FINANCIAL INSTITUTIONS

ISSUER COMMENT2 November 2017

Contacts

Michael Rohr +49.69.7073.0901VP-Sr Credit Officermichael.rohr@moodys.com

Daniel Forssen,CFA +44.20.7772.1553Associate Analystdaniel.forssen@moodys.com

Laurie Mayers +44.20.7772.5582Associate ManagingDirectorlaurie.mayers@moodys.com

Ana Arsov +1.212.553.3763MD-FinancialInstitutionsana.arsov@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Credit Suisse Group AGQ3 2017 results: Cost control and lower non-core losses helpoffset slowing revenues

In Q3 20171, Credit Suisse Group AG (CS, Baa2 stable2), the parent holding company ofCredit Suisse AG (A1 stable/A1 stable, baa23) reported (unadjusted4) consolidated pre-taxprofits of CHF400 million and a net profit of CHF244 million, leading to a return on equityof 2%. The result was supported by a continued decrease in operating expenses (-7%),offsetting a 2% drop in net revenues caused by weaker capital markets revenues that weremitigated by higher revenues from CS's wealth management businesses. Despite the visiblesuccess of its large-scale restructuring and capital reallocation program, we anticipate CS'soverall profitability levels will remain strained by challenging market conditions. Moreover,management will have to continue focusing on reaping the benefits from CS's restructuringthat is now more than mid-way, and thereby close the profitability gap versus its GIB5 peers.

Credit Suisse continued reducing its cost base as well as non-core losses, albeit at aslower pace. During the first nine months of 2017, CS has overachieved on its CHF0.9 billionfull-year net cost reduction target, realising additional net cost savings of CHF400 million inQ3 2017; and bringing the year-to-date net cost savings to CHF1.0 billion. Non-core lossesin the Strategic Resolution Unit (SRU) also narrowed by CHF274 million versus Q3 2016.However, on a quarter-on-quarter basis, adjusted operating expenses only declined by 3%,indicating that sustaining the pace of cost reductions will remain key to meet communicatedmedium-term targets.

Wealth management operations help offset continued weak capital marketsrevenues6. Strong revenue increases across International Wealth Management (+17%year-over-year) and Asia Pacific Wealth Management and Connected (+14%) helped offsetweakness in capital markets revenues that were sharply down in Asia Pacific Markets (-22%),in both equity (-13%) and fixed income sales and trading (-40%). Revenues were also downin Global Markets (-7%) and Investment Banking and & Capital Markets (-2%) as a solidequity sales and trading result and good advisory fees could not offset weakness in fixedincome sales and trading as well as underwriting.

Solid capitalisation amid higher RWAs. CS reported a Swiss fully-applied common equityTier 1 (CET1) ratio of 13.1% in the quarter, slightly down from 13.2%7 in Q2 2017 (see Exhibit1). During Q3 2017, RWAs grew by CHF5.7 billion, largely owing to an operational risk RWAadd-on of CHF5.2 billion imposed by the Swiss regulator FINMA primarily relating to CS'sRMBS settlements. This could not be offset by RWA declines in the bank's SRU as well as anunderlying CHF393 million quarter-on-quarter increase in CS’s fully phased-in CET1 capitalresources. CS further reported an unchanged fully phased-in 3.8% CET1 leverage ratio and anunchanged 5.2% Tier 1 leverage ratio.

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Exhibit 1

Credit Suisse's CET1 and Tier 1 leverage ratios remained stable around the median of Moody's-rated Global Investment BanksCommon equity Tier 1 (CET1) ratios and Tier 1 leverage ratios, as of 30 September 2017

16.7%

14.6%13.8% 13.7%

13.2%13.1% 13.0%

12.8% 11.9% 11.8% 11.7% 11.7% 10.9%

6.5%5.7%

3.8%4.7%

5.2%

4.4%

7.1%6.6%

7.1%

4.1%

6.1%

4.2% 4.4%

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

MorganStanley

HSBCHoldings

DeutscheBank

UBS** Credit Suisse** Barclays Citigroup JP Morgan Bank ofAmerica

BNP Paribas GoldmanSachs

SocieteGenerale*

Royal Bank ofCanada***

CET1 Ratio Tier 1 Leverage ratio Median CET1 ratio (13.0%) Median leverage ratio (5.2%)

