Credit Suisse has become the latest investment bank  to have its profits hit by escalating litigation provisions and costs.

A financial report, published today (6 February), shows the group recorded net litigation provisions of 577m Swiss francs (£392m) in the fourth quarter of 2013.

Also detailed in the report are changes to the bank's legal entity structure, which Credit Suisse said would "result in a substantially less complex and more efficient operating infrastructure in view of the new regulatory requirements".

The increased litigation expenses for Credit Suisse included provisions of CHF 339m (£230m) relating to ongoing mortgage litigation and CHF 175m (£119m) in connection with a Securities and Exchange Commission-related aspect of a US tax matter, which the bank said was being resolved.

Quarter on quarter administrative expenses increased by 5%, from 790m (£537m) Swiss francs, which the bank said was primarily driven by higher legal and other professional fees.

Credit Suisse also acknowledged that most of the litigation matters pending against it are for an "indeterminate amount".

The Swiss bank is the latest in a stream of lenders to have cited increased litigation costs as a major reason behind profit warnings or losses.

Last week, the Royal Bank of Scotland confirmed it had set aside £3bn for compensation and litigation relating to mis-sold products and conduct claims, as part of an expected £7-8bn pre-tax loss for 2013.

In January, Deutsche Bank and Morgan Stanley both confirmed they had had to set aside additional cash for legal expenses, with the pair racking up Q4 2013 legal costs of €528m (£435.7m) and $1.2bn (£730m).

US banking giant JP Morgan also reported a profit drop for the final quarter of 2013, with earnings hit by $1.1bn (£669m) of legal expenses, including its settlement in relation to the Bernie Madoff investment fraud case.