By Joshua Kirby
Credit Suisse Group AG on Tuesday published its annual report for last year, and confirmed previous years’ financial results, after a delay amid discussions requested by the U.S. Securities and Exchange Commission.
The Swiss lender had been due to release the report last week, but delayed the publication following a request…
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Credit Suisse Group has announced the release of its 2022 report, more than a week later than it was originally scheduled to be issued. The delay was the result of talks with the U.S. Securities and Exchange Commission regarding the Swiss bank’s involvement in the production of certain investment instruments.
Credit Suisse’s report had been due on March 25th, but on that date it was reported that the SEC was investigating the bank for its role in marketing certain investments. This caused Credit Suisse to delay the filing of its report until shortly after negotiations had been concluded this Tuesday.
The bank chose not to release details of the investigation, but stated in a press release that it had “come to a satisfactory resolution with the US regulators”. This resolution saw the Swiss bank make a “payment to the SEC”, although the specifics of this payment have not been disclosed.
As well as the SEC negotiations, the filing of Credit Suisse’s 2022 report took longer than usual due to the fact that it included the bank’s annual financial statements. The statements showed a profit of $5.3 billion in 2022, a year-on-year increase of 12%.
The delay in releasing the report has caused some anxiety amongst investors, but Credit Suisse’s statement that it was due to an agreement with the SEC has assuaged fears of any problems with the bank’s financial stability. This is further bolstered by the fact that Credit Suisse’s share price rose following the release of its 2022 report.
Overall, it appears that the delay in Credit Suisse’s 2022 report has had little effect on the bank’s financial health or its reputation in the market. This can be seen from the fact that its share price increased following the news and its 2022 statement showed a strong profit increase. The result of talks between the SEC and Credit Suisse have also been satisfactorily concluded, with the Swiss bank making an undisclosed payment.
