Full year and fourth quarter 2020 financial results
On February 18, 2021, Credit Suisse Group presented its full year and fourth quarter 2020 financial results to investors and analysts as well as to media.
Strong underlying performance positions bank to accelerate growth
- Reported 4Q20 pre-tax loss of CHF 88 mn, net revenues of CHF 5.2 bn; results impacted by increased provision for credit losses, major litigation provisions, restructuring costs and significant items; 4Q20 adjusted pre-tax income, excluding significant items* of CHF 861 mn
- Reported FY20 pre-tax income of CHF 3.5 bn, net revenues of CHF 22.4 bn, diluted earnings per share of CHF 1.06
- FY20 adjusted pre-tax income, excluding significant items*, of CHF 4.4 bn, up 6% versus 2019
* Refers to adjusted results, results excluding significant items and results on a constant FX rate basis as applicable. Results excluding items included in our reported results are non-GAAP financial measures. For a reconciliation to the most directly comparable US GAAP measures, see the Appendix of this Media Release. Significant items include the gain related to the transfer of the InvestLab fund platform to Allfunds Group in 3Q19 and 1Q20, the gain related to the equity investment revaluation of Allfunds Group in 4Q20, the gain related to the equity investment revaluation of SIX in 4Q19 and in 4Q20, the gain related to the equity investment revaluation of Pfandbriefbank in 2Q20 and the impairment to the valuation of our non-controlling interest in York Capital Management