Credit Suisse posted its third consecutive annual loss on Wednesday, highlighting writedowns in the fourth quarter of 2017 due to the overhaul of the U.S. tax system.

It reported a net loss of 983 million Swiss francs ($1.05 billion) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses, primarily related to the re-assessment of deferred taxes resulting from the U.S. tax changes.

“(The bank) is in a better place (from a year ago),” Tidjane Thiam, chief executive of Credit Suisse, told CNBC Tuesday.

“If you look at the results we announced today and the key things in the results, we talked a lot about operating leverage i.e. We are working hard to increase revenue and reduce cost. We were able to do that at the bank level as a whole.”

Overall, the results came in above market expectations, with Reuters analysts estimating a full-year net loss of 1.1 billion Swiss francs. 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 last year.

The bank’s capital position also improved in the last quarter of 2017. Its CET 1 ratio rose to 12.8 percent from 11.5 percent in the last quarter of 2016. Thiam said 2017 was a “crucial year” of delivery in its three-year restructuring plan.




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