Credit Suisse profit barely higher in 4th quarter
GENEVA (AP) — Fourth-quarter earnings at Switzerland's second-largest bank, Credit Suisse Group, barely rose as new provisions for litigation weighed down its results.
Credit Suisse on Thursday reported a net profit of 267 million francs ($295 million) for the October-December period, compared with 263 million francs a year earlier.
The company says it set aside 339 million francs to deal with ongoing mortgage litigation and made a further provision of 175 million francs for costs related to a U.S. investigation of alleged tax evasion. For the full year, Credit Suisse says its net profit more than doubled to 3.07 billion francs from 1.35 billion in 2012.
The company is proposing a dividend for last year of 0.70 francs, down from the previous year's 0.75 francs.