Credit Suisse AG 6-K, filed Apr 22, 2021

Credit Suisse AG (GLDI)

6-K 2021-04-22 For: 2021-03-31

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Added on July 04, 2026

About this 6-K

Credit Suisse AG filed this 6-K on April 22, 2021.

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Comparison of consolidated statements of operations
	Bank		Group
in	1Q21	1Q20	1Q21	1Q20
Statements of operations (CHF million)
Net revenues	7,653	5,785	7,574	5,776
Total operating expenses	4,091	4,124	3,937	4,007
Income/(loss) before taxes	(837)	1,093	(757)	1,201
Net income/(loss)	(289)	1,219	(231)	1,311
Net income/(loss) attributable to shareholders	(214)	1,213	(252)	1,314

Comparison of consolidated balance sheets
	Bank		Group
end of	1Q21	4Q20	1Q21	4Q20
Balance sheet statistics (CHF million)
Total assets	855,597	809,688	851,395	805,822
Total liabilities	806,242	762,629	806,511	762,881

Capitalization and indebtedness
	Bank		Group
end of	1Q21	4Q20	1Q21	4Q20
Capitalization and indebtedness (CHF million)
Due to banks	19,469	16,420	19,422	16,423
Customer deposits	407,082	392,039	406,069	390,921
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	22,951	23,944	22,853	23,851
Long-term debt	164,443	160,279	170,453	161,087
All other liabilities	192,297	169,947	187,714	170,599
Total liabilities	806,242	762,629	806,511	762,881
Total equity	49,355	47,059	44,884	42,941
Total capitalization and indebtedness	855,597	809,688	851,395	805,822

BIS capital metrics
	Bank		Group
end of	1Q21	4Q20	1Q21	4Q20
Capital and risk-weighted assets (CHF million)
CET1 capital	42,550	40,701	36,964	35,361
Tier 1 capital	58,050	55,659	53,411	51,202
Total eligible capital	59,067	56,620	54,429	52,163
Risk-weighted assets	302,022	275,676	302,869	275,084
Capital ratios (%)
CET1 ratio	14.1	14.8	12.2	12.9
Tier 1 ratio	19.2	20.2	17.6	18.6
Total capital ratio	19.6	20.5	18.0	19.0

Condensed consolidated statements of operations
in	1Q21	1Q20	% change
Condensed consolidated statements of operations (CHF million)
Interest and dividend income	3,042	4,282	(29)
Interest expense	(1,399)	(2,746)	(49)
Net interest income	1,643	1,536	7
Commissions and fees	3,751	2,920	28
Trading revenues	1,800	878	105
Other revenues	459	451	2
Net revenues	7,653	5,785	32
Provision for credit losses	4,399	568	–
Compensation and benefits	1,975	2,057	(4)
General and administrative expenses	1,752	1,722	2
Commission expenses	329	345	(5)
Restructuring expenses	35	–	–
Total other operating expenses	2,116	2,067	2
Total operating expenses	4,091	4,124	(1)
Income/(loss) before taxes	(837)	1,093	–
Income tax expense/(benefit)	(548)	(126)	335
Net income/(loss)	(289)	1,219	–
Net income/(loss) attributable to noncontrolling interests	(75)	6	–
Net income/(loss) attributable to shareholders	(214)	1,213	–

Condensed consolidated balance sheets
end of	1Q21	4Q20	% change
Assets (CHF million)
Cash and due from banks	132,310	138,207	(4)
Interest-bearing deposits with banks	1,377	1,230	12
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	91,121	79,133	15
Securities received as collateral	56,494	50,773	11
Trading assets	157,279	157,511	0
Investment securities	612	605	1
Other investments	5,607	5,379	4
Net loans	313,198	300,341	4
Goodwill	3,951	3,755	5
Other intangible assets	239	237	1
Brokerage receivables	47,684	35,943	33
Other assets	45,725	36,574	25
Total assets	855,597	809,688	6
Liabilities and equity (CHF million)
Due to banks	19,469	16,420	19
Customer deposits	407,082	392,039	4
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	22,951	23,944	(4)
Obligation to return securities received as collateral	56,494	50,773	11
Trading liabilities	47,728	45,871	4
Short-term borrowings	30,556	21,308	43
Long-term debt	164,443	160,279	3
Brokerage payables	26,892	21,655	24
Other liabilities	30,627	30,340	1
Total liabilities	806,242	762,629	6
Total shareholder's equity	48,593	46,264	5
Noncontrolling interests	762	795	(4)
Total equity	49,355	47,059	5

Total liabilities and equity	855,597	809,688	6

BIS statistics (Basel III)
end of	1Q21	4Q20	% change
Eligible capital (CHF million)
Common equity tier 1 (CET1) capital	42,550	40,701	5
Tier 1 capital	58,050	55,659	4
Total eligible capital	59,067	56,620	4
Capital ratios (%)
CET1 ratio	14.1	14.8	–
Tier 1 ratio	19.2	20.2	–
Total capital ratio	19.6	20.5	–