*data as of 30 June 2017, **Tier 1 leverage ratios for UBS and Credit Suisse reflect CET1 plus low-trigger Additional Tier 1 (AT1) and high-trigger AT1 securities. ***data as of 31 July 2017Source: Companies' results presentations and financials, Moody's Investors Service

Detailed considerationsOperating expenses continued their downward path, but the pace is slowingCredit Suisse achieved another CHF400 million of net cost savings in the quarter, resulting in the lowest quarterly expenses since 2014(see Exhibit 2). Operating expenses were lower in all divisions apart from International Wealth Management (IWM, where CS continuedto invest in growth) and reductions were particularly pronounced in the Global Markets (GM) and Investment Banking and & CapitalMarkets (IBCM) divisions as well as the non-core unit. However, in GM and Asia Pacific Markets, cost reductions were more than offsetby revenue declines on an absolute basis, with only the IWM and Asia Pacific Wealth Management & Connected segments benefittingsignificantly from improved operating leverage. We believe that management will be challenged by the need for further cost reductionswhile at the same time having to safeguard revenues and grow its core businesses. In addition, increased regulatory requirements aswell as necessary investments into core systems and digitalisation will put some strain on the group's cost base into 2018, making itmore cumbersome maintaining a sizeable positive absolute gap between revenue and cost developments.

Exhibit 2

Lowest quarterly operating cost base helps stabilise profitsAdjusted operating expenses, CHF billion

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Q1 Q2 Q3 Q4

2014 2015 2016 2017

Note: CS total adjusted operating expenses, excluding restructuring and litigation expensesSource: Company financials, Moody's Investors Service

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Solid liquidity and stable business mixCS reported a Liquidity Coverage Ratio (LCR) of 181% in Q3 2017, up from 165% as of the end of the second quarter, underpinningthe group's sound liquidity profile. Total liquid assets increased to CHF166 billion in Q3 2017, from CHF156 billion in the prior quarter,largely driven by higher volumes of securities held. At the same time, estimated net cash outflows decreased because of lowercollateral requirements as well as lower balances related to open and failed trades.

Outstanding long-term debt increased to CHF180 billion from CHF177 billion in Q2 2017. During the first nine months of the year,Credit Suisse issued CHF8 billion of long-term debt and CHF2 billion of high-trigger Additional Tier 1 instruments to meet Swiss Too-Big-To-Fail (TBTF) requirements which will be fully phased-in by 1 January 2020.

Within the business segments, pre-tax profit composition remained broadly unchanged (see Exhibit 3), with higher Asia Pacific andIWM pre-tax profits partially compensating for weaknesses in GM and IBCM. The bank's wealth management and universal bankingbusinesses combined contributed 83%8 to the group's pre-tax profits in Q3 2017, up from 73% in Q3 2016. Whilst difficult to compareowing to several restatements and segmental changes, the increased focus on more stable earnings streams should provide longer-term benefits to CS's earnings profile.

Exhibit 3

Credit Suisse Adjusted Profit Before Tax by Segment

(1,000)

(500)

-

500

1,000

1,500

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

CH

F m

illio

n

SUB IWM APAC GM IBCM SRU CC Total pretax profit

*SUB: Swiss Universal Bank, IWM: International Wealth Management, APAC: Asia Pacific, GM: Global Markets; IBCM: Investment Banking and Capital Markets, SRU: Strategic ResolutionUnit, CC: Corporate Center.Source: Company results presentations and financials, Moody's Investors Service

CS's wealth and asset management businesses benefitted from relatively stable net new money inflows (see Exhibit 4) as well as asolid market performance, supporting divisional revenues. During Q3 2017, CS's wealth and assset management businesses combinedrecorded net new money inflows of CHF11.5 billion that were only slightly negatively affected by cross-border and regularizationoutflows. These numbers exclude a CHF13.3 billion outflow in Swiss corporate and institutional banking owing to a large (yet low-margin) public sector client mandate leaving the bank. Invested assets in IWM and Asia Pacific Private Banking reached their highestlevels since 2013, support future recurring revenue generation.

