Activist investor RBR Capital Advisors renewed pressure on Credit Suisse for a strategic shakeup after Switzerland's second-biggest bank reported its third consecutive annual loss on Wednesday, hit by writedowns on US deferred tax assets.
RBR, which past year reported a Credit Suisse stake worth around 100 million Swiss francs ($107 million), has been pushing for a breakup of the bank and said last month the group could create "enormous" value by replacing its IT platform and cutting jobs.
Credit Suisse Asia-Pacific posted adjusted pre-tax income of 792 million Swiss francs (US$849 million) for 2017, 1.8 per cent higher than the same period a year ago, as a strong performance in its wealth management division made up for a loss of 28 million Swiss francs in its markets division. Shares in Credit Suisse rose more than 3pc in Zurich.
In its results for 2017, Credit Suisse posted a reduced loss of 983m Swiss francs (£755m). The bank posted a loss of 2.1 billion Swiss francs in its fourth quarter due to the writedown, better than the 2.6 billion franc loss reported this time previous year. We are working hard to increase revenue and reduce cost.
Credit Suisse said volatility would benefit its markets business Credit Walter Bieri Keystone
The bank said it will pay its first all-cash dividend in four years, a move it adopted last year following a pay snafu which saw Credit Suisse (CS) back down amid massive pressure from large institutional investors. "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.
"In the first six weeks of 2018, we have seen a significant pick-up in market volatility, which on the one hand had a positive impact on our secondary activities, and on the other hand, negatively impacted our primary calendar as clients wait for calmer markets in order to transact", the bank said in a statement.
The bank's board proposed Michael Klein and Ana Paula Pessoa for election as new non-executive members.
"2018 is set to be a year in which Credit Suisse should be able to deliver turnaround benefits from the large-scale restructuring programme", Baader Helvea analyst Tomasz Grzelak said in a note.