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Press Release

Credit Suisse Group announces first quarter 2021 financial results

Net loss of CHF 252 mn in 1Q21, reflecting significant charge with respect to the US-based hedge fund matter in 1Q21, offsetting positive performance across wealth management and investment banking; capital position with CET1 ratio of 12.2% to be further strengthened by successful placement of 203 mn shares via two series of Mandatory Convertible Notes

Financial highlights

  • Strong revenue generation across Wealth Management-related businesses and the Investment Bank; reported net revenues up 31% year on year
  • Strong 1Q21 Net New Assets (NNA) for the Group of CHF 28.4 bn, of which WM NNA of CHF 14.4 bn, equal to a 7% annualized growth rate with positive contributions across all three WM businesses
  • CET1 ratio of 12.2% and CET1 leverage ratio of 3.8% at the end of 1Q21, with intention to achieve approx. 13% CET1 ratio and a minimum of 4.0% CET1 leverage ratio
  • Successfully placed 203 mn shares via two series of  MCNs, leading to an estimated uplift of ~55-60 bps to the CET1 ratio[i]

Business highlights for 1Q21

  • Continued momentum in Wealth Management (WM)-related businesses with pre-tax income growth, on an adjusted basis, excluding significant items*, of 59% year on year and an adjusted RoRC, excluding significant items*, of 29%
  • Strong growth in Asia Pacific (APAC) with pre-tax income growth, on an adjusted basis and excluding significant items*, of 164% year on year and an adjusted RoRC, excluding significant items*, of 52%, on a USD basis
  • Investment Bank (IB) results significantly impacted by US-based hedge fund charge of CHF 4.4 bn; net revenues grew by 80% year on year; reported pre-tax loss of USD 2.6 bn
  • Group-wide AuM of CHF 1.6 trn at end of 1Q21, up 6% vs 4Q20; WM AuM of CHF 841 bn, up 6% vs 4Q20; WM Client Business Volume of CHF 1.3 trn, up 7% vs 4Q20
  • Supply Chain Finance (SCF) Funds matter: returning cash to investors in the four supply SCF funds remains CSAM’s priority; to date, total cash distributions to investors of USD 4.8 bn; progress updates to be provided over the coming months

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