09:01 AM EDT, 03/28/2024 (MT Newswires) -- UBS (UBS) said Thursday it is reviewing potential misstatements in Credit Suisse's financial reports and is coordinating with regulators to address the issue.

There is a risk that Credit Suisse's internal controls could not detect "a material error" that could result in a significant misstatement to its financial reports, which are now consolidated with UBS's, the bank said in its annual report.

UBS made restatements for its fiscal 2023 results, reporting a net profit of $27.85 billion. It previously reported $29.03 billion.

Meanwhile, Chief Executive Sergio Ermotti has committed to staying until the completion of the integration process for Credit Suisse, "if not longer," UBS said. Ermotti rejoined UBS after the emergency takeover.

Separately, UBS is reportedly looking to increase lending to the shipping sector and run off some loans to Credit Suisse's fossil fuel clients, Reuters said Thursday, citing the bank's executives.

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