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credit-suisse Business Review 2006

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1. Credit Suisse Banking in Progress Business Review 2006 CREDIT SUISSE GROUP Paradeplatz 8 8070 Zurich Switzerland Tel. +41 44 212 16 16 Fax +41 44 333 25 87…
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  • 1. Credit Suisse Banking in Progress Business Review 2006 CREDIT SUISSE GROUP Paradeplatz 8 8070 Zurich Switzerland Tel. +41 44 212 16 16 Fax +41 44 333 25 87 www.credit-suisse.com 5520214English CreditSuisseBusinessReview2006E Highlights 2006 CHF 38,603 million Credit Suisse Group’s net revenues amounted to CHF 38,603 million in 2006, an increase of 27% compared to 2005. CHF 11,327 million Net income for 2006 totaled CHF 11,327 million, up 94% compared to 2005. CHF 8,281 million Income from continuing operations was CHF 8,281 million, up 83% compared to 2005. CHF 95.4 billion In 2006, Credit Suisse Group recorded net new assets of CHF 95.4 billion, compared to CHF 57.4 billion in 2005. CHF 1,485.1 billion Assets under management stood at CHF 1,485.1 billion as of December 31, 2006, up 12.6% from December 31, 2005. 44,871 At year end 2006, Credit Suisse Group employed 44,871 people, of which 20,353 were in Switzerland and 24,518 were in more than 50 countries around the globe. From left to right: Cover Stephen Pak Customized Solution Management Asset Management Division, Hong Kong Christina Kim Equity Capital Markets Investment Banking Division, Hong Kong Jennifer Theunissen Project Services Asia-Pacific Asset Management Division, Hong Kong Gerard Bichon Philippines Private Banking Division, Hong Kong Back Cover Gary Kwok Non-Japan Asia Corporate Finance Investment Banking Division, Hong Kong Karen Leung Greater China Private Banking Division, Hong Kong A Longstanding Commitment to Asia Hong Kong – More than seven million people live and work in Hong Kong. Now the second largest financial center in Asia, Hong Kong is strategically positioned as the gateway to China and is, therefore, of key importance to globally ac- tive companies such as Credit Suisse that are eager to par- ticipate in this dynamic growth market. Credit Suisse began operating in Hong Kong in 1955 but its presence in the Chinese market dates back to 1784, when the forerunner of Credit Suisse First Boston – the Massachusetts Bank – financed the very first trading mission from America to China. Some 220 years later, Credit Suisse was part of a consor- tium that successfully executed the USD 21.9 billion IPO of the Industrial and Commercial Bank of China (ICBC) in the largest transaction of this type to date. More than 1,000 people work for Credit Suisse in Hong Kong in the two tallest skyscrapers pictured on the left and right in the photo. The Asia-Pacific region has played a pivotal role in the establishment of the integrated bank. With its Investment Banking, Private Banking and Asset Management businesses, Credit Suisse is ideally placed to meet the growing needs of clients in Asia and in particular to capitalize on the attractive business opportunities created by China’s economic success.
