Business Context and Reporting Period
This Form 6-K, filed on September 29, 2023, reports on Credit Suisse AG (the "Bank") for the six-month period ended June 30, 2023. The filing incorporates by reference the Credit Suisse Financial Report 6M23. The document is jointly signed by executives from UBS Group AG and Credit Suisse AG, reflecting the ongoing integration following UBS's acquisition of Credit Suisse. The Bank is a Swiss joint stock corporation headquartered in Zurich with major offices in London, New York, Hong Kong, Singapore, and Tokyo.
Key Financial Metrics
The filing provides specific capitalization and indebtedness figures in Swiss Francs (CHF) but does not explicitly state revenue, profit, cash flow, or margin figures in the text provided; these are contained within the attached Exhibit 99.1 (Financial Report 6M23).
| Capitalization and Indebtedness (CHF million) | End of 2Q23 | End of 4Q22 |
|---|---|---|
| Due to banks | 9,175 | 11,905 |
| Customer deposits | 182,557 | 234,554 |
| Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 2,949 | 20,371 |
| Long-term debt | 134,577 | 150,661 |
| All other liabilities | 108,344 | 64,072 |
| Total liabilities | 437,602 | 481,563 |
| Total equity | 46,133 | 48,476 |
| Total capitalization and indebtedness | 483,735 | 530,039 |
Material Changes Versus Prior Period
- Customer Deposits: Decreased significantly from CHF 234,554 million in 4Q22 to CHF 182,557 million in 2Q23, a reduction of approximately CHF 52 billion.
- Short-Term Funding: "Due to banks" declined from CHF 11,905 million to CHF 9,175 million. Central bank funds purchased and securities sold under repurchase agreements dropped sharply from CHF 20,371 million to CHF 2,949 million.
- Long-Term Debt: Reduced from CHF 150,661 million to CHF 134,577 million.
- Other Liabilities: Increased substantially from CHF 64,072 million to CHF 108,344 million.
- Equity: Total equity decreased slightly from CHF 48,476 million to CHF 46,133 million.
Guidance, Outlook, and Risks
The filing contains forward-looking statements and directs investors to the "Risk factors" section in the Form 6-K filed on August 31, 2023, by UBS Group AG, UBS AG, and Credit Suisse AG, as well as subsequent annual reports. It notes that uncertainties and events related to the acquisition implementation are relevant. The text does not provide specific numerical guidance or management commentary on future performance within this summary document; such details are referenced in the attached Financial Report 6M23 and the 2022 Form 20-F.
Key Facts for Investor Verification
- Verify the detailed revenue, net income, and cash flow figures in the attached Exhibit 99.1 (Credit Suisse Financial Report 6M23), as they are not listed in the Form 6-K text.
- Confirm the reasons for the significant decline in customer deposits and the sharp reduction in central bank funding and repurchase agreements.
- Review the "Risk factors" section of the August 31, 2023, Form 6-K for updated risks related to the UBS acquisition integration.
- Examine the composition of the increase in "All other liabilities" to understand the nature of the new obligations.