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Credit Suisse 3rd quarter 2019 earnings



Credit Suisse reported higher than expected net revenues for Q3 2019 on Wednesday.

The group had net income of Swiss Francs of 881 million ($ 886.9 million), an increase of 108% from the Swiss francs of 424 million reported for the same period last year. Analysts polled by Reuters had expected a net income of Swiss francs of 816 million.

Here are the key figures for the third quarter:

  • Net revenues hit Swiss Francs 5.3 billion, compared with Swiss Francs 4.8 billion in the same period last year.
  • Total operating expenses were Swiss francs of 4.1
    1 billion, against 4.15 billion in the third quarter of 2018.
  • CET1 ratio stood at 12.6% against 12.9% a year ago.

The group also doubled return on tangible equity to 9.0% from 4.5% in Q3 2018.

Speaking to CNBC on Wednesday morning, Credit Suisse CEO Tidjane Thiam praised the result for the group's investment banking and wealth management franchises against a challenging environment. [19659002] "Last year there was a lot of debate about whether we had restructured enough or whether we should do more restructuring, and we said & # 39; no, we have a good platform, now we have to give them a chance to show what they can do & # 39; and the results have been really, really excellent. "

Tidjane Thiam, CEO, Credit Suisse Group AG, speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, May 1, 2018. [19659002] Mike Blake | Reuters

In its outlook, the group said it expects headwinds from the "ongoing challenging geopolitical environment" to continue into the final quarter of the year, especially Brexit and US-China trade conflict.

"This is likely to lead to more prudent investment decisions and investment decisions," the statement added.

Thiam told CNBC's Joumanna Bercetche that "the fundamentals that drive our number are healthy."

"The wealth management and diversification of our platform, Now some parts of our activity are continuing, especially looking at IBCM (Investment Banking & Capital Markets ), which is very difficult this quarter, our primary activity across markets has declined, is more challenging and is more market dependent, "he says. added.

Credit Suisse emerges from a turbulent quarter following a spying scandal that prompted Chief Operating Officer Pierre-Olivier Bouee to resign after the vigilant surveillance of former wealth managers head Iqbal Khan. An internal investigation then cleared CEO Tidjane Thiam of any wrongdoing.

The European banking sector is fighting for profitability in an environment with long-term negative interest rates from the European Central Bank.


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