HomeEntertainment Credit Suisse Slips To Loss In Q3, Revenues Down; Sees Net Loss In Q4

Credit Suisse Slips To Loss In Q3, Revenues Down; Sees Net Loss In Q4

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Oct 27, 2022 01:01AM EDT

(RTTNews) – Swiss banking major Credit Suisse Group AG (CS) reported Thursday that its third-quarter net loss attributable to shareholders was 4.03 billion Swiss francs, compared to last year’s profit of 434 million francs.

Pre-tax loss was 342 million francs, compared to last year’s profit of 1.01 billion francs. Adjusted pre-tax loss was 92 million francs, compared to profit of 1.36 billion francs a year ago.

The company said the third quarter, and more broadly 2022 so far, have been significantly impacted by the continued challenging market and macroeconomic conditions, leading to a weaker performance for Investment Bank in particular.

Credit Suisse’s net revenues fell 30 percent to 3.80 billion francs from 5.44 billion francs last year. Adjusted net revenues fell 31 percent.

Assets under Management or AuM declined to 1.40 trillion francs from 1.62 trillion francs a year ago.

Looking ahead for the fourth quarter, the company said it expects a net loss for the Group.

Further, the company said that from today, it is taking a series of decisive actions to re-focus. The new, integrated model will be focused on Wealth Management, the Swiss Bank, as well as Asset Management, and the company will radically restructure the Investment Bank, strengthen capital, and accelerate cost transformation.

The company intends to raise capital with gross proceeds of around 4 billion francs, subject to approval at a forthcoming Extraordinary General Meeting on November 23.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Source : Nasdaq

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