credit-suisse - Supplements

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credit-suisse - Supplements

  1. 1. SUPPLEMENTS TO THE SECOND QUARTER 2001 RESULTS
  2. 2. SUPPLEMENTS TO THE SECOND QUARTER 2001 RESULTS Supplement 1
  3. 3. BUSINESS UNIT RESULTS Q2 2001 – OVERVIEW CSFS CSPB CSAM CSFB CC CSG In CHF m & Adj. Operating income 2,759 1,502 417 6,614 -110 11,182 Personnel expenses -1,058 -438 -197 -4,130 -136 -5,959 Other operating expenses -659 -268 -122 -1,425 260 -2,214 Total operating expenses -1,717 -706 -319 -5,555 124 -8,173 Gross operating profit 1,042 796 98 1,059 14 3,009 Depreciation *, write-offs -170 -15 -8 -226 -83 -502 Losses, provisions ** -80 -43 0 -298 9 -412 Pre-tax profit 792 738 90 535 -60 2,095 Net extraordinary items 7 2 0 0 -9 0 Taxes -240 -160 -2 -92 94 -400 Net op. profit bef. minorities 559 580 88 443 25 1,695 * excl. amortisation of acquired intangible assets and goodwill ** ? to actual credit provisions at CC +28 0 -24 Supplement 2
  4. 4. PRO MEMORIA BUSINESS UNIT RESULTS Q1 2001 – OVERVIEW CSFS CSPB CSAM CSFB CC CSG In CHF m & Adj. Operating income 2,462 1,579 377 6,744 -71 11,091 Personnel expenses -991 -436 -175 -4,362 -66 -6,030 Other operating expenses -637 -237 -113 -1,230 263 -1,954 Total operating expenses -1,628 -673 -288 -5,592 197 -7,984 Gross operating profit 834 906 89 1,152 126 3,107 Depreciation *, write-offs -131 -11 -7 -213 -121 -483 Losses, provisions ** -86 -42 0 -92 -18 -238 Pre-tax profit 617 853 82 847 -13 2,386 Net extraordinary items 1 1 -1 -1 22 22 Taxes -168 -202 -13 -187 -65 -635 Net op. profit bef. minorities 450 652 68 659 -56 1,773 * excl. amortisation of acquired intangible assets and goodwill ** ? to actual credit provisions at CC -33 +1 +24 Supplement 3
  5. 5. BUSINESS UNIT RESULTS QUARTERLY COMPARISON Net operating profit, CHF m Q2/01 Q1/01 Q2/00 Change to Q1/01 CSFS 504 428 498 +18% WIN 217 133 202 +63% WLP 214 199 127 +8% CSB 178 187 192 -5% CSPF -105 -91 -23 +15% CSPB 576 645 643 -11% CSAM 88 68 77 +29% CSFB 443 659 507 -33% Supplement 4
  6. 6. VALUE BASED ANALYSIS Value added Q2/01 by BU, in CHF m - 151 6 58 510 CSFB 749 CSAM Adjustments CSPB CSG 326 CSFS Supplement 5
  7. 7. ASSETS UNDER MANAGEMENT AS PER 30.06.2001 CSG CSFS CSPB CSAM CSFB CHF bn CHF bn CHF bn CHF bn CHF bn Cash & time deposits 52 32 7 0 91 Safe custody accounts 80 392 496 181 1,150 Fixed income 10 138 186 39 373 Equities 21 125 169 98 413 Balanced - - 95 - 95 Total FI/Eq./Bal. 31 263 449 137 880 Investment funds 41 125 - 44 211 whereof CSAM inv. funds 34 54 - 12 99 whereof other CSG funds * 1 50 - 32 84 whereof external funds 6 22 - - 28 Other (derivatives, etc.) 8 4 47 - 59 Fiduciary 4 65 1 0 70 Insurance AuM 142 - - - 142 Total 278 489 503 181 1,452 whereof discretionary 148 123 372 58 701 * incl. private equity on behalf of clients Supplement 6
  8. 8. CREDIT SUISSE FINANCIAL SERVICES INCOME STATEMENT Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 2,759 2,462 2,328 +12% Personnel expenses -1,058 -991 -878 +7% Other operating expenses -659 -637 -541 +3% Total operating expenses -1,717 -1,628 -1,419 +5% Gross operating profit 1,042 834 909 +25% Depreciation *, write-offs -170 -131 -83 +30% Losses, provisions ** -80 -86 -116 -7% Pre-tax profit 792 617 710 +28% E.o. items, net 7 1 1 - Taxes -240 -168 -173 +43% Net operating profit bef. minorities 559 450 538 +24% Net operating profit 504 428 498 +18% * excl. amortisation of goodwill ** additional (+) / lower (-) actual credit-related provisions +28 -33 -18 Supplement 7
