Credit Suisse announces "disappointing" results
The Credit Suisse bank made a net loss of SFr637 million ($700 million) in the last quarter of 2011, a result described by its CEO on Thursday as “disappointing”.
It was the first fourth quarter loss since 2008. CEO Brady Dougan attributed the poor performance to “the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements”.
The bank’s profit for the year as a whole was SFr1.95 billion, in comparison with SFr5.1 billion in 2010. Net income distributable to shareholders for 2011 was down by 62 per cent.
The results are far below what analysts had predicted.
The bank warned that it was still involved in tax investigations by the US authorities. It said it had put aside SFr295 million in the third quarter to pay a possible fine.
“This continues to be a matter that Credit Suisse together with governmental authorities is working to resolve. Credit Suisse is strongly supportive of a resolution acceptable to both the US and Switzerland. Credit Suisse continues to cooperate with the authorities both in the US and Switzerland to resolve this matter in a responsible manner that complies with its legal obligations,” the bank said.
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