Credit Suisse shares rise despite posting third straight annual loss

Credit Suisse chief executive Tidjane Thiam

Credit Suisse boss defends bank's role in collapsed trading product

Net revenue was stable compared to the prior year, primarily reflecting increased net revenue in International Wealth Management and the Corporate Center and a decrease in negative net revenues in the Strategic Resolution Unit, offset by lower net revenues in Global Markets and Swiss Universal Bank.

In its results for 2017, Credit Suisse posted a reduced loss of 983m Swiss francs (£755m).

But the meltdown of one of the bank's volatility products last week and two recent US lawsuits over activities before and just after Thiam took charge have raised questions about how far his strategy has taken hold. The Credit Suisse stock price moved higher for much of 2017 and into January 2018, before falling in line with market volatility so far during February.

Credit Suisse Group AG's trading revenue rebounded at the start of the year along with market volatility, in what Chief Executive Officer Tidjane Thiam said was evidence that the investment bank was alive and well after two years of cost reductions.

Despite the improved position from a year ago, Credit Suisse announced a dividend of 0.25 Swiss francs per share - slightly below market expectations of 0.28 Swiss francs per share.

Investors say Credit Suisse's transformation is moving along.

Sitohang said, however, that in the first six weeks of 2018, Credit Suisse's Asia-Pacific markets business saw revenues rise by over 15 per cent compared to the same period in 2017, thanks to increased market volatility.

Marc Halperin, a fund manager at top-30 Credit Suisse shareholder Federated Investors, said investors had weathered enough not to be put off by last week's derivatives shakeup.

Swiss bank Credit Suisse announced a third-consecutive annual loss for 2017, but focused all comments on the positive future impact of its restructuring efforts, which began in 2016. "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.

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