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 25, 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 April 25, 2018, the Credit Suisse Earnings Release 1Q18 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).
The 1Q18 Credit Suisse Financial Report as of and for the three months ended March 31, 2018 will be published on or about May 3, 2018.
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, 2017 (Credit Suisse 2017 20-F) filed with the SEC on March 23, 2018 and the Group’s earnings release for the first quarter of 2018 (Credit Suisse Earnings Release 1Q18), 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 months ended March 31, 2018. 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 2017 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.
2
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
in 1Q18 1Q17 1Q18 1Q17
Statements of operations (CHF million)   
Net revenues 5,585 5,522 5,636 5,534
Total operating expenses 4,627 4,846 4,534 4,811
Income before taxes 910 623 1,054 670
Net income 611 526 692 592
Net income attributable to shareholders 611 528 694 596
Comparison of consolidated balance sheets
   Bank Group
end of 1Q18 4Q17 1Q18 4Q17
Balance sheet statistics (CHF million)   
Total assets 811,229 798,372 809,052 796,289
Total liabilities 767,184 754,822 766,355 754,100
3
Capitalization and indebtedness
   Bank Group
end of 1Q18 4Q17 1Q18 4Q17
Capitalization and indebtedness (CHF million)   
Due to banks 18,854 15,411 18,858 15,413
Customer deposits 369,700 362,303 368,382 361,162
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 27,579 26,496 27,579 26,496
Long-term debt 165,236 172,042 166,166 173,032
Other liabilities 185,815 178,570 185,370 177,997
Total liabilities  767,184 754,822 766,355 754,100
Total equity 44,045 43,550 42,697 42,189
Total capitalization and indebtedness  811,229 798,372 809,052 796,289
BIS capital metrics
   Bank Group
end of 1Q18 4Q17 1Q18 4Q17
Capital and risk-weighted assets (CHF million)   
CET1 capital 37,696 38,433 35,020 36,711
Tier 1 capital 51,813 52,378 49,973 51,482
Total eligible capital 56,609 57,592 54,769 56,696
Risk-weighted assets 272,040 272,720 271,015 272,815
Capital ratios (%)   
CET1 ratio 13.9 14.1 12.9 13.5
Tier 1 ratio 19.0 19.2 18.4 18.9
Total capital ratio 20.8 21.1 20.2 20.8
4
Selected financial data – Bank
Condensed consolidated statements of operations
in 1Q18 1Q17 % change
Condensed consolidated statements of operations (CHF million)   
Interest and dividend income 4,452 4,043 10
Interest expense (2,836) (2,348) 21
Net interest income 1,616 1,695 (5)
Commissions and fees 3,006 3,005 0
Trading revenues 514 525 (2)
Other revenues 449 297 51
Net revenues  5,585 5,522 1
Provision for credit losses  48 53 (9)
Compensation and benefits 2,348 2,711 (13)
General and administrative expenses 1,823 1,673 9
Commission expenses 344 368 (7)
Restructuring expenses 112 94 19
Total other operating expenses 2,279 2,135 7
Total operating expenses  4,627 4,846 (5)
Income before taxes  910 623 46
Income tax expense 299 97 208
Net income  611 526 16
Net income/(loss) attributable to noncontrolling interests 0 (2) 100
Net income attributable to shareholders  611 528 16
5
Selected financial data – Bank (continued)
Condensed consolidated balance sheets
end of 1Q18 4Q17 % change
Assets (CHF million)   
Cash and due from banks 117,705 109,510 7
Interest-bearing deposits with banks 725 721 1
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 121,170 115,346 5
Securities received as collateral 41,227 38,074 8
Trading assets 140,580 156,774 (10)
Investment securities 2,144 2,189 (2)
Other investments 5,412 5,893 (8)
Net loans 288,381 283,237 2
Premises and equipment 4,394 4,445 (1)
Goodwill 3,968 4,036 (2)
Other intangible assets 212 223 (5)
Brokerage receivables 52,739 46,968 12
Other assets 32,572 30,956 5
Total assets  811,229 798,372 2
Liabilities and equity (CHF million)   
Due to banks 18,854 15,411 22
Customer deposits 369,700 362,303 2
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 27,579 26,496 4
Obligation to return securities received as collateral 41,227 38,074 8
Trading liabilities 44,790 39,132 14
Short-term borrowings 32,349 26,378 23
Long-term debt 165,236 172,042 (4)
Brokerage payables 37,838 43,303 (13)
Other liabilities 29,611 31,683 (7)
Total liabilities  767,184 754,822 2
Total shareholder's equity  43,307 42,670 1
Noncontrolling interests 738 880 (16)
Total equity  44,045 43,550 1
Total liabilities and equity  811,229 798,372 2
BIS statistics (Basel III)
end of 1Q18 4Q17 % change
Eligible capital (CHF million)   
Common equity tier 1 (CET1) capital 37,696 38,433 (2)
Tier 1 capital 51,813 52,378 (1)
Total eligible capital 56,609 57,592 (2)
Capital ratios (%)   
CET1 ratio 13.9 14.1 –
Tier 1 ratio 19.0 19.2 –
Total capital ratio 20.8 21.1 –
6
Exhibit
No. Description
99.1 Credit Suisse Earnings Release 1Q18
7
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP AG and CREDIT SUISSE AG
(Registrants)
Date: April 25, 2018
By:
/s/ Tidjane Thiam                                 /s/ David R. Mathers
      Tidjane Thiam                                       David R. Mathers
      Chief Executive Officer                          Chief Financial Officer 
8