  9. 9. WINTERTHUR INSURANCE INCOME STATEMENT (insurance chart of account) Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to H1/00 Net premiums earned 3,887 3,617 3,468 +15% Claims and annuities incurred, net -3,056 -2,799 -2,668 +16% Dividends to policyholders incurred, net -71 -112 -94 -3% Operating exp., net (incl. commissions paid) -1,172 -1,049 -1,005 +13% Underwriting result, net -412 -343 -299 +14% Net investment income 825 529 594 +20% Interest received on deposits & bank accounts 17 7 23 -48% Interest paid -41 -26 -34 -1% Other income / expense, net (incl. FX differences) * -14 43 41 -57% Profit before e.o. items, taxes 375 210 325 +15% E.o. items, net 0 0 0 - Taxes -120 -60 -97 +25% Net operating profit before minorities 255 150 228 +11% Net operating profit 217 133 202 +7% * excl. amortisation of goodwill Supplement 8
  10. 10. WINTERTHUR INSURANCE INCOME STATEMENT (BU format reconciliation) Q2/01 in CHF m Insurance BU BU BU format format format format Net premiums earned 3,887 3,887 Claims and annuities incurred, net -3,056 -3,056 Dividends to policyholders incurred, net -71 -71 Operating exp., net (incl. commissions paid) -1,172 -573 -574 -25 Underwriting result, net -412 Net investment income 825 825 Interest received on deposits & bank accounts 17 17 Interest paid -41 -41 Other income / expense, net (incl. FX differences) * -14 8 -22 Profit before e.o. items, taxes 375 996 -574 -47 Operating Operating Depreci- expenses income ation * & write-offs * excl. amortisation of goodwill Supplement 9
  11. 11. WINTERTHUR INSURANCE INCOME STATEMENT (BU format reconciliation) Q1/01 in CHF m Insurance BU BU BU format format format format Net premiums earned 3,617 3,617 Claims and annuities incurred, net -2,799 -2,799 Dividends to policyholders incurred, net -112 -112 Operating exp., net (incl. commissions paid) -1,049 -451 -575 -23 Underwriting result, net -343 Net investment income 529 529 Interest received on deposits & bank accounts 7 7 Interest paid -26 -26 Other income / expense, net (incl. FX differences) * 43 50 -7 Profit before e.o. items, taxes 210 815 -575 -30 Operating Operating Depreci- income expenses ation * & write-offs * excl. amortisation of goodwill Supplement 10
  12. 12. WINTERTHUR INSURANCE INCOME STATEMENT (BU format reconciliation) Q2/00 in CHF m Insurance BU BU BU format format format format Net premiums earned 3,468 3,468 Claims and annuities incurred, net -2,668 -2,668 Dividends to policyholders incurred, net -94 -94 Operating exp., net (incl. commissions paid) -1,005 -433 -546 -26 Underwriting result, net -299 Net investment income 594 594 Interest received on deposits & bank accounts 23 23 Interest paid -34 -34 Other income / expense, net (incl. FX differences) * 41 56 -15 Profit before e.o. items, taxes 325 912 -546 -41 Operating Operating Depreci- expenses income ation * & write-offs * excl. amortisation of goodwill Supplement 11
  13. 13. WINTERTHUR INSURANCE INCOME STATEMENT (BU reporting format) Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 996 815 912 +22% Personnel expenses -386 -356 -335 +8% Other operating expenses -188 -219 -211 -14% Total operating expenses -574 -575 -546 0% Gross operating profit 422 240 366 +76% Depreciation *, write-offs -47 -30 -41 +57% Losses, provisions 0 0 0 - Pre-tax profit 375 210 325 +79% E.o. items, net 0 0 0 - Taxes -120 -60 -97 +100% Net operating profit bef. minorities 255 150 228 +70% Net operating profit 217 133 202 +63% * excl. amortisation of goodwill Supplement 12