3 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Exhibit 4

Net New Assets (NNA) by region

-10

-5

0

5

10

15

20

25

30

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

CH

F b

illio

n

WM - Switzerland WM - Asia Pacific WM - International AM - International NNA - Swiss CIB Total

Note: excluding Strategic Resolution Unit and not adjusted for assets managed across businesses, WM: Wealth Management (Private Banking), AM: Asset Management, Swiss CIB: SwissCorporate and Institutional BankingSource: Company financials, Moody's Investors Service

Segmental results commentarySwiss Universal Bank (SUB) reported adjusted pre-tax profits of CHF448 million, up 4% year-over-year. Credit loss expensesdeclined by CHF16 million versus the prior-year quarter, supporting results. With adjusted revenues and costs being flat year-over-year, we believe this underlines the challenging operating environment in Switzerland, characterised by very low and (in part) negativeinterest rates and subdued client activity. In spite of these challenges, SUB managed to improve its year-over-year pre-tax profit also inQ3 2017, albeit with a notable decline versus the second quarter performance. Assets under management (AuM) across SUB declinedslightly during the quarter to CHF553 billion, largely reflective of the aforementioned single public sector client outflow.

International Wealth Management (IWM) reported adjusted pre-tax profits of CHF382 million for the quarter, up 59% from ayear ago. Within IWM, Private Banking adjusted pre-tax income in the quarter was up 43% to CHF272 million, with a particularlypositive contribution from net interest income (+CHF41 million) and recurring commissions and fees (+CHF67 million). Transactionand performance based revenues also added to the solid increase in net revenues (total revenues were up 17% year-over-year), clearlyoffsetting higher operating expenses in the segment (+4%).

IWM saw solid NNA inflows of CHF4.7 billion during the quarter, albeit with a notable slowdown versus the prior-year quarter(Q3 2016 NNA: CHF9.4 billion). At the same time, the gross margin declined to 101 basis points (bps) in Private Banking, whichcould have a slightly negative effect on future fee generation on CS's CHF355 billion of invested assets in this sub-segment. Assetmanagement performed well, with record invested assets of CHF376 billion and strong revenue contributions from performance feesand partnerships safeguarding net revenues.

Asia Pacific (APAC) reported adjusted pre-tax profits of CHF228 million in the quarter, up 30% year-over-year. Another weakperformance in APAC Markets undergoing continued reshuffling and re-alignment overshadowed significantly improved results in APACWealth Management and Connected (WM&C).

The decline in APAC Markets profits was driven primarily by a continued decline in fixed income sales and trading revenues (-40%),reflecting lower revenues from emerging market rates products, and a decline in equity sales and trading revenues (-13%). Operatingexpenses in APAC Markets declined by 22%, in-line with the year-over-year decline in total net revenues, but were unable to offset infull the absolute decline in the sub-segment's revenue base.

APAC WM&C on the other hand reported a strongly improved performance with adjusted pre-tax profits up 75% as significantly higheryear-over-year transactional-based revenues (+54%) more than offset the decline in net interest income (-9%) and higher operatingexpenses (+6%).

4 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Global Markets (GM) reported a pre-tax profit of CHF98 million in Q3 2017, down 33% year-over-year, as net revenues declinedfaster (-7%) than adjusted operating expenses (-5%). Within the business, lower revenues from fixed income sales and trading (-9%year-over-year) and underwriting (-15%) were only partially offset by higher equity sales and trading revenues (+10%).

RWAs rose in the quarter (to $58 billion from $54 billion in Q2 2017), reflecting an expiration of a credit risk hedge. Global Markets isnow operating slightly above its leverage exposure cap ($290 billion), and is just $2 billion shy of its $60 billion RWA ceiling.

In Q3 2017, CS implemented another change in GM segmental reporting, reflecting a revised business structure consisting of equitysales and trading, fixed income sales and trading and underwriting. This renders comparisons with prior quarters difficult.

Investment Banking and Capital Markets (IBCM) reported adjusted pre-tax income of CHF51 million, a decline of 6% relative tothe prior year. Higher credit losses and slightly lower revenues (-2% in Swiss franc terms) were offset by lower operating expenses(-6%) from continued cost reduction efforts. The prior quarter benefited from a net credit reversal. The cost-income ratio, whichexcludes loan losses, improved to 86% from 90% in Q3 2016. Within revenues, lower debt underwriting revenues (-3%) and equityunderwriting revenues (-12%) were partly offset by higher advisory and other fee revenues (+12%).

