(Credit Suisse) Banking giant Credit Suisse announced a net loss of $2.007 billion in the fourth quarter of 2021, more than a loss of $353 million in the fourth quarter of 2020.
The bank’s widened loss in the fourth quarter was attributed to legal costs and charges, with the collapse of Greensill Capital and Archegos Capital Management also having an impact.
For FY21, the bank plunged into a loss of $522 million, compared to a net income of $3.467 billion in the prior year.
Net revenue in the fourth quarter was posted at $4.58 billion, narrower compared to a net revenue of $5.22 billion in the prior year. FY21 net revenue was $22.7 billion, up from $22.39 billion in the prior year.
In the bank’s wealth management, Credit Suisse reported fewer transactions in some divisions due to risk caution by investors, pushing the net revenue down by 26% in the quarter. The investment bank revenue also plunged by around 31% in the quarter, with the bonus pool closing the year 32% lower than 2020.
Credit Suisse announced a cash distribution of CHF 0.10 per share in FY21, which it says is consistent with reduced dividends and prudent capital allocation after a difficult year.
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