Credit Suisse Loss Narrows In Fourth Quarter

Credit Suisse boss defends bank's role in collapsed trading product

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.

Credit Suisse group as a whole reported a net loss of 983 million Swiss francs, its third straight year of losses after facing 2.7 billion francs of income tax expenses mostly because of USA tax reform. But investors are rewarding its improved ability to profit from increases in revenues.

Credit Suisse ascribed the rise to CEO Tidjane Thiam's three-year deep restructure of the bank.

The first six weeks of 2018 showed a "strong start" in the market-dependent businesses, with revenue gains of 10 percent in its global markets unit and 15 percent in Asia-Pacific markets, Credit Suisse said Wednesday, sending the shares up by the most in more than two months.




Speaking to the media on Wednesday, Helman Sitohang, Credit Suisse's chief executive officer for Asia-Pacific, said that he could not give any further details. "It's still a cheap stock", he said. "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.

The bank's private banking arm took in 37.2 billion francs in fresh money from clients - a key indicator of future revenue.

It reported a net loss of 983 million Swiss francs ($1.05 billion) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses, primarily related to the re-assessment of deferred taxes resulting from the US tax changes. 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 a year ago. Yet many of Credit Suisse's markets businesses went on to struggle throughout 2017 as volatility declined.

To contact the reporters on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg.net, Patrick Winters in Zurich at pwinters3@bloomberg.net.

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