CoinShares International Limited Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Net Revenue: CHF 4.41 billion, down 42% YoY, driven by declines in Wealth Management, Investment Bank, and Asset Management.
  • Reported Pre-Tax Loss: CHF 428 million (improved from CHF 757 million loss in Q1 2021).
  • Adjusted Pre-Tax Income: CHF 300 million (includes CHF 206 million Russia-related losses).
  • Legal Provisions: CHF 703 million in the quarter due to legacy litigation.
  • Russia-Ukraine Impact: CHF 206 million hit on pre-tax income; exposure reduced by 56% from CHF 848 million to CHF 373 million.
  • Allfunds Losses: CHF 353 million due to mark-to-market volatility (but CHF 971 million cumulative gain since listing).
  • Cost Guidance: Adjusted operating expenses expected to be around CHF 17 billion for FY2022 due to compensation normalization and strategic tech/risk investments.
  • CET1 Ratio: 13.8% (down from 14.4% in Q4 2021), impacted by litigation provisions but capital base remains strong.
  • Net New Assets: CHF 4.6 billion in Q1, mostly from Switzerland and Asia Pacific.
  • Outlook: Strategic focus remains on resolving litigation, exiting Prime Services, improving risk and compliance, investing in tech, and transitioning to a capital-light model.

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Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.: Operator: 00:00 Good morning. This is the conference operator. Welcome, and thank you for joining Credit Suisse Group's First Quarter 2022 Results Conference Call for Analysts and Investors. As a reminder, all participants are in a listen-only mode and the conference is recorded. [Operator Instructions] 00:32 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: 00:48 Thank you, operator. Before we begin, let me remind you of the important cautionary statements on Slides 2 and 3, including in relation to the forward-looking statements, non-GAAP financial measures and Basel III disclosures. For a detailed discussion of our results, we refer you to the Credit Suisse first quarter 2022 earnings release, published this morning. 1:14 Let me remind you that our first quarter 2022 financial report and the accompanying financial statements for the period will be published on or around May 5. 01:25 I will now hand over to our Group CEO Thomas Gottstein; and our Group CFO David Mathers, who will run you through the numbers. Thomas Gottstein: 01:35 Thank you, Kinner. And tha

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