“Our results for the second quarter of 2022 are disappointing, especially in the Investment Bank, and were also impacted by higher litigation
provisions and other adjusting items. The bank’s performance was significantly affected by a number of external factors, including geopolitical,
macroeconomic and market headwinds. These challenging circumstances led to results which overshadow the strength of our leading client
franchises in all four divisions of the bank. The urgency for decisive action is clear and a comprehensive review to strengthen our pivot to the Wealth
Management, Swiss Bank and Asset Management businesses, supported by a fundamental transformation of our Investment Bank, is underway.
Further, we have now launched a broader cost efficiency and digital transformation program to reduce our absolute cost base to less than CHF 15.5
bn in the medium term.
Today marks a leadership change for Credit Suisse. It has been an absolute privilege and honor to serve Credit Suisse over these past 23 years. It
has been my passion since day one to deliver best-in-class service to our clients. As a leader, since joining the Executive Board in 2015, I was
focused on delivering results and embracing our values, including partnership, accountability and integrity.”
Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG
Please refer to the additional media release published on July 27, 2022, concerning the management change and comprehensive strategic review.
Credit Suisse Group results for 2Q22
Reported
(CHF mn)
2Q22 1Q22 2Q21 ?1Q22 ?2Q21 1H22 1H21 ?1H21
Net revenues 3,645 4,412 5,103 (17)% (29)% 8,057 12,677 (36)%
Provision for credit losses 64 (110) (25) - - (46) 4,369 -
Total operating expenses 4,754 4,950 4,315 (4)% 10% 9,704 8,252 18%
Pre-tax income/(loss) (1,173) (428) 813 - - (1,601) 56 -
Effective tax rate (36)% 35% 70% - - (17)% 71% -
Net income/(loss) attributable to shareholders (1,593) (273) 253 - - (1,866) 1 -
Return on tangible equity (15.0)% (2.6)% 2.6% - - (8.9)% 0.0% -
Cost/income ratio 130% 112% 85% - - 120% 65% -
Net New Assets (NNA) in CHF bn (7.7) 7.9 (4.7) - - 0.2 23.7 -
Assets under Management (AuM) in CHF bn 1,454 1,555 1,632 - - 1,454 1,632 -
Adjusted*
(CHF mn) 2Q22 1Q22 2Q21 ?1Q22 ?2Q21 1H22 1H21 ?1H21
Net revenues 3,820 4,582 5,226 (17)% (27)% 8,402 12,656 (34)%
Provision for credit losses 64 45 (95) - - 109 (131) -
Total operating expenses 4,198 4,237 4,008 (1)% 5% 8,435 7,878 7%
Pre-tax income/(loss) (442) 300 1,313 - - (142) 4,909 -
Capital ratios for 2Q22
13.5% 4.3% 6.1%
CET1 ratio vs. 13.7% in 2Q21 CET1 leverage ratio vs. 4.2% in 2Q21 Tier 1 leverage ratio vs. 6.0% in 2Q21
Media Release
Zurich, July 27, 2022
Page 2
Summary of 2Q22 performance
see & read more on
https://www.credit-suisse.com/media/assets/corporate/docs/about-us/media/media-release/2022/07/q2-22-press-release-en.pdf