CoinShares PLC Ordinary Shares Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Pretax Income: CHF1.0 billion reported, up 26% year-on-year. Adjusted pretax income excluding Archegos and significant items was CHF1.4 billion, also up 25% YoY — the best Q3 performance in five years.
  • Net Revenue: CHF5.4 billion, up 5% YoY.
  • Operating Expenses: CHF4.6 billion, a 6% increase YoY.
  • Net Income to Shareholders: CHF434 million, down 21% YoY, due to a 57% tax rate inflated by net losses from Archegos earlier in the year.
  • Return on Tangible Equity: 4.5%.
  • Credit Loss Provisions: Net release of CHF144 million, including CHF188 million Archegos reversal.
  • Capital: CET1 ratio at 14.4%, up from 13.7% in Q2 — a record high for Credit Suisse. CET1 leverage ratio increased to 4.3% from 4.2%.
  • Net Asset Inflows: CHF6.2 billion across Wealth Management businesses, reversing outflows from Q2.

Divisional Highlights

  • Swiss Universal Bank: Revenues up 5% YoY; pretax income up 24% YoY to CHF586 million — a record Q3. Strong performance across commissions, fees, and Swisscard partnership.
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Operator: Good morning. This is the conference operator. Welcome, and thank you for joining Credit Suisse Group's Third Quarter 2021 Results Conference Call for Analysts and Investors. [Operator Instructions]. I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategy and Development. Please go ahead, Kinner. Kinner Lakhani: Thank you, Sharon. Good morning, everyone, and thank you for joining us. We have a busy schedule ahead of us with our third quarter earnings presentation, followed by our Investor Day 2021 presentation, which begins at 8:45 GMT. So please note that this call will only focus on earnings, and I kindly ask you to respect that in the Q&A that follows. Before we begin, let me remind you of the important cautionary statements on slides 2 and 3, including in relation to forward-looking statements, non-GAAP financial measures and Basel III disclosures. For more detail on our results, we refer you to the Credit Suisse third quarter 2021 financial report, which we published this morning. I will now hand over to our Group CEO, Thomas Gottstein; and our Group CFO, David Mathers, who will then run through our numbers. Thank you. Thomas Gottstein: Thank you, Kinner, and good morning from London. I am pleased to present our third quarter results alongside David. This is the first of several presentations you will hear from the 2 of us, other Executive Board members and our Chairman today as we will present later the conclusio
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