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, 2018
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, 2018, the Credit Suisse Earnings Release 4Q17 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 and from the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 (telephone 1-800-SEC-0330). 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, 2016 (Credit Suisse 2016 20-F) filed with the SEC on March 24, 2017, the Group’s financial report for the first quarter of 2017 (Credit Suisse Financial Report 1Q17), filed with the SEC on Form 6-K on May 4, 2017, the Group’s financial report for the second quarter of 2017 (Credit Suisse Financial Report 2Q17), filed with the SEC on Form 6-K on July 28, 2017 and the Group’s financial report for the third quarter of 2017 (Credit Suisse Financial Report 3Q17), filed with the SEC on Form 6-K on November 2, 2017 and the Group’s earnings release for the fourth quarter of 2017 (Credit Suisse Earnings Release 2017), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG (Bank) relating to its results as of and for the three and twelve months ended December 31, 2017. The Bank, a Swiss bank and joint stock corporation established under Swiss law, is a wholly-owned subsidiary of the Group. The Bank’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 2016 20-F, and 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 the Strategic Resolution Unit segments. These segment results are included in Core Results, except for the Strategic Resolution Unit, which is part of the Credit Suisse results. Core Results also includes certain Corporate Center activities of the Group that are not applicable to the Bank. Certain other assets, liabilities and results of operations are managed as part of the activities of the six segments. However, since they are legally owned by the Group, they are not included in the Bank’s consolidated financial statements. These relate principally to (i) financing vehicles of the Group, which include special purpose vehicles for various funding activities of the Group, including for the purpose of raising capital; and (ii) hedging activities relating to share-based compensation awards.
These operations and activities vary from period to period and give rise to differences between the Bank’s consolidated assets, liabilities, revenues and expenses, including pensions and taxes, and those of the Group.
Comparison of consolidated statements of operations
   Bank Group Bank Group
in 4Q17 4Q16 4Q17 4Q16 2017 2016 2017 2016
Statements of operations (CHF million)   
Net revenues 5,251 5,246 5,189 5,181 20,965 20,393 20,900 20,323
Total operating expenses 5,055 7,374 5,005 7,309 19,202 22,630 18,897 22,337
Income/(loss) before taxes 153 (2,203) 141 (2,203) 1,553 (2,489) 1,793 (2,266)
Net loss (2,110) (2,662) (2,093) (2,617) (1,228) (2,889) (948) (2,707)
Net loss attributable to shareholders (2,134) (2,659) (2,126) (2,619) (1,255) (2,883) (983) (2,710)
Comparison of consolidated balance sheets
   Bank Group
end of 4Q17 4Q16 4Q17 4Q16
Balance sheet statistics (CHF million)   
Total assets 798,372 822,065 796,289 819,861
Total liabilities 754,822 778,207 754,100 777,550
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Capitalization and indebtedness
   Bank Group
end of 4Q17 4Q16 4Q17 4Q16
Capitalization and indebtedness (CHF million)   
Due to banks 15,411 22,800 15,413 22,800
Customer deposits 362,303 357,224 361,162 355,833
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 26,496 33,016
Long-term debt 172,042 192,495 173,032 193,315
Other liabilities 178,570 172,672 177,997 172,586
Total liabilities  754,822 778,207 754,100 777,550
Total equity 43,550 43,858 42,189 42,311
Total capitalization and indebtedness  798,372 822,065 796,289 819,861
BIS capital metrics
   Bank Group
end of 4Q17 4Q16 4Q17 4Q16
Capital and risk-weighted assets (CHF million)   
CET1 capital 38,433 37,356 36,711 36,576
Tier 1 capital 52,378 48,888 51,482 48,865
Total eligible capital 57,592 55,802 56,696 55,728
Risk-weighted assets 272,720 270,653 272,815 271,372
Capital ratios (%)   
CET1 ratio 14.1 13.8 13.5 13.5
Tier 1 ratio 19.2 18.1 18.9 18.0
Total capital ratio 21.1 20.6 20.8 20.5
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Selected financial data – Bank
Condensed consolidated statements of operations
in 4Q17 4Q16 % change 2017 2016 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 4,141 3,810 9 17,061 17,375 (2)
Interest expense (2,545) (2,180) 17 (10,369) (9,781) 6
Net interest income 1,596 1,630 (2) 6,692 7,594 (12)
Commissions and fees 3,075 2,913 6 11,672 10,938 7
Trading revenues 208 324 (36) 1,300 371 250
Other revenues 372 379 (2) 1,301 1,490 (13)
Net revenues  5,251 5,246 0 20,965 20,393 3
Provision for credit losses  43 75 (43) 210 252 (17)
Compensation and benefits 2,410 2,739 (12) 9,964 10,777 (8)
General and administrative expenses 2,137 4,186 (49) 7,413 9,885 (25)
Commission expenses 364 394 (8) 1,429 1,455 (2)
Restructuring expenses 144 55 162 396 513 (23)
Total other operating expenses 2,645 4,635 (43) 9,238 11,853 (22)
Total operating expenses  5,055 7,374 (31) 19,202 22,630 (15)
Income/(loss) before taxes  153 (2,203) – 1,553 (2,489) –
Income tax expense 2,263 459 393 2,781 400 –
Net loss  (2,110) (2,662) (21) (1,228) (2,889) (57)
Net income/(loss) attributable to noncontrolling interests 24 (3) – 27 (6) –
Net loss attributable to shareholders  (2,134) (2,659) (20) (1,255) (2,883) (56)
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Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 4Q17 4Q16 % change
Assets (CHF million)   
Cash and due from banks 109,510 121,066 (10)
Interest-bearing deposits with banks 721 767 (6)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 115,346 134,839 (14)
Securities received as collateral 38,074 32,564 17
Trading assets 156,774 165,392 (5)
Investment securities 2,189 2,486 (12)
Other investments 5,893 6,717 (12)
Net loans 283,237 278,960 2
Premises and equipment 4,445 4,666 (5)
Goodwill 4,036 4,189 (4)
Other intangible assets 223 213 5
Brokerage receivables 46,968 33,431 40
Other assets 30,956 36,775 (16)
Total assets  798,372 822,065 (3)
Liabilities and equity (CHF million)   
Due to banks 15,411 22,800 (32)
Customer deposits 362,303 357,224 1
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 (20)
Obligation to return securities received as collateral 38,074 32,564 17
Trading liabilities 39,132 44,952 (13)
Short-term borrowings 26,378 15,385 71
Long-term debt 172,042 192,495 (11)
Brokerage payables 43,303 39,852 9
Other liabilities 31,683 39,919 (21)
Total liabilities  754,822 778,207 (3)
Total shareholder's equity  42,670 42,789 0
Noncontrolling interests 880 1,069 (18)
Total equity  43,550 43,858 (1)
Total liabilities and equity  798,372 822,065 (3)
BIS statistics (Basel III)
end of 4Q17 4Q16 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 38,433 37,356 3
Tier 1 capital 52,378 48,888 7
Total eligible capital 57,592 55,802 3
Capital ratios (%)   
CET1 ratio 14.1 13.8 –
Tier 1 ratio 19.2 18.1 –
Total capital ratio 21.1 20.6 –
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Exhibits
No. Description
99.1 Credit Suisse Earnings Release 4Q17
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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 AG and CREDIT SUISSE AG
(Registrant)
Date: February 14, 2018
By:
/s/ Tidjane Thiam                                 /s/ David R. Mathers
      Tidjane Thiam                                       David R. Mathers
      Chief Executive Officer                          Chief Financial Officer 
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