  • 2. Credit Suisse Banking in Progress Business Review 2006 CREDIT SUISSE GROUP Paradeplatz 8 8070 Zurich Switzerland Tel. +41 44 212 16 16 Fax +41 44 333 25 87 www.credit-suisse.com 5520214English CreditSuisseBusinessReview2006E Highlights 2006 CHF 38,603 million Credit Suisse Group’s net revenues amounted to CHF 38,603 million in 2006, an increase of 27% compared to 2005. CHF 11,327 million Net income for 2006 totaled CHF 11,327 million, up 94% compared to 2005. CHF 8,281 million Income from continuing operations was CHF 8,281 million, up 83% compared to 2005. CHF 95.4 billion In 2006, Credit Suisse Group recorded net new assets of CHF 95.4 billion, compared to CHF 57.4 billion in 2005. CHF 1,485.1 billion Assets under management stood at CHF 1,485.1 billion as of December 31, 2006, up 12.6% from December 31, 2005. 44,871 At year end 2006, Credit Suisse Group employed 44,871 people, of which 20,353 were in Switzerland and 24,518 were in more than 50 countries around the globe. From left to right: Cover Stephen Pak Customized Solution Management Asset Management Division, Hong Kong Christina Kim Equity Capital Markets Investment Banking Division, Hong Kong Jennifer Theunissen Project Services Asia-Pacific Asset Management Division, Hong Kong Gerard Bichon Philippines Private Banking Division, Hong Kong Back Cover Gary Kwok Non-Japan Asia Corporate Finance Investment Banking Division, Hong Kong Karen Leung Greater China Private Banking Division, Hong Kong A Longstanding Commitment to Asia Hong Kong – More than seven million people live and work in Hong Kong. Now the second largest financial center in Asia, Hong Kong is strategically positioned as the gateway to China and is, therefore, of key importance to globally ac- tive companies such as Credit Suisse that are eager to par- ticipate in this dynamic growth market. Credit Suisse began operating in Hong Kong in 1955 but its presence in the Chinese market dates back to 1784, when the forerunner of Credit Suisse First Boston – the Massachusetts Bank – financed the very first trading mission from America to China. Some 220 years later, Credit Suisse was part of a consor- tium that successfully executed the USD 21.9 billion IPO of the Industrial and Commercial Bank of China (ICBC) in the largest transaction of this type to date. More than 1,000 people work for Credit Suisse in Hong Kong in the two tallest skyscrapers pictured on the left and right in the photo. The Asia-Pacific region has played a pivotal role in the establishment of the integrated bank. With its Investment Banking, Private Banking and Asset Management businesses, Credit Suisse is ideally placed to meet the growing needs of clients in Asia and in particular to capitalize on the attractive business opportunities created by China’s economic success.
  • 3. Credit Suisse Group Financial Highlights Credit Suisse Group financial highlights Year ended December 31, in CHF m, except where indicated 2006 2005 2004 Consolidated statements of income Net revenues 38,603 30,489 27,033 Income from continuing operations 8,281 4,526 4,996 Income from discontinued operations, net of tax1) 3,070 1,310 639 Net income 11,327 5,850 5,628 Return on equity 27.5% 15.4% 15.9% Earnings per share, in CHF Basic earnings per share from continuing operations1) 7.53 3.98 4.25 Basic earnings per share 10.30 5.17 4.80 Diluted earnings per share from continuing operations1) 7.19 3.90 4.23 Diluted earnings per share 9.83 5.02 4.75 Cost/income ratio – reported 63.2% 76.2% 72.4% Cost/income ratio2) 69.6% 81.6% 75.4% Net new assets, in CHF bn 95.4 57.4 28.2 December 31, in CHF m, except where indicated 2006 2005 Assets under management, in CHF bn 1,485.1 1,319.4 Consolidated balance sheet Total assets 1,255,956 3) 1,339,052 Shareholders’ equity 43,586 42,118 Consolidated BIS capital data Risk-weighted assets 253,676 232,891 Tier 1 ratio 13.9% 11.3% Total capital ratio 18.4% 13.7% Number of employees Switzerland – Banking 20,353 20,194 Outside Switzerland – Banking 24,518 24,370 Winterthur 0 3) 18,959 Number of employees (full-time equivalents) 44,871 63,523 Stock market data Share price per registered share, in CHF 85.25 67.00 Share price per American Depositary Share, in USD 69.85 50.95 Market capitalization 90,575 75,399 Market capitalization, in USD m 74,213 57,337 Book value per share, in CHF 41.02 37.43 Par value reduction, in CHF 0.46 4) – Dividend per registered share, in CHF 2.24 4) 2.00 1) Before extraordinary items and cumulative effect of accounting changes. 2) Excludes minority interest revenues of CHF 3,663 million, CHF 2,074 million and CHF 1,088 million and minority interest expenses of CHF 103 million, CHF 32 million and CHF 16 million in 2006, 2005 and 2004, 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 expenses. 