Credit Suisse reports net loss for Q4
Friday, February 05, 2016 1:03:16 PM ET
Credit Suisse Group AG, a provider of banking and asset management services, has reported that net loss attributable to shareholders for the fourth quarter ended December 31, 2015 was CHF5.83 billion, compared to a net income attributable to shareholders of CHF691 million for the same quarter ended December 31, 2014.
Net revenues for the fourth quarter ended December 31, 2015 were CHF4.21 billion, compared to CHF6.37 billion for the same quarter ended December 31, 2014.
Net loss attributable to shareholders for the year ended December 31, 2015 was CHF2.94 billion, compared to a net income attributable to shareholders of CHF1.87 billion for the year ended December 31, 2014.
Net revenues for the year ended December 31, 2015 were CHF23.80 billion, compared to CHF26.24 billion for the year ended December 31, 2014.
Tidjane Thiam, CEO of Credit Suisse, said: "Since October 21, we have been implementing with discipline our new strategy, with a new organizational structure and the completion of our capital raise, for which we are grateful to our shareholders. Our three new geographic divisions have had a good year delivering profitable growth. APAC, SUB and IWMs Private Banking business have increased their adjusted pre-tax income by 21%, 25% and 4%, respectively, compared to 4Q14. FY2015 net new asset generation (NNA) has been strong for APAC and SUB with CHF 17.8 billion and CHF 13.8 billion, respectively, with continued positive NNA in 4Q15 of CHF 3.0 billion and CHF 1.3 billion, respectively."
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall
not be liable for errors or delays in the content, or for any actions
taken in reliance thereon