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LETTER to SHAREHOLDERS 1998 INTERIM RESULTS Share Performance

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LETTER to SHAREHOLDERS 1998 INTERIM RESULTS Share Performance 21558_Halbjahres98_E 07.09.1998 14:24 Uhr Seite 1 LETTER TO SHAREHOLDERS 1998 INTERIM RESULTS Share performance CHF Credit Suisse Group Swiss Market Index (adjusted) 350 300 250 200 150 100 J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J A 1996 1997 1998 Change Share data 30 June 1998 31 Dec. 1997 in % Number of shares issued 267,142,861 266,128,097 0.4 Shares ranking for dividend 267,064,503 265,750,460 0.5 Market capitalisation (CHF m) 90,134 60,060 50 Share price (CHF) 337.50 226 49 high January–June 1998 341 low January–June 1998 216 Change 1st half 1998 1st half 1997 in % Earnings per share (CHF) 9.02 6.79 33 Average shares ranking for dividend 266,340,880 n.a. Financial Calendar Media conference for 1998 results Tuesday, 16 March 1999 1999 Annual General Meeting Friday, 28 May 1999 Contents Commentary on the consolidated half-year results 3 Consolidated income statement 6 Consolidated balance sheet 7 Consolidated off-balance sheet business, selected notes to the consolidated financial statements 8 Credit Suisse 10 Credit Suisse Private Banking 12 Credit Suisse First Boston 13 Credit Suisse Asset Management 16 Winterthur 17 Closing 20 21558_Halbjahres98_E 07.09.1998 14:24 Uhr Seite 3 DEAR SHAREHOLDERS Credit Suisse Group posted net profit of CHF 2.4 bn in the first half of 1998, exceeding the previous year’s corresponding figure by 36%. Return on equity amounted to 18.4%. All business units – Credit Suisse, Credit Suisse Private Banking, Credit Suisse First Boston, Credit Suisse Asset Management and Winterthur – improved substantially on their previous year’s results. Credit Suisse, which serves individual and corporate customers in Switzerland, returned to profit. Strong operating performance: The 22% increase in total revenue to CHF 12.6 bn compared with the previous year was a result of 12% growth in interest business, 34% growth in commission and service fee income and a 34% rise in trading income. Operating expenses including depreciation were 21% higher at CHF 8.5 bn. The cost/income ratio declined from 67.5% to 67.1%. Valuation adjustments, provisions and losses declined by a total of 10% to CHF 912 m. This includes CHF 526 m for credit provisions and CHF 386 m for other business risks. CHF 311 m of the credit provisions is accounted for by Credit Suisse, CHF 68 m by Credit Suisse Private Banking and CHF 147 m by Credit Suisse First Boston. Included in the CHF 526 m figure above are additional credit provisions to the amount of CHF 82 m at Credit Suisse First Boston and CHF 58 m at Credit Suisse Private Banking, which were taken in excess of the statistically expected annual credit provision (ACP) for their Asian port- folios. These provisions were covered by a release from the reserves for general banking KEY FIGURES 1st half 1998 1st half 1997 Change risks to extraordinary income. in CHF m in CHF m in % Furthermore, a release from the reserves Revenue 12,605 10,336 22 for general banking risks of CHF 375 m is Gross operating profit 4,437 3,688 20 included under extraordinary items to cover Net profit 2,401 1,767 36 a significant portion of the settlement of Cash flow 3,577 2,878 24 US class action lawsuits in connection with ROE the activities of the Swiss banks in the – Group 18.4% 15.4% Second World War. – banking 23.3% 17.2% – insurance 9.5% 10.8% Very good return on equity: After taking into account extraordinary items, taxes of 30 June 1998 31 Dec. 1997 Change in CHF m in CHF m in % CHF 860 m and minority interests, net profit Total assets 748,192 689,568 9 amounted to CHF 2.4 bn, an increase of Total shareholders’ equity 29,359 25,651 14 36% compared with the previous year. – of which minority interests 2,447 2,005 22 Consolidated return on equity (ROE) amounted to 18.4% in the first half of 1998, Total risk weighted positions (BIS) 216,418 208,382 4 with banking business achieving an ROE BIS tier 1 capital 24,903 22,759 9 of 23.3% and insurance business an ROE of BIS total capital 38,382 35,062 9 9.5%. Total assets under management in % in % increased by 11.2% to CHF 960 bn. BIS tier 1 ratio 11.5 10.9 Earnings per Credit Suisse Group registered BIS total capital ratio 17.7 16.8 share amounted to CHF 9.02. Change 30 June 1998 31 Dec. 1997 in % Total staff 61,902 60,059 3 – of which in Switzerland: in banking 20,884 21,442 –3 of which in Switzerland: in insurance 7,219 7,108 2 – of which outside Switzerland: in banking 