  14. 14. WINTERTHUR INSURANCE KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Combined ratio (excl. dividends to policyholders) 108.8% 106.4% 105.9% Claims ratio 78.6% 77.4% 76.9% Expense ratio 30.2% 29.0% 29.0% AuM, CHF bn * 32.6 32.7 32.5 Technical provisions, CHF m * 30,339 30,132 26,653 Investment return 9.8% 6.3% 7.4% - current interest income 5.2% 4.6% 4.9% - realised gains 4.7% 1.7% 2.5% Number of employees * 22,516 22,244 21,796 * 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 13
  15. 15. WINTERTHUR INSURANCE KEY FIGURES Net premiums earned (CHF bn) Claims ratio (%) 78.0 77.4 7.5 6.6 H1/00 H1/01 H1/00 H1/01 Expense ratio (%) Combined ratio (%) excl. dividends to policyholders 29.9 29.6 107.6 107.3 H1/00 H1/01 H1/00 H1/01 Supplement 14
  16. 16. WINTERTHUR LIFE & PENSIONS INCOME STATEMENT (insurance chart of account) Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to H1/00 Net premiums earned 3,183 6,124 3,279 +11% Death and other benefits incurred -2,687 -3,686 -2,558 +30% Change in prov. for future policyholder benefits -1,205 -2,094 -984 -19% Dividends to policyholders incurred -228 -403 -450 -46% Operating exp., net (incl. commissions paid) -581 -372 -363 +26% Net investment income 1,919 793 1,378 -14% Interest received on deposits & bank accounts 24 13 22 -16% Interest on bonuses credited to policyholders -40 -32 -29 +24% Other interest paid -62 -37 -59 -16% Other income / expense, net (incl. FX differences) * -27 -39 -72 -60% Profit before e.o. items, taxes 296 267 164 +52% E.o. items, net 0 0 0 - Taxes -66 -63 -23 +143% Net operating profit before minorities 230 204 141 +37% Net operating profit 214 199 127 +43% * excl. amortisation of goodwill Supplement 15
  17. 17. WINTERTHUR LIFE & PENSIONS INCOME STATEMENT (BU format reconciliation) Q2/01 in CHF m Insurance BU BU BU format format format format Net premiums earned 3,183 3,183 Death and other benefits incurred -2,687 -2,687 Change in prov. for future policyholder benefits -1,205 -1,205 Dividends to policyholders incurred -228 -228 Operating exp., net (incl. commissions paid) -581 -116 -376 -89 Net investment income 1,919 1,922 -3 Interest received on deposits & bank accounts 24 24 Interest on bonuses credited to policyholders -40 -40 Other interest paid -62 -62 Other income / expense, net (incl. FX differences) * -27 -23 -4 Profit before e.o. items, taxes 296 768 -376 -96 Operating Operating Depreci- income expenses ation * & write-offs * excl. amortisation of goodwill Supplement 16
  18. 18. WINTERTHUR LIFE & PENSIONS INCOME STATEMENT (BU format reconciliation) Q1/01 in CHF m Insurance BU BU BU format format format format Net premiums earned 6,124 6,124 Death and other benefits incurred -3,686 -3,686 Change in prov. for future policyholder benefits -2,094 -2,094 Dividends to policyholders incurred -403 -403 Operating exp., net (incl. commissions paid) -372 5 -319 -58 Net investment income 793 793 Interest received on deposits & bank accounts 13 13 Interest on bonuses credited to policyholders -32 -32 Other interest paid -37 -37 Other income / expense, net (incl. FX differences) * -39 -35 -4 Profit before e.o. items, taxes 267 648 -319 -62 Operating Operating Depreci- income expenses ation * & write-offs * excl. amortisation of goodwill Supplement 17
  19. 19. WINTERTHUR LIFE & PENSIONS INCOME STATEMENT (BU format reconciliation) Q2/00 in CHF m Insurance BU BU BU format format format format Net premiums earned 3,279 3,279 Death and other benefits incurred -2,558 -2,558 Change in prov. for future policyholder benefits -984 -984 Dividends to policyholders incurred -450 -450 Operating exp., net (incl. commissions paid) -363 -92 -261 -10 Net investment income 1,378 1,378 Interest received on deposits & bank accounts 22 22 Interest on bonuses credited to policyholders -29 -29 Other interest paid -59 -59 Other income / expense, net (incl. FX differences) * -72 -57 -15 Profit before e.o. items, taxes 164 450 -261 -25 Operating Operating Depreci- income expenses ation * & write-offs * excl. amortisation of goodwill Supplement 18
