CSG - SEC Report

 

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Dated April 11, 2006

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of April 11, 2006

Commission File Number 001-15244

CREDIT SUISSE GROUP
(Translation of registrant's name into English)

Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover 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.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes        No  

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-       

 

CREDIT SUISSE GROUP
Paradeplatz 8
P.O. Box
CH-8070 Zurich
Switzerland

 Telephone   +41 844 33 88 44
Fax               +41 44 333 88 77
media.relations@credit-suisse.com
     
Media Release

Credit Suisse Group presents revised segment financial results to reflect new reporting structure

Zurich, April 11, 2006 Credit Suisse Group today presents its revised segment financial results for the fiscal years 2005, 2004 and 2003 for its Credit Suisse banking business and its Winterthur insurance business. This follows the launch of the integrated global bank on January 1, 2006. These revised segment results reflect the Group’s new reporting structure, effective from the first quarter of 2006. Under the new structure, Credit Suisse Group will have a separate reporting segment for each of its three banking divisions, and a separate and single reporting segment for Winterthur. The revised segment results do not affect the Group’s previously reported consolidated financial results.

Credit Suisse Group confirmed its previously announced 2007 net income target of CHF 8.2 billion, which includes an after-tax cost synergy benefit of CHF 0.2 billion. The Group also provided medium-term income targets for its Investment Banking, Private Banking and Asset Management divisions in connection with the changes in its reporting structure.

The medium-term income targets for Credit Suisse Group’s banking divisions are as follows: in 2007, pre-tax income for Investment Banking is expected to be CHF 4.0 billion, pre-tax income for Private Banking is expected to be CHF 4.6 billion and pre-tax income for Asset Management is expected to be CHF 1.1 billion. These targets include a positive impact from synergies that are expected to arise from the integration strategy.

The revised segment results are available online at www.credit-suisse.com/revisedfinancials

Credit Suisse Group will publish its first-quarter 2006 results on May 2, 2006.

Information
Media Relations Credit Suisse, telephone +41 844 33 88 44, media.relations@credit-suisse.com
Investor Relations Credit Suisse, telephone +41 44 333 71 49, investor.relations@credit-suisse.com

For additional information on Credit Suisse Group’s revised segment results, please refer to the Group’s financial tables and slide presentation for analysts and the press, which are available on the internet at www.credit-suisse.com/revisedfinancials.

Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. Credit Suisse – Credit Suisse Group's banking arm – provides clients worldwide with investment banking, private banking and asset management services. It provides companies, institutional clients and high-net-worth private clients worldwide, as well as retail clients in Switzerland, with specialist advisory services, comprehensive solutions, and innovative products.
Credit Suisse Group also includes Winterthur, a Swiss general insurer with a focus on international business activities. Credit Suisse Group is active in over 50 countries and employs approximately 63,000 people. Credit Suisse Group registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CSR), in New York. Further information about Credit Suisse Group and Credit Suisse can be found at www.credit-suisse.com. Further information about Winterthur can be found at www.winterthur.com.

 

  

Cautionary statement regarding forward-looking information
This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to 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 laws.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, 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 properly implement procedures; (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.

 

  

Presentation of Credit Suisse Group’s revised segment financials via audio webcast and telephone conference

Conference for analysts and investors

Date Tuesday, April 11, 2006
   
Time 11:00 CEST / 10:00 BST / 05:00 EST
   
Venue Credit Suisse, 20 Columbus Courtyard, Canary Wharf, London E14 4DA
  (For attendance by analysts and investors only)
   
Speaker Renato Fassbind, CFO of Credit Suisse Group
   
  The presentation will be held in English with simultaneous interpreting:
  English – German, German – English
   
Webcast (audio) www.credit-suisse.com/revisedfinancials
   
 Telephone Europe :
+41 91 610 5600
  
  UK :
+44 207 107 0611
  
  US :
+1 866 291 4166
  
  Reference: ‘Credit Suisse Group’
     
Q&A session You will have the opportunity to ask questions during the conference following the presentation.
   
Playback Playback available approximately 3 hours after the event at:
  www.credit-suisse.com/revisedfinancials
   
  Telephone replay – available approximately 1 hour after the event; please dial:
   
  Europe: +41 91 612 4330  
  UK: +44 207 108 6233  
  US: +1 866 416 2558  
       
  Presentation followed by analyst/investor Q&A in English: 242#
  Presentation followed by analyst/investor Q&A in German: 112#
   
  Presentation followed by media Q&A in English: 283#
  Presentation followed by media Q&A in German: 146#
   
Note We recommend that you connect approximately 10 minutes before the start of the presentation for the audio webcast and telephone conference. Further instructions and technical test functions are available on our website.

 

Consolidated income statement (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Interest and dividend income 28,338   30,946   40,920   7,735   7,890   7,613   7,708   8,808   10,115   10,437   11,560  
Interest expense (16,637 ) (19,006 ) (29,335 ) (4,663 ) (4,537 ) (4,846 ) (4,960 ) (5,760 ) (6,820 ) (7,624 ) (9,131 )
 
Net interest income 11,701   11,940   11,585   3,072   3,353   2,767   2,748   3,048   3,295   2,813   2,429  
 
Commissions and fees 12,911   13,571   14,610   3,562   3,416   3,305   3,288   3,237   3,481   3,796   4,096  
Trading revenues 3,528   4,561   7,508   1,515   712   933   1,401   1,828   914   2,952   1,814  
Realized gains/(losses) from investment securities, net 1,527   1,143   1,490   525   194   127   297   422   436   370   262  
Insurance net premiums earned 21,234   20,255   20,650   7,247   4,538   4,032   4,438   7,596   4,217   4,359   4,478  
Other revenues 1,369   3,333   4,456   730   1,355   609   639   766   1,585   1,045   1,060  
 
Total noninterest revenues 40,569   42,863   48,714   13,579   10,215   9,006   10,063   13,849   10,633   12,522   11,710  
 
Net revenues 52,270   54,803   60,299   16,651   13,568   11,773   12,811   16,897   13,928   15,335   14,139  
 
Policyholder benefits, claims and dividends 24,024   22,025   23,310   7,740   4,752   4,196   5,337   7,985   4,989   5,550   4,786  
Provision for credit losses 600   78   (140 ) 34   133   38   (127 ) (36 ) (29 ) (48 ) (27 )
 
Total benefits, claims and credit losses 24,624   22,103   23,170   7,774   4,885   4,234   5,210   7,949   4,960   5,502   4,759  
 
expenses 4,397   4,074   4,277   1,024   1,082   1,013   955   1,030   1,007   1,261   979  
Banking compensation and benefits 11,042   11,951   13,971   3,428   3,087   2,802   2,634   3,296   3,098   3,595   3,982  
Other expenses 8,944   8,391   9,664   1,823   1,994   2,075   2,499   1,789   3,038   2,108   2,729  
Goodwill impairment 1,510   0   0   0   0   0   0   0   0   0   0  
Restructuring charges 135   85   4   4   60   13   8   0   1   0   3  
 
