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Credit Suisse Group announces 4Q17 and FY17 results


Reported FY17 pre-tax income of CHF 1.8 billion, up CHF 4 billion year on year 

Adjusted* FY17 pre-tax income of CHF 2.8 billion, up 349% year on year

Following US tax reform, Credit Suisse reports FY17 net loss attributable to shareholders of CHF 983 million. Estimated additional beneft of at least 100 basis points on RoTE in 2019 from lower Group tax rate1. Positive business uplift expected from US tax reform 

Continued to drive positive operating leverage in FY17 with adjusted* net revenues up 5% and adjusted* total operating expenses down 6% year on year 

Achieved FY17 cost target with adjusted* operating cost base of CHF 17.7 billion at actual FX rates2, or CHF 18 billion at 2015 constant FX rates*. Total net cost savings of CHF 3.2 billion at constant FX rates* (CHF 3.6 billion at actual FX rates2) over two years

Wealth Management FY17 NNA3 of CHF 37.2 billion, up 27% year on year, with record AuM3 of CHF 772 billion, up 13% year on year. 4Q17 NNA3 of CHF 4.0 billion, compared to outfows of CHF 0.7 billion in 4Q16, representing a positive swing of CHF 4.7 billion

IBCM4 FY17 adjusted* pre-tax income up 41% year on year. Share of wallet gains across all key businesses 

GM4 FY17 adjusted net revenues up 5%5 and adjusted* total operating expenses down 5%, resulting in 118% growth in adjusted* pre-tax income year on year 

SRU wind-down on track for completion at end-2018. FY17 adjusted* total operating expenses down 43%, RWA6 down 43% and leverage exposure down 41% year on year

Look-through tier 1 leverage ratio of 5.2%; look-through CET1 ratio of 12.8% at end-2017 after deduction of approximately 45 basis points from increased operational risk RWA7 in 2H17

Strong start to 2018 in market-dependent activities, with year-on-year increase in estimated net revenues of more than 10%8 in Global Markets and more than 15%8 in APAC Markets during the frst six weeks of the year

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