Switzerland: – Credit Suisse earns 22% less in 2020, after losing 326 million in the fourth quarter

Madrid, February 18 (Europe Press) –

Credit Suisse ended the fiscal year 2020 with an attributable net profit of 2,669 million Swiss francs (2,465 million euros), which is a 21.9% decrease compared to the Swiss bank’s result in 2019, then between October in December, it recorded losses of 353 million francs (326 million euros), mainly due to the effect of litigation and amortization provisions.

In the fourth quarter, the Swiss entity recorded losses of 353 million Swiss francs (326 million euros), compared to the attributable net profit of 852 million Swiss francs (787 million euros) recorded in the same period in 2019, after assuming a negative impact. 757 million francs (699 million euros) from litigation and 414 million francs (382 million euros) from the impairment of its stake in York Capital, plus 108 million Swiss francs (100 million euros) for the exchange rate.

In this sense, Credit Suisse determined that, excluding the impact of atypical substances, its profit before tax was 861 million francs (795 million euros) in the fourth quarter, 10% less than the result recorded in the fourth quarter of 2019.

On the other hand, sales of the Swiss entity in 2020 decreased by 0.4% annually, to 22,389 million francs (20,681 million euros), including revenues of 5,221 million francs (4,823 million euros) in the quarter. Fourth, 15.6% lower than a year ago.

Last year as a whole, Credit Suisse allocated 1,096 million francs (1,012 million euros) to provisions for credit losses, a figure 238% higher than the 324 million francs (299 million euros) earmarked for this purpose in 2019, including 138 Million. Franc (127 million euros) allocated in the fourth quarter, down from 146 million francs (135 million euros) in the same period in 2019.

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Credit Suisse finished 2020 with a high-quality CET1 share capital of 12.9%, compared to 12.7% a year earlier.

“Looking ahead to 2021 and beyond, we aim to further accelerate growth in wealth management and achieve sustainable returns in investment banking,” said Thomas Goetstein, Chief Executive Officer of Credit Suisse.

The entity will propose to its shareholders an increase in dividends for 2020 by 5.4% compared to the previous year, to 0.2926 francs per share, while last January it initiated a program to buy back treasury shares of 1,000 to 1,500 million francs (924 and 1,385). Million euros).

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