In challenging quarter, Credit Suisse posts US$735m profit

Business | 24 Apr 2019 5:49 pm

Credit Suisse Group AG began the earnings season for big European banks reporting an increase in first-quarter net profit that beat expectations.

Net profit was 749 million Swiss francs (US$735 million) compared with 694 million Swiss francs a year earlier, the Swiss bank said today.

Revenue fell to 5.39 billion Swiss francs from 5.64 billion Swiss francs.

"The positive momentum we observed towards the end of the first quarter has broadly continued into April," the bank said. However, "it is still too early in the quarter to draw definitive conclusions about our performance for the rest of 2019," it added.

"In a challenging quarter, which was the first after the end of our three-year restructuring, we achieved our fifth consecutive quarter of positive income," Chief Executive Tidjane Thiam said.

he sad the bank's wealth management franchise has proven resilient during a difficult quarter. "We ended the first quarter with broadly flat total wealth management profits year on year and record assets under management of  786.1 billion Swiss francs, including record AUM in Asia Pacific Private Banking at 219 billion Swiss francs. Our AUM growth was driven both by our continued annualized growth in net new assets of 5 percent as well as more favorable market conditions.''-MarketWatch/The Standard



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