||||||
| Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
( |
|
|
||||||||
| Total increase/(decrease) |
( |
( |
|
( |
( |
( |
( |
||||||||
| Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
| 1Q21 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
|
( |
( |
||||||||
| Increase/(decrease) |
( |
|
|
( |
|
|
|
||||||||
| Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
( |
|
|
||||||||
| Total increase/(decrease) |
( |
|
|
|
( |
|
|
||||||||
| Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
| 2Q20 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
|
|
( |
||||||||
| Increase/(decrease) |
|
( |
( |
|
|
( |
( |
||||||||
| Reclassification adjustments, included in net income/(loss) |
|
|
|
|
( |
|
|
||||||||
| Total increase/(decrease) |
|
( |
( |
|
( |
( |
( |
||||||||
| Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
|
( |
( |
||||||||
| Increase/(decrease) |
( |
|
|
( |
|
( |
|
||||||||
| Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
( |
|
|
||||||||
| Total increase/(decrease) |
( |
|
|
|
( |
|
|
||||||||
| Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
| 6M20 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
|
( |
( |
||||||||
| Increase/(decrease) |
|
( |
( |
|
|
|
|
||||||||
| Reclassification adjustments, included in net income/(loss) |
|
|
|
|
( |
|
|
||||||||
| Total increase/(decrease) |
|
( |
( |
|
( |
|
|
||||||||
| Balance at end of period |
|
( |
|
( |
|
( |
( |
||||||||
|
1
No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2Q21, 1Q21, 2Q20, 6M21 and 6M20.
|
|||||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Reclassification adjustments, included in net income/(loss) (CHF million) | |||||||||||
| Actuarial gains/(losses) | |||||||||||
| Amortization of recognized actuarial losses 1 |
|
|
|
|
|
||||||
| Tax expense/(benefit) |
( |
( |
( |
( |
( |
||||||
| Net of tax |
|
|
|
|
|
||||||
| Net prior service credit/(cost) | |||||||||||
| Amortization of recognized prior service credit/(cost) 1 |
( |
( |
( |
( |
( |
||||||
| Tax expense |
|
|
|
|
|
||||||
| Net of tax |
( |
( |
( |
( |
( |
||||||
|
1
These components are included in the computation of total benefit costs. Refer to "Note 27 – Pension and other post-retirement benefits" for further information.
|
|||||||||||
| 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | |||||||
| Common shares issued | |||||||||||
| Balance at beginning of period |
|
|
|
|
|
||||||
| Issuance of common shares |
|
|
|
|
|
||||||
| Balance at end of period |
|
|
|
|
|
||||||
| Treasury shares | |||||||||||
| Balance at beginning of period |
( |
( |
( |
( |
( |
||||||
| Sale of treasury shares |
|
|
|
|
|
||||||
| Repurchase of treasury shares |
( |
( |
( |
( |
( |
||||||
| Issuance of common shares relating to mandatory convertible notes |
( |
|
|
( |
|
||||||
| Conversion of mandatory convertible notes |
|
|
|
|
|
||||||
| Share-based compensation |
|
|
|
|
|
||||||
| Balance at end of period |
( |
( |
( |
( |
( |
||||||
| Common shares outstanding | |||||||||||
| Balance at end of period |
|
1 |
|
2 |
|
2 |
|
1 |
|
2 | |
|
1
|
|||||||||||
|
2
|
|||||||||||
| 2Q21 | 4Q20 | ||||||||
|
end of |
Derivative assets |
Derivative liabilities |
Derivative assets |
Derivative liabilities |
|||||
| Gross derivatives subject to enforceable master netting agreements (CHF billion) | |||||||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Interest rate products |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Foreign exchange products |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Equity/index-related products |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Credit derivatives |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Other products 1 |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Total gross derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
| Offsetting (CHF billion) | |||||||||
| OTC-cleared |
( |
( |
( |
( |
|||||
| OTC |
( |
( |
( |
( |
|||||
| Exchange-traded |
( |
( |
( |
( |
|||||
| Offsetting |
( |
( |
( |
( |
|||||
| of which counterparty netting |
( |
( |
( |
( |
|||||
| of which cash collateral netting |
( |
( |
( |
( |
|||||
| Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Total net derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
| Total derivatives not subject to enforceable master netting agreements 2 |
|
|
|
|
|||||
| Total net derivatives presented in the consolidated balance sheets |
|
|
|
|
|||||
| of which recorded in trading assets and trading liabilities |
|
|
|
|
|||||
| of which recorded in other assets and other liabilities |
|
|
|
|
|||||
|
1
Primarily precious metals, commodity and energy products.
|
|||||||||
|
2
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||
| 2Q21 | 4Q20 | ||||||||||||
|
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
| Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | |||||||||||||
| Securities purchased under resale agreements |
|
( |
|
|
( |
|
|||||||
| Securities borrowing transactions |
|
( |
|
|
( |
|
|||||||
| Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
| Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
| Total |
|
( |
|
2 |
|
( |
|
2 | |||||
|
1
Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
|
2
CHF
|
|||||||||||||
| 2Q21 | 4Q20 | ||||||||||||
|
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
| Securities sold under repurchase agreements and securities lending transactions (CHF billion) | |||||||||||||
| Securities sold under repurchase agreements |
|
( |
|
|
( |
|
|||||||
| Securities lending transactions |
|
|
|
|
|
|
|||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
| Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
| Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
| Total |
|
( |
|
|
( |
|
|||||||
| of which securities sold under repurchase agreements and securities lending transactions |
|
( |
|
2 |
|
( |
|
2 | |||||
| of which obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
|
1
Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
|
2
CHF
|
|||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
end of |
Net book value |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
Net book value |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
|||||
| Financial assets subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
| Derivatives |
|
|
|
|
|
|
|
|
|||||||||
| Securities purchased under resale agreements |
|
|
|
|
|
|
|
|
|||||||||
| Securities borrowing transactions |
|
|
|
|
|
|
|
|
|||||||||
| Total financial assets subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
| Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
| Derivatives |
|
|
|
|
|
|
|
|
|||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
|
|
|
|||||||||
| Securities lending transactions |
|
|
|
|
|
|
|
|
|||||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|
|
|||||||||
| Total financial liabilities subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
|
1
The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.
|
|||||||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Effective tax rate (%) |
|
|
|
|
|
| in | 2Q21 | ||
| Income tax expense computed at the Swiss statutory tax rate of 18.5% (CHF million) |
|
||
| Increase/(decrease) in income taxes resulting from | |||
| Foreign tax rate differential |
( |
||
| Changes in tax law and rates |
( |
||
| Other non-deductible expenses |
|
||
| Changes in deferred tax valuation allowance |
|
||
| Lower taxed income |
( |
||
| Income taxable to noncontrolling interests |
|
||
| (Windfall tax benefits)/shortfall tax charges on share-based compensation |
|
||
| Other |
|
||
| Income tax expense |
|
| end of | 2Q21 | 1Q21 | |||
| Net deferred tax assets (CHF million) | |||||
| Deferred tax assets |
|
|
|||
| of which net operating losses |
|
|
|||
| of which deductible temporary differences |
|
|
|||
| Deferred tax liabilities |
( |
( |
|||
| Net deferred tax assets |
|
|
|||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | |||||
| Deferred compensation expense (CHF million) | ||||||||||
| Share awards |
|
|
|
|
|
|||||
| Performance share awards |
|
|
|
|
|
|||||
| Contingent Capital Awards |
|
|
|
|
|
|||||
| Deferred cash awards |
|
|
|
|
|
|||||
| Retention awards |
|
|
|
|
|
|||||
| Total deferred compensation expense |
|
|
|
|
|
|||||
| end of | 2Q21 | ||
| Estimated unrecognized compensation expense (CHF million) | |||
| Share awards |
|
||
| Performance share awards |
|
||
| Contingent Capital Awards |
|
||
| Deferred cash awards |
|
||
| Retention Awards |
|
||
| Total |
|
||
| Aggregate remaining weighted-average requisite service period (years) | |||
| Aggregate remaining weighted-average requisite service period |
|
||
| 2Q21 | 6M21 | ||||||||
|
Number of awards (in millions) |
Share awards |
Performance share awards |
Share awards |
Performance share awards |
|||||
| Share-based award activities | |||||||||
| Balance at beginning of period |
|
|
|
|
|||||
| Granted |
|
|
|
|
|||||
| Settled |
( |
( |
( |
( |
|||||
| Forfeited |
( |
( |
( |
( |
|||||
| Balance at end of period |
|
|
|
|
|||||
| of which vested |
|
|
|
|
|||||
| of which unvested |
|
|
|
|
|||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Net periodic benefit costs/(credits) (CHF million) | |||||||||||
| Service costs on benefit obligation |
|
|
|
|
|
||||||
| Interest costs on benefit obligation |
|
|
|
|
|
||||||
| Expected return on plan assets |
( |
( |
( |
( |
( |
||||||
| Amortization of recognized prior service cost/(credit) |
( |
( |
( |
( |
( |
||||||
| Amortization of recognized actuarial losses |
|
|
|
|
|
||||||
| Settlement losses/(gains) |
|
( |
|
( |
|
||||||
| Curtailment losses/(gains) |
|
( |
|
|
|
||||||
| Special termination benefits |
|
|
|
|
|
||||||
| Net periodic benefit costs |
|
|
|
|
|
||||||
|
Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, except for 2Q20 and 6M20, in restructuring expenses.
|
|||||||||||
| Trading | Hedging | 1 | |||||||||||
|
end of 2Q21 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
| Derivative instruments (CHF billion) | |||||||||||||
| Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Interest rate products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Foreign exchange products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Equity/index-related products |
|
|
|
|
|
|
|||||||
| Credit derivatives 2 |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Other products 3 |
|
|
|
|
|
|
|||||||
| Total derivative instruments |
|
|
|
|
|
|
|||||||
|
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
|
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
|
2
Primarily credit default swaps.
|
|||||||||||||
|
3
Primarily precious metals, commodity and energy products.
|
|||||||||||||
| Trading | Hedging | 1 | |||||||||||
|
end of 4Q20 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
| Derivative instruments (CHF billion) | |||||||||||||
| Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Interest rate products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Foreign exchange products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Equity/index-related products |
|
|
|
|
|
|
|||||||
| Credit derivatives 2 |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Other products 3 |
|
|
|
|
|
|
|||||||
| Total derivative instruments |
|
|
|
|
|
|
|||||||
|
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
|
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
|
2
Primarily credit default swaps.
|
|||||||||||||
|
3
Primarily precious metals, commodity and energy products.
|
|||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Interest rate products (CHF million) | |||||||||||
| Hedged items 1 |
( |
|
( |
|
( |
||||||
| Derivatives designated as hedging instruments 1 |
|
( |
|
( |
|
||||||
|
The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table.
|
|||||||||||
|
1
Included in net interest income.
|
|||||||||||
| 2Q21 | 4Q20 | ||||||||||||
| Hedged items | Hedged items | ||||||||||||
|
end of |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 | |||
| Assets (CHF billion) | |||||||||||||
| Investment securities |
|
|
|
|
|
|
|||||||
| Net loans |
|
( |
|
|
|
|
|||||||
| Liabilities (CHF billion) | |||||||||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
|
1
Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount.
|
|||||||||||||
|
2
Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued.
|
|||||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Interest rate products (CHF million) | |||||||||||
| Gains/(losses) recognized in AOCI on derivatives |
( |
( |
|
( |
|
||||||
| Gains/(losses) reclassified from AOCI into interest and dividend income |
|
|
|
|
( |
||||||
| Foreign exchange products (CHF million) | |||||||||||
| Gains/(losses) recognized in AOCI on derivatives |
|
|
( |
|
( |
||||||
| Trading revenues |
|
|
|
|
( |
||||||
| Total other operating expenses |
|
|
( |
|
( |
||||||
| Gains/(losses) reclassified from AOCI into income |
|
|
( |
|
( |
||||||
| Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues |
|
|
|
|
|
1 | |||||
|
1
Related to the forward points of a foreign currency forward.
|
|||||||||||
| in | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | ||||||
| Foreign exchange products (CHF million) | |||||||||||
| Gains/(losses) recognized in the cumulative translation adjustments section of AOCI |
|
( |
( |
( |
|
||||||
| Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues |
|
|
|
|
|
||||||
| 2Q21 | 4Q20 | ||||||||||||||||
|
end of |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
|||||||||
| Contingent credit risk (CHF billion) | |||||||||||||||||
| Current net exposure |
|
|
|
|
|
|
|
|
|||||||||
| Collateral posted |
|
|
– |
|
|
|
– |
|
|||||||||
| Impact of a three-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
|
The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively.
|
|||||||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||||||
|
end of |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
|||||||||
| Single-name instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Total single-name instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Multi-name instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| Non-investment grade |
( |
|
( |
|
3 |
|
( |
|
( |
|
3 |
|
|||||||||
| Total multi-name instruments |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| of which non-sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| Total instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
| Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Total instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
|
1
Represents credit protection purchased with identical underlyings and recoveries.
|
|||||||||||||||||||||
|
2
Based on internal ratings of BBB and above.
|
|||||||||||||||||||||
|
3
Includes synthetic securitized loan portfolios.
|
|||||||||||||||||||||
| end of | 2Q21 | 4Q20 | |||
| Credit derivatives (CHF billion) | |||||
| Credit protection sold |
|
|
|||
| Credit protection purchased |
|
|
|||
| Other protection purchased |
|
|
|||
| Other instruments 1 |
|
|
|||
| Total credit derivatives |
|
|
|||
|
1
Consists of total return swaps and other derivative instruments.
|
|||||
|
end of |
Maturity less than 1 year |
Maturity between 1 to 5 years |
Maturity greater than 5 years |
Total |
|||||
| 2Q21 (CHF billion) | |||||||||
| Single-name instruments |
|
|
|
|
|||||
| Multi-name instruments |
|
|
|
|
|||||
| Total instruments |
|
|
|
|
|||||
| 4Q20 (CHF billion) | |||||||||
| Single-name instruments |
|
|
|
|
|||||
| Multi-name instruments |
|
|
|
|
|||||
| Total instruments |
|
|
|
|
|||||
|
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Carrying value |
Collateral received |
||||||
| 2Q21 (CHF million) | |||||||||||||
| Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
| Other guarantees |
|
|
|
|
|
|
|||||||
| Total guarantees |
|
|
|
|
|
|
|||||||
| 4Q20 (CHF million) | |||||||||||||
| Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
| Other guarantees |
|
|
|
|
|
|
|||||||
| Total guarantees |
|
|
|
|
|
|
|||||||
|
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||
|
2
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
|
|||||||||||||
|
3
Collateral for derivatives accounted for as guarantees is not significant.