Total operating expenses 26,028   24,501   27,916   6,279   6,223   5,903   6,096   6,115   7,144   6,964   7,693  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 1,618   8,199   9,213   2,598   2,460   1,636   1,505   2,833   1,824   2,869   1,687  
 
Income tax expense/(benefit) (14 ) 1,417   1,354   565   435   106   311   627   209   432   86  
Dividends on preferred securities for consolidated entities 133   0   0   0   0   0   0   0   0   0   0  
Minority interests, net of tax (31 ) 1,127   2,030   119   548   205   255   301   708   510   511  
 
Income from continuing operations before extraordinary items and cumulative effect of accounting changes 1,530   5,655   5,829   1,914   1,477   1,325   939   1,905   907   1,927   1,090  
 
Income/(loss) from discontinued operations, net of tax (201 ) (21 ) 7   (47 ) (20 ) 26   20   (9 ) 12   (9 ) 13  
Extraordinary items, net of tax 7   0   0   0   0   0   0   0   0   0   0  
Cumulative effect of accounting changes, net of tax (566 ) (6 ) 14   (6 ) 0   0   0   14   0   0   0  
 
Net income 770   5,628   5,850   1,861   1,457   1,351   959   1,910   919   1,918   1,103  
 

Investment Banking income statement (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net interest income 4,260   4,134   3,372   1,085   1,333   850   866   1,016   1,223   712   421  
 
Commissions and fees 6,080   6,171   6,709   1,616   1,532   1,546   1,477   1,327   1,566   1,832   1,984  
Trading revenues and realized gains/(losses) from                                            
investment securities, net 2,262   2,872   4,931   1,390   120   647   715   1,484   465   1,779   1,203  
Other revenues 422   564   535   67   303   122   72   167   163   78   127  
 
Total noninterest revenues 8,764   9,607   12,175   3,073   1,955   2,315   2,264   2,978   2,194   3,689   3,314  
 
Net revenues 13,024   13,741   15,547   4,158   3,288   3,165   3,130   3,994   3,417   4,401   3,735  
 
Provision for credit losses 167   (34 ) (73 ) (21 ) 80   24   (117 ) (19 ) (1 ) (40 ) (13 )
 
Compensation and benefits 6,881   7,765   8,621   2,332   1,998   1,749   1,686   2,135   1,977   2,373   2,136  
Other expenses 3,958   3,987   5,400   860   957   1,119   1,051   946   1,999   1,129   1,326  
 
Total operating expenses 10,839   11,752   14,021   3,192   2,955   2,868   2,737   3,081   3,976   3,502   3,462  
 
Income/(loss) from continuing operations before
taxes, minority interests, extraordinary items
and cumulative effect of accounting changes		 2,018   2,023   1,599   987   253   273   510   932   (558 ) 939   286  
 
Excluding minority interest revenues/expenses relating primarily to consolidated entities in which the Group does not have a significant economic interest  

Investment Banking revenue disclosure (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Debt underwriting 1,454   1,401   1,484   313   435   368   285   271   411   408   394  
Equity underwriting 783   747   931   244   189   115   199   139   186   263   343  
 
Underwriting 2,237   2,148   2,415   557   624   483   484   410   597   671   737  
 
Advisory and other fees 1,306   1,161   1,475   223   278   332   328   225   369   433   448  
 
Total investment banking 3,543   3,309   3,890   780   902   815   812   635   966   1,104   1,185  
 
Fixed income 5,834   6,191   7,004   2,084   1,183   1,499   1,425   2,116   1,353   1,969   1,566  
Equity 3,345   3,795   4,340   1,206   935   768   886   1,066   912   1,341   1,021  
 
Total trading 9,179   9,986   11,344   3,290   2,118   2,267   2,311   3,182   2,265   3,310   2,587  
 
Other (including loan portfolio) 302   446   313   88   268   83   7   177   186   (13 ) (37 )
 
Net revenues 13,024   13,741   15,547   4,158   3,288   3,165   3,130   3,994   3,417   4,401   3,735  
 
                                             
  12 months                                  
 
                                 
  2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Cost/income ratio 83.2 % 85.5 % 90.2 % 76.8 % 89.9 % 90.6 % 87.4 % 77.1 % 116.4 % 79.6 % 92.7 %
 
Pre-tax margin 15.5 % 14.7 % 10.3 % 23.7 % 7.7 % 8.6 % 16.3 % 23.3 % (16.3 %) 21.3 % 7.7 %
 
Compensation/revenue ratio 52.8 % 56.5 % 55.5 % 56.1 % 60.8 % 55.3 % 53.9 % 53.5 % 57.9 % 53.9 % 57.2 %
 
Average economic risk capital, in CHF m     10,922   13,246   10,708   11,109   11,297   10,852   11,221   12,708   14,229   15,109  
Pre-tax return on average economic risk capital 1)      20.9 % 14.7 % 39.1 % 11.3 % 13.3 % 20.3 % 35.8 % (15.2 %) 28.9 % 10.3 %
 
1) Calculated using a return excluding  funding costs for allocated  goodwill

Private Banking income statement (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net interest income 3,651   3,651   3,716   919   914   911   907   922   924   946   924  
 
Commissions and fees 4,846   5,434   5,812   1,479   1,359   1,277   1,319   1,403   1,364   1,510   1,535  
Trading revenues and realized gains/(losses) from investment securities, net 475   629     793   92     325   101   111     167   168   222   236  
Other revenues 274   238   174   72   52   46   68   47   68   38   21  
 
Total noninterest revenues 5,595   6,301   6,779   1,643   1,736   1,424   1,498   1,617   1,600   1,770   1,792  
 
Net revenues 9,246   9,952   10,495   2,562   2,650   2,335   2,405   2,539   2,524   2,716   2,716  
 
Provision for credit losses 404   116   (71 ) 55   51   18   (8 ) (16 ) (28 ) (6 ) (21 )
 
Compensation and benefits 3,247   3,155   3,588   867   871   770   647   906   876   918   888  
Other expenses 2,900   2,966   3,012   689   755   731   791   675   747   767   823  
Restructuring charges 12   (2 ) 0   (2 ) 0   0   0   0   0   0   0  
 
Total operating expenses 6,159   6,119   6,600   1,554   1,626   1,501   1,438   1,581   1,623   1,685   1,711  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes     2,683           3,717           3,966           953           973           816           975           974           929           1,037           1,026      
 
 
  12 months                                  
 
                                 
  2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Cost/income ratio 66.6 % 61.5 % 62.9 % 60.7 % 61.4 % 64.3 % 59.8 % 62.3 % 64.3 % 62.0 % 63.0 %
 
Pre-tax margin 29.0 % 37.3 % 37.8 % 37.2 % 36.7 % 34.9 % 40.5 % 38.4 % 36.8 % 38.2 % 37.8 %
 