Key metrics
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Credit Suisse (CHF million)
Net revenues	7,574	5,221	5,776	45	31
Provision for credit losses	4,394	138	568	–	–
Total operating expenses	3,937	5,171	4,007	(24)	(2)
Income/(loss) before taxes	(757)	(88)	1,201	–	–
Net income/(loss) attributable to shareholders	(252)	(353)	1,314	(29)	–
Cost/income ratio (%)	52.0	99.0	69.4	–	–
Effective tax rate (%)	69.5	–	(9.2)	–	–
Basic earnings/(loss) per share (CHF)	(0.10)	(0.15)	0.53	(33)	–
Diluted earnings/(loss) per share (CHF)	(0.10)	(0.15)	0.52	(33)	–
Return on equity (%)	(2.3)	(3.2)	11.7	–	–
Return on tangible equity (%)	(2.6)	(3.5)	13.1	–	–
Assets under management and net new assets (CHF billion)
Assets under management	1,596.0	1,511.9	1,370.5	5.6	16.5
Net new assets	28.4	8.4	5.8	238.1	389.7
Balance sheet statistics (CHF million)
Total assets	851,395	805,822	832,166	6	2
Net loans	304,188	291,908	302,674	4	1
Total shareholders' equity	44,590	42,677	48,675	4	(8)
Tangible shareholders' equity	39,707	38,014	43,792	4	(9)
Basel III regulatory capital and leverage statistics (%)
CET1 ratio	12.2	12.9	12.1	–	–
CET1 leverage ratio	3.8	4.4	4.2	–	–
Tier 1 leverage ratio	5.5	6.4	5.8	–	–
Share information
Shares outstanding (million)	2,364.0	2,406.1	2,399.0	(2)	(1)
of which common shares issued	2,447.7	2,447.7	2,556.0	0	(4)
of which treasury shares	(83.7)	(41.6)	(157.0)	101	(47)
Book value per share (CHF)	18.86	17.74	20.29	6	(7)
Tangible book value per share (CHF)	16.80	15.80	18.25	6	(8)
Market capitalization (CHF million)	24,009	27,904	19,582	(14)	23
Number of employees (full-time equivalents)
Number of employees	49,090	48,770	48,500	1	1
See relevant tables for additional information on these metrics.

Results
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net interest income	1,654	1,448	1,534	14	8
Commissions and fees	3,737	3,191	2,927	17	28
Trading revenues¹	1,811	484	927	274	95
Other revenues	372	98	388	280	(4)
Net revenues	7,574	5,221	5,776	45	31
Provision for credit losses	4,394	138	568	–	–
Compensation and benefits	2,207	2,539	2,316	(13)	(5)
General and administrative expenses	1,376	2,279	1,346	(40)	2
Commission expenses	329	303	345	9	(5)
Restructuring expenses	25	50	–	(50)	–
Total other operating expenses	1,730	2,632	1,691	(34)	2
Total operating expenses	3,937	5,171	4,007	(24)	(2)
Income/(loss) before taxes	(757)	(88)	1,201	–	–
Income tax expense/(benefit)	(526)	262	(110)	–	378
Net income/(loss)	(231)	(350)	1,311	(34)	–
Net income/(loss) attributable to noncontrolling interests	21	3	(3)	–	–
Net income/(loss) attributable to shareholders	(252)	(353)	1,314	(29)	–
Statement of operations metrics (%)
Return on regulatory capital	(7.6)	(0.9)	11.9	–	–
Cost/income ratio	52.0	99.0	69.4	–	–
Effective tax rate	69.5	–	(9.2)	–	–
Earnings per share (CHF)
Basic earnings/(loss) per share	(0.10)	(0.15)	0.53	(33)	–
Diluted earnings/(loss) per share	(0.10)	(0.15)	0.52	(33)	–
Return on equity (%, annualized)
Return on equity	(2.3)	(3.2)	11.7	–	–
Return on tangible equity²	(2.6)	(3.5)	13.1	–	–
Book value per share (CHF)
Book value per share	18.86	17.74	20.29	6	(7)
Tangible book value per share²	16.80	15.80	18.25	6	(8)
Balance sheet statistics (CHF million)
Total assets	851,395	805,822	832,166	6	2
Risk-weighted assets	302,869	275,084	300,580	10	1
Leverage exposure	967,798	799,853	869,706	21	11
Number of employees (full-time equivalents)
Number of employees	49,090	48,770	48,500	1	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.
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.