|
|||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||||||
|
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
|||||||||
| Other commitments (CHF million) | |||||||||||||||||||||
| Irrevocable commitments under documentary credits |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Irrevocable loan commitments 2 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Forward reverse repurchase agreements |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||||||||||
|
2
Irrevocable loan commitments do not include a total gross amount of CHF
|
|||||||||||||||||||||
| in | 6M21 | 6M20 | |||
| Gains/(losses) and cash flows (CHF million) | |||||
| CMBS | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
| RMBS | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Purchases of previously transferred financial assets or its underlying collateral |
( |
|
|||
| Servicing fees |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
| Other asset-backed financings | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Purchases of previously transferred financial assets or its underlying collateral |
( |
( |
|||
| Fees 2 |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
|
1
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
|
|||||
|
2
Represents management fees and performance fees earned for investment management services provided to managed CLOs.
|
|||||
| end of | 2Q21 | 4Q20 | |||
| CHF million | |||||
| CMBS | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
| RMBS | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
| Other asset-backed financings | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
|
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties.
|
|||||
| 6M21 | 6M20 | ||||||||||||||||
| at time of transfer, in | CMBS | RMBS | CMBS | RMBS | |||||||||||||
| CHF million, except where indicated | |||||||||||||||||
| Fair value of beneficial interests |
|
|
|
|
|||||||||||||
| of which level 2 |
|
|
|
|
|||||||||||||
| of which level 3 |
|
|
|
|
|||||||||||||
| Weighted-average life, in years |
|
|
|
|
|||||||||||||
| Prepayment speed assumption (rate per annum), in % 1 | – | 2 |
|
– |
|
– | 2 |
|
– |
|
|||||||
| Cash flow discount rate (rate per annum), in % 3 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Expected credit losses (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
|
Transfers of assets in which the Group does not have beneficial interests are not included in this table.
|
|||||||||||||||||
|
1
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A
|
|||||||||||||||||
|
2
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||
|
3
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||
|
4
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
|||||||||||||||||
| 2Q21 | 4Q20 | ||||||||||||||||||||||||
|
end of |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 | |||||||||||||||
| CHF million, except where indicated | |||||||||||||||||||||||||
| Fair value of beneficial interests |
|
|
|
|
|
|
|||||||||||||||||||
| of which non-investment grade |
|
|
|
|
|
|
|||||||||||||||||||
| Weighted-average life, in years |
|
|
|
|
|
|
|||||||||||||||||||
| Prepayment speed assumption (rate per annum), in % 3 | – |
|
– |
|
– | – |
|
– |
|
– | |||||||||||||||
| Impact on fair value from 10% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
| Impact on fair value from 20% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
| Cash flow discount rate (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
| Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Expected credit losses (rate per annum), in % 5 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
| Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
|
1
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||||||||||
|
2
CDOs and CLOs within this category are generally structured to be protected from prepayment risk.
|
|||||||||||||||||||||||||
|
3
PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A
|
|||||||||||||||||||||||||
|
4
The rate is based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||||||||||
|
5
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
|||||||||||||||||||||||||
| end of | 2Q21 | 4Q20 | |||
| CHF million | |||||
| Other asset-backed financings | |||||
| Trading assets |
|
|
|||
| Other assets |
|
|
|||
| Liability to SPE, included in other liabilities |
( |
( |
|||
| end of | 2Q21 | 4Q20 | |||
| CHF billion | |||||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Asset-backed securities |
|
|
|||
| Other |
|
|
|||
| Securities sold under repurchase agreements |
|
|
|||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Equity securities |
|
|
|||
| Other |
|
|
|||
| Securities lending transactions |
|
|
|||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Equity securities |
|
|
|||
| Other |
|
|
|||
| Obligation to return securities received as collateral, at fair value |
|
|
|||
| Total |
|
|
|||
| Remaining contractual maturities | |||||||||||
|
end of |
No stated maturity |
1 |
Up to 30 days |
2 |
31–90 days |
More than 90 days |
Total |
||||
| 2Q21 (CHF billion) | |||||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
||||||
| Securities lending transactions |
|
|
|
|
|
||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
| Total |
|
|
|
|
|
||||||
| 4Q20 (CHF billion) | |||||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
||||||
| Securities lending transactions |
|
|
|
|
|
||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
| Total |
|
|
|
|
|
||||||
|
1
Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period.
|
|||||||||||
|
2
Includes overnight transactions.
|
|||||||||||
| Financial intermediation | |||||||||||||
|
end of |
CP Conduit |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
| 2Q21 (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
|
|
|
|||||||
| Trading assets |
|
|
|
|
|
|
|||||||
| Other investments |
|
|
|
|
|
|
|||||||
| Net loans |
|
|
|
|
|
|
|||||||
| Other assets |
|
|
|
|
|
|
|||||||
| of which loans held-for-sale |
|
|
|
|
|
|
|||||||
| of which premises and equipment |
|
|
|
|
|
|
|||||||
| Total assets of consolidated VIEs |
|
|
|
|
|
|
|||||||
| Customer deposits |
|
|
|
|
|
|
|||||||
| Trading liabilities |
|
|
|
|
|
|
|||||||
| Short-term borrowings |
|
|
|
|
|
1 |
|
||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
| Other liabilities |
|
|
|
|
|
|
|||||||
| Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|||||||
| 4Q20 (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
|
|
|
|||||||
| Trading assets |
|
|
|
|
|
|
|||||||
| Other investments |
|
|
|
|
|
|
|||||||
| Net loans |
|
|
|
|
|
|
|||||||
| Other assets |
|
|
|
|
|
|
|||||||
| of which loans held-for-sale |
|
|
|
|
|
|
|||||||
| of which premises and equipment |
|
|
|
|
|
|
|||||||
| Total assets of consolidated VIEs |
|
|
|
|
|
|
|||||||
| Customer deposits |
|
|
|
|
|
|
|||||||
| Trading liabilities |
|
|
|
|
|
|
|||||||
| Short-term borrowings |
|
|
|
|
|
|
|||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
| Other liabilities |
|
|
|
|
|
|
|||||||
| Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|||||||
|
1
Reflects the Group’s MCNs outstanding as of the end of 2Q21; these MCNs were issued by Credit Suisse Group (Guernsey) VII Limited, a consolidated VIE of the Group.
|
|||||||||||||
| Financial intermediation | |||||||||||||||
|
end of |
CDO/ CLO |
CP Conduit |
1 |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
| 2Q21 (CHF million) | |||||||||||||||
| Trading assets |
|
|
|
|
|
|
|
||||||||
| Net loans |
|
|
|
|
|
|
|
||||||||
| Other assets |
|
|
|
|
|
|
|
||||||||
| Total variable interest assets |
|
|
|
|
|
|
|
||||||||
| Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
| Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
| 4Q20 (CHF million) | |||||||||||||||
| Trading assets |
|
|
|
|
|
|
|
||||||||
| Net loans |
|
|
|
|
|
|
|
||||||||
| Other assets |
|
|
|
|
|
|
|
||||||||
| Total variable interest assets |
|
|
|
|
|
|
|
||||||||
| Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
| Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
|
1
Includes liquidity facilities provided to third-party CP conduits through Alpine Securities Ltd.
|
|||||||||||||||
|
end of 2Q21 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
| Assets (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
– | – |
|
|||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
| Securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading assets |
|
|
|
( |
|
|
|||||||
| of which debt securities |
|
|
|
– |
|
|
|||||||
| of which foreign governments |
|
|
|
– | – |
|
|||||||
| of which corporates |
|
|
|
– |
|
|
|||||||
| of which RMBS |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which other derivatives |
|
|
|
– | – | – | |||||||
| of which other trading assets |
|
|
|
– | – |
|
|||||||
| Investment securities |
|
|
|
– | – |
|
|||||||
| Other investments |
|
|
|
– |
|
|
|||||||
| of which other equity investments |
|
|
|
– |
|
|
|||||||
| of which life finance instruments |
|
|
|
– | – |
|
|||||||
| Loans |
|
|
|
– | – |
|
|||||||
| of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
| of which financial institutions |
|
|
|
– | – |
|
|||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
| Other assets |
|
|
|
( |
– |
|
|||||||
| of which failed purchases |
|
|
|
– | – |
|
|||||||
| of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
| Total assets at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 2Q21 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
| Liabilities (CHF million) | |||||||||||||
| Due to banks |
|
|
|
– | – |
|
|||||||
| Customer deposits |
|
|
|
– | – |
|
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
| Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading liabilities |
|
|
|
( |
– |
|
|||||||
| of which debt securities |
|
|
|
– | – |
|
|||||||
| of which foreign governments |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– | – |
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| Short-term borrowings |
|
|
|
– | – |
|
|||||||
| Long-term debt |
|
|
|
– | – |
|
|||||||
| of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
| of which structured notes over two years |
|
|
|
– | – |
|
|||||||
| of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
| Other liabilities |
|
|
|
( |
– |
|
|||||||
| Total liabilities at fair value |
|
|
|
( |
– |
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 4Q20 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
| Assets (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
– | – |
|
|||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
| Securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading assets |
|
|
|
( |
|
|
|||||||
| of which debt securities |
|
|
|
– |
|
|
|||||||
| of which foreign governments |
|
|
|
– | – |
|
|||||||
| of which corporates |
|
|
|
– |
|
|
|||||||
| of which RMBS |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which other derivatives |
|
|
|
– | – | – | |||||||
| of which other trading assets |
|
|
|
– | – |
|
|||||||
| Investment securities |
|
|
|
– | – |
|
|||||||
| Other investments |
|
|
|
– |
|
|
|||||||
| of which other equity investments |
|
|
|
– |
|
|
|||||||
| of which life finance instruments |
|
|
|
– | – |
|
|||||||
| Loans |
|
|
|
– | – |
|
|||||||
| of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
| of which financial institutions |
|
|
|
– | – |
|
|||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
| Other assets |
|
|
|
( |
– |
|
|||||||
| of which failed purchases |
|
|
|
– | – |
|
|||||||
| of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
| Total assets at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 4Q20 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
| Liabilities (CHF million) | |||||||||||||
| Due to banks |
|
|
|
– | – |
|
|||||||
| Customer deposits |
|
|
|
– | – |
|
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
| Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading liabilities |
|
|
|
( |
|
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which credit derivatives |
|
|
|
– | – | – | |||||||
| Short-term borrowings |
|
|
|
– | – |
|
|||||||
| Long-term debt |
|
|
|
– | – |
|
|||||||
| of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
| of which structured notes over two years |
|
|
|
– | – |
|
|||||||
| of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
| Other liabilities |
|
|
|
( |
– |
|
|||||||
| Total liabilities at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
| Assets and liabilities measured at fair value on a recurring basis for level 3 | |||||||||||||||||||||||||||||||||
|
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||
|
6M21 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
| Assets (CHF million) | |||||||||||||||||||||||||||||||||
| Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which debt securities |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which corporates |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which interest rate products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which other derivatives |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
| of which other trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
| Other investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which other equity investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which life finance instruments |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| Loans |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which commercial and industrial loans |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which financial institutions |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
( |
|||||||||||||||||
| Other assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
| of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
| Total assets at fair value |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
| Customer deposits |
|
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
|||||||||||||||||
| Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Trading liabilities |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Short-term borrowings |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
|
|||||||||||||||||
| of which structured notes over one year and up to two years |
|
|
( |
|
|
|
( |
|
|
|
|
|
( |
|
|
|
|||||||||||||||||
| of which structured notes over two years |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
( |
|||||||||||||||||
| Other liabilities |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
|
|
|
( |
( |
|
|
|
|||||||||||||||||
| Net assets/(liabilities) at fair value |
|
( |
|
|
( |
( |
|
( |
( |
( |
|
|
|
|
( |
( |
|||||||||||||||||
|
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 6M21, changes in net unrealized gains/(losses) of CHF (
|
|||||||||||||||||||||||||||||||||
| Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | |||||||||||||||||||||||||||||||||
|
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||
|
6M20 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
| Assets (CHF million) | |||||||||||||||||||||||||||||||||
| Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Trading assets |
|
|
( |
|
( |
|
( |
|
|
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which debt securities |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which corporates |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which RMBS |
|
|
( |
|
( |
|
|
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which derivatives |
|
|
( |
|
|
|
( |
|
|
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which equity/index-related products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which credit derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which other derivatives |
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which other trading assets |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Other investments |
|
|
|
|
( |
|
|
|
|
|
( |
|
|
( |
|
|
|||||||||||||||||
| of which other equity investments |
|
|
|
|
( |
|
|
|
( |
|
( |
|
|
( |
|
( |
|||||||||||||||||
| of which life finance instruments |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Loans 2 |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which commercial and industrial loans 2 |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which financial institutions |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
( |
|
( |
|||||||||||||||||
| Other assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which loans held-for-sale |
|
|
( |
|
( |
|
( |
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Total assets at fair value |
|
|
( |
|
( |
|
( |
|
|
( |
( |
|
|
( |
|
|
|||||||||||||||||
| Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
| Customer deposits |
|
|
|
|
|
|
( |
|
|
|
|
|
( |
( |
|
|
|||||||||||||||||
| Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Trading liabilities |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| of which credit derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| Short-term borrowings |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
| of which structured notes over one year and up to two years |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which structured notes over two years |
|
|
( |
