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Previous contained in this form are not required to respond unless the form
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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Dated April 25, 2003
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 25, 2003
------------- --
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 /X/ 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 /X/
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
---------------
[LOGO]
Media Relations
CREDIT SUISSE GROUP
P.O. Box 1
CH-8070 Zurich
Telephone +41-1-333 8844
Fax +41-1-333 8877
e-mail media.relations@
credit-suisse.com
CREDIT SUISSE GROUP EXPECTS NET PROFIT OF
APPROXIMATELY CHF 650 MILLION FOR THE FIRST QUARTER 2003
ZURICH, APRIL 25, 2003 - CREDIT SUISSE GROUP TODAY ANNOUNCED THAT IT EXPECTS TO
REPORT A NET PROFIT OF APPROXIMATELY CHF 650 MILLION FOR THE FIRST QUARTER OF
2003, WITH A RETURN TO PROFITABILITY BY CREDIT SUISSE FIRST BOSTON AND IMPROVED
PROFITABILITY AT WINTERTHUR. CREDIT SUISSE GROUP ANNOUNCED THESE PRELIMINARY
FIRST QUARTER RESULTS IN CONNECTION WITH TODAY'S ANNUAL GENERAL MEETING.
DETAILED FIRST QUARTER RESULTS WILL BE ANNOUNCED ON MAY 6, 2003.
CREDIT SUISSE FIRST BOSTON expects a net profit of approximately USD 160 million
(CHF 220 million) and a net operating profit, excluding the amortization of
acquired intangible assets and goodwill, of approximately USD 290 million (CHF
400 million) for the first quarter of 2003. Its Institutional Securities segment
significantly improved its performance quarter-on-quarter, benefiting
particularly from strong results in Fixed Income and lower credit provisions.
CREDIT SUISSE FINANCIAL SERVICES expects a net profit of approximately CHF 660
million and a net operating profit, excluding the amortization of acquired
intangible assets and goodwill, of approximately CHF 690 million for the first
quarter. Both Private Banking and Corporate & Retail Banking increased their
segment profits quarter-on-quarter. Net new assets in Private Banking increased
versus the prior quarter. Insurance and Life & Pensions, which both returned to
profitability in the fourth quarter of 2002, improved their operational
performance, due mainly to higher investment income and tariff increases. The
Group's first quarter 2003 performance was negatively impacted by further
writedowns on its investments in Swiss International Airlines and Swiss Life,
held at the Corporate Center.
Oswald J. Gruebel, Co-CEO of Credit Suisse Group and CEO of Credit Suisse
Financial Services, said: "Our efforts to reposition Credit Suisse Financial
Services since last summer, especially at Winterthur, are beginning to bear
fruit. Given the progress in both business units, we are optimistic about the
further development of our company." John J. Mack, Co-CEO of Credit Suisse Group
and CEO of Credit Suisse First Boston, said: "We are very pleased that Credit
Suisse First Boston has returned to profitability in the first quarter. In this
challenging market environment, our whole management team remains intensely
focused on the Group's bottom-line performance."
UPDATE OF WINTERTHUR'S CONSOLIDATED EU SOLVENCY RATIO
On the basis of the final local statutory accounts of Winterthur's operating
entities for 2002, which were completed in April 2003, Credit Suisse Group has
updated Winterthur's consolidated EU solvency ratio effective December 31, 2002,
to 142%. Local solvency ratios of Winterthur's operating entities worldwide
continued to exceed regulatory requirements: for the ten largest entities, the
average local coverage was above 200%, and the lowest ratio was 135% at
year-end. The consolidated EU solvency ratio is a supplementary financial
disclosure for Winterthur and has no impact on published financial statements
and note disclosures, regulatory insurance filings, or the Group's internal
Economic Risk Capital models. This update does not change the Group's view
regarding the capitalization of Winterthur.
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES
As previously announced, a new service model for private clients in Switzerland
was introduced within the banking segments of Credit Suisse Financial Services
as of January 1, 2003. As a general rule, investable assets of CHF 250,000 or
mortgages of CHF 1 million now mark the boundary between the client segments
handled by Corporate & Retail Banking and Private Banking, respectively. This
change will be reflected in the financial reporting of the Private Banking and
Corporate & Retail Banking segments as of the first quarter of 2003. To ensure
comparability, the respective historic financial information according to the
new format is provided in the attachment.
