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Credit Suisse says fourth-quarter profit hit by legal charges
February 6, 2014 / 5:47 AM / 4 years ago

Credit Suisse says fourth-quarter profit hit by legal charges

ZURICH, Feb 6 (Reuters) - Credit Suisse said fourth-quarter net profit rose marginally, hampered by two big charges to settle legal cases in its two main businesses, private banking and investment banking.

The Swiss bank said on Thursday net profit stood at 267 million Swiss francs ($295.58 million), from 263 million francs a year ago, when the bank said efforts to overhaul its business were beginning to bear fruit.

The result was lower than the 448 million francs average estimate of 11 analysts polled by Reuters.

Credit Suisse took a 339 million franc provision over mortgage litigation at its investment bank, as well as a 175 million franc one for a U.S. investigation into hidden offshore accounts in Switzerland.

Like most investment banks, Credit Suisse is scaling back on riskier fixed income activities which absorb large amounts of capital, under fire from regulators following the 2008-09 financial crisis. ($1 = 0.9033 Swiss francs) (Reporting By Katharina Bart. Editing by Carmel Crimmins)

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