Credit Suisse increases profit in the first quarter significantly

The Credit Suisse has earned in the first quarter despite a difficult market situation and the forecasts of the analysts surpassed. With a view to the future, the Bank is cautiously optimistic.

net income increased in comparison to the previous year by 8 percent to 749 million Swiss francs. On a pre-tax level, the profit amounted to 1.06 billion francs. It is the tenth quarter in a row with a profit growth year-on-year, as the business Mix to succeed even under difficult market conditions, said Credit Suisse on Wednesday.

Highest quarterly profit since 2015

The first quarter was very different: a difficult January and a slight recovery in February, a strong March was followed, in which the second-highest output of the last 39 months recorded had been, was group chief Executive Tidjane Thiam in the message quote. Overall, the highest quarterly profit since the third quarter of 2015.

the yields fell, however, This fell to 5,39 billion Swiss francs of 5.64 billion Swiss francs in the previous year. In the case of a business expense of 4.24 billion, a ratio of cost and income (Cost/Income Ratio) of around 79 percent.

expectations

With the Figures for the first quarter, the analysts ' forecasts were exceeded. According to AWP-consensus the experts were, on average, a total income of 5.21 billion and pre-tax profit of 994 million and a net consolidated profit of CHF 694 million.

a Total of cash inflow into the Bank in the period from January to March, Net new money in the amount of 35.8 billion Swiss francs to half a billion Swiss francs in the fourth quarter of 2018. In the asset management business alone, there were total inflows of 9.6 billion Swiss francs. 27.6 billion of the inflows are attributed to the Corporate & Institutional Clients of a Swiss Universal Bank, what are the sustained positive momentum in the pensions business, reflecting, it said.

The managed assets at the end of March in 1'431 billion and thus above the 1'347 billion by the end of 2018.

Almost all of the divisions with a profit

From the divisions all, except investment banking & Capital Markets (IBCM) achieved a positive result. The loss reached in the area before taxes of 93 million. With a view to the future, it was said, moreover, that the positive dynamics towards the end of the first quarter have continued in April across a broad Front. The customers ' trust back gradually.

However, the quarter had not rode far enough, to the final total transmission conclusions about the development of the year 2019. The Outlook for the second quarter of 2019 but will be "judged cautiously optimistic".

(sda)

Created: 24.04.2019, 07:15 PM