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REML Credit Suisse

Filed: 29 Oct 20, 6:09am
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
October 29, 2020
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland (Address of principal executive office)

Commission File Number 001-33434
Credit Suisse AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.




Explanatory note
On October 29, 2020, the Credit Suisse Financial Report 3Q20 was published. A copy of the Financial Report is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibits hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-238458) and the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856), and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, except, in the case of both (i) and (ii), (a) the sections of the attached Financial Report entitled “Investor information” and “Financial calendar and contacts” shall not be incorporated by reference into, or be deemed “filed”, with respect to any such Registration Statements, (b) the information under “Group and Bank differences” and “Selected financial data – Bank” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856) and (c) the section of the attached Financial Report entitled “II – Treasury, risk, balance sheet and off-balance sheet – Capital management – Bank regulatory disclosures” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856).
Credit Suisse Group AG and Credit Suisse AG file an annual report on Form 20-F and file quarterly reports, including unaudited interim financial information, and furnish or file other reports on Form 6-K with the US Securities and Exchange Commission (SEC) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are available to the public over the internet at the SEC’s website at www.sec.gov. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are also available under “Investor Relations” on Credit Suisse Group AG’s website at www.credit-suisse.com and at the offices of the New York Stock Exchange, 20 Broad Street, New York, NY 10005.
Unless the context otherwise requires, references herein to “Credit Suisse Group,” “Credit Suisse,” “the Group,” “we,” “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the direct bank subsidiary of the Group, and its consolidated subsidiaries.
SEC regulations require certain information to be included in registration statements relating to securities offerings. Such additional information for the Group and the Bank is included in this report on Form 6-K, which should be read together with the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2019 (Credit Suisse 2019 20-F) filed with the SEC on March 30, 2020, the Group’s financial report for the first quarter of 2020 (Credit Suisse Financial Report 1Q20), filed with the SEC on Form 6-K on May 7, 2020, the Group’s financial report for the second quarter of 2020 (Credit Suisse Financial Report 2Q20), filed with the SEC on Form 6-K on July 30, 2020, and the Group’s financial report for the third quarter of 2020 (Credit Suisse Financial Report 3Q20), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG relating to its results as of and for the three and nine months ended September 30, 2020. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. Credit Suisse AG’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.
Forward-looking statements
This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.
When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Credit Suisse 2019 20-F, subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC, the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC, and other uncertainties and events.
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Group and Bank differences
The business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Swiss Universal Bank, International Wealth Management, Asia Pacific and the Investment Bank. Certain Corporate Center activities of the Group, such as hedging activities relating to share-based compensation awards, are not applicable to the Bank. Certain other assets, liabilities and results of operations, primarily relating to Credit Suisse Services AG (our Swiss service company) and its subsidiary, are managed as part of the activities of the Group’s segments. However, they are legally owned by the Group and are not part of the Bank’s consolidated financial statements.
For further information on the differences between the Group and the Bank, refer to “Note 34 – Subsidiary guarantee information” in III – Condensed consolidated financial statements – unaudited in the Credit Suisse Financial Report 3Q20.
Comparison of consolidated statements of operations
  BankGroupBankGroup
in3Q203Q193Q203Q199M209M199M209M19
Statements of operations (CHF million)   
Net revenues5,2285,3695,1985,32617,24316,48017,16816,294
Total operating expenses4,3444,2624,3014,11212,91713,00612,65512,610
Income before taxes7901,0358031,1423,3723,2963,5553,506
Net income5408085458862,8782,3683,0162,572
Net income attributable to shareholders5428005468812,8762,3533,0222,567
Comparison of consolidated balance sheets
  BankGroup
end of3Q204Q193Q204Q19
Balance sheet statistics (CHF million)   
Total assets824,360790,459821,296787,295
Total liabilities774,999743,696775,296743,581
Capitalization and indebtedness
  BankGroup
end of3Q204Q193Q204Q19
Capitalization and indebtedness (CHF million)   
Due to banks19,10616,74219,10916,744
Customer deposits389,419384,950388,264383,783
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions30,76127,64130,66727,533
Long-term debt163,514151,000164,396152,005
All other liabilities172,199163,363172,860163,516
Total liabilities 774,999743,696775,296743,581
Total equity49,36146,76346,00043,714
Total capitalization and indebtedness 824,360790,459821,296787,295
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BIS capital metrics
  BankGroup
end of3Q204Q193Q204Q19
Capital and risk-weighted assets (CHF million)   
CET1 capital42,22541,93337,08636,774
Tier 1 capital56,53854,02452,32749,791
Total eligible capital57,55156,95853,34052,725
Risk-weighted assets285,924290,843285,216290,463
Capital ratios (%)   
CET1 ratio14.814.413.012.7
Tier 1 ratio19.818.618.317.1
Total capital ratio20.119.618.718.2
4Q19 amounts are shown on a look-through basis.
Selected financial data – Bank
Condensed consolidated statements of operations
in3Q203Q19% change9M209M19% change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income3,2345,328(39)11,10115,804(30)
Interest expense(1,831)(3,541)(48)(6,594)(10,462)(37)
Net interest income1,4031,787(21)4,5075,342(16)
Commissions and fees2,8492,75438,6658,2375
Trading revenues6051283732,7101,215123
Other revenues371700(47)1,3611,686(19)
Net revenues 5,2285,369(3)17,24316,4805
Provision for credit losses 947231954178436
Compensation and benefits2,1542,15406,5746,763(3)
General and administrative expenses1,8241,78325,3195,2911
Commission expenses295325(9)9539520
Restructuring expenses7171
Total other operating expenses2,1902,10846,3436,2432
Total operating expenses 4,3444,262212,91713,006(1)
Income before taxes 7901,035(24)3,3723,2962
Income tax expense/(benefit)25022710494928(47)
Net income 540808(33)2,8782,36822
Net income/(loss) attributable to noncontrolling interests(2)8215(87)
Net income attributable to shareholders 542800(32)2,8762,35322
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of3Q204Q19% change
Assets (CHF million)   
Cash and due from banks136,962101,04436
Interest-bearing deposits with banks1,16467373
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions97,328106,997(9)
Securities received as collateral45,06440,21912
Trading assets157,909153,8953
Investment securities4641,004(54)
Other investments5,7445,6342
Net loans299,192304,025(2)
Goodwill3,8913,960(2)
Other intangible assets256291(12)
Brokerage receivables40,22935,64813
Other assets36,15737,069(2)
Total assets 824,360790,4594
Liabilities and equity (CHF million)   
Due to banks19,10616,74214
Customer deposits389,419384,9501
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions30,76127,64111
Obligation to return securities received as collateral45,06440,21912
Trading liabilities46,19338,18621
Short-term borrowings22,70628,869(21)
Long-term debt163,514151,0008
Brokerage payables29,13325,68313
Other liabilities29,10330,406(4)
Total liabilities 774,999743,6964
Total shareholder's equity 48,54646,1205
Noncontrolling interests81564327
Total equity 49,36146,7636
Total liabilities and equity 824,360790,4594
BIS statistics (Basel III)
end of3Q204Q19% change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital42,22541,9331
Tier 1 capital56,53854,0245
Total eligible capital57,55156,9581
Capital ratios (%)   
CET1 ratio14.814.4
Tier 1 ratio19.818.6
Total capital ratio20.119.6
4Q19 amounts are shown on a look-through basis.
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Exhibits
No. Description
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: October 29, 2020
By:
/s/ Thomas Gottstein                                 /s/ David R. Mathers
      Thomas Gottstein                                       David R. Mathers
      Chief Executive Officer                               Chief Financial Officer 
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