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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.

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