Swiss banking giant Credit Suisse Group AG reported Wednesday that its net loss attributable to shareholders for the fourth quarter of 2017 narrowed to CHF2.13 billion or CHF0.83 per share from CHF2.62 billion or CHF1.20 per share in the fourth-quarter of 2016.
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.
Zurich-based Credit Suisse reported a full-year net loss of SFr983m (£759m), mainly due to one-off tax charges, previously stated at SFr2.741bn, related to U.S. tax reforms.
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In the first six weeks of 2018, the bank had a 10 percent pickup in revenues in its Global Markets trading division and a 15 percent pickup in its Asia-Pacific trading business, as a surge in market turbulence saw activity levels rise.
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.
That's a welcome change from the fourth quarter, when revenue from fixed-income trading fell 4.7 percent at Credit Suisse, while equities trading slumped 22 percent.
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The agency said a brief period of snow could be expected following the freezing rain, but not enough for significant accumulation. Freezing rain is on the way, warns Environment Canada. "Poor weather conditions may contribute to transportation delays".
"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 Credit Suisse CEO, Tidjane, Thiam. Yet many of Credit Suisse's markets businesses went on to struggle throughout 2017 as volatility declined.
The bank said net new assets in its key wealth management division jumped 27 percent a year ago to 37.2 billion francs.
The bank proposed a 2017 dividend of 0.25 Swiss francs per share.
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To date, four employees were fired from their posts and another three resigned before the investigation was complete. Although the charity has denied covering up the alleged scandal, Christian Aid said the claims are "deplorable".
"We're adopting a cautious short-term outlook in this period of heightened volatility", stated.
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