Credit Suisse: 'strong' quarterly performance lifts shares
(CercleFinance.com) - Credit Suisse said on Wednesday it delivered "strong" operating performance in the second quarter, with higher profit, despite a "challenging" environment.
Credit Suisse's second-quarter net profit of 937 million Swiss francs was up 45% compared to the 647 million Swiss francs posted a year earlier.
The private bank's pretax profit also rose - up 24% to 1.3 billion Swiss francs.
In its statement, the Swiss group said it achieved RoTE (return-on-tangible equity) - an important measure of profitability - of 10% for the first time since it launched its restructuring in late 2015.
Credit Suisse also noted that it has experienced "healthy levels of client engagement" to date in the third quarter of 2019.
"Whether this translates into activity remains dependent on prevailing market conditions," CS added.
Credit Suisse shares were up 3.4% in Zurich.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Credit Suisse's second-quarter net profit of 937 million Swiss francs was up 45% compared to the 647 million Swiss francs posted a year earlier.
The private bank's pretax profit also rose - up 24% to 1.3 billion Swiss francs.
In its statement, the Swiss group said it achieved RoTE (return-on-tangible equity) - an important measure of profitability - of 10% for the first time since it launched its restructuring in late 2015.
Credit Suisse also noted that it has experienced "healthy levels of client engagement" to date in the third quarter of 2019.
"Whether this translates into activity remains dependent on prevailing market conditions," CS added.
Credit Suisse shares were up 3.4% in Zurich.
Copyright (c) 2019 CercleFinance.com. All rights reserved.