Net new assets, in CHF bn 16.1   36.8   50.4   14.8   10.1   4.9   7.0   14.1   8.6   18.8   8.9  
 
Average economic risk capital, in CHF m     4,718   4,714   4,726   4,748   4,755   4,677   4,655   4,727   4,741   4,743  
Pre-tax return on average economic risk capital 1)      79.8 % 85.5 % 81.6 % 82.9 % 69.9 % 84.5 % 84.8 % 79.8 % 88.9 % 88.2 %
 
1) Calculated using a return excluding  funding costs for allocated  goodwill

Wealth Management income statement (unaudited)

  12 months                        
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net interest income 1,333   1,569   1,625   380   388   397   404   411   401   417   396  
 
Total noninterest revenues 4,688   5,083   5,500   1,417   1,326   1,134   1,206   1,294   1,287   1,447   1,472  
 
Net revenues 6,021   6,652   7,125   1,797   1,714   1,531   1,610   1,705   1,688   1,864   1,868  
 
Provision for credit losses 13   (5 ) 25   7   (9 ) (1 ) (2 ) 3   16   4   2  
 
Compensation and benefits 2,103   2,071   2,367   584   562   493   432   589   575   607   596  
Other expenses 1,888   2,007   2,072   478   509   484   536   470   503   532   567  
Restructuring charges 12   (3 ) 0   (2 ) 0   (1 ) 0   0   0   0   0  
 
Total operating expenses 4,003   4,075   4,439   1,060   1,071   976   968   1,059   1,078   1,139   1,163  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 2,005 2,582   2,661   730   652   556   644   643   594   721   703  
 

  12 months                                  
 
                                 
  2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Cost/income ratio 66.5 % 61.3 % 62.3 % 59.0 % 62.5 % 63.7 % 60.1 % 62.1 % 63.9 % 61.1 % 62.3 %
 
Pre-tax margin 33.3 % 38.8 % 37.3 % 40.6 % 38.0 % 36.3 % 40.0 % 37.7 % 35.2 % 38.7 % 37.6 %
 
Net new assets, in CHF bn 15.4   31.4   42.8   12.5   9.2   3.5   6.2   11.1   8.1   16.8   6.8  
 
Gross margin on assets under management     117.4 bp 112.6 bp 129.5 bp 120.3 bp 107.2 bp 112.9 bp 117.2 bp 110.0 bp 114.3 bp 109.4 bp
 
Net margin (pre-tax) on assets under management     45.6 bp 42.0 bp 52.6 bp 45.8 bp 38.9 bp 45.1 bp 44.2 bp 38.7 bp 44.2 bp 41.2 bp
 

Corporate & Retail Banking income statement (unaudited)

  12 months                      
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net interest income 2,319   2,082   2,092   538   527   514   503   512   523   529   528  
 
Total noninterest revenues 906   1,217   1,278   227   409   290   291   323   313   323   319  
 
Net revenues 3,225   3,299   3,370   765   936   804   794   835   836   852   847  
 
Provision for credit losses 391   122   (96 ) 48   60   20   (6 ) (19 ) (44 ) (10 ) (23 )
 
Compensation and benefits 1,144   1,083   1,221   283   309   277   214   318   301   311   291  
Other expenses 1,012   959   940   211   246   247   255   205   243   235   257  
 
Total operating expenses 2,156   2,042   2,161   494   555   524   469   523   544   546   548  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 678   1,135   1,305   223   321   260   331   331   336   316   322  
 
                     
  12 months                  
 
                                 
  2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Cost/income ratio 66.9 % 61.9 % 64.1 % 64.6 % 59.3 % 65.2 % 59.1 % 62.6 % 65.1 % 64.1 % 64.7 %
 
Pre-tax margin 21.0 % 34.4 % 38.7 % 29.2 % 34.3 % 32.3 % 41.7 % 39.6 % 40.2 % 37.1 % 38.0 %
 
Net new assets, in CHF bn 0.7   5.4   7.6   2.3   0.9   1.5   0.7   3.0   0.4   2.0   2.2  
 
Average economic risk capital, in CHF m     3,271   3,122   3,275   3,287   3,299   3,245   3,168   3,161   3,167   3,041  
Pre-tax return on average economic risk capital 1)      34.8 % 41.9 % 27.3 % 39.1 % 31.7 % 40.9 % 41.8 % 42.6 % 40.0 % 42.4 %
 
1) Calculated using a return excluding  funding costs for allocated  goodwill

Asset Management income statement (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net interest income (33 ) (53 ) (68 ) (3 ) (12 ) (16 ) (22 ) (13 ) (14 ) (19 ) (22 )
 
Commisions and fees 1,988   2,020   2,076   495   514   495   516   524   498   515   539  
Trading revenues and realized gains/(losses) from investment securities, net 33   45   41   14   12   9   10   7   16   8   10  
Other revenues 220   536   752   108   326   41   61   96   282   144   230  
 
Total noninterest revenues 2,241   2,601   2,869   617   852   545   587   627   796   667   779  
 
Net revenues 2,208   2,548   2,801   614   840   529   565   614   782   648   757  
 
Compensation and benefits 830   948   947   208   212   237   291   225   217   253   252  
Other expenses 1,091   784   848   188   185   200   211   181   208   195   264  
   of which commission expenses 330   308   295   82   69   81   76   63   79   67   86  
 
Total operating expenses 1,921   1,732   1,795   396   397   437   502   406   425   448   516  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 287   816   1,006   218   443   92   63   208   357   200   241  
 
Excluding minority interest revenues/expenses relating primarily to consolidated entities in which the Group does not have a significant economic interest

Asset Management revenue disclosure (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Asset management and administrative revenues 1,722   1,772   1,909   446   436   420   470   472   476   459   502  
Private equity commission income 263   256   194   65   70   76   45   57   40   50   47  
 
Net revenues before private equity gains 1,985   2,028   2,103   511   506   496   515   529   516   509   549  
 
Private equity gains 223   520   698   103   334   33   50   85   266   139   208  
 
Net revenues 2,208   2,548   2,801   614   840   529   565   614   782   648   757  
 
                                             
  12 months                                  
 
                                 
  2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Cost/income ratio 87.0 % 68.0 % 64.1 % 64.5 % 47.3 % 82.6 % 88.8 % 66.1 % 54.3 % 69.1 % 68.2 %
 
Pre-tax margin 13.0 % 32.0 % 35.9 % 35.5 % 52.7 % 17.4 % 11.2 % 33.9 % 45.7 % 30.9 % 31.8 %
 
Net new assets (9.8 ) 0.7   19.6   0.6   2.6   0.6   (3.1 ) 3.9   11.4   5.1   (0.8 )
 
   of which private equity 0.8   (9.1 ) 4.6   (0.7 ) (2.9 ) (3.1 ) (2.4 ) 0.1   1.7   1.5   1.3  
 