  20. 20. WINTERTHUR LIFE & PENSIONS INCOME STATEMENT (BU reporting format) Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 768 648 450 +19% Personnel expenses -212 -183 -141 +16% Other operating expenses -164 -136 -120 +21% Total operating expenses -376 -319 -261 +18% Gross operating profit 392 329 189 +19% Depreciation *, write-offs -96 -62 -25 +55% Losses, provisions 0 0 0 - Pre-tax profit 296 267 164 +11% E.o. items, net 0 0 0 - Taxes -66 -63 -23 +5% Net operating profit bef. minorities 230 204 141 +13% Net operating profit 214 199 127 +8% * excl. amortisation of goodwill Supplement 19
  21. 21. WINTERTHUR LIFE & PENSIONS KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Expense ratio 18.3% 6.1% 11.1% Net return on average technical provisions 21 bp 19 bp 15 bp Net new assets, CHF bn 0.6 2.1 0.2 AuM, CHF bn * 109.4 107.1 104.7 Technical provisions, CHF m * 108,926 107,390 105,522 Investment return 6.9% 6.2% 6.4% - current interest income 4.9% 4.4% 4.7% - realised gains 1.9% 1.8% 1.7% Number of employees * 7,276 7,095 6,562 * 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 20
  22. 22. WINTERTHUR LIFE & PENSIONS KEY FIGURES Gross premiums (CHF bn) Expense ratio (%) 10.2 9.4 9.0 8.6 H1/00 H1/01 H1/00 H1/01 Net new assets (CHF bn) Return on average tech. provisions (bp) not annualised (full-year target 60-65 bp) 2.7 39 35 1.6 H1/00 H1/01 H1/00 H1/01 Supplement 21
  23. 23. CREDIT SUISSE BANKING INCOME STATEMENT Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 982 983 945 0% Personnel expenses -417 -403 -378 +3% Other operating expenses -229 -212 -183 +8% Total operating expenses -646 -615 -561 +5% Gross operating profit 336 368 384 -9% Depreciation *, write-offs -22 -33 -16 -33% Losses, provisions ** -79 -86 -116 -8% Pre-tax profit 235 249 252 -6% E.o. items, net 7 2 1 - Taxes -63 -64 -61 -2% Net operating profit bef. minorities 179 187 192 -4% Net operating profit 178 187 192 -5% * excl. amortisation of goodwill ** additional (+) / lower (-) actual credit-related provisions +28 -33 -18 Supplement 22
  24. 24. CREDIT SUISSE BANKING KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Operating ROE * 16.7% 16.9% 17.4% Pre-tax margin * 24.6% 25.5% 26.8% Cost / income ratio * 68.0% 65.9% 61.1% Loan growth 2.3% 2.2% 0.1% Net interest margin 238 bp 242 bp 236 bp AuM, CHF bn ** 130.3 130.8 130.8 Average allocated equity capital, CHF m 4,289 4,428 4,409 * excl. amortisation of goodwill ** 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 23
  25. 25. CREDIT SUISSE BANKING KEY FIGURES Net interest margin (bp) Net operating profit (CHF m) excl. amortisation of goodwill 192 187 242 242 241 178 238 236 148 134 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Operating ROE (%) Cost/income ratio (%) excl. amortisation of goodwill excl. amortisation of goodwill 17.4 16.9 16.7 70.0 68.0 65.9 13.7 64.2 12.5 61.1 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Q2/00 Q3/00 Q4/00 Q1/01 Q2/01 Supplement 24
  26. 26. CREDIT SUISSE PERSONAL FINANCE INCOME STATEMENT Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 13 16 21 -19% Personnel expenses -43 -49 -23 -12% Other operating expenses -78 -70 -28 +11% Total operating expenses -121 -119 -51 +2% Gross operating profit / loss -108 -103 -30 +5% Depreciation *, write-offs -5 -6 -1 -17% Losses, provisions -1 0 0 - Pre-tax profit / loss -114 -109 -31 +5% E.o. items, net 0 -1 0 - Taxes 9 19 8 -53% Net operating profit / loss -105 -91 -23 +15% * excl. amortisation of goodwill Supplement 25