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
| Other liabilities |
|
|
( |
|
( |
|
( |
( |
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
( |
( |
|
|
|||||||||||||||||
| Net assets/(liabilities) at fair value |
( |
|
|
|
( |
( |
|
( |
|
|
( |
( |
|
( |
|
|
|||||||||||||||||
|
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 6M20, changes in net unrealized gains/(losses) of CHF
|
|||||||||||||||||||||||||||||||||
|
2
Includes an adjustment of CHF
|
|||||||||||||||||||||||||||||||||
|
end of 2Q21 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
| CHF million, except where indicated | |||||||||||||
| Trading assets |
|
||||||||||||
| of which debt securities |
|
||||||||||||
| of which corporates |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| Price, in % |
|
|
|
||||||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
| Correlation, in % |
( |
|
|
||||||||||
| Credit spread, in bp |
( |
|
|
||||||||||
| Fund gap risk, in % | 2 |
|
|
|
|||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
| of which derivatives |
|
||||||||||||
| of which interest rate products |
|
||||||||||||
| of which |
|
Discounted cash flow | Prepayment rate, in % |
|
|
|
|||||||
| Volatility, in % |
|
|
|
||||||||||
| of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
| Mean reversion, in % | 2 |
( |
( |
|
|||||||||
| Prepayment rate, in % |
|
|
|
||||||||||
| Volatility, in % |
( |
|
|
||||||||||
| of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Mortality rate, in % |
|
|
|
||||||||||
| of which other trading assets |
|
||||||||||||
| of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Tax swap rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Option model | Mortality rate, in % |
|
|
|
|||||||
| Other investments |
|
||||||||||||
| of which other equity investments |
|
||||||||||||
| of which |
|
Adjusted NAV | Price, in actuals |
|
|
|
|||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
| Price, in actuals |
|
|
|
||||||||||
| of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Loans |
|
||||||||||||
| of which commercial and industrial loans |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Price | Credit spread, in bp |
|
|
|
|||||||
| Price, in % |
|
|
|
||||||||||
| of which financial institutions |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
| Other assets |
|
||||||||||||
| of which loans held-for-sale |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
|
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
|
2
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
|
end of 4Q20 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
| CHF million, except where indicated | |||||||||||||
| Trading assets |
|
||||||||||||
| of which debt securities |
|
||||||||||||
| of which corporates |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
|
|||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Option model | Correlation, in % |
( |
|
|
|||||||
| Gap risk, in % | 2 |
|
|
|
|||||||||
| Recovery rate, in % |
|
|
|
||||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
| Unadjusted NAV, in actuals |
|
|
|
||||||||||
| of which derivatives |
|
||||||||||||
| of which equity/index-related products |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
| Correlation, in % |
( |
|
|
||||||||||
| Gap risk, in % | 2 |
|
|
|
|||||||||
| Volatility, in % |
( |
|
|
||||||||||
| of which other derivatives |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Mortality rate, in % |
|
|
|
||||||||||
| of which other trading assets |
|
||||||||||||
| of which |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Other investments |
|
||||||||||||
| of which other equity investments |
|
||||||||||||
| of which |
|
Discounted cash flow | Discount rate, in % |
|
|
|
|||||||
| Terminal growth rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Adjusted NAV | Price, in actuals |
|
|
|
|||||||
| of which |
|
Vendor price | Price, in actuals |
|
|
|
|||||||
| of which life finance instruments |
|
Discounted cash flow | Market implied life expectancy, in years |
|
|
|
|||||||
| Loans |
|
||||||||||||
| of which commercial and industrial loans |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
|
|
Option model | Pre-IPO intrinsic option, in actuals |
|
|
|
||||||||
| of which financial institutions |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| Other assets |
|
||||||||||||
| of which loans held-for-sale |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
|
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
|
2
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
|
end of 2Q21 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
| CHF million, except where indicated | |||||||||||||
| Trading liabilities |
|
||||||||||||
| of which derivatives |
|
||||||||||||
| of which equity/index-related derivatives |
|
||||||||||||
| of which |
|
Market comparable | Price, in actuals |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Dividend yield, in % |
|
|
|
||||||||||
| Unadjusted NAV, in actuals |
|
|
|
||||||||||
| Volatility, in % |
( |
|
|
||||||||||
| of which |
|
Price | Price, in actuals |
|
|
|
|||||||
| Short-term borrowings |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Fund gap risk, in % | 3 |
|
|
|
|||||||||
| Gap risk, in % | 3 |
|
|
|
|||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
| Long-term debt |
|
||||||||||||
| of which structured notes over one year and up to two years |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Credit spread, in bp |
( |
|
|
||||||||||
| Fund gap risk, in % | 3 |
|
|
|
|||||||||
| Gap risk, in % | 3 |
|
|
|
|||||||||
| Unadjusted NAV, in actuals |
|
|
|
||||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which structured notes over two years |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Credit spread, in bp |
( |
|
|
||||||||||
| Fund gap risk, in % | 3 |
|
|
|
|||||||||
| Unadjusted NAV, in actuals |
|
|
|
||||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which |
|
Price | Price, in % |
|
|
|
|||||||
|
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
|
2
Estimate of probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
|
3
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
|
end of 4Q20 |
Fair value |
Valuation technique |
Unobservable input |
Minimum value |
Maximum value |
Weighted average |
1 | ||||||
| CHF million, except where indicated | |||||||||||||
| Trading liabilities |
|
||||||||||||
| of which derivatives |
|
||||||||||||
| of which equity/index-related derivatives |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Volatility, in % |
( |
|
|
||||||||||
| of which credit derivatives |
|
||||||||||||
| of which |
|
Discounted cash flow | Correlation, in % |
|
|
|
|||||||
| Credit spread, in bp |
|
|
|
||||||||||
| Default rate, in % |
|
|
|
||||||||||
| Discount rate, in % |
|
|
|
||||||||||
| Funding spread, in bp |
|
|
|
||||||||||
| Loss severity, in % |
|
|
|
||||||||||
| Prepayment rate, in % |
|
|
|
||||||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Option model | Correlation, in % |
|
|
|
|||||||
| Credit spread, in bp |
|
|
|
||||||||||
| Short-term borrowings |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Option model | Buyback probability, in % |
|
|
|
|||||||
| Correlation, in % |
( |
|
|
||||||||||
| Fund gap risk, in % | 3 |
|
|
|
|||||||||
| Volatility, in % |
|
|
|
||||||||||
| Long-term debt |
|
||||||||||||
| of which structured notes over one year and up to two years |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
|
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Fund gap risk, in % | 3 |
|
|
|
|||||||||
| Gap risk, in % |
|
|
|
||||||||||
| Volatility, in % |
|
|
|
||||||||||
| of which structured notes over two years |
|
||||||||||||
| of which |
|
Discounted cash flow | Credit spread, in bp |
( |
|
|
|||||||
| Recovery rate, in % |
|
|
|
||||||||||
| of which |
|
Market comparable | Price, in % |
|
|
|
|||||||
| of which |
|
Option model | Buyback probability, in % | 2 |
|
|
|
||||||
| Correlation, in % |
( |
|
|
||||||||||
| Gap risk, in % | 3 |
|
|
|
|||||||||
| Mean reversion, in % | 4 |
( |
|
( |
|||||||||
| Volatility, in % |
|
|
|
||||||||||
|
1
Weighted average is calculated based on the fair value of the instruments.
|
|||||||||||||
|
2
Estimate of probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments.
|
|||||||||||||
|
3
Risk of unexpected large declines in the underlying values occurring between collateral settlement dates.
|
|||||||||||||
|
4
Management's best estimate of the speed at which interest rates will revert to the long-term average.
|
|||||||||||||
| 2Q21 | 4Q20 | ||||||||||||
|
end of |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
|||||||
| Financial instruments (CHF million) | |||||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
|||||||
| Loans |
|
|
( |
|
|
( |
|||||||
| Other assets 1 |
|
|
( |
|
|
( |
|||||||
| Due to banks and customer deposits |
( |
( |
( |
( |
( |
( |
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
( |
( |
( |
( |
|||||||
| Short-term borrowings |
( |
( |
|
( |
( |
( |
|||||||
| Long-term debt 2 |
( |
( |
|
( |
( |
|
|||||||
| Other liabilities |
( |
( |
|
( |
( |
|
|||||||
| Non-performing and non-interest-earning loans 3 |
|
|
( |
|
|
( |
|||||||
|
1
Primarily loans held-for-sale.
|
|||||||||||||
|
2
Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal.
|
|||||||||||||
|
3
Included in loans or other assets.
|
|||||||||||||
| 6M21 | 6M20 | ||||
|
in |
Net gains/ (losses) |
Net gains/ (losses) |
|||
| Financial instruments (CHF million) | |||||
| Interest-bearing deposits with banks |
|
1 |
|
1 | |
| of which related to credit risk |
|
( |
|||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
1 |
|
1 | |
| Other investments |
|
2 |
|
3 | |
| of which related to credit risk |
|
|
|||
| Loans |
|
1 |
( |
3 | |
| of which related to credit risk |
|
( |
|||
| Other assets |
|
1 |
|
1 | |
| of which related to credit risk |
|
( |
|||
| Due to banks and customer deposits |
( |
3 |
( |
3 | |
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
1 |
( |
1 | |
| Short-term borrowings |
( |
3 |
( |
3 | |
| of which related to credit risk |
( |
|
|||
| Long-term debt |
( |
3 |
|
3 | |
| of which related to credit risk |
|
|
|||
| Other liabilities |
|
2 |
( |
3 | |
| of which related to credit risk |
|
( |
|||
|
1
Primarily recognized in net interest income.
|
|||||
|
2
Primarily recognized in other revenues.
|
|||||
|
3
Primarily recognized in trading revenues.
|
|||||
|
Gains/(losses) recorded into AOCI |
1 |
Gains/(losses) recorded in AOCI transferred to net income |
1 | ||||||||
| in | 2Q21 | Cumulative | 2Q20 | 2Q21 | 2Q20 | ||||||
| Financial instruments (CHF million) | |||||||||||
| Customer deposits |
( |
( |
( |
|
|
||||||
| Short-term borrowings |
|
( |
( |
|
|
||||||
| Long-term debt |
( |
( |
( |
|
|
||||||
| of which treasury debt over two years |
( |
( |
( |
|
|
||||||
| of which structured notes over two years |
( |
( |
( |
|
|
||||||
| Total |
( |
( |
( |
|
|
||||||
|
1
Amounts are reflected gross of tax.
|
|||||||||||
|
Carrying value |
Fair value |
||||||||||
| end of | Level 1 | Level 2 | Level 3 | Total | |||||||
| 2Q21 (CHF million) | |||||||||||
| Financial assets | |||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
| Loans |
|
|
|
|
|
||||||
| Other financial assets 1 |
|
|
|
|
|
||||||
| Financial liabilities | |||||||||||
| Due to banks and customer deposits |
|
|
|
|
|
||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
| Short-term borrowings |
|
|
|
|
|
||||||
| Long-term debt |
|
|
|
|
|
||||||
| Other financial liabilities 2 |
|
|
|
|
|
||||||
| 4Q20 (CHF million) | |||||||||||
| Financial assets | |||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
| Loans |
|
|
|
|
|
||||||
| Other financial assets 1 |
|
|
|
|
|
||||||
| Financial liabilities | |||||||||||
| Due to banks and customer deposits |
|
|
|
|
|
||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
| Short-term borrowings |
|
|
|
|
|
||||||
| Long-term debt |
|
|
|
|
|
||||||
| Other financial liabilities 2 |
|
|
|
|
|
||||||
|
1
Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
|
|||||||||||
|
2
Primarily includes cash collateral on derivative instruments and interest and fee payables.
|
|||||||||||
| end of | 2Q21 | 4Q20 | |||
| CHF million | |||||
| Total assets pledged or assigned as collateral |
|
|
|||
| of which encumbered |
|
|
1 | ||
|
1
Prior period has been corrected.
|
|||||
| end of | 2Q21 | 4Q20 | 1 | ||
| CHF million | |||||
| Fair value of collateral received with the right to sell or repledge |
|
|
|||
| of which sold or repledged |
|
|
|||
|
1
Prior period has been corrected.
|
|||||
| A | ||
| ABS | Asset-backed securities | |
| ADS | American Depositary Share | |
| AGM | Annual General Meeting | |
| AOCI | Accumulated other comprehensive income/(loss) | |
| ASC | Accounting Standards Codification | |
| ASU | Accounting Standards Update | |
| B | ||
| BCBS | Basel Committee on Banking Supervision | |
| BEAT | Base erosion and anti-abuse tax | |
| BIS | Bank for International Settlements | |
| Board | Board of Directors | |
| BoE | Bank of England | |
| bp | Basis point | |
| C | ||
| CCA | Contingent Capital Awards | |
| CDO | Collateralized debt obligation | |
| CECL | Current expected credit loss | |
| CET1 | Common equity tier 1 | |
| CLO | Collateralized loan obligations | |
| CMBS | Commercial mortgage-backed securities | |
| CP | Commercial paper | |
| CPR | Constant prepayment rate | |
| CRO | Chief Risk Officer | |
| CSAM | Credit Suisse Asset Management (Schweiz) AG | |
| D | ||
| DOJ | US Department of Justice | |
| E | ||
| ECB | European Central Bank | |
| EMEA | Europe, Middle East and Africa | |
| ESG | Environmental, Social and Governance | |
| EU | European Union | |
| F | ||
| FASB | Financial Accounting Standards Board | |
| Fed | US Federal Reserve System | |
| FINMA | Swiss Financial Market Supervisory Authority FINMA | |
| FOMC | Federal Open Market Committee | |
| G | ||
| GAAP | Generally accepted accounting principles | |
| GDP | Gross domestic product | |
| G-SIB | Global systemically important bank | |
| GTS | Global Trading Solutions | |
| H | ||
| HQLA | High-quality liquid assets | |
| I | ||
| IPO | Initial public offering | |
| ISDA | International Swaps and Derivatives Association | |
| IT | Information technology | |
| L | ||
| LCR | Liquidity coverage ratio | |
| LIBOR | London Interbank Offered Rate | |
| LTI | Long-term Incentive | |
| LTV | Loan-to-value | |
| M | ||
| MCN | Mandatory convertible note | |
| M&A | Mergers and acquisitions | |
| MEF | Macroeconomic factor | |
| N | ||
| NAV | Net asset value | |
| NOL | Net operating losses | |
| NRV | Negative replacement value | |
| NSFR | Net stable funding ratio | |
| O | ||
| OPEC+ | Organization of the Petroleum Exporting Countries Plus | |
| OTC | Over-the-counter | |
| P | ||
| PRA | Prudential Regulatory Authority | |
| PRV | Positive replacement value | |
| PSA | Prepayment speed assumption | |
| Q | ||
| QoQ | Quarter on quarter | |
| R | ||
| RMBS | Residential mortgage-backed securities | |
| RWA | Risk-weighted assets | |
| S | ||
| SCFF | Supply chain finance fund | |
| SEI | Significant economic interest | |
| SIX | SIX Swiss Exchange | |
| SNB | Swiss National Bank | |
| SPE | Special purpose entity | |
| STI | Short-term Incentive | |
| T | ||
| TLAC | Total loss-absorbing capacity | |
| TRS | Total return swap | |
| U | ||
| UK | United Kingdom | |
| US | United States of America | |
| US GAAP | US generally accepted accounting principles | |
| V | ||
| VaR | Value-at-risk | |
| VDAX | Deutsche Börse AG DAX Volatility Index | |
| VIE | Variable interest entity | |
| VIX | Chicago Board Options Exchange Market Volatility Index | |
| Y | ||
| York | York Capital Management | |
| YoY | Year on year | |
| Ytd | Year to date | |
| Foreign currency translation rates | |||||||||||||||||||
| End of | Average in | Average in | |||||||||||||||||
| 2Q21 | 1Q21 | 4Q20 | 2Q20 | 2Q21 | 1Q21 | 2Q20 | 6M21 | 6M20 | |||||||||||
| 1 USD / CHF | 0.93 | 0.94 | 0.88 | 0.95 | 0.91 | 0.90 | 0.96 | 0.91 | 0.96 | ||||||||||
| 1 EUR / CHF | 1.10 | 1.11 | 1.08 | 1.07 | 1.10 | 1.09 | 1.06 | 1.10 | 1.06 | ||||||||||
| 1 GBP / CHF | 1.28 | 1.30 | 1.20 | 1.17 | 1.28 | 1.25 | 1.20 | 1.26 | 1.22 | ||||||||||
| 100 JPY / CHF | 0.84 | 0.85 | 0.85 | 0.88 | 0.83 | 0.85 | 0.90 | 0.84 | 0.89 | ||||||||||
| Share data | |||||||||
| in / end of | 6M21 | 2020 | 2019 | 2018 | |||||
| Share price (common shares, CHF) | |||||||||
| Average | 10.86 | 9.96 | 12.11 | 15.17 | |||||
| Minimum | 9.06 | 6.42 | 10.59 | 10.45 | |||||
| Maximum | 13.24 | 13.27 | 13.54 | 18.61 | |||||
| End of period | 9.692 | 11.40 | 13.105 | 10.80 | |||||
| Share price (American Depositary Shares, USD) | |||||||||
| Average | 11.97 | 10.55 | 12.15 | 15.50 | |||||
| Minimum | 9.91 | 6.48 | 10.74 | 10.42 | |||||
| Maximum | 14.55 | 13.61 | 13.63 | 19.98 | |||||
| End of period | 10.49 | 12.80 | 13.45 | 10.86 | |||||
| Market capitalization (CHF million) | |||||||||
| Market capitalization | 25,448 | 1 | 27,904 | 32,451 | 27,605 | ||||
| Dividend per share (CHF) | |||||||||
| Dividend per share | – | 0.10 | 2 | 0.2776 | 2 | 0.2625 | 3 | ||
|
1
Excludes shares held as part of the share repurchase programs.
