Credit Suisse produced another rise in net profit for the first quarter of 2019, its first period following the completion of its three-year restructuring plan.
The bank reported a net income of 749 million Swiss francs ($733.93 million) for the first quarter of this year, an 8% increase year-on-year. Analyst expectations were pointing to a net income of 692 million Swiss francs, according to a Reuters poll.
Here are some of the key highlights of the first quarter:
- Net revenue hit 5.4 billion Swiss francs, versus 4.8 billion in the fourth quarter of 2018.
- Its CET 1 ratio stood at 12.6% in the first quarter, unchanged from the previous quarter.
"We are now operating with a lower risk profile, a stronger capital base and a structurally lower cost base," Tidjane Thiam, chief executive officer of Credit Suisse, said in a statement.
He reiterated that the bank's model is "resilient," which has allowed Credit Suisse to protect its "bottom line during periods when markets are challenging."
Credit Suisse said Wednesday that it saw some positive momentum at the end of the first quarter, which has continued into April.
"However, it is still too early in the quarter to draw definitive conclusions about our performance for the rest of 2019. While geopolitical and macroeconomic concerns remain, we believe that their impact has begun to recede, with client confidence returning progressively," the bank said in a statement.
Shares of Credit Suisse are down about 17% over the last 12 months.
from Top News & Analysis https://cnb.cx/2ZueZpV
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