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Press Release

Credit Suisse Group announces full year and fourth quarter 2018 results

Completes three year restructuring and achieves first annual post-tax profit since 2014 of CHF 2.1 billion

Full year 2018 highlights:

  • Group annual reported pre-tax income of CHF 3.4 billion, up 90% against 2017 reported pre-tax income of CHF 1.8 billion
  • Adjusted* pre-tax income of CHF 4.2 billion, 52% higher than 2017
  • Net income attributable to shareholders of CHF 2.1 billion for 2018, delivering first annual post-tax profit since 2014; achieving diluted earnings of CHF 0.78 per share
  • Adjusted* operating cost base of CHF 16.5 billion for 2018, beating the target of CHF 17 billion by end-2018; cumulative net cost savings of CHF 4.6 billion since end-2015, exceeding target of greater than CHF 4.2 billion by 11%
  • Strong annual inflows with CHF 34.4 billion of Wealth Management Net New Assets (NNA) in 2018, the result of inflows in each quarter; total NNA of CHF 56.5 billion, up 49% against 2017
  • Strategic Resolution Unit (SRU) successfully closed, outperforming end-state targets; adjusted* annual pre-tax loss of USD 1.3 billion compared to USD 3.0 billion in 2016; projected to fall to an adjusted* pre-tax loss of approximately USD 0.5 billion in 2019
  • Strong capital position; CET1 ratio of 12.6%; look-through Tier 1 leverage ratio of 5.2%, up from 5.1% at end-3Q18
  • Share buyback announced in December 2018 and up to CHF 1.5 billion in 2019 approved, with at least CHF 1.0 billion expected, subject to market and economic conditions; 13.9 million shares, worth CHF 170 million, repurchased in January 2019


Fourth quarter 2018 highlights:

  • Highest fourth quarter adjusted* pre-tax income since 2013; adjusted* pre-tax income of CHF 846 million, 49% higher than the fourth quarter of 2017; reported pre-tax income of CHF 628 million, a more than four-fold increase year on year
  • Eleventh consecutive profitable quarter, and ninth consecutive quarter of year on year profit increase, both on an adjusted* basis
  • Lowest quarterly adjusted* operating expenses in last five years, at CHF 3.9 billion
  • Total Wealth Management NNA of CHF 600 million in the quarter, comprising CHF 1.2 billion of NNA in APAC Private Banking in spite of material deleveraging, CHF 0.5 billion in IWM Private Banking, and an outflow of CHF 1.1 billion in SUB Private Clients reflecting seasonal patterns
  • Total Wealth Management-related NNA of CHF 3.4 billion for the quarter; total Assets under Management (AuM) of CHF 1.35 trillion at the end of the quarter
  • Net income attributable to shareholders of CHF 292 million for the quarter, reflecting substantially greater tax charge as a result of a higher effective tax rate and CHF 65 million for the impact from US Base Erosion and Anti-Abuse Tax (BEAT), leading to an effective tax rate for 2018 of 40%

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