ENQUIRIES
Credit Suisse Group, Media Relations Telephone +41 1 333 8844
Credit Suisse Group, Investor Relations Telephone +41 1 333 4570
Internet WWW.CREDIT-SUISSE.COM
CREDIT SUISSE GROUP
Credit Suisse Group is a leading global financial services company headquartered
in Zurich. The business unit Credit Suisse Financial Services provides private
clients and small and medium-sized companies with private banking and financial
advisory services, banking products, and pension and insurance solutions from
Winterthur. The business unit Credit Suisse First Boston, an investment bank,
serves global institutional, corporate, government and individual clients in its
role as a financial intermediary. Credit Suisse Group's registered shares (CSGN)
are listed in Switzerland and Frankfurt, and in the form of American Depositary
Shares (CSR) in New York. The Group employs around 78,000 staff worldwide. As of
December 31, 2002, it reported assets under management of CHF 1,195.3 billion.
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 brands; (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 successfully acquired businesses; (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.
CAUTIONARY STATEMENT REGARDING NON-GAAP FINANCIAL INFORMATION
This press release may contain non-GAAP financial information. Additional
financial information, including a reconciliation of certain non-GAAP financial
information to the most directly comparable measures under generally accepted
accounting principles, is posted on our website at
WWW.CREDIT-SUISSE.COM/EN/CSGN/SEC_FILINGS.HTML.
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES
PRIVATE BANKING (1/2)
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ----------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
INCOME STATEMENT, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Net interest income 440 326 437 322 400 294
Net commission and service fee income 1,233 1,183 1,096 1,056 955 918
Net trading income 155 145 150 142 72 65
Other ordinary income 6 6 27 26 13 13
--------------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 1,834 1,660 1,710 1,546 1,440 1,290
--------------------------------------------------------------------------------------------------------------------------------
Personnel expenses 624 553 628 561 576 512
Other operating expenses 345 283 386 321 352 287
--------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES 969 836 1,014 882 928 799
--------------------------------------------------------------------------------------------------------------------------------
GROSS OPERATING PROFIT 865 824 696 664 512 491
--------------------------------------------------------------------------------------------------------------------------------
Depreciation of non-current assets 53 49 56 52 82 78
Valuation adjustments, provisions and losses 14 11 29 23 21 17
--------------------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXTRAORDINARY AND
EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE AND TAXES 798 764 611 589 409 396
--------------------------------------------------------------------------------------------------------------------------------
Extraordinary income/(expenses), net (2) (2) 21 21 2 2
Taxes (162) (154) (146) (140) (108) (105)
--------------------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS,
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
AND MINORITY INTERESTS (SEGMENT RESULT) 634 608 486 470 303 293
--------- ------ ------ ------ ------- ------
Increased/(decreased) credit-related valuation
adjustments 2 2 (12) (9) 16 17
--------- ------ ------ ------ ------- ------
PRIVATE BANKING (1/2)
4Q2002
--------------------- 12 months 12 months
PREVIOUSLY 2002 2001
INCOME STATEMENT, IN CHF m PUBLISHED RESTATED RESTATED RESTATED
-------------------------------------------------------------------------------------------------------------------
Net interest income 414 311 1,253 1,490
Net commission and service fee income 930 901 4,058 4,381
Net trading income 118 114 466 612
Other ordinary income 15 13 58 108
-------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 1,477 1,339 5,835 6,591
-------------------------------------------------------------------------------------------------------------------
Personnel expenses 565 502 2,128 2,231
Other operating expenses 386 323 1,214 1,284
-------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES 951 825 3,342 3,515
-------------------------------------------------------------------------------------------------------------------
GROSS OPERATING PROFIT 526 514 2,493 3,076
-------------------------------------------------------------------------------------------------------------------
Depreciation of non-current assets 62 58 237 202
Valuation adjustments, provisions and losses 33 27 78 55
-------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXTRAORDINARY AND
EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE AND TAXES 431 429 2,178 2,819