Gross margin on assets under management     54.6 bp 54.5 bp 52.9 bp 71.4 bp 45.3 bp 48.6 bp 52.1 bp 62.8 bp 49.4 bp 54.0 bp
 
management     13.2 bp 15.1 bp 14.6 bp 28.5 bp 6.2 bp 3.4 bp 13.9 bp 21.8 bp 11.9 bp 13.4 bp
 
Average economic risk capital, in CHF m     961   1,118   1,010   971   955   926   939   1,046   1,191   1,311  
Pre-tax return on average economic risk capital     92.1 % 98.0 % 92.5 % 189.0 % 46.8 % 34.4 % 97.1 % 143.7 % 75.2 % 82.1 %
 
1) Calculated using a return excluding  funding costs for allocated  goodwill

Winterthur income statement (unaudited)
  12 months                  
 
                 
in CHF m 2003    2004    2005    1Q2005    2Q2005    3Q2005    4Q2005   
 
Gross premiums written 21,822   20,740   20,949   9,955   3,776   3,561   3,657  
 
Net premiums earned 21,234   20,254   20,651   7,489   4,324   4,360   4,478  
 
gains/(losses) 6,553   6,883   8,196   1,852   2,020   2,601   1,723  
Other revenues, including fees 260   517   619   144   165   130   180  
 
Net revenues 28,047   27,654   29,466   9,485   6,509   7,091   6,381  
 
Policyholder benefits incurred 20,314   19,292   19,328   7,196   3,761   4,258   4,113  
balances 1,452   1,453   2,452   324   661   1,116   351  
Dividends to policyholders incurred 2,258   1,281   1,482   464   552   138   328  
Provision for credit losses 23   (6 ) 5   (2 ) 2   (3 ) 8  
 
Total benefits, claims, dividends and credit losses 24,047   22,020   23,267   7,982   4,976   5,509   4,800  
 
Insurance underwriting and acquisition expenses 2,190   1,969   2,169   497   501   713   458  
Administration expenses 2,214   2,117   2,099   529   502   549   519  
Other expenses 901   541   336   58   93   67   118  
Goodwill impairment 1,510   0   0   –   –   –   –  
Restructuring charges 122   88   5   1   0   0   4  
 
Total operating expenses 6,937   4,715   4,609   1,085   1,096   1,329   1,099  
 
Income/(loss) from continuing operations before              
taxes, minority interests and cumulative effect of              
accounting changes (2,937 ) 919   1,590   418   437   253   482  
Income tax expense/(benefit) (1,234 ) 125   446   132   180   (63 ) 197  
Minority interests (47 ) 46   82   25   16   21   20  
 
Income/(loss) from continuing operations before              
cumulative effect of accounting changes (1,656 ) 748   1,062   261   241   295   265  
 
Income/(loss) from discontinued operations, net of tax (220 ) (21 ) 6   (10 ) 12   (9 ) 13  
Cumulative effect of accounting changes, net of tax (533 ) 1   0   –   –   –   –  
 
Net income/(loss) (2,409 ) 728   1,068   251   253   286   278  
 
Total business volume 26,900   27,219   28,016   11,450   5,437   5,446   5,683  
 
Return on equity, in % (0.3 %) 9.1 % 11.9 % 12.0 % 11.3 % 11.9 % 11.4 %
 
Shareholders's equity 7,766   8,242   9,695   8,506   9,433   9,744   9,695  
 

Life & Pensions income statement (unaudited)

  12 months                  
 
                 
in CHF m  2003    2004    2005    1Q2005    2Q2005   3Q2005   4Q200  
 
Gross premiums written 12,900   11,940   12,221   5,428   2,234   2,226   2,333  
 
Net premiums earned 12,774   11,843   12,146   5,391   2,210   2,212   2,333  
 
gains/(losses) 5,856   6,086   7,473   1,666   1,844   2,395   1,568  
Other revenues, including fees 305   537   536   138   134   120   144  
 
Net revenues 18,935   18,466   20,155   7,195   4,188   4,727   4,045  
 
Total benefits, claims, dividends and credit losses 17,599   15,854   17,367   6,494   3,525   3,938   3,410  
 
Insurance underwriting and acquisition expenses 752   550   730   149   148   332   101  
Administration expenses 1,093   1,017   1,014   255   232   252   275  
Other expenses (incl. restructuring and goodwill imp.) 1,732   108   142   22   44   32   44  
 
Total operating expenses 3,577   1,675   1,886   426   424   616   420  
 
Income/(loss) from continuing operations before              
taxes, minority interests and cumulative effect of              
accounting changes (2,241 ) 937   902   275   239   173   215  
 
Total business volume 17,914   18,359   19,270   6,920   3,890   4,108   4,352  
 
Expense ratio 10.3 % 8.5 % 9.1 % 5.8 % 9.8 % 14.2 % 8.6 %
 

Non-Life income statement (unaudited)

  12 months                  
 
                 
in CHF m 2003   2004   2005   1Q2005   2Q2005   3Q2005   4Q2005  
 
Gross premiums written 8,880   8,782   8,726   4,522   1,545   1,324   1,335  
 
Net premiums earned 8,253   8,296   8,369   2,067   2,075   2,113   2,114  
gains/(losses) 717   724   716   203   155   215   143  
 
Other revenues, including fees 2   62   128   16   46   27   39  
 
Net revenues 8,972   9,082   9,213   2,286   2,276   2,355   2,296  
 
Total benefits, claims, dividends and credit losses 6,125   5,882   5,812   1,447   1,439   1,543   1,383  
 
Insurance underwriting and acquisition expenses 1,411   1,404   1,406   348   347   374   337  
Administration expenses 947   944   918   223   220   247   228  
Other expenses (incl. restructuring) 195   152   91   (4 ) 35   18   42  
 
Total operating expenses 2,553   2,500   2,415   567   602   639   607  
 
Income from continuing operations before                            
taxes, minority interests and cumulative                            
effect of accounting changes 294   700   986   272   235   173   306  
 
Combined ratio 101.7 % 98.2 % 96.0 % 96.7 % 95.6 % 101.2 % 90.5 %
 
– Claims ratio 73.1 % 69.9 % 68.2 % 69.1 % 68.3 % 71.8 % 63.8 %
 
– Expense ratio 28.6 % 28.3 % 27.8 % 27.6 % 27.3 % 29.4 % 26.7 %
 

Other Activities income statement (unaudited)

  12 months                  
 
                 
in CHF m 2003   2004   2005   1Q2005   2Q2005   3Q2005   4Q2005  
 
Gross premiums written 324   242   227   192   7   27   1  
 
Net premiums earned 208   120   133   31   40   33   29  
 
Net revenues 257   170   158   32   35   42   49  
 
Total benefit claims, dividends and credit losses 319   283   87   42   11   28   6  
 
Total operating expenses 655   400   176   49   28   35   64  
 
Income/(loss) from continuing operations before                            
taxes, minority interests and cumulative effect of                            
accounting changes (717 ) (513 ) (105 ) (59 ) (4 ) (21 ) (21 )
 