The Strategic Resolution Unit (SRU) reported an (unadjusted) pre-tax loss of CHF578 million versus CHF852 million in Q3 2016.CS continued reducing its non-core exposures, recording a CHF2 billion reduction (-6%) in RWAs in the quarter to CHF35.8 billion aswell as a corresponding CHF6 billion reduction in leverage exposures (-9%) to CHF65.4 billion. However, disposal costs of $72 millionmoved towards the high end of management guidance that the SRU will bear maximum losses of 3% of RWAs (Q3 2017: 2.6% in $terms). Credit Suisse expects the disposal cost in CHF million per unit of risk-weighted assets to be elevated over the next few quartersas it seeks to reduce its more leverage-intensive exposures, and therefore remain above the previous reduction run-rate of 1.2% ofRWAs. CS also maintained its RWA target of CHF30 billion (of which CHF11 billion is expected to relate to non-operational risks) byyear-end 2018 when the remaining SRU portfolio is expected to be folded back into the core businesses.

The Corporate Centre reported a pre-tax loss of CHF118 million in the quarter relative to a loss of CHF207 million in the in the sameperiod last year, reflecting lower operating expenses from deferred compensation awards related to the restructuring of APAC, GM andIBCM divisions, and lower expenses related to legal entity and regulatory costs.

5 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Moody's related publicationsIssuer Comment» 2Q 17 results: Improved capitalisation and higher pre-tax profits on positive operational leverage and lower non-core losses, July 2017

Issuer In-Depth» Barclays, Credit Suisse, Deutsche Bank, Royal Bank of Scotland and UBS; Risks from remaining legacy assets will continue to weigh onstandalone credit profiles, September 2017

» Global Investment Banks - Europe: Q2 2017 Update: Less volatile capital markets crimp profits for Europe's global investment banks,August 2017

» Global Investment Banks: Legacy litigation risks recede, July 2017

» Global Investment Banks: Indicators of Capital Markets Risk for the Moody’s GIB Peer Group, June 2017

» Barclays, Credit Suisse, Deutsche Bank, Royal Bank of Scotland and UBS: De-risking Will Slow with Heightened Market Uncertainty,October 2016

» Brexit-related Costs and Uncertainties Pose Fresh Challenge to Non-UK GIBS’ Pan European Business Models, July 2016

» Credit Suisse and UBS: Swiss TLAC Regulation Drives Issuance of Loss-Absorbing Debt, Increasing Protection for Senior Creditors,December 2016

Rating Action» Moody's upgrades Credit Suisse Group's long-term rating to (P)Baa2 from (P)Baa3; Credit Suisse AG's long-term debt rating upgradedto A1, outlook stable, December 2016

Rating Methodology» Banks, September 2017

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of thisreport and that more recent reports may be available. All research may not be available to all clients.

6 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Endnotes1 All figures in this report relate to Q3 2017 and comparisons are made to Q3 2016, unless otherwise indicated.

2 The rating shown is Credit Suisse Group AG's long-term senior unsecured debt rating and outlook.

3 The ratings shown are Credit Suisse AG's long-term deposit rating and outlook, its long-term senior unsecured debt rating and outlook and its BaselineCredit Assessment (BCA).

4 Unless indicated otherwise, figures displayed in this report are on a Credit Suisse Group AG adjusted basis. Our adjustments do not take into accountrestructuring and litigation expenses whereas Credit Suisse’s adjusted figures take out restructuring and major litigation expenses.

5 Global Investment Bank

6 Comparisons versus Q3 2016 are difficult because of the transfer of the systemic market making group to IWM from the Global Markets (GM) division andAsia Pacific Markets division in Q1 2017.

7 On a Basel III basis, these ratios were 13.2% and 13.3%, respectively, for Q3 2017 and Q2 2017.

8 Calculated as a share of group adjusted pre-tax profits excluding results from the SRU and Corporate Centre.

7 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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8 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues

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Contacts

Daniel Forssen,CFA 44-20-7772-1553Associate Analystdaniel.forssen@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

9 2 November 2017 Credit Suisse Group AG: Q3 2017 results: Cost control and lower non-core losses help offset slowing revenues