Credit Suisse Group reported record annual results in 2006 with basic earnings per share of CHF 7.53. Net income totaled CHF 11.3 billion, driven by good revenues and improved efficiency. Investment Banking delivered strong results with record income from continuing operations before taxes of CHF 5.95 billion, up significantly from 2005. Private Banking also reported strong results with income from continuing operations before taxes of CHF 4.6 billion, up 16% over 2005. Going forward, Credit Suisse aims to further capitalize on its integrated banking model and deploy capital efficiently to generate sustainable long-term returns, particularly in high-growth markets.
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
This document contains a presentation by Moelis & Company, a global independent investment bank. The summary is:
1) Moelis has experienced significant organic growth, with revenues increasing nearly 100% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated model focused on relationships, judgment, and experience. It utilizes a one-firm philosophy and partnership culture.
3) Moelis has a strong balance sheet with no debt or goodwill and a commitment to returning excess capital to shareholders through dividends and buybacks. It has returned over $10 per share to shareholders in the last three years.
Moelis company february investor pres_vfinalMoelis_Company
The document provides an overview of Moelis & Company, an independent investment bank. It summarizes Moelis' global footprint with 19 locations, 124 managing directors with extensive experience, and record 2017 revenues of $685 million, up 12% from 2016. It highlights Moelis' differentiated partnership model, commitment to returning excess capital to shareholders, and strong balance sheet with no debt or goodwill. The document asserts that tax reform, an active M&A environment, and Moelis' model position it for significant franchise enhancement and shareholder value in 2018.
Moelis company april investor pres_vfinal2Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. Some key points:
- Moelis has experienced significant growth since its founding in 2007, with record Q1 2018 revenues up 27% year-over-year.
- It has a global footprint with offices in 19 locations and over 500 bankers worldwide.
- Moelis has a differentiated model focused on relationships, judgment, and experience rather than commissions.
- The company has strong cash flows and returns capital to shareholders through dividends, with a commitment to return 100% of excess cash.
Moelis Company April Investor PresentationMoelis_Company
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company's global footprint across 19 locations, focus on M&A advisory, and track record of growth. The company has a differentiated partnership model, healthy balance sheet with no debt, and a commitment to returning excess capital to shareholders.
Moelis company april investor pres_vfinal3Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. Some key points:
- Moelis has experienced significant growth since its founding in 2007 and IPO in 2014, with record revenues in Q1 2018 of $219 million, up 27% year-over-year.
- It has a global footprint with offices in 19 locations and over 500 bankers, providing M&A, restructuring and capital markets advisory services.
- The company has a differentiated model focused on relationships, judgment and experience rather than commissions. This partnership culture has led to strong talent development and financial performance.
- Moelis maintains a strong balance sheet with no debt or goodwill,
This presentation discusses Moelis & Company, a global independent investment bank. It notes that Moelis has a global footprint across 20 locations, with expertise in M&A, restructuring, capital solutions and other advisory services. It also highlights the firm's consistent financial performance, healthy balance sheet with no debt, and commitment to returning excess capital to shareholders. The presentation provides an overview of the firm's history and milestones, recent transactions, integrated advisory platform, and differentiated business model focusing on partnerships and talent development.
This document contains forward-looking statements about the company's operations, financial performance, and risks and uncertainties. It notes that actual results could differ materially from what is presented. The company undertakes no obligation to update forward-looking statements except as required by law. The rest of the document provides an overview of Moelis & Company, including its global footprint and advisory services, leadership team experience, growth milestones, business model, recent high-profile transactions, financial performance and outlook, and commitment to returning capital to shareholders.
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
This document contains a presentation by Moelis & Company, a global independent investment bank. The summary is:
1) Moelis has experienced significant organic growth, with revenues increasing nearly 100% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated model focused on relationships, judgment, and experience. It utilizes a one-firm philosophy and partnership culture.
3) Moelis has a strong balance sheet with no debt or goodwill and a commitment to returning excess capital to shareholders through dividends and buybacks. It has returned over $10 per share to shareholders in the last three years.
Moelis company february investor pres_vfinalMoelis_Company
The document provides an overview of Moelis & Company, an independent investment bank. It summarizes Moelis' global footprint with 19 locations, 124 managing directors with extensive experience, and record 2017 revenues of $685 million, up 12% from 2016. It highlights Moelis' differentiated partnership model, commitment to returning excess capital to shareholders, and strong balance sheet with no debt or goodwill. The document asserts that tax reform, an active M&A environment, and Moelis' model position it for significant franchise enhancement and shareholder value in 2018.
Moelis company april investor pres_vfinal2Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. Some key points:
- Moelis has experienced significant growth since its founding in 2007, with record Q1 2018 revenues up 27% year-over-year.
- It has a global footprint with offices in 19 locations and over 500 bankers worldwide.
- Moelis has a differentiated model focused on relationships, judgment, and experience rather than commissions.
- The company has strong cash flows and returns capital to shareholders through dividends, with a commitment to return 100% of excess cash.
Moelis Company April Investor PresentationMoelis_Company
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company's global footprint across 19 locations, focus on M&A advisory, and track record of growth. The company has a differentiated partnership model, healthy balance sheet with no debt, and a commitment to returning excess capital to shareholders.
Moelis company april investor pres_vfinal3Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. Some key points:
- Moelis has experienced significant growth since its founding in 2007 and IPO in 2014, with record revenues in Q1 2018 of $219 million, up 27% year-over-year.
- It has a global footprint with offices in 19 locations and over 500 bankers, providing M&A, restructuring and capital markets advisory services.
- The company has a differentiated model focused on relationships, judgment and experience rather than commissions. This partnership culture has led to strong talent development and financial performance.
- Moelis maintains a strong balance sheet with no debt or goodwill,
This presentation discusses Moelis & Company, a global independent investment bank. It notes that Moelis has a global footprint across 20 locations, with expertise in M&A, restructuring, capital solutions and other advisory services. It also highlights the firm's consistent financial performance, healthy balance sheet with no debt, and commitment to returning excess capital to shareholders. The presentation provides an overview of the firm's history and milestones, recent transactions, integrated advisory platform, and differentiated business model focusing on partnerships and talent development.
This document contains forward-looking statements about the company's operations, financial performance, and risks and uncertainties. It notes that actual results could differ materially from what is presented. The company undertakes no obligation to update forward-looking statements except as required by law. The rest of the document provides an overview of Moelis & Company, including its global footprint and advisory services, leadership team experience, growth milestones, business model, recent high-profile transactions, financial performance and outlook, and commitment to returning capital to shareholders.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004 and CHF 5,628 million for full year 2004. Results were impacted by charges related to contingencies from the sale of Winterthur International, a loss on disposal of a minority holding, and severance costs. Private Banking, Corporate & Retail Banking, and Life & Pensions reported strong results. Institutional Securities saw improved performance driven by higher trading results and lower provisions and taxes. Wealth & Asset Management benefited from private equity gains.
- State Street Corporation delivered value to shareholders, customers, employees, and communities in 2005, achieving financial goals for operating earnings per share growth, operating revenue growth, and return on equity.
- Major accomplishments included record high assets under custody of $10.1 trillion and assets under management of $1.4 trillion, as well as new business wins and customer relationships around the world.
- The company remained focused on financial performance, revenue growth, expense management, and strengthening governance policies to continue delivering value to stakeholders.
Credit Suisse Group merged its banking entities in 2005 to create an integrated global bank. While focusing on integration, the Group also grew its business. Net income for 2005 was CHF 5.85 billion, up 4% from 2004. The letter discusses quarterly and annual financial results for each business segment. It outlines the benefits expected from the integration and provides a positive outlook for continued economic growth in 2006.
This document contains a presentation by Moelis & Company, an independent investment bank. The summary is:
1) Moelis has experienced significant growth since its IPO in 2014, with revenues increasing 115% and regular dividends nearly doubling.
2) The company has a differentiated model as a global partnership with one profit and loss statement, focusing on internal talent development and returning excess cash to shareholders.
3) Moelis has opportunities for continued growth through expanding its leading M&A franchise, differentiated model, and large restructuring team amid a potential longer M&A cycle.
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company as a global independent investment bank with a focus on M&A, restructuring, capital markets advisory and private funds advisory. The company has grown significantly since its IPO in 2014 through organic growth and expanding its global network while maintaining a strong balance sheet with no debt.
This particular project is based on ratio analysis of Coca-Cola International. I have analyzed two years financial performance of Coke i.e. from 2011 to 2012. I hope my this effort will help other interested students.
The Global Equity Fund annual report summarized the fund's performance for the past year. The fund returned 4.23% compared to its benchmark index return of 11.21%. The letter to shareholders discussed investing $200,000 in the benchmark ETF and selling portions as individual stocks were added. The report included the fund's current holdings, trading activity, top performers and underperformers, lessons learned, and introduced the incoming fund class.
Nestle Pakistan Ltd is a subsidiary of Swiss company Nestle S.A., operating in Pakistan since 1988. The document analyzes Nestle's financial statements over 2007-2011 to evaluate its earnings potential and financial condition for a long-term equity investment. Ratio, trend, and common size analyses show generally good profitability, efficiency, and growth, though some liquidity and leverage risks exist. Overall, the author recommends investing in Nestle due to its leading market position and expected continued strong performance.
The document summarizes an investment conference focused on value investing. It includes an agenda, introduction of the investment firm Atlantic Investment Management, performance of their Cambrian Fund over 21 years, insights from 25 years of constructive shareholder activism, a review of last year's investment ideas including status and performance, and five new investment ideas including Baker Hughes, Faurecia, Itochu Techno-Solutions, Lanxess, and Harman with analyses and upside potential for each.
This document provides an analysis of the financial ratios and performance of Spritzer Berhad, a bottled water producer in Malaysia, for the years 2013-2014. Key ratios calculated include return on equity, net profit margin, gross profit margin, selling expenses ratio, general expenses ratio, financial expenses ratio, working capital ratio, total debt ratio, stock turnover, debtor turnover, and interest coverage. Overall, the analysis found that Spritzer's profitability increased from 2013-2014 as seen by higher return on equity and gross profit margin, while expenses were generally better controlled. However, net profit margin declined slightly. The document also examines Spritzer's share price to earnings ratio and provides an investment recommendation.
The document introduces Standard Life Aberdeen's new key performance metric of adjusted profit before tax to replace previous metrics used by Standard Life and Aberdeen. Adjusted profit before tax excludes certain items to provide a measure of sustainable recurring profit. It also discusses presenting pro forma results and insights from modeling to understand trends in financial performance as the companies integrate.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key points:
- Net revenues grew 8% to $8.654 billion while net income increased 29% to $814 million.
- Adjusted earnings per diluted share rose 16% to $4.03.
- Total assets under management grew 3% to $480 billion.
- The company met its growth targets through strategies like growing client relationships and driving advisor productivity.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
al shuaa capital annual-report-2017 by www.prism-me.comPrism
Annual Report Design in Dubai and Annual Report Design for al shuaa Capital please take a look at our website
https://www.prism-me.com/our-services/advertising-and-pr/brochure-design-print/ and contact us on 04 3827862 / 0558500095 for a quick quote
FIN 571 FINAL EXAM - FIN 571 FINAL EXAM Questions and Answers | TranswebetutorsTransweb E Tutors
Transwebetutors is providing you online learning material and study guide . Now exams will became much more easier than earlier. Transwebetutors is one of the best online learning tutorial store that provides you study material regarding FIN 571 Final Exam . Under this portal you will get study material regarding each topic. We help our students to get best of the help and study guide so that they can boost up their exams. Under FIN 571 Final Exam you will be getting sample paers, Quiz, Question and answer and much more . Under this online learning tutorial website students feel studies much more easy and interesting.
Foot Locker, Inc. is the world's leading retailer of athletic footwear and apparel, operating approximately 4,000 stores globally under various brand names. In 2006, the company generated $5.75 billion in total sales but did not meet all financial goals due to challenges faced. However, the company has a diversified business portfolio and management team that positions it for continued growth by enhancing its existing business and pursuing new opportunities like acquisitions and store formats.
Credit Suisse Group reported a net loss of CHF 579 million in Q2 2002, compared to a net profit of CHF 1.288 billion in Q2 2001. The losses were primarily due to significant declines in equity markets, which negatively impacted Winterthur Insurance. Total assets under management decreased 8% to CHF 1,293.2 billion from the prior quarter. Looking ahead, the company expects continued challenges from market conditions in H2 2002.
Credit Suisse outlines its sustainability policy and objectives across 7 areas: 1) Commitment to sustainable development and protecting the environment. 2) CEO and committee provide leadership and oversight, with goals defined across business areas. 3) Employees are responsible for sustainability in their work and receive training. 4) Success depends on stakeholder trust. 5) Products and services consider environmental and social risks and opportunities. 6) Infrastructure aims to reduce impacts and involve partners in standards. 7) Ongoing processes promote sustainability at all levels.
This document provides a summary of Credit Suisse Group's 3rd quarter 2001 results. It reports a net operating profit of CHF 21 million but an overall reported loss of CHF 299 million due to losses at CSFB and unrealized investment losses. It highlights continued net new asset inflows but lower revenues and profits across most business units due to difficult market conditions. It also summarizes asset quality, capital adequacy, results by business unit and other financial details on the quarter.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004 and CHF 5,628 million for full year 2004. Results were impacted by charges related to contingencies from the sale of Winterthur International, a loss on disposal of a minority holding, and severance costs. Private Banking, Corporate & Retail Banking, and Life & Pensions reported strong results. Institutional Securities saw improved performance driven by higher trading results and lower provisions and taxes. Wealth & Asset Management benefited from private equity gains.
- State Street Corporation delivered value to shareholders, customers, employees, and communities in 2005, achieving financial goals for operating earnings per share growth, operating revenue growth, and return on equity.
- Major accomplishments included record high assets under custody of $10.1 trillion and assets under management of $1.4 trillion, as well as new business wins and customer relationships around the world.
- The company remained focused on financial performance, revenue growth, expense management, and strengthening governance policies to continue delivering value to stakeholders.
Credit Suisse Group merged its banking entities in 2005 to create an integrated global bank. While focusing on integration, the Group also grew its business. Net income for 2005 was CHF 5.85 billion, up 4% from 2004. The letter discusses quarterly and annual financial results for each business segment. It outlines the benefits expected from the integration and provides a positive outlook for continued economic growth in 2006.
This document contains a presentation by Moelis & Company, an independent investment bank. The summary is:
1) Moelis has experienced significant growth since its IPO in 2014, with revenues increasing 115% and regular dividends nearly doubling.
2) The company has a differentiated model as a global partnership with one profit and loss statement, focusing on internal talent development and returning excess cash to shareholders.
3) Moelis has opportunities for continued growth through expanding its leading M&A franchise, differentiated model, and large restructuring team amid a potential longer M&A cycle.
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company as a global independent investment bank with a focus on M&A, restructuring, capital markets advisory and private funds advisory. The company has grown significantly since its IPO in 2014 through organic growth and expanding its global network while maintaining a strong balance sheet with no debt.
This particular project is based on ratio analysis of Coca-Cola International. I have analyzed two years financial performance of Coke i.e. from 2011 to 2012. I hope my this effort will help other interested students.
The Global Equity Fund annual report summarized the fund's performance for the past year. The fund returned 4.23% compared to its benchmark index return of 11.21%. The letter to shareholders discussed investing $200,000 in the benchmark ETF and selling portions as individual stocks were added. The report included the fund's current holdings, trading activity, top performers and underperformers, lessons learned, and introduced the incoming fund class.
Nestle Pakistan Ltd is a subsidiary of Swiss company Nestle S.A., operating in Pakistan since 1988. The document analyzes Nestle's financial statements over 2007-2011 to evaluate its earnings potential and financial condition for a long-term equity investment. Ratio, trend, and common size analyses show generally good profitability, efficiency, and growth, though some liquidity and leverage risks exist. Overall, the author recommends investing in Nestle due to its leading market position and expected continued strong performance.
The document summarizes an investment conference focused on value investing. It includes an agenda, introduction of the investment firm Atlantic Investment Management, performance of their Cambrian Fund over 21 years, insights from 25 years of constructive shareholder activism, a review of last year's investment ideas including status and performance, and five new investment ideas including Baker Hughes, Faurecia, Itochu Techno-Solutions, Lanxess, and Harman with analyses and upside potential for each.
This document provides an analysis of the financial ratios and performance of Spritzer Berhad, a bottled water producer in Malaysia, for the years 2013-2014. Key ratios calculated include return on equity, net profit margin, gross profit margin, selling expenses ratio, general expenses ratio, financial expenses ratio, working capital ratio, total debt ratio, stock turnover, debtor turnover, and interest coverage. Overall, the analysis found that Spritzer's profitability increased from 2013-2014 as seen by higher return on equity and gross profit margin, while expenses were generally better controlled. However, net profit margin declined slightly. The document also examines Spritzer's share price to earnings ratio and provides an investment recommendation.
