Share

Litigation costs weigh on Credit Suisse's Q4

|
Photo - FILE - In this April 3, 2012 file picture the logo of Swiss bank Credit Suisse is photographed at a building in Zurich. Credit Suisse Group says it is raising 8.7 billion Swiss francs (US $8.9 billion) to bolster its capital reserves.  The Swiss bank says 3.8 billion francs come from the placement of so-called contingent convertible bonds underwritten by investors from Qatar, Saudi Arabia and Singapore.  The Zurich-based bank's announced WednesdayJuly 18, 2012 that its second-quarter earnings attributable to shareholders increased 2.6 percent to 788 million francs.  (AP Photo/Keystone/Alessandro Della Bella,File)
FILE - In this April 3, 2012 file picture the logo of Swiss bank Credit Suisse is photographed at a building in Zurich. Credit Suisse Group says it is raising 8.7 billion Swiss francs (US $8.9 billion) to bolster its capital reserves. The Swiss bank says 3.8 billion francs come from the placement of so-called contingent convertible bonds underwritten by investors from Qatar, Saudi Arabia and Singapore. The Zurich-based bank's announced WednesdayJuly 18, 2012 that its second-quarter earnings attributable to shareholders increased 2.6 percent to 788 million francs. (AP Photo/Keystone/Alessandro Della Bella,File)
News,Business

GENEVA (AP) — Litigation costs weighed on Switzerland's second-largest bank, Credit Suisse, in the fourth quarter.

The bank reported Thursday a net profit of 267 million francs ($295 million) for the October-December period, compared with 263 million francs a year earlier. The flat performance came as the company set aside 339 million francs to deal with ongoing mortgage litigation — pushing its investment bank unit to a pretax loss — and made a further provision of 175 million francs for costs related to a U.S. investigation of alleged tax evasion.

The report disappointed investors and Credit Suisse shares dropped 1.6 percent to 26.61 francs in early trading in Zurich.

For the full year, Credit Suisse said its net profit more than doubled to 3.07 billion francs from 1.35 billion francs in 2012.

The company is proposing a dividend for last year of 0.70 francs, down from the previous year's 0.75 francs.

View article comments Leave a comment