Credit Suisse Net Loss Narrows
Credit Suisse said in a statement that its net loss was narrower than a year-earlier figure of 2.9 million Swiss francs. Total operating expenses of 19.4 billion francs for the year were below the bank's target of 19.8 billion francs.
For the fourth quarter, Credit Suisse more than halved its loss to 2.35 billion Swiss francs from a loss of 5.83 billion francs previous year.
Credit Suisse, a Swiss multinational financial services holding company, forecasted that Pakistan's gross domestic product (GDP) would swell above 5pc in current fiscal year. The volatility in fixed-income markets, together with growing expectations of increases in US interest rates gave profit to the CS's traders and benefitted investment bankers in the fourth quarter 2016.
He added: "We believe we are well positioned to continue to make progress with our restructuring programme in 2017 and 2018, and to capture profitable growth opportunities across our franchises and geographies". He wants the bank to focus on wealth management and emerging markets.
The stock has increased 17 percent in the last 12 months.
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But now there are a few matches in front of us so we have to find a solution very, very soon. They were more determined than us". "We are working hard in training".
Credit Suisse also reaffirmed plans to sell 20-30 percent of its Swiss business in an initial public offering, brushing off talk from some analysts and investors that the bank could reconsider the stake sale.
The average estimate in the Reuters poll was for a quarterly net loss of 2.01 billion francs. "Our teams have worked hard and made good progress during a challenging year: They achieved a positive finish to the year".
Shares were up 1.2% following the company's fourth quarter and annual results on Tuesday.
The news comes just one month after Credit Suisse's CEO Tidjane Thiam had championed a comeback for banks in 2017. It said a flotation depended on market conditions and board approval.
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