Swiss bank Credit Suisse announced a third-consecutive annual loss for 2017, but focused all comments on the positive future impact of its restructuring efforts, which began in 2016.
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 US tax reforms.
Group full-year highlights
- Group adjusted net revenues of SFr20.9bn, up 5% on 2016
- Cost base of SFr17.7bn, down 7% year on year
- Pre-tax income of SFr2.8bn up 349% year on year
"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 chief executive Tidjane Thiam (left).
"It was key for us to demonstrate that our new structure is effective and that the strategy formulated in 2015 is working.
"We believe that the 2017 results we are presenting today contain tangible evidence of the positive impact our restructuring efforts are having on the group's performance. In the second full year of our restructuring plan, we remain focused on execution."
Investors appeared impressed by the company's restructuring efforts and the shares climbed 3.94% to SFr17.14 on the Swiss Market Index.