The document introduces Standard Life Aberdeen's new key performance metric of adjusted profit before tax to replace previous metrics used by Standard Life and Aberdeen. Adjusted profit before tax excludes certain items to provide a measure of sustainable recurring profit. It also discusses presenting pro forma results and insights from modeling to understand trends in financial performance as the companies integrate.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key points:
- Net revenues grew 8% to $8.654 billion while net income increased 29% to $814 million.
- Adjusted earnings per diluted share rose 16% to $4.03.
- Total assets under management grew 3% to $480 billion.
- The company met its growth targets through strategies like growing client relationships and driving advisor productivity.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
al shuaa capital annual-report-2017 by www.prism-me.comPrism
Annual Report Design in Dubai and Annual Report Design for al shuaa Capital please take a look at our website
https://www.prism-me.com/our-services/advertising-and-pr/brochure-design-print/ and contact us on 04 3827862 / 0558500095 for a quick quote
FIN 571 FINAL EXAM - FIN 571 FINAL EXAM Questions and Answers | TranswebetutorsTransweb E Tutors
Transwebetutors is providing you online learning material and study guide . Now exams will became much more easier than earlier. Transwebetutors is one of the best online learning tutorial store that provides you study material regarding FIN 571 Final Exam . Under this portal you will get study material regarding each topic. We help our students to get best of the help and study guide so that they can boost up their exams. Under FIN 571 Final Exam you will be getting sample paers, Quiz, Question and answer and much more . Under this online learning tutorial website students feel studies much more easy and interesting.
Foot Locker, Inc. is the world's leading retailer of athletic footwear and apparel, operating approximately 4,000 stores globally under various brand names. In 2006, the company generated $5.75 billion in total sales but did not meet all financial goals due to challenges faced. However, the company has a diversified business portfolio and management team that positions it for continued growth by enhancing its existing business and pursuing new opportunities like acquisitions and store formats.
Credit Suisse Group reported a net loss of CHF 579 million in Q2 2002, compared to a net profit of CHF 1.288 billion in Q2 2001. The losses were primarily due to significant declines in equity markets, which negatively impacted Winterthur Insurance. Total assets under management decreased 8% to CHF 1,293.2 billion from the prior quarter. Looking ahead, the company expects continued challenges from market conditions in H2 2002.
Credit Suisse outlines its sustainability policy and objectives across 7 areas: 1) Commitment to sustainable development and protecting the environment. 2) CEO and committee provide leadership and oversight, with goals defined across business areas. 3) Employees are responsible for sustainability in their work and receive training. 4) Success depends on stakeholder trust. 5) Products and services consider environmental and social risks and opportunities. 6) Infrastructure aims to reduce impacts and involve partners in standards. 7) Ongoing processes promote sustainability at all levels.
This document provides a summary of Credit Suisse Group's 3rd quarter 2001 results. It reports a net operating profit of CHF 21 million but an overall reported loss of CHF 299 million due to losses at CSFB and unrealized investment losses. It highlights continued net new asset inflows but lower revenues and profits across most business units due to difficult market conditions. It also summarizes asset quality, capital adequacy, results by business unit and other financial details on the quarter.
This document summarizes Credit Suisse Group's corrected Q4 2003 and full year 2003 financial results. Credit Suisse is correcting its Q4 2003 net profit from CHF 1.2 billion to CHF 956 million and its full year 2003 net profit from CHF 5.2 billion to CHF 4.999 billion due to an error in the input data used for DBV-Winterthur's Q4 2003 accounts. Key financial metrics like return on equity and segment profits were also adjusted downward. This report replaces Credit Suisse's previous Q4 2003 report from February 12, 2004.
This document is Credit Suisse Group's 2003 sustainability report which provides indicators and key figures on their social, environmental, and operational performance.
The report includes sections on social performance indicators related to corporate social responsibility management, internal social performance, performance to society, suppliers, retail banking, and insurance. It also includes sections on environmental management indicators, product ecology indicators, and operational ecology indicators for Switzerland and international banking sites.
The report shows Credit Suisse Group's commitment to corporate social responsibility and sustainability across their business operations through comprehensive management systems, policies, and stakeholder engagement. Key focus areas include equal opportunity, freedom of association, training, health and safety, and responsible restructuring.
Credit Suisse reported record results for the fourth quarter and full year 2006. Net income for 2006 increased 94% to CHF 11.3 billion compared to 2005. Investment Banking revenues grew significantly due to strong performance across all key business areas and regions. Private Banking achieved record profitability for 2006 while expanding in high growth markets. Asset Management results were impacted by a business realignment and lower investment gains, but saw strong growth in net new assets.
.credit-suisse Credit Suisse First Boston Foundation Social Responsibility Re...QuarterlyEarningsReports2
The document is the 2001 social responsibility report of the Credit Suisse First Boston Foundation which details the philanthropic efforts of CSFB and its employees. It discusses the Foundation's mission of supporting education and programs for inner city youth. It provides an overview of grants in the US, Europe, and Asia Pacific to organizations in these sectors. It also describes CSFB's cultural commitments, extensive employee volunteer programs, and disaster relief efforts. The report aims to showcase how CSFB and its employees positively impact communities through charitable giving and volunteerism.
- Credit Suisse Group posted net profit of CHF 2.4 billion in the first half of 1998, exceeding the previous year's figure by 36%.
- All business units improved substantially on their results from the previous year, with revenue increasing 22% to CHF 12.6 billion.
- Return on equity was 18.4%, with the banking business achieving 23.3% and the insurance business achieving 9.5%.
.credit-suisse Annual Report Part 5 Consolidated financial statements Comment...QuarterlyEarningsReports2
This document contains the consolidated financial statements of Credit Suisse Group for the year ended December 31, 2000. It includes comments on the accounting policies and changes made, as well as the acquisition of Donaldson, Lufkin & Jenrette in August 2000 and several insurance acquisitions by Winterthur. The financial statements comply with Swiss law and accounting standards for banks and insurance companies, and include separate reporting of insurance operations.
Tendances digitales et créatives // Cannes Lions 2015Valtech
Le Festival International de la Créativité, ou Cannes Lions, se tenait cette année du 21 au 27 juin. Découvrez la sélection et le décryptage de Valtech pour y voir plus clair sur les tendances digitales.
Credit Suisse Group reported net income of CHF 1.9 billion for Q3 2006, nearly unchanged from Q3 2005. Investment Banking saw a 5% decline in net revenues due to lower equity trading, while Private Banking revenues declined slightly due to lower client activity. Total assets under management grew 8% to CHF 904.2 billion.
Credit Suisse Group merged its banking entities in 2005 to create an integrated global bank. The new structure helped drive improved profitability, with net income up 4% to CHF 5.85 billion for the year. Private Banking saw record net income of CHF 2.65 billion for 2005, up 7%, while Institutional Securities benefited from higher market activity and revenues.
Credit Suisse Group reported strong financial results for the first quarter of 2006, with net income up 36% from the same period in 2005. The Investment Banking segment achieved record results, with income from continuing operations before taxes increasing 68% due to revenue growth across all business areas. Private Banking also performed well, with income from continuing operations before taxes rising 34% due to higher commissions and fees. Overall, Credit Suisse benefited from positive market conditions and strong client activity across its businesses in the first quarter.
- The letter summarizes Credit Suisse's performance in Q2 2005, noting lower than expected revenues due to a slowdown in market activity in April and May.
- Key steps were taken to advance the bank's strategy of becoming a fully integrated global bank, including merging the two Swiss legal entities and appointing a new Executive Board.
- While revenues were lower, cost management efforts partially offset the impact on profits. Net income for Q2 was CHF 919 million, including litigation provisions of CHF 624 million.
The document discusses Credit Suisse Group's progress in 2004 and future strategic plans. It achieved strengthening relationships with clients and announced a "one bank" strategy to better integrate its banking businesses. The new strategy will allow it to leverage its global resources and expertise to provide improved services, products, and advice to clients. Key areas that will benefit from integration include alternative investments, trading execution capabilities, and growing markets in Asia, Middle East, Europe, and Latin America. The changes aim to help Credit Suisse Group better capitalize on opportunities and maximize its potential.
State Street Corporation reported strong financial results for 2007, exceeding its goals for operating earnings per share growth, operating revenue growth, and operating return on equity. The acquisition of Investors Financial Services Corp. complemented this growth and strengthened State Street's capabilities, though some fixed-income strategies were impacted by the credit crisis. State Street continued expanding globally, growing its business in Asia-Pacific, Europe, and other international markets.