Winterthur Corporate Center income statement (unaudited)

  12 months                  
 
                 
in CHF m 2003   2004   2005   1Q2005   2Q2005   3Q2005   4Q2005  
 
Gross premiums written (282 ) (224 ) (225 ) (187 ) (10 ) (16 ) (12 )
 
Net premiums earned (1 ) (5 ) 3   0   (1 ) 2   2  
 
Net revenues (117 ) (64 ) (60 ) (28 ) 10   (33 ) (9 )
 
Total benefit claims, dividends and credit losses 4   1   1   (1 ) 1   0   1  
 
Total operating expenses 152   140   132   43   42   39   8  
 
Income/(loss) from continuing operations before                            
taxes, minority interests and cumulative effect of                            
accounting changes (273 ) (205 ) (193 ) (70 ) (33 ) (72 ) (18 )
 

Corporate Center income statement (unaudited)

  12 months                                  
 
                                 
in CHF m 2003   2004   2005   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Net revenues (255 ) 908   1,990   96   580   179   53   265   696   479   550  
 
Policyholder benefits, claims and dividends 0   (1 ) 48   0   0   0   (1 ) 1   15   38   (6 )
Provision for credit losses 6   2   (1 ) 1   1   0   0   1   (2 ) 1   (1 )
 
Total benefits, claims and credit losses 6   1   47   1   1   0   (1 ) 2   13   39   (7 )
 
expenses (7 ) (12 ) 9   (3 ) (2 ) (6 ) (1 ) 4   4   (1 ) 2  
Banking compensation and benefits 84   83   815   21   6   46   10   30   28   51   706  
Other expenses 94   113   68   (10 ) 76   (11 ) 58   (71 ) (9 ) (50 ) 198  
Restructuring charges 1   (1 ) (1 ) 0   0   (1 ) 0   (1 ) 1   0   (1 )
 
Total operating expenses 172   183   891   8   80   28   67   (38 ) 24   0   905  
 
Income/(loss) from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes (433 ) 724   1,052   87   499   151   (13 ) 301   659   440   (348 )
 

Overview of segment results (unaudited)

                      Credit  
  Investment   Private   Asset       Corporate   Suisse  
2005, in CHF m Banking   Banking   Management   Winterthur   Center   Group  
 
Net revenues 15,547   10,495   2,801   29,466   1,990   60,299  
 
Policyholder benefits, claims and dividends –   –   –   23,262   48   23,310  
Provision for credit losses (73 ) (71 ) 0   5   (1 ) (140 )
 
Total benefits, claims and credit losses (73 ) (71 ) 0   23,267   47   23,170  
 
Insurance underwriting, acquisition and administration expenses –   –   –   4,268   9   4,277  
Banking compensation and benefits 8,621   3,588   947   –   815   13,971  
Other expenses 5,400   3,012   848   336   68   9,664  
Restructuring charges 0   0   0   5   (1 ) 4  
 
Total operating expenses 14,021   6,600   1,795   4,609   891   27,916  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 1,599   3,966   1,006   1,590   1,052   9,213  
 
Income tax expense/(benefit)                     1,354  
Minority interests, net of tax                     2,030  
 
Income from continuing operations before extraordinary items and cumulative effect of accounting changes                     5,829  
 
Income/(loss) from discontinued operations, net of tax                     7  
Cumulative effect of accounting changes, net of tax                     14  
 
Net income                     5,850  
 

                      Credit  
  Investment   Private   Asset       Corporate   Suisse  
2004, in CHF m Banking   Banking   Management   Winterthur   Center   Group  
 
Net revenues 13,741   9,952   2,548   27,654   908   54,803  
 
Policyholder benefits, claims and dividends –   –   –   22,026   (1 ) 22,025  
Provision for credit losses (34 ) 116   0   (6 ) 2   78  
 
Total benefits, claims and credit losses (34 ) 116   0   22,020   1   22,103  
 
Insurance underwriting, acquisition and administration expenses –   –   –   4,086   (12 ) 4,074  
Banking compensation and benefits 7,765   3,155   948   –   83   11,951  
Other expenses 3,987   2,966   784   541   113   8,391  
Restructuring charges 0   (2 ) 0   88   (1 ) 85  
 
Total operating expenses 11,752   6,119   1,732   4,715   183   24,501  
 
Income from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes 2,023   3,717   816   919   724   8,199  
 
Income tax expense/(benefit)                     1,417  
Minority interests, net of tax                     1,127  
 
Income from continuing operations before extraordinary items and cumulative effect of accounting changes                     5,655  
 
Income/(loss) from discontinued operations, net of tax                     (21 )
Cumulative effect of accounting changes, net of tax                     (6 )
 
Net income                     5,628  
 

                      Credit  
  Investment   Private   Asset       Corporate   Suisse  
2003, in CHF m Banking   Banking   Management   Winterthur   Center   Group  
 
Net revenues 13,024   9,246   2,208   28,047   (255 ) 52,270  
 
Policyholder benefits, claims and dividends –   –   –   24,024   0   24,024  
Provision for credit losses 167   404   0   23   6   600  
 
Total benefits, claims and credit losses 167   404   0   24,047   6   24,624  
 
Insurance underwriting, acquisition and administration expenses –   –   –   4,404   (7 ) 4,397  
Banking compensation and benefits 6,881   3,247   830   –   84   11,042  
Other expenses 3,958   2,900   1,091   901   94   8,944  
Goodwill impairment 0   0   0   1,510   0   1,510  
Restructuring charges 0   12   0   122   1   135  
 
Total operating expenses 10,839   6,159   1,921   6,937   172   26,028  
 
Income/(loss) from continuing operations before taxes,
minority interests, extraordinary items and cumulative
effect of accounting changes		 2,018   2,683   287   (2,937 ) (433 ) 1,618  
 
Income tax expense/(benefit)                   (14 )
Dividends on preferred securities for consolidated entities                   133  
Minority interests, net of tax                   (31 )
 
Income from continuing operations before extraordinary
items and cumulative effect of accounting changes		                   1,530  
 
Income/(loss) from discontinued operations, net of tax               (201 )
Extraordinary items, net of tax                   7  
Cumulative effect of accounting changes, net of tax                   (566 )
 
Net income                   770  
 

Assets under management

in CHF bn 31.12.03   31.03.04   30.06.04   30.09.04   31.12.04   31.03.05   30.06.05   30.09.05   31.12.05  
 
Investment Banking 12.9   17.6   16.3   16.5   15.2   16.1   14.2   14.4   14.5  
Private Banking 654.4   691.0   688.5   694.5   691.5   724.5   763.7   812.6   837.6  
   Wealth Management 539.0   571.0   568.6   573.4   567.8   596.1   631.7   673.3   693.3  
   Corporate & Retail Banking 115.4   120.0   119.9   121.1   123.7   128.4   132.0   139.3   144.3  
Asset Management 454.7   474.8   466.9   467.7   462.5   480.6   515.4   533.3   589.4  
Winterthur 139.2   144.4   142.7   141.2   139.6   144.7   149.9   152.9   153.3  
 
