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Credit Suisse announces share buyback program

2020 is also a similar share buy-back programme planned. Further, the ordinary dividend is to be increased from 2019, each year by at least 5 percent. For fiscal year 2017, a dividend of 25 cents per share was paid. Overall, the Bank intends to distribute in the next two years, 50 percent of net income.

The self-imposed three-year restructuring phase in the case of the big Bank in this year. The strategic objectives had been achieved, it means on Wednesday. So is likely to be incurred for 2018, adjusted operating expenses to 16.9 billion Swiss francs. The goal of a cost base of under 17 billion would be achieved. A further reduction, as previously, the market speculated - was not, meanwhile, been announced.

The non-strategic business units have been settled. And three years ago-created Strategic Resolution Unit (DRU) will be closed, as planned, by the end of 2018. For the end of the year, the Bank expects a pre-tax profit of between 3.2 and 3.4 billion Swiss francs. The return on tangible equity is expected at about 6 percent.

However, the net income for APAC Markets are expected to be approximately 8 to 10 percent lower than in the previous year. At the beginning of November when the numbers template for the third quarter, the Bank had already indicated that the objectives of the commercial division would not be achieved.

goals for 2019 and 2020 confirmed

The Credit Suisse confirmed the targets for the next two years. The return on tangible equity should come to lie in 2019, at 10 to 11 percent and in 2020 by 11 percent to 12 percent. From 2020, the measure will then lie about 12 percent.

With a view to the future it means that in spite of the ongoing geopolitical tensions and their impact on global trade and the potential consequences of rising interest rates, the Outlook for global economic growth continues to be positive in the long run. This is however, at a lower level. Credit Suisse was well positioned to benefit from the resulting opportunities. But the short-term challenges. (aqie/sda)

Created: 12.12.2018, 08:20 PM

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