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Credit Suisse: makes first full-year profit since 2014

( - Credit Suisse has posted its first annual profit since 2014 by cutting costs and reducing its risk profile, although this has failed to lift its shares in Zurich on Thursday.

The Swiss bank this morning unveiled annual net income attributable to shareholders of 2.1 billion Swiss francs for 2018, compared to a loss of 983 million dollars in 2017.

For the fourth quarter, CS Group reported pre-tax income of 628 million Swiss francs, a more than four-fold increase year-on-year.

"It (...) shows CS' lower vulnerability in a difficult quarter," analysts at UBS said.

Credit Suisse said it recorded strong annual inflows last year, with 34.4 billion Swiss francs of net new assets for its wealth management division.

However, after rising by as much as 1.5%, shares in Credit Suisse later fell back, losing 1.5%, compared with a 0.7% drop in the Stoxx European banking index.

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