Credit Suisse Q3 Impacted by FX Changes, Restructuring and Litigation Costs; Lower Loan Provisions
Credit Suisse Group AG (CSG or the Group) reported CHF 546 million of net attributable income in Q3 2020, down 38% Year-on-Year (YoY) from CHF 881 million in Q3 2019 and down 53% sequentially from USD 1.2 billion in Q2 2020. Q3 results were negatively impacted by restructuring costs and higher litigation provisions as well as FX movement. The YoY decline was also influenced by significant one off gains in Q3 2019 which were not repeated in this quarter. On an adjusted basis, excluding these items and at constant exchange rates, Profit Before Taxes (PBT) were up 41% YoY compared to a decline of 30% on a reported basis.
Credit Suisse is a financial services provider based in Switzerland. Co. is active as an integrated bank. Co. operates through two global divisions, Private Banking and Corporate & Institutional Banking. Co. offers comprehensive advice and a broad range of financial solutions to private, corporate and institutional clients primarily domiciled in Switzerland. Co. maintains operations in three regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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