Credit Suisse has posted a net loss of CHF983m ($1.05bn) for the year 2017due to a CHF2.3bn ($2.45bn) writedown related to a change in US tax policy.

This is Swiss wealth manager’s third consecutive annual loss. Last year it posted net loss of CHF2.71bn.

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Net revenues were CHF20.9bn, an increase of 3% compared to CHF20.32bn a year ago quarter. Total operating expenses dropped 15% to CHF18.89bn from CHF22.37bn a year earlier.

The Swiss bank, which is midway through a three-year restructuring plan, said its CET 1 ratio rose to 12.8% from 11.5% in the last quarter of 2016.

Commenting on the performance, Credit Suisse chief executive Tidjane Thiam said: “We believe we are in a significantly improved position to benefit when market conditions improve.

“In the first six week so of the year, we have seen evidence that this approach is paying off,” he added.

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The International Wealth Management (IWM) unit posted a pre-tax income of CHF1.35bn for the year ended 31 December 2017, a surge of 21% compared with CHF1.21bn a year ago. Net revenues increased 9% year-on-year to CHF5.11bn from CHF4.69bn last year.

Asia Pacific (APAC) generated adjusted pre-tax income of CHF792m for the financial year 2017 and delivered an adjusted return on regulatory capital of 15%. In APAC Wealth Management & Connected (WM&C), the adjusted return on regulatory capital was 30% for the year.