|
|||||||||
|
2
Fifty percent paid out of capital contribution reserves and fifty percent paid out of retained earnings.
|
|||||||||
|
3
Paid out of capital contribution reserves.
|
|||||||||
| Ticker symbols / stock exchange listings | |||||
| Common shares | ADS | 1 | |||
| Ticker symbols | |||||
| SIX Financial Information | CSGN | – | |||
| New York Stock Exchange | – | CS | |||
| Bloomberg | CSGN SW | CS US | |||
| Reuters | CSGN.S | CS.N | |||
| Stock exchange listings | |||||
| Swiss security number | 1213853 | 570660 | |||
| ISIN number | CH0012138530 | US2254011081 | |||
| CUSIP number | – | 225 401 108 | |||
|
1
One American Depositary Share (ADS) represents one common share.
|
|||||
| Credit ratings and outlook | |||||||
|
as of July 28, 2021 |
Short-term debt |
Long-term debt |
|
Outlook |
|||
| Credit Suisse Group AG | |||||||
| Moody's | – | Baa1 | Stable | ||||
| Standard & Poor's | – | BBB+ | Negative | ||||
| Fitch Ratings | F2 | A- | Negative | ||||
| Rating and Investment Information | – | A+ | Stable | ||||
| Credit Suisse AG | |||||||
| Moody's | P-1 | A1 | Stable | ||||
| Standard & Poor's | A-1 | A+ | Negative | ||||
| Fitch Ratings | F1 | A | Negative | ||||
| Financial calendar | |
| Third quarter results 2021 | Thursday, November 4, 2021 |
| Fourth quarter results 2021 | Thursday, February 10, 2022 |
| Investor relations | |
| Phone | +41 44 333 71 49 |
| investor.relations@credit-suisse.com | |
| Internet | credit-suisse.com/investors |
| Media relations | |
| Phone | +41 844 33 88 44 |
| media.relations@credit-suisse.com | |
| Internet | credit-suisse.com/news |
| Financial information and printed copies | |
| Annual reports | credit-suisse.com/annualreporting |
| Interim reports | credit-suisse.com/interimreporting |
| US share register and transfer agent | |
| ADS depositary bank | The Bank of New York Mellon |
| Shareholder correspondence address | BNY Mellon Shareowner Services |
| P.O. Box 505000 | |
| Louisville, KY 40233-5000 | |
| Overnight correspondence address | BNY Mellon Shareowner Services |
| 462 South 4th Street, Suite 1600 | |
| Louisville, KY 40202 | |
| US and Canada phone | +1 866 886 0788 |
| Phone from outside US and Canada | +1 201 680 6825 |
| shrrelations@cpushareownerservices.com | |
| Swiss share register and transfer agent | |
| Address | Credit Suisse Group AG |
| Share Register RXS | |
| 8070 Zurich, Switzerland | |
| Phone | +41 44 332 02 02 |
| share.register@credit-suisse.com | |
| in | 6M21 | 6M20 | |||
| Consolidated statements of operations (CHF million) | |||||
| Interest and dividend income |
|
|
|||
| Interest expense |
( |
( |
|||
| Net interest income |
|
|
|||
| Commissions and fees |
|
|
|||
| Trading revenues |
|
|
|||
| Other revenues |
|
|
|||
| Net revenues |
|
|
|||
| Provision for credit losses |
|
|
|||
| Compensation and benefits |
|
|
|||
| General and administrative expenses |
|
|
|||
| Commission expenses |
|
|
|||
| Restructuring expenses |
|
– | |||
| Total other operating expenses |
|
|
|||
| Total operating expenses |
|
|
|||
| Income before taxes |
|
|
|||
| Income tax expense |
|
|
|||
| Net income |
|
|
|||
| Net income/(loss) attributable to noncontrolling interests |
( |
|
|||
| Net income attributable to shareholders |
|
|
|||
| in | 6M21 | 6M20 | |||
| Comprehensive income/(loss) (CHF million) | |||||
| Net income |
|
|
|||
| Gains/(losses) on cash flow hedges |
( |
|
|||
| Foreign currency translation |
|
( |
|||
| Unrealized gains/(losses) on securities |
|
( |
|||
| Actuarial gains/(losses) |
( |
|
|||
| Gains/(losses) on liabilities related to credit risk |
|
|
|||
| Other comprehensive income/(loss), net of tax |
|
|
|||
| Comprehensive income |
|
|
|||
| Comprehensive income/(loss) attributable to noncontrolling interests |
( |
( |
|||
| Comprehensive income attributable to shareholders |
|
|
|||
| end of | 6M21 | 2020 | |||
| Assets (CHF million) | |||||
| Cash and due from banks |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Interest-bearing deposits with banks |
|
|
|||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|||
| of which reported at fair value |
|
|
|||
| Securities received as collateral, at fair value |
|
|
|||
| of which encumbered |
|
|
|||
| Trading assets, at fair value |
|
|
|||
| of which encumbered |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Investment securities |
|
|
|||
| of which reported at fair value |
|
|
|||
| Other investments |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Net loans |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which encumbered |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| allowance for credit losses |
( |
( |
|||
| Goodwill |
|
|
|||
| Other intangible assets |
|
|
|||
| of which reported at fair value |
|
|
|||
| Brokerage receivables |
|
|
|||
| allowance for credit losses |
( |
( |
|||
| Other assets |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which encumbered |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| of which loans held-for-sale (amortized cost base) |
|
|
|||
| Total assets |
|
|
|||
| end of | 6M21 | 2020 | |||
| Liabilities and equity (CHF million) | |||||
| Due to banks |
|
|
|||
| of which reported at fair value |
|
|
|||
| Customer deposits |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|||
| of which reported at fair value |
|
|
|||
| Obligation to return securities received as collateral, at fair value |
|
|
|||
| Trading liabilities, at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Short-term borrowings |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Long-term debt |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Brokerage payables |
|
|
|||
| Other liabilities |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which reported from consolidated VIEs |
|
|
|||
| Total liabilities |
|
|
|||
| Common shares |
|
|
|||
| Additional paid-in capital |
|
|
|||
| Retained earnings |
|
|
|||
| Accumulated other comprehensive income/(loss) |
( |
( |
|||
| Total shareholders' equity |
|
|
|||
| Noncontrolling interests |
|
|
|||
| Total equity |
|
|
|||
| Total liabilities and equity |
|
|
|||
| end of | 6M21 | 2020 | |||
| Additional share information | |||||
| Par value (CHF) |
|
|
|||
| Issued shares |
|
|
|||
| Shares outstanding |
|
|
|||
|
|
|||||
| Attributable to shareholders | |||||||||||||||||
|
Common shares |
Additional paid-in capital |
Retained earnings |
Treasury shares, at cost |
1 |
AOCI |
Total share- holders' equity |
Non- controlling interests |
Total equity |
|||||||||
| 6M21 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
|
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership 2, 3 | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership 3 | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
( |
|
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
|
|
|||||||||
| Share-based compensation, net of tax | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Dividends on share-based compensation, net of tax | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Dividends paid | – | – |
( |
– | – |
( |
( |
( |
|||||||||
| Changes in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – |
|
– | – | – |
|
( |
|
|||||||||
| Balance at end of period |
|
|
|
|
( |
|
|
|
|||||||||
| 6M20 (CHF million) | |||||||||||||||||
| Balance at beginning of period |
|
|
|
|
( |
|
|
|
|||||||||
| Purchase of subsidiary shares from non- controlling interests, not changing ownership | – | – | – | – | – | – |
( |
( |
|||||||||
| Sale of subsidiary shares to noncontrolling interests, not changing ownership | – | – | – | – | – | – |
|
|
|||||||||
| Net income/(loss) | – | – |
|
– | – |
|
|
|
|||||||||
| Cumulative effect of accounting changes, net of tax | – | – |
( |
– | – |
( |
– |
( |
|||||||||
| Total other comprehensive income/(loss), net of tax | – | – | – | – |
|
|
( |
|
|||||||||
| Share-based compensation, net of tax | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Dividends on share-based compensation, net of tax | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Dividends paid | – |
( |
– | – | – |
( |
– |
( |
|||||||||
| Changes in scope of consolidation, net | – | – | – | – | – | – |
|
|
|||||||||
| Other | – |
|
– | – | – |
|
|
|
|||||||||
| Balance at end of period |
|
|
|
|
( |
|
|
|
|||||||||
|
1
|
|||||||||||||||||
|
2
|
|||||||||||||||||
|
3
|
|||||||||||||||||
| in | 6M21 | 6M20 | |||
| Operating activities (CHF million) | |||||
| Net income |
|
|
|||
| Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities (CHF million) | |||||
| Impairment, depreciation and amortization |
|
|
|||
| Provision for credit losses |
|
|
|||
| Deferred tax provision/(benefit) |
( |
|
|||
| Valuation adjustments relating to long-term debt |
|
|
|||
| Share of net income/(loss) from equity method investments |
( |
( |
|||
| Trading assets and liabilities, net |
|
|
|||
| (Increase)/decrease in other assets |
( |
( |
|||
| Increase/(decrease) in other liabilities |
( |
|
|||
| Other, net |
( |
( |
|||
| Total adjustments |
|
( |
|||
| Net cash provided by/(used in) operating activities |
|
( |
|||
| Investing activities (CHF million) | |||||
| (Increase)/decrease in interest-bearing deposits with banks |
|
( |
|||
| (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
( |
( |
|||
| Purchase of investment securities |
( |
( |
|||
| Proceeds from sale of investment securities |
|
|
|||
| Maturities of investment securities |
|
|
|||
| Investments in subsidiaries and other investments |
( |
( |
|||
| Proceeds from sale of other investments |
|
|
|||
| (Increase)/decrease in loans |
( |
( |
|||
| Proceeds from sales of loans |
|
|
|||
| Capital expenditures for premises and equipment and other intangible assets |
( |
( |
|||
| Proceeds from sale of premises and equipment and other intangible assets |
|
|
|||
| Other, net |
|
|
|||
| Net cash provided by/(used in) investing activities |
( |
( |
|||
| in | 6M21 | 6M20 | |||
| Financing activities (CHF million) | |||||
| Increase/(decrease) in due to banks and customer deposits |
|
|
|||
| Increase/(decrease) in short-term borrowings |
|
|
|||
| Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
|
|||
| Issuances of long-term debt |
|
|
|||
| Repayments of long-term debt |
( |
( |
|||
| Dividends paid |
( |
( |
|||
| Other, net |
|
|
|||
| Net cash provided by/(used in) financing activities |
|
|
|||
| Effect of exchange rate changes on cash and due from banks (CHF million) | |||||
| Effect of exchange rate changes on cash and due from banks |
|
( |
|||
| Net increase/(decrease) in cash and due from banks (CHF million) | |||||
| Net increase/(decrease) in cash and due from banks |
|
|
|||
| Cash and due from banks at beginning of period 1 |
|
|
|||
| Cash and due from banks at end of period 1 |
|
|
|||
|
1
|
|||||
| in | 6M21 | 6M20 | |||
| Cash paid for income taxes and interest (CHF million) | |||||
| Cash paid for income taxes |
|
|
|||
| Cash paid for interest |
|
|
|||
| in | 6M21 | 6M20 | |||
| Net revenues (CHF million) | |||||
| Swiss Universal Bank |
|
|
|||
| International Wealth Management |
|
|
|||
| Asia Pacific |
|
|
|||
| Asset Management |
|
|
|||
| Investment Bank |
|
|
|||
| Adjustments 1 |
|
( |
|||
| Net revenues |
|
|
|||
| Income/(loss) before taxes (CHF million) | |||||
| Swiss Universal Bank |
|
|
|||
| International Wealth Management |
|
|
|||
| Asia Pacific |
|
|
|||
| Asset Management |
|
|
|||
| Investment Bank |
( |
|
|||
| Adjustments 1 |
( |
( |
|||
| Income/(loss) before taxes |
|
|
|||
|
1
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit.
|
|||||
| end of | 6M21 | 2020 | |||
| Total assets (CHF million) | |||||
| Swiss Universal Bank |
|
|
|||
| International Wealth Management |
|
|
|||
| Asia Pacific |
|
|
|||
| Asset Management |
|
|
|||
| Investment Bank |
|
|
|||
| Adjustments 1 |
|
|
|||
| Total assets |
|
|
|||
|
1
Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit.
