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Credit Suisse reports net loss of $ 1 billion after US tax writedowns

Swiss credit posted on the third consecutive month on Wednesday, highlighting writedowns in the fourth quarter of 2017 due to the overhaul of the U.S. tax system.

It reported a net loss of 983 million Swiss Francs ($ 1.05 billion) for the year and it was paid 2.74 billion Swiss Francs in income taxes, mainly related to the re-assessment of deferred taxes resulting from the U.S. tax changes.

“(The bank) is a better place (from a year ago),” Tidjane Thiam, chief executive of Credit Suisse, told CNBC Tuesday.

“If you look at the results we are talking about today and the key things in the results, we are talking about how we operate. . ”

Overall, the results came from above, with Reuters analysts estimating a full-year net loss of 1.1 trillion Swiss francs. 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 francs reported this time last year.

The bank’s capital position also improved in the last quarter of 2017. Its CET 1 ratio rose to 12.8 percent from 11.5 percent in the last quarter of 2016. Thiam said 2017 was a “crucial year” of delivery in its three-year restructuring plan.

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