Thursday, 24 May, 2018

Credit Suisse shares rise despite posting third straight annual loss

Credit Suisse chief executive Tidjane Thiam Credit Suisse boss defends bank's role in collapsed trading product
Herman Weaver | 14 February, 2018, 23:25

The Swiss bank flagged a sharp pickup of trading income this year, especially in Asia.

Credit Suisse reported a net loss of 983 million Swiss francs ($1.05 billion) for 2017 on Wednesday.

The authorities in question included the Department of Justice and the US Securities and Exchange Commission, the Swiss bank said, adding that it was "cooperating with the authorities".

ZURICH-Credit Suisse Group AG posted its third-straight annual loss Wednesday as the USA corporate tax overhaul forced the Swiss banking giant to write down over $2 billion in deferred-tax assets and erased what would have been a healthy return to profit. The bank posted a loss of 2.1 billion Swiss francs in its fourth quarter due to the writedown, better than the 2.6 billion franc loss reported this time previous year.

Overall, the results came in above market expectations, with Reuters analysts estimating a full-year net loss of 1.1 billion Swiss francs.

The bank's capital position also improved in the last quarter of 2017.

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While the Swiss bank delivered a better-than-expected 2017 performance, Credit Suisse remains cautious over the year ahead.

"In 2018, we will remain focused on disciplined execution and on delivering value for our clients and shareholders for the final year of our restructuring plan", Thiam said.

Thiam, who took the helm almost three years ago, has focused on scaling back Credit Suisse's investment banking business to concentrate on less capital-intensive private banking.

Speaking to CNBC, Thiam said that it's "too early" to announce any share buybacks or higher dividends.

The Board of Directors of Credit Suisse Group AG is proposing Michael Klein and Ana Paula Pessoa for election as new non-executive members of the Board of Directors at the Annual General Meeting on April 27, 2018.

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