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Media Release Zurich , February 18 , 2021 Fourth quarter and full year 2020 financial results Strong underlying performance positions bank to accelerate growth Reported 4020 pre - tax loss of CHF 88 mn , net revenues of CHF5.2 bn ; results impacted by increased provision for credit losses , major litigation provisions , restructuring costs and significant items ; 4020 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 Thomas Gottstein , Chief Executive Officer of Credit Suisse Group AG , commented : " Despite a challenging environment for societies and economies in 2020 , we saw a strong underlying performance across Wealth Management and Investment Banking , while addressing historic issues . We remained focused on serving our clients around the globe and on delivering value to our shareholders . The steady execution of the strategic initiatives we announced last July supports our growth agenda and allows for further investment in our businesses . Looking forward into 2021 and beyond , we aim to further accelerate growth in Wealth Management and deliver sustainable returns in Investment Banking . We remain strongly committed to positioning Credit Suisse as a leader in sustainability and driving digitalization and automation to generate positive operating leverage . I would like to thank all our employees for their outstanding commitment and loyalty . " Reported key financials ( YoY ) FY20 : Pre - tax income : CHF 3.5 bn , down 27 % primarily due to increased provision for credit losses , major litigation provisions and York impairment Net revenues : CHF 22.4 bn , flat Total operating expenses : CHF 17.8 bn , up 2 % Net income att / t shareholders : CHF 2.7 bn , down 22 % RoTE : 6.6 % 4020 : Pre - tax loss : CHF 88 mn , primarily due to major litigation provisions and York impairment Net revenues : CHF 5.2 bn , down 16 % Total operating expenses : CHF 5.2 bn , up 7 % Net loss att / t shareholders : CHF 353 mn CET1 ratio : 12.9 % ( 3020 : 13.0 % ) ; Tier 1 leverage ratio : 6.4 % ¹ ( 3020 : 6.3 % ² ) Strong underlying financial performance in 2020 , with PTI and net revenue growth on an adjusted basis and excluding significant items * despite significant FX headwinds and higher provision for credit losses which are in line with the overall banking industry , demonstrating the strength of our diversified franchise Executed four key strategic initiatives to support growth agenda , expected to generate run - rate savings of CHF 400 mn to CHF 450 mn p.a.³ : Created one global Investment Bank Launched SRI - Sustainability , Research & Investment Solutions Integrating Neue Aargauer Bank into SUB and launched CSX Combined Risk and Compliance functions Investments to accelerate our growth : Targeting investments of CHF 300 mn to CHF 600 mn in growth initiatives across Wealth Management and the Investment Bank , supported by investments in technology platform and risk infrastructure Page 1 CREDIT SUISSE Adjusted key financials , excl . sign . items * ( YoY ) FY20 : - Key highlights for 2020 Pre - tax income : CHF 4.4 bn , up 6 % , driven by solid revenue momentum , especially in the IB , and continued cost discipline Pre - provision profit of CHF 5.5 bn , up 22 % Net revenues : CHF 22.1 bn , up 3 % Total operating expenses : CHF 16.6 bn , down 2 % 4Q20 : Pre - tax income : CHF 861 mn , down 10 % , driven by lower revenues particularly in IWM , SUB and the Corporate Center Net revenues : CHF 5.3 bn , down 4 % Total operating expenses : CHF 4.3 bn , down 2 % WM - related investments : Increase adjusted PTI excluding significant items * ( CHF 3.8bn in 2020 ) and adjusted RoRC excluding significant items * ( 18 % in 2020 ) towards our related ambitions of CHF 5.0-5.5 bn PTI in 2023 and 20-25 % RORC , as part of our strategy to accelerate growth and invest most of marginal capital generated into Wealth Management to deploy into len ding , accompanied with investments in RM recruitment , ESG products and private markets IB : adjusted * RoRC of 13 % in line with our medium - term ambition of 10-15 % , supported by 70 % adjusted * PTI growth in 2020 ; further selected IB investments planned ( e.g. in M & A ) Strong capital position and disciplined capital distribution : CET1 ratio of 12.9 % as of the end of 2020 Total capital distribution of CHF 1 bn in 20205 ; Proposal to our shareholders to increase 2020 dividend by 5.4 % vs 2019 ( CHF 0.2926 per share ) Started our share buyback program for 2021 in January , targeting a total of CHF 1.0 -1.5bn for the full year