|
|||||
| in | 6M21 | 6M20 | |||
| Net interest income (CHF million) | |||||
| Loans |
|
|
|||
| Investment securities |
|
|
|||
| Trading assets |
|
|
|||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|||
| Other |
|
|
|||
| Interest and dividend income |
|
|
|||
| Deposits |
( |
( |
|||
| Short-term borrowings |
|
( |
|||
| Trading liabilities |
( |
( |
|||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
|||
| Long-term debt |
( |
( |
|||
| Other |
( |
( |
|||
| Interest expense |
( |
( |
|||
| Net interest income |
|
|
|||
| in | 6M21 | 6M20 | |||
| Commissions and fees (CHF million) | |||||
| Lending business |
|
|
|||
| Investment and portfolio management |
|
|
|||
| Other securities business |
|
|
|||
| Fiduciary business |
|
|
|||
| Underwriting |
|
|
|||
| Brokerage |
|
|
|||
| Underwriting and brokerage |
|
|
|||
| Other services |
|
|
|||
| Commissions and fees |
|
|
|||
| in | 6M21 | 6M20 | |||
| Trading revenues (CHF million) | |||||
| Interest rate products |
|
( |
|||
| Foreign exchange products |
|
|
|||
| Equity/index-related products |
|
( |
|||
| Credit products |
( |
|
|||
| Commodity and energy products |
|
|
|||
| Other products |
( |
|
|||
| Trading revenues |
|
|
|||
|
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types.
|
|||||
| in | 6M21 | 6M20 | |||
| Other revenues (CHF million) | |||||
| Loans held-for-sale |
( |
( |
|||
| Long-lived assets held-for-sale |
|
|
|||
| Equity method investments |
|
|
|||
| Other investments |
|
|
|||
| Other |
|
|
|||
| Other revenues |
|
|
|||
| in | 6M21 | 6M20 | |||
| Provision for credit losses (CHF million) | |||||
| Loans held at amortized cost |
( |
|
|||
| Other financial assets held at amortized cost |
|
1 |
|
||
| Off-balance sheet credit exposures |
( |
|
|||
| Provision for credit losses |
|
|
|||
|
1
Primarily reflects a provision for credit losses of CHF
|
|||||
| in | 6M21 | 6M20 | |||
| Compensation and benefits (CHF million) | |||||
| Salaries and variable compensation |
|
|
|||
| Social security |
|
|
|||
| Other 1 |
|
|
|||
| Compensation and benefits |
|
|
|||
|
1
Includes pension-related expenses of CHF
|
|||||
| in | 6M21 | 6M20 | |||
| General and administrative expenses (CHF million) | |||||
| Occupancy expenses |
|
|
|||
| IT, machinery and equipment |
|
|
|||
| Provisions and losses |
|
|
|||
| Travel and entertainment |
|
|
|||
| Professional services |
|
|
|||
| Amortization and impairment of other intangible assets |
|
|
|||
| Other 1 |
|
|
|||
| General and administrative expenses |
|
|
|||
|
1
Includes pension-related expenses/(credits) of CHF (
|
|||||
| in | 6M21 | 6M20 | |||
| Restructuring expenses by type (CHF million) | |||||
| Compensation and benefits-related expenses |
|
– | |||
| of which severance expenses |
|
– | |||
| of which accelerated deferred compensation |
|
– | |||
| General and administrative-related expenses |
|
– | |||
| of which pension expenses | 4 | – | |||
| Total restructuring expenses |
|
– | |||
| 6M21 | 6M20 | ||||||||||||
|
in |
Compen- sation and benefits |
General and administrative expenses |
Total |
Compen- sation and benefits |
General and administrative expenses |
Total |
|||||||
| Restructuring liabilities (CHF million) | |||||||||||||
| Balance at beginning of period | 47 | 2 | 49 | – | – | – | |||||||
| Net additional charges 1 |
|
|
|
– | – | – | |||||||
| Reclassifications | – | – | – | – | – | – | |||||||
| Utilization |
( |
( |
( |
– | – | – | |||||||
| Balance at end of period |
|
|
|
– | – | – | |||||||
|
1
The following items for which expense accretion was accelerated in 6M21 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF
|
|||||||||||||
| in | 6M21 | 6M20 | |||
| Contracts with customers (CHF million) | |||||
| Investment and portfolio management |
|
|
|||
| Other securities business |
|
|
|||
| Underwriting |
|
|
|||
| Brokerage |
|
|
|||
| Other services |
|
|
|||
| Total revenues from contracts with customers |
|
|
|||
| end of | 2Q21 | 1Q21 | 4Q20 | ||||
| Contract balances (CHF million) | |||||||
| Contract receivables |
|
|
|
||||
| Contract liabilities |
|
|
|
||||
| Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period |
|
|
|
||||
| end of | 6M21 | 2020 | |||
| Trading assets (CHF million) | |||||
| Debt securities |
|
|
|||
| Equity securities |
|
|
|||
| Derivative instruments 1 |
|
|
|||
| Other |
|
|
|||
| Trading assets |
|
|
|||
| Trading liabilities (CHF million) | |||||
| Short positions |
|
|
|||
| Derivative instruments 1 |
|
|
|||
| Trading liabilities |
|
|
|||
|
1
Amounts shown after counterparty and cash collateral netting.
|
|||||
| end of | 6M21 | 2020 | |||
| Cash collateral on derivative instruments – netted (CHF million) 1 | |||||
| Cash collateral paid |
|
|
|||
| Cash collateral received |
|
|
|||
| Cash collateral on derivative instruments – not netted (CHF million) 2 | |||||
| Cash collateral paid |
|
|
|||
| Cash collateral received |
|
|
|||
|
1
Recorded as cash collateral netting on derivative instruments in Note 23 – Offsetting of financial assets and financial liabilities.
|
|||||
|
2
Recorded as cash collateral on derivative instruments in Note 20 – Other assets and other liabilities.
|
|||||
| end of | 6M21 | 2020 | |||
| Investment securities (CHF million) | |||||
| Debt securities available-for-sale |
|
|
|||
| Total investment securities |
|
|
|||
| 6M21 | 2020 | ||||||||||||||||
|
end of |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||
| Investment securities by type (CHF million) | |||||||||||||||||
| Swiss federal, cantonal or local government entities |
|
|
|
|
|
|
|
|
|||||||||
| Foreign governments |
|
|
|
|
|
|
|
|
|||||||||
| Corporate debt securities |
|
|
|
|
|
|
|
|
|||||||||
| Debt securities available-for-sale |
|
|
|
|
|
|
|
|
|||||||||
| in | 6M21 | 6M20 | |||
| Sales of debt securities available-for-sale (CHF million) | |||||
| Proceeds from sales |
|
|
|||
| Realized gains |
|
|
|||
|
end of 6M21 |
Amortized cost |
Fair value |
Average yield (in %) |
||||
| Due within 1 year |
|
|
|
||||
| Due from 5 to 10 years |
|
|
|
||||
| Debt securities available-for-sale |
|
|
|
| end of | 6M21 | 2020 | |||
| Other investments (CHF million) | |||||
| Equity method investments |
|
|
|||
| Equity securities (without a readily determinable fair value) 1 |
|
|
|||
| of which at net asset value |
|
|
|||
| of which at measurement alternative |
|
|
|||
| of which at fair value |
|
|
|||
| of which at cost less impairment |
|
|
|||
| Real estate held-for-investment 2 |
|
|
|||
| Life finance instruments 3 |
|
|
|||
| Total other investments |
|
|
|||
|
1
Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee.
|
|||||
|
2
As of the end of 6M21 and 2020, real estate held for investment included foreclosed or repossessed real estate of CHF
|
|||||
|
3
Includes single premium immediate annuity contracts.
|
|||||
| in / end of | 6M21 | Cumulative | 6M20 | ||||
| Impairments and adjustments (CHF million) | |||||||
| Impairments and downward adjustments |
( |
( |
( |
||||
| Upward adjustments |
|
|
|
||||
| end of | 6M21 | 2020 | |||
| Loans (CHF million) | |||||
| Mortgages |
|
|
|||
| Loans collateralized by securities |
|
|
|||
| Consumer finance |
|
|
|||
| Consumer |
|
|
|||
| Real estate |
|
|
|||
| Commercial and industrial loans |
|
|
|||
| Financial institutions |
|
|
|||
| Governments and public institutions |
|
|
|||
| Corporate & institutional |
|
|
|||
| Gross loans |
|
|
|||
| of which held at amortized cost |
|
|
|||
| of which held at fair value |
|
|
|||
| Net (unearned income)/deferred expenses |
( |
( |
|||
| Allowance for credit losses |
( |
( |
|||
| Net loans |
|
|
|||
| Gross loans by location | |||||
| Switzerland |
|
|
|||
| Foreign |
|
|
|||
| Gross loans |
|
|
|||
| Impaired loans | |||||
| Non-performing loans |
|
|
|||
| Non-interest-earning loans |
|
|
|||
| Non-accrual loans |
|
|
|||
| Restructured loans |
|
|
|||
| Potential problem loans |
|
|
|||
| Other impaired loans |
|
|
|||
| Gross impaired loans 1 |
|
|
|||
|
1
As of the end of 6M21 and 2020, CHF
|
|||||
| 6M21 | 2020 | ||||||||||||
|
end of |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
Amortized cost basis |
1 |
Allowance for credit losses |
Net carrying value |
|||||
| Cash and due from banks |
|
|
|
|
( |
|
|||||||
| Interest-bearing deposits with banks |
|
2 |
|
|
|
4 |
( |
|
|||||
| Securities purchased under resale agreements and securities borrowing transactions |
|
2 |
|
|
|
|
|
||||||
| Loans |
|
2,3 |
( |
|
|
4,5 |
( |
|
|||||
| Brokerage receivables |
|
2 |
( |
|
|
4 |
( |
|
|||||
| Other assets |
|
( |
|
|
( |
|
|||||||
| Total |
|
( |
|
|
( |
|
|||||||
|
1
Net of unearned income/deferred expenses, as applicable.
|
|||||||||||||
|
2
Excludes accrued interest for credit losses in the total amount of CHF
|
|||||||||||||
|
3
Includes endangered interest of CHF
|
|||||||||||||
|
4
Excludes accrued interest for credit losses in the total amount of CHF
|
|||||||||||||
|
5
Includes endangered interest of CHF
|
|||||||||||||
| 6M21 | 6M20 | ||||||||||||
|
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
||||||||
| Allowance for credit losses (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Current-period provision for expected credit losses |
|
( |
( |
|
|
|
|||||||
| of which provisions for interest 1 |
|
|
|
|
|
|
|||||||
| Gross write-offs |
( |
( |
( |
( |
( |
( |
|||||||
| Recoveries |
|
|
|
|
|
|
|||||||
| Net write-offs |
( |
( |
( |
( |
( |
( |
|||||||
| Foreign currency translation impact and other adjustments, net |
|
|
|
( |
( |
( |
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| of which individually evaluated |
|
|
|
|
|
|
|||||||
| of which collectively evaluated |
|
|
|
|
|
|
|||||||
|
1
Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income.
|
|||||||||||||
| 6M21 | 6M20 | ||||||||||||
|
in |
Consumer |
Corporate & institutional |
Total |
Consumer |
Corporate & institutional |
Total |
|||||||
| Loans held at amortized cost (CHF million) | |||||||||||||
| Purchases 1 |
|
|
|
|
|
|
|||||||
| Reclassifications from loans held-for-sale 2 |
|
|
|
|
|
|
|||||||
| Reclassifications to loans held-for-sale 3 |
|
|
|
|
|
|
|||||||
| Sales 3 |
|
|
|
|
|
|
|||||||
|
1
Includes drawdowns under purchased loan commitments.
|
|||||||||||||
|
2
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity.
|
|||||||||||||
|
3
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale.
|
|||||||||||||
| 6M21 | 6M20 | ||||
| CHF million | |||||
| Balance at beginning of period |
|
|
|||
| Current-period provision for expected credit losses |
|
|
|||
| Gross write-offs |
( |
( |
|||
| Recoveries |
|
|
|||
| Net write-offs |
( |
( |
|||
| Foreign currency translation impact and other adjustments, net |
( |
( |
|||
| Balance at end of period |
|
|
|||
| of which individually evaluated |
|
|
|||
| of which collectively evaluated |
|
|
|||
| 6M21 | 2020 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| Mortgages | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Loans collateralized by securities | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans 1 |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Consumer finance | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Consumer – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
|
1
Lombard loans are generally classified as revolving loans.
|
|||||||||||||||||
| 6M21 | 2020 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| Real estate | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Commercial and industrial loans | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Financial institutions | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Governments and public institutions | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| Corporate & institutional – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
| 6M21 | 2020 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| Loans held at amortized cost – total | |||||||||||||||||
| 2021 / 2020 |
|
|
|
|
|
|
|
|
|||||||||
| 2020 / 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2019 / 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 / 2017 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 / 2016 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term loans |
|
|
|
|
|
|
|
|
|||||||||
| Revolving loans |
|
|
|
|
|
|
|
|
|||||||||
| Total loans to third parties |
|
|
|
|
|
|
|
|
|||||||||
| Total loans to entities under common control |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
1 | ||||||||
|
1
Excludes accrued interest on loans held at amortized cost of CHF
|
|||||||||||||||||
| 6M21 | 2020 | ||||||||||||||||
|
Investment grade |
Non-investment grade |
Investment grade |
Non-investment grade |
||||||||||||||
| end of | AAA to BBB | BB to C | D | Total | AAA to BBB | BB to C | D | Total | |||||||||
| 6M21 (CHF million) | |||||||||||||||||
| Other financial assets held at amortized cost | |||||||||||||||||
| 2019 |
|
|
|
|
|
|
|
|
|||||||||
| 2018 |
|
|
|
|
|
|
|
|
|||||||||
| 2017 |
|
|
|
|
|
|
|
|
|||||||||
| Prior years |
|
|
|
|
|
|
|
|
|||||||||
| Total term positions |
|
|
|
|
|
|
|
|
|||||||||
| Revolving positions |
|
|
|
|
|
|
|
|
|||||||||
| Total |
|
|
|
|
|
|
|
|
|||||||||
|
Includes primarily mortgage servicing advances and failed purchases.
|
|||||||||||||||||
| Current | Past due | ||||||||||||||
|
end of |
|
Up to 30 days |
31–60 days |
61–90 days |
More than 90 days |
Total |
Total |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
| Consumer finance |
|
|
|
|
|
|
|
||||||||
| Consumer |
|
|
|
|
|
|
|
||||||||
| Real estate |
|
|
|
|
|
|
|
||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
| Financial institutions |
|
|
|
|
|
|
|
||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
||||||||
| Total loans to third parties |
|
|
|
|
|
|
|
||||||||
| Total loans to entities under common control |
|
|
|
|
|
|
|
||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
| 2020 (CHF million) | |||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
||||||||
| Consumer finance |
|
|
|
|
|
|
|
||||||||
| Consumer |
|
|
|
|
|
|
|
||||||||
| Real estate |
|
|
|
|
|
|
|
||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
||||||||
| Financial institutions |
|
|
|
|
|
|
|
||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
||||||||
| Total loans to third parties |
|
|
|
|
|
|
|
1 | |||||||
| Total loans to entities under common control |
|
|
|
|
|
|
|
||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
1 | |||||||
|
1
Excludes accrued interest on loans held at amortized cost of CHF 363 million and CHF 334 million as of the end of 6M21 and 2020, respectively.
|
|||||||||||||||
| 6M21 | 6M20 | ||||||||||||||||
|
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
Amortized cost of non-accrual assets at beginning of period |
Amortized cost of non-accrual assets at end of period |
Interest income recognized |
Amortized cost of non-accrual assets with no specific allowance at end of period |
||||||||||
| CHF million | |||||||||||||||||
| Mortgages |
|
|
|
|
|
|
|
|
|||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|
|
|||||||||
| Consumer finance |
|
|
|
|
|
|
|
|
|||||||||
| Consumer |
|
|
|
|
|
|
|
|
|||||||||
| Real estate |
|
|
|
|
|
|
|
|
|||||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|
|
|||||||||
| Financial institutions |
|
|
|
|
|
|
|
|
|||||||||
| Governments and public institutions |
|
|
|
|
|
|
|
|
|||||||||
| Corporate & institutional |
|
|
|
|
|
|
|
|
|||||||||
| Total loans held at amortized cost |
|
|
|
|
|
|
|
|
|||||||||
| 6M21 | 6M20 | ||||||||||||
|
in |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
Number of contracts |
Recorded investment – pre- modification |
Recorded investment – post- modification |
|||||||
| CHF million, except where indicated | |||||||||||||
| Loans collateralized by securities |
|
|
|
|
|
|
|||||||
| Real estate |
|
|
|
|
|
|
|||||||
| Commercial and industrial loans |
|
|
|
|
|
|
|||||||
| Financial institutions |
|
|
|
|
|
|
|||||||
| Total loans |
|
|
|
|
|
|
|||||||
| 6M21 | 6M20 | ||||||||
|
in |
Number of contracts |
Recorded investment |
Number of contracts |
Recorded investment |
|||||
| CHF million, except where indicated | |||||||||
| Loans collateralized by securities |
|
|
|
|
|||||
| Commercial and industrial loans |
|
|
|
|
|||||
| Total loans |
|
|
|
|
|||||
|
6M21 |
Swiss Universal Bank |
International Wealth Management |
Asia Pacific |
Asset Management |
Investment Bank |
Bank |
1 | ||||||
| Gross amount of goodwill (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Foreign currency translation impact |
|
|
|
|
|
|
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Accumulated impairment (CHF million) | |||||||||||||
| Balance at beginning of period |
|
|
|
|
|
|
|||||||
| Balance at end of period |
|
|
|
|
|
|
|||||||
| Net book value (CHF million) | |||||||||||||
| Net book value |
|
|
|
|
|
|
|||||||
|
1
Gross amount of goodwill and accumulated impairment include goodwill of CHF
|
|||||||||||||
| end of | 6M21 | 2020 | |||
| Other assets (CHF million) | |||||
| Cash collateral on derivative instruments |
|
|
|||
| Cash collateral on non-derivative transactions |
|
|
|||
| Derivative instruments used for hedging |
|
|
|||
| Assets held-for-sale |
|
|
|||
| of which loans 1 |
|
|
|||
| allowance for loans held-for-sale |
( |
( |
|||
| of which real estate 2 |
|
|
|||
| of which long-lived assets |
|
|
|||
| Premises, equipment and right-of-use assets |
|
|
|||
| Assets held for separate accounts |
|
|
|||
| Interest and fees receivable |
|
|
|||
| Deferred tax assets |
|
|
|||
| Prepaid expenses |
|
|
|||
| of which cloud computing arrangement implementation costs |
|
|
|||
| Failed purchases |
|
|
|||
| Defined benefit pension and post-retirement plan assets |
|
|
|||
| Other |
|
|
|||
| Other assets |
|
|
|||
| Other liabilities (CHF million) | |||||
| Cash collateral on derivative instruments |
|
|
|||
| Cash collateral on non-derivative transactions |
|
|
|||
| Derivative instruments used for hedging |
|
|
|||
| Operating leases liabilities |
|
|
|||
| Provisions |
|
|
|||
| of which expected credit losses on off-balance sheet credit exposures |
|
|
|||
| Restructuring liabilities |
|
|
|||
| Liabilities held for separate accounts |
|
|
|||
| Interest and fees payable |
|
|
|||
| Current tax liabilities |
|
|
|||
| Deferred tax liabilities |
|
|
|||
| Failed sales |
|
|
|||
| Defined benefit pension and post-retirement plan liabilities |
|
|
|||
| Other |
|
|
|||
| Other liabilities |
|
|
|||
|
1
Included as of the end of 6M21 and 2020 were CHF
|
|||||
|
2
As of the end of 6M21 and 2020, real estate held-for-sale included foreclosed or repossessed real estate of CHF
|
|||||
| end of | 6M21 | 2020 | |||
| Long-term debt (CHF million) | |||||
| Senior |
|
|
|||
| Subordinated |
|
|
|||
| Non-recourse liabilities from consolidated VIEs |
|
|
|||
| Long-term debt |
|
|
|||
| of which reported at fair value |
|
|
|||
| of which structured notes |
|
|
|||
| end of | 6M21 | 2020 | |||
| Structured notes by product (CHF million) | |||||
| Equity |
|
|
|||
| Fixed income |
|
|
|||
| Credit |
|
|
|||
| Other |
|
|
|||
| Total structured notes |
|
|
|||
|
Gains/ (losses) on cash flow hedges |
Cumulative translation adjustments |
Unrealized gains/ (losses) on securities |
1 |
Actuarial gains/ (losses) |
Net prior service credit/ (cost) |
Gains/ (losses) on liabilities relating to credit risk |
AOCI |
||||||||
| 6M21 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
( |
( |
( |
||||||||
| Increase/(decrease) |
( |
|
|
( |
( |
( |
|
||||||||
| Reclassification adjustments, included in net income/(loss) |
( |
|
|
|
|
|
|
||||||||
| Total increase/(decrease) |
( |
|
|
( |
|
|
|
||||||||
| Balance at end of period |
|
( |
|
( |
( |
( |
( |
||||||||
| 6M20 (CHF million) | |||||||||||||||
| Balance at beginning of period |
|
( |
|
( |
( |
( |
( |
||||||||
| Increase/(decrease) |
|
( |
( |
|
|
|
|
||||||||
| Reclassification adjustments, included in net income/(loss) |
|
|
|
|
|
|
|
||||||||
| Total increase/(decrease) |
|
( |
( |
|
|
|
|
||||||||
| Balance at end of period |
|
( |
|
( |
( |
( |
( |
||||||||
|
1
No impairments on available-for-sale debt securities were recognized in net income/(loss) in 6M21 and 6M20.
|
|||||||||||||||
| in | 6M21 | 6M20 | |||
| Reclassification adjustments, included in net income/(loss) (CHF million) | |||||
| Cumulative translation adjustments | |||||
| Reclassification adjustments |
|
|
|||
| Actuarial gains/(losses) | |||||
| Amortization of recognized actuarial losses 1 |
( |
|
|||
| Tax expense/(benefit) |
|
|
|||
| Net of tax |
|
|
|||
|
1
These components are included in the computation of total benefit costs. Refer to "Note 26 – Pension and other post-retirement benefits" for further information.
|
|||||
| 6M21 | 2020 | ||||||||
|
end of |
Derivative assets |
Derivative liabilities |
Derivative assets |
Derivative liabilities |
|||||
| Gross derivatives subject to enforceable master netting agreements (CHF billion) | |||||||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Interest rate products |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Foreign exchange products |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Equity/index-related products |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Credit derivatives |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Other products 1 |
|
|
|
|
|||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Total gross derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
| Offsetting (CHF billion) | |||||||||
| OTC-cleared |
( |
( |
( |
( |
|||||
| OTC |
( |
( |
( |
( |
|||||
| Exchange-traded |
( |
( |
( |
( |
|||||
| Offsetting |
( |
( |
( |
( |
|||||
| of which counterparty netting |
( |
( |
( |
( |
|||||
| of which cash collateral netting |
( |
( |
( |
( |
|||||
| Net derivatives presented in the consolidated balance sheets (CHF billion) | |||||||||
| OTC-cleared |
|
|
|
|
|||||
| OTC |
|
|
|
|
|||||
| Exchange-traded |
|
|
|
|
|||||
| Total net derivatives subject to enforceable master netting agreements |
|
|
|
|
|||||
| Total derivatives not subject to enforceable master netting agreements 2 |
|
|
|
|
|||||
| Total net derivatives presented in the consolidated balance sheets |
|
|
|
|
|||||
| of which recorded in trading assets and trading liabilities |
|
|
|
|
|||||
| of which recorded in other assets and other liabilities |
|
|
|
|
|||||
|
1
Primarily precious metals, commodity and energy products.
|
|||||||||
|
2
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||
| 6M21 | 2020 | ||||||||||||
|
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
| Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | |||||||||||||
| Securities purchased under resale agreements |
|
( |
|
|
( |
|
|||||||
| Securities borrowing transactions |
|
( |
|
|
( |
|
|||||||
| Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
| Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
| Total |
|
( |
|
2 |
|
( |
|
2 | |||||
|
1
Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
|
2
CHF
|
|||||||||||||
| 6M21 | 2020 | ||||||||||||
|
end of |
Gross |
Offsetting |
Net book value |
Gross |
Offsetting |
Net book value |
|||||||
| Securities sold under repurchase agreements and securities lending transactions (CHF billion) | |||||||||||||
| Securities sold under repurchase agreements |
|
( |
|
|
( |
|
|||||||
| Securities lending transactions |
|
|
|
|
|
|
|||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
| Total subject to enforceable master netting agreements |
|
( |
|
|
( |
|
|||||||
| Total not subject to enforceable master netting agreements 1 |
|
– |
|
|
– |
|
|||||||
| Total |
|
( |
|
|
( |
|
|||||||
| of which securities sold under repurchase agreements and securities lending transactions |
|
( |
|
2 |
|
( |
|
2 | |||||
| of which obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|||||||
|
1
Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place.
|
|||||||||||||
|
2
CHF
|
|||||||||||||
| 6M21 | 2020 | ||||||||||||||||
|
end of |
Net |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
Net |
Financial instruments |
1 |
Cash collateral received/ pledged |
1 |
Net exposure |
|||||
| Financial assets subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
| Derivatives |
|
|
|
|
|
|
|
|
|||||||||
| Securities purchased under resale agreements |
|
|
|
|
|
|
|
|
|||||||||
| Securities borrowing transactions |
|
|
|
|
|
|
|
|
|||||||||
| Total financial assets subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
| Financial liabilities subject to enforceable master netting agreements (CHF billion) | |||||||||||||||||
| Derivatives |
|
|
|
|
|
|
|
|
|||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
|
|
|
|||||||||
| Securities lending transactions |
|
|
|
|
|
|
|
|
|||||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
|
|
|
|||||||||
| Total financial liabilities subject to enforceable master netting agreements |
|
|
|
|
|
|
|
|
|||||||||
|
1
The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included.
|
|||||||||||||||||
| in | 6M21 | 6M20 | |||
| Effective tax rate (%) |
|
|
| in | 6M21 | ||
| Income tax expense computed at the Swiss statutory tax rate of 18.5% (CHF million) |
|
||
| Increase/(decrease) in income taxes resulting from | |||
| Foreign tax rate differential |
( |
||
| Changes in tax law and rates |
( |
||
| Other non-deductible expenses |
|
||
| Changes in deferred tax valuation allowance |
|
||
| Lower taxed income |
( |
||
| Income taxable to noncontrolling interests |
|
||
| (Windfall tax benefits)/shortfall tax charges on share-based compensation |
|
||
| Other |
( |
||
| Income tax expense |
|
| end of | 6M21 | 2020 | |||
| Net deferred tax assets (CHF million) | |||||
| Deferred tax assets |
|
|
|||
| of which net operating losses |
|
|
|||
| of which deductible temporary differences |
|
|
|||
| Deferred tax liabilities |
( |
( |
|||
| Net deferred tax assets |
|
|
|||
| in | 6M21 | 6M20 | |||
| Deferred compensation expense (CHF million) | |||||
| Share awards |
|
|
|||
| Performance share awards |
|
|
|||
| Contingent Capital Awards |
|
|
|||
| Deferred cash awards |
|
|
|||
| Retention awards |
|
|
|||
| Total deferred compensation expense |
|
|
|||
| end of | 6M21 | ||
| Estimated unrecognized compensation expense (CHF million) | |||
| Share awards |
|
||
| Performance share awards |
|
||
| Contingent Capital Awards |
|
||
| Deferred cash awards |
|
||
| Retention awards |
|
||
| Total |
|
||
| Aggregate remaining weighted-average requisite service period (years) | |||
| Aggregate remaining weighted-average requisite service period |
|
||
| 6M21 | |||||
|
Number of awards (in millions) |
Share awards |
Performance share awards |
|||
| Share-based award activities | |||||
| Balance at beginning of period |
|
|
|||
| Granted |
|
|
|||
| Settled |
( |
( |
|||
| Forfeited |
( |
( |
|||
| Balance at end of period |
|
|
|||
| of which vested |
|
|
|||
| of which unvested |
|
|
|||
| in | 6M21 | 6M20 | |||
| Net periodic benefit costs/(credits) (CHF million) | |||||
| Service costs on benefit obligation |
|
|
|||
| Interest costs on benefit obligation |
|
|
|||
| Expected return on plan assets |
( |
( |
|||
| Amortization of recognized prior service cost/(credit) |
|
|
|||
| Amortization of recognized actuarial losses |
|
|
|||
| Settlement losses/(gains) |
( |
|
|||
| Net periodic benefit costs |
( |
|
|||
|
Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses.
|
|||||
| Trading | Hedging | 1 | |||||||||||
|
end of 6M21 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
| Derivative instruments (CHF billion) | |||||||||||||
| Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Interest rate products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Foreign exchange products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Equity/index-related products |
|
|
|
|
|
|
|||||||
| Credit derivatives 2 |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Other products 3 |
|
|
|
|
|
|
|||||||
| Total derivative instruments |
|
|
|
|
|
|
|||||||
|
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
|
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
|
2
Primarily credit default swaps.
