Santander, Credit Suisse hit hardest by AOCI in Europe

Unrealised losses, mostly from exchange rate swings, shave huge chunks off CET1 capital

Santander’s accumulated other comprehensive income (AOCI) compressed Common Equity Tier 1 capital by almost a third at end-2022, in the biggest hit among large European banks from the accounting item which translates unrealised losses from market vagaries into capital terms.

The bank’s AOCI stood at negative €42.1 billion ($45.6 billion) at year-end, reducing its unadjusted CET1 capital by 31% – higher than any peer in the European Union, the UK or Switzerland, both in proportion to capital

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