Credit Suisse: posts 2017 loss due to US tax reform
(CercleFinance.com) - Credit Suisse on Wednesday reported a full-year 2017 net loss of 983 million Swiss francs, as the Swiss bank booked a big charge relating to the US tax reform.
The group said the annual loss included tax expenses of 2.7 billion Swiss francs, primarily related to the re-assessment of deferred taxes.
In the fourth quarter alone, when the reform was voted, the group's net attributable loss reached 2.1 billion Swiss francs.
On a pre-tax basis, Credit Suisse reported income of 1.8 billion Swiss francs, compared to pre-tax loss of 2.3 billion Swiss francs in FY 2016.
While net revenues rose by 5%, Credit Suisse's operating cost base fell by 7% relative to 2016, the investment bank said.
CEO Tidjane Thiam said that 2017 results reflected the positive impact of the group's "restructuring efforts."
"As a result of these efforts, we believe we are in a significantly improved position to benefit when market conditions improve," Credit Suisse said.
On Zurich's SMI index, Credit Suisse shares are currently up 2.6% at 16.9 Swiss francs after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group said the annual loss included tax expenses of 2.7 billion Swiss francs, primarily related to the re-assessment of deferred taxes.
In the fourth quarter alone, when the reform was voted, the group's net attributable loss reached 2.1 billion Swiss francs.
On a pre-tax basis, Credit Suisse reported income of 1.8 billion Swiss francs, compared to pre-tax loss of 2.3 billion Swiss francs in FY 2016.
While net revenues rose by 5%, Credit Suisse's operating cost base fell by 7% relative to 2016, the investment bank said.
CEO Tidjane Thiam said that 2017 results reflected the positive impact of the group's "restructuring efforts."
"As a result of these efforts, we believe we are in a significantly improved position to benefit when market conditions improve," Credit Suisse said.
On Zurich's SMI index, Credit Suisse shares are currently up 2.6% at 16.9 Swiss francs after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.