Frankfurt: Credit Suisse Group AG says it made net profit of 921 million francs ($994 million) in the fourth quarter, bouncing back from a loss of 476 million francs a year earlier.
The Swiss bank said Thursday it was implementing measures to offset the adverse impact of the sudden rise in the franc against other currencies, which shocked financial markets after the quarter ended. It said in a statement that the franc’s rise and current low interest rates would dent its profits by 3 per cent compared to 2014 earnings, but that the loss should be offset by the end of 2017. The company declared an unchanged dividend of 0.70 francs for 2014 and said it would offer shareholders the option of getting stock instead of cash.