Results overview
in / end of	Swiss Universal Bank	International Wealth Management	Asia Pacific	Investment Bank	Corporate Center	Credit Suisse
1Q21 (CHF million)
Net revenues	1,449	1,373	1,060	3,543	149	7,574
Provision for credit losses	26	0	27	4,350	(9)	4,394
Compensation and benefits	472	522	314	860	39	2,207
Total other operating expenses	286	328	195	800	121	1,730
of which general and administrative expenses	227	262	153	629	105	1,376
of which restructuring expenses	9	1	1	17	(3)	25
Total operating expenses	758	850	509	1,660	160	3,937
Income/(loss) before taxes	665	523	524	(2,467)	(2)	(757)
Return on regulatory capital (%)	21.2	38.6	56.3	(69.2)	–	(7.6)
Cost/income ratio (%)	52.3	61.9	48.0	46.9	–	52.0
Total assets	269,089	94,241	74,878	292,843	120,344	851,395
Goodwill	595	1,431	1,063	5,434	0	8,523
Risk-weighted assets	84,974	45,024	30,049	92,974	49,848	302,869
Leverage exposure	305,034	108,851	83,160	348,982	121,771	967,798
4Q20 (CHF million)
Net revenues	1,393	952	784	2,109	(17)	5,221
Provision for credit losses	66	25	6	38	3	138
Compensation and benefits	499	551	341	1,008	140	2,539
Total other operating expenses	341	388	200	773	930	2,632
of which general and administrative expenses	286	300	162	623	908	2,279
of which restructuring expenses	3	26	2	14	5	50
Total operating expenses	840	939	541	1,781	1,070	5,171
Income/(loss) before taxes	487	(12)	237	290	(1,090)	(88)
Return on regulatory capital (%)	15.8	(0.9)	27.0	8.8	–	(0.9)
Cost/income ratio (%)	60.3	98.6	69.0	84.4	–	99.0
Total assets	261,465	95,206	67,356	270,488	111,307	805,822
Goodwill	575	1,352	1,021	1,478	0	4,426
Risk-weighted assets	81,288	43,000	26,589	77,872	46,335	275,084
Leverage exposure	295,507	104,014	74,307	319,339	6,686	799,853
1Q20 (CHF million)
Net revenues	1,454	1,477	835	2,080	(70)	5,776
Provision for credit losses	124	39	99	304	2	568
Compensation and benefits	500	593	320	955	(52)	2,316
Total other operating expenses	299	336	198	738	120	1,691
of which general and administrative expenses	243	277	154	577	95	1,346
Total operating expenses	799	929	518	1,693	68	4,007
Income/(loss) before taxes	531	509	218	83	(140)	1,201
Return on regulatory capital (%)	17.5	38.7	21.7	2.3	–	11.9
Cost/income ratio (%)	55.0	62.9	62.0	81.4	–	69.4
Total assets	255,472	90,874	74,453	293,836	117,531	832,166
Goodwill	602	1,462	980	1,560	0	4,604
Risk-weighted assets	83,044	44,928	31,803	97,255	43,550	300,580
Leverage exposure	289,862	99,194	81,685	362,870	36,095	869,706

Net revenues by region
	in			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Net revenues (CHF million)
Switzerland	1,667	1,682	1,805	(1)	(8)
EMEA	1,372	1,057	1,363	30	1
Americas	2,904	1,462	1,550	99	87
Asia Pacific	1,482	1,037	1,128	43	31
Corporate Center	149	(17)	(70)	–	–
Net revenues	7,574	5,221	5,776	45	31
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.

Reconciliation of adjustment items (continued)
in	Swiss Universal Bank	International Wealth Management	Asia Pacific	Investment Bank	Corporate Center	Credit Suisse
4Q20 (CHF million)
Net revenues	1,393	952	784	2,109	(17)	5,221
Real estate gains	(15)	0	0	0	0	(15)
Adjusted net revenues	1,378	952	784	2,109	(17)	5,206
Significant items
Gain on equity investment in Allfunds Group	(38)	(51)	(38)	0	0	(127)
Gain on equity investment in SIX Group AG	(97)	(61)	0	0	0	(158)
Impairment on York Capital Management	0	414	0	0	0	414
Adjusted net revenues excluding significant items	1,243	1,254	746	2,109	(17)	5,335
Provision for credit losses	66	25	6	38	3	138
Total operating expenses	840	939	541	1,781	1,070	5,171
Restructuring expenses	(3)	(26)	(2)	(14)	(5)	(50)
Major litigation provisions	(44)	(1)	0	0	(712)	(757)
Expenses related to real estate disposals¹	(3)	(4)	0	(21)	0	(28)
Adjusted total operating expenses	790	908	539	1,746	353	4,336
Income/(loss) before taxes	487	(12)	237	290	(1,090)	(88)
Adjusted income/(loss) before taxes	522	19	239	325	(373)	732
Adjusted income/(loss) before taxes excluding significant items	387	321	201	325	(373)	861
Adjusted return on regulatory capital (%)	17.0	1.4	27.2	9.9	–	7.8
Adjusted return on regulatory capital excluding significant items (%)	12.6	23.9	22.8	9.9	–	9.1

Employees and other headcount
end of	1Q21	4Q20	1Q20
Employees (full-time equivalents)
Swiss Universal Bank	13,220	13,220	13,260
International Wealth Management	10,120	9,850	9,970
Asia Pacific	6,950	6,890	6,970
Investment Bank	17,750	17,560	17,100
Corporate Center	1,050	1,250	1,200
Total employees	49,090	48,770	48,500
Other headcount
Outsourced roles, contractors and consultants¹	13,670	13,210	12,790
Total employees and other headcount	62,760	61,980	61,290
Based on full-time equivalents.
1 Excludes the headcount of certain managed service resources which are related to fixed fee projects.

