CoinShares PLC Ordinary Shares Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Full-Year Results: Adjusted pre-tax income (excluding significant items) was CHF 4.38 billion in 2020, up 6% from CHF 4.14 billion in 2019. Net income attributable to shareholders was CHF 2.67 billion, down 22% from 2019.
  • Q4 Results: Reported a pre-tax loss of CHF 88 million and a net loss of CHF 353 million attributable to shareholders due to litigation provisions (CHF 757 million) and impairment of York Capital (CHF 414 million). Adjusted pre-tax income fell 10% YoY but was up 1% on a constant currency basis.
  • Capital and Dividends: CET1 ratio stood at 12.9% at year-end (up 20bps YoY). Proposed a 2020 dividend of CHF 0.2926 per share (up 5.4% from 2019) and a 2021 share buyback program of CHF 1–1.5 billion, of which CHF 112 million was repurchased by February 16.
  • Investment Bank: FY 2020 adjusted pre-tax income surged 70% YoY to USD 1.88 billion. Revenues up 18% YoY to USD 9.72 billion. Significant strength in capital markets and equities, though underperformed in macro compared to peers. IPOs and SPAC activity noted as strong contributors.
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Operator: Good morning. This is the conference operator. Welcome and thank you for joining the Credit Suisse Group's Full Year and Fourth Quarter 2020 Results Conference Call for Analyst and Investors. [Operator Instructions]. I will now turn the conference over Kinner Lakhani, Head of Investor Relations and Group Strategy and Development. Please go ahead Kinner. Kinner Lakhani: Thank you, operator. 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 a detailed discussion, we refer you to the Credit Suisse fourth quarter 2020 financial release published this morning. Let me remind you that our 2020 Annual Report and audited financial statements for the year will be published on around March 18 2021. I will now hand over to a group CEO Thomas Gottstein and our group CFO, David Mathers, who will run through the numbers. Thomas Gottstein: Thank you, Kinner. Good morning, everyone. Thank you for joining our call this morning to discuss our fourth quarter and full year 2020 results. Let me begin as I have since I became group CEO one year ago, with some comments on the current environment. We continue to monitor with full vigilance the elevated levels of COVID-19 cases in Switzerland, and all the countries around the globe where we operate. In my first year, I'm very proud of what Credit Suisse has delivered for clients, employees
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