Credit Suisse Expects Loss In Q1 As Litigation Provisions, Russia-Ukraine Crisis Weigh

Loading...
Loading...
  • Credit Suisse Group AG CS said it is expecting a loss for the first quarter of fiscal 2022.
  • The company listed an increase in legal provisions and slow business activity due to Russia's invasion of Ukraine as the reasons for seeing a loss in the quarter.
  • The Swiss bank estimated total litigation provisions increasing 600 million Swiss francs, resulting in total litigation provisions for the quarter to be about 700 million Swiss francs.
  • The Russia-Ukraine crisis will cost the bank 200 million Swiss francs in negative revenues and provisions for credit losses.
  • "What surprises us is that in mid-March, at an investor conference, CEO Thomas Gottstein was still talking about a solid business performance in the first two months," Reuters quoted Luzerner Kantonalbank's research note.
  • Price Action: CS shares traded lower by 2.20% at $7.55 in pre-market on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsGuidanceMediaTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...