Corporate Press Release

Press Release

Credit Suisse Group announces 3Q17 results

 

Group delivers 3Q17 reported pre-tax income of CHF 400 million, up 80% year on year; adjusted* pre-tax income of CHF 620 million, up 90% year on year

Net income attributable to shareholders of CHF 244 million in 3Q17, up from CHF 41 million in 3Q16

Core adjusted* net revenues in 3Q17, up 0.2% year on year; adjusted* total operating expenses down 5% and adjusted* pre-tax income up 30% year on year

Group adjusted* net revenues in 3Q17 down 2% year on year, driven by USD 95 million decrease in SRU adjusted* net revenues; Group total adjusted* operating expenses down 7% year on year

Growth across Wealth Management with 3Q17 NNA1 totaling CHF 10.4 billion, up 8% year on year; 9M17 NNA1 of CHF 33.2 billion, up 11% year on year; assets under management1 up 12% year on year to a record CHF 751 billion

SUB, IWM and APAC WM&C combined 3Q17 adjusted* net revenues2 of CHF 3.1 billion, up 9% year on year; adjusted* pre-tax income2 of CHF 1 billion in 3Q17, up 30% year on year, profiting from positive operating leverage in seasonally slower quarter

GM delivers resilient performance despite seasonal impacts in 3Q17; Equities3 net revenues up 5% and Fixed Income3 net revenues down 8% year on year

In 9M17, IBCM achieved strong progress year on year and increased share of wallet4 across all key products

9M17 cumulative cost savings5 of CHF 1 billion, with approximately CHF 400 million generated in 3Q17; confident in ending 2017 below our CHF 18.5 billion cost target

Further progress in SRU6 wind-down in 3Q17 with adjusted* total operating costs down 35%, leverage exposure down 43% and RWA7 down 53% year on year (down 10%, 10% and 13%, respectively, quarter on quarter)

On a look-through basis, achieved organic capital generation of approximately CHF 400 million in 3Q17, resulting in CET1 ratio of 13.2% (13.4%8 excluding operational risk RWA add-on announced at our 2Q17 results). Look-through CET1 capital increased to CHF 34.9 billion 

Group highlights

  • Adjusted* net revenues of CHF 5 billion in 3Q17, down 2% year on year (9M17: CHF 15.7 billion, up 6% year on year)
  • Adjusted* total operating expenses of CHF 4.4 billion5 in 3Q17, down 9% year on year (9M17: CHF 13.4 billion5, down 7% year on year)
  • Reported pre-tax income of CHF 400 million in 3Q17, up 80% year on year (9M17: CHF 1.7 billion)
  • Adjusted* pre-tax income of CHF 620 million in 3Q17, up 90% year on year (9M17: CHF 2.2 billion)
  • Net income attributable to shareholders of CHF 244 million in 3Q17, up from CHF 41 million in 3Q16

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