Less assets managed on behalf of other segments (80.1 ) (86.5 ) (87.1 ) (87.7 ) (88.1 ) (94.3 ) (102.0 ) (108.6 ) (110.5 )
 
Credit Suisse Group 1,181.1   1,241.3   1,227.3   1,232.2   1,220.7   1,271.6   1,341.2   1,404.6   1,484.3  
 
   of which discretionary 585.9   618.9   608.4   608.2   595.8   620.7   662.4   684.9   742.5  
   of which advisory 595.2   622.4   618.9   624.0   624.9   650.9   678.8   719.7   741.8  
 

Net new assets

in CHF bn 2003   1Q2004   2Q2004   3Q2004   4Q2004   1Q2005   2Q2005   3Q2005   4Q2005  
 
Investment Banking 1.5   1.8   (0.6 ) 0.2   0.2   (0.5 ) (1.5 ) 0.0   0.0  
Private Banking 16.1   14.8   10.1   4.9   7.0   14.1   8.6   18.8   8.9  
   Wealth Management 15.4   12.5   9.2   3.4   6.3   11.1   8.1   16.8   6.8  
   Corporate & Retail Banking 0.7   2.3   0.9   1.5   0.7   3.0   0.5   2.0   2.1  
Asset Management (9.8 ) 0.6   2.6   0.6   (3.1 ) 3.9   11.4   5.1   (0.8 )
Winterthur (0.3 ) 2.1   0.1   0.4   (1.4 ) 2.8   0.3   0.3   (0.2 )
 
Less net new assets managed on behalf of other segment (2.5 ) (3.7 ) (3.1 ) (1.4 ) 0.8   (4.9 ) (2.6 ) (5.2 ) (0.1 )
 
Credit Suisse Group 5.0   15.6   9.1   4.7   3.5   15.4   16.2   19.0   7.8  
 

Client assets

in CHF bn 31.12.03   31.03.04   30.06.04   30.09.04   31.12.04   31.03.05   30.06.05   30.09.05   31.12.05  
 
Investment Banking 84.6   97.9   94.8   95.7   95.1   104.5   112.6   108.3   69.6  
Private Banking 737.7   777.6   780.2   779.4   780.0   814.8   866.9   921.1   951.9  
Asset Management 460.7   480.7   472.6   473.4   468.5   486.8   521.7   539.9   596.0  
Winterthur 139.2   144.4   142.7   141.2   139.6   144.7   149.9   152.9   153.3  
 
Less client assets managed on behalf of other segments (80.1 ) (86.5 ) (87.1 ) (87.7 ) (88.1 ) (94.3 ) (102.0 ) (108.6 ) (110.5 )
 
Credit Suisse Group 1,342.1   1,414.1   1,403.2   1,402.0   1,395.1   1,456.5   1,549.1   1,613.6   1,660.3  
 

Reporting and targets under new
structure

London

April 11, 2006

Renato Fassbind, CFO Credit Suisse Group

 

Disclaimer

Cautionary statement regarding forward-looking information

This presentation contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.

Forward-looking statements involve inherent risks and uncertainties, and we
might not be able to achieve the predictions, forecasts, projections and other
outcomes we describe or imply in forward-looking statements.

A number of important factors could cause results to differ materially from the
plans, objectives, expectations, estimates and intentions we express in these
forward-looking statements, including those we identify in
"Risk Factors" in our Annual Report on Form 20-F for the fiscal year
ended December 31, 2005 filed with the US Securities and Exchange
Commission, and in other public filings and press releases.

We do not intend to update these forward-looking statements except as may be
required by applicable laws.

 

Agenda

Introduction

Transition of 2005 results and 2007 net income targets to current reporting
format

Economic Risk Capital (ERC)

Tier 1 ratio and Basel II implementation

 

Reporting structure from January 1, 2006

 Reporting

Segments

Investment
Banking

Private
Banking

Asset
Management

Winterthur

Corporate

Center

Additional
business
information

Credit Suisse Group

Asset Mgmt
revenues

Private equity
commissions and
fees

Private equity
gains

Life & Pensions

Additional
revenue
disclosure:

Wealth

Management

Corporate &
Retail Banking

Additional
revenue
disclosure:

Non-Life

Other Activities

Corporate
Center/
Eliminations

Underwriting

Advisory

Trading

Other

 

Banking business realignments
Overview

Private Banking,
Corporate & Retail
Banking

Wealth & Asset
Management

Trading execution

Discretionary mandates

Alternative Investments

Private client services (US)

Private
Banking

Asset
Management

Institutional Securities

Investment
Banking

Segments
during 2005

Segments
from January 2006

Small/mid-sized
pension funds (CH)

Private funds group

 

Banking business realignments
Description                                                                                                                                                                             (1/2)

Trading
execution

Swiss-based trading execution and secondary
trading activities (equity, fixed income, foreign
exchange, precious metals)

Discretionary
mandates

Portfolio management private client mandates to
be combined with capabilities for institutional
mandates in Asset Management

Alternative
Investments

Product origination, structuring and management
activities reported/managed within Asset
Management

Marketing and sales activities remain within
Private Banking

Investment
Banking

Asset
Management

Asset
Management

Now reported
within

 

Banking business realignments
Description                                                                                                                                                                            (2/2)

Private client
services

US-based advisory business serving high-net-
worth individuals and corporate investors with a
wide range of proprietary and third-party
investment management products and services

Small/mid-sized
pension funds

Small and medium-size Swiss institutional
pension fund clients managed and reported
within Corporate & Retail Banking business

Private funds
group

Raises capital on behalf of third-party and own
managed hedge funds, private equity funds and
real estate funds

Private Banking
(Wealth Management
business)

Private Banking
(Corporate & Retail
Banking business)

Investment
Banking

Now reported
within

 

Changes implemented with new reporting structure
Minority interests, internal commissions and other items

Minority
interests

Minority interest results relating primarily to entities in which the Group is
considered to have a controlling interest, but has no significant economic
interest, are reported as an accounting adjustment in Corporate Center

Internal
commissions

Internal commission payments were accounted for gross in Wealth & Asset
Management and are now netted against revenues in Asset Management

Segments will be managed and reported on a pre-tax basis

Taxes, minority interests, extraordinary items, discontinued operations and
cumulative effect of accounting changes will be reported on a consolidated
group level

Other items

 

Unchanged financial targets for 2007

Includes CHF 0.2 bn after-tax cost synergies from banking integration

Segment contribution revised to reflect current reporting structure

Pre-tax income

4.0

4.6

1.1

1.7

(0.3)

> 11.1

(2.9)

> 8.2

Investment
Banking

Private
Banking

Asset
Management

Winterthur

Corporate
Center

Pre-tax income
Credit Suisse
Group

Taxes,
minority
interests

Net income
Credit Suisse

Group

in CHF bn

 