State Street Corporation's 2007 annual report summarizes the company's performance for the year. Key points include:
- 2007 was a challenging year due to issues in the financial markets but State Street exceeded its financial goals.
- Revenue grew 32% to a record $8.394 billion and operating return on equity was 17.7%.
- Assets under custody grew 29% to $15.3 trillion and assets under management grew 13% to $1.98 trillion.
- The company grew globally through acquisitions and expanded its presence in regions like Asia-Pacific and Europe.
Credit Suisse Group reported net income of CHF 1.9 billion in Q1 2004, up significantly from Q1 2003. This was driven by higher revenues across both Credit Suisse Financial Services and Credit Suisse First Boston. Credit Suisse Financial Services saw strong results from Private Banking and continued cost discipline. Credit Suisse First Boston benefited from improved capital markets and client activity, with Institutional Securities and Wealth & Asset Management reporting higher revenues. Earnings per share were CHF 1.61, up from CHF 0.24 in Q1 2003.
- State Street Corporation delivered value to shareholders, customers, employees, and communities in 2005, achieving financial goals for operating earnings per share growth, operating revenue growth, and return on equity.
- Major accomplishments included record high assets under custody of $10.1 trillion and assets under management of $1.4 trillion, as well as new business wins and customer relationships around the world.
- The company remained focused on financial performance, revenue growth, and expense management, generating positive operating leverage for the year.
1) The company significantly expanded its healthcare offerings through the acquisition of Microtek Medical Holdings, a manufacturer of infection control products with annual sales of $150 million.
2) In 2007, the company launched over 40 new products and services, including a revolutionary warewashing system and a hand hygiene monitoring program for hospitals.
3) The company continued investing in its global sales and service team, adding over 650 associates, and completed the management transition in Europe with plans to establish a European headquarters in Switzerland.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key highlights include:
- Net revenues grew 8% to $8.65 billion.
- Net income increased 29% to $814 million.
- Adjusted earnings per share grew 16% to $4.03.
- Owned, managed, and administered assets increased 3% to $480 billion.
- Life insurance in force grew 8% to $187 billion.
The Company Profile contains a summary of Credit Suisse’s strategic direction, an overview of its organization and a brief description of its key businesses.
Download the 2013 Company Profile (PDF): http://bit.ly/1mBBfEn
Lincoln Financial Group reported strong financial results for 2007. Net income was $1.2 billion, up from 2006. Sales grew over 20% for variable annuities, life insurance, and group protection. Defined contribution sales rose 25% and mutual fund sales increased 32%. Lincoln aims to continue expanding distribution and developing new retirement products in 2008 to capitalize on growth opportunities in the retirement market. The company also seeks to complete integration initiatives and maintain financial strength despite volatility.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
The document summarizes a company's first quarter 2008 earnings conference call. It discusses challenges faced by weak equity markets and volatility in credit markets. While earnings were lower than desired, the company's financial foundation remains strong with high client retention rates. The company is focused on executing its long-term strategy and emerging from the downturn in a good position.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key points:
- Net revenues grew 8% to $8.654 billion while net income increased 29% to $814 million.
- Adjusted earnings per diluted share rose 16% to $4.03.
- Total assets under management grew 3% to $480 billion.
- The company met its growth targets through strategies like growing client relationships and driving advisor productivity.
The document provides consolidated highlights for Ameriprise Financial for 2007. Key metrics include:
- Net revenues grew 8% to $8.654 billion.
- Net income increased 29% to $814 million.
- Earnings per share grew 33% to $3.39.
- Adjusted earnings per share increased 16% to $4.03.
- Owned, managed and administered assets grew 3% to $480 billion.
This document summarizes Ameriprise Financial's fourth quarter 2006 earnings conference call. It discusses strong adjusted revenue, earnings, and return on equity growth for both the quarter and full year. The separation from American Express is on track. Brand awareness has increased and distribution capabilities have been strengthened through advisor productivity improvements and growth in fee-based assets and clients.
The document summarizes Credit Suisse Group's financial results for Q2 2004. Credit Suisse Group reported net income of CHF 1.457 billion for Q2 2004, up from a loss in Q2 2003 but down from Q1 2004. Credit Suisse Financial Services contributed net income of CHF 1.070 billion, driven by strong results in private banking and corporate & retail banking. Credit Suisse First Boston reported net income of CHF 430 million, down from Q1 2004 due to lower trading revenues, though wealth & asset management performed well.
Similar to credit-suisse Letter to shareholders Q4/2006 (20)
Paul Calello, CEO of UBS Investment Bank, gave a presentation at the UBS Global Financial Services Conference on May 14, 2008. He discussed Credit Suisse's significant earnings power despite challenges in some businesses. While fixed income and equity trading saw losses, private banking and asset management delivered solid results. Calello emphasized Credit Suisse's disciplined risk reduction, strong capital and liquidity positions, and focus on growing collaborative revenues across businesses. He argued current market conditions validate Credit Suisse's strategy of diversification and financial strength.
David Mathers, Head of IB Finance at Credit Suisse, presented at the Goldman Sachs European Financials Conference. He discussed Credit Suisse's earnings power, disciplined risk reduction, strong capital and liquidity position, and adapting the originate and distribute model for the future. Key points included Credit Suisse benefitting from a diversified business, making progress reducing risky exposures, maintaining a strong capital position, and the changing competitive landscape requiring structural changes to the originate and distribute model, with implications for portfolio management and capital.
David Mathers to present at the 2008 Lehman Brothers Global Financial Service...QuarterlyEarningsReports2
The document is a presentation from David Mathers, Head of Finance at Credit Suisse, given at a Lehman Brothers conference on September 9, 2008. In the presentation, Mathers discusses Credit Suisse's financial performance, significant progress in reducing risk exposures, current difficult market conditions, and key competitive advantages including an emphasis on client-led businesses and a geographically diverse footprint.
Martin Mende, Head of Business Development at Citi's Private Banking division, presented an update on the division's strategy and performance. He outlined Citi's goal of becoming the premier global private bank by focusing on international growth, enhancing the client value proposition, leveraging its integrated banking model, and delivering strong financial results. Mende highlighted key achievements in expanding internationally, developing needs-based client segmentation and solutions, and generating revenues through the integrated bank. He projected continued investments of over CHF 300 million annually to support over 6% net new asset growth and a pre-tax income margin above 40% as Citi Private Banking works towards its medium-term financial targets.
Brady Dougan, Chief Executive Officer of Credit Suisse, is scheduled to prese...QuarterlyEarningsReports2
The document summarizes Brady W. Dougan's presentation at the Merrill Lynch Banking & Insurance Conference on October 8, 2008 in London. The summary highlights that Credit Suisse is well positioned despite challenging market conditions, with a strong capital position, balance sheet, and integrated business model focused on wealth management and reducing risk. Credit Suisse has maintained strong performance in private banking and is transforming its investment banking business.
This document summarizes a presentation given by Christoph Brunner, COO of Private Banking at Vontobel, at a banking event in Zurich on November 19, 2008. The presentation discusses Vontobel's strategy and performance, with a focus on continued international growth, client centricity, leveraging their integrated bank model, and efficiency management. It provides targets of maintaining a pre-tax income margin above 40% and net new asset growth above 6% for wealth management.
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
credit suisse Annual Report Part 4 Board of directors and executive board of...QuarterlyEarningsReports2
This document provides information about the board of directors and executive boards of Credit Suisse Group and its subsidiaries. It lists the members of the board of directors and executive boards of Credit Suisse Group, Credit Suisse, Credit Suisse First Boston, and Credit Suisse Asset Management. It also announces that Helmut O. Maucher and Ernst Schneider will be stepping down from the board of directors.
credit suisse Annual Report Part 3 Financial report continued Income statement QuarterlyEarningsReports2
This document summarizes the income statement and balance sheet of Credit Suisse Group for the 1996/97 fiscal year. The income statement shows a net profit of CHF 947.7 million, down 3% from the previous year. The balance sheet indicates total assets of CHF 20.8 billion, with shareholders' equity representing CHF 15.8 billion or 76% of total assets. Notes to the financial statements provide additional details on contingent liabilities, bonds issued, and conditional share capital.
credit-suisse Annual Report Part 1 Performance of Credit Suisse Group sharesQuarterlyEarningsReports2
Credit Suisse, which serves Swiss corporate and individual customers, posted net operating income of CHF 2.7 billion in 1996. However, it recorded a pre-tax operating loss of CHF 950 million due to high provisions and an unsatisfactory cost structure. The document provides an annual report for Credit Suisse Group that includes performance highlights for 1996, details on the new organizational structure consisting of four business units, and pro forma accounts for each business unit.
The document is an environmental report from Credit Suisse Group (CSG) that summarizes the company's environmental management efforts in 1997-1998. Some key points:
- In 1997, CSG became the first major bank to receive ISO 14001 environmental certification for its environmental management system at Swiss bank sites.
- CSG's environmental policy commits it to complying with environmental laws, continuously improving performance, and incorporating environmental considerations into banking/insurance products and operations.
- Major focuses include reducing energy/resource use, evaluating environmental risks in lending/insurance, and developing "green" financial products and research.
- Future goals include maintaining certification, expanding the environmental management system internationally, and further integrating
Credit Suisse Group published its first environmental report in 1996 and underwent a fundamental change in 1997 when it merged with Winterthur Insurance and became the Credit Suisse Group. The report discusses Credit Suisse Group's environmental management system, which has been certified to ISO 14001 at its Swiss banking sites. It also discusses the group's focus on environmental risks in lending and insurance activities, its "product ecology" including green investment funds, and trends in the environmental management and products.
The document provides information on:
1) The Board of Directors and Executive Board of Credit Suisse Group as well as changes that occurred in 1998.
2) It lists the members of the Board of Directors and Executive Board and indicates their roles and committee memberships.
3) It also provides information on changes to the Executive Board in 1998 including new appointments and departures.
This document provides income statements and balance sheets for the parent company for 1997/98 and 1996/97. It shows increases in net profit of 46% and total shareholders' equity of 14% from the prior year. Notes provide additional details on bonds issued, principal participations, and holdings of own shares. Revenues increased 6% while expenses decreased 41%, contributing to the higher net profit.
- The document is a financial report that includes consolidated income statements, balance sheets, and notes for Credit Suisse Group for 1997 and 1996.
- Key events in 1997 included the merger with Winterthur Swiss Insurance Company and various restructuring provisions.
- The consolidated income statement shows a net profit of CHF 397 million in 1997 compared to a net loss of CHF 2,082 million in 1996.
- The consolidated balance sheet shows total assets of CHF 689.6 billion at the end of 1997 compared to CHF 624.4 billion at the end of 1996.
Credit Suisse Group reported strong financial results in 1997, with a 58% increase in net operating profit to CHF 3.4 billion. All business units contributed to this performance. Total revenue increased 26% to CHF 21 billion. The Board of Directors proposed increasing the dividend by 25% to CHF 5 per share. Exceptional charges of CHF 1.4 billion were taken for mergers and restructuring. After these charges, net profit was CHF 397 million. Capital optimization was a major focus, with efficient use of capital to meet customer needs while creating shareholder value. The business units all improved their operating results compared to the previous year.
credit swisse Annual Report Part 4 Board of directors and advisory board of C...QuarterlyEarningsReports2
The document provides information on the board of directors and advisory boards of Credit Suisse Group. It lists the members of the board of directors, international advisory board, and Swiss advisory board. It also summarizes changes to these boards, thanking members who will be retiring. Additionally, it provides listings and summaries of the executive boards of Credit Suisse Group business units and locations of Credit Suisse Group worldwide.
This document summarizes the income statement and balance sheet of Credit Suisse Group for the 1998/99 fiscal year.
The income statement shows a net profit of CHF 2.558 billion for 1998/99, an 85% increase from the prior year. Revenues increased 68% to CHF 3.128 billion, driven by higher interest income and income from investments in Group companies.
The balance sheet shows total assets of CHF 27.244 billion as of March 31, 1999, a 12% increase from the prior year. Shareholders' equity increased 12% to CHF 20.380 billion. The balance sheet is weighted toward long-term assets such as investments in Group companies and securities.
This financial report provides consolidated income statements, balance sheets, and notes for Credit Suisse Group for 1998 and 1997. It summarizes key financial results including a 3% increase in net operating income to CHF 21.7 billion in 1998. It also outlines acquisitions, divestitures, and other events over the periods including the settlement of a class action lawsuit. The notes provide additional details on accounting policies, income and expense line items, assets, liabilities, and shareholders' equity.
Credit Suisse Group reported strong financial results for 1998, with net profit increasing substantially to CHF 3.1 billion. Four of the Group's five business units achieved very good results, with Credit Suisse, Credit Suisse Private Banking, Credit Suisse Asset Management, and Winterthur all posting profits. However, Credit Suisse First Boston reported a loss due to provisions related to the collapse of the Russian market. Overall, the Group saw increases in revenue, assets under management, and earnings per share for the year.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
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KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
1. CREDIT SUISSE GROUP
Credit Suisse Group
Letter to Shareholders 2006/Q4
Investment Banking • Private Banking • Asset Management
2. Oswald J. Grübel Walter B. Kielholz
Chief Executive Officer Chairman of the
Board of Directors
Dear shareholders, clients and colleagues
2006 was a record year for Credit Suisse. Our integrated
banking model proved successful and provided us with an
effective platform to capture the growth opportunities arising
from high levels of client activity while significantly improving our
profitability. We are particularly pleased with our performance in
Investment Banking. In our first year as an integrated bank we
made excellent progress in strengthening our operating
efficiency but there is still great potential for further improvement
as we continue to invest in the growth of our business. Our
clients have responded well to our integrated approach and
Credit Suisse now has excellent opportunities for further growth
in the context of globalization, which we believe will create
dynamic markets for the foreseeable future.
Strong annual results with basic earnings per share
from continuing operations of CHF 7.53
Credit Suisse Group reported a significant improvement in
profitability in 2006, driven by good net revenues and improved
operating efficiency. Net income totaled CHF 11.3 billion,
including a net capital gain of CHF 1.8 billion from the sale of
Winterthur, which was recorded in the fourth quarter of 2006.
Income from continuing operations was CHF 8.3 billion or CHF
7.53 per share. Basic earnings per share were CHF 10.30. Our
return on equity improved significantly to 27.5% in 2006 from
15.4% in 2005. In the fourth quarter of 2006, net income rose
to CHF 4.7 billion, compared to CHF 1.1 billion in the fourth
quarter of 2005. We generated net new assets of CHF 95.4
billion in 2006, compared to CHF 57.4 billion in 2005.
Cover photograph taken by John Wildgoose
Manish Kumar, Investment Banking (CMOS), New York
3. Returning capital to our shareholders Continued expansion in Private Banking
Credit Suisse Group today has the strongest capital base in its In our Private Banking segment, which comprises the Wealth
history. We are pleased that we have the requisite resources to Management and Corporate & Retail Banking businesses, we
grow our business while, at the same time, returning capital to delivered very strong results with significantly higher net
our shareholders. At the forthcoming Annual General Meeting on revenues in 2006. This revenue growth outpaced an increase in
May 4, 2007, the Board of Directors of Credit Suisse Group will total operating expenses driven partly by ongoing strategic
ask the shareholders to approve a further share buyback investments in the Wealth Management business. This resulted
program of up to CHF 8 billion over three years. It will also in record income from continuing operations before taxes for
propose a distribution of CHF 2.70 per share for the financial 2006. Asset gathering also reached a record level, with net new
year 2006, comprising a cash dividend of CHF 2.24 per share assets of CHF 50.5 billion in Wealth Management, representing
and a par value reduction of CHF 0.46 per share. a growth rate of 7.3%. We continued to expand our global reach
in Wealth Management through 2006 and announced the
Investment Banking delivers strong results launch of new onshore operations in Brazil, Russia, Australia,
We achieved record results in Investment Banking in 2006, Qatar and Lebanon.
reflecting a strong performance in all key businesses and regions
amid favorable market conditions, high levels of client activity and Realignment of Asset Management
improved market share in a range of products. Against this In our Asset Management segment, we generated strong net
backdrop, we generated record revenues in advisory and debt new assets of CHF 50.8 billion in 2006, including alternative
and equity underwriting and significantly increased our trading investment assets of CHF 12.5 billion. Our net revenues before
revenues. Income from continuing operations before taxes grew private equity and other investment-related gains increased
by 272% compared to 2005. Excluding credits from insurance 12%, driven by higher asset management revenues and private
settlements for litigation and related costs in 2006 and a charge equity commissions and fees. Income from continuing operations
to increase litigation reserves in 2005, income from continuing before taxes decreased by half compared to 2005, reflecting
operations before taxes grew by 113%. Our strong results higher total operating expenses, partly due to realignment
reflect continued progress against our strategy to deliver a more expenses, and lower private equity and other investment-related
profitable business. gains.
Highlights in Investment Banking in 2006 included our continued We achieved further progress in the realignment of Asset
leadership position in some of the world’s fastest growing Management during the fourth quarter of the year, as part of the
emerging markets, such as China, Russia, Brazil and Mexico. previously announced strategy to reposition businesses with low
This was demonstrated, among other things, by our number one profitability, reshape the product offering, improve investment
market share ranking in equity issuance and announced mergers and sales processes and reduce the overall cost base. In
and acquisitions in Latin America and our recognition as the addition, we continued to invest in expanding the geographic
“China Equity House” in International Financing Review’s Asia footprint of our Asset Management business in key markets in
Awards 2006. Credit Suisse was presented with the “European 2006, while also taking steps to broaden our alternative
IPO House of the Year” award in the annual Financial News investment business with a series of strategic alliances aimed at
Awards for Excellence in Investment Banking for 2006. In adding new capabilities and at increasing our product offering.
addition The Banker magazine’s annual Investment Banking
Awards 2006 recognized Credit Suisse as the “Best Bank of the Strategic priorities going forward
Year for IPOs”. We also maintained our leadership position in We have defined three clear strategic priorities in order to
other important growth areas such as commercial mortgage- accelerate the expansion of our business going forward.
backed securities, leveraged finance and financial sponsors. We
advised on a number of notable transactions that were We will continue to capitalize on our integrated banking model by
announced in the fourth quarter of the year, including Google building on a series of targeted internal initiatives that drive
Inc.’s acquisition of YouTube, the sale of Raytheon Aircraft revenue growth and reduce costs.
Company to Hawker Beechcraft Corporation and the acquisition
of Corus Group plc by Tata Steel. We will deploy our capital as efficiently as possible. The target
for our investments is an annual rate of return of 20% or above
in the medium term.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
Credit Suisse Group Letter to Shareholders 2006/Q4 3
4. We will continue to expand our activities in high-growth markets Outlook
and products. For example, we signed an agreement to acquire The growth prospects for the global economy remain good and
the Brazilian asset manager Hedging-Griffo in the fourth quarter we expect client activity to continue at around the levels of
of 2006. This strategic step will help us to leverage our 2006. Interest rates are unlikely to increase significantly and
integrated banking model in Brazil to provide a comprehensive valuations for equities are still relatively low. High corporate
range of investment banking, private banking and asset earnings will attract capital flows into the equity markets, which
management services to onshore clients in this market. We also will continue to trend higher with occasional corrections. We
aim to realize our third priority through measures such as the have had a good start to 2007 and are well positioned to
expansion of our activities in dynamic emerging markets and the capture these growth opportunities with our integrated banking
growth of leading businesses and products, including alternative model.
investments and structured products. Our objective is to
generate long-term, sustainable returns. We will therefore focus
on and invest in businesses which fit our model and are in line
with that objective. Yours sincerely
Changes in the Executive Board
On February 15, 2007, Credit Suisse Group announced the
appointment by its Board of Directors of Brady Dougan as Chief
Executive Officer of Credit Suisse Group with effect from May 5,
2007, replacing Oswald J. Grübel, who will retire at the Annual
General Meeting. Brady Dougan is currently CEO of the
Investment Banking division. Paul Calello, Credit Suisse’s current Walter B. Kielholz Oswald J. Grübel
CEO of the Asia Pacific region, will become CEO of Investment Chairman of the Chief Executive Officer
Banking, replacing Brady Dougan. Robert Sharif will join the Board of Directors
bank as CEO of the Americas region from Lehman Brothers and
will also be a member of the Executive Board of Credit Suisse. February 2007
During his 17 years at Credit Suisse, Brady Dougan has been a
key member of the executive team which has created the bank’s
integrated business model and he has been instrumental in
enhancing the performance of our Investment Banking business.
As CEO, Brady Dougan will build on the success of the
integrated banking model and continue to execute on our
strategy to create the world’s premier bank.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
4 Credit Suisse Group Letter to Shareholders 2006/Q4
5. Investment Banking
Key information
12 months
Change Change
in % from in % from
in CHF m, except where indicated 4Q 2006 4Q 2005 4Q 2005 2006 2005 2005
Net revenues 6,085 3,735 63 20,469 15,547 32
of which underwriting revenues 1,170 737 59 3,476 2,415 44
of which advisory and other fees 785 448 75 1,900 1,475 29
of which total trading revenues 4,351 2,587 68 15,479 11,344 36
Provision for credit losses 20 (13) – (38) (73) (48)
Total operating expenses 3,723 3,462 8 14,556 14,021 4
1) 2)
Income from continuing operations before taxes 2,342 286 – 5,951 1,599 272
Pre-tax income margin 38.5% 7.7% – 29.1% 10.3% –
Pre-tax return on average economic risk capital 58.2% 10.8% – 40.3% 15.4% –
1) 2)
Includes credits from insurance settlements for litigation and related costs of CHF 508 million, of which CHF 34 million relates to 4Q 2006. Includes a CHF 960
million charge to increase the reserve for certain private litigation matters.
Summary
Pre-tax income margin The Investment Banking segment provides financial advisory, lending and capital
raising services and sales and trading to institutional, corporate and government
in %
clients worldwide.
52.5
45.0
37.5
Investment Banking reported record income from continuing operations before
30.0
taxes of CHF 2,342 million in the fourth quarter of 2006, an increase of CHF
22.5
15.0 2,056 million compared to the fourth quarter of 2005. For the full year 2006,
7.5 1)
Investment Banking reported income from continuing operations before taxes of
0.0
CHF 5,951 million, an increase of CHF 4,352 million compared to 2005, with
(7.5)
(15.0)
strong contributions across the underwriting, advisory, fixed income trading and
(22.5)
equity trading businesses.
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2004 2005 2005 2005 2005 2006 2006 2006 2006
Net revenues grew by 63% to a record level in the fourth quarter of 2006,
Pre-tax return on average economic benefiting from strong performances in both the investment banking and trading
risk capital businesses.
in %
Total operating expenses in the fourth quarter of 2006 rose by 8%, primarily
60.0
55.0 reflecting higher compensation expenses in line with higher revenues, partly offset
45.0
by a decrease in other expenses due to improvements in operating efficiency.
40.0
35.0
30.0
The compensation/revenue ratio was 42.2% for the fourth quarter of 2006 and
25.0
50.1% for the full year. The pre-tax income margin was 38.5% for the fourth
20.0
1)
15.0
quarter of 2006 and 29.1% for the full year.
10.0
0.0
10.0
(20.0)
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2004 2005 2005 2005 2005 2006 2006 2006 2006
1)
Excluding the charge to increase the reserve for
certain private litigation matters of CHF 960 million.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
Credit Suisse Group Letter to Shareholders 2006/Q4 5
6. Private Banking
Key information
12 months
Change Change
in % from in % from
in CHF m, except where indicated 4Q 2006 4Q 2005 4Q 2005 2006 2005 2005
Net revenues 2,973 2,716 9 11,678 10,495 11
Provision for credit losses (41) (21) 95 (73) (71) 3
Total operating expenses 1,871 1,711 9 7,155 6,600 8
Income from continuing operations before taxes 1,143 1,026 11 4,596 3,966 16
of which Wealth Management 811 703 15 3,237 2,661 22
of which Corporate & Retail Banking 332 322 3 1,359 1,305 4
Pre-tax income margin 38.4% 37.8% – 39.4% 37.8% –
Net new assets, in CHF bn 9.7 8.9 – 52.2 50.4 –
Assets under management, in CHF bn 940.3 837.6 12.3 – – –
Summary
Pre-tax income margin Private Banking provides comprehensive advice and a broad range of investment
products and services tailored to the complex needs of high-net-worth individuals all
in %
over the world through its Wealth Management business. In Switzerland, Private
45.0
40.0 Banking supplies banking products and services to business and retail clients
35.0
through its Corporate & Retail Banking business.
30.0
25.0
0.0
Private Banking reported income from continuing operations before taxes of CHF
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1,143 million in the fourth quarter of 2006, an increase of 11% compared to the
2004 2005 2005 2005 2005 2006 2006 2006 2006
same period of 2005. The fourth quarter of 2006 was characterized by very good
equity markets, which led to strong client activity and a 9% increase in net
revenues. Full-year 2006 income from continuing operations before taxes was a
record CHF 4,596 million, an increase of 16% compared to 2005.
