Ratio of earnings to fixed charges |
The following table sets forth the Bank’s ratio of earnings to fixed charges: |
Ratio of earnings to fixed charges | |||||||||||||
in | 6M08 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||
Ratio of earnings to fixed charges (CHF million) | |||||||||||||
Income/(loss) from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes | (1,414) | 12,173 | 12,801 | 6,286 | 6,373 | 4,020 | |||||||
Income from investments in associates | (22) | (200) | (114) | (271) | (130) | (18) | |||||||
Pre-tax earnings from continuing operations | (1,436) | 11,973 | 12,687 | 6,015 | 6,243 | 4,002 | |||||||
Fixed charges: | |||||||||||||
Interest expense | 21,742 | 53,994 | 43,423 | 28,822 | 18,363 | 15,897 | |||||||
Interest portion of rentals 1 | 259 | 558 | 560 | 528 | 526 | 530 | |||||||
Total fixed charges | 22,001 | 54,552 | 43,983 | 29,350 | 18,889 | 16,427 | |||||||
Pre-tax earnings before fixed charges | 20,565 | 66,525 | 56,670 | 35,365 | 25,132 | 20,429 | |||||||
Minority interests | 41 | 5,013 | 3,620 | 2,064 | 1,113 | 101 | |||||||
Earnings before fixed charges and provision for income taxes | 20,524 | 61,512 | 53,050 | 33,301 | 24,019 | 20,328 | |||||||
Ratio of earnings to fixed charges 2 | 0.93 | 1.13 | 1.21 | 1.13 | 1.27 | 3 | 1.24 | 3 | |||||
1 Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor. 2 The deficiency in the coverage of fixed charges by earnings before fixed charges was CHF 1,477 million as of June 30, 2008. 3 Based on the combined statements of income of Credit Suisse, which represent the combined statements of income of the former Credit Suisse First Boston and Credit Suisse, which were merged in May 2005, with Credit Suisse First Boston as the surviving entity (the name of which was changed to Credit Suisse). |