Mubasher: Credit Suisse turned to a better-than-expected loss in last year’s fourth quarter (Q4), driven by higher provisions for legal disputes, CNBC said on Thursday.
The Swiss bank registered a net loss of 353 million Swiss francs ($392.8 million) in Q4-20. Previously, analysts, according to Refinitiv, had expected a net loss of 558.5 million Swiss francs for the quarter and a net income of 2.8 billion Swiss francs for the year. Credit Suisse ended 2020 with a net income of 2.7 billion Swiss francs.
CEO of Credit Suisse, Thomas Gottstein, said, “Despite a challenging environment for societies and economies in 2020, we saw a strong underlying performance across Wealth Management and Investment Banking, while addressing historic issues.”
Speaking to CNBC, Gottstein said he was “very satisfied” with the results and that 2021 will be “the year where can look forward to growth.”