PracticeConsultingCredit Suisse admits to £86m error

Credit Suisse admits to £86m error

One of Europe's leading banks, Credit Suisse, has been forced to admit that it overstated profits last year by £86m.

Link: Credit Suisse ranking slips in M&As

The bank blamed an ‘error in the input data’ for the mistake.

Fourth quarter profits for 2003 should have totalled SFr1bn (£428m) rather than SFr1.2bn (£514m).

This means overall profits for the year should have been set at SFr5bn (£2.14bn). The bank, which is Switzerland’s second largest, said the error was a one-off.

However, it may impact on investor confidence as Credit Suisse tries to restore its reputation.

In 2002 it recorded its biggest ever loss of SFr3.3bn.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer