Credit Suisse Loss Narrows

Credit Suisse Loss Narrows

Credit Suisse Loss Narrows

The bank's shares rose more than 3 percent. "Now it is up to Credit Suisse to show alternatives", RBR said in a statement. "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.

"2017 was a crucial year of delivery in our three-year restructuring plan, after 2016, which was a year of deep and radical reorganisation and restructuring", said chief executive Tidjane Thiam (left).

Credit Suisse on February 14 reported a 1.7 billion Swiss franc annual pre-tax profit from continuing operations compared to a 2.2 billion Swiss franc loss in 2016, on revenue which rose by 3 percent year-on-year to 20.9 billion Swiss francs.

Analysts and investors will look for evidence in the financial report of Credit Suisse that the restructuring plan continues to drive revenue growth, lower costs and improved risk management in the commercial departments. In recent years, the bank has heavily incentivized investors to take more shares, not cash.

Switzerland's second biggest bank reported a net loss of 983 million Swiss francs (1.05 billion USA dollars) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses.

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The massive Russian involvement tipped the military balance of the civil war in favor of the Assad regime and its Iranian ally. And the possibility becomes much more probable that the cycle of the steps and countersteps could lead to an open escalation.

Sitohang said, however, that in the first six weeks of 2018, Credit Suisse's Asia-Pacific markets business saw revenues rise by over 15 per cent compared to the same period in 2017, thanks to increased market volatility.

Net revenue was CHF5.19 billion, compared to CHF5.18 billion in the prior year.

And, while revenues grew, Credit Suisse also reduced costs by 6% between 2017 and 2016. 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.

Thiam on Wednesday cautioned that the violent swings of the past weeks had a negative impact on the advisory business, because clients prefer calmer market to issue stocks or bonds.

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