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Credit Suisse net profit slumps in 2020

·1-min read
Credit Suisse said it set aside provisions of just under one billion Swiss francs to cover legal disputes dating back to the global financial crisis in 2008-09

Credit Suisse, Switzerland's number two bank, said Thursday that its 2020 net profit tumbled 22 percent to 2.7 billion Swiss francs (2.4 billion euros), hit by the pandemic downturn and provisions.

Income was flat at 22.3 billion Swiss francs as international fund management suffered, but this was offset in part by gains in investment services, it said.

Fund management fell 8.0 percent to 13.6 billion Swiss francs as a drop in commission charges undercut an increase in business.

The investment banking arm saw turnover jump 19 percent to 10.2 billion Swiss francs, reflecting the rebound in financial markets after the initial sharp falls of early 2020 caused by the pandemic.

Credit Suisse said it set aside provisions of just under one billion Swiss francs to cover legal disputes dating back to the global financial crisis in 2008-09, and also took restructuring charges.

For 2021, the bank said it had got off to a "very good" start, but it warned that the "Covid-19 pandemic is not over... and the pace of the recovery remains uncertain."

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