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Credit Suisse Group AG

Ch0012138530.

Credit Suisse : 4Q22 Earnings Presentation

4Q22 and Full Year 2022 Results

Analyst and Investor Call

February 9, 2023

Disclaimer (1/2)

Credit Suisse has not finalized restated historical information according to its new divisional structure and Credit Suisse's independent registered public accounting firm has not reviewed such information. Accordingly, the preliminary information contained in this presentation is subject to completion of ongoing procedures, which may result in changes to that information, and you should not place undue reliance on this preliminary information.

Credit Suisse has not finalized its 2022 Annual Report and Credit Suisse's independent registered public accounting firm has not completed its audit of the consolidated financial statements for the period. Accordingly, the financial information contained in this document is subject to completion of year-end procedures, which may result in changes to that information.

This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.

Please also refer to our 4Q22 Earnings Release for additional information.

Cautionary statement regarding forward-looking statements

This document contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021, in "Credit Suisse - Risk factor" in our 3Q22 Financial Report published on November 2, 2022 and in the "Cautionary statement regarding forward-looking information" in our 4Q22 Earnings Release published on February 9, 2023 and submitted to the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements.

In particular, the terms "Estimate", "Illustrative", "Ambition", "Objective", "Outlook", "Goal", "Commitment" and "Aspiration" are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks, goals, commitments and aspirations, as well as any other forward-looking statements described as targets or projections, are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, increased inflation, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from Russia's invasion of Ukraine, political uncertainty, changes in tax policies, scientific or technological developments, evolving sustainability strategies, changes in the nature or scope of our operations, including as a result of our recently announced strategy initiatives, changes in carbon markets, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, these statements, which speak only as of the date made, are not guarantees of future performance and should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks, goals, commitments, aspirations targets, projections or any other forward-looking statements. For these reasons, we caution you not to place undue reliance upon any forward-looking statements.

Unless otherwise noted, all such estimates, illustrations, expectations, ambitions, objectives, outlooks, goals, commitments and aspirations are for the full year indicated or as of the end of the year indicated, as applicable.

We may not achieve the benefits of our strategic initiatives

We may not achieve all of the expected benefits of our strategic initiatives, such as in relation to intended reshaping of the bank, cost reductions and strengthening and reallocating capital. Factors beyond our control, including but not limited to the market and economic conditions (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia's invasion of Ukraine), customer reaction to our proposed initiatives, enhanced risks to our business during the contemplated transitions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Our ability to implement our strategy objectives could also be impacted by timing risks, obtaining all required approvals and other factors.

Estimates and assumptions

In preparing this document, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this document may also be subject to rounding adjustments. All opinions and views constitute good faith judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.

Disclaimer (2/2)

Cautionary statements relating to interim financial information

This document contains certain unaudited interim financial information for the first quarter of 2023. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2023 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2023. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the first quarter of 2023 will be included in our 1Q23 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of the first quarter of 2023.

Statement regarding non-GAAP financial measures

This document contains non-GAAP financial measures, including results excluding certain items included in our reported results as well as return on regulatory capital and return on tangible equity and tangible book value per share (which are both based on tangible shareholders' equity). Further details and information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix as well as in the 4Q22 Earnings Release, which is available on our website at www.credit-suisse.com .

Our estimates, ambitions, objectives, aspirations and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives, aspirations and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Results excluding certain items included in our reported results do not include items such as goodwill impairment, major litigation provisions, real estate gains, impacts from foreign exchange and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on tangible equity is based on tangible shareholders' equity, a non-GAAP financial measure also known as tangible book value, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Such estimates, ambitions, objectives, aspirations and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.

Statement regarding capital, liquidity and leverage

Credit Suisse is subject to the Basel framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks, which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by the Swiss Financial Market Supervisory Authority FINMA.

Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure.

Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Disciplined strategic execution with accelerated de-risking and

deleveraging

4Q22 Financial Performance in line with guidance

Strategy execution ahead of schedule

Clear strategic priorities for 2023 - 2024

Reported pre-tax loss of CHF 1.3 bn; adjusted pre-tax loss of CHF 1.0 bn
CET1 ratio of 14.1% and Tier 1 leverage ratio of 7.7%; successful execution of CHF ~4 bn of capital raises
Board will propose a dividend of CHF 0.05 per share for 2022; subject to AGM approval
Delivered accelerated deleveraging of Non-Core Unit and Securitized Products
Progressed sale of Securitized Products to Apollo 1 - on track to complete in 1H23
Advancing carve out of CS First Boston with acquisition of the investment banking business of M. Klein & Company to strengthen advisory capabilities
Initiated cost actions which represent ~80% of targeted CHF ~1.2 bn cost base reduction in 2023, with further initiatives underway
Transform into new Credit Suisse centered around Wealth Management and Swiss Bank - complemented by strong Asset Management and Markets capabilities
Progress towards carve out of an independent CS First Boston
Accelerate deleveraging and de-risking actions in Non-Core Unit
Simplify organization and exit non-core businesses to improve efficiency and reduce costs
Strengthen business momentum in 2023 and beyond

4Q22 net loss impacted by Investment Bank performance and lower client activity

4Q22 net results analysis

Adjusted pre-tax income/(loss)

Adjustments

This is an excerpt of the original content. To continue reading it, access the original document here .

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Credit Suisse Group AG published this content on 09 February 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 09 February 2023 05:51:04 UTC .

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March 20, 2023 at 05:04 am EDT

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Search Title

Quarterly reporting.

UBS financial information

Third quarter 2024

Ubs's third-quarter 2024 results.

UBS Group CEO Sergio Ermotti comments on our results for the third quarter of 2024.

