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
April 24, 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 April 24, 2019, the Credit Suisse Earnings Release 1Q19 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 “Group and Bank differences” 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).
The 1Q19 Credit Suisse Financial Report as of and for the three months ended March 31, 2019 will be published on or about May 3, 2019.
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, 2018 (Credit Suisse 2018 20-F) filed with the SEC on March 22, 2019 and the Group’s earnings release for the first quarter of 2019 (Credit Suisse Earnings Release 1Q19), 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 months ended March 31, 2019. 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 2018 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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Group and Bank differences
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 Group’s 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
in 1Q19 1Q18 1Q19 1Q18
Statements of operations (CHF million)   
Net revenues 5,435 5,585 5,387 5,636
Total operating expenses 4,363 4,627 4,244 4,534
Income before taxes 991 910 1,062 1,054
Net income 629 611 749 692
Net income attributable to shareholders 626 611 749 694
Comparison of consolidated balance sheets
   Bank Group
end of 1Q19 4Q18 1Q19 4Q18
Balance sheet statistics (CHF million)   
Total assets 796,388 772,069 793,636 768,916
Total liabilities 750,101 726,075 749,705 724,897
Capitalization and indebtedness
   Bank Group
end of 1Q19 4Q18 1Q19 4Q18
Capitalization and indebtedness (CHF million)   
Due to banks 18,800 15,220 18,780 15,220
Customer deposits 368,494 365,263 367,147 363,925
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 20,618 24,623 20,617 24,623
Long-term debt 159,322 153,433 160,261 154,308
Other liabilities 182,867 167,536 182,900 166,821
Total liabilities  750,101 726,075 749,705 724,897
Total equity 46,287 45,994 43,931 44,019
Total capitalization and indebtedness  796,388 772,069 793,636 768,916
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BIS capital metrics
   Bank Group
end of 1Q19 4Q18 1Q19 4Q18
Capital and risk-weighted assets (CHF million)   
CET1 capital 40,211 38,915 36,556 35,824
Tier 1 capital 49,756 48,231 47,032 46,040
Total eligible capital 53,663 52,431 50,939 50,239
Risk-weighted assets 291,199 286,081 290,098 284,582
Capital ratios (%)   
CET1 ratio 13.8 13.6 12.6 12.6
Tier 1 ratio 17.1 16.9 16.2 16.2
Total capital ratio 18.4 18.3 17.6 17.7
Selected financial data – Bank
Condensed consolidated statements of operations
in 1Q19 1Q18 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 4,821 4,452 8
Interest expense (3,273) (2,836) 15
Net interest income 1,548 1,616 (4)
Commissions and fees 2,579 3,006 (14)
Trading revenues 856 514 67
Other revenues 452 449 1
Net revenues  5,435 5,585 (3)
Provision for credit losses  81 48 69
Compensation and benefits 2,304 2,348 (2)
General and administrative expenses 1,745 1,823 (4)
Commission expenses 314 344 (9)
Restructuring expenses – 112 –
Total other operating expenses 2,059 2,279 (10)
Total operating expenses  4,363 4,627 (6)
Income before taxes  991 910 9
Income tax expense 362 299 21
Net income  629 611 3
Net income/(loss) attributable to noncontrolling interests 3 0 –
Net income attributable to shareholders  626 611 2
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 1Q19 4Q18 % change
Assets (CHF million)   
Cash and due from banks 93,984 99,314 (5)
Interest-bearing deposits with banks 894 1,074 (17)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 116,151 117,095 (1)
Securities received as collateral 49,472 41,696 19
Trading assets 145,070 133,859 8
Investment securities 1,714 1,477 16
Other investments 4,797 4,824 (1)
Net loans 298,841 292,875 2
Goodwill 4,093 4,056 1
Other intangible assets 224 219 2
Brokerage receivables 42,309 38,907 9
Other assets 38,839 36,673 6
Total assets  796,388 772,069 3
Liabilities and equity (CHF million)   
Due to banks 18,800 15,220 24
Customer deposits 368,494 365,263 1
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 20,618 24,623 (16)
Obligation to return securities received as collateral 49,472 41,696 19
Trading liabilities 39,544 42,171 (6)
Short-term borrowings 27,055 22,419 21
Long-term debt 159,322 153,433 4
Brokerage payables 37,942 30,923 23
Other liabilities 28,854 30,327 (5)
Total liabilities  750,101 726,075 3
Total shareholder's equity  45,570 45,296 1
Noncontrolling interests 717 698 3
Total equity  46,287 45,994 1
Total liabilities and equity  796,388 772,069 3
BIS statistics (Basel III)
end of 1Q19 4Q18 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 40,211 38,915 3
Tier 1 capital 49,756 48,231 3
Total eligible capital 53,663 52,431 2
Capital ratios (%)   
CET1 ratio 13.8 13.6 –
Tier 1 ratio 17.1 16.9 –
Total capital ratio 18.4 18.3 –
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Exhibit
No. Description
99.1 Credit Suisse Earnings Release 1Q19
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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 their behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: April 24, 2019
By:
/s/ Tidjane Thiam                                 /s/ David R. Mathers
      Tidjane Thiam                                     David R. Mathers
      Chief Executive Officer                         Chief Financial Officer 
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