Credit Suisse has posted a net loss of CHF983m ($1.05bn) for the year 2017due to a CHF2.3bn ($2.45bn) writedown related to a change in US tax policy.
This is Swiss wealth manager’s third consecutive annual loss. Last year it posted net loss of CHF2.71bn.
Net revenues were CHF20.9bn, an increase of 3% compared to CHF20.32bn a year ago quarter. Total operating expenses dropped 15% to CHF18.89bn from CHF22.37bn a year earlier.
The Swiss bank, which is midway through a three-year restructuring plan, said its CET 1 ratio rose to 12.8% from 11.5% in the last quarter of 2016.
Commenting on the performance, Credit Suisse chief executive Tidjane Thiam said: “We believe we are in a significantly improved position to benefit when market conditions improve.
“In the first six week so of the year, we have seen evidence that this approach is paying off,” he added.
The International Wealth Management (IWM) unit posted a pre-tax income of CHF1.35bn for the year ended 31 December 2017, a surge of 21% compared with CHF1.21bn a year ago. Net revenues increased 9% year-on-year to CHF5.11bn from CHF4.69bn last year.
Asia Pacific (APAC) generated adjusted pre-tax income of CHF792m for the financial year 2017 and delivered an adjusted return on regulatory capital of 15%. In APAC Wealth Management & Connected (WM&C), the adjusted return on regulatory capital was 30% for the year.