Credit Suisse Ends Q4 2020 with CHF 5.2 Billion in Net Revenues

​Credit Suisse, a global wealth manager, investment bank and financial services firm, has announced its financial results for the three months and year ended 31 December 2020. The bank reported a net income of CHF 2.7 billion in 2020, a 22 percent decline compared to 2019.

According to the results, the pre-tax income of the year was CHF 3.4 billion, which decreased 27 percent from last year, due to increased provision for credit losses, major litigation provisions and York impairment.

For the year, the net revenue of the bank totaled CHF 22.4 billion, which remained flat with 2019. Further, the total operating expenses reached CHF 17.8 billion, a 2 percent rise compared to last year.

In addition, the bank reported a net loss of CHF 353 million for the latest three months. Pre-tax loss reached CHF 88 million, primarily due to major litigation provisions and York impairment.

Net revenues reached CHF 5.2 billion, which is a drop of 16% compared to the same period in 2019. The total operating expenses reached CHF 5.2 billion, up 7 percent compared to the same period in 2019.

Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG, commented: “Despite a challenging environment for societies and economies in 2020, we saw strong underlying performance across Wealth Management and Investment Banking while addressing historic issues. We remained focused on serving our clients around the globe and on delivering value to our shareholders. The steady execution of the strategic initiatives we announced last July supports our growth agenda and allows for further investment in our businesses.”