Credit Suisse to delay release of 2022 annual report after 'late call' from SEC By Investing.com

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Credit Suisse to delay release of 2022 annual report after 'late call' from SEC

Published Mar 09, 2023 05:40

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Credit Suisse to delay release of 2022 annual report after 'late call' from SEC

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By Scott Kanowsky

Investing.com -- Credit Suisse Group AG (CSGN) announced that it will delay the release of its 2022 annual report after it received a "late call" from regulators at the U.S. Securities and Exchange Commission on Wednesday.

The Swiss lender said the SEC had raised questions over the technical assessment of previously disclosed revisions to its consolidated cash flow statements in 2020 and 2019, as well as related controls.

"Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse added. The annual report was due to be unveiled on Thursday morning.

However, the bank confirmed that its 2022 results released in February are not impacted by the delay.

Analysts at RBC noted that while the last-minute queries from the SEC involve relatively small amounts and the restatement was previously disclosed, the questions are nonetheless negative. They flagged in particular concerns around "related controls" of the revisions.

Shares in Credit Suisse fell in early trading.

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