|
|||||||||||||
|
3
Primarily precious metals, commodity and energy products.
|
|||||||||||||
| Trading | Hedging | 1 | |||||||||||
|
end of 2020 |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
Notional amount |
Positive replacement value (PRV) |
Negative replacement value (NRV) |
|||||||
| Derivative instruments (CHF billion) | |||||||||||||
| Forwards and forward rate agreements |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Interest rate products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Foreign exchange products |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Equity/index-related products |
|
|
|
|
|
|
|||||||
| Credit derivatives 2 |
|
|
|
|
|
|
|||||||
| Forwards |
|
|
|
|
|
|
|||||||
| Swaps |
|
|
|
|
|
|
|||||||
| Options bought and sold (OTC) |
|
|
|
|
|
|
|||||||
| Futures |
|
|
|
|
|
|
|||||||
| Options bought and sold (exchange-traded) |
|
|
|
|
|
|
|||||||
| Other products 3 |
|
|
|
|
|
|
|||||||
| Total derivative instruments |
|
|
|
|
|
|
|||||||
|
The notional amount, PRV and NRV (trading and hedging) was CHF
|
|||||||||||||
|
1
Relates to derivative contracts that qualify for hedge accounting under US GAAP.
|
|||||||||||||
|
2
Primarily credit default swaps.
|
|||||||||||||
|
3
Primarily precious metals, commodity and energy products.
|
|||||||||||||
| in | 6M21 | 6M20 | |||
| Interest rate products (CHF million) | |||||
| Hedged items 1 |
|
( |
|||
| Derivatives designated as hedging instruments 1 |
( |
|
|||
|
The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table.
|
|||||
|
1
Included in net interest income.
|
|||||
| 6M21 | 2020 | ||||||||||||
| Hedged items | Hedged items | ||||||||||||
|
end of |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 |
Carrying amount |
Hedging adjustments |
1 |
Discontinued hedges |
2 | |||
| Assets (CHF billion) | |||||||||||||
| Investment securities |
|
|
|
|
|
|
|||||||
| Net loans |
|
( |
|
|
|
|
|||||||
| Liabilities (CHF billion) | |||||||||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
|
1
Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount.
|
|||||||||||||
|
2
Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued.
|
|||||||||||||
| in | 6M21 | 6M20 | |||
| Interest rate products (CHF million) | |||||
| Gains/(losses) recognized in AOCI on derivatives |
( |
|
|||
| Gains/(losses) reclassified from AOCI into interest and dividend income |
|
( |
|||
| Foreign exchange products (CHF million) | |||||
| Gains/(losses) recognized in AOCI on derivatives |
|
( |
|||
| Trading revenues |
|
( |
|||
| Total other operating expenses |
|
( |
|||
| Gains/(losses) reclassified from AOCI into income |
|
( |
|||
| Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 |
|
|
|||
|
1
Related to the forward points of a foreign currency forward.
|
|||||
| in | 6M21 | 6M20 | |||
| Foreign exchange products (CHF million) | |||||
| Gains/(losses) recognized in the cumulative translation adjustments section of AOCI |
( |
|
|||
| Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues |
|
|
|||
| 6M21 | 2020 | ||||||||||||||||
|
end of |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
Bilateral counterparties |
Special purpose entities |
Accelerated terminations |
Total |
|||||||||
| Contingent credit risk (CHF billion) | |||||||||||||||||
| Current net exposure |
|
|
|
|
|
|
|
|
|||||||||
| Collateral posted |
|
|
– |
|
|
|
– |
|
|||||||||
| Impact of a three-notch downgrade event |
|
|
|
|
|
|
|
|
|||||||||
|
The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively.
|
|||||||||||||||||
| 6M21 | 2020 | ||||||||||||||||||||
|
end of |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
Credit protection sold |
Credit protection purchased |
1 |
Net credit protection (sold)/ purchased |
Other protection purchased |
Fair value of credit protection sold |
|||||||||
| Single-name instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Total single-name instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Multi-name instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| Non-investment grade |
( |
|
( |
|
3 |
|
( |
|
( |
|
3 |
|
|||||||||
| Total multi-name instruments |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| of which non-sovereign |
( |
|
( |
|
( |
( |
|
( |
|
( |
|||||||||||
| Total instruments (CHF billion) | |||||||||||||||||||||
| Investment grade 2 |
( |
|
( |
|
|
( |
|
( |
|
( |
|||||||||||
| Non-investment grade |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| Total instruments |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
| of which non-sovereign |
( |
|
( |
|
|
( |
|
( |
|
|
|||||||||||
|
1
Represents credit protection purchased with identical underlyings and recoveries.
|
|||||||||||||||||||||
|
2
Based on internal ratings of BBB and above.
|
|||||||||||||||||||||
|
3
Includes synthetic securitized loan portfolios.
|
|||||||||||||||||||||
| end of | 6M21 | 2020 | |||
| Credit derivatives (CHF billion) | |||||
| Credit protection sold |
|
|
|||
| Credit protection purchased |
|
|
|||
| Other protection purchased |
|
|
|||
| Other instruments 1 |
|
|
|||
| Total credit derivatives |
|
|
|||
|
1
Consists of total return swaps and other derivative instruments.
|
|||||
|
end of |
Maturity less than 1 year |
Maturity between 1 to 5 years |
Maturity greater than 5 years |
Total |
|||||
| 6M21 (CHF billion) | |||||||||
| Single-name instruments |
|
|
|
|
|||||
| Multi-name instruments |
|
|
|
|
|||||
| Total instruments |
|
|
|
|
|||||
| 2020 (CHF billion) | |||||||||
| Single-name instruments |
|
|
|
|
|||||
| Multi-name instruments |
|
|
|
|
|||||
| Total instruments |
|
|
|
|
|||||
|
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Carrying value |
Collateral received |
||||||
| 6M21 (CHF million) | |||||||||||||
| Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
| Other guarantees |
|
|
|
|
|
|
|||||||
| Total guarantees |
|
|
|
|
|
|
|||||||
| 2020 (CHF million) | |||||||||||||
| Credit guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Performance guarantees and similar instruments |
|
|
|
|
|
|
|||||||
| Derivatives 2 |
|
|
|
|
|
– | 3 | ||||||
| Other guarantees |
|
|
|
|
|
|
|||||||
| Total guarantees |
|
|
|
|
|
|
|||||||
|
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||
|
2
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments.
|
|||||||||||||
|
3
Collateral for derivatives accounted for as guarantees is not considered significant.
|
|||||||||||||
| 6M21 | 2020 | ||||||||||||||||||||
|
end of |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
Maturity less than 1 year |
Maturity greater than 1 year |
Total gross amount |
Total net amount |
1 |
Collateral received |
|||||||||
| Other commitments (CHF million) | |||||||||||||||||||||
| Irrevocable commitments under documentary credits |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Irrevocable loan commitments |
|
|
|
2 |
|
|
|
|
|
2 |
|
|
|||||||||
| Forward reverse repurchase agreements |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total other commitments |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
1
Total net amount is computed as the gross amount less any participations.
|
|||||||||||||||||||||
|
2
Irrevocable loan commitments do not include a total gross amount of CHF
|
|||||||||||||||||||||
| in | 6M21 | 6M20 | |||
| Gains/(losses) and cash flows (CHF million) | |||||
| CMBS | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
| RMBS | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Purchases of previously transferred financial assets or its underlying collateral |
( |
|
|||
| Servicing fees |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
| Other asset-backed financings | |||||
| Net gain 1 |
|
|
|||
| Proceeds from transfer of assets |
|
|
|||
| Purchases of previously transferred financial assets or its underlying collateral |
( |
( |
|||
| Fees 2 |
|
|
|||
| Cash received on interests that continue to be held |
|
|
|||
|
1
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans.
|
|||||
|
2
Represents management fees and performance fees earned for investment management services provided to managed CLOs.
|
|||||
| end of | 6M21 | 2020 | |||
| CHF million | |||||
| CMBS | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
| RMBS | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
| Other asset-backed financings | |||||
| Principal amount outstanding |
|
|
|||
| Total assets of SPE |
|
|
|||
|
Principal amount outstanding relates to assets transferred from the Bank and does not include principal amounts for assets transferred from third parties.
|
|||||
| 6M21 | 6M20 | ||||||||||||||||
| at time of transfer, in | CMBS | RMBS | CMBS | RMBS | |||||||||||||
| CHF million, except where indicated | |||||||||||||||||
| Fair value of beneficial interests |
|
|
|
|
|||||||||||||
| of which level 2 |
|
|
|
|
|||||||||||||
| of which level 3 |
|
|
|
|
|||||||||||||
| Weighted-average life, in years |
|
|
|
|
|||||||||||||
| Prepayment speed assumption (rate per annum), in % 1 | – | 2 |
|
– |
|
– | 2 |
|
– |
|
|||||||
| Cash flow discount rate (rate per annum), in % 3 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Expected credit losses (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
|
Transfers of assets in which the Bank does not have beneficial interests are not included in this table.
|
|||||||||||||||||
|
1
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A
|
|||||||||||||||||
|
2
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||
|
3
The rate was based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||
|
4
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
|||||||||||||||||
| 6M21 | 2020 | ||||||||||||||||||||||||
|
end of |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 |
CMBS |
1 |
RMBS |
Other asset- backed financing activities |
2 | |||||||||||||||
| CHF million, except where indicated | |||||||||||||||||||||||||
| Fair value of beneficial interests |
|
|
|
|
|
|
|||||||||||||||||||
| of which non-investment grade |
|
|
|
|
|
|
|||||||||||||||||||
| Weighted-average life, in years |
|
|
|
|
|
|
|||||||||||||||||||
| Prepayment speed assumption (rate per annum), in % 3 | – |
|
– |
|
– | – |
|
– |
|
– | |||||||||||||||
| Impact on fair value from 10% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
| Impact on fair value from 20% adverse change | – |
( |
– | – |
( |
– | |||||||||||||||||||
| Cash flow discount rate (rate per annum), in % 4 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
| Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Expected credit losses (rate per annum), in % 5 |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||||
| Impact on fair value from 10% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
| Impact on fair value from 20% adverse change |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||
|
1
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances.
|
|||||||||||||||||||||||||
|
2
CDOs within this category are generally structured to be protected from prepayment risk.
|
|||||||||||||||||||||||||
|
3
PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A
|
|||||||||||||||||||||||||
|
4
The rate was based on the weighted-average yield on the beneficial interests.
|
|||||||||||||||||||||||||
|
5
The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero.
|
|||||||||||||||||||||||||
| end of | 6M21 | 2020 | |||
| CHF million | |||||
| Other asset-backed financings | |||||
| Trading assets |
|
|
|||
| Other assets |
|
|
|||
| Liability to SPE, included in other liabilities |
( |
( |
|||
| end of | 6M21 | 2020 | |||
| CHF billion | |||||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Asset-backed securities |
|
|
|||
| Other |
|
|
|||
| Securities sold under repurchase agreements |
|
|
|||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Equity securities |
|
|
|||
| Other |
|
|
|||
| Securities lending transactions |
|
|
|||
| Government debt securities |
|
|
|||
| Corporate debt securities |
|
|
|||
| Equity securities |
|
|
|||
| Other |
|
|
|||
| Obligation to return securities received as collateral, at fair value |
|
|
|||
| Total |
|
|
|||
| Remaining contractual maturities | |||||||||||
|
end of |
No stated maturity |
1 |
Up to 30 days |
2 |
31-90 days |
More than 90 days |
Total |
||||
| 6M21 (CHF billion) | |||||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
||||||
| Securities lending transactions |
|
|
|
|
|
||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
| Total |
|
|
|
|
|
||||||
| 2020 (CHF billion) | |||||||||||
| Securities sold under repurchase agreements |
|
|
|
|
|
||||||
| Securities lending transactions |
|
|
|
|
|
||||||
| Obligation to return securities received as collateral, at fair value |
|
|
|
|
|
||||||
| Total |
|
|
|
|
|
||||||
|
1
Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period.
|
|||||||||||
|
2
Includes overnight transactions.
|
|||||||||||
| Financial intermediation | |||||||||||||
|
end of |
CP Conduit |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
| 6M21 (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
|
|
|
|||||||
| Trading assets |
|
|
|
|
|
|
|||||||
| Other investments |
|
|
|
|
|
|
|||||||
| Net loans |
|
|
|
|
|
|
|||||||
| Other assets |
|
|
|
|
|
|
|||||||
| of which loans held-for-sale |
|
|
|
|
|
|
|||||||
| of which premises and equipment |
|
|
|
|
|
|
|||||||
| Total assets of consolidated VIEs |
|
|
|
|
|
|
|||||||
| Customer deposits |
|
|
|
|
|
|
|||||||
| Trading liabilities |
|
|
|
|
|
|
|||||||
| Short-term borrowings |
|
|
|
|
|
|
|||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
| Other liabilities |
|
|
|
|
|
|
|||||||
| Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|||||||
| 2020 (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
|
|
|
|||||||
| Trading assets |
|
|
|
|
|
|
|||||||
| Other investments |
|
|
|
|
|
|
|||||||
| Net loans |
|
|
|
|
|
|
|||||||
| Other assets |
|
|
|
|
|
|
|||||||
| of which loans held-for-sale |
|
|
|
|
|
|
|||||||
| of which premises and equipment |
|
|
|
|
|
|
|||||||
| Total assets of consolidated VIEs |
|
|
|
|
|
|
|||||||
| Customer deposits |
|
|
|
|
|
|
|||||||
| Trading liabilities |
|
|
|
|
|
|
|||||||
| Short-term borrowings |
|
|
|
|
|
|
|||||||
| Long-term debt |
|
|
|
|
|
|
|||||||
| Other liabilities |
|
|
|
|
|
|
|||||||
| Total liabilities of consolidated VIEs |
|
|
|
|
|
|
|||||||
| Financial intermediation | |||||||||||||||
|
end of |
CDO/ CLO |
CP Conduit |
1 |
Securi- tizations |
Funds |
Loans |
Other |
Total |
|||||||
| 6M21 (CHF million) | |||||||||||||||
| Trading assets |
|
|
|
|
|
|
|
||||||||
| Net loans |
|
|
|
|
|
|
|
||||||||
| Other assets |
|
|
|
|
|
|
|
||||||||
| Total variable interest assets |
|
|
|
|
|
|
|
||||||||
| Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
| Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
| 2020 (CHF million) | |||||||||||||||
| Trading assets |
|
|
|
|
|
|
|
||||||||
| Net loans |
|
|
|
|
|
|
|
||||||||
| Other assets |
|
|
|
|
|
|
|
||||||||
| Total variable interest assets |
|
|
|
|
|
|
|
||||||||
| Maximum exposure to loss |
|
|
|
|
|
|
|
||||||||
| Total assets of non-consolidated VIEs |
|
|
|
|
|
|
|
||||||||
|
1
Includes liquidity facilities provided to third-party CP conduits through Alpine Securities Ltd.