  27. 27. CREDIT SUISSE PERSONAL FINANCE KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Personal Finance Growth in AuM 4.3% 1.4% 3.7% AuM, CHF bn * 5.1 4.9 4.8 Number of clients * 20,097 19,381 17,898 Number of advisors * 407 337 331 youtrade Number of transactions, 000s 81 108 101 AuM, CHF bn * 1.0 0.9 0.9 Number of clients * 28,656 27,267 25,228 Number of employees * 1,011 900 764 Average allocated equity capital, CHF m 29 32 n/a * 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 26
  28. 28. CREDIT SUISSE PRIVATE BANKING INCOME STATEMENT Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 1,502 1,579 1,524 -5% Personnel expenses -438 -436 -431 0% Other operating expenses -268 -237 -204 +13% Total operating expenses -706 -673 -635 +5% Gross operating profit 796 906 889 -12% Depreciation *, write-offs -15 -11 -12 +36% Losses, provisions ** -43 -42 -39 +2% Pre-tax profit 738 853 838 -13% E.o. items, net 2 1 -8 - Taxes -160 -202 -181 -21% Net operating profit bef. minorities 580 652 649 -11% Net operating profit 576 645 643 -11% * excl. amortisation of goodwill ** additional (+) / lower (-) actual credit-related provisions 0 +1 -13 Supplement 27
  29. 29. CREDIT SUISSE PRIVATE BANKING KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Total revenue / AuM 125 bp 137 bp 130 bp Operating return on AuM * 48 bp 57 bp 55 bp Pre-tax margin * 49.3% 54.1% 54.5% Cost / income ratio * 48.0% 43.3% 42.5% Fee income / total revenue 70.4% 64.9% 66.8% AuM, CHF bn ** 489.1 463.6 456.4 Growth in AuM 5.5% 1.6% -1.9% * excl. amortisation of goodwill ** 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 28
  30. 30. CREDIT SUISSE PRIVATE BANKING COMPOSITION OF ASSETS UNDER MANAGEMENT AuM categories Liquidity / MM & other 30% 32% 34% 32% Fixed income 34% 33% 38% 34% 33% Equities 12/00 03/01 06/01 AuM currency composition 8% 8% 7% all other currencies 26% 27% 27% EUR 41% 39% 40% USD CHF 26% 26% 26% 12/00 03/01 06/01 Supplement 29
  31. 31. CREDIT SUISSE ASSET MANAGEMENT INCOME STATEMENT Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 417 377 370 +11% Personnel expenses -197 -175 -153 +13% Other operating expenses -122 -113 -116 +8% Total operating expenses -319 -288 -269 +11% Gross operating profit 98 89 101 +10% Depreciation *, write-offs -8 -7 -5 +14% Losses, provisions 0 0 0 - Pre-tax profit 90 82 96 +10% E.o. items, net 0 -1 0 - Taxes -2 -13 -19 -85% Net operating profit 88 68 77 +29% * excl. amortisation of acquired intangible assets and goodwill Supplement 30
  32. 32. CREDIT SUISSE ASSET MANAGEMENT KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Operating return on AuM * 7.0 bp 5.6 bp 6.9 bp Pre-tax margin * 21.2% 20.1% 25.3% Cost / income ratio ** 76.9% 73.4% 72.3% Personnel expenses / operating income ** 46.4% 43.5% 40.4% AuM, CHF bn *** 503.4 485.4 487.2 Discretionary funds, CHF bn *** 372.4 356.7 360.1 Mutual funds distributed, CHF bn *** 138.3 129.5 136.9 Growth in discretionary AuM 4.4% -0.9% -3.4% * excl. amortisation of acquired intangible assets and goodwill ** excl. acquisition interest as well as amortisation of acquired intangible assets and goodwill *** 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 31
