Credit Suisse has restated its fourth-quarter 2014 results as a result of mortgage-related litigation in the US.

Credit Suisse said its reported net income for the final three months of 2014 has been restated, after it announced it has raised its mortgage-related litigation provisions connected to matters in the US by SFr277 million. The change affects the preliminary results given on 12 February.

The Zurich-listed lender said developments in industry-wide litigation and investigations in the US relating to mortgages have resulted in an increase in provisions relating to this issue.

The bank said that as a result of the change, the reported four quarter 2014 net income was SFr691 million, compared to a net loss of SFr476 million in fourth quarter of 2013. For the full year 2014, making the same adjustment, reported core pre-tax income was SFr 3.232 billion, compared to SFr3.504 billion in 2013, and reported 2014 net income attributable to shareholders was SFr1.875 billion, compared to SFr 2.326 billion in 2013.

Credit Suisse’s look-through Basel III CET1 ratio was 10.1 per cent, and the Basel III CET1 ratio was 14.9 per cent as of the end of 2014, after reflecting the charge, the bank said in a statement.

Credit Suisse Group is due to publish its final audited 2014 financial statements as part of the Annual Report on or about 20 March.