Credit Suisse posts $1.51 billion loss in Q4 2022

Credit Suisse posts .51 billion loss in Q4 2022

Credit Suisse reported on Thursday (9) that it had a net loss of 1.39 billion Swiss francs (US$ 1.51 billion) in the fourth quarter of 2022, less than the loss of 2.09 billion Swiss francs calculated in the same period of 2021.

It is, however, the fifth consecutive quarterly loss for Switzerland’s second-largest bank.

Credit’s revenue fell 33% year-on-year between October and December to CHF3.06 billion.

Analysts consulted by the bank itself projected a smaller loss for the quarter, of 1.34 billion Swiss francs, and higher revenue, of 3.15 billion Swiss francs.

In November, Credit had estimated it would post a pre-tax loss of around 1.5 billion Swiss francs in the final three months of last year, as net outflows of assets led its wealth management division to struggle amid to a difficult restructuring process.

In the end, the pre-tax loss for the quarter came to CHF 1.32 billion.

Zurich-based Credit’s poor performance came after the bank suffered massive deposit and asset losses in October as social media reports and a jump in its credit default swaps (CDS) ) sparked fears about the bank’s financial position.

Credit also said it expected a significant pre-tax loss in 2023 due to restructuring costs and its exit from business.

Source: CNN Brasil