ZURICH (dpa-AFX) - Credit Suisse Group AG (CS), on Thursday posted a pre-tax loss for the fiscal 2021, impacted by the Archegos matter, goodwill impairment, and litigation provisions.
For the fiscal 2021, the Zürich-headquartered bank reported a pre-tax loss of CHF522 million, compared with a pre-tax income of CHF3.46 billion, reported for 2020. Adjusted pre-tax income, excluding significant items and Archegos, increased by 51 percent, to CHF 6.6 billion.
Net loss attributable to share holders registered at CHF1.57 billion as against net income of CHF 2.66 billion last year.
Provision for the credit losses climbed for the 12-month period, to CHF 4.20 billion, from CHF 1.09 billion a year ago.
The lender's good will impairment cost reported at CHF 1.62 billion for 2021, compared with zero good will impairment cost recorded for 2020.
Net revenues for the year remained almost stable, partially offset by decrease in revenue from the Investment Bank, due to the loss related to Archegos, the cumulative impact of the Group's reduced risk appetite in 2021 as well as its exit of Prime Services.
For 52-week period, the financial major registered net revenue of CHF22.69 billion, compared with CHF 22.38 billion.
Credit Suisse said its fiscal 2022 results are expected to be adversely impacted by restructuring costs and higher compensation costs compared with 2021.
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