Assets under management
in CHF bn
The growth in net revenues in the fourth quarter of 2006 was driven mainly by
950.0
higher commissions and fees, primarily from higher brokerage and issuing fees due
900.0
850.0
to stronger client activity. In addition, asset-based commissions and fees increased
800.0
due to the higher level of assets under management. Net interest income rose
750.0
700.0 16%, largely due to an increase in liability margins and volumes.
650.0
600.0
Total operating expenses increased 9% in the fourth quarter of 2006, reflecting
0.0
31.12. 31.03. 30.06. 30.09. 31.12. 31.03. 30.06. 30.09. 31.12.
ongoing strategic investments in international growth in the Wealth Management
2004 2005 2005 2005 2005 2006 2006 2006 2006
business and new business initiatives in Corporate & Retail Banking.
Wealth Management reported net new assets of CHF 8.6 billion for the fourth
quarter of 2006 and CHF 50.5 billion for the full year 2006.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
6 Credit Suisse Group Letter to Shareholders 2006/Q4
7. Asset Management
Key information
12 months
Change Change
in % from in % from
in CHF m, except where indicated 4Q 2006 4Q 2005 4Q 2005 2006 2005 2005
Net revenues 738 757 (3) 2,861 2,801 2
of which asset management revenues 574 502 14 2,106 1,909 10
of which private equity commissions and fees 72 47 53 253 194 30
of which private equity and other investment-related gains 92 208 (56) 502 698 (28)
Total operating expenses 648 516 26 2,352 1,795 31
Income from continuing operations before taxes 89 241 (63) 508 1,006 (50)
Pre-tax income margin 12.1% 31.8% – 17.8% 35.9% –
Net new assets, in CHF bn (2.9) (0.8) – 50.8 19.6 –
Assets under management, in CHF bn 669.9 589.4 13.7 – – –
Summary
Asset Management combines the discretionary investment management functions
Pre-tax income margin
of Credit Suisse and offers products across a broad range of investment classes,
in %
from equity, fixed income and multi-asset class products to alternative investments
55.0
such as real estate, hedge funds, private equity and volatility management. Asset
50.0
45.0
Management manages portfolios, mutual funds and other investment vehicles for
40.0
institutional, government and private clients. Products are offered through both
35.0
proprietary and third-party distribution channels.
30.0
25.0
20.0
Credit Suisse continued to realign Asset Management in the fourth quarter of 2006
15.0
10.0
as part of the previously announced strategy to reposition businesses with low
5.0
profitability, reshape the product offering, improve investment and sales processes,
0.0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
and reduce the overall cost base.
2004 2005 2005 2005 2005 2006 2006 2006 2006
Asset Management reported income from continuing operations before taxes of
CHF 89 million in the fourth quarter of 2006, a decrease of 63% from the fourth
Assets under management
quarter of 2005. This reflected lower private equity and other investment-related
in CHF bn
gains compared to the strong fourth quarter of 2005 and higher operating
expenses, partly due to the realignment of the business in 2006. Full-year 2006
700.0
650.0
income from continuing operations before taxes was CHF 508 million, a decrease
600.0
of 50% from 2005.
550.0
500.0
450.0
Net revenues declined 3% in the fourth quarter of 2006 compared to the same
400.0
period of the previous year. Net revenues before private equity and other
0.0
31.12. 31.03. 30.06. 30.09. 31.12. 31.03. 30.06. 30.09. 31.12.
investment-related gains improved by 18% compared to the fourth quarter of 2005,
2004 2005 2005 2005 2005 2006 2006 2006 2006
reflecting the growth in assets under management. Private equity and other
investment-related gains totaled CHF 92 million in the fourth quarter of 2006, a
decrease of 56% compared to the same period of 2005.
Total operating expenses increased 26% in the fourth quarter of 2006, primarily
reflecting higher compensation and benefits related to the ongoing efforts to hire
new investment talent and build product development and distribution capabilities,
as well as other expenses related to the realignment of Asset Management.
Asset Management reported a net asset outflow of CHF 2.9 billion in the fourth
quarter of 2006 and net new assets of CHF 50.8 billion for the full year 2006,
including alternative investment assets of CHF 12.5 billion. Assets under
management increased to CHF 669.9 billion as of December 31, 2006, from CHF
589.4 billion as of December 31, 2005.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
Credit Suisse Group Letter to Shareholders 2006/Q4 7
8. Key Suisse Group financial highlights
Credit figures
12 months
Change Change Change
in % from in % from in % from
in CHF m, except where indicated 4Q 2006 3Q 2006 4Q 2005 3Q 2006 4Q 2005 2006 2005 2005
Consolidated statements of income
Net revenues 10,814 8,076 7,566 34 43 38,603 30,489 27
Income from continuing operations before taxes,
minority interests, extraordinary items and
cumulative effect of accounting changes 4,314 2,460 1,059 75 307 14,300 7,401 93
Income from continuing operations before
extraordinary items and cumulative effect
of accounting changes 2,599 1,468 677 77 284 8,281 4,526 83
Income from discontinued operations, net of tax 2,074 424 426 389 387 3,070 1,310 134
Net income 4,673 1,892 1,103 147 324 11,327 5,850 94
Return on equity 44.1% 18.9% 11.2% – – 27.5% 15.4% –
Earnings per share, in CHF
Basic earnings per share from continuing operations
before cumulative effect of accounting changes 2.42 1.35 0.59 – – 7.53 3.98 –
Basic earnings per share 4.35 1.74 0.98 – – 10.30 5.17 –
Diluted earnings per share from continuing operations
before cumulative effect of accounting changes 2.29 1.29 0.59 – – 7.19 3.90 –
Diluted earnings per share 4.12 1.67 0.95 9.83 5.02
Cost/income ratio – reported 60.3% 70.0% 86.5% – – 63.2% 76.2% –
Cost/income ratio 1) 65.7% 75.9% 93.1% – – 69.6% 81.6% –
Net new assets, in CHF bn 6.9 31.1 8.0 – – 95.4 57.4 –
Change Change
in % from in % from
in CHF m, except where indicated 31.12.06 30.09.06 31.12.05 30.09.06 31.12.05
Assets under management, in CHF bn 1,485.1 1,441.3 1,319.4 3.0 12.6
Consolidated balance sheets
Total assets 1,255,956 1,473,113 1,339,052 (15) (6)
2)
Shareholders’ equity 43,586 41,643 42,118 5 3
Consolidated BIS capital data
Risk-weighted assets 253,676 252,139 232,891 1 9
Tier 1 ratio 13.9% 10.8% 11.3% – –
Total capital ratio 18.4% 13.2% 13.7% – –
Number of employees
Switzerland – Banking 20,353 20,261 20,194 0 1
Outside Switzerland – Banking 24,518 24,456 24,370 0 1
Winterthur 0 18,984 18,959 – –
2)
Number of employees (full-time equivalents) 44,871 63,701 63,523 (30) (29)
Stock market data
Share price per common share, in CHF 85.25 72.35 67.00 18 27
High (closing price) year-to-date, in CHF 85.35 74.20 68.50 15 25
Low (closing price) year-to-date, in CHF 62.70 62.70 46.85 0 34
Share price per American Depositary Share, in USD 69.85 57.95 50.95 21 37
Market capitalization, in CHF m 90,575 77,946 75,399 16 20
Market capitalization, in USD m 74,213 62,432 57,337 19 29
Book value per share, in CHF 41.02 38.65 37.43 6 10
Share information
Shares issued 1,214,862,013 1,214,054,870 1,247,752,166 0 (3)
Treasury shares (152,394,952) (136,710,156) (122,391,983) 11 25
Shares outstanding 1,062,467,061 1,077,344,714 1,125,360,183 (1) (6)
1)
Excludes minority interest revenues of CHF 998 million, CHF 640 million, CHF 554 million, CHF 3,663 million and CHF 2,074 million and minority interest expenses of
CHF 71 million, CHF 10 million, CHF 15 million, CHF 103 million and CHF 32 million in 4Q 2006, 3Q 2006, 4Q 2005, 12 months 2006 and 12 months 2005,
respectively, from the consolidation of certain private equity funds and other entities in which the Group does not have a significant economic interest in such revenues and
2)
expenses. The Group completed the sale of Winterthur to AXA on December 22, 2006.
