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Credit Suisse Q4 Loss Narrows

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Swiss banking giant Credit Suisse Group AG (CS) reported that its net loss attributable to shareholders for the fourth-quarter of 2017 narrowed to 2.126 billion Swiss francs or 0.83 francs per share from 2.619 billion francs or 1.20 francs per share in the fourth-quarter of 2016.

The latest-quarter results included income tax expenses of 2.234 billion francs, mainly reflecting the re-assessment of deferred tax assets with an associated tax charge of 2.3 billion francs, primarily resulting from a reduction in the US federal corporate tax rate following the enactment of the Tax Cuts and Jobs Act in the US during the fourth-quarter of 2016.

The prior year results included net litigation provisions of 2.470 billion francs, primarily relating to the settlements with the US Department of Justice (DOJ) and the National Credit Union Administration Board (NCUA) regarding our legacy residential mortgage-backed securities (RMBS) business.

Net revenues were 5.189 billion francs, compared to 5.181 billion francs in the prior year.

Net revenues were stable compared to the prior year, primarily reflecting increased net revenues in International Wealth Management and the Corporate Center and a decrease in negative net revenues in the Strategic Resolution Unit, offset by lower net revenues in Global Markets and Swiss Universal Bank. The increase in International Wealth Management was driven by significantly higher transaction- and performance-based revenues, higher recurring commissions and fees and higher net interest income.

The Board of Directors will propose to shareholders at the Annual General Meeting on April 27, 2018, that a distribution of CHF 0.25 per share be paid out of capital contribution reserves for the financial year 2017.

The Board of Directors of Credit Suisse Group AG is proposing Michael Klein and Ana Paula Pessoa for election as new non-executive members of the Board of Directors at the Annual General Meeting on April 27, 2018. Richard E. Thornburgh, upon reaching the relevant tenure limit, will not stand for re-election. All other members of the Board of Directors will stand for re-election for a further term of office of one year.

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