Credit Suisse swings to fourth-quarter loss, weighed down by provisions for a U.S. legal dispute

Credit Suisse bank.

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LONDON — Credit Suisse reported Thursday a net loss of 353 million Swiss francs ($392.8 million) for the fourth quarter of 2020 on the back of higher provisions.

The net loss was better than analysts had expected. According to Refinitiv, analysts had forecast 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.

Thomas Gottstein, chief executive officer of Credit Suisse, said a in a statement: “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.”

The Swiss bank had notified the markets in January that it would be sinking to a higher-than-expected loss in the final quarter of 2020 after setting aside $850 million for a legal dispute over property debt in the United States.

At the time, Credit Suisse also announced it would start buying between 1 billion and 1.5 billion Swiss francs in shares from January 12.

The share price is up about 12% since the start of the year.

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