-------------------------------------------------------------------------------------------------------------------
Extraordinary income/(expenses), net 23 23 44 12
Taxes (115) (115) (514) (616)
-------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS,
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
AND MINORITY INTERESTS (SEGMENT RESULT) 339 337 1,708 2,215
-------------------------------------------------------------------------------------------------------------------
Increased/(decreased) credit-related valuation adjustments (13) (9) 1 n/ a
-------------------------------------------------------------------------------------------------------------------
[LOGO]
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES
PRIVATE BANKING (2/2)
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ----------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
KEY INFORMATION PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Cost/income ratio 1 56% 53% 63% 60% 70% 68%
-------- ------- ------- -------- ------- --------
Average allocated capital in CHF m 3,484 2,340 3,708 2,434 3,599 2,428
Pre-tax margin 1) 43% 46% 37% 39% 29% 31%
--------------------------------------------------------------------------------------------------------------------------------
Fee income/ operating income 67% 71% 64% 68% 66% 71%
--------------------------------------------------------------------------------------------------------------------------------
Net new assets in CHF bn 9.2 9.2 5.6 5.6 3.4 3.4
Growth in assets under management 2.0 2.3 (7.2) (7.3) (4.4) (4.4)
of which net new assets 1.7 1.8 1.0 1.1 0.7 0.7
of which market movements and structural effects 0.3 0.5 (8.2) (8.3) (5.1) (5.1)
of which acquisitions/ (divestitures) -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Net margin 2) 46.0 bp 46.3 bp 36.0 bp 36.5 bp 24.0 bp 24.3 bp
Gross margin 3) 133.2 bp 126.4 bp 126.8 bp 120.1 bp 114.2 bp 107.2 bp
--------------------------------------------------------------------------------------------------------------------------------
PRIVATE BANKING (2/2)
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED
-------------------------------------------------------------------------------------------------------------------
Cost/income ratio 1 69% 66% 61% 56%
-------------------------------------------------------------------------------------------------------------------
Average allocated capital in CHF m 3,317 2,304 2,350 2,278
Pre-tax margin 1) 31% 34% 38% 43%
-------------------------------------------------------------------------------------------------------------------
Fee income/operating income 63% 67% 70% 66%
-------------------------------------------------------------------------------------------------------------------
Net new assets in CHF bn 0.5 0.9 19.1 34.9
-------------------------------------------------------------------------------------------------------------------
Growth in assets under management (1.3) (1.3) (10.5) 2.2
of which net new assets 0.1 0.2 3.7 6.9
of which market movements and structural effects (1.5) (1.6) (14.2) (6.1)
of which acquisitions/(divestitures) 0.1 0.1 0.1 1.4
-------------------------------------------------------------------------------------------------------------------
Net margin 2) 27.2 bp 28.3 bp 34.2 bp 43.0 bp
Gross margin 3) 118.3 bp 112.4 bp 116.8 bp 128.1 bp
-------------------------------------------------------------------------------------------------------------------
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ----------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Assets under management in CHF bn 557.6 532.1 517.3 493.5 494.5 471.9
--------------------------------------------------------------------------------------------------------------------------------
Number of employees 15,037 12,572 15,174 12,735 15,249 12,827
--------------------------------------------------------------------------------------------------------------------------------
PRIVATE BANKING (2/2)
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED
-------------------------------------------------------------------------------------------------------------------
Assets under management in CHF bn 488.0 465.7 465.7 520.1
--------------------------------------------------------------------------------------------------------------------
Number of employees 14,923 12,587 12,587 12,318
--------------------------------------------------------------------------------------------------------------------
1) Based on the segment results, which exclude certain acquisition-related
costs, exceptional items and cumulative effect of change in accounting
principle not allocated to the segment.
2) Net operating profit before exceptional items, cumulative effect of change
in accounting principle and minority interests (segment result)/ average
assets under management.
3) Operating income/ average assets under management.
