Credit Suisse takes hit from Ukraine war, litigation

Swiss banking large Credit Suisse warned Wednesday that it’ll face a loss in the first quarter because of the effect of longstanding legal topics and Russia’s invasion of Ukraine.

The USA’s 2d-biggest bank stated its results “may be adversely affected” by the Ukraine conflict to the track of 2 hundred million Swiss francs (195 million euros, $211 million) in misplaced sales and provisions for credit losses.

Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade, bringing the total provisions for the cases to 700 million Swiss francs.

The bank will also see losses of around 350 million Swiss francs from the decrease in value of its holding in Allfunds Group, a business-to-business platform.

Credit Suisse already suffered a loss in 2021 following the implosions of financial offerings corporations Greensill and Arches.

The bank started its first-region losses may be partly offset by means of the recuperation of one hundred seventy million Swiss francs that it had set aside in provisions associated with Archegos, along with real estate profits of 160 million Swiss francs.

It will post its quarterly results on April 27.