CoinShares International Limited Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Q4 2022 Group Results:
    • Reported pre-tax loss of CHF 1.3 billion.
    • Adjusted pre-tax loss of CHF 1 billion.
    • Net loss attributable to shareholders: CHF 1.4 billion.
    • Group net revenue dropped 33% YoY to CHF 3.1 billion, impacted by Investment Bank restructuring and market headwinds.
  • FY 2022 Group Results:
    • Group net loss for the year: CHF 7.3 billion (vs. CHF 1.6 billion loss in 2021).
    • Reported revenues declined 34% YoY to CHF 14.9 billion.
    • Reported pre-tax loss: CHF 3.3 billion.
    • CET1 ratio improved to 14.1% (up 150 bps QoQ).
  • Transformation and Capital Actions:
    • Capital raised: CHF 4 billion in equity through a rights offering and other measures.
    • Securitized Products transaction: Two-thirds of $55 billion asset reduction completed; first closing with Apollo completed.
    • Formation of CS First Boston with acquisition of M. Klein & Company to strengthen advisory capability.
    • Capital efficiency measures include proactive deleveraging with CHF 23 billion RWA reduction in Q4.

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Operator: Good morning. This is the conference operator. Welcome, and thank you for joining Credit Suisse Group's Fourth Quarter and Full Year 2022 Results Conference Call for Analysts and Investors. As a reminder, all participants are in a listen-only mode, and the conference is recorded. You will have the opportunity to ask questions after the presentation. [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, Alice. Good morning. Welcome, everyone. 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 and full year 2022 earnings release that was published this morning. Let me remind you that our 2022 annual report and audited financial statements for the year will be published on or around March 9, 2023. So, I will now hand over to our Group CEO, Ulrich Koerner; followed by our Group CFO, Dixit Joshi, who will run through the numbers. Ulrich Koerner: Thank you, Kinner. Ladies and gentlemen, thank you all for joining today. We greatly appreciate your participation and engagement. Let me begin with some opening remarks. 2022 was an extremely challenging year for Credit Suisse with the group posting a net

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