Divisional results
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net revenues	1,449	1,393	1,454	4	0
Provision for credit losses	26	66	124	(61)	(79)
Compensation and benefits	472	499	500	(5)	(6)
General and administrative expenses	227	286	243	(21)	(7)
Commission expenses	50	52	56	(4)	(11)
Restructuring expenses	9	3	–	200	–
Total other operating expenses	286	341	299	(16)	(4)
Total operating expenses	758	840	799	(10)	(5)
Income before taxes	665	487	531	37	25
Statement of operations metrics (%)
Return on regulatory capital	21.2	15.8	17.5	–	–
Cost/income ratio	52.3	60.3	55.0	–	–
Number of employees and relationship managers
Number of employees (full-time equivalents)	13,220	13,220	13,260	0	0
Number of relationship managers	1,760	1,770	1,810	(1)	(3)

Divisional results (continued)
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Net revenue detail (CHF million)
Private Clients	737	750	769	(2)	(4)
Corporate & Institutional Clients	712	643	685	11	4
Net revenues	1,449	1,393	1,454	4	0
Net revenue detail (CHF million)
Net interest income	683	658	694	4	(2)
Recurring commissions and fees	381	352	374	8	2
Transaction-based revenues	357	244	374	46	(5)
Other revenues	28	139	12	(80)	133
Net revenues	1,449	1,393	1,454	4	0
Balance sheet statistics (CHF million)
Total assets	269,089	261,465	255,472	3	5
Net loans	180,307	176,332	174,160	2	4
of which Private Clients	113,100	118,223	117,000	(4)	(3)
Risk-weighted assets	84,974	81,288	83,044	5	2
Leverage exposure	305,034	295,507	289,862	3	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 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.

Assets under management – Private Banking
	in / end of				% change
	1Q21		4Q20	1Q20	QoQ	YoY
Assets under management (CHF billion)
Assets under management	386.2		365.4	327.7	5.7	17.9
Average assets under management	374.9		356.4	358.1	5.2	4.7
Assets under management by currency (CHF billion)
USD	191.4		180.5	165.0	6.0	16.0
EUR	114.4		110.4	91.1	3.6	25.6
CHF	18.0		17.9	17.3	0.6	4.0
Other	62.4		56.6	54.3	10.2	14.9
Assets under management	386.2		365.4	327.7	5.7	17.9
Growth in assets under management (CHF billion)
Net new assets	7.2		4.3	3.7	–	–
Other effects	13.6		9.1	(46.0)	–	–
of which market movements	0.4		16.6	(32.1)	–	–
of which foreign exchange	16.2		(6.7)	(13.9)	–	–
of which other	(3.0)	¹	(0.8)	0.0	–	–
Growth in assets under management	20.8		13.4	(42.3)	–	–
Growth in assets under management (annualized) (%)
Net new assets	7.9		4.9	4.0	–	–
Other effects	14.9		10.3	(49.7)	–	–
Growth in assets under management (annualized)	22.8		15.2	(45.7)	–	–
Growth in assets under management (rolling four-quarter average) (%)
Net new assets	6.2		4.5	3.8	–	–
Other effects	11.7		(5.7)	(11.9)	–	–
Growth in assets under management (rolling four-quarter average)	17.9		(1.2)	(8.1)	–	–
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.

Assets under management – Asset Management
	in / end of					% change
	1Q21		4Q20		1Q20	QoQ	YoY
Assets under management (CHF billion)
Traditional investments	291.7		285.8		241.7	2.1	20.7
Alternative investments	116.7		109.5		125.6	6.6	(7.1)
Investments and partnerships	49.6		45.0		42.3	10.2	17.3
Assets under management	458.0		440.3		409.6	4.0	11.8
Average assets under management	450.5		440.2		432.5	2.3	4.2
Assets under management by currency (CHF billion)
USD	126.7		120.8		113.7	4.9	11.4
EUR	57.3		57.5		48.6	(0.3)	17.9
CHF	219.9		213.5		203.7	3.0	8.0
Other	54.1		48.5		43.6	11.5	24.1
Assets under management	458.0		440.3		409.6	4.0	11.8
Growth in assets under management (CHF billion)
Net new assets¹	10.3		6.3		0.1	–	–
Other effects	7.4		(4.5)		(28.4)	–	–
of which market movements	5.5		18.6		(24.0)	–	–
of which foreign exchange	12.2		(5.3)		(4.4)	–	–
of which other	(10.3)	²	(17.8)	³	0.0	–	–
Growth in assets under management	17.7		1.8		(28.3)	–	–
Growth in assets under management (annualized) (%)
Net new assets	9.4		5.7		0.1	–	–
Other effects	6.7		(4.1)		(26.0)	–	–
Growth in assets under management	16.1		1.6		(25.9)	–	–
Growth in assets under management (rolling four-quarter average) (%)
Net new assets	6.3		3.5		5.5	–	–
Other effects	5.5		(3.0)		(4.2)	–	–
Growth in assets under management (rolling four-quarter average)	11.8		0.5		1.3	–	–
1 Includes outflows for private equity assets reflecting realizations at cost and unfunded commitments on which a fee is no longer earned.
2 Includes CHF 7.9 billion relating to the exit of our supply chain finance funds business.
3 Includes CHF 14.8 billion relating to the sale of Wincasa AG in 2012 following the conclusion in 4Q20 of a transition period regarding the related assets under management.