Agenda

Introduction

Transition of 2005 results and 2007 net income targets to current
reporting format

Economic Risk Capital (ERC)

Tier 1 ratio and Basel II implementation

 

Private Banking and Corporate & Retail Banking become one
segment

Private
Banking
Segment

 

 

Corporate
& Retail
Banking
Segment

Private Banking

Segment

01.01.2006

Wealth
Management

Corporate
& Retail
Banking

Business

transfers

 

= Transfers in / out

in

out

/

Transition from former Private Banking and Corporate & Retail
Banking segments to Private Banking segment

1)

1) Target for 2007

2) Calculated using a return excluding funding costs for allocated goodwill

Net revenues

7.7

 3.5

(0.7)

10.5

Total operating expenses

4.4

2.2

–

6.6

Pre-tax income

3.3

1.4

(0.7)

4.0

> 4.6

Cost/income ratio in %

57.3

63.2

62.9

Pre-tax margin in %

42.3

39.6

37.8

Pre-tax return on average ERC in %2)

–

–

85.5

Average ERC in CHF m

–

–

4,714

Assets under Mgmt in CHF bn

659.3

57.8

120.5

837.6

Net new assets in CHF bn

42.7

2.0

5.7

50.4

Corporate

Medium-

2005

Private

& Retail

Private

term

in CHF bn, except where indicated

Banking

Banking

in/out

Banking

target

 

= Transfers in / out

TE = Trading execution; PCS = Private client services

in

out

/

Transition from former Private Banking segment to Wealth
Management business

1) Target for 2007

1)

Net revenues

7.7

(0.4)

0.3

(0.5)

7.1

Total operating expenses

4.4

(0.2)

0.4

(0.2)

4.4

Pre-tax income

3.3

(0.2)

(0.1)

(0.3)

2.7

> 3.3

Cost/income ratio in %

57.3

62.3

Pre-tax margin in %

42.3

37.3

> 40

Gross margin in bp

129.2

112.6

Net margin (pre-tax) in bp

54.7

42.0

Assets under Mgmt in CHF bn

659.3

–

74.0

(40.0)

693.3

Net new assets in CHF bn

42.7

–

6.8

(6.7)

42.8

Net new assets in % of AuM

7.9

7.5

> 6

Medium-

2005

Private

TE

PCS

other

Wealth

term

in CHF bn, except where indicated

Banking

out

in

in/out

Mgmt

target

 

Change to gross margin

2005 Private
Banking

Trading
execution

Private client
services

Other

Wealth
Management

business

129.2

(6.4)

(9.0)

(1.3)

112.6

in basis points

(4.4)

4.5

Discretionary
mandates

Alternative
Investments

out

out

out

in

in/out

 

= Transfers in / out

in

out

/

Transition from former Corporate & Retail Banking segment to
Corporate & Retail Banking business

1)

TE = Trading execution

1) Target for 2007

2) Calculated using a return excluding funding costs for allocated goodwill

Net revenues

3.5

(0.2)

0.1

3.4

Total operating expenses

2.2

(0.1)

0.1

2.2

Pre-tax income

1.4

(0.1)

 0.0

1.3

> 1.3

Cost/income ratio in %

63.2

64.1

Pre-tax margin in %

39.6

38.7

> 35

Pre-tax return on average ERC in % 2)

–

41.9

> 35

Average ERC in CHF m

–

3,122

Assets under Mgmt in CHF bn

57.8

–

86.5

144.3

Net new assets in CHF bn

2.0

–

5.6

7.6

Corporate

Corporate

Medium-

2005

& Retail

TE

other

& Retail

term

in CHF bn, except where indicated

Banking

out

in/out

Banking

target

 

= Transfers in / out

in

out

/

1) Excluding CHF 379 m in minority interest revenues and
CHF 8 m in minoritiy interest expenses relating primarily to the FIN 46R consolidation
2) Excluding the charge to increase the reserve for certain private litigation of CHF 960 m before tax
3) Target for 2007
4) Calculated using a return excluding funding costs for allocated goodwill

Transition from former Institutional Securities segment to
Investment Banking segment

TE = Trading execution

3)

1)

Net revenues

14.7

0.6

0.2

15.5

Total operating expenses 2)

12.7

0.3

0.1

13.1

Pre-tax income 2)

2.1

0.3

0.2

2.6

> 4.0

Cost/income ratio in % 2)

86.1

84.0

Comp/revenue ratio in %

56.1

55.5

Pre-tax margin in % 2)

14.4

16.5

> 20

Pre-tax return on average ERC in % 2) 4)

–

21.9

> 25

Average ERC in CHF m

–

13,246

Medium-

2005

Institutional

TE

other

Investment

term

in CHF bn, except where indicated

Securities

in

in/out

Banking

target

 

= Transfers in / out

in

out

/

1) Excluding CHF 1,695 m in minority interest revenues
and CHF 24 m in minoritiy interest expenses
relating primarily to the FIN 46R consolidation
2) Target for 2007

Transition from former Wealth & Asset Management segment to
Asset Management segment

PCS = Private client services

2)

1)

Net revenues

3.5

(0.3)

(0.4)

2.8

Total operating expenses

2.7

(0.4)

(0.5)

1.8

Pre-tax income

0.8

 0.1

0.1

1.0

> 1.1

Cost/income ratio in %

75.2

64.1

Pre-tax margin in %

24.8

35.9

> 35

Assets under Mgmt in CHF bn

608.8

(74.0)

54.6

589.4

Net new assets in CHF bn

11.5

(6.8)

14.9

19.6

Net new assets in % of AuM

2.4

4.2

Wealth

Medium-

2005

& Asset

PCS

other

Asset

term

in CHF bn, except where indicated

Mgmt

out

in/out

Mgmt

target

 

Asset Management - additional revenue disclosure

Private equity investments are an integral part of the business, albeit lumpy and
cyclical

2005 gains to be considered at a high level of the cycle

At year-end 2005, CHF 26 bn of external private equity funds under management
and CHF 1.3 bn of direct private equity investments

Asset management revenues

1,909

1,772

1,722

Private equity commissions and fees

194

256

263

Net revenues before private equity gains

2,103

2,028

1,985

Private equity gains

698

520

223

Net revenues

2,801

2,548

2,208

in CHF m

2005

2004

2003

 

1) Excluding CHF 2,074 m in minority interest revenues and
CHF 32 m in minoritiy interest expenses relating primarily to the FIN 46R consolidation
2) Excluding the charge of CHF 630 m for the change  in treatment for share-based compensation awards

Transition from former Corporate Center & Adjustments to Corporate
Center

Pre-tax income 1) 2)

(0.5)

0.1

(0.4)

(0.3)

Corporate

2005

Center &

other

Corporate

2007

in CHF bn, except where indicated

Adjustments

in/out

Center

Target

 

Winterthur becomes one segment

Life &
Pension
Segment

Non-Life
Segment

   Winterthur

Segment

01.01.2006

 

