RTTNews | Feb 18, 2021 01:27AM EST

01:27 Thursday, February 18, 2021 (RTTNews.com) - Credit Suisse (CS) reported that its fourth-quarter net loss attributable to shareholders was 353 million Swiss francs compared to net income of 852 million francs in the same quarter last year. On a per share basis, net loss was 0.15 francs compared to a net income of 0.33 francs in the previous year.

The latest-quarter results included net litigation provisions of 822 million francs, primarily relating to mortgage-related matters, recognized in the Corporate Center, and an impairment of 414 million francs relating to York Capital Management.

Quarterly net revenues were 5.22 billion francs, down 16% from last year, primarily reflecting lower net revenues in International Wealth Management and Swiss Universal Bank and negative net revenues in the Corporate Center, partially offset by higher net revenues in the Investment Bank.

The company said its board is proposing for election Antnio Horta-Osrio as Chairman of the Board of Directors at the AGM to be held on April 30, 2021.

The Board is also proposing Clare Brady and Blythe Masters for election as new non-executive members of the Board of Directors. Urs Rohner, Joaquin Riberio and John Tiner will not stand for re-election at the AGM. All other members of the Board of Directors will stand for re-election for a further term of office of one year.

The company noted that its board will propose to the shareholders at the AGM on April 30, 2021 a cash distribution of 0.2926 francs per share for the financial year 2020.

Looking forward into 2021 and beyond, the company aims to further accelerate growth in Wealth Management and deliver sustainable returns in Investment Banking.

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