  33. 33. CREDIT SUISSE ASSET MANAGEMENT KEY FIGURES Gross margin (bp) Net margin (bp) excl. acquisition interest excl. amortisation of acquired intangible assets and goodwill 34 34 33 7.0 6.9 5.6 Q2/00 Q1/01 Q2/01 Q2/00 Q1/01 Q2/01 Net new assets (CHF bn) Composition of discretionary AuM 11% 12% 12% Other 21% 21% 22% 6.8 Balanced 4.3 31% 1.2 34% 31% Equity 36% 35% 34% Fixed Income Q2/00 Q1/01 Q2/01 12/00 03/01 06/01 Supplement 32
  34. 34. CREDIT SUISSE FIRST BOSTON REVENUE BY INCOME STATEMENT ITEMS Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Net interest income before acquisition interest 855 854 292 0% Acquisition interest -200 -243 0 -18% Net interest income 655 611 292 +7% Net commission & service fee income 3,008 3,217 2,263 -6% Net trading income 3,060 2,949 2,139 +4% Other ordinary income, net -109 -33 -49 - Operating income 6,614 6,744 4,645 -2% n.b. Brokerage, execution and clearing expenses 189 157 129 +20% (not netted against operating income, but presented as part of operating expenses) Supplement 33
  35. 35. CREDIT SUISSE FIRST BOSTON INCOME STATEMENT (IN CHF) Q2/01 Q1/01 Q2/00 Change CHF m CHF m CHF m to Q1/01 Operating income 6,614 6,744 4,645 -2% Personnel expenses -4,130 -4,362 -2,813 -5% Other operating expenses -1,425 -1,230 -766 +16% Total operating expenses -5,555 -5,592 -3,579 -1% Gross operating profit 1,059 1,152 1,066 -8% Depreciation *, write-offs -226 -213 -194 +6% Losses, provisions ** -298 -92 -177 +224% Pre-tax profit 535 847 695 -37% E.o. items, net 0 -1 0 - Taxes -92 -187 -190 -51% Net operating profit bef. minorities 443 659 505 -33% Net operating profit 443 659 507 -33% * excl. amortisation of acquired intangible assets and goodwill ** additional (+) / lower (-) actual credit-related provisions -24 +24 -23 Supplement 34
  36. 36. CREDIT SUISSE FIRST BOSTON INCOME STATEMENT (IN USD) Q2/01 Q1/01 Q2/00 Change USD m USD m USD m to Q1/01 Operating income 3,838 4,113 2,812 -7% Personnel expenses -2,396 -2,660 -1,703 -10% Other operating expenses -830 -750 -464 +11% Total operating expenses -3,226 -3,410 -2,167 -5% Gross operating profit 612 703 645 -13% Depreciation *, write-offs -131 -130 -118 +1% Losses, provisions ** -176 -56 -108 +214% Pre-tax profit 305 517 419 -41% E.o. items, net 0 -1 0 - Taxes -50 -114 -114 -56% Net operating profit bef. minorities 255 402 305 -37% Net operating profit 255 402 306 -37% * excl. amortisation of acquired intangible assets and goodwill ** additional (+) / lower (-) actual credit-related provisions -15 +15 -14 Supplement 35
  37. 37. CREDIT SUISSE FIRST BOSTON FID REVENUE BREAKDOWN - H1 2001 YTD Fixed Income * Rates 38% Credit 43% EMG 19% * Fixed Income revenue includes 50% of fixed income capital markets Supplement 36
  38. 38. CREDIT SUISSE FIRST BOSTON EQUITY REVENUE BREAKDOWN - H1 2001 YTD Equity * US customer 31% EDCU 43% LatAm customer 3% Europe Asia customer customer 16% 7% * Equity revenue includes 50% of equity capital markets Supplement 37
  39. 39. CREDIT SUISSE FIRST BOSTON IBD REVENUE BREAKDOWN - H1 2001 YTD Investment Banking * Other DCM PE 7% 7% 3% ECM 20% Leveraged finance M&A 12% 51% * Investment Banking revenue includes 50% of equity capital markets and 50% of fixed income capital markets Supplement 38
  40. 40. CREDIT SUISSE FIRST BOSTON KEY PERFORMANCE INDICATORS Q2/01 Q1/01 Q2/00 Operating ROE * 13.0% 18.7% 18.6% Pre-tax margin * 10.8% 14.9% 15.0% Cost / income ratio ** 81.9% 80.3% 81.2% Personnel expenses / operating income ** 57.6% 59.7% 60.6% Number of employees *** 27,687 28,211 Average allocated equity capital, CHF m 17,653 16,836 10,875 * excl. amortisation of retention payments as well as acquired intangible assets and goodwill ** excl. acquisition interest and amortisation of retention payments as well as acquired intangible assets and goodwill *** 30.06.01, 31.03.01 and 31.12.00 resp. Supplement 39
