credit-suisse - Supplements
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credit-suisse - Supplements credit-suisse - Supplements Presentation Transcript

  • SUPPLEMENTS TO THE SECOND QUARTER 2001 RESULTS
  • SUPPLEMENTS TO THE SECOND QUARTER 2001 RESULTS Supplement 1
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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