UBS Group AG

Quarterly full report (Digital)
Quarterly full report (PDF) for third-quarter 2024
Media release
Presentation slides for third-quarter 2024
Fixed income presentation for third-quarter 2024
Presentation webcast for third-quarter 2024
Historical time series & key figures
Earnings call remarks and Analyst Q&A
Quarterly full report (PDF)

Quarterly reporting archive

2023 – 2008

Key highlights

3Q24 PBT of USD 1.9bn and underlying 1 PBT of USD 2.4bn demonstrating the strength of our client franchises, diversified business model and global scale; net profit of USD 1.4bn , RoCET1 of 7.6% and underlying RoCET1 of 9.4%
Continued client momentum with USD 25bn of net new assets in Global Wealth Management, on track to deliver on our ambition of USD ~100bn in NNA for 2024; Group invested assets of USD 6.2trn, up 15% YoY; granted or renewed CHF ~35bn in loans in Switzerland in the quarter
Strong transactional activity across Global Wealth Management and the Investment Bank , underlying GWM transaction-based income up 19% YoY, Global Markets revenues up 31% YoY
Non-core and Legacy RWA reductions remain ahead of plan ; with USD 5bn in 3Q24 and USD 41bn since 2Q23
Delivering on cost-reduction ambitions with additional USD 0.8bn in gross cost savings realized in 3Q24 and USD ~7.5bn expected for full-year 2024
Successful completion of first wave of client account migrations with transfers in Luxembourg and Hong Kong in October; Singapore and Japan expected by year-end and Switzerland in 2025, positioning us well to enhance the client experience and to unlock next phase of significant cost saves toward the end of 2025 and in 2026
Strong capital position allowed us to voluntarily accelerate the phase-out of the remaining transitional capital adjustments agreed with our regulator, bringing the CET1 capital ratio in line with our guidance; we remain committed to our dividend and buyback ambitions for 2025 and 2026
Positioning for long-term growth with investments in our people, products and capabilities, including technology with roll out of 50,000 Microsoft 365 Copilot licenses to our employees by March 2025, the largest deployment within the global financial services industry to date

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.

1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the third quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.

Second quarter 2024

Ubs's second-quarter 2024 results.

UBS Group CEO Sergio Ermotti comments on our results for the second quarter of 2024.

Quarterly full report (PDF) for second-quarter 2024
Presentation slides for second-quarter 2024
Fixed income presentation for 2Q 2024
Presentation webcast for first-quarter 2024
2Q24 PBT of USD 1.5bn and underlying 1 PBT of USD 2.1bn reflecting client franchise strength and disciplined execution of our strategy and integration plans; net profit of USD 1.1bn
1H24 PBT of USD 3.8bn and underlying 1 PBT of USD 4.7bn; net profit of USD 2.9bn , RoCET1 7.5% and underlying RoCET1 of 9.2%
Continued client momentum with net new assets of USD 27bn in Global Wealth Management and strong transactional activity in the Investment Bank; best second quarter Global Markets revenues on record 2 and underlying Global Banking revenues up 55% YoY, significantly outperforming the fee pools across all products
Non-core and Legacy RWA reduced 42% since 2Q23 , including USD 8bn decline QoQ mainly from active unwinds; underlying operating expenses excluding litigation declined 17% QoQ; revenues of USD 0.4bn
Achieved USD 0.9bn of additional gross cost savings , reaching ~45% of our total cumulative annualized gross cost save ambition
Completed key legal entity mergers in line with plan, enabling execution of the next critical phase of client migrations to unlock further cost, capital, funding and tax benefits
Maintained a balance sheet for all seasons with a strong CET1 capital ratio of 14.9% and CET1 leverage ratio of 4.9%, supporting the execution of our 2024 capital return targets; commenced share repurchases in June with USD 467m of shares repurchased as of 9 August 2024; total loss absorbing capacity of USD 198bn
Named "World's Best Bank" and “Switzerland’s Best Bank” at Euromoney Awards for Excellence 2024 , a testament to the effectiveness of our global strategy, reach and capabilities in serving our clients domestically and around the world

1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the second quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.

2 Since 2013.

First quarter 2024

Ubs's first-quarter 2024 results.

UBS Group CEO Sergio Ermotti comments on our results for the first quarter of 2024.

Quarterly full report (PDF) for first-quarter 2024
Presentation slides for first-quarter 2024
Fixed income presentation for 1Q 2024
Earnings call remarks and Analyst Q&A for first-quarter 2024
1Q24 PBT of USD 2.4bn and underlying 1 PBT of USD 2.6bn reflecting our commitment to stay close to clients and the execution of our restructuring plans at pace; significant positive operating leverage with underlying revenue growth of 15% QoQ and underlying operating expenses reduction of 5% QoQ; net profit of USD 1.8bn
Continued franchise strength and client momentum with net new assets of USD 27bn in Global Wealth Management and increased transaction activity levels across Global Wealth Management, Personal & Corporate Banking and the Investment Bank
Non-core and Legacy RWA reduced by USD 16bn , mainly from active unwinds; underlying operating expenses declined 26% QoQ reflecting significant progress in our cost reduction plans; revenues of USD 1bn
Achieved USD ~1bn of additional gross cost savings , majority reflected in 1Q24 underlying operating expenses
CET1 capital ratio of 14.8% and CET1 leverage ratio of 4.9%; RWA of USD 526bn with USD 20bn QoQ decrease, allowing execution of our 2024 capital return targets
Merger of UBS AG and Credit Suisse AG expected on 31 May 2024 ; transition to a single US intermediate holding company planned for 2Q24 and the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG entities continues to be planned for 3Q24, all subject to remaining regulatory approvals
UBS named top employer for business students in Switzerland, according to the Universum Most Attractive Employer rankings 2024

1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the first quarter of 2024 for a reconciliation of underlying to reported results and definitions of the APMs.

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