CoinShares International Limited Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Financial Results:
    • Q4 2021: Reported pretax loss of CHF 1.59 billion, mainly driven by a CHF 1.6 billion goodwill impairment (linked to the legacy DLJ acquisition) and CHF 436 million in litigation provisions. Adjusted pretax income (excluding significant items) was CHF 328 million.
    • Full Year 2021: Reported pretax loss of CHF 522 million, heavily impacted by Archegos loss (CHF 4.8 billion), litigation provisions, and goodwill impairment totaling CHF 7.6 billion. Adjusted pretax income excluding significant items and Archegos stood at CHF 6.6 billion.
    • Dividend: Board proposed a CHF 0.10/share dividend for 2021, subject to AGM approval.
  • Business Segment Highlights (FY comparison unless noted):
    • Swiss Universal Bank: Record adjusted pretax income of CHF 2.4 billion (+25% YoY). Adjusted Q4 pretax income CHF 546 million (+41% YoY).
    • International Wealth Management (IWM): Adjusted pretax income CHF 770 million (-23% YoY). Fee waiver impacted revenues by CHF 28 million in Q4.
    • Asia Pacific (APAC): Adjusted pretax income USD 1.01 billion (+22% YoY). Q4 adjusted income fell to USD 94 million.

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Operator: Good morning. This is the conference operator. Welcome, and thank you for joining Credit Suisse Fourth Quarter and Full Year 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, Annette. Good morning, everyone. Thank you for joining us. 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 of our results, we refer you to the Credit Suisse fourth quarter 2021 earnings release published this morning. Let me remind you that our 2021 Annual Report and audited financial statements for the year will be published on or around March 10, 2022. I will now hand over to our Group CEO, Thomas Gottstein; and our Group CFO, David Mathers, who will run through the numbers. Thomas Gottstein: Thank you, Kinner. And thank you all for joining our fourth quarter and full year 2021 results presentation. We greatly appreciate your participation and engagement. Let me be upfront and begin with some comments about 2021 and more recent events. Despite a very supportive market environment and strong underlying performances in most of our businesses, especially during the first 9 months of 2021, last year was very challenging

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