15,603 13,235 18 of which in Switz erland: in insurance 18,196 18,274 0 3 21558_Halbjahres98_E 07.09.1998 14:24 Uhr Seite 4 All business units show significant improvement in revenue: REVENUE COMPOSITION 1st half 1998 Credit Suisse had a successful first half of 1998. With revenue increasing by 15% to 19% 23% CHF 1.6 bn and operating expenses developing as planned, the cost/income ratio improved from 87.5% to 74.5%. At CHF 311 m, valuation adjustments were for the first time within the statistically expected amount (ACP) of CHF 325 m. Credit Suisse returned to profit sooner than expected, posting net profit of CHF 51 m. This compares with a loss of CHF 150 m in the first half of 1997. At the same time, the business unit 24% 34% once again launched a number of new, innovative products, notably in direct banking and mortgages. Balance sheet business Commission Trading Credit Suisse Private Banking showed a 24% rise in net profit to CHF 829 m in the Insurance first half of 1998. The cost/income ratio declined from 48.1% to 47.5%. Assets under management increased from CHF 381 bn to CHF 428 bn. Strategic measures in the first half of the year, for example the clear separation of on and offshore business, were aimed at consolidating Credit Suisse Private Banking’s position as one of the leading private banking operations in the world. Credit Suisse First Boston once again put in a very good performance in the first six months, posting revenue of USD 4.4 bn (+32%) or CHF 6.5 bn (+36%) and a return on equity of 21%. The 38% rise in personnel expenses was largely due to new recruit- ment and acquisitions. Net profit before minority interests increased by 21% to USD 754 m, corresponding to CHF 1.1 bn (+25%). The integration of the European and Asian businesses of BZW has been virtually completed and has already brought excellent results. Credit Suisse First Boston also expects positive effects to come from the acquisition of Banco Garantia in Brazil and the hiring of more than 160 techno- logy professionals. Credit Suisse Asset Management showed a 13% increase in discretionary assets under management to CHF 210 bn in the first half. This was a result of market appre- ciation and foreign exchange movements of 10% and net new business of 3%. Total assets under management amounted to CHF 295 bn. Revenue rose by 24% to CHF 440 m, while operating expenses increased, by 14% to CHF 287 m. Net profit was CHF 121 m. A separate business area was created in the first half of 1998 for the distribution of mutual funds via third-party channels. The first series of products will be launched this month in the USA as part of the newly formed alliance with the US investment management company E.M. Warburg Pincus & Co. LLC. Winterthur showed a 20% increase in consolidated net profit to CHF 423 m. Gross premiums rose by 21% to CHF 18 bn (This comparison excludes the results of HIH Winterthur for both 1997 and 1998). Compared with the end of 1997, shareholders’ equity excluding minority interests rose by 26% to CHF 10 bn, while investments rose by 14% to CHF 115 bn. In non-life business, gross premiums increased by 4% to CHF 8.5 bn. In life business, gross premiums were up 40% to CHF 9.6 bn, approxi- mately 60% of the increase is due to the rise in single premium annuities in Switzerland before the implementation of stamp duty in April. Important events at Winterthur included the integration of Winterthur Columna and CS Life to form the new Individual and Group Life division and the profitable sale of Winterthur’s holding in the Australian HIH Winterthur for AUD 436 m (approximately CHF 360 m) through a public offering. Furthermore, in August, Winterthur announced that it had entered into an agreement in principle to sell its reinsurance business to PartnerRe for CHF 1,125 bn. 4 21558_Halbjahres98_E 07.09.1998 14:24 Uhr Seite 5 IT projects and restructuring progressing as planned The IT work in connection with the introduction of the euro and the switch to the year 2000 is proceeding as planned. Of the exceptional items of pre-tax CHF 488 m taken in the 1997 accounts, CHF 103 m was used in the first half of 1998. Of the excep- tional items of CHF 430 m taken for the ongoing restructuring of banking operations, especially in Switzerland, CHF 111 m was used. The reorganisation of Swiss business was largely completed by the end of 1997; the remaining restructuring work is pro- gressing quickly and efficiently. Successful merger with Winterthur A year after the announcement of the merger with Winterthur, major successes have already been achieved.
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