Credit Suisse, full year and fourth quarter 2019 results

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Overig advies 13/02/2020 10:45
Full year 2019 highlights:

Group pre-tax income of CHF 4.7 billion compared to CHF 3.4 billion in 2018, up 40%. This includes certain significant items, notably the gains from the revaluation of our equity investment in SIX Group AG (SIX) and from the transfer of the InvestLab funds platform to Allfunds Group*, which were partially offset by major litigation provisions*; excluding these items, pre-tax income would have been CHF 4.3 billion, up 18%, driven by higher revenues, which would have been up 4%
Adjusted1 pre-tax income of CHF 5.0 billion compared to CHF 4.2 billion in 2018, up 18%
Net income of CHF 3.4 billion compared to CHF 2.0 billion in 2018, up 69%
Attracted Group Net New Assets (NNA) of CHF 79.3 billion, a record level since 2013, driving our asset base to the record level of CHF 1.5 trillion Assets under Management (AuM); total net asset inflows since 2016 of CHF 198 billion
Return on Tangible Equity (RoTE) of 9%, up from 5% in 2018, demonstrating strong progress towards our 2020 ambition of ~10%
Diluted earnings per share of CHF 1.32 compared to CHF 0.77 per share in 2018
Tangible book value per share (TBVPS) of CHF 15.88 at year-end 2019, compared to CHF 15.27 at year-end 2018
Strengthened capital position: CET1 ratio of 12.7%, up from 12.6% at year-end 2018; Tier 1 leverage ratio of 5.5%, up from 5.2% at year-end 2018
Distributed CHF 1.7 billion of capital to our shareholders, including the successful completion of our 2019 share buyback program, delivering a buyback of shares of CHF 1 billion by the end of 2019; for 2020, commenced a similar buyback program and expect to buy back at least CHF 1 billion of shares, subject to market and economic conditions
* 3Q19 and 2019 include CHF 327 million related to the transfer of the InvestLab fund platform to Allfunds Group, recorded in SUB C&IC (CHF 98 million), IWM PB (CHF 131 million) and APAC PB within WM&C (CHF 98 million); 4Q19 and 2019 include CHF 498 million related to the revaluation of our equity investment in the SIX Group AG, recorded in SUB PC (CHF 149 million), SUB C&IC (CHF 157 million) and IWM PB (CHF 192 million). 4Q19 and 2019 included major litigation provisions of CHF 326 million and CHF 389 million, respectively. 4Q18 and 2018 included major litigation provisions of CHF 82 million and CHF 244 million, respectively. Results excluding these gains are non-GAAP financial measures

1 Refers to adjusted results, which are non-GAAP financial measures. For a reconciliation of the adjusted results to the most directly comparable US GAAP measures, see the Appendix to the Media Release

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