6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 14, 2019
Commission File Number 001-15244
CREDIT SUISSE GROUP AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number 001-33434
CREDIT SUISSE AG
(Translation of registrant’s name into English)
Paradeplatz 8, CH 8001 Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



Explanatory note
On February 14, 2019, the Credit Suisse Earnings Release 4Q18 was published. A copy of the Earnings Release is attached as an exhibit to this report on Form 6-K. This report on Form 6-K (including the exhibit hereto) is hereby (i) incorporated by reference into the Registration Statement on Form F-3 (file no. 333-218604) and the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856), and (ii) shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended, except, in the case of both (i) and (ii), the information under “Differences between Group and Bank” and “Selected financial data – Bank” shall not be incorporated by reference into, or be deemed “filed”, with respect to the Registration Statements on Form S-8 (file nos. 333-101259, 333-208152 and 333-217856).
Credit Suisse Group AG and Credit Suisse AG file an annual report on Form 20-F and file quarterly reports, including unaudited interim financial information, and furnish or file other reports on Form 6-K with the US Securities and Exchange Commission (SEC) pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are available to the public over the internet at the SEC’s website at www.sec.gov. The SEC reports of Credit Suisse Group AG and Credit Suisse AG are also available under “Investor Relations” on Credit Suisse Group AG’s website at www.credit-suisse.com and at the offices of the New York Stock Exchange, 20 Broad Street, New York, NY 10005.
Unless the context otherwise requires, references herein to “Credit Suisse Group,” “Credit Suisse,” “the Group,” “we,” “us” and “our” mean Credit Suisse Group AG and its consolidated subsidiaries and the term “the Bank” means Credit Suisse AG, the direct bank subsidiary of the Group, and its consolidated subsidiaries.
SEC regulations require certain information to be included in registration statements relating to securities offerings. Such additional information for the Group and the Bank is included in this report on Form 6-K, which should be read together with the Group’s and the Bank’s annual report on Form 20-F for the year ended December 31, 2017 (Credit Suisse 2017 20-F) filed with the SEC on March 23, 2018, the Group’s financial report for the first quarter of 2018 (Credit Suisse Financial Report 1Q18), filed with the SEC on Form 6-K on May 3, 2018, the Group’s financial report for the second quarter of 2018 (Credit Suisse Financial Report 2Q18), filed with the SEC on Form 6-K on July 31, 2018, the Group’s financial report for the third quarter of 2018 (Credit Suisse Financial Report 3Q18), filed with the SEC on Form 6-K on November 1, 2018 and the Group’s earnings release for the fourth quarter of 2018 (Credit Suisse Earnings Release 4Q18), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about the Bank relating to its results as of and for the three and twelve months ended December 31, 2018. Credit Suisse AG, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. Credit Suisse AG’s registered head office is in Zurich, and it has additional executive offices and principal branches in London, New York, Hong Kong, Singapore and Tokyo.
References herein to “CHF” are to Swiss francs.
Forward-looking statements
This Form 6-K and the information incorporated by reference in this Form 6-K include statements that constitute forward-looking statements. In addition, in the future the Group, the Bank and others on their behalf may make statements that constitute forward-looking statements.
When evaluating forward-looking statements, you should carefully consider the cautionary statement regarding forward-looking information, the risk factors and other information set forth in the Credit Suisse 2017 20-F, subsequent annual reports on Form 20-F filed by the Group and the Bank with the SEC, the Group’s and the Bank’s reports on Form 6-K furnished to or filed with the SEC and other uncertainties and events.
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Differences between Group and Bank
Except where noted, the business of the Bank is substantially the same as the business of the Group, and substantially all of the Bank’s operations are conducted through the Swiss Universal Bank, International Wealth Management, Asia Pacific, Global Markets, Investment Banking & Capital Markets and, until December 31, 2018, the Strategic Resolution Unit segments. Certain Corporate Center activities of the Group, such as hedging activities relating to share-based compensation awards, are not applicable to the Bank. Certain other assets, liabilities and results of operations, primarily relating to Credit Suisse Services AG (our Swiss service company) and its subsidiary, are managed as part of the activities of the six segments. However, they are legally owned by the Group and are not part of the Bank’s consolidated financial statements.
