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
July 27, 2022
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 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, 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 July 27, 2022, the Credit Suisse Earnings Release 2Q22 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. 333-238458) 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 2Q22 Credit Suisse Financial Report as of and for the three and six months ended June 30, 2022 will be published on or about July 29, 2022.
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, 2021 (Credit Suisse 2021 20-F) filed with the SEC on March 10, 2022, the Group’s financial report for the first quarter of 2022 (Credit Suisse Financial Report 1Q22), filed with the SEC on Form 6-K on May 5, 2022, and the Group’s earnings release for the second quarter of 2022 (Credit Suisse Earnings Release 2Q22), filed with the SEC as Exhibit 99.1 hereto.
This report filed on Form 6-K also contains certain information about Credit Suisse AG relating to its results as of and for the three and six months ended June 30, 2022. 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 2021 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 Wealth Management, Investment Bank, Swiss Bank and Asset Management divisions. 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 Bank Group
in 2Q22 2Q21 2Q22 2Q21 6M22 6M21 6M22 6M21
Statements of operations (CHF million)  
Net revenues 3,687 5,229 3,645 5,103 8,130 12,882 8,057 12,677
Total operating expenses 4,875 4,403 4,754 4,315 9,931 8,494 9,704 8,252
Income/(loss) before taxes (1,251) 852 (1,173) 813 (1,754) 15 (1,601) 56
Net income/(loss) (1,645) 298 (1,592) 247 (1,975) 9 (1,869) 16
Net income/(loss) attributable to shareholders (1,644) 326 (1,593) 253 (1,974) 112 (1,866) 1
Comparison of consolidated balance sheets
   Bank Group
end of 2Q22 4Q21 2Q22 4Q21
Balance sheet statistics (CHF million)  
Total assets 730,295 759,214 727,365 755,833
Total liabilities 681,186 711,127 681,299 711,603
Capitalization and indebtedness
   Bank Group
end of 2Q22 4Q21 2Q22 4Q21
Capitalization and indebtedness (CHF million)  
Due to banks 23,614 18,960 23,616 18,965
Customer deposits 390,762 393,841 389,484 392,819
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 21,662 35,368 21,568 35,274
Long-term debt 152,348 160,695 158,010 166,896
All other liabilities 92,800 102,263 88,621 97,649
Total liabilities  681,186 711,127 681,299 711,603
Total equity 49,109 48,087 46,066 44,230
Total capitalization and indebtedness  730,295 759,214 727,365 755,833
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BIS capital metrics
   Bank Group
end of 2Q22 4Q21 2Q22 4Q21
Capital and risk-weighted assets (CHF million)  
CET1 capital 42,443 44,185 37,049 38,529
Tier 1 capital 57,208 59,110 52,736 54,373
Total eligible capital 57,689 59,589 53,217 54,852
Risk-weighted assets 273,651 266,934 274,442 267,787
Capital ratios (%)  
CET1 ratio 15.5 16.6 13.5 14.4
Tier 1 ratio 20.9 22.1 19.2 20.3
Total capital ratio 21.1 22.3 19.4 20.5
Selected financial data – Bank
Condensed consolidated statements of operations
in 2Q22 2Q21 % change 6M22 6M21 % change
Condensed consolidated statements of operations (CHF million)  
Interest and dividend income 2,465 2,413 2 4,685 4,987 (6)
Interest expense (1,245) (943) 32 (2,000) (1,874) 7
Net interest income 1,220 1,470 (17) 2,685 3,113 (14)
Commissions and fees 2,216 3,175 (30) 4,806 6,926 (31)
Trading revenues 9 124 (93) (46) 1,924 –
Other revenues 242 460 (47) 685 919 (25)
Net revenues  3,687 5,229 (29) 8,130 12,882 (37)
Provision for credit losses  63 (26) – (47) 4,373 –
Compensation and benefits 2,083 2,121 (2) 4,241 4,096 4
General and administrative expenses 2,440 1,912 28 4,995 3,664 36
Commission expenses 254 325 (22) 552 654 (16)
Goodwill impairment 23 0 – 23 0 –
Restructuring expenses 75 45 67 120 80 50
Total other operating expenses 2,792 2,282 22 5,690 4,398 29
Total operating expenses  4,875 4,403 11 9,931 8,494 17
Income/(loss) before taxes  (1,251) 852 – (1,754) 15 –
Income tax expense 394 554 (29) 221 6 –
Net income/(loss)  (1,645) 298 – (1,975) 9 –
Net income/(loss) attributable to noncontrolling interests (1) (28) (96) (1) (103) (99)
Net income/(loss) attributable to shareholders  (1,644) 326 – (1,974) 112 –
4
Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 2Q22 4Q21 % change
Assets (CHF million)  
Cash and due from banks 158,700 164,026 (3)
Interest-bearing deposits with banks 780 1,256 (38)
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 104,156 103,906 0
Securities received as collateral 7,386 15,017 (51)
Trading assets 101,232 111,299 (9)
Investment securities 737 1,003 (27)
Other investments 5,733 5,788 (1)
Net loans 294,005 300,358 (2)
Goodwill 2,939 2,881 2
Other intangible assets 340 276 23
Brokerage receivables 15,062 16,689 (10)
Other assets 39,225 36,715 7
Total assets  730,295 759,214 (4)
Liabilities and equity (CHF million)  
Due to banks 23,614 18,960 25
Customer deposits 390,762 393,841 (1)
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 21,662 35,368 (39)
Obligation to return securities received as collateral 7,386 15,017 (51)
Trading liabilities 29,967 27,539 9
Short-term borrowings 25,567 25,336 1
Long-term debt 152,348 160,695 (5)
Brokerage payables 8,063 13,062 (38)
Other liabilities 21,817 21,309 2
Total liabilities  681,186 711,127 (4)
Total shareholder's equity  48,445 47,390 2
Noncontrolling interests 664 697 (5)
Total equity  49,109 48,087 2
Total liabilities and equity  730,295 759,214 (4)
BIS statistics (Basel III)
end of 2Q22 4Q21 % change
Eligible capital (CHF million)  
Common equity tier 1 (CET1) capital 42,443 44,185 (4)
Tier 1 capital 57,208 59,110 (3)
Total eligible capital 57,689 59,589 (3)
Capital ratios (%)  
CET1 ratio 15.5 16.6 –
Tier 1 ratio 20.9 22.1 –
Total capital ratio 21.1 22.3 –
5
Exhibits
No. Description
6
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: July 27, 2022
By:
/s/ Thomas Gottstein                                 /s/ David R. Mathers
      Thomas Gottstein                                      David R. Mathers
      Chief Executive Officer                              Chief Financial Officer 
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