Credit Suisse (CSGN.VX) missed expectations with a marginal uptick in fourth-quarter net profit after increased legal costs arising from U.S. probes into alleged tax evasion and the sale of mortgage-backed bonds. 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. 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. The bank is one of 14 Swiss banks being targeted by U.S. prosecutors for allegedly helping wealthy Americans dodge taxes with hidden offshore accounts, for which it took a 295 million Swiss franc ($326.58 million) provision three years ago.
via Business News - Yahoo Finance http://ift.tt/1fwK7qB
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