Credit Suisse posted its third consecutive annual loss on Wednesday, highlighting writedowns inside the fourth quarter of 2017 due to the overhaul of the U.S. tax system.
the idea reported a net loss of 983 million Swiss francs ($1.05 billion) for the year along with also also said that will the idea paid 2.74 billion Swiss francs in income tax expenses, primarily related to the re-assessment of deferred taxes resulting by the U.S. tax improvements.
“(The bank) is usually in a better place (by a year ago),” Tidjane Thiam, chief executive of Credit Suisse, told CNBC Tuesday.
“If you look at the results we announced today along with also also the key things inside the results, we talked a lot about operating leverage i.e. We are working hard to raise revenue along with also also reduce cost. We were able to do that will at the bank level as a whole.”
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 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 particular time last year.
The bank’s capital position also increased inside the last quarter of 2017. Its CET 1 ratio rose to 12.8 percent by 11.5 percent inside the last quarter of 2016. Thiam said 2017 was a “crucial year” of delivery in its three-year restructuring plan.
He added in a statement that will the bank managed to show profitable growth along with also also that will every division increased its return on capital, with particular momentum in its wealth management business. This particular unit saw an increase of 13 percent year-on-year for its assets under management.