First quarter 2021 financial results
On April 22, 2021, Credit Suisse Group presented its first quarter 2021 financial results to investors and analysts as well as to media.
Net loss of CHF 252 mn in 1Q21, reflecting significant charge with respect to the US-based hedge fund matter in 1Q21, offsetting positive performance across wealth management and investment banking; capital position with CET1 ratio of 12.2% to be further strengthened by successful placement of 203 mn shares via two series of Mandatory Convertible Notes.
- Strong revenue generation across Wealth Management-related businesses and the Investment Bank; reported net revenues up 31% year on year
- Strong 1Q21 Net New Assets (NNA) for the Group of CHF 28.4 bn, of which WM NNA of CHF 14.4 bn, equal to a 7% annualized growth rate with positive contributions across all three WM businesses
- CET1 ratio of 12.2% and CET1 leverage ratio of 3.8% at the end of 1Q21, with intention to achieve approx. 13% CET1 ratio and a minimum of 4.0% CET1 leverage ratio
- Successfully placed 203 mn shares via two series of MCNs, leading to an estimated uplift of ~55-60 bps to the CET1 ratio *
* CET1 ratio on an adjusted basis until the earlier of FINMA consent for equity treatment is granted or conversion of the MCNs