Credit Suisse Bank.
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LONDON – Credit Suisse reported a net loss of CHF 353 million ($ 392.8 million) on Thursday. for the fourth quarter of 2020 due to higher provisions.
The net loss was better than analysts expected. According to Refinitiv, analysts had forecast a net loss of 558.5 million francs for the quarter and a net profit of 2.8 billion francs for the year.
Credit Suisse ended 2020 with a net profit of 2.7 billion francs.
Thomas Gottstein, CEO of Credit Suisse, said in a statement: “Despite a challenging environment for societies and economies in 2020, we have seen strong underlying performance in wealth management and investment banking while addressing historical issues.”
The Swiss bank told markets in January that it would decline to an above-expected loss in the final quarter of 2020 after allocating $ 850 million to a US property debt litigation.
At that time, Credit Suisse also announced that it would buy shares worth between CHF 1 and 1.5 billion in shares from January 12th.
The share price has risen by around 12% since the beginning of the year.
