Economy

Banking: Credit Suisse profit soars as overhaul pays off

Banking: Credit Suisse profit soars as overhaul pays off

After 6.6 billion Swiss francs ($6.7 billion) of losses in 2015 and 2016, and a big tax writedown that wiped out gains previous year, Credit Suisse posted 694 million francs in first-quarter net income, beating expectations.

After a loss of 6.56 billion CHF in 2015 and 2016 and a write-off of 2.3 billion CHF, which wiped out profits for 2017, Credit Suisse reported net profit 694 million CHF (707 million USD) in Q1 2018. The company said it stands to benefit from the growth of the global economy both in mature and developing markets across geographies.

Credit Suisse saw revenues fall 8 percent in its investment banking and capital markets division, but said it had a strong pipeline of prospective deals that remained "dependent on constructive market conditions". Earnings, adjusted for restructuring costs, were 31 cents per share.

Asia accounted for about a quarter of the Swiss institution's total pre-tax income, at 1.054 billion francs.

Tidjane Thiam, Chief Executive Officer of Credit Suisse, said, "With these first quarter results, we got off to a good start in our third and final year of restructuring, and we are looking ahead to the future with confidence in our new business model and in our execution capabilities". This pre-tax profit was the highest in 11 quarters, the bank said.

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Core net revenues grew 2 percent to 5.84 billion francs from 5.74 billion francs a year ago.

Its Asia-Pacific private banking income enjoyed a robust 50 per cent rise from last quarter to 170 million francs, with asset under management growing to 199.1 billion francs.

The result masked an uptick in provisions for future legal cases, which fueled a 17 percent rise in spending.

Net interest income dropped 3 percent from a year ago to 1.59 billion francs, while commissions and fees were flat at 3.05 billion francs. Switzerland's second-largest bank isn't just outmaneuvering UBS with investors: Credit Suisse seems to have traded places with its far larger rival in the heart of lungs of Swiss banking.


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