Global capital markets and advisory fees
	in			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Global capital markets and advisory fees (USD million)
Debt capital markets	463	365	338	27	37
Equity capital markets	590	421	106	40	457
Total capital markets	1,053	786	444	34	137
Advisory and other fees	262	243	184	8	42
Global capital markets and advisory fees	1,315	1,029	628	28	109
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.

Results - Private Clients
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net revenues	737	750	769	(2)	(4)
Provision for credit losses	5	17	12	(71)	(58)
Compensation and benefits	279	298	294	(6)	(5)
General and administrative expenses	149	154	160	(3)	(7)
Commission expenses	18	25	24	(28)	(25)
Restructuring expenses	5	(1)	–	–	–
Total other operating expenses	172	178	184	(3)	(7)
Total operating expenses	451	476	478	(5)	(6)
Income before taxes	281	257	279	9	1
Statement of operations metrics (%)
Cost/income ratio	61.2	63.5	62.2	–	–
Net revenue detail (CHF million)
Net interest income	404	403	415	0	(3)
Recurring commissions and fees	199	193	204	3	(2)
Transaction-based revenues	137	96	152	43	(10)
Other revenues	(3)	58	(2)	–	50
Net revenues	737	750	769	(2)	(4)
Margins on assets under management (annualized) (bp)
Gross margin¹	142	146	146	–	–
Net margin²	54	50	53	–	–
Number of relationship managers
Number of relationship managers	1,250	1,290	1,320	(3)	(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
	1Q21		4Q20	1Q20	QoQ	YoY
Assets under management (CHF billion)
Assets under management	213.1		208.6	194.8	2.2	9.4
Average assets under management	207.8		205.5	210.7	1.1	(1.4)
Assets under management by currency (CHF billion)
USD	36.5		34.8	34.1	4.9	7.0
EUR	20.3		19.3	17.1	5.2	18.7
CHF	147.0		145.7	136.5	0.9	7.7
Other	9.3		8.8	7.1	5.7	31.0
Assets under management	213.1		208.6	194.8	2.2	9.4
Growth in assets under management (CHF billion)
Net new assets	2.2		(2.1)	(4.2)	–	–
Other effects	2.3		5.7	(18.6)	–	–
of which market movements	3.7		7.7	(17.2)	–	–
of which foreign exchange	3.3		(1.5)	(1.2)	–	–
of which other	(4.7)	¹	(0.5)	(0.2)	–	–
Growth in assets under management	4.5		3.6	(22.8)	–	–
Growth in assets under management (annualized) (%)
Net new assets	4.2		(4.1)	(7.7)	–	–
Other effects	4.4		11.1	(34.2)	–	–
Growth in assets under management (annualized)	8.6		7.0	(41.9)	–	–
Growth in assets under management (rolling four-quarter average) (%)
Net new assets	0.3		(2.7)	(1.9)	–	–
Other effects	9.1		(1.4)	(5.6)	–	–
Growth in assets under management (rolling four-quarter average)	9.4		(4.1)	(7.5)	–	–
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
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net revenues	712	643	685	11	4
Provision for credit losses	21	49	112	(57)	(81)
Compensation and benefits	193	201	206	(4)	(6)
General and administrative expenses	78	132	83	(41)	(6)
Commission expenses	32	27	32	19	0
Restructuring expenses	4	4	–	0	–
Total other operating expenses	114	163	115	(30)	(1)
Total operating expenses	307	364	321	(16)	(4)
Income before taxes	384	230	252	67	52
Statement of operations metrics (%)
Cost/income ratio	43.1	56.6	46.9	–	–
Net revenue detail (CHF million)
Net interest income	279	255	279	9	0
Recurring commissions and fees	182	159	170	14	7
Transaction-based revenues	220	148	222	49	(1)
Other revenues	31	81	14	(62)	121
Net revenues	712	643	685	11	4
Number of relationship managers
Number of relationship managers	510	480	490	6	4

