Credit Suisse: fourth-quarter revenues and profit up
(CercleFinance.com) - Credit Suisse reported a strong rise in fourth-quarter net profit to 852 million Swiss francs, from 259 million Swiss francs a year earlier, on revenues that rose 29% to 6.
19 billion Swiss francs.
The bank's key wealth management division reported a steep rise in net revenues to 4 billion Swiss francs in the final quarter, compared to 3.3 billion Swiss francs in the fourth quarter of 2018.
Excluding the InvestLab transfer deal and SIX revaluation gains, the unit's revenues would have been up 8%, CS said.
In its statement, Credit Suisse said that it has started 2020 "strongly" across all of its divisions, and as a result, is "cautiously optimistic" about the prospects for the year ahead.
The Swiss bank said it intends to grow revenues in its wealth management-related businesses, increase profitability in markets businesses, and maintain cost discipline.
Its shares were down 2.2% after the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.