What windfall from 2019 boosted the comparison quarter’s profit?

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A 327 Million Franc Windfall from InvestLab Sale Boosted 2019's Third Quarter Profit

Credit Suisse's third-quarter net profit in 2020 experienced a significant decline, falling by 38 per cent to 546 million Swiss francs. This downturn was partly due to a comparison with the previous year, which had been artificially inflated by a substantial one-off gain. Specifically, the third quarter of 2019 benefited from a one-time income of 327 million Swiss francs stemming from the divestment of the bank's InvestLab fund platform.
InvestLab Sale to Allfunds Group

The substantial financial boost to Credit Suisse's 2019 third-quarter results originated from the sale of its InvestLab fund platform. This strategic transaction was executed with the Allfunds Group, a prominent entity in the funds sector. The sale generated a considerable windfall for the bank, impacting its reported profits for that period.
Impact on Profit Comparison

The 327 million Swiss franc gain from the InvestLab sale significantly elevated the net profit figures for the third quarter of 2019. Consequently, when comparing the third quarter of 2020 to this exceptionally strong prior-year period, the percentage drop in net profit appeared more pronounced. Without this one-off event in 2019, the reported decline in 2020 would have been less dramatic.
Overall Financial Performance in Q3 2020

Beyond the comparative anomaly, Credit Suisse's overall financial performance in the third quarter of 2020 indicated a slowdown in its international wealth management activities, leading to missed analyst expectations. The bank’s net revenue also saw a slight decrease of two per cent, reaching 5.2 billion Swiss francs. While investment banking and capital markets segments showed revenue growth, the international wealth management division experienced a 20 per cent revenue drop due to reduced investment income and adverse currency and interest rate movements.

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What windfall from 2019 boosted the comparison quarter’s profit?

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