Reconciliation of adjustment items
	Private Banking			Asset Management			International Wealth Management
in	1Q21	4Q20	1Q20	1Q21	4Q20	1Q20	1Q21	4Q20	1Q20
Adjusted results excluding significant items (CHF million)
Net revenues	987	974	1,032	386	(22)	445	1,373	952	1,477
Significant items
Gain related to InvestLab transfer	0	0	(15)	0	0	(203)	0	0	(218)
Gain on equity investment in Allfunds Group	(58)	(51)	0	0	0	0	(58)	(51)	0
Gain on equity investment in SIX Group AG	0	(61)	0	0	0	0	0	(61)	0
Impairment on York Capital Management	0	0	0	0	414	0	0	414	0
Adjusted net revenues excluding significant items	929	862	1,017	386	392	242	1,315	1,254	1,259
Provision for credit losses	0	31	39	0	(6)	0	0	25	39
Total operating expenses	579	650	648	271	289	281	850	939	929
Restructuring expenses	0	(21)	–	(1)	(5)	–	(1)	(26)	–
Major litigation provisions	11	(1)	0	0	0	0	11	(1)	0
Expenses related to real estate disposals	(5)	(3)	1	(1)	(1)	0	(6)	(4)	1
Adjusted total operating expenses	585	625	649	269	283	281	854	908	930
Income/(loss) before taxes	408	293	345	115	(305)	164	523	(12)	509
Adjusted income/(loss) before taxes	402	318	344	117	(299)	164	519	19	508
Adjusted income/(loss) before taxes excluding significant items	344	206	329	117	115	(39)	461	321	290
Adjusted return on regulatory capital (%)	–	–	–	–	–	–	38.3	1.4	38.6
Adjusted return on regulatory capital excluding significant items (%)	–	–	–	–	–	–	34.0	23.9	22.0
Adjusted results, adjusted results excluding significant items and adjusted results excluding significant items and the US-based hedge fund matter are non-GAAP financial measures. Refer to “Reconciliation of adjustment items” in Credit Suisse for further information.

Results – Private Banking
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net revenues	987	974	1,032	1	(4)
Provision for credit losses	0	31	39	(100)	(100)
Compensation and benefits	365	397	427	(8)	(15)
General and administrative expenses	176	195	183	(10)	(4)
Commission expenses	38	37	38	3	0
Restructuring expenses	0	21	–	(100)	–
Total other operating expenses	214	253	221	(15)	(3)
Total operating expenses	579	650	648	(11)	(11)
Income before taxes	408	293	345	39	18
Statement of operations metrics (%)
Cost/income ratio	58.7	66.7	62.8	–	–
Net revenue detail (CHF million)
Net interest income	285	304	346	(6)	(18)
Recurring commissions and fees	296	297	294	0	1
Transaction- and performance-based revenues	351	261	381	34	(8)
Other revenues	55	112	11	(51)	400
Net revenues	987	974	1,032	1	(4)
Margins on assets under management (annualized) (bp)
Gross margin¹	105	109	115	–	–
Net margin²	44	33	39	–	–
Number of relationship managers
Number of relationship managers	1,140	1,140	1,160	0	(2)
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.

Results – Asset Management
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Net revenues	386	(22)	445	–	(13)
Provision for credit losses	0	(6)	0	100	–
Compensation and benefits	157	154	166	2	(5)
General and administrative expenses	86	105	94	(18)	(9)
Commission expenses	27	25	21	8	29
Restructuring expenses	1	5	–	(80)	–
Total other operating expenses	114	135	115	(16)	(1)
Total operating expenses	271	289	281	(6)	(4)
Income/(loss) before taxes	115	(305)	164	–	(30)
Statement of operations metrics (%)
Cost/income ratio	70.2	–	63.1	–	–
Net revenue detail (CHF million)
Management fees	284	269	269	6	6
Performance and placement revenues	73	115	(33)	(37)	–
Investment and partnership income	29	(406)	209	–	(86)
Net revenues	386	(22)	445	–	(13)
of which recurring commissions and fees	265	260	251	2	6
of which transaction- and performance-based revenues	97	172	77	(44)	26
of which other revenues	24	(454)	117	–	(79)
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.

Corporate Center results
	in / end of			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Statements of operations (CHF million)
Treasury results	104	(32)	(43)	–	–
Asset Resolution Unit	(33)	(50)	(57)	(34)	(42)
Other	78	65	30	20	160
Net revenues	149	(17)	(70)	–	–
Provision for credit losses	(9)	3	2	–	–
Compensation and benefits	39	140	(52)	(72)	–
General and administrative expenses	105	908	95	(88)	11
Commission expenses	19	17	25	12	(24)
Restructuring expenses	(3)	5	–	–	–
Total other operating expenses	121	930	120	(87)	1
Total operating expenses	160	1,070	68	(85)	135
Income/(loss) before taxes	(2)	(1,090)	(140)	(100)	(99)
of which Asset Resolution Unit	(68)	(100)	(94)	(32)	(28)
Balance sheet statistics (CHF million)
Total assets	120,344	111,307	117,531	8	2
Risk-weighted assets	49,848	46,335	43,550	8	14
Leverage exposure	121,771	6,686	36,095	–	237
As of the end of 4Q20 leverage exposure excludes CHF 110,677 million of central bank reserves, after adjusting for the dividend paid in 2020.

Expense allocation to divisions
	in			% change
	1Q21	4Q20	1Q20	QoQ	YoY
Expense allocation to divisions (CHF million)
Compensation and benefits	751	911	693	(18)	8
General and administrative expenses	590	1,347	540	(56)	9
Commission expenses	19	17	25	12	(24)
Restructuring expenses	15	21	–	(29)	–
Total other operating expenses	624	1,385	565	(55)	10
Total operating expenses before allocation to divisions	1,375	2,296	1,258	(40)	9
Net allocation to divisions	1,215	1,226	1,190	(1)	2
of which Swiss Universal Bank	252	259	261	(3)	(3)
of which International Wealth Management	243	250	241	(3)	1
of which Asia Pacific	166	166	170	0	(2)
of which Investment Bank	554	551	518	1	7
Total operating expenses	160	1,070	68	(85)	135
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.

BIS capital and leverage metrics
end of	1Q21	4Q20
Capital metrics
Risk-weighted assets (CHF billion)	302.9	275.1
CET1 ratio (%)	12.2	12.9
Tier 1 ratio (%)	17.6	18.6
Total capital ratio (%)	18.0	19.0

Leverage metrics
Leverage exposure (CHF billion)	967.8	799.9
CET1 leverage ratio (%)	3.8	4.4
Tier 1 leverage ratio (%)	5.5	6.4
Refer to the Appendix for additional information on BIS and Swiss capital and leverage metrics.

BIS capital metrics – Group
			% change
end of	1Q21	4Q20	QoQ
Capital and risk-weighted assets (CHF million)
CET1 capital	36,964	35,361	5
Tier 1 capital	53,411	51,202	4
Total eligible capital	54,429	52,163	4
Risk-weighted assets	302,869	275,084	10
Capital ratios (%)
CET1 ratio	12.2	12.9	–
Tier 1 ratio	17.6	18.6	–
Total capital ratio	18.0	19.0	–

Eligible capital – Group
			% change
end of	1Q21	4Q20	QoQ
Eligible capital (CHF million)
Total shareholders' equity	44,590	42,677	4
Adjustments
Regulatory adjustments¹	332	(342)	–
Goodwill²	(4,898)	(4,681)	5
Other intangible assets²	(272)	(271)	0
Deferred tax assets that rely on future profitability	(1,011)	(1,070)	(6)
Shortfall of provisions to expected losses	(192)	(176)	9
(Gains)/losses due to changes in own credit on fair-valued liabilities	2,040	2,466	(17)
Defined benefit pension assets²	(2,405)	(2,249)	7
Investments in own shares	(603)	(397)	52
Other adjustments³	(617)	(596)	4
Total adjustments	(7,626)	(7,316)	4
CET1 capital	36,964	35,361	5
High-trigger capital instruments (7% trigger)	11,778	11,410	3
Low-trigger capital instruments (5.125% trigger)	4,669	4,431	5
Additional tier 1 capital	16,447	15,841	4
Tier 1 capital	53,411	51,202	4
Tier 2 low-trigger capital instruments (5% trigger)	1,018	961	6
Tier 2 capital⁴	1,018	961	6
Total eligible capital⁴	54,429	52,163	4
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 1Q21 and 4Q20, total eligible capital was CHF 54,686 million and CHF 52,437 million, including CHF 258 million and CHF 273 million of such instruments and the total capital ratio was 18.1% and 19.1%, respectively.

1Q21 Capital movement – Group
CET1 capital (CHF million)
Balance at beginning of period		35,361
Net loss attributable to shareholders		(252)
Foreign exchange impact¹		1,772
Repurchase of shares under the share buyback program		(285)
Other²		368
Balance at end of period		36,964
Additional tier 1 capital (CHF million)
Balance at beginning of period		15,841
Foreign exchange impact		966
Other³		(360)
Balance at end of period		16,447
Tier 2 capital (CHF million)
Balance at beginning of period		961
Foreign exchange impact		66
Other		(9)
Balance at end of period		1,018
Eligible capital (CHF million)
Balance at end of period		54,429
1 Includes US GAAP cumulative translation adjustments and the foreign exchange impact on regulatory CET1 adjustments.
2 Includes the reversal of unrealized gains on certain investments that are not eligible for CET1 recognition, a regulatory adjustment of defined benefit pension plan assets, a dividend accrual and the net effect of share-based compensation.
3 Primarily reflects valuation impacts.

