Credit Suisse: posts loss on legal provisions
(CercleFinance.com) - Credit Suisse on Thursday reported a loss for the fourth quarter, as the Swiss private bank had to absorb the impact of legal provisions and asset impairments.
Zurich-based Credit Suisse reported a net loss of 353 million Swiss francs for the period, compared with a net profit of 852 million Swiss francs a year ago. Net revenue fell by 16% to 5.2 billion Swiss francs, the bank said.
The loss included litigation provisions, primarily relating to settlements due to previous RMBS cases, and an impairment on the valuation of its stake in York Capital Management.
However, Credit Suisse provided a positive outlook.
"Looking forward into 2021 and beyond, we aim to further accelerate growth in wealth management and deliver sustainable returns in investment banking," CEO Thomas Gottstein said in the earnings statement.
The shares were down 0.4% in Zurich following the report. They have risen over 10% year-to-date.
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