Credit Suisse Third-Quarter 2012 Results Credit Suisse Third-Quarter 2012 Results
3Q12 results evidencing successful execution of strategic measures while
maintaining strong client momentum, with underlying* core pre-tax income
of CHF 1,203 million, underlying* net income attributable to shareholders
of CHF 891 million and underlying* return on equity of 9.6%
3Q12 reported core pre-tax income of CHF 359 million, net income
attributable to shareholders of CHF 254 million and return on equity of
2.9%, reflecting fair value losses of CHF 1,048 million before taxes
resulting from a significant tightening of own credit spreads
9M12 results:
? Underlying* core pre-tax income of CHF 3,835 million, underlying* net
income attributable to shareholders of CHF 2,761 million and
underlying* return on equity of 10.4%
? Reported core pre-tax income of CHF 1,510 million, net income
attributable to shareholders of CHF 1,086 million and return on equity
of 4.2%, reflecting fair value losses on own debt of CHF 2,563 million
before taxes
Cost saving measures exceed targets:
? Expect to exceed CHF 3.0 billion of cost reductions in fiscal 2013
versus adjusted* annualized 1H11 run rate
? Target additional longer-term cost reductions for 2014 and 2015,
thereby resulting in a total cost run rate reduction of CHF 4.0 billion
versus adjusted* annualized 1H11 run rate
Continued strengthening of capital base; announcement of further
measures to reduce risk-weighted assets and leverage:
? Progress on implementation of announced capital measures with
3Q12 Look-through Swiss Core Capital ratio of 8.2%, on track to be
at around 9.3% by end-2012 on a pro-forma basis and to achieve
end-2018 requirement of 10% by mid-2013
? Targeting balance sheet reductions of CHF 130 billion or 13% of total
assets by end-2013, which will improve leverage ratio
? Targeting further 10% Basel III RW
https://www.credit-suisse.com/investors/doc/media_release_3q12_en.pdf
https://www.credit-suisse.com/investors/doc/csg_3q2012_slides.pdf
https://www.credit-suisse.com/investors/doc/csg_financialreport_3q12.pdf
CS Chart
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Analyst Estimates
https://www.marketwatch.com/investing/stock/cs/analystestimates