RTTNews | Oct 29, 2020 02:53AM EDT

02:53 Thursday, October 29, 2020 (RTTNews.com) - Swiss banking major Credit Suisse Group AG (CS) reported that its third-quarter net income attributable to shareholders dropped by 38% to 546 million Swiss francs, from the previous year.

The latest-quarter results included restructuring expenses of 107 million francs, major litigation provisions of 152 million francs and a net adverse impact on PTI of 103 million francs from foreign exchange moves, primarily from USD weakness.

The prior year results included a gain of 327 million francs related to the transfer of the InvestLab fund platform to Allfunds Group.

On an adjusted basis, quarterly pre-tax income, excluding significant items, was 1.1 billion francs, up 29% year on year. Net revenues for the third-quarter were 5.2 billion francs down 2% from last year. But, adjusted net revenues, excluding significant items, were 5.2 billion francs, up 4% year on year.

The company said its board has proposed a second distribution of dividends in the amount of the first distribution of dividends of 0.1388 francs gross per registered share, to distribute the full dividend amount of 0.2776 francs gross per share as originally proposed to shareholders for the financial year 2019. The board has called an EGM on November 27, 2020.

The company's board has approved a share buyback program of up to 1.5 billion francs in 2021, with at least 1.0 billion francs expected for the full year. Share repurchases are expected to start in January 2021.

For the full year 2021, the company expects a total capital distribution to shareholders of about 1.8 billion francs to 2.3 billion francs, through the expected share buyback program and an anticipated 2020 dividend of approximately 765 million francs.

The company's board is proposing Clare Brady and Blythe Masters for election as new non-executive members of the Board of Directors at the Annual General Meeting to be held on April 30, 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3140442/credit-suisse-q3-profit-drops-38-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved