Credit Suisse Group announces 4Q16 and FY16 results
Credit Suisse announces fourth-quarter and full-year 2016 results with strong asset inflows and increased margins, highlighting the strength, diversification and scale of the Wealth Management platform. Rightsizing of GM is substantially completed with good momentum in 4Q16 and strong start in 2017.
- 4Q16 reported PTL of CHF 1,903 million; FY16 reported PTL of CHF 1,966 million
- 4Q16 adjusted* PTI of CHF 171 million; FY16 adjusted* PTI of CHF 615 million
- 4Q16 and FY16 net loss attributable to shareholders of CHF 2,347 million and CHF 2,438 million, respectively
- FY16 net cost savings of CHF 1.9 billion, resulting in adjusted* total operating expenses of CHF 19.4 billion measured at constant FX rates, or CHF 19.1 billion at actual FX rates; exceeded end-2016 target of below CHF 19.8 billion
- Substantial progress in reducing legacy assets within SRU, with RWA and leverage exposure both down 39%, in US dollars, at end-2016 compared to end-2015
- Look-through CET1 ratio of 11.6% post settlement (12.5% pre-DOJ RMBS settlement), an improvement of 140 bp compared to 3Q15 CET1 ratio of 10.2% reported at announcement of our new strategy in October 2015
- Look-through CET1 leverage ratio of 3.3% post settlement (3.5% pre-DOJ RMBS settlement), an improvement of 50 bp compared to 3Q15 CET1 leverage ratio of 2.8% reported at announcement of our new strategy in October 2015
* Adjusted results are non-GAAP financial measures. For a reconciliation of the adjusted results to the most directly comparable US GAAP measures, see the Appendix of the media release for reconciliations of adjustment items.
Source: Credit Suisse