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
8 Credit Suisse Group Letter to Shareholders 2006/Q4
9. Consolidated statements of income (unaudited)
12 months
Change Change Change
in % from in % from in % from
in CHF m 4Q 2006 3Q 2006 4Q 2005 3Q 2006 4Q 2005 2006 2005 2005
Interest and dividend income 13,017 12,825 10,391 1 25 50,269 36,116 39
Interest expense (11,590) (11,218) (9,085) 3 28 (43,703) (29,198) 50
Net interest income 1,427 1,607 1,306 (11) 9 6,566 6,918 (5)
Commissions and fees 5,069 3,919 4,044 29 25 17,647 14,323 23
Trading revenues 2,956 1,693 1,286 75 130 9,428 5,634 67
Other revenues 1,362 857 930 59 46 4,962 3,614 37
Total noninterest revenues 9,387 6,469 6,260 45 50 32,037 23,571 36
Net revenues 10,814 8,076 7,566 34 43 38,603 30,489 27
Provision for credit losses (20) (40) (34) (50) (41) (111) (144) (23)
Compensation and benefits 4,100 3,427 3,984 20 3 15,697 13,974 12
Other expenses 2,420 2,229 2,557 9 (5) 8,717 9,258 (6)
Total operating expenses 6,520 5,656 6,541 15 0 24,414 23,232 5
Income from continuing operations before taxes,
minority interests, extraordinary items and
cumulative effect of accounting changes 4,314 2,460 1,059 75 307 14,300 7,401 93
Income tax expense 805 367 (108) 119 – 2,389 927 158
Minority interests 910 625 490 46 86 3,630 1,948 86
Income from continuing operations before
extraordinary items and cumulative effect
of accounting changes 2,599 1,468 677 77 284 8,281 4,526 83
Income from discontinued operations, net of tax 2,074 424 426 389 387 3,070 1,310 134
Extraordinary items, net of tax 0 0 0 – – (24) 0 –
Cumulative effect of accounting changes, net of tax 0 0 0 – – 0 14 (100)
Net income 4,673 1,892 1,103 147 324 11,327 5,850 94
12 months
in CHF 4Q 2006 3Q 2006 4Q 2005 2006 2005
Basic earnings per share
Income from continuing operations before cumulative effect of accounting changes 2.42 1.35 0.59 7.53 3.98
Income from discontinued operations, net of tax 1.93 0.39 0.39 2.79 1.18
Extraordinary items, net of tax 0.00 0.00 0.00 (0.02) 0.00
Cumulative effect of accounting changes, net of tax 0.00 0.00 0.00 0.00 0.01
Net income available for common shares 4.35 1.74 0.98 10.30 5.17
Diluted earnings per share
Income from continuing operations before cumulative effect of accounting changes 2.29 1.29 0.59 7.19 3.90
Income from discontinued operations, net of tax 1.83 0.38 0.36 2.66 1.11
Extraordinary items, net of tax 0.00 0.00 0.00 (0.02) 0.00
Cumulative effect of accounting changes, net of tax 0.00 0.00 0.00 0.00 0.01
Net income available for common shares 4.12 1.67 0.95 9.83 5.02
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
Credit Suisse Group Letter to Shareholders 2006/Q4 9
10. Consolidated balance sheets (unaudited)
Change Change
in % from in % from
in CHF m 31.12.06 30.09.06 31.12.05 30.09.06 31.12.05
Assets
Cash and due from banks 29,040 29,802 27,577 (3) 5
Interest-bearing deposits with banks 8,128 6,869 6,143 18 32
Central bank funds sold, securities purchased under resale
agreements and securities borrowing transactions 319,048 337,445 352,281 (5) (9)
Securities received as collateral 32,385 38,145 23,950 (15) 35
Trading assets 450,780 468,654 435,250 (4) 4
of which encumbered 141,404 172,706 151,793 (18) (7)
Investment securities 21,394 21,802 121,565 (2) (82)
of which encumbered 54 54 2,456 0 (98)
Other investments 20,478 19,835 20,736 3 (1)
Loans, net 208,127 205,999 205,671 1 1
Allowance for loan losses 1,484 1,527 2,241 (3) (34)
Premises and equipment 5,990 5,890 7,427 2 (19)
Goodwill 11,023 11,220 12,932 (2) (15)
Other intangible assets 476 522 3,091 (9) (85)
Assets of discontinued operations held-for-sale 0 180,784 1,378 (100) (100)
Other assets 149,087 146,146 121,051 2 23
of which encumbered 26,426 34,112 4,860 (23) 444
Total assets 1,255,956 1,473,113 1,339,052 (15) (6)
Liabilities and shareholders’ equity
Deposits 388,378 390,437 364,238 (1) 7
Central bank funds purchased, securities sold under repurchase
agreements and securities lending transactions 288,444 314,531 309,803 (8) (7)
Obligation to return securities received as collateral 32,385 38,145 23,950 (15) 35
Trading liabilities 198,422 212,942 194,225 (7) 2
Short-term borrowings 21,556 22,742 19,472 (5) 11
of which reported at fair value 2,764 2,882 – (4) –
Provisions from the insurance business – – 145,039 – –
Long-term debt 147,832 149,917 132,975 (1) 11
of which reported at fair value 44,709 48,946 – (9) –
Liabilities of discontinued operations held-for-sale 0 171,838 1,330 (100) (100)
Other liabilities 120,035 115,381 98,055 4 22
Minority interests 15,318 15,537 7,847 (1) 95
Total liabilities 1,212,370 1,431,470 1,296,934 (15) (7)
Share capital 607 607 624 0 (3)
Additional paid-in capital 24,817 24,364 24,639 2 1
Retained earnings 32,306 27,652 24,584 17 31
Treasury shares, at cost (9,111) (7,759) (5,823) 17 56
Accumulated other comprehensive income/(loss) (5,033) (3,221) (1,906) 56 164
Total shareholders’ equity 43,586 41,643 42,118 5 3
Total liabilities and shareholders’ equity 1,255,956 1,473,113 1,339,052 (15) (6)
For further information, please refer to our Quarterly Report 2006/Q4, which is available at: www.credit-suisse.com/results
10 Credit Suisse Group Letter to Shareholders 2006/Q4
11. Additional information Cautionary Statement
For additional information on Credit Suisse Group’s fourth- Regarding Forward-Looking Information
quarter and full-year 2006 results, please refer to the Group’s This document contains statements that constitute forward-looking statements.
In addition, in the future we, and others on our behalf, may make statements that
Quarterly Report 2006/Q4, as well as the Group’s slide
constitute forward-looking statements. Such forward-looking statements may
presentation for analysts and the press, which are available on
include, without limitation, statements relating to our plans, objectives or goals; our
the Internet at:
future economic performance or prospects; the potential effect on our future
www.credit-suisse.com/results.
performance of certain contingencies; and assumptions underlying any such
statements.
The Quarterly Report can be ordered at:
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar
expressions are intended to identify forward-looking statements but are not the
Credit Suisse
exclusive means of identifying such statements. We do not intend to update these
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forward-looking statements except as may be required by applicable laws.
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CH-8070 Zürich By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that predictions, forecasts,
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projections and other outcomes described or implied in forward-looking statements
will not be achieved. We caution you that a number of important factors could
cause results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements. These factors
include (i) market and interest rate fluctuations; (ii) the strength of the global
economy in general and the strength of the economies of the countries in which
we conduct our operations in particular; (iii) the ability of counterparties to meet
their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade
and tax policies, and currency fluctuations; (v) political and social developments,
including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange
controls, expropriation, nationalization or confiscation of assets in countries in
which we conduct our operations; (vii) the ability to maintain sufficient liquidity and
access capital markets; (viii) operational factors such as systems failure, human
error, or the failure to implement procedures properly; (ix) actions taken by
regulators with respect to our business and practices in one or more of the
countries in which we conduct our operations; (x) the effects of changes in laws,
regulations or accounting policies or practices; (xi) competition in geographic and
business areas in which we conduct our operations; (xii) the ability to retain and
recruit qualified personnel; (xiii) the ability to maintain our reputation and promote
our brand; (xiv) the ability to increase market share and control expenses; (xv)
technological changes; (xvi) the timely development and acceptance of our new
products and services and the perceived overall value of these products and
services by users; (xvii) acquisitions, including the ability to integrate acquired
businesses successfully, and divestitures, including the ability to sell non-core
assets; (xviii) the adverse resolution of litigation and other contingencies; and (xix)
our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive; when
evaluating forward-looking statements, you should carefully consider the foregoing
factors and other uncertainties and events, as well as the risks identified in our
most recently filed Form 20-F and reports on Form 6-K furnished to the US
Securities and Exchange Commission.
12. CREDIT SUISSE GROUP
5520204 English
Paradeplatz 8
CH-8070 Zürich
Switzerland
www.credit-suisse.com