Cost cuts give it a good base to benefit from private-equity deal making and any further pickup in action among its superwealthy clients.
Swiss banking giant Credit Suisse Group AG reported Wednesday that its net loss attributable to shareholders for the fourth quarter of 2017 narrowed to CHF2.13 billion or CHF0.83 per share from CHF2.62 billion or CHF1.20 per share in the fourth-quarter of 2016. But investors are rewarding its improved ability to profit from increases in revenues. Shares in Credit Suisse rose more than 3pc in Zurich.
The CEO said that 2017 was a crucial year of delivery in the bank's three-year restructuring plan after 2016, which was a year of deep and radical reorganization and restructuring.
After a strong start to 2018, Credit Suisse said: "Our market-dependent activities remain exposed to a number of uncertainties, from geopolitical developments, to the path and speed of interest rate changes in major economies", the Credit Suisse earnings release said. On a pre-tax basis, it was the bank's first year in the black since Thiam launched the turnaround plan in 2015. "It's still a cheap stock", he said.More news: Judge Closes Courtroom as Trial Begins for Palestinian Teen Who Slapped Soldiers
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While the market swings of the past week have unnerved investors, they're generally good news for investment banks because clients transact more. Fourth quarter revenues hit CHF5.2 billion. The bank posted a loss of 2.1 billion Swiss francs in its fourth quarter due to the writedown, better than the 2.6 billion franc loss reported this time past year.
Switzerland's second biggest bank reported a net loss of 983 million Swiss francs (1.05 billion USA dollars) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses. "In the first six weeks of this year, we have seen evidence that this approach is paying off". We are working hard to increase revenue and reduce cost.
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