Credit Suisse Q3 Profit Rises – Quick Facts
Swiss banking giant Credit Suisse Group AG (CS) reported that its third-quarter net income attributable to shareholders was 424 million Swiss francs, up 74% year-on-year.
Third quarter adjusted pre-tax income was 856 million francs, 38% higher than third quarter of 2017.The strongest third quarter since 2014 on an adjusted basis, the company said. Reported pre-tax income was 671 million franc, up 68%.
Net revenues for the quarter declined to 4.89 billion francs from 4.97 billion francs last year.
Looking ahead to 2019, the company anticipates further profit improvement from measures that are directly within its control, including the run-off of the Strategic Resolution Unit and lower funding and restructuring charges, which is expected to lift our Return on Tangible Equity to 10-11% for 2019.
The company said it believes it is on track to achieve its 2018 target of cumulative net cost savings of more than 4.2 billion francs and benefit from the operating leverage we have created in 2019 and beyond.
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