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ----------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
BALANCE SHEET INFORMATION, IN CHF M PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Total assets 168,361 146,129 164,221 141,502 174,881 151761
---------------------------------------------------------------------------------------------------------------------------------
Due from customers 31,261 30,230 31,914 30,905 38,356 37,455
Mortgages 41,808 20,955 42,926 21,551 44,126 22,307
---------------------------------------------------------------------------------------------------------------------------------
PRIVATE BANKING (2/2)
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED
-------------------------------------------------------------------------------------------------------------------
Total assets 169,414 146,161 146,161 148,381
-------------------------------------------------------------------------------------------------------------------
Due from customers 36,468 35,580 35,580 30,531
Mortgages 44,832 22,935 22,935 20,904
-------------------------------------------------------------------------------------------------------------------
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES
CORPORATE & RETAIL BANKING (1/2)
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- -------- ------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
INCOME STATEMENT, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Net interest income 426 540 405 520 423 529
Net commission and service fee income 122 172 128 168 126 163
Net trading income 53 63 74 82 66 73
Other ordinary income 15 15 22 23 -- --
---------------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 616 790 629 793 615 765
Personnel expenses 223 294 245 312 237 301
Other operating expenses 132 194 175 240 152 217
---------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES 355 488 420 552 389 518
---------------------------------------------------------------------------------------------------------------------------------
GROSS OPERATING PROFIT 261 302 209 241 226 247
Depreciation of non-current assets 18 22 19 23 27 31
Valuation adjustments, provisions and losses 85 88 66 72 70 74
---------------------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXTRAORDINARY AND
EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE AND TAXES 158 192 124 146 129 142
---------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY INCOME/(EXPENSES), NET (1) (1) -- -- 4 4
TAXES (37) (45) (29) (35) (31) (34)
---------------------------------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS,
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
AND MINORITY INTERESTS (SEGMENT RESULT) 120 146 95 111 102 112
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Increased/ (decreased) credit-related valuation adjustments (6) (6) 20 17 15 14
---------------------------------------------------------------------------------------------------------------------------------
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
INCOME STATEMENT, IN CHF m PUBLISHED RESTATED RESTATED RESTATED
---------------------------------------------------------------------------------------------------------
Net interest income 418 521 2,l10 2,l44
Net commission and service fee income 102 131 634 599
Net trading income 56 60 278 278
Other ordinary income (1) 1 39 31
---------------------------------------------------------------------------------------------------------
OPERATING INCOME 575 713 3,061 3,052
Personnel expenses 234 297 1,204 1,271
Other operating expenses 187 250 901 858
---------------------------------------------------------------------------------------------------------
OPERATING EXPENSES 421 547 2,105 2,129
---------------------------------------------------------------------------------------------------------
GROSS OPERATING PROFIT 154 166 956 923
Depreciation of non-current assets 25 29 105 97
Valuation adjustments, provisions and losses 72 78 312 328
---------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXTRAORDINARY AND
EXCEPTIONAL ITEMS, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE AND TAXES 57 59 539 498
Extraordinary income/ (expenses), net 1 1 4 13
Taxes (12) (12) (126) (120)
---------------------------------------------------------------------------------------------------------
NET OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS,
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
AND MINORITY INTERESTS (SEGMENT RESULT) 46 48 417 391
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Increased/(decreased) credit-related valuation adjustments 98 94 119 n/a
---------------------------------------------------------------------------------------------------------
REALIGNMENT OF CLIENT SEGMENTATION WITHIN CREDIT SUISSE FINANCIAL SERVICES
CORPORATE & RETAIL BANKING (2/2)
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ---------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
KEY INFORMATION PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Cost/income ratio 1) 60.6% 64.6% 69.8% 72.5% 67.6% 71.8%
---------------------------------------------------------------------------------------------------------------------------------
Return on average allocated capital 1) 12.1% 11.4% 9.5% 8.4% 10.5% 8.8%
Average allocated capital in CHF m 3,972 5,116 3,991 5,265 3,893 5,064
---------------------------------------------------------------------------------------------------------------------------------
Pre-tax margin 1) 25.5% 24.2% 19.7% 18.4% 21.6% 19.1%
---------------------------------------------------------------------------------------------------------------------------------
Personnel expenses/ operating income 36.2% 37.2% 39.0% 39.3% 38.5% 39.3%
---------------------------------------------------------------------------------------------------------------------------------