3) Impacted by the sale of Winterthur on December 22, 2006. 4) Proposal of the Board of Directors to the Annual General Meeting on May 4, 2007. Financial calendar First quarter results 2007 Wednesday, May 2, 2007 Annual General Meeting Friday, May 4, 2007 Dividend payment Thursday, May 10, 2007 Par value reduction payment Wednesday, July 18, 2007 Second quarter results 2007 Thursday, August 2, 2007 Third quarter results 2007 Thursday, November 1, 2007 doc_090154fa8008800c_10008 26.03.2007 11:33 Page 2 Cautionary statement regarding forward-looking information This Business Review contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In addition, in the future we, and others on our behalf, may make state- ments that constitute forward-looking statements. Such forward-looking state- ments may include, without limitation, statements relating to the following: – Our plans, objectives or goals; – Our future economic performance or prospects; – The potential effect on our future performance of certain contingencies; and – Assumptions underlying any such statements. Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, fore- casts, 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, ex- pectations, estimates and intentions expressed in such forward-looking statements. These factors include: – Market and interest rate fluctuations; – 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; – The ability of counterparties to meet their obligations to us; – The effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; – Political and social developments, including war, civil unrest or terrorist activity; – The possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; – The ability to maintain sufficient liquidity and access capital markets; – Operational factors such as systems failure, human error, or the failure to implement procedures properly; – Actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; – The effects of changes in laws, regulations or accounting policies or practices; – Competition in geographic and business areas in which we conduct our operations; – The ability to retain and recruit qualified personnel; – The ability to maintain our reputation and promote our brand; – The ability to increase market share and control expenses; – Technological changes; – The timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; – Acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; – The adverse resolution of litigation and other contingencies; and – 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 in- formation set forth in our Form 20-F Item 3 – Key Information – Risk factors. For purposes of the Business Review, unless the context otherwise requires, the terms “Credit Suisse”, “the Group”, “we”, “us” and “our” mean Credit Suisse Group and its consolidated subsidiaries and the term “the Bank” means Credit Suisse, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries. Enquiries Credit Suisse Group Investor Relations Ian Roundell, +41 44 333 17 48 Marc Buchheister, +41 44 333 31 69 Fax  +41 44 333 25 87 Credit Suisse Group Media Relations Charles Naylor, Andrés Luther Tel. + 41 44 333 88 44 Fax +41 44 333 88 77 Editorial: Credit Suisse Group, Corporate Communications Photography: Thomas Eugster, Berlin and Marc Wetli, Zurich (pages 7 and 10) Design: www.arnolddesign.ch Production: Management Digital Data AG, Zurich Printer: NZZ Fretz AG, Zurich 98 99 00 01 02 03 04 05 06 100 80 60 40 20 0 As end of reporting period (in CHF bn) Share Performance Market Capitalization Credit Suisse GroupSwiss Market Index 2004 2005 2006 2007 CHF 90 80 70 60 50 40 30
  • 4. Credit Suisse Group Financial Highlights Credit Suisse Group financial highlights Year ended December 31, in CHF m, except where indicated 2006 2005 2004 Consolidated statements of income Net revenues 38,603 30,489 27,033 Income from continuing operations 8,281 4,526 4,996 Income from discontinued operations, net of tax1) 3,070 1,310 639 Net income 11,327 5,850 5,628 Return on equity 27.5% 15.4% 15.9% Earnings per share, in CHF Basic earnings per share from continuing operations1) 7.53 3.98 4.25 Basic earnings per share 10.30 5.17 4.80 Diluted earnings per share from continuing operations1) 7.19 3.90 4.23 Diluted earnings per share 9.83 5.02 4.75 Cost/income ratio – reported 63.2% 76.2% 72.4% Cost/income ratio2) 69.6% 81.6% 75.4% Net new assets, in CHF bn 95.4 57.4 28.2 December 31, in CHF m, except where indicated 2006 2005 Assets under management, in CHF bn 1,485.1 1,319.4 Consolidated balance sheet Total assets 1,255,956 3) 1,339,052 Shareholders’ equity 43,586 42,118 Consolidated BIS capital data Risk-weighted assets 253,676 232,891 Tier 1 ratio 13.9% 11.3% Total capital ratio 18.4% 13.7% Number of employees Switzerland – Banking 20,353 20,194 Outside Switzerland – Banking 24,518 24,370 Winterthur 0 3) 18,959 Number of employees (full-time equivalents) 44,871 63,523 Stock market data Share price per registered share, in CHF 85.25 67.00 Share price per American Depositary Share, in USD 69.85 50.95 Market capitalization 90,575 75,399 Market capitalization, in USD m 74,213 57,337 Book value per share, in CHF 41.02 37.43 Par value reduction, in CHF 0.46 4) – Dividend per registered share, in CHF 2.24 4) 2.00 1) Before extraordinary items and cumulative effect of accounting changes. 