Research, Charts & Company Announcements
Research Tree offers CREDIT SUISSE GROUP AG-REG research coverage from 1 professional analysts, and we have 6 reports on our platform.
Our simple but effective charting function allows for a quick scan of CREDIT SUISSE GROUP AG-REG's performance over multiple time horizons.
Frequency of research reports
Research reports on CREDIT SUISSE GROUP AG-REG
Providers covering CREDIT SUISSE GROUP AG-REG
Net profit down by 84% yoy but a profit
28 Jul 16
Pre-tax profit decreased by 89% to CHF199m for Q2 16 compared to Q2 15 and compared to a loss of CHF484m for Q1 16. Net revenues were down by 27% to CHF5.1bn for Q2 16 compared to Q2 15. Total operating expenses were down by 6% to CHF4.9bn for Q2 16 compared to the same period last year. The net profit attributable to shareholders declined by 84% to CHF170m for Q2 16 compared to Q2 15 and compared to a loss of CHF302m for Q1 16. The net result attributable to shareholders was therefore a loss of CHF132m for H1 16. RoE was 1.5% for Q2 16 compared to 10% for Q2 15. Assets under management were slightly up by 0.3% to CHF1,218bn at the end of June 2016 compared to year end 2015. Net new money inflow was CHF12.1bn for Q2 16 compared to CHF13.7bn for Q2 15. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was 11.8% at the end of June 2016 compared to 11.4% at the end of 2015. The fully applied CET1 leverage ratio was unchanged at 3.3% at the end of June 2016.
Disappointing Q1 figures
10 May 16
The pre-tax result was a loss of CHF484m for Q1 16 compared to a profit of CHF1.51bn for Q1 15. Net revenues were down by 30% to CHF4.6bn for Q1 16 compared to Q1 15. Total operating expenses were down by 3% to CHF5.0bn for Q1 16 compared to the same period last year. The net result attributable to shareholders was a loss of CHF302m for Q1 16 compared to a profit of CHF1.05bn for Q1 15. RoE was -2.6% for Q1 16 compared to +9.9% for Q1 15. Assets under management were down by 3% to CHF1,181bn in Q1 16 compared to year end 2015 due to some negative currency impacts. Net new money inflow was CHF10.5bn for Q1 16 compared to CHF14.9bn for Q1 15. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was unchanged at 11.4% at the end Q1 16 compared to the end of 2014. The fully applied CET1 leverage ratio was unchanged at 3.3% at the end of March 2016.
CS speeds up restructuring
23 Mar 16
Credit Suisse announced today that it is accelerating its restructuring plan released in October 2015. • The group is increasing its 2018 net cost saving target from CHF2.0bn to at least CHF3.0bn. The operating cost base will now decline from CHF21.2bn to below CHF18bn in 2018. Credit Suisse also announced today some targets for FY2016. • It has increased the committed reduction to global headcount from 4,000 to 6,000 in 2016. • The net cost saving target is CHF1.4bn for 2016 or to achieve an operating cost base of CHF19.8bn. Credit Suisse is going to scale down the new segment Global Markets (GM) in 2016 ahead of what was originally planned in October. It is expecting a loss contribution from GM in Q1 16 partly due to further write-downs of $346m. • The additional headcount reduction of 2,000 in 2016 is based on an acceleration of the GM restructuring. • The targets for business reduction of GM in 2016 were accelerated from around $84bn to $60bn for RWA and from $380bn to $290bn for leverage. In terms of look-through CET1 ratio, Credit Suisse intends to operate within a range of between 11% and 12% in 2016. The partial IPO of the Swiss UB planned for 2017 is on track.
Disastrous Q4 15 results, as expected, due to restructuring measures
04 Feb 16
Preliminary net result attributable to shareholders dropped from a profit of CHF691m for Q4 14 to a loss of CHF5.83bn for Q4 15. Preliminary net result attributable to shareholders switched from a profit of CHF1.9bn for FY2014 to a loss of CHF2.94bn for FY2015. Net revenues were down by 9% to CHF23.8bn for 2015 compared to 2014. Total operating expenses increased by 15% to CHF25.9bn for 2015. The pre-tax result declined from a profit of CHF3.63bn for 2014 to a loss of CHF2.42bn for 2015. RoE was negative with -6.8% for 2015 compared to 4.4% for 2014. Assets under management declined by 11% to CHF1,214bn at the end of 2015 compared to 2014. Net new money inflow was CHF49.1bn for 2015 compared to CHF29.9bn for 2014. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was 11.4% at the end of 2015 compared to 10.1% at the end of 2014. The release of the 2015 report is due on 24 March 2016.