Net interest margin 238 bp 231 bp 231 bp 224 bp 238 bp 225 bp
---------------------------------------------------------------------------------------------------------------------------------
Loan growth 3.3% 2.3% (2.0%) (0.9%) (1.4%) (0.6%)
---------------------------------------------------------------------------------------------------------------------------------
Net new assets in CHF bn (1.4) (1.4) 0.3 0.3 (2.3) (2.3)
---------------------------------------------------------------------------------------------------------------------------------
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
KEY INFORMATION PUBLISHED RESTATED RESTATED RESTATED
---------------------------------------------------------------------------------------------------------
Cost/income ratio 1) 77.6% 80.8% 72.2% 72.9%
---------------------------------------------------------------------------------------------------------
Return on average allocated capital 1) 4.8% 4.0% 8.3% 8.0%
Average allocated capital in CHF m 3,802 4,815 5,009 4,886
---------------------------------------------------------------------------------------------------------
Pre-tax margin 1) 10.1% 8.4% 17.7% 16.7%
---------------------------------------------------------------------------------------------------------
Personnel expenses/ operating income 40.7% 41.7% 39.3% 41.6%
---------------------------------------------------------------------------------------------------------
Net interest margin 233 bp 219 bp 225 bp 226 bp
---------------------------------------------------------------------------------------------------------
Loan growth (2.4%) (1.7%) (0.9%) (1.4%)
---------------------------------------------------------------------------------------------------------
Net new assets in CHF bn 0.2 (0.2) (3.6) 2.1
---------------------------------------------------------------------------------------------------------
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ---------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------
Assets under management in CHF bn 54.4 79.9 52.9 76.7 47.8 70.4
---------------------------------------------------------------------------------------------------------------------------
Deposit/loan ratio 67.8% 67.0% 69.8% 67.4% 70.2% 67.3%
---------------------------------------------------------------------------------------------------------------------------
Number of employees 6,835 9,300 6,792 9,231 6,818 9'240
---------------------------------------------------------------------------------------------------------------------------
Number of branches 226 226 224 224 223 223
---------------------------------------------------------------------------------------------------------------------------
4Q2002
--------------------- 12 months 12 months
PREVIOUSLY 2002 2001
PUBLISHED RESTATED RESTATED RESTATED
---------------------------------------------------------------------------------------------------------
Assets under management in CHF bn 48.0 70.3 70.3 82.6
---------------------------------------------------------------------------------------------------------
Deposit/loan ratio 72.1% 68.3% 68.3% 71.5%
---------------------------------------------------------------------------------------------------------
Number of employees 6,702 9,038 9,038 9,398
---------------------------------------------------------------------------------------------------------
Number of branches 223 223 223 227
---------------------------------------------------------------------------------------------------------
1) Based on the segment results, which exclude certain
acquisition-related costs not allocated to the segment.
1Q2002 2Q2002 3Q2002
--------------------- ---------------------- ---------------------
PREVIOUSLY PREVIOUSLY PREVIOUSLY
BALANCE SHEET INFORMATION, IN CHF m PUBLISHED RESTATED PUBLISHED RESTATED PUBLISHED RESTATED
---------------------------------------------------------------------------------------------------------------------------------
Total assets 70,644 92,877 69,747 92,466 72,658 95,778
---------------------------------------------------------------------------------------------------------------------------------
Due from customers 29,791 30,821 28,635 29,644 27,483 28,385
Mortgages 35,458 56,311 35,316 56,690 35,592 57,411
---------------------------------------------------------------------------------------------------------------------------------
Due to customers in savings and investment deposits 17,502 30,233 17,649 29,979 17,586 29,827
Due to customers, other 26,757 28,136 26,972 28,222 26,686 27,872
---------------------------------------------------------------------------------------------------------------------------------
4Q2002
--------------------- 12 MONTHS 12 MONTHS
PREVIOUSLY 2002 2001
BALANCE SHEET INFORMATION, IN CHF m PUBLISHED RESTATED RESTATED RESTATED
---------------------------------------------------------------------------------------------------------
Total assets 70,951 94,203 94,203 94,355
---------------------------------------------------------------------------------------------------------
Due from customers 26,292 27,179 27,179 29,768
Mortgages 35,267 57,165 57,165 55,383
---------------------------------------------------------------------------------------------------------
Due to customers in savings and investment deposits 17,952 30,130 30,130 30,314
Due to customers, other 26,402 27,509 27,509 30,582
---------------------------------------------------------------------------------------------------------
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)
Date April 25, 2003 By: /s/ David Frick
-------------------- ----------------------------
(Signature)*
Member of the Executive Board
*Print the name and title of the signing
officer under his signature. /s/ Karin Rhomberg Hug
Managing Director
9