Comparison of consolidated statements of operations
   Bank Group Bank Group
in 4Q18 4Q17 4Q18 4Q17 2018 2017 2018 2017
Statements of operations (CHF million)   
Net revenues 4,743 5,251 4,801 5,189 20,820 20,965 20,920 20,900
Total operating expenses 4,235 5,055 4,114 5,005 17,686 19,202 17,270 18,897
Income before taxes 449 153 628 141 2,889 1,553 3,405 1,793
Net income/(loss) 204 (2,110) 288 (2,093) 1,755 (1,228) 2,044 (948)
Net income/(loss) attributable to shareholders 208 (2,134) 292 (2,126) 1,762 (1,255) 2,057 (983)
Comparison of consolidated balance sheets
   Bank Group
end of 4Q18 4Q17 4Q18 4Q17
Balance sheet statistics (CHF million)   
Total assets 772,069 798,372 768,916 796,289
Total liabilities 726,042 754,822 724,864 754,100
Capitalization and indebtedness
   Bank Group
end of 4Q18 4Q17 4Q18 4Q17
Capitalization and indebtedness (CHF million)   
Due to banks 15,220 15,411 15,220 15,413
Customer deposits 365,263 362,303 363,925 361,162
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 24,623 26,496
Long-term debt 153,433 172,042 154,308 173,032
Other liabilities 167,503 178,570 166,788 177,997
Total liabilities  726,042 754,822 724,864 754,100
Total equity 46,027 43,550 44,052 42,189
Total capitalization and indebtedness  772,069 798,372 768,916 796,289
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BIS capital metrics
   Bank Group
end of 4Q18 4Q17 4Q18 4Q17
Capital and risk-weighted assets (CHF million)   
CET1 capital 38,948 38,433 35,857 36,711
Tier 1 capital 48,264 52,378 46,073 51,482
Total eligible capital 52,464 57,592 50,272 56,696
Risk-weighted assets 286,081 272,720 284,582 272,815
Capital ratios (%)   
CET1 ratio 13.6 14.1 12.6 13.5
Tier 1 ratio 16.9 19.2 16.2 18.9
Total capital ratio 18.3 21.1 17.7 20.8
Selected financial data – Bank
Condensed consolidated statements of operations
in 4Q18 4Q17 % change 2018 2017 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 5,516 4,141 33 19,623 17,061 15
Interest expense (3,085) (2,545) 21 (12,498) (10,369) 21
Net interest income 2,431 1,596 52 7,125 6,692 6
Commissions and fees 2,832 3,075 (8) 11,742 11,672 1
Trading revenues (955) 208 – 456 1,300 (65)
Other revenues 435 372 17 1,497 1,301 15
Net revenues  4,743 5,251 (10) 20,820 20,965 (1)
Provision for credit losses  59 43 37 245 210 17
Compensation and benefits 1,959 2,410 (19) 8,864 9,964 (11)
General and administrative expenses 1,864 2,137 (13) 7,035 7,413 (5)
Commission expenses 301 364 (17) 1,259 1,429 (12)
Restructuring expenses 111 144 (23) 528 396 33
Total other operating expenses 2,276 2,645 (14) 8,822 9,238 (5)
Total operating expenses  4,235 5,055 (16) 17,686 19,202 (8)
Income before taxes  449 153 193 2,889 1,553 86
Income tax expense 245 2,263 (89) 1,134 2,781 (59)
Net income/(loss)  204 (2,110) – 1,755 (1,228) –
Net income/(loss) attributable to noncontrolling interests (4) 24 – (7) 27 –
Net income/(loss) attributable to shareholders  208 (2,134) – 1,762 (1,255) –
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 4Q18 4Q17 % change
Assets (CHF million)   
Cash and due from banks 99,314 109,510 (9)
Interest-bearing deposits with banks 1,074 721 49
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 117,095 115,346 2
Securities received as collateral 41,696 38,074 10
Trading assets 132,427 156,774 (16)
Investment securities 2,909 2,189 33
Other investments 4,824 5,893 (18)
Net loans 292,875 283,237 3
Premises and equipment 4,530 4,445 2
Goodwill 4,056 4,036 0
Other intangible assets 219 223 (2)
Brokerage receivables 38,907 46,968 (17)
Other assets 32,143 30,956 4
Total assets  772,069 798,372 (3)
Liabilities and equity (CHF million)   
Due to banks 15,220 15,411 (1)
Customer deposits 365,263 362,303 1
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 (7)
Obligation to return securities received as collateral 41,696 38,074 10
Trading liabilities 42,171 39,132 8
Short-term borrowings 22,419 26,378 (15)
Long-term debt 153,433 172,042 (11)
Brokerage payables 30,923 43,303 (29)
Other liabilities 30,294 31,683 (4)
Total liabilities  726,042 754,822 (4)
Total shareholder's equity  45,329 42,670 6
Noncontrolling interests 698 880 (21)
Total equity  46,027 43,550 6
Total liabilities and equity  772,069 798,372 (3)
BIS statistics (Basel III)
end of 4Q18 4Q17 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 38,948 38,433 1
Tier 1 capital 48,264 52,378 (8)
Total eligible capital 52,464 57,592 (9)
Capital ratios (%)   
CET1 ratio 13.6 14.1 –
Tier 1 ratio 16.9 19.2 –
Total capital ratio 18.3 21.1 –
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Exhibits
No. Description
99.1 Credit Suisse Earnings Release 4Q18
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: February 14, 2019
By:
/s/ Tidjane Thiam                                 /s/ David R. Mathers
      Tidjane Thiam                                       David R. Mathers
      Chief Executive Officer                          Chief Financial Officer 
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