Weaker Q3 figures, two capital increases and a new structure
21 Oct 15
Credit Suisse (CS) released kind of preliminary Q3 15 figures. Net revenues were down by 8% to CHF5.98bn for Q3 15 compared to Q3 14. Total operating expenses decreased by 3% to CHF5.02bn for Q3 15. Net income attributable to shareholders declined by 24% to CHF779m for Q3 15. RoE was 7.1% for Q3 15 compared to 9.7% for Q3 14. Assets under management were down by 4.6% to CHF1,294bn in Q3 15 despite net new money inflows of CHF16.4bn. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was 10.2% at the end Q3 15 compared to 9.5% at the end of 2014. The release of the full Q3 15 report is due on 30 October. Credit Suisse decided to strengthen its balance sheet through a proposed rights offering of c.CHF4.7bn and a private placing of c.CHF1.35bn. In a first step, a number of qualified investors have committed to purchase 58m new registered shares. Existing shareholders will not have preemptive subscription rights for these new registered shares. The gross proceeds for Credit Suisse Group AG are expected to amount to around CHF1.35bn. In a second step, Credit Suisse intends to issue up to 261m new registered shares. Shareholders of Credit Suisse will be allotted one preemptive subscription right for each registered share they hold on 20 November 2015 (after close of trading). 13 preemptive subscription rights entitle their holder to purchase two new registered shares at the offer price of CHF18 per share. Credit Suisse Group AG expects the gross proceeds of the rights offering to amount to c.CHF4.7bn. The preemptive subscription rights are expected to be traded on the SIX Swiss Exchange from 23 November to 1 December 2015. The listing and the first day of trading of the new registered shares on the SIX Swiss Exchange are expected to take place on 4 December 2015. Credit Suisse released a new strategy to increase profits and capital generation by: - serving the large and growing segment of wealthy entrepreneurs in emerging markets; - growing its Universal Bank in its Swiss home market, with a partial IPO planned by 2017; - reducing capital usage significantly in its Investment Banking operations; - lowering its fixed costs by delivering CHF3.5bn of gross cost savings by end-2018 (CHF2bn net); - investing CHF1.5bn in new growth initiatives in the next three years; - implementing a streamlined organisational structure, fully aligned with these strategic objectives, with three geographic divisions – Swiss Universal Bank (CHUB), Asia Pacific (APAC), and International Wealth Management (IWM) – and two investment banking divisions: Global Markets and Investment Banking and Capital Markets (IBCM); - changing the leadership structure to reflect the strategic and structural initiatives, with six new members joining the Executive Board.
Q2 figures are fine but level is still too low
23 Jul 15
Credit Suisse (CS) released a kind of preliminary Q2 15 figures. The pre-tax profit was CHF1.66bn for Q2 15 compared to a loss of CHF346m for Q2 14 due to a settlement charge of CHF2.5bn for the US tax evasion case which was booked mainly in Q2 14. Net revenues were up by 8% to CHF6.96bn for Q2 15 compared to Q2 14. Total operating expenses decreased by 23% to CHF5.25bn for Q2 15 compared to the same period last year which was burdened by the before mentioned settlement charge. Net income attributable to shareholders increased from a loss of CHF700m for Q2 14 to a profit of CHF1.05bn for Q2 15 which is on the same level as Q1 15. RoE was 10.0% for Q2 15 compared to 9.9% for Q1 15. Assets under management were slightly down by 1% to CHF1,356bn in Q2 15. Net new money inflow was CHF14.2bn for Q2 15 compared to CHF17bn for Q1 15 and CHF10.7bn for Q2 14. Credit Suisse’s fully applied Basel III common equity tier 1 (CET1) ratio was 10.3% at the end Q2 15 compared to 9.5% at the end of 2014. The release of the full Q2 15 report is due on 31 July.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Positive Q2 trading update
25 Oct 16
Record’s Q217 trading update was encouraging as it showed an increase in assets under management equivalents (AUME), a maintained client count and an indication that investors are taking an interest in a range of the company’s products following a period of heightened currency volatility. In this context, the prospective rating with an FY17e P/E of just over 10x and the yield of 6.2% (ex any special payment) seems very conservative.