  41. 41. CREDIT SUISSE FIRST BOSTON KEY MARKET SHARE FIGURES H1/01 YTD 2000 * 1997 Rank Share Gap to 3 Rank Share Gap to 3 Rank Share Gap to 3 Global M&A 4 17.8% 4.1% 3 27.0% none 5 12.3% 6.2% Global Equity 5 11.1% 0.9% 4 11.2% 2.2% 5 4.9% 7.3% Global Debt 3 9.0% none 4 9.1% 0.5% 7 5.4% 3.2% High Yield 1 15.8% none 1 21.0% none 10 4.0% 7.3% Equity research North America 1 56 RA none 1 56 RA none 10 13 RA 26 RA Europe 1 41 RA none 4 26 RA 10 RA 12 8 RA 26 RA RA = ranked analysts * 2000 rankings include DLJ for full year Supplement 40
  42. 42. CREDIT SUISSE FIRST BOSTON TRADING EXPOSURE (99% 1-day VaR) 06.2001 03.2001 12.2000 VaR by risk type USD m USD m USD m Interest rate 79.8 97.6 80.5 Foreign exchange 17.1 15.7 8.9 Equity 21.2 12.7 24.2 Commodity 1.1 2.2 1.5 Diversification benefit -46.9 -44.4 -31.0 72.3 83.8 84.1 Total VaR at period end 73.0 82.4 86.7 Average during quarter 85.3 99.4 103.9 Maximum during quarter 66.6 69.5 75.5 Minimum during quarter USD m USD m USD m Standard deviation of trading P&L 21.8 24.0 17.1 Quarter 23.0 24.0 18.4 YTD Comment: § Reported VaR as disclosed based on model approved by regulators § Difference between reported VaR and observed trading volatility caused by model conservatism § quot;Observed VaRquot; looks at actual trading P&L volatility; best method for peer comparison Supplement 41
  43. 43. CREDIT SUISSE FIRST BOSTON EMERGING MARKETS EXPOSURES 06.2001 03.2001 12.2000 USD m USD m USD m Asia Total exposure, net of provisions and off-sets 2,895 3,130 3,233 (whereof provisions) (308) (304) (304) Americas * Total exposure, net of provisions and off-sets 3,405 3,620 2,068 (whereof provisions) (27) (16) (16) Eastern Europe Total exposure, net of provisions and off-sets 1,996 1,787 1,918 (whereof provisions) (45) (137) (258) Africa Total exposure, net of provisions and off-sets 620 563 813 (whereof provisions) (29) (29) (29) Middle East Total exposure, net of provisions and off-sets 496 410 392 (whereof provisions) (12) (12) (12) * Net exposure Argentina 06/01: USD 430 m, whereof USD 215 m loans (all performing) Supplement 42
  44. 44. CREDIT SUISSE FIRST BOSTON GLOBAL TELECOM EXPOSURE * BY RATING 06.2001 USD m in % AAA - - AA 275 4.8% A 2,968 52.0% BBB 620 10.9% Total inv. grade 3,863 67.6% BB 676 11.8% B 746 13.1% CCC-C 166 2.9% D 260 4.5% Total exposure 5,712 100.0% * exposure defined as loan commitments (funded and unfunded) plus MTM trading exposures Supplement 43
  45. 45. TOTAL COUNTERPARTY EXPOSURE INDUSTRY BREAKDOWN Total exposure: CHF 431 bn Other Services (as of 30 June 2001) 3.0% Individuals 13.1% 15.3% Manufacturing Public Selected Industries 10.9% 3.1% Automotive: 0.5% § Computer: 2.0% § RE & Const. Energy: 4.9% § 8.5% Health Care: 1.2% § Energy/Environ. Telecom: 2.7% § 5.0% Financial Agri/Mining Enterprises 1.7% 39.6% Supplement 44
  46. 46. ASSET QUALITY CAPITAL EXPOSURE & PROVISION DEVELOPMENT CSFS CSPB CSFB CSG in CHF m 06.01 06.01 06.01 06.01 6,923 149 2,668 9,740 Non-performing loans (NPLs) * -16% +34% +80% -1% % change to 31.12.00 4,389 75 1,405 5,869 Capital provisions against NPLs ** 129,603 41,830 259,830 431,263 Counterparty exposure * 103,840 37,373 46,369 187,682 - of which lending Coverage ratio of NPLs 63% 50% 53% 60% 30.06.01 62% 54% 67% 63% 31.12.00 NPLs as %age of credit exposure * 5.3% 0.4% 1.0% 2.3% 30.06.01 6.5% 0.3% 0.6% 2.4% 31.12.00 * includes loans and loan equivalents ** excludes total interest of CHF 1,685 m (fully provided) Supplement 45

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