Winterthur

Winterthur’s businesses
as of January 1, 2006

Life and pension
operations in
Europe and Asia

Long-term German
health business

Motor, property,
liability, accident
and non-German
health operations
in Europe and the
US

Closed Portfolio
Management
(centrally managed
portfolios in
run-off)

Centrally managed  
reinsurance

Winterthur corporate
center costs

Financing costs

Eliminations and  
adjustments

Corporate Center/

Eliminations

Other
Activities

Non-Life

Life &
Pensions

 

NL = Non-Life; OA = Other Activities; CC/E = Winterthur Corporate Center/Eliminations

Transition from former Life & Pensions segment
to Life & Pensions business

Net revenues

18.2

2.0

–

–

20.2

Total benefits, claims and dividends

15.6

1.8

–

–

17.4

Total operating expenses

1.9

0.1

–

(0.1)

1.9

Income from continuing operations

before taxes

0.7

0.1

–

0.1

0.9

Total business volume

17.7

19.3

Expense ratio in %

9.9

9.0

Investment return in %

4.9

4.9

2005

Life &

NL

OA

CC/E

Life &

in CHF bn, except where indicated

Pensions

in

out

in/out

Pensions

 

1) Reclassifications mainly related to discontinued operations of individual
health business Switzerland

Transition from former Non-Life segment
to Non-Life business

LP = Life & Pensions; OA = Other Activities;
CC/E = Winterthur Corporate Center/Eliminations

1)

Gross premiums written

10.7

(0.3)

(1.6)

(0.2)

0.1

8.7

Net revenues

11.7

(0.4)

(2.0)

(0.1)

–

9.2

Total benefits, claims and dividends

7.9

(0.2)

(1.8)

(0.1)

–

5.8

Total operating expenses

2.9

(0.2)

(0.1)

(0.1)

(0.1)

2.4

Income from continuing operations

  before taxes

0.9

–

(0.1)

0.1

0.1

1.0

Combined ratio in %

96.6

96.0

Claims ratio in %

72.0

68.2

Expense ratio in %

24.6

27.8

Investment return in %

4.2

3.9                

2005

Adj.

LP

OA

CC/E

in CHF bn, except where indicated

Non-Life

in

out

in/out

Non-Life

 

Winterthur segment
Overview

1) Including corporate center costs of CHF 128 m

2) Individual health business Switzerland classified under
discontinued operations

LP = Life & Pensions; NL = Non-Life; OA = Other Activities; CC/E =
Winterthur Corporate Center/Eliminations

Businesses

1))

Net revenues

29.5

20.2

9.2

0.2

(0.1)

Total benefits, claims and dividends

23.3

17.4

5.8

0.1

–

Total operating expenses

4.6

1.9

2.4

0.2

0.1

Income from continuing

operations before taxes2)

1.6

0.9

1.0

(0.1)

(0.2)

Return on equity

11.9

Total business volume

28.0

19.3

8.7

0.3

(0.3)

2005

Winterthur

in CHF bn, except where indicated

Segment

LP

NL

OA

CC/E

 

2005

Key performance targets overview

          Mid-term
              targets

Investment Banking

Private
Banking

Asset Management

Wealth
Management

Corporate &
Retail Banking

Credit Suisse Group
consolidated

1) 16.5 % excluding the litigation charge of CHF 960 m before tax; 2) 21.9 % excluding the litigation charge of CHF 960 m before tax;
3) 18.0 % excluding the charge of CHF 624 m after tax for litigation provisions and the charge of CHF 421 m after tax in relation to the change in accounting for share-based
compensation; 4) Calculated using a return excluding funding costs for allocated goodwill

1)

2)

3)

Pre-tax margin

10.3 %

> 20 %

Pre-tax return on average ERC 4)

14.7 %

> 25 %

Pre-tax margin

37.3 %

> 40 %

Net new assets in % of AuM

7.5 %

> 6 %

Pre-tax margin

38.7 %

> 35 %

Pre-tax return on average ERC 4)

41.9 %

> 35 %

Pre-tax margin

35.9 %

> 35 %

BIS Tier 1 ratio

11.3 %

~ 10 %

Return on equity

15.4 %

> 20 %

 

Agenda

Introduction

Transition of 2005 results and 2007 net income targets to current reporting
format

Economic Risk Capital (ERC)

Tier 1 ratio and Basel II implementation

 

Economic Risk Capital (ERC) at Credit Suisse Group

Application and disclosure of ERC-based measures is becoming a widely recognized
standard within the industry

ERC has been an integral part of risk, capital and performance measurement at Credit
Suisse for over 5 years

Credit Suisse has adopted harmonized performance measurement approach across
the banking business

Credit Suisse will begin disclosing average ERC and Return on ERC for its banking
segments externally from first quarter 2006

 

Return on Economic Risk Capital (RoERC)

Risk, capital and performance measurement and management

Consistent measure based on pure economic risk perspective

Provide appropriate signals to management about risk changes and business
performance

Support capital resource allocation/re-allocation decisions

Used in the assessment of incremental transactions

Allows performance measurement at a granular level

Objective

Benefits

Return
on ERC

Considers returns against a pure risk-adjusted capital

Calculation

Pre tax-income *

Average ERC

* excluding funding costs for allocated goodwill

 

ERC by segment
Average ERC 2005, in CHF bn

26.7

28.6

1.8

(2.9)

1.1

19.1

13.3

4.7

8.7

Investment

Banking

Private

Banking

Asset

Mgmt

Total

Banking

Winterthur

CC

Residual

unallocated

diversification

benefit

Total

ERC at
year-end

     Pre-tax return on average ERC in %1):

              14.72)          85.5           98.0                 37.13)

1) Calculated using a return excluding funding costs for allocated goodwill;
2) 21.9 % excluding the litigation charge of CHF 960 m before tax; 3) 42.1 % excluding the litigation charge of CHF 960 m before tax

CRB = Corporate & Retail Banking

Of which CRB:

Average ERC: 3.1

RoERC: 41.9%

 

Agenda

Introduction

Transition of 2005 results and 2007 net income targets to current reporting
format

Economic Risk Capital (ERC)

Tier 1 ratio and Basel II implementation

 

Tier 1 ratio and Basle II implementation

Target tier 1 ratio of ~10 % under current rules and regulations (Basle I)

Preliminary impact analysis on Basle II suggests overall negative effect on Credit
Suisse Group consolidated Tier 1 ratio

Negative effect on Investment Banking business offset in part by positive effect
resulting from Private Banking operations

Launched series of initiatives to try to mitigate negative impact mainly within
Investment Banking

 

Questions & Answers

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    CREDIT SUISSE GROUP  
    (Registrant)  
       
  By: /s/ Urs Rohner  
  Name: URS ROHNER  
  Title: GENERAL COUNSEL  
       
  By: /s/ Charles Naylor  
  Name: CHARLES NAYLOR  
  Title: HEAD OF CORPORATE COMMUNICATIONS  
Date:    April 11, 2006