By Pietro Lombardi
Credit Suisse Group AG (CSGN.EB) posted its third-consecutive full-year net loss after a significant charge related to U.S. tax reform hit fourth-quarter results.
The Swiss banking company said Wednesday that its loss in the fourth-quarter was 2.13 billion Swiss francs ($2.28 billion). This compares with a CHF2.62 billion loss in the same period last year.
For 2017 Credit Suisse reported a net loss of CHF983 million, the third full-year loss in a row for the bank.
The results for the year include income tax expenses of CHF2.74 billion "primarily related to the reassessment of deferred taxes resulting from the U.S. tax reform," the bank said.
The tax expenses are in line with the bank's December announcement that it expected a CHF2.3 billion hit related to the impact of the U.S. tax reform on its deferred tax assets in the country. DTAs, or deferred-tax assets, are past credits and deductions that companies can use to offset future tax payments.
Revenue was roughly flat at CHF5.19 billion, it said.
Credit Suisse said it would pay a dividend of CHF0.25 per share for 2017.
Analysts had expected Credit Suisse to report a fourth-quarter loss CHF2.25 billion on revenue of CHF5.04 billion.
Assets under management stood at CHF772 billion in 2017, a 13% year-on-year increase, it said.
Write to Pietro Lombardi at [email protected]