|
|||||||||||||||
|
end of 6M21 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
| Assets (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
– | – |
|
|||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
| Securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading assets |
|
|
|
( |
|
|
|||||||
| of which debt securities |
|
|
|
– |
|
|
|||||||
| of which foreign government |
|
|
|
– | – |
|
|||||||
| of which corporates |
|
|
|
– |
|
|
|||||||
| of which RMBS |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which other derivatives |
|
|
|
– | – | – | |||||||
| of which other trading assets |
|
|
|
– | – |
|
|||||||
| Investment securities |
|
|
|
– | – |
|
|||||||
| Other investments |
|
|
|
– |
|
|
|||||||
| of which other equity investments |
|
|
|
– |
|
|
|||||||
| of which life finance instruments |
|
|
|
– | – |
|
|||||||
| Loans |
|
|
|
– | – |
|
|||||||
| of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
| of which financial institutions |
|
|
|
– | – |
|
|||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
| Other assets |
|
|
|
( |
– |
|
|||||||
| of which failed purchases |
|
|
|
– | – |
|
|||||||
| of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
| Total assets at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 6M21 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
| Liabilities (CHF million) | |||||||||||||
| Due to banks |
|
|
|
– | – |
|
|||||||
| Customer deposits |
|
|
|
– | – |
|
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
| Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading liabilities |
|
|
|
( |
– |
|
|||||||
| of which debt securities |
|
|
|
– | – |
|
|||||||
| of which foreign government |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– | – |
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| Short-term borrowings |
|
|
|
– | – |
|
|||||||
| Long-term debt |
|
|
|
– | – |
|
|||||||
| of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
| of which structured notes over two years |
|
|
|
– | – |
|
|||||||
| of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
| Other liabilities |
|
|
|
( |
– |
|
|||||||
| Total liabilities at fair value |
|
|
|
( |
– |
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 2020 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Assets measured at net asset value per share |
2 |
Total |
|||||
| Assets (CHF million) | |||||||||||||
| Cash and due from banks |
|
|
|
– | – |
|
|||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
– | – |
|
|||||||
| Securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading assets |
|
|
|
( |
|
|
|||||||
| of which debt securities |
|
|
|
– |
|
|
|||||||
| of which foreign government |
|
|
|
– | – |
|
|||||||
| of which corporates |
|
|
|
– |
|
|
|||||||
| of which RMBS |
|
|
|
– | – |
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which other derivatives |
|
|
|
– | – | – | |||||||
| of which other trading assets |
|
|
|
– | – |
|
|||||||
| Investment securities |
|
|
|
– | – |
|
|||||||
| Other investments |
|
|
|
– |
|
|
|||||||
| of which other equity investments |
|
|
|
– |
|
|
|||||||
| of which life finance instruments |
|
|
|
– | – |
|
|||||||
| Loans |
|
|
|
– | – |
|
|||||||
| of which commercial and industrial loans |
|
|
|
– | – |
|
|||||||
| of which financial institutions |
|
|
|
– | – |
|
|||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
– | – |
|
|||||||
| Other assets |
|
|
|
( |
– |
|
|||||||
| of which failed purchases |
|
|
|
– | – |
|
|||||||
| of which loans held-for-sale |
|
|
|
– | – |
|
|||||||
| Total assets at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
end of 2020 |
Level 1 |
Level 2 |
Level 3 |
Netting impact |
1 |
Liabilities measured at net asset value per share |
2 |
Total |
|||||
| Liabilities (CHF million) | |||||||||||||
| Due to banks |
|
|
|
– | – |
|
|||||||
| Customer deposits |
|
|
|
– | – |
|
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
– | – |
|
|||||||
| Obligation to return securities received as collateral |
|
|
|
– | – |
|
|||||||
| Trading liabilities |
|
|
|
( |
|
|
|||||||
| of which equity securities |
|
|
|
– |
|
|
|||||||
| of which derivatives |
|
|
|
( |
– |
|
|||||||
| of which interest rate products |
|
|
|
– | – | – | |||||||
| of which foreign exchange products |
|
|
|
– | – | – | |||||||
| of which equity/index-related products |
|
|
|
– | – | – | |||||||
| of which credit derivatives |
|
|
|
– | – | – | |||||||
| Short-term borrowings |
|
|
|
– | – |
|
|||||||
| Long-term debt |
|
|
|
– | – |
|
|||||||
| of which structured notes over one year and up to two years |
|
|
|
– | – |
|
|||||||
| of which structured notes over two years |
|
|
|
– | – |
|
|||||||
| of which high-trigger instruments |
|
|
|
– | – |
|
|||||||
| Other liabilities |
|
|
|
( |
– |
|
|||||||
| Total liabilities at fair value |
|
|
|
( |
|
|
|||||||
|
1
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements.
|
|||||||||||||
|
2
In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value
hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
|||||||||||||
|
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||
|
6M21 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
| Assets (CHF million) | |||||||||||||||||||||||||||||||||
| Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which debt securities |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which corporates |
|
|
( |
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which interest rate products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which other derivatives |
|
|
|
|
|
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
| of which other trading assets |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
| Other investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which other equity investments |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| of which life finance instruments |
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| Loans 2 |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which commercial and industrial loans 2 |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which financial institutions |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
|
|
( |
|||||||||||||||||
| Other assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
( |
|||||||||||||||||
| of which loans held-for-sale |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|||||||||||||||||
| Total assets at fair value |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
| Customer deposits |
|
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
|||||||||||||||||
| Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Trading liabilities |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Short-term borrowings |
|
|
( |
|
|
|
( |
( |
|
|
|
|
|
|
|
|
|||||||||||||||||
| Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
|
|||||||||||||||||
| of which structured notes over one year and up to two years |
|
|
( |
|
|
|
( |
|
|
|
|
|
( |
|
|
|
|||||||||||||||||
| of which structured notes over two years |
|
|
( |
|
|
|
( |
|
( |
|
|
( |
( |
|
|
( |
|||||||||||||||||
| Other liabilities |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|||||||||||||||||
| Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
|
|
|
( |
( |
|
|
|
|||||||||||||||||
| Net assets/(liabilities) at fair value |
|
( |
|
|
( |
( |
|
( |
( |
( |
|
|
|
( |
( |
( |
|||||||||||||||||
|
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 6M21, changes in net unrealized gains/(losses) of CHF (
|
|||||||||||||||||||||||||||||||||
|
Trading revenues |
Other revenues |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||
|
6M20 |
Balance at beginning of period |
Transfers in |
Transfers out |
Purchases |
Sales |
Issuances |
Settlements |
On transfers out |
On all other |
On transfers out |
On all other |
On transfers out |
On all other |
Foreign currency translation impact |
Balance at end of period |
Changes in unrealized gains/losses |
1 | ||||||||||||||||
| Assets (CHF million) | |||||||||||||||||||||||||||||||||
| Securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Trading assets |
|
|
( |
|
( |
|
( |
|
|
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which debt securities |
|
|
( |
|
( |
|
|
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which corporates |
|
|
( |
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which RMBS |
|
|
( |
|
( |
|
|
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which derivatives |
|
|
( |
|
|
|
( |
|
|
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which equity/index-related products |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which credit derivatives |
|
|
( |
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which other derivatives |
|
|
|
|
|
|
( |
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| of which other trading assets |
|
|
( |
|
( |
|
( |
( |
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Other investments |
|
|
|
|
( |
|
|
|
|
|
( |
|
|
( |
|
|
|||||||||||||||||
| of which other equity investments |
|
|
|
|
( |
|
|
|
( |
|
( |
|
|
( |
|
( |
|||||||||||||||||
| of which life finance instruments |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Loans 2 |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which commercial and industrial loans 2 |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which financial institutions |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Other intangible assets (mortgage servicing rights) |
|
|
|
|
|
|
|
|
|
|
( |
|
|
( |
|
( |
|||||||||||||||||
| Other assets |
|
|
( |
|
( |
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which loans held-for-sale |
|
|
( |
|
( |
|
( |
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Total assets at fair value |
|
|
( |
|
( |
|
( |
|
|
( |
( |
|
|
( |
|
|
|||||||||||||||||
| Liabilities (CHF million) | |||||||||||||||||||||||||||||||||
| Customer deposits |
|
|
|
|
|
|
( |
|
|
|
|
|
( |
( |
|
|
|||||||||||||||||
| Obligation to return securities received as collateral |
|
|
|
|
( |
|
|
|
|
|
|
|
|
( |
|
|
|||||||||||||||||
| Trading liabilities |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which derivatives |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
|
( |
|
|
|||||||||||||||||
| of which equity/index-related derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| of which credit derivatives |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| Short-term borrowings |
|
|
( |
|
|
|
( |
( |
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| Long-term debt |
|
|
( |
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
| of which structured notes over one year and up to two years |
|
|
( |
|
|
|
( |
|
( |
|
|
|
|
( |
|
( |
|||||||||||||||||
| of which structured notes over two years |
|
|
( |
|
|
|
( |
|
( |
|
|
|
( |
( |
|
( |
|||||||||||||||||
| Other liabilities |
|
|
( |
|
( |
|
( |
( |
( |
|
|
|
|
( |
|
|
|||||||||||||||||
| Total liabilities at fair value |
|
|
( |
|
( |
|
( |
|
( |
( |
|
|
( |
( |
|
|
|||||||||||||||||
| Net assets/(liabilities) at fair value |
( |
|
|
|
( |
( |
|
( |
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|
( |
( |
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( |
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|
1
Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues. As of 6M20, changes in net unrealized gains/(losses) of CHF
|
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2
Includes an adjustment of CHF
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| 6M21 | 2020 | ||||||||||||
|
end of |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
Aggregate fair value |
Aggregate unpaid principal |
Difference |
|||||||
| Financial instruments (CHF million) | |||||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
|
|||||||
| Loans |
|
|
( |
|
|
( |
|||||||
| Other assets 1 |
|
|
( |
|
|
( |
|||||||
| Due to banks and customer deposits |
( |
( |
( |
( |
( |
( |
|||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
( |
( |
( |
( |
( |
|||||||
| Short-term borrowings |
( |
( |
|
( |
( |
( |
|||||||
| Long-term debt 2 |
( |
( |
|
( |
( |
|
|||||||
| Other liabilities |
( |
( |
|
( |
( |
|
|||||||
| Non-performing and non-interest-earning loans 3 |
|
|
( |
|
|
( |
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1
Primarily loans held-for-sale.
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2
Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal.
|
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|
3
Included in loans or other assets.
|
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| 6M21 | 6M20 | ||||
|
in |
Net gains/ (losses) |
Net gains/ (losses) |
|||
| Financial instruments (CHF million) | |||||
| Interest-bearing deposits with banks |
|
1 |
|
1 | |
| of which related to credit risk |
|
( |
|||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
1 |
|
1 | |
| Other investments |
|
2 |
|
3 | |
| of which related to credit risk |
|
|
|||
| Loans |
|
1 |
( |
3 | |
| of which related to credit risk |
|
( |
|||
| Other assets |
|
1 |
|
1 | |
| of which related to credit risk |
|
( |
|||
| Due to banks and customer deposits |
( |
3 |
( |
3 | |
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
( |
1 |
( |
1 | |
| Short-term borrowings |
( |
3 |
( |
3 | |
| of which related to credit risk |
( |
|
|||
| Long-term debt |
( |
3 |
|
3 | |
| of which related to credit risk |
|
|
|||
| Other liabilities |
|
2 |
( |
3 | |
| of which related to credit risk |
|
( |
|||
|
1
Primarily recognized in net interest income.
|
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|
2
Primarily recognized in other revenues.
|
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|
3
Primarily recognized in trading revenues.
|
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|
Gains/(losses) recorded into AOCI |
1 |
Gains/(losses) recorded in AOCI transferred to net income |
1 | ||||||||
| in | 6M21 | Cumulative | 6M20 | 6M21 | 6M20 | ||||||
| Financial instruments (CHF million) | |||||||||||
| Customer deposits |
|
( |
|
|
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| Short-term borrowings |
|
( |
( |
|
|
||||||
| Long-term debt |
( |
( |
|
|
|
||||||
| of which treasury debt over two years |
( |
( |
|
|
|
||||||
| of which structured notes over two years |
|
( |
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| Total |
|
( |
|
|
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|
1
Amounts are reflected gross of tax.
|
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|
Carrying value |
Fair value |
||||||||||
| end of | Level 1 | Level 2 | Level 3 | Total | |||||||
| 6M21 (CHF million) | |||||||||||
| Financial assets | |||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
| Loans |
|
|
|
|
|
||||||
| Other financial assets 1 |
|
|
|
|
|
||||||
| Financial liabilities | |||||||||||
| Due to banks and customer deposits |
|
|
|
|
|
||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
| Short-term borrowings |
|
|
|
|
|
||||||
| Long-term debt |
|
|
|
|
|
||||||
| Other financial liabilities 2 |
|
|
|
|
|
||||||
| 2020 (CHF million) | |||||||||||
| Financial assets | |||||||||||
| Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions |
|
|
|
|
|
||||||
| Loans |
|
|
|
|
|
||||||
| Other financial assets 1 |
|
|
|
|
|
||||||
| Financial liabilities | |||||||||||
| Due to banks and customer deposits |
|
|
|
|
|
||||||
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions |
|
|
|
|
|
||||||
| Short-term borrowings |
|
|
|
|
|
||||||
| Long-term debt |
|
|
|
|
|
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| Other financial liabilities 2 |
|
|
|
|
|
||||||
|
1
Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities.
|
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|
2
Primarily includes cash collateral on derivative instruments and interest and fee payables.
|
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| end of | 6M21 | 2020 | |||
| CHF million | |||||
| Total assets pledged or assigned as collateral |
|
|
|||
| of which encumbered |
|
|
1 | ||
|
1
Prior period has been corrected.
|
|||||
| end of | 6M21 | 2020 | 1 | ||
| CHF million | |||||
| Fair value of collateral received with the right to sell or repledge |
|
|
|||
| of which sold or repledged |
|
|
|||
|
1
Prior period has been corrected.
|
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