2) Excludes minority interest revenues of CHF 3,663 million, CHF 2,074 million and CHF 1,088 million and minority interest expenses of CHF 103 million, CHF 32 million and CHF 16 million in 2006, 2005 and 2004, 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 expenses. 3) Impacted by the sale of Winterthur on December 22, 2006. 4) Proposal of the Board of Directors to the Annual General Meeting on May 4, 2007. Financial calendar First quarter results 2007 Wednesday, May 2, 2007 Annual General Meeting Friday, May 4, 2007 Dividend payment Thursday, May 10, 2007 Par value reduction payment Wednesday, July 18, 2007 Second quarter results 2007 Thursday, August 2, 2007 Third quarter results 2007 Thursday, November 1, 2007 doc_090154fa8008800c_10008 26.03.2007 11:33 Page 2 Cautionary statement regarding forward-looking information This Business Review contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In addition, in the future we, and others on our behalf, may make state- ments that constitute forward-looking statements. Such forward-looking state- ments may include, without limitation, statements relating to the following: – Our plans, objectives or goals; – Our future economic performance or prospects; – The potential effect on our future performance of certain contingencies; and – Assumptions underlying any such statements. Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, fore- casts, 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, ex- pectations, estimates and intentions expressed in such forward-looking statements. These factors include: – Market and interest rate fluctuations; – 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; – The ability of counterparties to meet their obligations to us; – The effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; – Political and social developments, including war, civil unrest or terrorist activity; – The possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; – The ability to maintain sufficient liquidity and access capital markets; – Operational factors such as systems failure, human error, or the failure to implement procedures properly; – Actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; – The effects of changes in laws, regulations or accounting policies or practices; – Competition in geographic and business areas in which we conduct our operations; – The ability to retain and recruit qualified personnel; – The ability to maintain our reputation and promote our brand; – The ability to increase market share and control expenses; – Technological changes; – The timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; – Acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; – The adverse resolution of litigation and other contingencies; and – 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 in- formation set forth in our Form 20-F Item 3 – Key Information – Risk factors. For purposes of the Business Review, unless the context otherwise requires, the terms “Credit Suisse”, “the Group”, “we”, “us” and “our” mean Credit Suisse Group and its consolidated subsidiaries and the term “the Bank” means Credit Suisse, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries. Enquiries Credit Suisse Group Investor Relations Ian Roundell, +41 44 333 17 48 Marc Buchheister, +41 44 333 31 69 Fax  +41 44 333 25 87 Credit Suisse Group Media Relations Charles Naylor, Andrés Luther Tel. + 41 44 333 88 44 Fax +41 44 333 88 77 Editorial: Credit Suisse Group, Corporate Communications Photography: Thomas Eugster, Berlin and Marc Wetli, Zurich (pages 7 and 10) Design: www.arnolddesign.ch Production: Management Digital Data AG, Zurich Printer: NZZ Fretz AG, Zurich 98 99 00 01 02 03 04 05 06 100 80 60 40 20 0 As end of reporting period (in CHF bn) Share Performance Market Capitalization Credit Suisse GroupSwiss Market Index 2004 2005 2006 2007 CHF 90 80 70 60 50 40 30
  • 5. Credit Suisse Business Review 2006
  • 6.   For a detailed p
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