Credit Suisse: quarterly profit doubles on cost-cutting
(CercleFinance.com) - Credit Suisse has more than doubled its second-quarter profit, with the Swiss bank benefiting from cost-cutting measures and the "excellent" performance at its wealth Management division.
Credit Suisse posted quarterly net profit of 647 million Swiss francs on Tuesday, up from 303 million Swiss francs a year ago.
Quarterly profit was helped by a fall in its cost/income ratio, which reached 58.6% from 61.7% a year ago.
The group said that operating expenses fell to 4.47 billion Swiss francs, from 4.54 billion Swiss francs last year.
In the meantime, net revenues rose to 5.6 billion Swiss francs in the past quarter, from 5.2 billion in the same period of 2017.
"Total group revenues came in 5% above consensus," one analyst said.
Just before 11 AM today, the stock was trading up 1.3%, outperforming a 0.5% rise in the broader STOXX Europe 600 Banks index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Credit Suisse posted quarterly net profit of 647 million Swiss francs on Tuesday, up from 303 million Swiss francs a year ago.
Quarterly profit was helped by a fall in its cost/income ratio, which reached 58.6% from 61.7% a year ago.
The group said that operating expenses fell to 4.47 billion Swiss francs, from 4.54 billion Swiss francs last year.
In the meantime, net revenues rose to 5.6 billion Swiss francs in the past quarter, from 5.2 billion in the same period of 2017.
"Total group revenues came in 5% above consensus," one analyst said.
Just before 11 AM today, the stock was trading up 1.3%, outperforming a 0.5% rise in the broader STOXX Europe 600 Banks index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.