Risk-weighted assets – Group
end of	Swiss Universal Bank	International Wealth Management	Asia Pacific	Investment Bank	Corporate Center	Group
1Q21 (CHF million)
Credit risk	71,895	30,930	22,620	65,102	26,877	217,424
Market risk	1,968	2,056	2,219	13,095	2,596	21,934
Operational risk	11,111	12,038	5,210	14,777	20,375	63,511
Risk-weighted assets	84,974	45,024	30,049	92,974	49,848	302,869
4Q20 (CHF million)
Credit risk	69,428	29,920	20,133	53,475	25,156	198,112
Market risk	1,598	1,962	1,645	10,749	2,363	18,317
Operational risk	10,262	11,118	4,811	13,648	18,816	58,655
Risk-weighted assets	81,288	43,000	26,589	77,872	46,335	275,084

Risk-weighted asset movement by risk type – Group
1Q21	Swiss Universal Bank	International Wealth Management	Asia Pacific	Investment Bank	Corporate Center	Total
Credit risk (CHF million)
Balance at beginning of period	69,428	29,920	20,133	53,475	25,156	198,112
Foreign exchange impact	1,079	1,498	1,298	3,647	1,373	8,895
Movements in risk levels	1,270	(578)	1,250	9,437	101	11,480
Model and parameter updates – internal¹	118	90	(61)	(1,457)	247	(1,063)
Balance at end of period	71,895	30,930	22,620	65,102	26,877	217,424
Market risk (CHF million)
Balance at beginning of period	1,598	1,962	1,645	10,749	2,363	18,317
Foreign exchange impact	119	134	129	874	169	1,425
Movements in risk levels	256	(51)	452	1,617	103	2,377
Model and parameter updates – internal¹	(5)	11	(7)	(145)	(39)	(185)
Balance at end of period	1,968	2,056	2,219	13,095	2,596	21,934
Operational risk (CHF million)
Balance at beginning of period	10,262	11,118	4,811	13,648	18,816	58,655
Foreign exchange impact	711	771	334	945	1,304	4,065
Model and parameter updates – internal¹	138	149	65	184	255	791
Balance at end of period	11,111	12,038	5,210	14,777	20,375	63,511
Total (CHF million)
Balance at beginning of period	81,288	43,000	26,589	77,872	46,335	275,084
Foreign exchange impact	1,909	2,403	1,761	5,467	2,846	14,386
Movements in risk levels	1,526	(629)	1,702	11,054	204	13,857
Model and parameter updates – internal¹	251	250	(3)	(1,419)	463	(458)
Balance at end of period	84,974	45,024	30,049	92,974	49,848	302,869
1 Represents movements arising from internally driven updates to models and recalibrations of model parameters specific only to Credit Suisse.

BIS leverage metrics – Group
				% change
end of	1Q21	4Q20		QoQ
Capital and leverage exposure (CHF million)
CET1 capital	36,964	35,361		5
Tier 1 capital	53,411	51,202		4
Leverage exposure	967,798	799,853	¹	21
Leverage ratios (%)
CET1 leverage ratio	3.8	4.4		–
Tier 1 leverage ratio	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	1Q21	4Q20	QoQ
Swiss capital and risk-weighted assets (CHF million)
Swiss CET1 capital	36,959	35,351	5
Going concern capital	53,406	51,192	4
Gone concern capital	52,187	41,852	25
Total loss-absorbing capacity (TLAC)	105,593	93,044	13
Swiss risk-weighted assets	303,380	275,576	10
Swiss capital ratios (%)
Swiss CET1 ratio	12.2	12.8	–
Going concern capital ratio	17.6	18.6	–
Gone concern capital ratio	17.2	15.2	–
TLAC ratio	34.8	33.8	–

Swiss capital and risk-weighted assets – Group
			% change
end of	1Q21	4Q20	QoQ
Swiss capital (CHF million)
CET1 capital – BIS	36,964	35,361	5
Swiss regulatory adjustments¹	(5)	(10)	(50)
Swiss CET1 capital	36,959	35,351	5
Additional tier 1 high-trigger capital instruments	11,778	11,410	3
Grandfathered additional tier 1 low-trigger capital instruments	4,669	4,431	5
Swiss additional tier 1 capital	16,447	15,841	4
Going concern capital	53,406	51,192	4
Bail-in debt instruments	49,644	39,450	26
Tier 2 low-trigger capital instruments	1,018	961	6
Tier 2 amortization component	1,525	1,441	6
Gone concern capital²	52,187	41,852	25
Total loss-absorbing capacity	105,593	93,044	13
Risk-weighted assets (CHF million)
Risk-weighted assets – BIS	302,869	275,084	10
Swiss regulatory adjustments³	511	492	4
Swiss risk-weighted assets	303,380	275,576	10
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 1Q21 and 4Q20, gone concern capital was CHF 52,456 million and CHF 42,198 million, including 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	1Q21	4Q20		QoQ
Swiss capital and leverage exposure (CHF million)
Swiss CET1 capital	36,959	35,351		5
Going concern capital	53,406	51,192		4
Gone concern capital	52,187	41,852		25
Total loss-absorbing capacity	105,593	93,044		13
Leverage exposure	967,798	799,853		21
Swiss leverage ratios (%)
Swiss CET1 leverage ratio	3.8	4.4		–
Going concern leverage ratio	5.5	6.4		–
Gone concern leverage ratio	5.4	5.2	¹	–
TLAC leverage ratio	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.

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